Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of f...Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of financing decisions, in particular, equity or debt are obtained, on the performance of small businesses by using the panel data from Australian Bureau of Statistics （ABS） Business Longitudinal Database （BLD） 2004-2005, 2005-2006, and 2006-2007. Performance variables, i.e., sales and expenditure, are used as dependent variables. Equity and debt obtained are used as independent variables （or known as treatments）. IV includes size of the business, age of the business, number of locations, and industry division etc.. The results from IV modeling outperformed those obtained from OLS （Ordinary Least Squares）. Findings include： （1） financing has significantly positive impacts on the performance of small businesses in Australia; （2） equity and debt financing are used as alternatives, comparatively, equity financing is preferred; （3） capital purchases are largely funded by debt financing, while non-capital purchases and salary expenses are funded by equity financing; and （4） equity financing is more often used by firms with increasing capital purchases and declining non-capital purchases, while debt financing is used by firms with the opposite trends. The paper concludes with a discussion of the limitations of this research and future research＇s directions.展开更多
China West International Holdings Limited is an Australian listed company.It specialized in in- dustrial investments in construction materials,energy development,infrastructure,etc.At present, China West International...China West International Holdings Limited is an Australian listed company.It specialized in in- dustrial investments in construction materials,energy development,infrastructure,etc.At present, China West International Holdings Limited wholly controls Yuan Construction and sale of common Portland cement,limestone mining,etc.,also controls advanced technology companies.Wholly owns Chongqing Sino-Australia Waterproof Material Co.,Ltd.展开更多
This paper discusses the nature of the Australian bus and coach representative environment and the role of the state-based voluntary professional association （SBVPA）. A literature review associated with memberships ...This paper discusses the nature of the Australian bus and coach representative environment and the role of the state-based voluntary professional association （SBVPA）. A literature review associated with memberships to which businesses subscribe for representation and linking social capital is presented, as well as a discussion on agency theory that possibly explains the member/association dynamic. The results of an Australia-wide survey of bus operators, which measures the extent of linking social capital between themselves and their SBVPA, are revealed. It is found that one state with consistently higher results may possess a competitive advantage in the form of a partnership agreement with the State Government Authority--an agreement that rests on co-operation and facilitates social capital. This evidence could contribute to the global narrative on how non-profit associations can be a mechanism for institutionalising social capital, sustain a firm＇s operation and encourage governments to increase their use of non-profit associations, as agents of government, to achieve public policy outcomes.展开更多
文摘Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of financing decisions, in particular, equity or debt are obtained, on the performance of small businesses by using the panel data from Australian Bureau of Statistics （ABS） Business Longitudinal Database （BLD） 2004-2005, 2005-2006, and 2006-2007. Performance variables, i.e., sales and expenditure, are used as dependent variables. Equity and debt obtained are used as independent variables （or known as treatments）. IV includes size of the business, age of the business, number of locations, and industry division etc.. The results from IV modeling outperformed those obtained from OLS （Ordinary Least Squares）. Findings include： （1） financing has significantly positive impacts on the performance of small businesses in Australia; （2） equity and debt financing are used as alternatives, comparatively, equity financing is preferred; （3） capital purchases are largely funded by debt financing, while non-capital purchases and salary expenses are funded by equity financing; and （4） equity financing is more often used by firms with increasing capital purchases and declining non-capital purchases, while debt financing is used by firms with the opposite trends. The paper concludes with a discussion of the limitations of this research and future research＇s directions.
文摘China West International Holdings Limited is an Australian listed company.It specialized in in- dustrial investments in construction materials,energy development,infrastructure,etc.At present, China West International Holdings Limited wholly controls Yuan Construction and sale of common Portland cement,limestone mining,etc.,also controls advanced technology companies.Wholly owns Chongqing Sino-Australia Waterproof Material Co.,Ltd.
文摘This paper discusses the nature of the Australian bus and coach representative environment and the role of the state-based voluntary professional association （SBVPA）. A literature review associated with memberships to which businesses subscribe for representation and linking social capital is presented, as well as a discussion on agency theory that possibly explains the member/association dynamic. The results of an Australia-wide survey of bus operators, which measures the extent of linking social capital between themselves and their SBVPA, are revealed. It is found that one state with consistently higher results may possess a competitive advantage in the form of a partnership agreement with the State Government Authority--an agreement that rests on co-operation and facilitates social capital. This evidence could contribute to the global narrative on how non-profit associations can be a mechanism for institutionalising social capital, sustain a firm＇s operation and encourage governments to increase their use of non-profit associations, as agents of government, to achieve public policy outcomes.
