1,740 results for Working or discussion paper

  • Earnings versus cash flows as predictors of future cash flows: New Zealand evidence

    Seng, Dyna (2006)

    Working or discussion paper
    University of Otago

    This study examines the predictive ability of earnings and reported cash flow measures (i.e., Cash Flow From Operations [CFFO], Cash Flow From Investing Activities [CFFIA], and Cash Flow From Financing Activities [CFFFA]) to forecast one- and two-period ahead cash flows during the period 1989-92, using predictive models based on research methodology applied by Bowen, Burgstahler and Daley [1986]. The degree of relationship between earnings and cash flow measures is also examined as a secondary goal of the study. The results provide evidence that CFFO (CFFIA) is a better predictor of one- and two-period ahead CFFO (CFFIA) than is earnings and CFFFA is a better predictor of two-period ahead CFFFA than is earnings. The results of the correlations show that the traditional cash flow measures (i.e., net income plus depreciation and amortisation [NIDPR], and working capital from operations [WCFO]) are highly correlated with earnings suggesting that they both are similar, while the correlations between reported cash flow measures and traditional cash flow measures are low suggesting that the traditional cash flow measures used in prior research are poor proxies for reported cash flow measures which are now provided by the companies' statement of cash flows as required by the New Zealand's Financial Reporting Standard No.10.

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  • Governance regulatory changes, IFRS adoption, and New Zealand audit and non-audit fees: Empirical evidence

    Griffin, Paul A; Lont, David H; Sun, Yuan (2008)

    Working or discussion paper
    University of Otago

    This study examines the association between overseas and New Zealand governance regulatory reforms in New Zealand public companies’ audit and non-audit fees. We state audit and non-audit fee models, and use temporal and IFRS indicator variables to relate the timing of the fee changes with the incidence of the overseas and local governance reforms. We find that audit fees increased in New Zealand over 2002-2006. Such increases associate reliably with the transition to and adoption of NZ IFRS and not with the overseas governance reforms in the United States and Australia, enacted earlier. Our results also show a decrease in non-audit fees over the same period but we find no IFRS effect for non-audit fees. JEL Classification: C30, K22, L80, M40, M41.

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  • Reengineering revealed preference models: international replications

    Mather, Damien W; Knight, John G; Ermen, David; Holdsworth, David K (2005)

    Working or discussion paper
    University of Otago

    Purpose: to ascertain the validity or otherwise of Stated Preference (SP) choice models in the context of introduction of genetically modified (GM) foods with defined consumer benefits, and to report on a new experimentally designed Revealed Preference (RP) model with superior validity. Methodology: Combining experimental conjoint choice design and a temporary and harmless ruse commonly associated with laboratory psychology experiments avoids the usual limitations of Revealed Preference (RP) choice models, and tests the validity of the SP model. The method developed in New Zealand has been closely replicated in Sweden. Findings: In both Sweden and New Zealand, the results from the SP choice model were highly divergent from the results of the RP choice model. Research implications: In the light of these findings, SP choice models need to be treated with extreme caution when employed for predicting consumer choice of fresh fruit. These findings may extend to other food products. Limitations: Generalised Extreme Value (GEV) modelling to compensate for heteroskedasticity has not been applied to further identify sources of model bias. Originality and value: This new experimentally designed RP approach will improve the predictive power of market research on food choice, and will provide a benchmark for critical evaluation of SP methods. This should prove valuable in improving future market response model forecast accuracy.

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  • Business makes a ‘journey’ out of ‘sustainability’: creating adventures in Wonderland?

    Milne, Markus J; Kearins, Kate; Walton, Sara (2005-08)

    Working or discussion paper
    University of Otago

    This paper provides a critical exploration of the ‘journey metaphor’ promoted in much business discourse on sustainability - in corporate reports and advertisements, and in commentators’ reports in the political and professional business literature. The portrayal of sustainability as a journey evokes images of corporate adaptation, learning, and a movement away from business-as-usual practices. The journey metaphor, however, masks the issue of towards what it is that businesses are actually, or even supposedly, moving. It is argued that business is constructing ‘sustainability’ as a journey to avoid specifying some future desirable state of affairs. We suggest that by portraying ‘sustainability’ in this way, businesses, and the related political and professional literature, have invoked a subtle and powerful, use of language that appears to seriously engage with elements of the discourse around sustainable development and sustainability. Yet at the same time, by constructing and promoting its own version of the discourse, it de-emphasises discussion of desirable future states of living, and neatly sidesteps any debate about, or need to radically change course. The paper illustrates how journeying is invoked throughout corporate reports and other forms of business communication in a process of corporate myth-making. Businesses are shown to be constructing a ‘wonderland’ discourse.

