RMIT Governance and Sustainability Conference, 2018 - Leveraging Design and Integrated Thinking for Innovation
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RMIT Governance and Sustainability
Conference, 2018
Leveraging Design
and
Integrated Thinking
for Innovation
Friday 2nd November
RMIT University, Melbourne
CONTENTS
Message from Conference Convenor 2
Message from Head of School 2
Speakers 3
Programme 6
Paper Abstracts 9
Notes 14
Acknowledgements 15
1
Message from Conference Convenor
On behalf of the Conference Organising team, welcome to the RMIT Governance and
Sustainability (GAS) Conference, 2018. The central theme of this conference is ‘Leveraging
Design and Integrated Thinking for Innovation’ which is inspired by the infinite opportunities
arising from user-centred approaches to problem solving and integrated thinking. Technological
developments, environmental crises, and societal disruptions continue to push the boundaries of
our understanding of our world, challenging us at every step for innovative, integrated solutions.
Research and leadership in this area has to broaden, and embrace multi-platform, multi-
disciplinary and collaborative, long-termed solutions. Inspiration is needed not only for
discovering ‘what is new’, but also to combine and integrate extant and emerging ideas
informed by both failures and successes. So, our mantra of the day is
Let’s Explore, Make Apparent and Celebrate!
The RMIT GAS Conference, 2018 is specifically designed to bring the voices of practitioners to the forefront. This aligns with
RMIT University’s research strategy for impactful research aimed at shaping more equitable and sustainable futures.
We sincerely thank the many thought leaders who have come together to share their knowledge and expertise. Special
thanks to Prof. Demirag, our keynote speaker, and members of the four expert panels this year. The first two concurrent
panels on Integrated Reporting, and Resource constraint management take on a more academic debate on
accountability and sustainability. The second two concurrent panels, Integrating Innovation tool -kit and Integrating
Finance and Business Modelling will bring the wisdom of expert practitioners into the classroom, enhancing the
connectivity between research and teaching. We hope that you will also take advantage of the Design Thinking
workshop team who will make learning fun! We also look forward to our final panel who no doubt will give us much food
for thought for ‘unimagined’ futures!
We also deeply appreciate and thank our sponsors, the Accounting and Finance Association of Australia and New
Zealand (AFAANZ), and the generous and continued support of RMIT’s College of Business and the School of Accounting.
Many thanks to all the paper presenters, paper reviewers, session chairs, and a special thanks to the team who ran the
inaugural GAS HDR Colloquium yesterday, led by Dr. Venkat Narayan. Finally, to the organising support team, especially
Dr. Jayanthi Kumarasiri, Yashwant and Yin – heartfelt thanks!
Wishing you a successful, enjoyable day! Make Friends!, Make Noise!, and Dare to ask that burning question!
Professor Nava Subramaniam
Director, Governance Accountability and Law Research Priority Area
Professor of Accounting, RMIT University
Message from Head of School
The School of Accounting extends you a warm welcome to the RMIT Governance and
Sustainability (GAS) Conference, 2018.
The genesis of this conference lies in the RMIT Accounting for Sustainability conference that
inaugurated in 2011 with a vision to provide a forum for researchers in the areas of social and
environmental accounting and sustainability. Over the years, the conference had attracted
research interests from a wider range of themes in the areas of governance, sustainability and
organisational management. Last year the School of Accounting re-named the conference to
reflect its enriched and extended agenda as the RMIT GAS conference.
I’m very pleased to note that the conference encompasses leading keynote speakers, expert researchers and industry
panellists, and researchers from a multi-disciplinary back-ground which provides scope of solving some of our biggest
problems of today.
The support of the Accounting and Finance Association of Australia and New Zealand as the sponsor of this event is much
appreciated.
Wishing you all a rewarding and enjoyable conference!
Professor Steven Dellaportas
Head of School, School of Accounting, RMIT University
2
SPEAKERS
Keynote Speaker
Istemi Demirag
Professor of Accounting, Keele University, UK
Istemi Demirag is Professor of Accounting at Keele Management School. Before joining Keele, he
was a Professor in Accounting at Hull University Business School where he acted as Co-Director of the
Centre for Accounting and Accountability and Programme Director of the Institute of Applied Ethics
from 2012-2013; Professor of Accounting at Queen’s University Belfast, Management School from
2000 to 2012; and the University of Sheffield Management School from 1998 to 2000. He has extensive international
teaching experience at postgraduate level and on executive courses in countries such as Germany, USA, Denmark,
Turkey, Malaysia, Singapore, Oman and Hong Kong. Istemi was an Associate Editor of The European Journal of Finance
from 2000 to 2013 and Associate Editor of Accounting Forum from 2010 to 2018.
