Ciorstan Smark

Effect of Diversification on Capital Structure

Previous empirical financial studies have paid little attention to the role of diversification strategy on financial choices. This study analyses the financing strategies of multibusiness firms, suggesting the relevance of sorting the diversification phenomena into its related and unrelated components. The implications of our findings are important because they explain earlier contradictory results on capital-structure determinants and offer an explanation of how the degree of product specialization/diversification and the direction of diversification (related or unrelated) translate into different corporate financial behaviours.

An 1831 discussion on New Public Management

The purpose of this article is to present an argument supporting the view that the ideology driving the notion of New Public Management (NPM) is not a new or recent aspect of public sector financial reform. Rather, back in the early nineteenth century, significant public discussions were exploring the pros and cons of various financial reforms based on this ideology. The research approach taken in this study is based on a semi-fictitious conversation created between key early nineteenth century public commentators, Sir Henry Parnell and Sir Samuel Bentham. The conversation is constructed through a reflection of the key themes and perspectives presented in Sir Henry Parnell’s pamphlet ‘On financial reform’, first edition published in 1830, and Sir Samuel Bentham’s 1830 letter in response titled ‘Financial reform scrutinized’.

The Role of Case-study Research in Investigating Local-government Accountability Reporting: Evidence from Indonesia

Abstract Apart from its strength in investigating contemporary phenomena and day-to-day organizational complexities, there are common criticisms that case-study research cannot offer a generalizable conclusion and tends to be idiographic. This research found that case-study research can provide a clear picture of the local-government accountability reporting practice to its larger social context, as it can connect individual activities at the micro level to their environmental setting at the macro level. This was possible due to its strengths in conveying a holistic and rich understanding of issues within which the practice of accountability takes place.