Australian Journal of Management最新文献

{"title":"Capital budgeting and Kelly betting","authors":"D. Johnstone","doi":"10.1177/03128962221118837","DOIUrl":"https://doi.org/10.1177/03128962221118837","url":null,"abstract":"Capital investments are easily interpreted as bets and vice versa. The mathematical theory of betting, often known as ‘Kelly betting’, has implications for all financial decision-making under uncertainty. There have been attempts to exploit Kelly betting methods in financial portfolio optimization, but there has been little analysis of conventional capital budgeting methods against a Kelly framework. A simple comparison between methods reveals that capital budgeting decisions made using conventional finance methods can embed the error that Kelly theorists call ‘overbetting’. The outcome of overbetting is that the firm reduces its expected compound capital growth rate while simultaneously adding to the volatility of its anticipated growth path. That unfortunate pairing is mathematically precluded under Kelly betting rules but is implicitly, albeit unknowingly, sanctioned by accepted capital budgeting practices in finance. JEL Classification: G11, G12, G31","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"625 - 651"},"PeriodicalIF":4.8,"publicationDate":"2022-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49638726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Stochastic modelling of the home equity access scheme","authors":"Tyson Lamarra, Aaron Bruhn, Michael Miller","doi":"10.1177/03128962221120954","DOIUrl":"https://doi.org/10.1177/03128962221120954","url":null,"abstract":"The housing wealth of elderly homeowners is emerging as a key asset to support Australians in retirement. The Australian government's Home Equity Access Scheme allows elderly Australians to access the equity in their home and utilise this illiquid wealth. Through stochastic modelling of the scheme, this paper compares two strategies of drawing down housing wealth and provides a framework for comparing strategies that balances income, flexibility and longevity protection. The first strategy supplements other sources of retirement income, whereas the second strategy is similar to a contingent deferred annuity, with non-housing assets drawn down first. Although results vary by cohort and objective, the role of the scheme as a vehicle to protect against poverty in old age is emphasised. This reinforces the potential of home ownership as a financial asset in retirement, in addition to benefits conferred through housing ownership over the entire life cycle. JEL Classification: G22,G51","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"652 - 677"},"PeriodicalIF":4.8,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46431011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"State ownership, sustainable supply chain management, and firm performance: A natural experiment of the US–China trade conflict","authors":"Yunting Feng, Yusi Jiang","doi":"10.1177/03128962221116147","DOIUrl":"https://doi.org/10.1177/03128962221116147","url":null,"abstract":"Under the increased global uncertainty, this study extends prior research on sustainable supply chain management (SSCM) and firm performance by investigating the divergent performance outcomes between state-owned enterprises (SOEs) and non-SOEs, before and after the US–China trade conflict. Based on a sample of 7647 firm-year observations of Chinese listed firms, we found that SOEs experienced less severe performance impact from the trade conflict. Moreover, SOEs with more SSCM practices, including supplier management and customer cooperation, could harvest more performance improvement after the trade conflict, while non-SOEs receive performance reduction by doing so. Theoretical and practical implications are provided. JEL classification: C12, D21, F51, L33","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"388 - 407"},"PeriodicalIF":4.8,"publicationDate":"2022-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41371316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of business model workforce configurations on value creation and value appropriation in the Australian aged care sector","authors":"D. Brown, Nelson Ma, Jin Sug Yang, N. Sutton, G. McAllister, Deborah Parker, Olivia Rawlings-Way, Rachael L Lewis","doi":"10.1177/03128962221109279","DOIUrl":"https://doi.org/10.1177/03128962221109279","url":null,"abstract":"This article examines the influence of business model workforce configurations on value creation and capture in a skills-based service setting, extending previous research on business model performance. We investigate workforce configurations (higher versus lower stability and skills) and value creation and appropriation in aged care organisations. More skilled and stable workforces are associated with greater value creation but not appropriation, while less skilled and less stable workforces are associated with lower value creation and higher appropriation. This informs a substantive challenge in delivering value creation while ensuring financially viable business models in a sector with significant consequences for quality failure. JEL Classification: J24 - Human Capital • Skills • Occupational Choice • Labor Productivity; L2 - Firm Objectives, Organization, and Behavior; M12 - Personnel Management; I11 - Analysis of Health Care Markets","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"495 - 523"},"PeriodicalIF":4.8,"publicationDate":"2022-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48774034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Adoption of artificial intelligence in auditing: An exploratory study","authors":"Ravi T. Seethamraju, Angela Hecimovic","doi":"10.1177/03128962221108440","DOIUrl":"https://doi.org/10.1177/03128962221108440","url":null,"abstract":"Artificial intelligence (AI) is likely to transform the audit profession. This exploratory study, by utilising the technology–organisation–environment (TOE) framework and data from semi-structured interviews, identifies several technological (perceived benefits, compatibility, maturity), organisational (readiness, data quality, trust) and environmental (audit standards, regulation, client readiness) factors influencing the adoption of AI tools in audit practice. While AI has the potential to improve audit quality and deliver value-adding services to audit clients, our study concludes that AI adoption requires a rethink of audit practice considering the perceived lack of control in AI ‘black-box’ potentially rendering audit practice even more hidden from view and exposed to increased scrutiny over audit quality. JEL Classification: M42, O31, O32, O33","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":" ","pages":""},"PeriodicalIF":4.8,"publicationDate":"2022-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49172025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A daily diary study on the affective path between leadership practices and leaders’ personal helping","authors":"Phoenix HH Chan, Herman H. M. Tse, Joshuah Howard, N. Eva, M. To, Jing Qian, Aijing Xia","doi":"10.1177/03128962221107078","DOIUrl":"https://doi.org/10.1177/03128962221107078","url":null,"abstract":"While anecdotally we know that leaders vary in their willingness to help followers depending on the time of a day, this within-person variability is not well-understood in the leadership literature. Based on the Affective Events Theory, we take a temporal dynamic view to address this issue. Specifically, we propose that leaders’ engagement in leadership