Istemi has raised and/or contributed to research funding approximately £1 million from research councils including
Department of Trade and Industry (DTI), ESRC, European Union, SERC, ICAS and the World Bank. Istemi’s research area is
focused on risk management policies and operational control systems in Public Private Partnerships. He has published
extensively in this area in international academic journals. He was recently invited to provide written evidence by the UK
government’s House of Commons Public Administration and Constitutional Affairs Committee on the collapse of Carillion
Inquiry.
Panel Speakers
Daniel Cadart and international development. Dr Donovan has worked on
a number of large externally funded projects including a
Director, Logic Advisory Services
project with six national governments across ASEAN
Daniel Cadart has worked with Michael (Myanmar, Lao PDR, Vietnam, Indonesia, Thailand and the
Goldsworthy on various disability and Philippines) on developing a best practice model for
aged care projects through financial corporate sustainability assessments, and profiling
analysis and the development of innovation practices and performance in the Australia
dynamic financial models. Daniel is a Manufacturing Sector (with AMCRC).
Chartered Accountant with five years’ experience with
John Dumay
KPMG, 10 years’ experience in large corporate
environments such as Rio Tinto, and 10 years’ experience Associate Professor, Macquarie University
assisting small to medium sized businesses build strong value
John has worked for over 15 years as an
-adding finance functions. The last three years has been
independent business consultant across a
focused heavily on Not-For-Profit organisations, particularly
wide range of industries before joining
aged care, other health care providers and disability
academia after completing his Ph.D. in
services including social enterprises. Daniel is currently the
2008. His Ph.D. entitled Intellectual Capital
Part-time CFO of the Toosey Aged Care facility in Longford.
in Action: Australian Studies won the
Jerome Donovan prestigious Emerald/EFMD Outstanding
Doctoral Research Award for 2008 for the
Senior Lecturer, Swinburne University of
Knowledge Management category. He continues to
Technology
research on the topic of intellectual capital, non-financial
Jerome is a Senior Lecturer and a accounting and reporting, innovation, research methods
P r i n c i p a l Ad v i s o r i n Te c h n o l o g y and academic writing. His research activities link closely to
E n t r e p r e n e u r s h i p a n d management, accounting, and scholarly practice. John
Commercialisation Development with has achieved an outstanding record as the author or co-
the Ministry of Science and Technology (Vietnam). He has author of over 90 peer-reviewed academic journal articles
most recently been working on projects with the Global and book chapters, publishing in prestigious journals such as
Reporting Initiative Organisation looking at integrating Accounting Auditing and Accountability Journal, British
sustainability reporting into global value chains, and with Accounting Review, Journal of Intellectual Capital, Public
Fairtrade ANZ looking at sustainable and ethical supply Management Review, Accounting & Finance, and The
chains in the Indo-Pacific. His research interests span Journal of Business Ethics.
sustainability assessments, global value chains, innovation,
3
Meg Elkins Charles Lord
Senior Lecturer, RMIT University Director, Logic Advisory Services
Meg is a Senior Lecturer in economics Charles is a Chartered Accountant with
and program leader for the five years’ experience with KPMG and has
undergraduate econo mi cs and extensive experience in financial
finance degree at the school of modelling. These modelling engagements
economics, finance and marketing at RMIT University. She is have included aged care, health care,
an applied economist with a focus on cultural economics primary industry and the software industry
and development economics. Meg’s research methods for organisations ranging from small regional businesses to
include microeconomic analysis to evaluate programs and large multinational companies. This has included both
policies in the areas of: arts programs, homelessness, youth qualitative and quantitative analysis for health care
curiosity and international development. She has recently organisations and has regularly involved socio-economic
led a project evaluating the economic impact of the City data analysis to create informed assumptions
of Melbourne’s Arts Programs. As a member of DSA/EADI’s
Angela Perry
multidimensional poverty group with presentations at the
University of Oxford, University of York and Bonn, Germany. Director, Employee Ownership Australia
Meg is an award winning educator in design thinking and Angela Perry is a qualified barrister and
business design having won the teaching excellence award solicitor. She is a member of the Prime
for RMIT University. Mi ni s ters Co mmu ni ty an d Busi n es s
Michael Goldsworthy Partnership and the convenor of the
Social Impact Investment working group.