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  • EntryMode Strategies and Performance of Japanese MNCs in Australia and New Zealand: the Role of Japanese Employees

    Kumarasinghe, Sriya (2011-04-07)

    Working or discussion paper
    University of Otago

    This study investigates different entry modes and staffing practices, and their influence on performance in Japanese subsidiaries in Australia and New Zealand. Company data were derived from the Toyo Keizai data bank of Japanese overseas investments (Kaigai Shinshutsu Kigyou Souran) for the period from 2004 to 2008. The major assumption of this paper is that Japanese MNCs use their staffing policies as a means of exerting more influence over the entry mode strategy by having more control over the business operations in the host country. The study reveals significant differences in Japanese subsidiaries between the two countries. A relationship between performance and the variables of industry and employing Japanese expatriates was found for Australia.

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  • Foreign exchange exposure of U.S. firms in the Pacific rim

    Zhang, Lifan; Crack, Timothy (2005-06-23)

    Working or discussion paper
    University of Otago

    The full text of this document is only available from the Social Science Research Network. Please use the related link to access the full text.

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  • Effect of gender, family structure and firm affiliation, on career promotion in auditing

    Whiting, Rosalind H; Van Vugt, Olivia (2006)

    Working or discussion paper
    University of Otago

    Not to be quoted without the permission of the corresponding author

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  • Taking the oath: investor response to SEC certification

    Griffin, Paul A; Lont, David H (2003-11)

    Working or discussion paper
    University of Otago

    This study investigates the market response to the requirement that the principal executive and financial officer of an SEC registrant each state under oath that the firm’s annual and quarterly financial reports are materially accurate and complete pursuant to the Securities Act of 1934. We hypothesize that investors should recognize the importance of these changes in financial reporting and, thus, respond at or around those events that should reveal the most information about those changes, specifically, the SEC order to certify (June 27, 2002), the passage of the Sarbanes-Oxley Act (July 25, 2002), and the first certification filing by a registrant. We base our measure of investor response on unsigned market-adjusted daily excess return around those events and compare these responses with identical measures for the same companies and reports in prior periods. We use unsigned excess return because we expect investors to respond in different ways to the certification requirements. We also test for variation in investor response on the basis of a proxy for the quality of financial reporting and subject the analyses to a number of controls and robustness checks. These tests help assure us that the effects we document are in response to the SEC requirement rather than to other, possibly unspecified, factors. Overall, the empirical results are consistent with the view that investors on the identified dates did, in fact, respond to the SEC certification requirements.

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  • An empirical examination of the editorial review processes of accounting journals

    Adler, Ralph W; Liyanarachchi, Gregory A (2010-02-06)

    Working or discussion paper
    University of Otago

    This study examines the editorial review processes of 40 main English-language accounting journals. It reports findings for individual journals, as well as clusters of journals that have been categorized by the geographical region of their editorial offices and functional specialty. A survey-based study was used. Authors who had papers accepted at one of the 40 accounting journals during the period 2004-2005 were asked to comment on their experiences with the editorial review process. The authors were also separately asked to comment on the editorial review process of a journal in which they received their most recent manuscript rejection. As the present study reveals, while the editorial review processes of accounting journals are generally rated quite high, there are particular journals and clusters of journals that stand out from the rest.

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  • Governance regulatory changes, IFRS adoption, and New Zealand audit and non-audit fees: Empirical evidence

    Griffin, Paul A; Lont, David H; Sun, Yuan (2008)

    Working or discussion paper
    University of Otago

    This study examines the association between overseas and New Zealand governance regulatory reforms in New Zealand public companies’ audit and non-audit fees. We state audit and non-audit fee models, and use temporal and IFRS indicator variables to relate the timing of the fee changes with the incidence of the overseas and local governance reforms. We find that audit fees increased in New Zealand over 2002-2006. Such increases associate reliably with the transition to and adoption of NZ IFRS and not with the overseas governance reforms in the United States and Australia, enacted earlier. Our results also show a decrease in non-audit fees over the same period but we find no IFRS effect for non-audit fees. JEL Classification: C30, K22, L80, M40, M41.

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  • Intellectual Capital and Firm Performance in Australia

    Clarke, Martin; Seng, Dyna; Whiting, Rosalind H (2010)

    Working or discussion paper
    University of Otago

    This study examines the effect intellectual capital (IC) has on firm performance using a sample of Australian companies listed between 2004 and 2008. IC is measured using Pulic’s Value Added Intellectual Coefficient (VAIC) and its components and both a direct and a moderating relationship between VAIC and performance are analysed. The results suggest that there is a direct relationship between IC and performance of Australian publicly listed firms, particularly with capital employed efficiency and to a lesser extent with human capital efficiency. A positive relationship between IC (human and structural capital) in the prior year and performance in the current year is also found. Evidence also suggests the possibility of a moderating relationship between IC and physical and financial capital which impacts on firm performance

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  • Country of origin and confidence in quality of imported foods in China

    Knight, John G; Gao, Hongzhi (2005)

    Working or discussion paper
    University of Otago

    Food distribution channel members in the Peoples’ Republic of China have been interviewed regarding the key factors that determine where they source imported food products. Concerns about food safety and mistrust of food production systems within China result in imported food products generally enjoying a higher reputation than locally produced food products, unless the locally produced products carry famous international brands. Little discrimination was evident between different source countries. A high level of importance is placed on brands, the reputation of intermediaries within the channel, and the reputation of retail outlets, but country of origin effects appear confined to specific food categories.

