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This paper focuses on Australian development firms in the console and mobile games industry in order to understand how small firms in a geographically remote and marginal position in the global industry are able to relate to global firms and capture revenue share. This paper shows that, while technological change in the games industry has resulted in the emergence of new industry segments based on transactional rather than relational forms of economic coordination, in which we might therefore expect less asymmetrical power relations, lead firms retain a position of power in the global games entertainment industry relative to remote developers. This has been possible because lead firms in the emerging mobile devices market have developed and sustained bottlenecks in their segment of the industry through platform competition and the development of an intensely competitive ecosystem of developers. Our research shows the critical role of platform competition and bottlenecks in influencing power asymmetries within global markets. [ABSTRACT FROM AUTHOR]

This paper introduces and illustrates a tool, the Stakeholder Circle™, for measuring and visualizing stakeholder influence on managing projects drawing upon two case study examples. Development of the tool was based upon stakeholder and project management theory and it extends our appreciation of the potential impact that stakeholders may exert that unearths vital risk management and customer relationship implications for the project management profession. Using a case study and action learning approach, this paper draws upon emerging project management and wider strands of management decision-making literature. The paper is exploratory in nature and the case studies used provide a useful vehicle for reflection and sense making. [ABSTRACT FROM AUTHOR]

Using a large multi-country multi-industry sample of over 158,000 companies, the early-stage company sector is documented to have sizable destruction of revenues and jobs and as well as sizable gross creation of revenues and jobs. The creation aspect has captured the dominant attention of researchers, commentators, and policy makers. Destruction, despite its large magnitude, has long been a backwater of research and most commentary on this sector. Destruction is not simply non-growth but rather prior growth that is subsequently reversed. This paper analyzes creation and destruction evidence across 10 different countries and across eight different major industry groups. Yearly growth/decline rates using revenues and headcount for Years 2 to 5 are analyzed. In each of the three growth years examined there are large amounts of destruction as well as creation simultaneously occurring. For example, in Year 5 gross revenue destruction is 34% of gross revenue creation whilst gross job destruction is 65% of gross job creation. A small percentage of companies accounts for a large percentage of the total job and revenue destruction each year. This small percentage of large destroyers is especially interesting because they had to have had, by necessity, prior sizable creation. This rapid rise and subsequent rapid fall has been very much ignored in the research literature. Regression analysis highlights this aspect for the sample of destroyers. The diverse sources of revenue and job destruction are discussed and potential fruitful research directions highlighted. [ABSTRACT FROM PUBLISHER]

Utilizing Feigenbaum, Henig and Hammett's typology, privatizations in the UK and Australia may be described as ‘systemic’ in the sense that their aim has been in part to ‘shrink the state’. Privatizations of essential services such as water, rail and energy in both countries appear to have failed in this endeavour. One example of this failure in the UK is the proliferation of special administration regimes which are initiated by the state and regulate the resolution of essential service insolvency. The recent introduction of an energy administration procedure in the Energy Act 2004 (UK) is yet another example of this process. Regulation of infrastructure insolvency appears on its face to have taken a different course in Australia, relying, for the most part on the usual insolvency regimes. However, the utilization of a contractual model for state oversight in the case of railway company insolvency and the willingness of the state to intervene in the financial distress of electricity generators suggest the Australian approach has also resulted in maintenance of the state’s role following privatization. This paper reviews the experience of the State of Victoria in the failure of a rail company and electricity generator and considers to what extent the non-statutory processes utilized by the state reflects its continuing role post privatization. In so doing, the paper evaluates the device of the UK special administration regime and in particular discusses the energy administration provisions of the Energy Act 2004 (UK). [ABSTRACT FROM AUTHOR]

The principal objective of this paper is to compare and contrast financial profiles for a longitudinal panel of 871 small and medium-sized enterprises (SMEs) in the Australian manufacturing sector that have embarked upon different development pathways and to examine possible connections between enterprise growth and the experience of common financial problems. Collectively, the findings represent a departure from much received knowledge in SME financial scholarship. The experience of growth seems not to have influenced the return on investment, asset structure, financial structure, liquidity and solvency ratios of the SMEs studied; but margin, operating expenses, turnover, and financing expense ratios do appear to be affected by growth. Overall, the financial profiles produced are quite unremarkable; there is no evidence of problematic financial consequences of growth. The only differences in financial profiles found are those that are readily explained by differences in the scale or growth resource needs of the business examined. [ABSTRACT FROM AUTHOR]