Principal Consultant, Australian Strategic
She is an impact investor, a Scale Angel, is the Chair of
Services
Nightingale Housing, Future Foundations, CreateCare
Michael Goldsworthy is widely known Global and Scrunch. She also sits on the Boards of
throughout the Not for Profit Sector for Employee Ownership Australia and SisterWorks. She is
assisting boards, chief executive officers passionate about female leaders, social inclusion and
& senior management teams in strategic planning, solving big social issues. She was also a member of the
performance management, governance, mergers, risk Public Services Mutuals Task Force, launched in January
management, organisational development and ideas and 2014, by the Business Council of Co-operatives and
innovation tours and workshops. Working in a framework of Mutuals.
change management, strategic planning and project
Brad Potter
management, Michael has worked with over 5,000
Community Businesses (Not for Profits) throughout Australia. Associate Professor, University of
As his clients can attest, his unique analogies, models, tools Melbourne
and templates provide a powerful approach to recognising Brad is an Associate Professor in
the past, understanding the present and creating the accounting and a Director of the
future. C e n t r e f o r Ac c o u n t i n g a n d
Sumit Lodhia I ndustry Partnershi ps. Brad’s
research and consulting
Director of the Centre for Sustainability
experience encompasses financial accounting and
Governance & Associate Professor,
disclosure for both private sector and public sector entities.
University of South Australia
Brad has successfully managed and coordinated different
Sumit is a Director of the Centre for research projects involving a range of industry partners,
Sustainability Governance (CSG), including the Australian Accounting Standards Board,
where he leads research focused on National Water Commission, CPA Australia, the Institute of
sustainability accounting, reporting, Chartered Accountants, Australia, Royal Botanic Gardens
a n d go v e r n a n c e . S u m i t w a s p r e s e n t e d w i th th e and the Institute of Public Accountants (IPA). These projects
annual Australasian - Centre for Social and Environmental have attracted over $800,000 in funding from the Australia
Accounting (A-CSEAR) Hall of Fame Award for 2017. He has Research Council and from the National Water Commission
published over 50 articles in a range of prestigious refereed (NWC).
journals and authored a book and several research reports.
He is the co-editor of Accounting Forum and a member of
the Editorial Board of several international journals. Sumit
has been awarded grants from the Chartered Institute of
Management Accountants (CIMA), the Accounting and
Finance Association of Australia and New Zealand
(AFAANZ), Chartered Accountants of Australia and New
Zealand (CAANZ) and CPA Australia, to support and
continue his industry relevant research.
4
Gillian Vesty
Senior Lecturer, RMIT University
Gillian is a Senior Lecturer in the School of
Accounting, RMIT University. Gillian’s
teaching and research interests broadly
John Purcell encompass aspects of ‘social and
environmental health and wellbeing’ with a focus on
Policy Adviser, CPA Australia
management accounting and performance measurement
John is Policy Adviser ESG with CPA in sustainability, public health and education. Gillian’s
Australia, having responsible for the development of background career in the healthcare industry has fostered
strategy, research, policy and advocacy in the areas of her research interest. Gillian has published in journals
sustainability, corporate social responsibility and corporate including Accounting, Auditing and Accountability
law. He gained his PhD from the Melbourne Law School Journal, Journal of Accounting and Finance, Issues in
University of Melbourne and holds masters degrees in both Accounting Education, Journal of Accounting and Finance,
accounting and commercial law. Prior to joining CPA and Research in the Sociology of Organizations Journal. She
Australia, John held executive positions in the international has received grants from the Institute of Management
telecommunications service sector with responsibility for Accountants (I MA, US), International Federation of
cross-border tax planning and FDI structuring. Accountants (IFAC), HRH Prince of Wales Accounting for
Sustainability Project (A4S) and CPA Australia Global
Prabhu Sivabalan
Research Funds.
