THE EFFECT OF THE DECISION IN MCCRACKEN V MELBOURNE STORM RUGBY LEAGUE FOOTBALL CLUB ON PROFESSIONAL SPORT IN WESTERN AUSTRALIA

The 2005 NSW decision of McCracken v Melbourne Storm Rugby League Football Club generated much interest as it appeared to circumvent the provisions of the Civil Liability Act 2002 (NSW), the main purpose of which is to impose a cap on damages awards for personal injury claims and to place limitations on liability in negligence. Western Australia has the Civil Liability Act 2002 (WA), but the relevant section is slightly different to that of the NSW legislation. The purpose of this paper is to examine whether the McCracken case would be likely to be decided in the same way in Western Australia. If so, the administrators, clubs and players involved in professional sport in this jurisdiction should be mindful of the implications, such as the potential for more litigation as a result of injuries sustained in the course of play, or an increase in insurance premiums

THE 'STATE TRADITION' IN AUSTRALIA: REASSESSING AN EARLIER VIEW

This article seeks to revive interest in an Australian 'state tradition' that has been undergoing continuous development since the first European settlements in the late 1700s and early 1800s. Recent attempts to redefine such a tradition miss many of the foundational elements. There has been a tendency to locate the beginnings in the federal 'settlement' of 1901, and to see as outdated and irrelevant anything that happened before the current mood of marketising and privatising came to dominate our notions of political and economic correctness. Major changes have of course occurred in the nature of Australian statehood over the years, and they will continue to occur. However an understanding of the tradition restated in this article remains important for several reasons: because that tradition has furnished the foundations of so many of our national institutions; because it provides a standard against which the recent changes can be assessed; and because it will continue to influence and inform challenges to today's economic-rationalist/NPM (New Public Management) paradigm. Such challenges will seek to take us further forward, not backward, but in a style that is inclusive rather than divisive

VALUING ATHLETES

How does a sports team determine the value of its athletes? How should such information be communicated? Is silence misleading? In this study measurement models are explored to advance suggestions for improvement for reporting. Data from a large scale survey reveals that 62 percent of Australian Football League (AFL)- linked personnel disagreed with the idea of valuing players on their team's balance sheet.  Statistical  analysis  identifies  three  clearly  different  categories;  club/AFL management, player management (players, agents and players' union) and accountants/accounting academics. Each groups' views are significantly different with less, some and majority support for athlete valuation respectively. However, there may be a rising need to value such company assets. AFL clubs are being battered by increased transparency expectations of better and clearer communication. It is argued that the provision of providing player valuation information from a 'public interest' viewpoint would be beneficial for the hundreds of thousands of club members

A FREE-MARKET PERSPECTIVE FOR THE PREPARERS AND USERS OF FINANCIAL ACCOUNTING INFORMATION TODAY

This paper explores both academic and professional literature, published over the past few decades, addressing the proliferation of accounting standards and the imposition and increasing burden that has been placed upon the preparers of financial reporting information. The 'pro' argument for increased reporting regulation and disclosure has been the protection of stakeholders; however, recent experiences suggest that this approach has not been entirely successful. A significant number of unexpected corporate collapses have continued to occur. The suggestion is made that, in addition to improved corporate governance and regulation, the interests of stakeholders may be better served through efforts to promote a culture of ethical conduct within the wider business community

NOTHING TO REPORT? MOTIVATIONS FOR NON-DISCLOSURE OF SOCIAL ISSUES BY INDONESIAN LISTED COMPANIES

A study based on the extent of voluntary social disclosure practices of Indonesian listed entities using Global Reporting Initiatives as a simplified social disclosure index found that all Jakarta Stock Exchange listed entities voluntarily disclose some social information in their annual reports, but at a low level (14.15%). Stakeholder theory partially explains the disclosures but does not explain why some issues such as Child Labour, Forced and Compulsory Labour, Bribery and Corruption and Political Contributions are not disclosed by any listed companies. This paper examines the motivations for these non-disclosures and suggests that one of the more likely reasons that companies do not disclose certain items is to avoid scrutiny, particularly on issues where they are not performing or where it is evident that they are in breach of government regulations

INSTITUTIONAL INVESTORS: DO THEY HAVE A ROLE IN THE MONITORING OF CORPORATE PERFORMANCE?

