economics, accounting & business...economics, accounting & business abacus volume 50 aims...

Australian Journal of Agriculture & Resource Management

ECONOMICS, ACCOUNTING & BUSINESS

Abacus

Accounting & Finance

Australian Accounting Review

Economic Record

Economic Papers

ECONOMICS accounting BUSINESS AC-COUNTING Economics business ECONOMICS ac-

countinBUSINESS ACCOUNTING Economics business ECO-NOMICS accounting BUSINESS ACCOUNTING Economics

business ECONOMICS accounting BUSINESS ACCOUNT-ING Economics business ECONOMICS account-

ing BUSINESS ACCOUNTING

Australian Economic Review

Australian Economic Papers

Asia Pacific Journal of Human Resources



ABACUSVolume 50

AIMS & SCOPESince 1965 Abacus has consistently provided a vehicle for the expression of independ-ent and critical thought on matters of current academic and professional interest in account-ing, finance and business. The journal reports current research; critically evaluates current developments in theory and practice; analyses the effects of the regulatory framework of ac-counting, finance and business; and explores alternatives to, and explanations of, past and current practices.

Editor in Chief.......Stewart Jones (AU)

Frequency...................4 issues per year

Impact factor...............................0.850

Print Circulation............................200

Official journal of the Accounting Foundation & the Pacioli Society

ABOUT THIS JOURNAL

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Cover month Booking Material Loose Inserts

March 21 January 28 January 21 February

June 23 April 30 April 23 May

September 23 July 30 July 22 August

December 24 October 31 October 24 November

ISSUE DATES & DEADLINES 2014

ABA

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[email protected] +61 3 9274 3100

Scan this QR code for ABAC online


2014

ISSN

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1-30

72

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es 139–267

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COVER IMAGE: Portrait of Luca Pacioli (1445–1514) by Jacopo de Barbari. Image reproduced with permission of the National Museum in Naples.

Since 1965, Abacus has consistently provided a vehicle for the expression of independent and critical thought on matters of current academic and professional interest in accounting, fi nance and business. The journal reports current research; critically evaluates current developments in theory and practice; analyses the effects of the regulatory framework of accounting, fi nance and business; and explores alternatives to, and explanations of, past and current practices.

ABACUSCONTENTS

The CLERP 9 Audit Reforms: Benefi ts and Costs Through the Eyes of Regulators, Standard Setters and Audit Service Suppliers 139 Keith A. Houghton , Michael Kend and Christine Jubb

Do Board Characteristics Infl uence the Shareholders ’ Assessment of Risk for Small and Large Firms? 161 Jonathan A. Christy , Zoltan P. Matolcsy , Anna Wright and Anne Wyatt

A Pragmatist Defence of Classical Financial Accounting Research 197 Brian A. Rutherford

Stock Return Predictability of Residual-Income-Based Valuation: Risk or Mispricing? 219 Lee-Seok Hwang and Woo-Jong Lee

Are Legal Families Related to Financial Reporting Quality? 242 Frederick Lindahl and Hannu Schadéwitz

Published for the Accounting Foundation The University of Sydney by

VOLUME 49NUMBER 2JUNE 2013

ABACUSA Journal of

Accounting, Finance and Business Studies

The CLERP 9 Audit Reforms: Benefi ts and Costs

Do Board Characteristics Infl uence Shareholders’ Assessment of Risk

A Pragmatist Defence of Classical Financial Accounting Research

Stock Return Predictability of Residual-Income-Based Valuation

Are Legal Families Related to Financial Reporting Quality?

001-abac-v49-i2-oc-5.38mm.indd 1 5/29/2013 2:43:40 PM

ANZ 36%

EUR 34% USA

23%

Asia 7%

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ISSN

000

1-30

72

VO

LUM

E 49 • N

UM

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R 2 • JU

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2013 • Pag

es 139–267

AB

AC

US

COVER IMAGE: Portrait of Luca Pacioli (1445–1514) by Jacopo de Barbari. Image reproduced with permission of the National Museum in Naples.

Since 1965, Abacus has consistently provided a vehicle for the expression of independent and critical thought on matters of current academic and professional interest in accounting, fi nance and business. The journal reports current research; critically evaluates current developments in theory and practice; analyses the effects of the regulatory framework of accounting, fi nance and business; and explores alternatives to, and explanations of, past and current practices.

ABACUSCONTENTS

The CLERP 9 Audit Reforms: Benefi ts and Costs Through the Eyes of Regulators, Standard Setters and Audit Service Suppliers 139 Keith A. Houghton , Michael Kend and Christine Jubb

Do Board Characteristics Infl uence the Shareholders ’ Assessment of Risk for Small and Large Firms? 161 Jonathan A. Christy , Zoltan P. Matolcsy , Anna Wright and Anne Wyatt

A Pragmatist Defence of Classical Financial Accounting Research 197 Brian A. Rutherford

Stock Return Predictability of Residual-Income-Based Valuation: Risk or Mispricing? 219 Lee-Seok Hwang and Woo-Jong Lee

Are Legal Families Related to Financial Reporting Quality? 242 Frederick Lindahl and Hannu Schadéwitz

Published for the Accounting Foundation The University of Sydney by

VOLUME 49NUMBER 2JUNE 2013

ABACUSA Journal of

Accounting, Finance and Business Studies

The CLERP 9 Audit Reforms: Benefi ts and Costs

Do Board Characteristics Infl uence Shareholders’ Assessment of Risk

A Pragmatist Defence of Classical Financial Accounting Research

Stock Return Predictability of Residual-Income-Based Valuation

Are Legal Families Related to Financial Reporting Quality?