Associate Professor, University of Technology Sydney
Gerrit de Waal
Prabhu Sivabalan is an Associate
Senior Lecturer, RMIT University
Professor in management
accounting at the UTS Business Dr. Gerrit de Waal is a senior lecturer in
School. Prabhu's research interests Entrepreneurship and Innovation at RMIT
are in the application of core University in Melbourne, Australia. He leads
accounting concepts such as an interdisciplinary research team that
budgeting and costing to innovative and far-reaching conducts collaborative research in the
contexts not usually associated to accounting, such as food processi ng and manufacturi ng
entrepreneurship and high innovation environments, industries with a number of Victorian universities and the
voluntary CSR reporting, sports management and more Centre for Frugal Innovation in Hamburg. Gerrit is an expert
recently accounting/costing in healthcare, as well as the in Design Thinking and The Lean Start-up methodologies
role of accounting in hydrology and agriculture. Prabhu has that increasingly find application in corporate Australia.
researched in, presented to or trained managers in
Lali Wiratunga
reputable institutions from a wide range of industries,
including NSW Health, the National Rugby League (NRL), National Manager, Davidson Institute,
CSR, Citigroup and Seven Media, and researches and Westpac Financial Education
teachers at the Department of Accounting at the London Lali is a passionate advocate for the role
School of Economics and Political Science. innovation, and entrepreneurship play
Rahul Soans in helping people strengthen their
organisation’s capability and
Co-Founder, Disruptive Business Network
accelerate positive, sustainable social impact outcomes.
Rahul is an Engineer with a Masters in Lali’s diverse career in the UK and Australia, includes 10
International Business. In another life years of professional services experience as a corporate
he was a project manager in the lawyer and management consultant, helping organisations
telecommunications industry, and explore the art of the possible. In 2016, Lali was recognised
after coming to his senses, he fell into for creating a positive impact through the national
the social enterprise and startup world program, Impact 25, which recognises the influential
in Melbourne. He has cut his teeth people in the Australian Social Sector. As the National
working for startups, founded a consulting company and Manager for the Davidson Institute, Lali leads a team which
also runs The Disruptive Business Network - an event series help people build their financial capability through financial
and consulting service that looks at how new ideas and education programs offered by Westpac. Lali serves people
technology are changing business. As a consultant he living with disabilities as a Non-Executive Director for TAD
focuses on business model design in the face of disruption Disability NSW and as Co-Founder of SIMO. Lali volunteers
(or change). He focuses less on strategy and more on his experience, knowledge and enthusiasm on the Alumni
mindset. The tools he uses are design thinking and The Lean Advisory Board of UNSW Business School and is an Advisor to
S ta r tu p M e t h o d o l o gy . H e h a s a d ee p i n t e res t i n ThinkChangeGrow, helping leaders be their best selves.
entrepreneurship and technology, with a passion for how
business can be the solution to the world's problems and
not the cause.
5
PROGRAMME
08:30 Registration and Coffee
Welcome Address
09:00 Nava Subramaniam
Director, Governance Accountability and Law Research Priority Area & Professor of Accounting, RMIT University
Opening Address
09:05 Mark Rose
Professor of Management, RMIT University
Rationalization and operationalization of infrastructure investment finance in the UK: Designing models of "Value for
Money" or "Value for People"
09:10
Istemi Demirag
Professor of Accounting, Keele University, UK
Introduction to Design Thinking and Integrated Thinking
Rahul Soans
09:40 Co-Founder, Disruptive Business Network
Gillian Vesty
Senior Lecturer, Accounting, RMIT University
Concurrent Panel Session 1 Concurrent Panel Session 2
Room A Room B
Integrated Reporting Resource-Constrained Management
Craig Deegan (Panel Chair) Prabhu Sivabalan (Panel Chair)
Professor of Accounting, RMIT University Associate Professor, Accounting Discipline Group, University of
Technology Sydney
John Dumay
Gerrit de Waal
10:00 Associate Professor, Accounting & Finance, Macquarie
University Senior Lecturer, Management, RMIT University
John Purcell Jerome Donovan
Policy Adviser, CPA Australia Senior Lecturer, Entrepreneurship and Innovation, Swinburne
University of Technology
Sumit Lodhia
Panel Paper Presentation
Director of the Centre for Sustainability Governance &
Associate Professor, University of South Australia Resource-Constrained Innovation: A Viable Strategy for Firms in
the Australian Food Processing Industry?