In response to perceived anger of shareholders resulting from the combination of company failures, high termination payouts and CEO remuneration packages there has been growing media interest in assigning a role to institutional investors to participate as active monitors of corporate performance. This paper explores how institutional investors undertake the monitoring of corporate performance and governance processes and structures. Selected funds managers were interviewed about their approach to active institutional monitoring of invested companies. This article reports on the processes which funds managers indicated they adopted to monitor company performance and governance. It looks at managers' perceptions of the considerations which influenced the development of attitudes and policies about monitoring and the decision to undertake active monitoring and influencing activity. The processes and procedures through which exercise of real influence within invested companies is perceived to flow are discussed. The funds management industry is not homogeneous in its approach to active institutional monitoring and relations with invested companies. Thus, future research to measure the impact on corporate performance of the presence of institutional investors on the share register may need to differentiate between categories of institutional investor

AN EMERGENT APPROACH TO PUBLIC PROCUREMENT

This paper considers the design of a dynamic measurement framework for public procurement from an emergent system’s perspective. In order to continue into sustainable excellence, an adaptable and reliable measurement system is needed to measure procurement’s current performance and make well-informed sustainable decisions into the future in the context of a changing political environment. Measurements would need to include: public confidence (with ethical accountability and transparency), efficiency and effectiveness (as measured in value for money and the delivery of procurement outcomes) and policy compliance and consistency. These measures would need to be nested in a larger measurement system (as reflected in a sustainable generic public management system that would reflect quality of life as opposed to simply material wealth). In terms of design principals for such a measurement system, three main themes have emerged in the literature. First, organisations are complex multidimensional nested systems, second the integrity of the whole system needs to be maintained and third, in order to improve complex social systems, such as large public procurement entities, performance management systems need to function as an ethical learning tool. The actual design of an integrated measurement system to gauge procurement performance within public procurement is potentially a research area for the future

US ECONOMIC ANNOUNCEMENTS: DO THEY CONVEY INFORMATION TO THE AUSTRALIAN SHARE MARKET?

This study covers the period from January 2000 to June 2005 and examines the 'announcement effect' of economic news releases in the United States (US) on returns in the Australian share market. Using previously developed models and professional surveys as proxies for expected components of the announcements, the study analyses how the Australian market reacts to both expected and unexpected components. Three types of US economic announcements are analysed in this study, namely discount rate changes, inflation and real economic activity. Results show that significant relationships occur for each of the three types of economic announcements. These findings provide empirical proof that Australian investors regard US economic news as containing information relevant in the pricing of Australian equities. This has consequences for investors and fund managers throughout Australia who need to consider the impact of US and global economic conditions when developing investment strategies

ACCOUNTING PUBLIC PRACTICE AND EMPLOYEE JOB SATISFACTION TODAY: PROFESSIONAL VALUES, ORGANISATIONAL COMMITMENT AND EMPLOYEE INTENTION TO TURNOVER IN ACCOUNTING FIRMS

This study evaluates two of the most pressing issues facing public practice in Australia today – the growing gap in the importance placed on professional values by public practice accounting firms, and the effect of this gap on job satisfaction, organisational commitment and employee intention to turnover. The results of this study clearly show that there is a perceived gap in professional values that is associated with lower levels of both organisational commitment and job satisfaction for public practice accountants. The alignment of these results and those of previous researchers that show job satisfaction and organisational commitment are associated with increased intentions to turnover is an early-warning signal to accounting practice managers.   Employees seem prepared to take action if there is a perceived gap in professional values with their employers