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Within the new public management (NPM) context, this paper aims to examine the inclusion of equity issues in pricing policy development and implementation in the water industry in Australia.

A review of literature relevant to the pricing of water shows equity issues have four dimensions which tend to be, at best, only implicitly considered. An empirical illustration employing a transaction cost framework is provided of a case in which change in pricing mechanisms was strongly suggested.

An equity paradox emerges as an explanation of why 63.7 per cent of Queensland urban water entities chose not to adopt the user-pays pricing mechanism for water. This suggests that the balance between “equity” and “efficiency” continues to be required in policy development for water pricing. Equity of access and that of distribution continue to be significant factors. As well, equity of interest and of return must be considered, especially under a user-pays pricing mechanism.

In respect of NPM considerations, it is argued that consideration of the four dimensions of equity in the implementation of a water pricing policy will resolve contradictions with, and paradoxes met in dealing with efficiency.

The argument used in the paper is interdisciplinary. References and terms used include those which are social, economic, and environmental from an accounting and management perspective.

A growing concern for environmental issues has resulted in calls for improvement in corporate environmental performance. In Australia, as elsewhere, this has involved the discussion as to the role of accounting and accountants in environmental management (Burritt and Gibson, 1993; Hrisak, 1995). This paper reports on the adoption of environmental accounting practices by Australian companies. Using a survey instrument, information was collected on the existence and development of environmental accounting processes within Top 500 Australian companies. The results indicate that many companies are utilising internal systems for the generation of environmental accounting data; however there appears to be a limited translation of the internal accounting information into external environmental reporting, despite a belief by many respondents that such information is useful to users of the annual report.

In this paper, it is argued that previous estimates of the expected cost of equity and the expected arithmetic risk premium in the UK show a degree of upward bias. Given the importance of the risk premium in regulatory cost of capital in the UK, this has important policy implications. There are three reasons why previous estimates could be upward biased. The first two arise from the comparison of estimates of the realised returns on government bond (‘gilt’) with those of the realised and expected returns on equities. These estimates are frequently used to infer a risk premium relative to either the current yield on index‐linked gilts or an ‘adjusted’ current yield measure. This is incorrect on two counts; first, inconsistent estimates of the risk‐free rate are implied on the right hand side of the capital asset pricing model; second, they compare the realised returns from a bond that carried inflation risk with the realised and expected returns from equities that may be expected to have at least some protection from inflation risk. The third, and most important, source of bias arises from uplifts to expected returns. If markets exhibit ‘excess volatility’, or f part of the historical return arises because of revisions to expected future cash flows, then estimates of variance derived from the historical returns or the price growth must be used with great care when uplifting average expected returns to derive simple discount rates. Adjusting expected returns for the effect of such biases leads to lower expected cost of equity and risk premia than those that are typically quoted.

The Guilty Knowledge Test (GKT) is a psychophysiological questioning technique that can be used as part of a polygraph examination which purports to assess whether suspects conceal “guilty knowledge” by measuring their physiological responses while responding to a series of multiple choice questions. The present study sets out to consider a number of key issues in relation to the GKT paradigm. Specifically, the following questions were considered: Does response mode matter? Does motivation influence outcome? Are combined physiological measures better than single ones? Does gender have an effect on physiological responsivity during a polygraph examination? Results demonstrated real variations between the physiological measures used. Gender differences were also observed in polygraph response patterns. These findings are discussed in relation to the validity of the Guilty Knowledge Test.

There is an increasing emphasis on the importance of innovation for the longterm economic success of businesses. At the same time the construction industry is characterized as being a poor innovator in comparison to other industries. If the university sector is to play a role in increasing innovation within construction companies it is necessary to for it to understand what the benefits and risks of innovation might be and what the motivation is for a business to adopt innovation. This paper attempts to develop answers to these questions through the analysis of a case study involving a small heating and plumbing company that embarked upon a performance improvement initiative and as a result implemented a number of innovative practices in its operations. Building upon on the results of this case study, suggestions for more effective collaboration between the university sector and industry are made.