practices earlier in the workday will lead to positive affect later the same day, increasing their personal helping the next day. We used the experience sampling methodology and collected data from 120 full-time leaders three times a day over two consecutive workweeks to test our hypotheses (n = 839 observations). By identifying three types of daily leadership practices that trigger daily variations in leaders’ positive affect and personal helping, our research challenges the dominated view in the existing research that leaders’ personal helping is not static and it can be varied throughout a workday. JEL Classification: M50","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"550 - 566"},"PeriodicalIF":4.8,"publicationDate":"2022-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44724350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Frontline managers’ task-related emotion regulation, emotional intelligence, and daily stress","authors":"A. Troth, K. Townsend, R. Loudoun, Matt Burgess","doi":"10.1177/03128962221105407","DOIUrl":"https://doi.org/10.1177/03128962221105407","url":null,"abstract":"Research has focused on employee emotion regulation as a stable dispositional tendency. Yet effective and healthy emotion regulation requires flexibly choosing between different regulation strategies in response to various workplace situational demands. In this study, we investigate the between- and within-person emotion regulation differences of 83 frontline managers across 10 working days. Using affective events theory, we examine managers’ use of three main emotion regulation strategies (cognitive reappraisal, suppression, expression) in response to the negative affect they experience while engaging in various tasks, and the consequences for their daily stress. The moderating effects of four emotional intelligence abilities are also examined. Our results demonstrate negative emotions associated with work tasks are regulated in ways that are determined by stable, situational, and personal factors. Practical implications for organizations are considered. JEL Classification: JEL code - D23","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"108 - 129"},"PeriodicalIF":4.8,"publicationDate":"2022-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47018703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Call for Policy Relevant Research","authors":"Andrew B. Jackson","doi":"10.1177/03128962221106033","DOIUrl":"https://doi.org/10.1177/03128962221106033","url":null,"abstract":"The importance of evidence-based research in informing practice is of vital importance. Academic researchers are in a unique position to contribute to this, having the mix of skill sets, objectivity, and time to consider the issues at hand. Indeed, regulators such as the Australian Accounting Standards Board continually welcome evidence-based research to help inform the development of accounting standards, and to assist in post-implementation reviews. Academics, however, do not always see the benefits of engaging in such policy relevant activities. The current incentive structure around publishing is such that chasing top-tier publications is key, even if it is of little practical relevance to society. It is also noteworthy that while research published in top-tier journals often address important phenomena, because of their global audience, they often leave little room for local context or issues of domestic importance. The bias against publishing no-results studies is also a detractor for researchers to begin a project with a high risk of finding no results and limiting publication potential. Insignificant results, however, from a policy perspective is of great importance in drafting policy. This debate is not new and keeps being rediscussed. Instead of re-analysing the same issues over and over as others have done (Hambrick, 1994; Tourish, 2020), the Australian Journal of Management has chosen to instil positive change. Within universities, especially in Australia, the role academics play in society is shifting. There are constant messages to demonstrate how we are able to engage with industry, and the government has a high priority around the commercialisation and, perhaps more fitting for business and management academics, the translation and societal impact of research. To this extent, how research is able to inform policy debates will become highly regarded. At the Australian Journal of Management, we recognise the importance of research that engages with industry and policy, and is able to inform practice. We are also aware of the bias against publishing no-result studies, but the importance of such to policy makers. Accordingly, we are introducing a new stream of submissions around policy issues that follows a pre-registered model. The model for policy-based research will involve an initial submission that highlights the policy-related research question, the importance of the question, and the method upon which data will be collected and analysed. It is key to note that no data are to have been collected at this point.","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"399 - 400"},"PeriodicalIF":4.8,"publicationDate":"2022-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47094839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How aging affects opportunity-necessity entrepreneurship: Demographic and perceptual view","authors":"Yu-Yu Chang, Daniel A. Sanchez-Loor, H. Hsieh, Wei-Shiun Chang","doi":"10.1177/03128962221101084","DOIUrl":"https://doi.org/10.1177/03128962221101084","url":null,"abstract":"Drawing upon the social-cognitive view and the intentionality-based entrepreneurial behavior model, this study investigates how individuals’ demographics and perceptions affect entrepreneurial intentions and how the effects vary along with age. The data were collected from the Global Entrepreneurship Monitor 2015, which includes 35,141 respondents from 60 countries. Our finding suggests an inverted U-shaped relationship between age and both types of entrepreneurship. We also found a gender gap indicating that women and men are more likely to engage in necessity and opportunity entrepreneurship, respectively. Moreover, higher income and education lower the probability of necessity entrepreneurship, whereas higher income motivates opportunity entrepreneurship. JEL Classification: L26, M13","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"67 - 89"},"PeriodicalIF":4.8,"publicationDate":"2022-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43771908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Nonlinear hedge fund index clones?","authors":"Mikhail Walden, P. Lajbcygier","doi":"10.1177/03128962221102184","DOIUrl":"https://doi.org/10.1177/03128962221102184","url":null,"abstract":"Cloning hedge fund indexes circumvents the many challenges associated with direct hedge fund investment. Theoretically, hedge fund indexes could have nonlinear exposures to the economic risk factors that drive their returns and may require nonlinear clones. By using flexible statistical models, we enable the choice between linear and nonlinear clones. We demonstrate that for certain hedge fund styles, nonlinear index clones are crucial for high fidelity replication. Nonlinear clones both facilitate economic insights to cloning and enhance the best linear clones. JEL classification: G10, G23, C15","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"147 - 170"},"PeriodicalIF":4.8,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41927609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}