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The purpose of this study is to examine the efficacy of corporate governance systems in enhancing earnings quality during the recent global financial crisis (GFC). The literature provides insight into the corporate governance–accruals quality relationship during periods of relative financial stability. However, little is known about periods of unexpected financial shocks such as the GFC.

The sample consists of 340 companies (1,020 firm years) listed on the ASX during 2007-2009. Factor analysis is used to compute corporate governance factors. Seemingly unrelated regression (SUR) is used to test the impact of pre-GFC corporate governance on accruals quality during the GFC.

Consistent with prior research, the findings suggest that good corporate governance is positively related to accruals quality before the GFC. More importantly, the impact of good governance intensifies during the GFC, where the mitigating role of governance is arguably under pressure. Furthermore, during the GFC, good corporate governance also affects the level of asset impairment.

The study provides empirical evidence that the relationship between good corporate governance practices and accruals quality is amplified during the GFC. The results support the efforts of market regulators to improve the governance of companies and make them stronger during financial crises.

The study is an important addition to corporate governance research because it tests governance dynamics in a unique crisis period and establishes that corporate governance structures are effective when most needed.

Due to its technical focus, the introductory accounting course has a hierarchical knowledge structure that requires students to master and integrate abstract knowledge which builds on itself over time. The purpose of this paper is to explore the relationship between engagement and examination performance for students enrolled in a hierarchically structured course.

This research involves a retrospective study of an introduction to accounting course examining the relationship between increased engagement and examination performance. Students are provided opportunities for engagement through assigned homework and optional ungraded assignments. Performance is measured by scores on each of three examinations conducted throughout the semester.

The study finds that additional engagement in assignments has no significant impact on mid-semester examination performance; however, sustained engagement throughout the semester has a cumulative impact on final examination performance. Moreover, students that perform well on mid-semester examinations do not benefit from additional engagement, whereas students that perform poorly on the mid-semester examinations exhibit substantially higher final examination scores from sustained engagement.

This study illustrates the complex interplay between engagement and performance and the timing of performance gains. The implication for educators is that increased sustained engagement is likely to result in increased but delayed student performance gains in disciplines with hierarchical knowledge structures.

This study contributes to the literature in its examination of the timing of performance benefits gained from increased engagement in courses with a cumulative knowledge base.

It has been two decades since the first academic paper shone a spotlight on non-GAAP earnings. The past 20 years of research investigates concerns over the misuse of these disclosures and resulted in some significant changes to accounting and reporting standards across the globe. This paper aims to document the history of non-GAAP reporting and outline the emerging themes of the now matured practice of non-GAAP reporting.

This systematic literature review searches two popular databases to identify the academic publications relating to non-GAAP reporting between 2002 and 2022. The paper uses bibliographic mapping to present the key statistics of the non-GAAP reporting field of research.

The non-GAAP reporting environment started out as the “wild West’ but, through regulation and public awareness, emerged as an important supplement to the traditional outputs of financial reporting. Current consensus is recent non-GAAP earnings are informative to users but there is lack of research into qualitative non-GAAP disclosures and the vast body of archival research needs triangulating with more experimental studies.

This paper contributes to the literature by documenting the past 20 years of non-GAAP reporting and identifying the important existing and emerging research areas concerning non-GAAP earnings disclosures.

The paper examines the relationship between board effectiveness and audit fees for state-owned enterprises (SOEs). Furthermore, given the unique nature of SOEs, the paper assesses country-level influences, such as economic freedom, political democracy and protection of minority shareholders, which can impact board effectiveness and audit fees.

A combination of two-stage and ordinary least squares regression is used to examine the board characteristics-audit fee relationship for SOEs in a multinational setting during the period from 2016 to 2018.

The results indicate that board characteristics that represent a high level of effectiveness are associated with higher audit fees in SOEs. Furthermore, the findings suggest SOE's operating in countries evidencing medium levels of democracy and economic freedom and medium to high levels of protection of minority shareholders may be motivated to reduce agency conflicts by promoting accountability and transparency, thereby demanding increasing levels of corporate governance, monitoring and audit quality, thereby increasing audit fees.

The results provide further support for the OECD (2015) guidelines promoting the use of high-quality external audits in SOEs.

As a result of the scarceness of research in this area, the current study extends the literature by examining the role of corporate governance and audit fees in SOEs, while examining the influence of economic freedom, political democracy and protection of minority shareholders.

This paper aims to bridge the gap between theoretical dissertations on the demand and supply for equity by Australian small and medium-sized enterprises (SMEs) and the reality of the capital raising markets.

The mixed-methods approach includes questions integrated into a survey of 26,000 SMEs paired with semi-structured interviews with the CEOs or Chairs of the 15 Australian small-scale private equity (SSPE) firms.

Contrary to capital structure theory expectations, 46 per cent of Australian SMEs are interested in equity funding, despite a stated ability to acquire additional debt. The authors reveal a mismatch between supply and demand for SSPE with few SMEs able to meet private equity (PE) firms’ stringent investment criteria.

The population of Australian SSPE firms is small and interviewee responses are qualitative and are not easily replicated.

To improve SSPE market liquidity, SMEs must overcome severe information asymmetry to demonstrate their quality and reduce the cost of due diligence for PE firms. One relatively easy step is for SMEs to voluntarily adopt auditable financial controls on SMEs similar to publicly traded firms.

