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Article
Publication date: 25 January 2024

Scott J. Niblock

This study aims to establish the effect of environmental, social and governance (ESG) practices on Australian energy and utility investment performance.

Abstract

Purpose

This study aims to establish the effect of environmental, social and governance (ESG) practices on Australian energy and utility investment performance.

Design/methodology/approach

Conventional and ESG-rated portfolios are constructed using monthly returns and ESG scores of S&P/ASX 300 listed energy and utility firms from 2014 to 2022. Portfolio performance is estimated using a four-factor regression model, controlling for any economic shocks associated with the COVID-19 pandemic.

Findings

The findings show that the lower the ESG score associated with the overall ESG and environmental portfolios, the greater the performance compared to the market (but not the conventional and other ESG portfolios). High ESG scores do not appear to influence the performance of the energy and utility portfolios, which contrasts expectations that the uptake of ESG should deliver superior risk-return outcomes for investors. The findings also indicate that a contrarian investment approach may be a reasonable performance indicator for high-rated ESG portfolios. ESG practices did not impact portfolio performance during the COVID-19 pandemic.

Originality/value

This research has contributed to the literature by offering ESG investment insights for policymakers, regulators, fund managers and investors. Consistent with the agency perspective on ESG practices and efficient market hypothesis, the evidence implies that, regardless of ESG scores (either high or low), investors should consider investing passively in diversified energy and utility portfolios or low-cost index fund equivalents.

Details

Studies in Economics and Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 21 June 2018

Nigel Purves and Scott J. Niblock

The purpose of this paper is to investigate the relationship of financial ratios and non-financial factors of successful and failed corporations in the USA. Specifically, the…

Abstract

Purpose

The purpose of this paper is to investigate the relationship of financial ratios and non-financial factors of successful and failed corporations in the USA. Specifically, the authors provide evidence on whether financial ratios and non-financial factors can be jointly included as indicators to improve the predictive capacity of organisational success or failure in different countries and sectors.

Design/methodology/approach

The paper utilises a mixed method exploratory case study focussing on listed corporations in the US and Australian manufacturing, agriculture, finance and property sectors.

Findings

The financial ratio findings demonstrate that (with the exception of the failed Australian manufacturing sector) the integrated multi-measure (IMM) ratio approach consistently provides a higher classification rate for the failed and successful groups than those provided by an individual measure. In all cases the IMM method scored higher for US companies (with the exception of the failed Australian property sector). The findings also show that irrespective of the country location or sector, non-financial factors such as board composition and managements’ involvement in organisational strategy impact on a corporation’s success or failure.

Practical implications

The findings reveal that non-financial factors occur prior to financial ratios when attempting to predict organisational success or failure and the IMM approach enables a more thorough examination of the predictive ability of financial ratios for US and Australian organisations. This intuitively indicates that when combined with financial ratios, non-financial factors may be a useful predictor of corporate success or failure across countries and sectors.

Originality/value

Sound internal processes and the identification of both financial ratios and non-financial factors can be utilised to improve the reliability of financial failure models, enable corrective and preventative steps to be implemented by management and potentially reduce the costs of failure for US and Australian organisations.

Details

Journal of Strategy and Management, vol. 11 no. 3
Type: Research Article
ISSN: 1755-425X

Keywords

Article
Publication date: 3 July 2017

Scott Niblock, Elisabeth Sinnewe and Panha Heng

The purpose of this paper is to showcase empirical findings in the literature relating to Australian superannuation fund performance in the pre-reform period, from 2000 to 2014.

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Abstract

Purpose

The purpose of this paper is to showcase empirical findings in the literature relating to Australian superannuation fund performance in the pre-reform period, from 2000 to 2014.

Design/methodology/approach

The authors synthesize Australian superannuation performance studies in an attempt to identify empirical approaches employed in the academic literature, showcase findings and uncover themes for future research.

Findings

The review highlights the following findings in the literature: actively managed “retail” superannuation funds appear to underperform passive index and/or portfolio approaches; high management fees and preference for liquid, less growth-orientated assets may be further undermining performance. It also reveals the need for future research to assess whether the recent government inquiries and the related reformative measures have achieved the desired effect of improving the Australian superannuation system. The authors therefore identify three areas of investigation that will cater for this research need: the fund performance of not-for-profit fund and self-managed super fund; the efficiency of super funds; and the appropriateness of wholesale fund benchmarks.

