Bachmann, RL, Bedford, A, Ghannam, S & Yang, JS 2023, 'A shock to CEOs' external environment: terrorist attacks and CEO pay', Pacific-Basin Finance Journal, vol. 77, pp. 101935-101935.
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Bedford, A, Bugeja, M, Czernkowski, R & Bond, D 2023, 'Is the effect of shared auditors driven by shared audit partners? The case of M&As', The British Accounting Review, vol. 55, no. 2, pp. 101100-101100.
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Bedford, A, Ghannam, S, Grosse, M & Ma, N 2023, 'CEO Power and the Strategic Selection of Accounting Financial Experts to the Audit Committee'.
Bedford, DS, Granlund, M & Lukka, K 2023, 'Safeguarding the unknown: performance measurement, academic agency and the meaning of research quality in practice', Accounting, Auditing & Accountability Journal, vol. 36, no. 9, pp. 281-308.
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PurposeThe authors examine how performance measurement systems (PMSs) and academic agency influence the meaning of research quality in practice. The worries are that the notion of research quality is becoming too simplistically and narrowly determined by research quality's measurable proxies and that academics, especially manager-academics, do not sufficiently realise this risk. Whilst prior literature has covered the effects of performance measurement in the university sector broadly and how PMSs are mobilised locally, there is only little understanding of whether and how PMSs affect the meaning of research quality in practice.Design/methodology/approachThe study is designed as a comparative case study of two university faculties in Finland. The role of conceptual analysis plays a notable role in the study, too.FindingsThe authors find that manager-academics of the two examined faculties have rather similar conceptual understandings of research quality. However, there were differences in the degree of slippage between the “espoused-meaning” of research quality and “meaning-in-practice” of research quality. The authors traced these differences to how the local PMS and manager-academics’ agency relate to one another within the context of increasing global and national performance pressures. The authors developed a tentative framework for the various “styles of agency”. This suggests how the relationship between the local PMS and manager-academics’ exerted agency shapes the “degrees of freedom” of the meaning of research quality in practice.Originality/valueGiven that research quality lies ...
Boersma, M & Bedford, DS 2023, 'The role of market devices in addressing labour exploitation: An analysis of the Australian cleaning industry', The British Accounting Review, vol. 55, no. 3, pp. 101129-101129.
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Brown, DA, Ma, N, Yang, JS, Sutton, N, McAllister, G, Parker, D, Rawlings-Way, O & Lewis, RL 2023, 'The impact of business model workforce configurations on value creation and value appropriation in the Australian aged care sector', Australian Journal of Management, vol. 48, no. 3, pp. 495-523.
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This article examines the influence of business model workforce configurations on value creation and capture in a skills-based service setting, extending previous research on business model performance. We investigate workforce configurations (higher versus lower stability and skills) and value creation and appropriation in aged care organisations. More skilled and stable workforces are associated with greater value creation but not appropriation, while less skilled and less stable workforces are associated with lower value creation and higher appropriation. This informs a substantive challenge in delivering value creation while ensuring financially viable business models in a sector with significant consequences for quality failure. JEL Classification: J24 - Human Capital • Skills • Occupational Choice • Labor Productivity; L2 - Firm Objectives, Organization, and Behavior; M12 - Personnel Management; I11 - Analysis of Health Care Markets
Bugeja, M, da Silva Rosa, R, Shan, Y, Walter, T & Yermack, D 2023, 'Lower Defeat Thresholds for Minority Shareholders and Corporate Governance: Evidence from the Australian “Two-Strikes” Rule', The Accounting Review, vol. 98, no. 7, pp. 61-96.
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ABSTRACT This study assesses the impact of minority shareholder empowerment via lower defeat thresholds in “say-on-pay” votes on CEO compensation and career prospects for directors. We exploit the adoption of the Australian “two-strikes” rule as a quasi-exogenous shock, which empowers shareholders to vote on board dismissal if a firm’s remuneration report receives 25 percent or more dissent votes for two consecutive years. Using a difference-in-differences methodology, we find that firms respond to a “strike” by curbing excessive CEO pay. Under the two-strikes regime, independent directors are held more accountable for poor oversight and experience significant reputational penalties in terms of turnover and the loss of outside directorships subsequent to receiving a strike. The results are mainly driven by firms receiving a nonmajority strike, indicating that the effectiveness of the two-strikes regime stems largely from the lower defeat threshold. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G34.