10:40 Morning Tea
Concurrent Panel Session 3 Concurrent Panel Session 4
Room A Room B
Integrating Innovation in your classroom: a toolkit Logic 101…An Integrated Approach To Business & Financial
approach Modelling
Suraiyah Akbar (Panel Chair) Laura Maran (Panel Chair)
Lecturer, Accounting, RMIT University Senior Lecturer, Accounting, RMIT University
11:00 Lali Wiratunga Michael Goldsworthy
National Manager, Davidson Institute, Westpac Financial Principal Consultant, Australian Strategic Services
Education
Daniel Cadart
Director, Logic Advisory Services
Charles Lord
Director, Logic Advisory Services
6
Concurrent Paper Session A Concurrent Paper Session B Concurrent Paper Session C
Room A Room B Room C
Corporate Governance Corporate Social Reporting Management Control and Reporting
Chair: Eva Tsahuridu, RMIT Chair: Jayanthi Kumarasiri, RMIT Practices
University University Chair: Elizabeth Morton, RMIT
University
11:40 The Role of Equity Compensation in Environmental and Socially Related Understanding ‘depth experiences’,
Reducing Inefficient Investment in CSR practices in Sri Lanka: Insights ‘fullness’ and ‘dearth’: As a prelude to
Labor from Annual Report Disclosures moving away from ‘closed world
Mohammed Sualihu, Monash Anil Fernando, University of Sri thinking’ to ‘open world thinking’
University Jayewardenepura, Sri Lanka Glen Lehman, University of South
PaperID: GAS201802 PaperID: GAS201815 Australia
PaperID: GAS201811
12:10 Stakeholder and Merger and A Brief Overview of CSR Practices in a Exploring the role of automation and its
Acquisition Research: A Hermeneutic Developing Country: A Case Study of relation to management controls
Approach Manufacturing Industry in Indonesia Prabhu Sivabalan, University of
Simon Segal, Macquarie University Esti Rinawiyanti, RMIT University Technology Sydney
PaperID: GAS201806 PaperID: GAS201817 PaperID: GAS201814
12:40 Corporate Governance Neural Network Corporate Social Responsibility and Mutually exclusive? Integrated thinking
Trading System Public Interest - Decision Making at the and MCS practices in dual purpose
Sardar Islam, Victoria University Local level – Conclusions and settings
Implications for Practice Gillian Vesty, RMIT University
PaperID: GAS201813
Jayne Meyer Tucker, Australian PaperID: GAS201818
National University
PaperID: GAS201809
13:10 Lunch
Interactive Workshop
Design Thinking
Rahul Soans
14:00
Co-Founder, Disruptive Business Network
Meg Elkins
Senior Lecturer, Economics, RMIT University
Concurrent Paper Session D Concurrent Paper Session E Concurrent Paper Session F
Room A Room B Room C
Organisational Accountability Integrated Reporting Social Enterprise and Accounting
Chair: Leanne Morrison, RMIT Chair: Venkat Narayanan, RMIT Practices
University University Chair: Brendan O’Connell, RMIT
University
14:45 The challenge: Re-steering Integrated Reporting and Integrated Entrepreneurial Action: Effectuation
Accountability Concepts to Incorporate Thinking: Practical Challenges within the Good-Faith-Learning Social
Biodiversity Management and John Dumay, Macquarie University Enterprise
Reporting Chamindika Weerakoon, RMIT
PaperID: GAS201801
Mohammad Azim, Central University
Queensland University PaperID: GAS201808
PaperID: GAS201805
15:15 The Tsunami effect: Performance, Does Integrated Reporting Facilitate Systems view of life, social interaction
accountability and public healthcare Stakeholder Engagement? framework and implication for
Gillian Vesty, RMIT University Nick Sciulli, Victoria University accounting practice, research and
education
PaperID: GAS201819 PaperID: GAS201803
Kate Mai, La Trobe University
PaperID: GAS201810
7
PROGRAMME (Cont.)