001-abac-v49-i2-oc-5.38mm.indd 1 5/29/2013 2:43:40 PM

ACCOUNTING & FINANCEVolume 54

AIMS & SCOPEThis established journal publishes theoretical, empirical and experimental papers that significantly contribute to the disciplines of accounting and finance. Using a wide range of research methods including statistical analysis, analytical work, case studies, field research and historical analysis, arti-cles examine significant research questions from a broad range of perspectives. Accounting & Finance applies economic, organizational and other theories to accounting and finance phenomena and publish-es occasional special issues on themes such as on research methods in management accounting.

Accounting & Finance is essential reading for aca-demics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments, and merchant and investment banking.

Editor in Chief.......Steven Cahan (AU)


Impact factor...............................0.875


ReadershipProfessionals in accounting, finance, investment, banking, academics, students

Accounting and Finance Association of Australia and New Zealand (AFAANZ)

ABOUT THIS JOURNAL

RATES


March 4 February 11 February 21 February

June 2 May 9 May 19 May

September 5 August 12 August 22 August

December 4 November 11 November 18 November


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2014

ac

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o. 2, June 2013

The financial support of CPA Australia, the Institute of Chartered Accountants inAustralia and the New Zealand Institute of Chartered Accountants is gratefullyacknowledged.

Volume 53 Number 2 June 2013

ACCOUNTING& FINANCE

Published by Wiley Publishing Asia Pty Ltd on behalf of the Accounting and Finance Association of Australia and New Zealand

ISSN 0810-5391Visit wileyonlinelibrary.com to search articles andregister for table of contents and email alerts

The effect of financial constraints, investment policy, product market competition and corporate governance on the value of cash holdingsHoward W. H. Chan, Yufei Lu, Hong F. Zhang 339

Australian evidence on the implementation of the size and value premiaPaul Docherty, Howard Chan, Steve Easton 367

Value versus growth: Australian evidencePhilip Gharghori, Sebastian Stryjkowski, Madhu Veeraraghavan 393

Capital gains tax, supply-driven trading and ownership structure: direct evidence of the lock-in effectDean Hanlon, Sean Pinder 419

Economic value of analyst recommendations in Australia: an application of theBlack–Litterman asset allocation modelPeng W. He, Andrew Grant, Joel Fabre 441

GAAP, GFS and AASB 1049: perceptions of public sector stakeholdersRalph Kober, Janet Lee, Juliana Ng 471

Bond pricing with a surface of zero coupon yieldsVijay A. Murik 497

Stock dividends in China: signalling or liquidity explanations?Nhut H. Nguyen, David Y. Wang 513

The determinants of cash holdings in private family firmsTensie Steijvers, Mervi Niskanen 537

What determines the profitability of banks? Evidence from SpainAntonio Trujillo-Ponce 561

Bad beta good beta, state-space news decomposition and the cross-section of stock returnsKent Wang, Jiawei Li, Shicheng Huang 587

www.wileyonlinelibrary.com/journal/acfi

acfi_53_2_oc_Layout 1 4/24/2013 2:30 PM Page 1

ANZ 72%

EUR 10%

USA 9%

Asia 8%




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THINKING OF ADVERTISING ONLINE?Advertising on the Wiley Online Library provides you with a cost effective, targeted and immediate way to build a brand message. Our online capabilities are continually evolving so please contact us for the latest information and specific requests. For more information on online advertising, please visit http://wileyonlinelibrary.com/advertising

BOOKINGSThe Interface team handle bookings for Accounting & Finance (ACFI).



Australiat + 61 3 9274 3100f + 61 3 9274 3392


TERMS & CONDITIONS


ac

co

un

tin

g &

fina

nc

eVol. 53, N

o. 2, June 2013

The financial support of CPA Australia, the Institute of Chartered Accountants inAustralia and the New Zealand Institute of Chartered Accountants is gratefullyacknowledged.


ACCOUNTING& FINANCE

Published by Wiley Publishing Asia Pty Ltd on behalf of the Accounting and Finance Association of Australia and New Zealand

ISSN 0810-5391Visit wileyonlinelibrary.com to search articles andregister for table of contents and email alerts

The effect of financial constraints, investment policy, product market competition and corporate governance on the value of cash holdingsHoward W. H. Chan, Yufei Lu, Hong F. Zhang 339

Australian evidence on the implementation of the size and value premiaPaul Docherty, Howard Chan, Steve Easton 367

Value versus growth: Australian evidencePhilip Gharghori, Sebastian Stryjkowski, Madhu Veeraraghavan 393

Capital gains tax, supply-driven trading and ownership structure: direct evidence of the lock-in effectDean Hanlon, Sean Pinder 419

Economic value of analyst recommendations in Australia: an application of theBlack–Litterman asset allocation modelPeng W. He, Andrew Grant, Joel Fabre 441

GAAP, GFS and AASB 1049: perceptions of public sector stakeholdersRalph Kober, Janet Lee, Juliana Ng 471

Bond pricing with a surface of zero coupon yieldsVijay A. Murik 497

Stock dividends in China: signalling or liquidity explanations?Nhut H. Nguyen, David Y. Wang 513

The determinants of cash holdings in private family firmsTensie Steijvers, Mervi Niskanen 537

What determines the profitability of banks? Evidence from SpainAntonio Trujillo-Ponce 561

Bad beta good beta, state-space news decomposition and the cross-section of stock returnsKent Wang, Jiawei Li, Shicheng Huang 587

www.wileyonlinelibrary.com/journal/acfi

acfi_53_2_oc_Layout 1 4/24/2013 2:30 PM Page 1

AUSTRALIAN ECONOMIC PAPERSVolume 53

AIMS & SCOPEAustralian Economic Papers was founded in 1965 by the Economics Departments at the University of Adelaide and Flinders University of South Aus-tralia. The journal publishes high-quality papers from leading international economists in theoreti-cal, empirical and policy economics. It offers a forum for debate between theorists, econometri-cians and policy analysts and covers an excep-tionally wide range of topics. In recent years, in addition to all the major fields in economics, the journal has published papers in theoretical and empirical industrial organisation, theoretical and empirical labour economics and macro and micro policy analysis. The Editors particularly welcome innovative and thought-provoking contributions that work on and extend the frontiers of the subject.