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  • Selection criteria for country of origin of food imports by European food distributors

    Knight, John G; Holdsworth, David K; Mather, Damien W (2005)

    Working or discussion paper
    University of Otago

    Country-of-origin preferences of distribution channel gatekeepers when sourcing food imports were investigated using in-depth interviews in five European markets. Channel member perceptions of product-country image related more to specific issues of confidence and trust in integrity of production, certification and regulatory systems than to country image stereotypes.

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  • Real option valuation using NPV

    Arnold, Tom; Crack, Timothy (2004-11-19)

    Working or discussion paper
    University of Otago

    The full text of this document is only available from the Social Science Research Network. Please use the related link to access the full text.

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  • Growth beats value on the Bombay Stock Exchange

    Sabharwal, Satneet; Crack, Timothy (2005-08-09)

    Working or discussion paper
    University of Otago

    The full text of this document is only available from the Social Science Research Network. Please use the related link to access the full text.

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  • Deinstitutionalization of Gender-Biased Employment Practices in New Zealand's Accountancy Workplaces

    Whiting, Rosalind H (2007-05)

    Working or discussion paper
    University of Otago

    Oliver (1992)'s model of deinstitutionalization was used to explore the changes in gender-biased employment practices that have occurred in New Zealand accountancy workplaces over the last twenty years. Evidence was gathered from interviews in 2002 with 69 experienced Chartered Accountants and 3 Human Resource Managers, and in 2006 from 9 young female accountants. Evidence of political. functional and social pressures contributing to deinstitutionalization was present, with social and legislative changes being the most influential. It is suggested that some more subtle gender-biased practices still remain in New Zealand's accountancy workplaces. These relate particularly to senior-level positions.

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  • Valuing real options using implied binomial trees and commodity futures options

    Arnold, Tom; Crack, Timothy; Schwartz, Adam (2005-01-05)

    Working or discussion paper
    University of Otago

    The full text of this document is only available from the Social Science Research Network. Please use the related link to access the full text.

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  • Accountants’ whistle-blowing intentions: The impact of retaliation, age, and gender

    Liyanarachchi, Gregory A; Adler, Ralph W (2010-02)

    Working or discussion paper
    University of Otago

    Accounting practices and the role of auditors have been widely implicated in many corporate scandals. The accountants are likely to witness serious wrongdoings at their workplace, thus presenting them with a difficult choice of whether or not to whistle-blow. This study reports results of whistle-blowing intentions of the members of Certified Practising Accountants of Australia (CPA, Australia). The study provides data on a well-known obstacle (threat of retaliation) and demographic factors on accountants’ propensity to blow the whistle (PBW). An online survey was used to collect data. The data was analysed using a 2x3x2 (retaliation, age and gender, respectively) between-subject design. The results show a complex interaction effect of retaliation, participants’ age and gender on their PBW. Among the early career accountants, male accountants are more likely than female accountants to blow the whistle. Accountants in the mid-age group are not only likely to whistle-blow when there is retaliation but tend to be more willing to do so when that retaliation involves a direct personal loss than a loss to their associates. Accountants in the age group of 45 years or above, respond to retaliation differently depending on their gender. Specifically, female accountants’ PBW in this age group tend to decline as the retaliation threat increases from weak to strong yet the change in retaliation threat has little impact on male accountants’ PBW. These results and their implications are discussed.

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  • Organisational Effectiveness: Debates behind measurement issues in the Public Health Sector

    Wynn-Williams, Kate (2011-04-07)

    Working or discussion paper
    University of Otago

    This paper presents a discussion and exploration of influences into the development of performance measurements in the public sector. Such measures are subject to individual (rational decision-makers), managerial (goal congruent) and organisational (political philosophy) variations A case study (PHARMAC) is used by way of example to describe one organisation’s response to the complex relationships that exist within the public health sector. However, this paper does not attempt to describe or prescribe how public sector entities should behave. Rather, it is hoped to enable those responsible for developing public sector performance measures through an informed presentation of the influences on such actions.

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  • Nurse burnout in a high stress health care environment: prognosis better than expected?

    Hall, Elizabeth (2005)

    Working or discussion paper
    University of Otago

    This article presents literature-based evidence from North America, Canada, Israel, England and Wales, New Zealand, Australia demonstrating that despite data showing that occupational stress levels are rising in nursing, and given that nursing is an endemically stressful profession, there does not seem to be a widespread concomitant increase in reported severity of burnout. Instead, many instances of low, decreasing and in some cases, virtually nonexistent degrees of burnout exist. Two theoretical explanations for the existence of low burnout and the implications for the nursing profession are discussed.

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