Originality value

It is expected that superannuation fund performance will be subject to heightened scrutiny to assess the effectiveness of recent legislative changes resulting from the Stronger Super reform and other public inquiries. This study provides a timely, substantive and informative review of empirical findings pertaining to Australian superannuation performance in the pre-reform period to assist researchers looking to conduct further empirical research on this topic.

Details

Accounting Research Journal, vol. 30 no. 2
Type: Research Article
ISSN: 1030-9616

Keywords

Article
Publication date: 7 June 2018

Scott J. Niblock and Elisabeth Sinnewe

The purpose of this paper is to examine whether superior risk-adjusted returns can be generated using monthly covered call option strategies in large capitalized Australian equity…

Abstract

Purpose

The purpose of this paper is to examine whether superior risk-adjusted returns can be generated using monthly covered call option strategies in large capitalized Australian equity portfolios and across varying market volatility conditions.

Design/methodology/approach

The authors construct monthly in-the-money (ITM) and out-of-the-money (OTM) S&P/ASX 20 covered call portfolios from 2010 to 2015 and use standard and alternative performance measures. An assessment of variable levels of market volatility on risk-adjusted return performance is also carried out using the spread between implied and realized volatility indexes.

Findings

The results of this paper show that covered call writing produces similar nominal returns at lower risk when compared against the standalone buy-and-hold portfolio. Both standard and alternative performance measures (with the exception of the upside potential ratio) demonstrate that covered call portfolios produce superior risk-adjusted returns, particularly when written deeper OTM. The 36-month rolling regressions also reveal that deeper OTM portfolios deliver greater risk-adjusted returns in the majority of the sub-periods investigated. This paper also establishes that volatility spread variation may be a driver of performance for covered call writing in Australia.

Originality/value

The authors suggest that deeper OTM covered call strategies based on large capitalized portfolios create value for investors/fund managers in the Australian stock market and can be executed in volatile market conditions. Such strategies are particularly useful for those seeking market neutral asset allocation and less risk exposure in volatile market environments.

Details

Studies in Economics and Finance, vol. 35 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 6 July 2015

Nigel Purves, Scott James Niblock and Keith Sloan

The purpose of this paper is to explore the relationship of non-financial and financial factors to firm survival, provide evidence of factors related to financial success and…

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Abstract

Purpose

The purpose of this paper is to explore the relationship of non-financial and financial factors to firm survival, provide evidence of factors related to financial success and distress for prominent Australian agricultural firms, and improve the predictive capacity of financial failure models.

Design/methodology/approach

The paper utilizes mixed method exploratory case studies across four Australian agricultural firms (two successful and two failed) listed on the Australian Securities Exchange.

Findings

The authors found that the use of an Integrated Multi-Measured approach provided a higher classification rate for the failed group than those provided by an individual measure. We also discovered that non-financial factors associated with the agricultural organizations studied impacted their success or failure. These factors included managements’ involvement in organizational strategy and the composition of the board of directors. It was also apparent that management decision-making approaches may become frozen, or at best restricted, in the face of impending failure, dependent upon the stress level within the organization and the management skill base.

Practical implications

The cases studied indicated that non-financial factors of failure occurred prior to any financial predictors, intuitively indicating a relationship between non-financial and financial factors in Australian agricultural firms.

Originality/value

The identification of financial and non-financial factors and sound internal processes which distinguish successful and failing firms can be utilized for the development of an early warning predictor of organizational success or failure.

Details

Agricultural Finance Review, vol. 75 no. 2
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 18 January 2016

Nigel Purves, Scott Niblock and Keith Sloan

The purpose of this paper is to explore the non-financial causes of organizational success or failure, provide a better understanding of the symptoms of financial distress and…

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Abstract

Purpose

The purpose of this paper is to explore the non-financial causes of organizational success or failure, provide a better understanding of the symptoms of financial distress and improve the predictive capacity of financial failure models.