Editor in Chief..........Mark Weder (AU)


Impact factor...............................0.171

Print Circulation...........................155

ReadershipEconomists, econometricians, academics, policy makers/analysts

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AUSTRALIANECONOMIC

PAPERSVolume 52 No. 1 March 2013

Volum

e 52 No. 1 M

arch 2013A

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PAPE

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ISSN 0004 – 900X

This journal is available online at Wiley Online Library.Visit wileyonlinelibrary.com to search the articles and register for table of contents e-mail alerts.

Solving Macroeconomic Models with Homogeneous Technology and Logarithmic PreferencesDirk Bethmann 1

Estimating The Price Impact of the Victorian Terminal Gate Pricing SchemeAlistair Davey 19

The Prodigal Corporation: An Analysis on the Effectiveness of the ACCC’s Immunity Policy for Cartel ConductAnthony Gray, Bonnie T. Nguyen and Andrew Wait 38

Life Insurance, Human Capital Accumulation and Economic GrowthChen Lu and Mitsuyoshi Yanagihara 52

001-aepa-v52-i1-4.22mm-oc.indd 1 5/31/2013 2:48:02 PM

ANZ 49% EUR 25%

USA 23%

Asia 3% ROW 1%




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TERMS & CONDITIONS


AUSTRALIANECONOMIC

PAPERSVolume 52 No. 1 March 2013

Volum

e 52 No. 1 M

arch 2013A

UST

RA

LIA

N E

CO

NO

MIC

PA

PE

RS

ISSN 0004 – 900X

This journal is available online at Wiley Online Library.Visit wileyonlinelibrary.com to search the articles and register for table of contents e-mail alerts.

Solving Macroeconomic Models with Homogeneous Technology and Logarithmic PreferencesDirk Bethmann 1

Estimating The Price Impact of the Victorian Terminal Gate Pricing SchemeAlistair Davey 19

The Prodigal Corporation: An Analysis on the Effectiveness of the ACCC’s Immunity Policy for Cartel ConductAnthony Gray, Bonnie T. Nguyen and Andrew Wait 38

Life Insurance, Human Capital Accumulation and Economic GrowthChen Lu and Mitsuyoshi Yanagihara 52

001-aepa-v52-i1-4.22mm-oc.indd 1 5/31/2013 2:48:02 PM

AUSTRALIAN ECONOMIC REVIEWVolume 47

AIMS & SCOPEThe Australian Economic Review is an applied economics journal with a strong policy orientation. Produced by the Melbourne Institute of Applied Economic and Social Research at the University of Melbourne, it is the leading journal of its kind in Australia and the Asia-Pacific region. The Review aims to publish high quality articles applying economic analysis to a wide range of macroeconomic and microeconomic topics relevant to both economic and social policy issues. It is of special interest to Australian academics, students, policy makers, and others interested in the Austral-ian economy. It also deals with matters of interna-tional interest. There are several regular sections of the Review: the ‘Contributed Articles’ section contains refereed articles; the ‘Policy Forum’ section deals with major issues of economic policy; the ‘Data Survey’ section outlines the main features of databases available to researchers in a given area; and the ‘For the Student’ section contains articles written specially for tertiary students.

Editor in Chief..............Ross Williams, Paul H Jensen, and Ian McDonald (AU)


Impact factor...............................0.300


ReadershipEconomists, academics, policy makers/analysts, students

Official journal of the Melbourne Institute of Applied Economic and Social Research

ABOUT THIS JOURNAL

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The A

ustralian Econom

ic Review

Volum

e 46 N

umber 2

June 2013


The Resources Boom and Economic Policy in the Long RunPeter Sheehan and Robert G. Gregory

Contributed ArticlesAn Assessment Methodology for Domestic Systemically Important Banks in AustraliaPatrick Brämer and Horst GischerHousehold Preference and Financial Commitment to Flood Insurance in South-East QueenslandAlex Y. LoProfitability of Interest-Free versus Interest-Based Banks in TurkeyAli Soylu and Nazif Durmaz

The Melbourne Institute at 50IntroductionRoss WilliamsA Healthy Beginning: The Origins of MedicareJohn DeebleThe Development of Health Economics in Australia and Its Contribution to PolicyJane HallThe Henderson Question? The Melbourne Institute and 50 Years of Welfare PolicyRobert G. GregoryA Reflection on the Household, Income and Labour Dynamics in Australia SurveySue RichardsonMacroeconomics at the Melbourne InstituteGuy DebelleRevenge of the Nerds: The Economics of Education ReformAndrew Leigh

Data Survey: Modelling the National Greenhouse and Energy Reporting System’s Energy Consumption Under-CoverageKay Cao, Jason Wong and Anil Kumar

For the Student: Two-Sided MarketsStephen P. King

The

AustralianEconomic Review

ANZ 71%

USA 15%

EUR 10%

Asia 4%




1/2 Page Colour (H & V) 1695 1560 1435

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BOOKINGSThe Interface team handle bookings for the Australian Economic Review (AERE).