Monitoring and tracing product and process qualities along global supply chains have become increasingly challenging tasks for companies at the downstream end of the chain. High levels of uncertainty in trade coordination arise among importing companies in the face of these developments. The conceptual aim of this paper is to show, by the example of organic food imports to Germany and Australia, how convention theory can contribute to the analysis of trade coordination in global value chains. Our empirical results affirm that industrial conventions such as standards and third-party certification have gained increasing significance over the past two decades. Simultaneously, however, we argue that industrial conventions are not enough to overcome uncertainties in trade. They do not necessarily lead to reduced differences in perceptions of product quality between suppliers and importers. Less tangible factors such as trust established through relationship management and reputation are likewise significant. Furthermore, not only companies with a certain ideological tradition, but also individual people with altruistic motives within other types of firms, can determine how 'dedicated' a firm is in pushing trade coordination according to civic and domestic conventions. Market conventions (ie, the importance of price and competitiveness) are stressed more by Australian firms reflecting the country's liberal market economy and low state subsidies especially in the area of agriculture. Finally, compromises between conventions are sometimes necessary to end a situation of conflict between buyer and supplier. [ABSTRACT FROM AUTHOR]

This paper investigates the short-run and long-run performance of Australian cross-listed firms relative to their industry rivals. The role of share trading liquidity and firm visibility in explaining abnormal returns is also investigated. In the short run, an abnormal return of 1.91% for cross-listed firms is found at announcement, while no significant abnormal returns is found for rivals on the event day. For the long-run analysis, only rival firms (especially for rivals of the non-market leaders) experience significant abnormal returns, which are negative. Cross listing into NEW ZEALAND and other countries induces a more negative impact on rivals than the UK. Lastly, liquidity is found to be a determinant of the short- and long-run abnormal returns. [ABSTRACT FROM AUTHOR]

This paper investigates the determinants of credit spreads (levels and changes) via credit derivatives, using an Australian sample. We incorporate a number of different relationships to assess the contributions of various market-wide and firm-specific factors in determining levels, and changes in credit spreads, of corporate bonds. Using over-the-counter credit default swap (CDS) premium data as a proxy for the default risk of the entity, we find that both CDS and liquidity are priced into credit spreads, with liquidity explaining more credit spreads than credit risk (proxied using CDS premia) itself. We also find that a number of firm-specific and market-wide variables, namely, firm leverage, market-to-book ratio, market value, volatility, liquidity, the spot rate, the slope of the yield curve, the time to maturity of the underlying bond and the level and return on the All Ordinaries Index, are in many cases significant determinants of credit spreads. Finally, in additional robustness testing, a potential sample selection bias is accommodated via the Heckman ((1979) Sample selection bias as a specification error. Econometrica 47: 153–162) procedure. [ABSTRACT FROM PUBLISHER]

Abstract: In recent years, a large body of literature has bemoaned the lack of influence of the marketing function within organizations. Yet, there is limited evidence to support or reject claims of a crisis of influence of marketing subunits. This paper reviews the extant literature and discusses survey data regarding perceptions of marketing’s influence relative to other departments. The study employs data from senior managers in medium and large Australian firms. Marketing departments are found to be influential vis-à-vis other functional areas, thus suggesting that marketing is rather healthy in Australian organizations. The key findings are also compared to the results of previous studies that have employed US and European data, and further evidence pertaining to CEO background, marketing training and marketing’s communication channels are presented. The paper discusses the implications of the findings and presents a number of future research directions. [Copyright &y& Elsevier]

Presents a study which discussed evidence on financial reporting to financiers by small and medium-sized enterprises that are engaged in manufacturing in Australia. Types of financial reports; Methods; Conclusions.

