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Accounting researchers have performed many studies related to public sector budgeting and financial management. Public sector accounting research seeks to explain the role…
Accounting researchers have performed many studies related to public sector budgeting and financial management. Public sector accounting research seeks to explain the role of accounting and auditing in the public sector. For example, researchers examine issues such as (1) the use of accounting information by elected officials, (2) the demand for auditing, and (3) the determination of bond ratings. This review of the public sector accounting literature describes some of the theoretical foundations utilized in public sector accounting research and reviews a sample of selected empirical studies.
As a result of scandals concerning major financial crime in the early twenty‐first century, including accounting and auditing fraud and inappropriate behavior by directors…
As a result of scandals concerning major financial crime in the early twenty‐first century, including accounting and auditing fraud and inappropriate behavior by directors on the boards of US corporations, Congress hurriedly enacted the Sarbanes‐Oxley Act (SOX) in 2002. SOX's major purpose was to restore investor confidence in America's securities markets. Small firms argued that their cost of compliance was very heavy and that their burden was greater than for larger firms, especially the costs related to section 404 of the Act, which dealt with new requirements to obtain independent audit opinions. The authors found no empirical research that supports or denies these claims. Subsequently, in 2007, the Securities and Exchange Commission reduced the Act's new audit requirements for small companies. This paper aims to examine audit fees for large and small firms.
The study examines actual audit fee data to investigate the increased costs paid by publicly traded companies to independent audit firms for their services due to Sarbanes‐Oxley. The authors use univariate and multivariate statistical methods to compare increases in audit fees paid by samples of 150 large firms and 150 small firms.
The study finds that both small and large firms incurred increased audit fees due to compliance with Sarbanes‐Oxley, and that small companies did incur larger increases in their cost burden.
The study uses actual audit fee data reported to the Securities and Exchange Commission and controls for other factors that determine audit fees in reaching its conclusions.
Considers the factors affecting chief officers’ (CEOs’) compensation risk and control, develops hypotheses on the relationship between the two and tests them on data from a…
Considers the factors affecting chief officers’ (CEOs’) compensation risk and control, develops hypotheses on the relationship between the two and tests them on data from a sample of Fortune 500/Fortune Service 500 companies from 1984 to 1989. Describes the characteristics of the sample and confirms that the relationship between compensation risk and CEO control (measured by board stock ownership/control) is piece‐wise linear. Shows that CEOs in larger firms are likely to have low control (under 8.25 per cent board stock holdings) and higher salaries; while those in the middle control range (8.25 per cent to 23.75 per cent) have the highest proportion of stock‐based compensation and golden parachutes; and those in the high control range have the lowest proportion of both stock‐based compensation and golden parachutes. Compares the results with other research findings and supports the ideas of Morck, Shleifer and Vishny (1988) that equity values decline in the middle range of control because of management entrenchment. Concludes that above a certain threshold of control CEOs can manage their compensation risk by including golden parachutes in their contracts even though this may cause negative returns for shareholders.
The history of the Encyclopaedia Britannica from its inauguration in 1768 up to the ninth edition of 1888 is described. Its origins in Edinburgh during the Enlightenment are discussed and its early Edinburgh editors and contributors reviewed. Later editors and contributors and the gradual changing of the work are discussed. Its expansion from an Edinburgh to a global publication is also demonstrated.
This paper argues that the revolution in intellectual property rights is not forward-looking, but backward looking, and that it is not consonant with the purposes of the…
This paper argues that the revolution in intellectual property rights is not forward-looking, but backward looking, and that it is not consonant with the purposes of the patent and copyright clause. It is animated by the theory of common law copyright, which deliberately reconceptualizes social relations in order to recast them as property, and which has been with us for centuries. This paper investigates the “mythology of common law copyright,” showing how this reconceptualization has worked both historically and in the present day to push the law in a direction that is ostensibly author-centered, but is actually focused on the rights of intermediaries.