15:45 Afternoon Tea
Panel Session 5
Designing New Futures
Nava Subramaniam (Panel Chair)
Professor of Accounting, RMIT University
Istemi Demirag
Professor of Accounting, Keele University, UK
16:00
Angela Perry
Director, Employee Ownership Australia
Brad Potter
Associate Professor & Director of the Centre for Accounting and Industry Partnerships, University of Melbourne
Prabhu Sivabalan
Associate Professor, Accounting Discipline Group, University of Technology Sydney
Closing Remarks
16:30 Steven Dellaportas
Head of School, School of Accounting, RMIT University
Vote of Thanks
16:35 Alan Lowe
Professor of Accounting, RMIT University
Final Remarks
16:40 Nava Subramaniam
Director, Governance Accountability and Law Research Priority Area & Professor of Accounting, RMIT University
16:45 Networking Drinks
17:30 Conference Closed
8
PAPER ABSTRACTS
Session A - Corporate Governance
The Role of Equity Compensation in Stakeholder and Merger and Acquisition Corporate Governance Neural Network
Reducing Inefficient Investment in Labor Research: A Hermeneutic Approach Trading System
PaperID: GAS201802 PaperID: GAS201806 PaperID: GAS201813
Authors: Authors: Authors:
Mohammed Sualihu, (Presenter), Monash Simon Segal (Presenter), Macquarie Safwan Mohd Nor, University of Malaysia
University University Terengganu, Malaysia, and Victoria
Michaela Rankin, Monash University James Guthrie, Macquarie University University
Janto Haman, Monash University John Dumay, Macquarie University Sardar M.N. Islam (Presenter), Victoria
University
We examine whether equity compensation Research connecting stakeholders and This article examines whether a corporate
incentivizes executives to make efficient mergers and acquisitions (M&A) is mostly governance trading strategy, within the
labor investment decisions. Specifically, we without defining or understanding the context of a full -fledged mechanical
examine whether and how the concept of stakeholder “relationship” to trading system, can generate
components of equity compensation - make sense of how stakeholders are economically significant returns. Using
stock options and restricted stock - affect affected by and affect M&A. None have artificial neural networks to design buy/sell
over- and under-investment in labor. We turned to hermeneutics as a potential rules, we address the limitation in corporate
fi n d th a t s to ck op ti on s ex a ce r ba te response to elicit this complex web of governance literature by incorporating
( m i ti g a t e ) o v e r - i n v e s t m e n t ( u n d e r - relationships between the whole (the M&A money management and risk control
investment) in labor, while, suggesting that event) and the stakeholder parts of the strategies. Therefore this study shows the
g i v i n g s t o c k o p ti o n s t o e x e cu ti v e s M&A event. This paper asks what can potential of artificial neural networks to
encourages (discourages) them to over- hermeneutics offer to connect stakeholder facilitate integrated design thinking and
invest (under-invest) in labor. In contrast, and M&A literature to understand an M&A approaches to corporate governance and
restricted stock mitigates both over - e v e n t? I t d e v el o p s th e co n ce p t o f fi na nci al manage men t. Fu r ther , the
investment and under-investment in labor, rel ati onshi ps from the par adi gms of simulation considers realistic constraints
so granting restricted stock to executives hermeneutics and stakeholder theory, two which we observed also lacking in the
discourages them from over- and under- complementary di scourses to better literature, namely capital restriction, round
investing. Our results are consistent after unders tand M & A. I n line w i th the lot, short selling and transaction costs. The
controlling for managerial ability and conference theme 'Design and Integrated trading system is developed in sample for
corporate governance quality. Overall, our Thinking', dialectical hermeneutics provides o u t o f sa mpl e fo r e ca s ti ng , a nd w e
research demonstrates that stock options a design that can be applied to integrate measure its performance using several
and restricted stock matter in executives’ stakeholder analysis and M&A literature, all performance metrics including the Sharpe
labor investment decisions. The results of being premised on the concepts of and Sortino ratios. The results show superior
this study provide a novel setting for design relationships, parts (different stakeholder performance of the corporate governance
an d i n teg ra ted thi nki ng schol ars to interests) coming together as a whole trading system compared to the
examine the trade-off and/or overlap (M&A outcome). A case study using the benchmark buy-and-hold strategy—with
b e tw e e n l a b o r a n d o t h e r f o r m s o f 2017 mega-merger between Australia’s significantly better returns and much
investment such as capital, mergers and two largest gambling entertainment groups greater Sharpe and Sortino ratios. These
acquisi tions and research and - Tatts and Tabcorp - is used to suggest Bursa Malaysia as semi -strong
development in a firm and the role that demonstrate an iterative process driven by i n e f f i ci e n t i n p r o ce s s i n g c o r p o r a t e
equity compensation can play in this. a convergence between a conventional governance data, allowing investment
stakeholder conception, M&A motives and practitioners to utilize such information to
h e r m e n e u ti c co n ce p ti o n s . Su ch a n generate abnormal returns. This study also
iterative process can make sense of an has implications for the accuracy of
M &A e vent and i ts rel ati onshi p to previous studies.
stakeholders. The paper contributes to
stakeholder theory and M&A analysis by
outlining a design for integrating thinking in
hermeneutic methodology to make sense
of stakeholder relationships in M&A events.