Cao, Y, Hu, Y, Liu, Q, Lu, M & Shan, Y 2023, 'Job creation or disruption? Unraveling the effects of smart city construction on corporate employment in China', Technological Forecasting and Social Change, vol. 195, pp. 122783-122783.
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Chen, X, Lu, M, Shan, Y & Zhang, Y 2023, 'Securities class actions and conditional conservatism: Evidence from two legal events', Accounting & Finance, vol. 63, no. 2, pp. 2441-2471.
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AbstractWe use two US court rulings as exogenous shocks to firms' litigation environment and examine the changes in conservative financial reporting following these court decisions. The Silicon Graphics ruling in 1999 imposed a heightened pleading standard and discouraged the filing of shareholder lawsuits against firms with headquarters in the Ninth Circuit. The Tellabs ruling in 2007, however, effectively reversed the Silicon Graphics ruling and made it easier to file securities litigation against Ninth Circuit firms. We predict and find that the reduced litigation risk following the Silicon Graphics ruling discourages conservative reporting for Ninth Circuit firms. By contrast, the elevated threat of shareholder lawsuits following the Tellabs ruling encourages conservative reporting for Ninth Circuit firms relative to non‐Ninth Circuit firms. The disciplining effect of the threat of shareholder lawsuits on conservatism is stronger for firms facing higher ex ante litigation risk. The litigation‐risk‐induced increase (decrease) in reporting conservatism leads to higher (lower) firm valuations.
Chen, Z, Cao, Y, Feng, Z, Lu, M & Shan, Y 2023, 'Broadband infrastructure and stock price crash risk: Evidence from a quasi-natural experiment', Finance Research Letters, vol. 58, pp. 104026-104026.
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Day, C, Bugeja, M, Spiropoulos, H & Matolcsy, Z 2023, 'Non‐executive directorship importance and takeover hostility: Australian evidence', Accounting & Finance, vol. 63, no. 1, pp. 769-793.
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AbstractThis study investigates the importance of the target firm directorship to target firm non‐executive directors during takeovers. Using Australian data and a size‐based measure of directorship importance, we find a positive association between takeover hostility and directorship importance after controlling for takeover premiums and target firm size. Further analysis reveals that directorship importance leads to a greater likelihood of offer price revisions following initial rejection of a takeover bid, but not the likelihood of bid success. Our findings are consistent with target firm non‐executive directors exhibiting self‐serving behaviour at directorships which they consider more important to their reputation.
Distadio, LF, Ferguson, A & Lam, P 2023, 'Common Stock Returns around Farmout Announcements in the Oil and Gas Industry', The Energy Journal, vol. 44, no. 4, pp. 171-194.
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We examine market reactions to farmout agreements, a common form of strategic alliance undertaken by oil and gas explorers internationally. Using an Australian sample of 722 farmout agreements announced during the 1990–2016 period, we find that farmout announcements generate a positive cumulative average abnormal return of 3.60% for farmors and 1.90% for farminees over a 3-day event window. Cross-sectional analysis of farmors’ event returns provides results consistent with the resource pooling hypotheses. We also find that farmors’ announcement returns are sensitive to the underlying oil price volatility, consistent with the real options view of farmout arrangements.
Ferguson, A & Lam, P 2023, 'Information Asymmetry, Financial Intermediation, and Wealth Effects of Project Finance Loans', The Review of Corporate Finance Studies, vol. 12, no. 3, pp. 656-711.