Few studies focus on small firm equity, which is essential to economic growth and innovation. The authors use a large data set of Australian SMEs and unique informationally rich interview data on the population of Australian firms in SSPE, an industry known for its lack of transparency.

This case explores the turnaround and corporate renewal of the Chicago Blackhawks professional hockey team, which transformed from one of the worst-run organizations in all of professional sports in 2007 to one that won the Stanley Cup (the National Hockey League championship trophy) in 2010. W. Rockwell “Rocky” Wirtz was faced with making critical decisions shortly after inheriting the team from his father, who was the individual most associated with the organization's decline. The team faced financial trouble and had narrowly avoided missing payroll; the previous customer relations strategy (which included refusing to televise home games or to conduct effective marketing) had resulted in significantly diminished brand value; and management and player personnel were devoid of effective leadership. At its nadir, the team was named “The Worst Franchise in Professional Sports” by ESPN in 2004. After assuming control, Rocky embarked on an ambitious corporate renewal strategy that included the following components: leadership: install a new management team with clear goals and creative ideas about how to turn around the organization; culture: reward players for accomplishing their goals and establish a performance-based culture; financial: seek new corporate sponsorships and increase ticket prices once the team established a winning record; and brand and marketing: send a clear message that the team was intent upon winning the championship and design a customer-focused marketing strategy.

After analyzing the case, students should be able to: recommend strategic, financial, and operational changes needed to turn around the organization, and identify key leadership qualities that enable execution of a turnaround plan.

The purpose of this paper is to extend the growing body of literature on the impact of corporate governance on debt contracting by examining if better governance is associated with access to interest bearing debt. The paper aims to explore whether no‐debt companies have governance structures that are qualitatively different to debt companies within a market with a distinct corporate finance structure, such as Australia.

The analysis is portioned into two stages. The first stage focuses on univariate analysis which includes descriptive statistics and analysis of variance (ANOVA). The second stage introduces multivariate analysis, in the form of a probit regression model, to test the relationship between corporate governance and access to interest bearing debt.

The results suggest that companies with higher levels of corporate governance are more likely to access interest bearing debt relative to no‐debt companies. However, the unexpected finding is that only resource companies that implement higher governance are more likely to access interest bearing debt. The core driver is that resource companies with no‐debt have systematically lower governance than all other companies.

The cross – sectional design of the study is limited in its ability to shed light on the question of causality. One potential avenue is to develop an event study around the timing of governance and debt access changes.

The paper contributes to the extant literature by investigating the relationship between governance and access to interest bearing debt in the understudied Australian debt market.

This study explores the role of business model as a state variable during transformation of a financial institution to become a multinational enterprise. Prior studies of the Uppsala model overlooked business model evolution for cross-border productivity and performance.

The research design employs the resource-based view for an in-depth case study of JMMB, a family-managed Jamaica-based financial firm, using data from primary and secondary sources, covering the period 1992 to 2014.

JMMB's business model was the channel through which resources and capabilities gave rise to an innovative product for successful positioning in an international network. This was augmented by strong family orientation toward customer service, a distinctive asset that shaped the nature and trajectory of the business model. Cross-border alliancing and risk management were crucial dynamic capabilities for replicating the business model in foreign markets.

While the observations are not generalizable to other firms, they indicate that a business model is a key unit of analysis for understanding how the firm makes the transition to become a multinational enterprise.

Financial institutions may internationalize in a small island, developing stages through a strategy of focused product differentiation based on disruptive innovation with cross-border partnerships for ease of market entry and experiential learning.

The research has identified opportunities for effective and efficient work methods in pursuit of productivity gains.

The study is the first to illustrate business model as a state variable in the Uppsala model of multinational enterprise evolution for a financial firm.

Current literature on youth development supports the theory that out-of-school programming has an effect on youth development. However, little research has been conducted on types of out-of-school programs and comparisons among involvement in various activities in relation to developmental assets. Hence, the purpose of this study was to analyze relationships between students’ participation in out-of-school programs and the development of positive assets. Specifically, this study explored how 4-H participants differ from other students in their attainment of specific assets.

Findings support past research that indicate out-of-school programming is making an impact on the development of youth. Strong differences specific to 4-H participation were not found. Instead, findings indicate that asset development is not the result of one program; rather, it is important to provide a variety of options that ensure a good “fit” for the young person.

In recent months there has been a renewed surge of interest in the present national provision of training for training officers. This interest has been rekindled by a number of events, including the second Loughborough Conference for training officer course tutors, held this summer, the establishment of an inter‐training board Working Party to draw up recommendations for the training of practitioners in the personnel/training field at both professional and sub‐professional level, and, not least, by comment in the professional press. In the June issue of Personnel Management Mr Frank Tyson, lately of the Chemical and Allied Products Industry Training Board, launched a devastating attack on the Introductory Course for Training Officers, which has been the main‐stay of the national effort in this direction for the past five years. Some of Mr Tyson's comments were entirely justified; others have already been refuted. However, at a time when the Central Training Council's Committee on the Training of Training Staff is in limbo, pending its reconstitution under the newly‐appointed CTC, it is good that the debate should be re‐opened. This article looks at the present situation from the viewpoint of a course tutor, whilst a subsequent article examines it from a consumer's point of view. By looking in this way at both sides of the picture, it may be that a way forward will emerge which will lead to the sort of improvements in training officer training which seem to be urgently needed.