Event studies indicate that divestitures create shareholder value. However, managers are generally disinclined to execute a divestiture due to their inherent preferences for growing the firm’s assets. Governance structures can play a significant role in restraining this agency conflict. Using a sample of divestitures carried out by Australian firms over a recent 10-year period, we find that board compensation and ownership concentration increase the likelihood of a divestiture. In addition, board compensation has a stronger effect in firms that are more likely to divest, while larger boards inhibit divestitures in firms that are less likely to divest. Our analysis involves a propensity score matching method. We show that poor matching can lead to large biases and inconsistencies. [ABSTRACT FROM PUBLISHER]

Although there are many potential causes of failed change, ‘resistance to change’ is widely recognised as a significant contributor to this problem. Much of the literature relating to resistance has focused on the context-specific antecedents which can be divided into those relating to change outcomes and those that focus on change implementation. Justice research acknowledges the importance of employee perceptions of fairness in change management, and identifies it as a key factor in developing positive employee attitudes toward organisational change. Using change process characteristics of Leader-Member Exchange (LMX), participation and information as antecedents, the aim of the present study was to examine the influence of employee perceptions of justice on resistance to change. The results of a survey of 100 employees in an Australian workplace indicate that informational justice mediated the relationship between LMX and resistance to change. [ABSTRACT FROM PUBLISHER]

The importance of managed fund governance structures has become apparent in recent years. Looking at the Australian not-for-profit pension funds, we find correlations between funds’ internal governance structures and their level of costs. Larger boards are linked to higher investment management fees and expenses, operating expenses and trustee and audit fees. We also find a positive relation between the proportion of independent trustees and investment management fees and expenses and operating expenses. These fund costs increase as the number of board committees and fund size increase. Finally, we observe that the presence of board committees affects different types of fund costs. Overall, these findings suggest that the conventional good governance practices do not benefit superannuation fund members in terms of cost reduction. We find no evidence of economies of scale in cost minimisation, since the relation between fund size and costs is mixed across various governance variables. [ABSTRACT FROM PUBLISHER]

Using several microstructure variables, this study provides an intra-day examination of aggressive trading around Australian takeover announcements. We conduct this analysis for both target and bidding firms. We examine aggressive trading (i.e. by those who initiate the trade) using the abnormal behaviour of returns, trading volume, volatility and time-weighted spreads and depth. In addition, we develop a novel profit/loss measure (PLM) based on trade initiation and provide new evidence using the recently developed volume-synchronised probability of informed trading (VPIN) metric. In a univariate setting, these measures provide evidence of increased aggressive trading in Australian target firms. Further, after controlling for several microstructure variables, multivariate analysis reveals the presence of abnormally elevated time-weighted spreads prior to the announcement date for target firms. We show that VPIN is significantly elevated for target firms, especially in the four days prior to the takeover announcement. [ABSTRACT FROM PUBLISHER]

Dynamic forecasts of financial distress have received far less attention than static forecasts, particularly in Australia. This study, therefore, investigates dynamic probability forecasts for Australian firms. Novel features of the modelling are the use of time-varying variables in forecasts from a Cox model. Not only is this one of relatively few studies to apply dynamic variables in forecasting financial distress, but to the authors’ knowledge it is the first to provide forecasts of survival probabilities using the Cox model with time-varying variables. Forecast accuracy is evaluated using receiver operating characteristics curves and the Brier Score. It was found that the dynamic model had superior predictive power, in out-of-sample forecasts, to the traditional Cox model and to the logit model. [ABSTRACT FROM AUTHOR]

Direct tests between corporate social responsibility (CSR) and firm performance (FP) have been argued to be spurious. Following this line of argument, the present study tests a mediated model in understanding the CSR–FP relationship. Specifically, we posit that reputation and customer satisfaction mediate fully the CSR–FP relationship. Based on the results from a sample of 280 Australian firms, the findings suggest that CSR is linked with FP. However, the effect is indirect: while CSR is linked to both reputation and customer satisfaction, reputation alone mediates the CSR–FP relationship. The results are interesting, suggesting that to reduce ambiguity surrounding the CSR–FP relationship scholars need to significantly expand studies that address moderating and mediating variables. Discussion is given to these findings along with paths for future research. [ABSTRACT FROM AUTHOR]