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Abstract Using a unique hand-collected sample, we study market reactions to mining developers announcing project finance loans. We document a significant three-day abnormal return of 2.6% and a 3.4% reduction in abnormal bid-ask spread around loan approvals, consistent with information transfer from private lenders to equity holders and reduction in asymmetric information. Cross-sectional analysis reveals a negative association between announcement return and hedging requirements specified in loan contracts, which becomes insignificant after controlling for treatment effects of hedging. Specialist banks do not charge lower rates but are more likely to impose hedging requirements, consistent with rent extraction due to bargaining power. (JEL G30, G32)
Huang, C, Cao, Y, Lu, M, Shan, Y & Zhang, Y 2023, 'Messages in online stock forums and stock price synchronicity: Evidence from China', Accounting & Finance, vol. 63, no. 3, pp. 3011-3041.
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AbstractOnline stock forums allow investors to share information and exchange opinions, which facilitates the incorporation of firm‐specific information into prices and reduces stock price synchronicity. However, prior research presents mixed evidence as to the value of messages in online forums. Using the information of the Eastmoney Guba online forum in China, we find a causal and negative relation between Guba messages and stock price synchronicity. The finding is robust after accounting for media reports and firm fixed effects and using both an instrumental variable analysis and an experimental design that exploits exogenous changes in the authenticity of Guba messages. We find the impact of Guba information is attributed to its roles in both information dissemination and investor interaction and is more pronounced for messages with a negative narrative tone. Additional tests suggest Guba messages improve firm information disclosure quality, reduce stock price crash risk and decrease stock return volatility synchronicity.
Le, CHA, Shan, Y & Taylor, SL 2023, 'International Economic Policy Uncertainty and Properties of Analysts’ Earnings Forecasts'.
Lim, L-A, Atif, A, Heggart, K & Sutton, N 2023, 'In Search of Alignment between Learning Analytics and Learning Design: A Multiple Case Study in a Higher Education Institution', Education Sciences, vol. 13, no. 11, pp. 1114-1114.
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Learning design (LD) has increasingly been recognized as a significant contextual element for the interpretation and adoption of learning analytics (LA). Yet, few studies have explored how instructors integrate LA feedback into their learning designs, especially within open automated feedback (AF) systems. This research presents a multiple-case study at one higher education institution to unveil instructors’ pilot efforts in using an open AF system to align LA and LD within their unique contexts, with the goal of delivering personalized feedback and tailored support. A notable finding from these cases is that instructors successfully aligned LA with LD for personalized feedback through checkpoint analytics in highly structured courses. Moreover, they relied on checkpoint analytics as an evaluation mechanism for evaluating impact. Importantly, students perceived a stronger sense of instructors’ support, reinforcing previous findings on the effectiveness of personalized feedback. This study contributes essential empirical insights to the intersection of learning analytics and learning design, shedding light on practical ways educators align LA and LD for personalized feedback and support.
Ma, N, Sutton, N, Yang, JS, Rawlings‐Way, O, Brown, D, McAllister, G, Parker, D & Lewis, R 2023, 'The quality effects of agency staffing in residential aged care', Australasian Journal on Ageing, vol. 42, no. 1, pp. 195-203.
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AbstractObjectivesIn Australia, temporary agency workers are a relatively small but enduring component of the residential aged care workforce. However, evidence from other countries suggests reliance on agency workers has a detrimental effect on the quality of care (QoC). We examined whether QoC outcomes differ for Australian residential aged care facilities (RACFs) based on their reliance on agency care staff.MethodsA retrospective observational study was conducted using de‐identified datasets obtained under the legal authority of the Royal Commission into Aged Care Quality and Safety. Regression analysis was conducted using data comprising 6221 RACF‐year observations, across 5 years (2015–2019), from 1709 unique RACFs in Australia.ResultsAfter controlling for other determinants of QoC, RACFs with a greater reliance on agency care staff have poorer QoC outcomes, with significantly higher rates of complaints, missing persons, reportable assaults, hospitalisations, and accreditation flags.ConclusionsConsistent with international evidence, we found that the QoC of Australian RACFs is sensitive to the reliance on agency staff in delivering direct care to residents. These findings illustrate the importance of workers' employment conditions, alongside other workforce characteristics, in driving the quality of residential aged care.
McAllister, G, Sutton, N, Brown, DA, Rawlings-Way, O, Parker, D, Lewis, R, Yin, J & Harrison, B 2023, 'Using Public Inquiries as a Data Source for Accounting Research: A Systematic Review', European Accounting Review, pp. 1-27.