In so doing it challenges the view that M&A
events are linear and rational, but rather
multidimensional constructs. Pointing to
designs for a more integrated
understanding of M&A enables researchers
and practitioners to perceive better,
anticipate and improve M&A outcomes for
all stakeholders.
9Session B - Corporate Social Reporting
Environmental and Socially Related CSR A Brief Overview of Integrated CSR Corporate Social Responsibility and public
practices in Sri Lanka: Insights from Annual Practices Assessment in a Developing interest - THE BALANCE POINT - Decision
Report Disclosures Country: A Case Study of Manufacturing Making at the Local level Conclusions and
PaperID: GAS201815 Industry in Indonesia Implications for Practice
PaperID: GAS201817 PaperID: GAS201809
Authors:
Deshani Hettiarachchi, University of Sri Authors: Author:
Jayewardenepura Esti Rinawiyanti (Presenter), RMIT University Jayne Meyer Tucker (Presenter), Australian
Anil Fernando (Presenter), University of Sri Charlie Huang, RMIT Universitty National University
Jayewardenepura
Sharif As-Saber, RMIT University
This paper has drawn on the findings and
Purpose- The purpose of the research is to recommendations from my PhD research.
Research of Corporate Social Responsibility
exami ne the nature and extent of My research identified three discoveries
(CSR) has been rapidly increasing over the
environmental and social practices of that influenced how a top-down policy
last three decades, but most of prior studies
public companies in Sri Lanka in terms of directive (the Localism Act) was unable to
were conducted in developed countries.
Corporate Social Responsibility (CSR). The positively influence decision making at the
Because CSR practices are different
study also aims to identify and evaluate local level. The aim of the Localism Act,
among countries, an overview of how CSR
trends and the features of CSR reporting by introduced in November 2011, was to
is implemented in developing countries is
companies listed on Colombo Stock facilitate the devolution of decision-making
needed. The purpose of this paper is to
Exchange (CSE). pow ers from cen tral government to
assess the current status of CSR practices in
Design/methodology/approach- The study i n d i v i d u a l s , c o m m u n i ti e s a n d l o ca l
manufacturing industry in Indonesia. The
was carried out under three phases. The first councils. Consequently, a bottom -up
measurement adopted from prior studies
phase related to the year 2016 and initiative (Sure Start) followed a negative
was used to assess CSR practices in an
involved an analysis of annual reports all trajectory, creating entrenched silos and,
integrated manner. It consists of four
292 companies registered on the CSE for paradoxically, shifting further from its
dimensions, namely economic, legal,
the year 2016. The second phase analysed original mandate of collaborative working
ethical, and philanthropy responsibility, and
the annual reports or sustainability reports of to enable decision making at the local
involves three stakeholders: employees as
156 companies which have been identified level. Both policies (the Localism Act and
the internal stakeholders, customer and
in phase 1 as CSR reporting companies in Sri Sure Start) had the mandate to increase
public community as the external
Lanka. The contents of annual reports of 16 public interest and decision making at the
stakeholders. Data were collected from
companies were fully analysed to local level, yet the opposite resulted. As
450 manufacturing companies in
determine the trend in CSR practices for the shown in the Sure Start case study, no
Indonesia. Factor analysis was used to
5 years from 2012 to 2016. matter how bottom-up the perspective
extract principal components for CSR
Fi ndings- Findings revealed that may be, if set within a top-down agenda
strategy to suggest key factors for CSR
environmental developments are (such as the Localism Act) then decision
implementation currently, as practiced by
disappointing and many businesses in Sri making at the local level becomes less
the companies that participated in this
Lanka have still not properly engaged in achievable – thus less public interest.
stud y . Usi ng PCA, fou r fa ctor s w ere
CSR practices in relation to environmental In this paper I am keen to offer insights of
extracted with the ethical responsibility in
matters. Overall, business engagement in the need ‘to be an enabler’ and find
the first factor, the philanthropy
socially-related CSR practices is at a ‘balance points’ and apply these learnings
responsibility in the second factor, the legal
reasonable level, but not environmental for design and integrated thinking. I have
responsibility in the third factor, and the
CSR practices. taken the third key discovery of my
economic responsibility in the fourth factor.