Australiat + 61 3 9274 3100f + 61 3 9274 3392


TERMS & CONDITIONS


The Australian E

conomic R

eview

Volume 46

Num

ber 2 June 2013


The Resources Boom and Economic Policy in the Long RunPeter Sheehan and Robert G. Gregory

Contributed ArticlesAn Assessment Methodology for Domestic Systemically Important Banks in AustraliaPatrick Brämer and Horst GischerHousehold Preference and Financial Commitment to Flood Insurance in South-East QueenslandAlex Y. LoProfitability of Interest-Free versus Interest-Based Banks in TurkeyAli Soylu and Nazif Durmaz

The Melbourne Institute at 50IntroductionRoss WilliamsA Healthy Beginning: The Origins of MedicareJohn DeebleThe Development of Health Economics in Australia and Its Contribution to PolicyJane HallThe Henderson Question? The Melbourne Institute and 50 Years of Welfare PolicyRobert G. GregoryA Reflection on the Household, Income and Labour Dynamics in Australia SurveySue RichardsonMacroeconomics at the Melbourne InstituteGuy DebelleRevenge of the Nerds: The Economics of Education ReformAndrew Leigh

Data Survey: Modelling the National Greenhouse and Energy Reporting System’s Energy Consumption Under-CoverageKay Cao, Jason Wong and Anil Kumar

For the Student: Two-Sided MarketsStephen P. King

The

AustralianEconomic Review

AUSTRALIAN JOURNAL OF AGRICULTURE AND RESOURCE ECONOMICSVolume 58

AIMS & SCOPEThe Australian Journal of Agricultural and Re-source Economics (AJARE) provides a forum for innovative and scholarly work in agricultural and resource economics. First published in 1997, the Journal succeeds the Australian Jour-nal of Agricultural Economics and the Review of Marketing and Agricultural Economics, up-holding the tradition of these long-established journals. Accordingly, the editors are guided by the following objectives: • To maintain a high standard of analytical rigour offering sufficient variety of content so as to appeal to a broad spectrum of both academic and professional economists and policymakers. • In maintaining the tradition of its predecessor journals, to combine articles with policy reviews and surveys of key analytical issues in agricul-tural and resource economics.

Editors in Chief................... John Rolfe, Lin Crase and John Tisdell (AU)Frequency...................4 issues per year

Impact factor...............................1.451

Print Circulation...........................180

ReadershipEconomists, resource economists, agricultural economists, academics, policy makers/analysts

Official journal of the Australian Agricultural and Resource Economics Society.

ABOUT THIS JOURNAL

RATES




1/2 Page Colour (H & V) 1695 1560 1435

1/4 Page Colour 1340 1230 1140


1/2 Page Monotone (H & V) 1340 1230 1140



January 22 November 2013 29 November 2013 19 December

April 25 February 4 March 25 March

July 28 May 4 June 24 June

October 28 August 4 September 24 September


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2014

Journal of the AustralianAgricultural and ResourceEconomics Society

The principal aim of the Australian Agricultural and Resource Economics Society(AARES) is to encourage research, discussion, extension and policy evaluation inareas related to Australian agriculture, food, natural resources and economicdevelopment. The major activities of the Society are publishing the AustralianJournal of Agricultural and Resource Economics (AJARE), holding an annualinternationally-attended conference, workshops and symposia, encouraging andfacilitating branch activities, encouraging and facilitating attendance at the triennialcongress of the International Association of Agricultural Economists, awardingannual prizes for academic achievement and the best article in AJARE, publishinga newsletter, “AARES News and Views”, for members, and an online membershipdirectory. Membership of the Society is open to all persons and organisationsinterested in agricultural, resource and environmental economics. For moreinformation on AARES visit the website http://www.aares.info

The A

ustralian Journal ofA

gricultural and Resource E

conomics

Volum

e 57 Issue 3 July 2013

EDITORSAllan Rae

Ross CullenGeoffrey Kerr

ASSOCIATE EDITORSGeoff EdwardsEuan FlemingMichael Harris

Kaliappa KalirajanJeffrey LaFrance

Will MartinMark Morrison

John RolfeScott RozelleDan Sumner

Michael Ward

BOOK REVIEW EDITORTihomir Ancev

EDITORIAL BOARDWiktor Adamowicz

Kym AndersonRichard Damania

Ron DuncanRob Fraser

Tom HertelPhil Pardey

Deborah PetersonJohn QuigginGrant ScobieDale Squires

Kees Van KootenLinxiu Zhang

ISSN 1364-985X

AARES On-Line ForumThe AARES Council announces the establishment of a new on-line forum. TheOn-Line Forum, accessible at http://www.aares.org.au/AARESCommunities/, isnow ready for members to use.

The forum provides AARES members and others with a web-based facility toexchange information and views of interest to agricultural, resource andenvironmental economists. Members are encouraged to use the forum as theysee fit but discussion of current policy issues, resources for economists, andthe craft of economics are already the subject of posts to the forum.

