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One of the most complex and controversial issues confronting the Financial Accounting Standards Board (FASB) over the last several years has been the accounting and financial reporting of stock options. In December 2004, the FASB issued Statement 123R, Share‐Based Payment, in the hope that the long process of revising the accounting and financial reporting for stock options will be put to rest. FASB Statement 123R requires the fair‐value‐based method of accounting for share‐based payments. In order to offset the dilutive effects of generous stock option compensation packages for employees, companies are seemingly participating in stock repurchase plans. In the past, stock buyback programs were viewed as a means of distributing excess cash flow to investors; however, it appears now that many companies are financing stock repurchases through the issuance of debt, which can significantly impact the financial flexibility of a company. So, why do companies engage in this behavior? One possible reason for stock buybacks is to reduce the dilutive effect of stock option plans. Companies have, however, disputed that there is a direct relationship between exercised stock options and stock buyback transactions. Nevertheless, several articles and studies have found that there is a relationship and the FASB seems to believe that there is an association between stock buybacks and stock options, as Statement 123R requires that companies disclose the relationship between stock buybacks and stock payment programs. Using a sample of technology firms, we find evidence of an association between exercised stock options and repurchase of stock.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

The primary purpose of this research is to explore how the cultural context, in this case, China, influences the teaching of entrepreneurship that seeks to cultivate student entrepreneurs during their university experience.

A qualitative case study approach is adopted to explore how the cultural environment affects the delivery and application of entrepreneurship education to university students in a Chinese context. Seventeen student entrepreneurs and three lecturing staff members in three Chinese universities were interviewed using a semi-structured interview approach.

The findings suggest that while Chinese universities have been importing teaching models and methods of entrepreneurship education from the United States and other countries, both students and educators are starting to recognise the need for teaching methods to be contextualised and designed based on national conditions and cultural characteristics. Findings from this study highlight cultural fusion and collision in the process of importing and implementing entrepreneurial teaching methods. For example, teaching students how to write a business plan appears to offer limited value for students' start-up activities and their venture development. The didactic teaching method centred on teachers without entrepreneurial experience works for the teaching “about” entrepreneurship but is paradoxical to the goal of teaching “for” entrepreneurship.

Little theoretical or empirical attention has been paid to the complexity of the cultural environment of teaching approaches to entrepreneurship education. This paper provides novel empirical insight into why the cultural environment plays a critical role in teaching approaches to entrepreneurship education and how these teaching approaches can be culturally nuanced to better meet the needs of nascent student entrepreneurs in various cultural contexts.