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Shan, Y & Wright, S 2023, 'Contemporary Challenges: Spotlight on Climate, Cryptocurrencies and SME Practices', Australian Accounting Review, vol. 33, no. 3, pp. 229-229.
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Shan, Y & Wright, S 2023, 'Editorial', Australian Accounting Review, vol. 33, no. 1, pp. 3-4.
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Shan, Y & Wright, S 2023, 'Focus on the Future', Australian Accounting Review, vol. 33, no. 4, pp. 335-335.
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Shan, Y & Wright, S 2023, 'Keeping up with the Changing World of Accounting', Australian Accounting Review, vol. 33, no. 2, pp. 109-109.
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Taylor, S & Wakefield, J 2023, 'Business school doctoral programs and the future of business research', Australian Journal of Management, vol. 48, no. 3, pp. 471-494.
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We apply a neo-institutional theoretical lens to interpret the extent of any significant similarities or differences in doctoral programmes across business schools in Australia and New Zealand (ANZ). Overall, we characterise the state of doctoral education in business as lacking adequate funding, primarily attracting students with limited professional or industrial experience but having diverse approaches to the role of formal training as part of the doctoral programme. Although we view these findings as somewhat inevitable given institutional and isomorphic pressures, they are of concern if ANZ business schools are to produce research that is both rigorous and relevant beyond the academy. Comparisons across institutional groupings and discipline areas largely suggest relatively common approaches to doctoral programme design and administration across and within institutions. JEL Classification: M00
Wakefield, J & Tyler, J 2023, 'Does active participation via integrated questions in large lectures matter?', Heliyon, vol. 9, no. 5, pp. e15873-e15873.
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Wang, KK, Cheng, MM & Chang, LJ 2023, 'Reducing Strategy Surrogation: The Effects of Performance Measurement System Flexibility and Environmental Dynamism', The Accounting Review, vol. 98, no. 4, pp. 435-456.
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ABSTRACT Prior research shows that individuals exhibit a propensity to surrogate performance measures for their underlying strategy, resulting in suboptimal strategic decisions. We investigate whether the incorporation of flexibility in contemporary performance measurement systems (PMSs) reduces surrogation propensity in the context of product innovation and whether this effect varies depending on environmental dynamism. We conduct a 2 × 2 experiment and find that PMS flexibility significantly lowers managers' surrogation propensity when the business environment is more dynamic and when the investment decisions have opportunity costs. Our study contributes to the literature by identifying a viable way to reduce managers' surrogation propensity.
Wang, KK, Dyball, MC & Wang, A 2023, 'The link between formality and procedural fairness: The influences of precision, sensitivity and role clarity', Accounting & Finance, vol. 63, no. S1, pp. 1571-1598.
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AbstractThis study investigates the complex and not straight‐forward association between formality and procedural fairness. It examines the mediating roles of precision of performance measures, sensitivity of performance measures and role clarity. Using survey responses of functional managers of Australian manufacturing firms, the study finds that the link between formality and procedural fairness is mediated by sensitivity of performance measures and role clarity. Role clarity also mediates the link between sensitivity of performance measures and procedural fairness. Our study contributes to the literature by identifying two important factors through which formal performance evaluation can enhance procedural fairness, which is a source of performance motivation.
Yang, JS, Bedford, A & Bugeja, M 2023, 'Director expertise and co‐option in industry superannuation funds?', Accounting & Finance, vol. 63, no. S1, pp. 1249-1283.
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AbstractThis study examines whether independent directors who possess financial expertise and are independent from the CEO (i.e., non‐co‐opted) are associated with improved outcomes for industry superannuation funds. Our results highlight that independence alone is insufficient to improve fund outcomes. Instead, we find that only non‐co‐opted independent directors benefit fund members in terms of higher performance and lower fees. Moreover, we find that independent directors' financial expertise is not associated with fund performance and fees. Our study has implications for regulators and superannuation funds who are currently debating the need for one‐third independent directors on the board of Australian superannuation funds.