The Australian Journal of

Agricultural andResource Economics

Volume 57 Issue 3 July 2013

ARTICLES

Consumer demand for diet quality: evidence from the healthy eating index 301Zhifeng Gao, Xiaohua Yu and Jonq-Ying Lee

Exploiting comparative advantage in agriculture and resources: the way forward for Small Island States 320Renuka Mahadevan and John Asafu-Adjaye

Collateral, bank monitoring and firm performance: the case of newly established wine farmers 344Julien Cadot

Representing climatic uncertainty in agricultural models – an application of state-contingent theory 359Jason Crean, Kevin Parton, John Mullen and Randall Jones

Farmer responses to changing risk aversion, enterprise variability and resource endowments 379Adam M. Komarek and T. Gordon MacAulay

Effective use of public funding in the Murray-Darling Basin: a comparison of buybacks and infrastructure upgrades 399Glyn Wittwer and Janine Dixon

Modelling agricultural land use allocation in regional Australia 422Eddie Oczkowski and Yapa Bandara

Cost-effective strategies to mitigate multiple pollutants in an agricultural catchment in North Central Victoria, Australia 441Graeme J. Doole, Olga Vigiak, David J. Pannell and Anna M. Roberts

OBITUARY 461

ajar_57_3_oc_Layout 1 6/14/2013 9:33 AM Page 1

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USA 15%

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ROW 1%

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215 mm (deep) x

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60 mm (wide)






BOOKINGSThe Interface team handle bookings for the Australian Journal of Agriculture and Resource Economics (AJAR).



Australiat + 61 3 9274 3100f + 61 3 9274 3392


TERMS & CONDITIONS


Journal of the AustralianAgricultural and ResourceEconomics Society

The principal aim of the Australian Agricultural and Resource Economics Society(AARES) is to encourage research, discussion, extension and policy evaluation inareas related to Australian agriculture, food, natural resources and economicdevelopment. The major activities of the Society are publishing the AustralianJournal of Agricultural and Resource Economics (AJARE), holding an annualinternationally-attended conference, workshops and symposia, encouraging andfacilitating branch activities, encouraging and facilitating attendance at the triennialcongress of the International Association of Agricultural Economists, awardingannual prizes for academic achievement and the best article in AJARE, publishinga newsletter, “AARES News and Views”, for members, and an online membershipdirectory. Membership of the Society is open to all persons and organisationsinterested in agricultural, resource and environmental economics. For moreinformation on AARES visit the website http://www.aares.info

The A

ustralian Journal ofA

gricultural and Resource E

conomics

Volum

e 57 Issue 3 July 2013

EDITORSAllan Rae

Ross CullenGeoffrey Kerr

ASSOCIATE EDITORSGeoff EdwardsEuan FlemingMichael Harris

Kaliappa KalirajanJeffrey LaFrance

Will MartinMark Morrison

John RolfeScott RozelleDan Sumner

Michael Ward

BOOK REVIEW EDITORTihomir Ancev

EDITORIAL BOARDWiktor Adamowicz

Kym AndersonRichard Damania

Ron DuncanRob FraserTom HertelPhil Pardey

Deborah PetersonJohn QuigginGrant ScobieDale Squires

Kees Van KootenLinxiu Zhang

ISSN 1364-985X

AARES On-Line ForumThe AARES Council announces the establishment of a new on-line forum. TheOn-Line Forum, accessible at http://www.aares.org.au/AARESCommunities/, isnow ready for members to use.

The forum provides AARES members and others with a web-based facility toexchange information and views of interest to agricultural, resource andenvironmental economists. Members are encouraged to use the forum as theysee fit but discussion of current policy issues, resources for economists, andthe craft of economics are already the subject of posts to the forum.

The Australian Journal of

Agricultural andResource Economics

Volume 57 Issue 3 July 2013

ARTICLES

Consumer demand for diet quality: evidence from the healthy eating index 301Zhifeng Gao, Xiaohua Yu and Jonq-Ying Lee

Exploiting comparative advantage in agriculture and resources: the way forward for Small Island States 320Renuka Mahadevan and John Asafu-Adjaye

Collateral, bank monitoring and firm performance: the case of newly established wine farmers 344Julien Cadot

Representing climatic uncertainty in agricultural models – an application of state-contingent theory 359Jason Crean, Kevin Parton, John Mullen and Randall Jones

Farmer responses to changing risk aversion, enterprise variability and resource endowments 379Adam M. Komarek and T. Gordon MacAulay

Effective use of public funding in the Murray-Darling Basin: a comparison of buybacks and infrastructure upgrades 399Glyn Wittwer and Janine Dixon

Modelling agricultural land use allocation in regional Australia 422Eddie Oczkowski and Yapa Bandara

Cost-effective strategies to mitigate multiple pollutants in an agricultural catchment in North Central Victoria, Australia 441Graeme J. Doole, Olga Vigiak, David J. Pannell and Anna M. Roberts

OBITUARY 461

ajar_57_3_oc_Layout 1 6/14/2013 9:33 AM Page 1

ASIA PACIFIC JOURNAL OF HUMAN RESOURCESVolume 52

AIMS & SCOPEAsia Pacific Journal of Human Resources is an applied, peer-reviewed journal which aims to communicate the development and prac-tice of the field of human resources within the Asia Pacific region. The journal publishes the results of research, theoretical and concep-tual developments, and examples of current practice. The overall aim is to increase the understanding of the management of human resources in an organisational setting.

Asia Pacific Journal of Human Resources adheres to a rigorous double-blind reviewing policy in which the identity of both the reviewer and author are always concealed from both parties.

Editor in Chief............Timothy Bartram,

Fang Lee Cooke, Malcolm Rimmer (AU)


Impact factor...............................0.548


The Australian Human Resources Institute.