Design/methodology/approach

The paper utilizes exploratory case studies in investigating the relationship of non-financial factors to organizational success or failure across a sample of sector-specific Australian firms listed on the Australian Stock Exchange. A two-tailed study was designed, in which seven cases from both extremes were chosen from three Australian business sectors: finance, property and manufacturing.

Findings

Non-financial factors associated with the organizations studied impacted their success or failure. These factors included management skill, experience and involvement in organizational strategy, feedback and resultant activity, together with board of director composition. The identification of financial and non-financial factors and sound internal processes could be utilized for the development of an early warning predictor of organizational success or failure.

Research limitations/implications

The use of this method is very time-consuming but is highly valuable in case study research, providing a more in-depth understanding of how non-financial factors impact organizational success or failure.

Practical implications

The research will provide a better understanding of the symptoms of financial distress and improve the predictive capacity of financial failure models. The improvement in prediction of organizational failure will reduce the costs of failure to all areas affected, from the large corporation to the small business. The inter-connectivity of all businesses to each other often results in a knock-on effect of failure with the cost being borne by all members of the community in some manner. The level of social impact and cost of failure can only be seen by the enormous costs of the Global Financial Crisis failures.

Originality/value

This paper contributes to the literature on effective qualitative research and explores important areas of consideration for those conducting qualitative multiple-case studies. It is intended to be of use to researchers investigating the area of predictors of organizational failure or success.

Details

Management Research Review, vol. 39 no. 1
Type: Research Article
ISSN: 2040-8269

Keywords

Content available
Article
Publication date: 25 September 2018

Richard Whitfield

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

606

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Using financial and non-financial indicators in combination represents the most effective approach to identifying emerging problems within companies.

Originality/value

The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Details

Strategic Direction, vol. 34 no. 11
Type: Research Article
ISSN: 0258-0543

Keywords

Content available
Article
Publication date: 3 July 2017

Ellie (Larelle) Chapple and Reza Monem

Abstract

Details

Accounting Research Journal, vol. 30 no. 2
Type: Research Article
ISSN: 1030-9616

Book part
Publication date: 3 July 2018

Tariq Elyas and Abdullah Ahmed Al-Ghamdi

This chapter briefly explores selected English and general education policy documents, curricula, and textbooks within the context of Kingdom of Saudi Arabia (KSA) from a Critical…

Abstract

This chapter briefly explores selected English and general education policy documents, curricula, and textbooks within the context of Kingdom of Saudi Arabia (KSA) from a Critical Discourse Analysis perspective and examines how they have changed pre- and post-21st century. First, a policy document related to education in KSA in general (pre-21st century) is analyzed along with an English language teaching (ELT) policy document of the same period. Next, two general policy documents post-21st century are explored, followed by one related to ELT policy. Finally, one post-21st century document related to higher education is discussed. The “network of practices” within which these documents are situated are first detailed, as well as the structural order of the discourse, and some linguistic analysis of the choice of vocabulary and grammatical structures (Meyer, 2001). Issues which might be problematic to the learning and teaching identities of the students and teachers interpreting these documents are also highlighted. Finally, we consider whether the network of practices at this institution and KSA in general “needs” the problems identified in the analysis and critically reflect on the analysis.

Details

Cross-nationally Comparative, Evidence-based Educational Policymaking and Reform
Type: Book
ISBN: 978-1-78743-767-8

Keywords

Book part
Publication date: 9 November 2009

D. Scott DeRue and Brent D. Rosso

Team creativity presents an interesting dilemma. On one hand, organizational teams are increasingly being asked to produce creative outcomes rapidly and within tight timelines. On…

Abstract

Team creativity presents an interesting dilemma. On one hand, organizational teams are increasingly being asked to produce creative outcomes rapidly and within tight timelines. On the other hand, teams need sufficient time to explore different perspectives, play with ideas, and overcome the process losses that occur from working in interdependent groups. In this chapter, we address this dilemma by developing a model for understanding how teams can maximize the speed of the team creative process. We propose that teams' potential for rapid creativity is a function of aligning the team structure and standardization of the creative process with the team development cycle. When these three elements are aligned, teams are more likely to generate creative outcomes in a rapid manner.

Details

Creativity in Groups
Type: Book
ISBN: 978-1-84950-583-3

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