Considerable progress has been made in connection with the scientific survey now being undertaken as a preliminary to the consideration of improved methods of treatment and prevention of the ever increasing menace of grain pests, of which there are some seventy varieties. The survey is being made by the Stored Products Laboratory, of the Imperial College of Science and Technology, under the direction of the Department of Scientific and Industrial Research, and is being conducted by Professor Munro, assisted by a staff of experienced entomologists. At the commencement of the survey a research committee was appointed under the chairmanship of Dr. E. J. Butler, C.M.G., C.I.E., the Secretary of the Agricultural Research Council, to supervise the survey, consider its results, and report to the Department. Membership of the Research Committee includes, in addition to representation from Government Departments, Mr. W. P. Henderson, the Chief Chemist of the L.M.S. Railway, and Mr. W. McAuley Gracie, M.B.E., M.Inst.T., Chairman of the Standing Conference on Pest Infestation set up by the Department of Scientific and Industrial Research. At a recent meeting of the Research Committee, Professor Munro submitted a progress report dealing with the scientific survey, and on the convincing evidence contained in the report the Department of Scientific and Industrial Research sought the opinion of the Standing Conference on Pest Infestation as to whether consideration of control and remedial measures should be undertaken forthwith. The Standing Conference, whose membership comprises representatives of Government Departments, trading authorities and associations, including the Ministry of Agriculture, the four main line railway companies, the Port of London Authority, the Association of Master Lightermen and Barge Owners, the Research Association of British Flour Millers, the National Federation of Corn Trade Associations, the National Association of Corn and Agricultural Merchants, the National Farmers' Union, the Brewers' Society and the Maltsters' Association, took unanimous resolutions desiring the Department to secure immediate consideration of control and remedial action appropriate to the varying circumstances, and to extend the constitution of the Conference to bring into contributing membership interests outside the grain trade, but who are concerned with other produce susceptible to pest infestation, inasmuch as they would derive benefit from this stage of the work. The Chairman was authorised to negotiate with the Department accordingly and standing orders were suspended to enable him to admit into membership such bodies as furnished the requisite proof of interest. The Conference also urged that the Department of Scientific and Industrial Research should consult immediately with other appropriate public departments to secure adequate arrangements being made for the complete treatment of the problems of prevention and cure. The cost of such treatment, however, has to be met largely by industrial contributions, but it is understood that there is indication that generous contribution may be made from public funds towards the cost of the immediate remedial stage, providing that substantial industrial financial backing is forthcoming. Promises of further financial support have already been secured, but more money is required before negotiation can be entered into with the Department to obtain help from public funds. The co‐operation of all industrial organisations faced with the problem of infestation, by taking up contributory membership to support the conference in its national work, is urgently required. The problems of infestation can only be successfully combated if the complete co‐operation of all sections of industry in any way affected is secured. Full details and information regarding membership of the Conference can readily be obtained on application to the Chairman of the Standing Conference on Pest Infestation at the Department of Scientific and Industrial Research, 16, Old Queen Street, London, S.W.1.

The purpose of this paper is to provide a theoretically informed analysis of a struggle for power over the regulation of corporate social responsibility (CSR) and social and environmental accounting and reporting (SEAR) within the European Union.

The paper combines insights from institutional theory (Lawrence and Buchanan, 2017) with Vaara et al.’s (2006) and Vaara and Tienar’s (2008) discursive strategies approach in order to interrogate the dynamics of the institutional “arena” that emerged in 2001, following the European Commission’s publication of a Green Paper (GP) on CSR policy and reporting. Drawing on multiple sources of data (including newspaper coverage, semi-structured interviews and written submissions by companies and NGOs), the authors analyse the institutional political strategies employed by companies and NGOs – two of the key stakeholder groupings who sought to influence the dynamics and outcome of the European initiative.

The results show that the 2001 GP was a “triggering event” (Hoffman, 1999) that led to the formation of the institutional arena that centred on whether CSR policy and reporting should be voluntary or mandatory. The findings highlight how two separate, but related forms of power (systemic and episodic power) were exercised much more effectively by companies compared to NGOs. The analysis of the power initiatives and discursive strategies deployed in the arena provides a theoretically informed understanding of the ways in which companies acted in concert to reach their objective of maintaining CSR and SEAR as a voluntary activity.

The theoretical framework outlined in the paper highlights how the analysis of CSR and SEAR regulation can be enriched by examining the deployment of episodic and systemic power by relevant actors.

This paper examines the profitability and performance measurement of U.S. regional banks during the period 1994–2011, using the GMM estimator technique. Our study extends prior research by including several factors not previously considered using U.S. data.

We use bank-specific, industry-specific, and macroeconomic determinants of profitability contemporaneous with our performance indicators. We follow the accounting fundamental analysis path in explaining the bank performance.

Among the performance measures, the efficiency ratio and provisions for credit losses are negatively and equity scaled by assets is positively related to profitability. However, these relationships either reverse (efficiency ratio and provisions for credit losses) or become insignificant (equity scaled by assets) when the target becomes change in profitability. The level of nonperforming assets is negatively related to profitability across all measures of profitability used. Macroeconomic variables are largely unrelated to profitability during the year they are measured. However, they have a significant relationship with earnings change measures, suggesting they have a lagged effect on profitability. The slope of the yield curve is especially strong in this regard.

We use our determinants to model changes in bank profitability one year ahead, in addition to including several factors not previously considered, using the predictive focus of the fundamental analysis research.

Ministry of Health, Whitehall, S.W. 1. 16th December, 1926. Sir, 1. I am directed by the Minister of Health to refer to Circular 606, dated the 11th August, 1925, and to forward for the information of the Authority a copy of the Public Health (Preservatives, &c., in Food) Amendment Regulations, 1926, which postpone the operation of the Public Health (Preservatives, &c., in Food) Regulations, 1925, so far as certain foods are concerned, and make certain minor alterations in those Regulations.