ABOUT THIS JOURNAL

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January 21 November 2013 28 November 2013 19 December

April 25 February 4 March 24 March

July 28 May 4 June 24 June

October 28 August 4 September 24 September


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2013 VOLUME 51 NUMBER 2 APRIL

Vietnamese HRMTraining and developmentEmployment relationsMultinational HRM

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Guest editors’ note: HRM in Vietnam 129

Ngan Collins and Alan R Nankervis

Special issue articles

Transforming employment relations in Vietnam and Indonesia: case studies of state-owned enterprises 131

Ngan Collins, Sari Sitalaksmi and Russell Lansbury

Human resource management practices with Vietnamese characteristics: a study of managers’ responses 152

Ying Zhu and Michel Verstraeten

Whither ‘training and development’ in Vietnam?: learning from United States and Japanese MNCs’ practice 175

Anne Cox and Malcolm Warner

Enhanced employee participation and the influence from below 193

Do Quynh Chi

Vocational and skill shortages in Vietnamese manufacturing and service sectors, and some plausible solutions 208

Alan Montague

Institutional influences on firm level HRM: some evidence from the Vietnamese garment and footwear sectors 228

Malcolm MacIntosh

Industrial disputes in Vietnam: the tale of the wildcat 248

Bernadine Van Gramberg, Julian Teicher and Tien Nguyen

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1/2 Page Colour (H & V) 1695 1560 1435

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Australiat + 61 3 9274 3100f + 61 3 9274 3392


TERMS & CONDITIONS




Vietnamese HRMTraining and developmentEmployment relationsMultinational HRM

1038-4111

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Guest editors’ note: HRM in Vietnam 129

Ngan Collins and Alan R Nankervis

Special issue articles

Transforming employment relations in Vietnam and Indonesia: case studies of state-owned enterprises 131

Ngan Collins, Sari Sitalaksmi and Russell Lansbury

Human resource management practices with Vietnamese characteristics: a study of managers’ responses 152

Ying Zhu and Michel Verstraeten

Whither ‘training and development’ in Vietnam?: learning from United States and Japanese MNCs’ practice 175

Anne Cox and Malcolm Warner

Enhanced employee participation and the influence from below 193

Do Quynh Chi

Vocational and skill shortages in Vietnamese manufacturing and service sectors, and some plausible solutions 208

Alan Montague

Institutional influences on firm level HRM: some evidence from the Vietnamese garment and footwear sectors 228

Malcolm MacIntosh

Industrial disputes in Vietnam: the tale of the wildcat 248

Bernadine Van Gramberg, Julian Teicher and Tien Nguyen

001-aphr-v51-i2-oc-6.64mm.indd 1 3/22/2013 3:24:54 PM

AUSTRALIAN ACCOUNTING REVIEWVolume 24

AIMS & SCOPEThe Australian Accounting Review (AAR) is the pre-eminent, peer-reviewed journal published four times a year on behalf of CPA Australia. AAR is positioned at the intersection of business and academe and features articles by leading practitioners and researchers. It aims to provide in-depth discussion and critical analysis of de-velopments affecting professionals in all areas of finance, accounting and business. Articles published in Australian Accounting Re-view should be relevant to the journal’s primary readership: the Australasian and international academic, professional, business, government and regulatory communities. Review articles on issues relevant to AAR’s primary readership are also favourably received. ensure the quality of their underlying research methodology and argu-ment.

Editor in Chief....Tyrone M Carlin (AU)


Impact factor...............................0.833

Print Circulation..........................4200

CPA Australia

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June 25 April 2 May 13 May

September 29 July 5 August 14 August

December 28 October 4 November 18 November


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Inside —

EditorialWorkplace Human Rights Reporting: A Study of Australian Garment and Retail CompaniesCorporate Social and Environment-related Governance Disclosure Practices in the Textile and Garment Industry: Evidence from a Developing CountryValuation of Family Firms: The Limitations of Accounting InformationAccountants as Emotional Wellbeing Counsellors in Rural AreasRural and Regional Australian Public Accounting Firm Services: Service Provision, Concerns and TensionsSuccession Planning in Small Accounting Practices in Regional Far North Queensland

Issue 02, Volume 23, No 65, June 2013

Australian A

ccounting Review

Issue 02, Volum

e 23, No 65, June 2013

auar_23_2_cover.indd 1 6/6/13 12:16 PM




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Australiat + 61 3 9274 3100f + 61 3 9274 3392


TERMS & CONDITIONS


Inside —

EditorialWorkplace Human Rights Reporting: A Study of Australian Garment and Retail CompaniesCorporate Social and Environment-related Governance Disclosure Practices in the Textile and Garment Industry: Evidence from a Developing CountryValuation of Family Firms: The Limitations of Accounting InformationAccountants as Emotional Wellbeing Counsellors in Rural AreasRural and Regional Australian Public Accounting Firm Services: Service Provision, Concerns and TensionsSuccession Planning in Small Accounting Practices in Regional Far North Queensland

Issue 02, Volume 23, No 65, June 2013

Australian A

ccounting Review

Issue 02, Volum

e 23, No 65, June 2013

auar_23_2_cover.indd 1 6/6/13 12:16 PM

ECONOMIC RECORDVolume 90

AIMS & SCOPEPublished on behalf of the Economic Society of Australia, the Economic Record is intended to act as a vehicle for the communication of advances in knowledge and understanding in economics. It publishes papers in the theoreti-cal, applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in econom-ics and book reviews to facilitate the dissemi-nation of knowledge.

Subscription to the Economic Record includes a special issue publishing selected papers from the National Conference of Economists.