It is deservedly recognized that James Steuart advanced a monetary theory in which paper money played an important role. The successful establishment of Scottish banknote…
It is deservedly recognized that James Steuart advanced a monetary theory in which paper money played an important role. The successful establishment of Scottish banknote circulation and theoretical influences from his fellow countrymen such as John Law can be pointed out as backgrounds for his monetary theory. Little attention has been given however to the point that Steuart deduced theory on banks and banknotes quite differently from his predecessors. It is of great significance that Steuart’s theory on banks and banknotes in his first draft of The Principles of Political Oeconomy was, in the following years, drastically expanded and reconstructed. The theory in his first draft written in 1764 was based on the opinion that banknotes should be issued only on landed securities, in consideration of ideas from the Scottish banking system. He then expanded the theory into a dynamic three-stage banking theory where he concluded that as economies and credit grew, banks should issue notes not only on the basis of landed securities but also by discounting bills and giving public credit. By this expansion, banknotes gained a broad and central role in his monetary theory, and the expansion gave his monetary theory more ingenious evolutionary aspects.
In 1767, did Sir James Steuart predict the political and financial crises that started the French Revolution? Étienne de Sénovert, the editor and translator of Steuart’s…
In 1767, did Sir James Steuart predict the political and financial crises that started the French Revolution? Étienne de Sénovert, the editor and translator of Steuart’s work, seems to argue to this effect in the introduction to the first French edition of An Inquiry into the Principles of Political Economy in 1789. The visionary “prediction” set forth by Steuart was the following: if the king of France had introduced public credit, this would have changed the political balance in French political society, making it very unstable. The English and the French governments used different ways of borrowing money in 1760: the French king contracted debts with a network of financiers close to the government, while the English government borrowed on the credit markets through the intermediary of the Bank of England. The second of these methods constitutes public credit and has proved its efficiency. According to Steuart, implementing the English public credit system in France could have dangerous consequences. Landed interests and moneyed interests would compete for the control of the State. The author realized that the French nobility, the landowners, as a social and economic group would have no chance in facing such a powerful rival (the public creditors). In this chapter, the author analyzes Steuart’s “prediction” as a coherent part of his systematic and original approach to political economy. Steuart’s theories about the role of political economy and the role of “interest” are connected to his understanding of institutions. Introducing such a complex support for the value as public credit might have different consequences in France and England. Steuart thinks each country’s economy should be analyzed according to its own institutional and social context.
Steuart’s work was still relevant in 1789 for two reasons. Firstly, the author’s prediction of political antagonism between capitalists and nobility anticipated the political conflict about debt expressed by pamphleteers such as Sieyès, Mirabeau, and Clavière between 1787 and 1789. This is the context of Étienne de Sénovert’s claim: the political narrative built by the revolutionaries of 1789 (rescuing the “sacred” public debt from royal despotism) fitted Steuart’s prediction. This may have been the incentive for the translation and publication of his work in 1789 and 1790. Secondly, Steuart’s financial and monetary theory was at the heart of the project of financial reform that would lead to the assignats. Steuart’s (1767) theory of public finance and state power in 1789 provides a key to the understanding the events of the time, and to how actors tried to make sense of them. Steuart made another crucial observation about the deep effect of what he called “the modern economy” upon the power of the governments of Europe: even an absolute monarch could not damage public credit without destroying his own sovereignty.
– This paper aims to explore the influence of wildfire events on community perceptions of climate change and the risk of future wildfire disasters in southern Australia.
This paper aims to explore the influence of wildfire events on community perceptions of climate change and the risk of future wildfire disasters in southern Australia.
The study was located around Beechworth in northeast Victoria, where wildfires occurred in 2003 and 2009. Semi-structured qualitative interviews and focus group interviews were conducted in 2010, involving 40 people from local businesses, government and property owners.
The authors conclude that people’s experiences of recent consecutive wildfire events did not necessarily influence their views on climate change in general or as a causal agent of wildfire events. However, there was general agreement that weather conditions had been extreme in recent times. Some attributed the increase in wildfires to factors other than climate change that were more easily observed.
Further research is needed into the relationship between wildfire experiences, climate change views and adaptive behaviours across a wider range of social contexts. Research needs to determine if views and behaviours change over time or with frequency or severity of fires.
Understanding the nature of potential wildfires, and being able to prepare and respond to such events, is more important than believing in climate change, as views may not change in response to fire events. Strategies need to focus on supporting people to prepare, respond and recover from wildfires, regardless of their climate change perceptions.
Paying attention to people’s local social context and how it influences their beliefs about climate change will allow sensitive and adaptive strategies to evolve over time.
There is limited research into relationships between disaster experiences and perceptions of climate change, particularly the influence of wildfire experiences.
This section will explore the macro-organization of the lectures and the way or ways in which Smith actively signals how the lecture series fits together. The starting…