Relationship marketing (RM) is a prolific area of current marketing theory development. While RM principles are relevant to a range of business-to-consumer and business-to-business contexts, their theoretical foundations have principally emerged in reference to the private sector. By contrast, this exploratory study examines RM opportunities between entities operating in different sectors, namely university and industry in Australia. Using a qualitative approach, findings led to the development of a conceptual framework of university-industry relationships, integrating variables of organizational environment difference, relationship and value. Overall, this exploratory study broadens RM theory and application to relationships involving parties from fundamentally different organizational environments and suggest opportunities for the implementation of RM in this context. The article concludes with recommendations for academics and practitioners and provides several directions for future research. [ABSTRACT FROM AUTHOR]

As a result of changing conditions of funding, emanating in a sense of crisis about viability and the need to find new sources of revenue, many universities in Australia and elsewhere are moving into new areas of application in novel partnerships with corporate organizations, to deliver 'work-based learning'. But what may promise to resolve a fiscal crisis sometimes can generate practices which rove deeply unsettling for the context in which they are embedded. In this article we explore the extent to which new modes of work-based learning represent a legitimation crisis for universities as well as exploring their implications for the corporate partners. Data from an ongoing study of such a partnership between the ABC Co, a global financial industry firm, and a large university dedicated to forging practice-based relationships with industry, are drawn on. The conclusions that we reach suggest that the reality of the new knowledge age of work-based learning is, perhaps, rather more a question of impression management, jointly negotiated on both sides, than a brave new world. [ABSTRACT FROM AUTHOR]

Delayering and the flattening of organizational hierarchies was a widespread trend through the 1990s. Peters (1992) in the USA promoted flattening as an organizational strategy and Keuning and Opheij (1994) promoted the prescriptions in Europe. Despite these strategies and apparent structural changes, the number and ratio of managers appears to have grown. This paradox of managerial downsizing has not been adequately probed in the literature. The predominant explanation, that there has been a `myth of managerial downsizing', is associated with Gordon (1996). However, this debate has been shaped by the US experience and data. There is a need to reassess the dynamics of the 1990s in relation to other economies. This article focuses on a semi-peripheral economy, that of Australia. A study of the population of firms over time is necessary in order to resolve the issues. The article utilizes a comprehensive range of data, including several national surveys and a longitudinal database of all larger private-sector firms in Australia during the 1990s. The results indicate that the `myth of managerial downsizing' must be rejected. There were dramatic effects on managers through the course of the 1990s in larger Australian firms. The dynamics of the process are analysed, tracking 4,153 firms across the decade and the paradox explained. The theoretical implications are discussed. [ABSTRACT FROM AUTHOR]

Previous research has found that female-owned businesses generally underperform male- owned businesses on a variety of measures such as sales and profit. Further, this under- performance appears to persist even after controlling for demographic differences. However, previous studies have tended to limit their assessment of performance to output measures (sales or profit, for example) without relating these output measures to appropriate inputs (such as total assets or owner's equity). This would appear to be a significant oversight. After controlling for industry, age of business, and the number of days a business operated, this study finds no significant differences between male- and female-controlled businesses with respect to total income to total assets (TITTA), the return on assets (ROA), or the return on equity (ROE). Interestingly, if the control variables are removed, there is evidence to suggest that female-controlled businesses outperform male-controlled businesses. [ABSTRACT FROM AUTHOR]

Since they renounced the policy goal of assimilation in the 1970s, Australian governments have encouraged indigenous Australians to form corporations. Such bodies receive public money to deliver services, and they have become the sinews of a mobilized indigenous constituency. By reviewing the research and recommendations of a recent Australian government report, this article addresses the controversy about the indigenous corporation's multiple accountability: to the taxpayer, their employees, and their clients. In addition, drawing on recent international theoretical debates about the rationales of liberal tolerance for cultural minorities, this article qualifies the widely held assumption that accountability in this instance must be culturally appropriate. [ABSTRACT FROM AUTHOR]