Editor in Chief........Jeffery Sheen (AU)


Impact factor...............................0.337


ReadershipEconomists, economic theorists, econometricians, academics, policy makers/analysts

The Economic Society of Australia

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1/2 Page Colour (H & V) 1695 1560 1435

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September 29 July 5 August 22 August

December 28 October 4 November 27 November


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PRESIDENT Mr M. Butlin

HON. SECRETARY Associate Professor R. Ross

HON. TREASURER Mr B. Tucker

EDITOR Professor J. Sheen

CO-EDITORS Professor G. Barrett

Professor M. Dungey

Professor S. King

SURVEY EDITOR Professor P. Frijters

REVIEW EDITORS Professor R. Breunig

Dr. T. Henckel

CENTRAL COUNCIL ADMINISTRATOR Ms J. Oldroyd

Membership subscription enquiries and all business communications (including change of address)

should be sent to the appropriate Branch Administrator, whose name and address is listed below.

Members who submit articles for publication are exempt from submission fees.

Publication Frequency: Four regular issues and one supplement per year.

Please visit the Society’s website at www.ecosoc.org.au

BRANCH ADMINISTRATORS:

ESA PO Box 11 Deakin West 2600 [email protected] PO Box 253 Forestville NSW [email protected] PO Box 1170 Brisbane QLD [email protected] PO Box 3106 Rundle Mall SA [email protected]

ESA PO Box 3176 West Hobart TAS [email protected] PO Box 193 Surrey Hills VIC [email protected] PO Box 3164 Shelley WA [email protected]

CENTRAL COUNCIL ADMINISTRATOR:

Jane Oldroyd PO Box 937 St Ives NSW [email protected]

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ISSN: 0013-0249

ECONOMIC RECORDVolume 89 | NO. 285 | June 2013

Articles

Terms of Trade Shocks: What Are They and What Do They Do? 145Jarkko P. Jääskelä, Penelope Smith

Bank and Official Interest Rates: How Do They Interact over Time? 160G. C. Lim, Sarantis Tsiaplias, Chew Lian Chua

Gasoline Price Cycles Under Discrete Time Pricing 175Nicolas De Roos, Hajime Katayama

Private Health Insurance Status and Utilisation of Dental Services in Australia 194Sandra Hopkins, Michael P. Kidd, Aydogan Ulker

Technical Change, Efficiency Change and Institutions: Empirical Evidence for a Sample of OECD Countries 207Sara Barcenilla-Visú s, José -Marí a Gó mez-Sancho, Carmen Ló pez-Pueyo, Marí a-Jesú s Mancebó n, Jaime Sanaú

Predicting the ‘Global Financial Crisis’: Post-Keynesian Macroeconomics 228Steve Keen

Factors that Determine the Decline in University Student Enrolments in Economics in Australia: An Empirical Investigation 255John Marangos, Vasiliki Fourmouzi, Minoas Koukouritakis

Reviews (see inside back cover) 271

News and Notices 283

ecor_v89_i285_oc.indd 1 6/13/2013 12:34:11 PM

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Australiat + 61 3 9274 3100f + 61 3 9274 3392


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ISSN: 0013-0249

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PRESIDENT Mr M. Butlin

HON. SECRETARY Associate Professor R. Ross


EDITOR Professor J. Sheen

CO-EDITORS Professor G. Barrett

Professor M. Dungey

Professor S. King

SURVEY EDITOR Professor P. Frijters

REVIEW EDITORS Professor R. Breunig

Dr. T. Henckel

CENTRAL COUNCIL ADMINISTRATOR Ms J. Oldroyd

Membership subscription enquiries and all business communications (including change of address)

should be sent to the appropriate Branch Administrator, whose name and address is listed below.

Members who submit articles for publication are exempt from submission fees.

Publication Frequency: Four regular issues and one supplement per year.



ESA PO Box 11 Deakin West 2600 [email protected] PO Box 253 Forestville NSW [email protected] PO Box 1170 Brisbane QLD [email protected] PO Box 3106 Rundle Mall SA [email protected]




ACT

NSW

QLD

SA

TAS

VIC

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ISSN: 0013-0249

ECONOMIC RECORDVolume 89 | NO. 285 | June 2013

Articles

Terms of Trade Shocks: What Are They and What Do They Do? 145Jarkko P. Jääskelä, Penelope Smith

Bank and Official Interest Rates: How Do They Interact over Time? 160G. C. Lim, Sarantis Tsiaplias, Chew Lian Chua

Gasoline Price Cycles Under Discrete Time Pricing 175Nicolas De Roos, Hajime Katayama

Private Health Insurance Status and Utilisation of Dental Services in Australia 194Sandra Hopkins, Michael P. Kidd, Aydogan Ulker

Technical Change, Efficiency Change and Institutions: Empirical Evidence for a Sample of OECD Countries 207Sara Barcenilla-Visú s, José -Marí a Gó mez-Sancho, Carmen Ló pez-Pueyo, Marí a-Jesú s Mancebó n, Jaime Sanaú

Predicting the ‘Global Financial Crisis’: Post-Keynesian Macroeconomics 228Steve Keen

Factors that Determine the Decline in University Student Enrolments in Economics in Australia: An Empirical Investigation 255John Marangos, Vasiliki Fourmouzi, Minoas Koukouritakis

Reviews (see inside back cover) 271

News and Notices 283

ecor_v89_i285_oc.indd 1 6/13/2013 12:34:11 PM

ECONOMIC PAPERSVolume 33

AIMS & SCOPEEconomic Papers provides a forum for the presentation of research and debate in applied economics and economic policy analysis. Con-tributions are intended to be written in plain English and to be accessible and of interest to a broad range of economists working in busi-ness, government and in academic communi-ties. Contributions in the form of articles, short notes or letters to the editor are sought from economists working in these areas. Papers should normally be 3,000 to 5,000 words, while short notes or letters should be less than about 1,000 words. All contributions are refereed.

Editor in Chief..........Harry Clarke (AU)



ReadershipEconomists, academics, policymakers/analysts

Official journal of the Economic Society of Australia.

ABOUT THIS JOURNAL

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ISSN: 0812-0439

ECONOMIC PAPERSA JOURNAL OF APPLIED ECONOMICS AND POLICY

Volume 32 | Issue 2 | June 2013

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PRESIDENT Professor B. Chapman

HON. SECRETARY Associate Professor Russell Ross


EDITOR Professor H. Clarke

ECONOMIC PAPERS is a journal of the Economic Society of Australia and is published by Wiley-Blackwell.

It is delivered post-free to member subscribers.

Applications for membership and changes of address advice should be sent to the appropriate Branch Secretary

at the address given below.



ESA PO Box 11 Deakin West 2600 [email protected] PO 253 Forestville NSW [email protected] PO Box 1170 Brisbane QLD [email protected] PO Box 3106 Rundle Mall SA [email protected]




ACT

NSW

QLD

SA

TAS

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Articles

A Micro-Analysis of Labour Market Flexibility 139Martin C. Byford

Transport Satellite Accounts are essential to boost Productivity and to improve Public Understanding 151Philip Macgregor Norman, Edward McGeehan, Gavin Mak, Andrew Maurer, John Michael Murray

The Design of Markets for Soil Carbon Sequestration 161Timothy Capon, Michael Harris, Andrew Reeson

Productivity Benchmarking the Australian Water Utilities 174Michael B. Cunningham

Non-Interest Income: Are Australian Banks Moving Away from their Traditional Businesses? 190Sarath Delpachitra, Laurence Lester

Does Obesity Matter for Wages? Evidence from the United States 200Md. Alauddin Majumder

Public Redistribution and Inequality in a Period of Fiscal Consolidation: A Decomposition Analysis for Canada in the 1980s and 1990s 218Marcelin Joanis, Edgard Rodriguez

Bang for the Buck? An Evaluation of the Roads to Recovery Program 239Monica Nagpal, Michael A. Kortt, Brian Dollery

Welfare Reform and At-Risk Mothers’ Labour Supply 249Christine Ho

Income Convergence of Central Asian Turkic Republics: A Panel Study for Beta and Sigma Convergences for Six Asian Economies 258Vedat Yorucu

Price Concentration: New Evidence from Greek Industries and the Cournot Model 265Nicholas Apergis, Vasilios Monastiriotis

ecpa_v32_2_oc.indd 1 6/17/2013 5:23:07 PM




1/2 Page Colour (H & V) 1695 1560 1435

1/4 Page Colour 1340 1230 1140


1/2 Page Monotone (H & V) 1340 1230 1140


PREMIUM POSITIONS

Wrap 6180

Bound Insert 6180

Bookmark 6700




ANZ 81%

EUR 10% USA

7%

Asia 2%

DATA SPECIFICATIONS

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DOUBLE SPREAD


85 mm (deep) x

145 mm (wide)

214 mm (deep) x

68 mm (wide)

85 mm (deep) x

68 mm (wide)






BOOKINGSThe Interface team handle bookings for the Economic Papers (ECPA).



Australiat + 61 3 9274 3100f + 61 3 9274 3392


TERMS & CONDITIONS


ISSN: 0812-0439

ECONOMIC PAPERSA JOURNAL OF APPLIED ECONOMICS AND POLICY

Volume 32 | Issue 2 | June 2013

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ISSN: 0812-0439

PRESIDENT Professor B. Chapman

HON. SECRETARY Associate Professor Russell Ross


EDITOR Professor H. Clarke

ECONOMIC PAPERS is a journal of the Economic Society of Australia and is published by Wiley-Blackwell.

It is delivered post-free to member subscribers.

Applications for membership and changes of address advice should be sent to the appropriate Branch Secretary

at the address given below.



ESA PO Box 11 Deakin West 2600 [email protected] PO 253 Forestville NSW [email protected] PO Box 1170 Brisbane QLD [email protected] PO Box 3106 Rundle Mall SA [email protected]




ACT

NSW

QLD

SA

TAS

VIC

WA

Articles

A Micro-Analysis of Labour Market Flexibility 139Martin C. Byford

Transport Satellite Accounts are essential to boost Productivity and to improve Public Understanding 151Philip Macgregor Norman, Edward McGeehan, Gavin Mak, Andrew Maurer, John Michael Murray

The Design of Markets for Soil Carbon Sequestration 161Timothy Capon, Michael Harris, Andrew Reeson

Productivity Benchmarking the Australian Water Utilities 174Michael B. Cunningham

Non-Interest Income: Are Australian Banks Moving Away from their Traditional Businesses? 190Sarath Delpachitra, Laurence Lester

Does Obesity Matter for Wages? Evidence from the United States 200Md. Alauddin Majumder

Public Redistribution and Inequality in a Period of Fiscal Consolidation: A Decomposition Analysis for Canada in the 1980s and 1990s 218Marcelin Joanis, Edgard Rodriguez

Bang for the Buck? An Evaluation of the Roads to Recovery Program 239Monica Nagpal, Michael A. Kortt, Brian Dollery

Welfare Reform and At-Risk Mothers’ Labour Supply 249Christine Ho

Income Convergence of Central Asian Turkic Republics: A Panel Study for Beta and Sigma Convergences for Six Asian Economies 258Vedat Yorucu

Price Concentration: New Evidence from Greek Industries and the Cournot Model 265Nicholas Apergis, Vasilios Monastiriotis

ecpa_v32_2_oc.indd 1 6/17/2013 5:23:07 PM

economics, accounting & business...economics, accounting & business abacus volume 50 aims...

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