Originality/Value- This paper offers initial research ‘paradox of fragmentation’ and
The fi ndings from thi s study provi de
insights on environmental and socially considered tw o of my study’s
empirical evidence of CSR practices
related CSR disclosure practices in Sri recommendations of enabling leadership
among manufacturing companies, in
Lanka. particularly ‘to be an enabler’. As part of
Indonesia in particular, as one of the
this paper I outline the importance of
biggest developing countries in Asia. The
relationship tensions and the differences
findings also describe how CSR can be
between linear and non-linear leadership
implemented as an integrated design
approaches. Similarities for reducing
thinking that embraces multidimensional
relationship tensions between Corporate
aspects, both financial and non-financial
Social Responsibility and public interest are
aspects, in the business operation
also discussed in detail. Relationship
tensions are both positive and negative
and the tensi on betw een top -dow n
directives and local-level decision-making
is a constant theme running through design
and integrated thinking of the past and
future.
10Session C - Management Control and Reporting Practices
Understanding ‘depth experiences’, Exploring the role of automation and its Mutually exclusive? Integrated thinking
fullness’ and ‘dearth’ as a prelude to relation to management controls in and MCS practices in dual purpose settings
moving from ‘closed world thinking’ to dynamic environments: energy efficiency PaperID: GAS201818
‘open world thinking’ management in service sectors
PaperID: GAS201811 PaperID: GAS201814 Authors:
Joe Chao Ren, Monash University
Author: Authors: Gillian Vesty (Presenter), RMIT University
Glen Lehman (Presenter), University of Paul Brown, University of Technology Sophia Ji, RMIT University
South Australia Sydney
Tuan Ly, University of Technology Sydney The aim of this paper is to consider the
One of the biggest challenges facing Hannah Pham, University of Technology tensi ons that emerge in mutual or
Sydney cooperative organisations that have dual
business and sustainability research is how
Prabhu Sivabalan (Presenter), University of for profit and for purpose goals. We target
to embed a culture of responsibility and
Technology Sydney
s u s t a i n a b i l i t y i n t o o r g a n i s a ti o n s . I n the management accounting and control
contemplating this challenge, accounting system designs that embed practices and
researchers would benefit from having In this case study, we explore the role of take an integrated thinking approach to
greater awareness of the potential offered automation in relation to control problems understand the corporate strategising and
by the theoretical pathway proposed by and how it relates to other management long-term holistic sustainability-related
Stephen K. White (2017). White has drawn controls in the pursuit of energy efficiency decisions in cooperatives and mutual
on leading philosophers such as William within dynamic service-based organisations (Oliver, Vesty & Brooks 2016;
Connolly (2015, 2017), Jurgen Habermas organisations. Automation has been Vesty, Ren and Ji, 2018).
(1996, 2012) and Charles Taylor (2017) to conceptually explained as an antecedent In this paper we provide details of a case
formulate concepts such as ‘closed world to control problem avoidance (Merchant s t u d y co n d u c t e d i n a co o p e r a ti v e
thinking’ (CWT), ‘dearth’, ‘fullness’ and and Van der Stede 2017), owing to its long organisation and focus on the business
‘ o pe n w orl d thi n ki n g’ ( OWT ). T he s e held substitutive relation with labour activity model and ways in which performance
concepts facilitate a better understanding in programmatic environments (Emmanuel, management is underpinned by different
of the importance of valuing ‘multiple Merchant and Otley 1990; Marsh and organising principles. For this organisation,
voices’ in global political life and in Mannari 1981). However, the theoretical strategic objectives and measures include
accountability structures. An embrace of prosecution and empirical validation of for-profit market principles as well as not-for
White’s ideas holds strong prospect of automation as it relates to other -profit sustainability principles that focus on
f a c i l i t a t i n g c r i ti c a l e x a m i n a t i o n o f management controls in more dynamic s o ci al r ul e s a n d e col o gica l v al u e s .
neoliberal process of globalisation and of service-based environments, which require Together these impinge on managerial
reinvigorating cri tical accountabili ty user flexibility and user comfort, is less thought and accounting practices. We
research. investigated in management accounting follow the managers of this organisation to
(MA) research. explore how they use integrated thinking
We find that BACs allow systems designers communicate to their stakeholders (their
and end-users autonomy to manipulate customers are their owners). Based on
their architecture via manual adjustments qualitative data collected from document
required to ensure higher quality service analysis and semi-structured interviews, we
delivery as well as allow them to be find social-political regulations and industry
involved in energy saving activities. On the ‘best practice’, influences their control
other hand, BACs help reduce the cost of system design. Rather than legislation
dysfunctional energy efficiency behaviours defeating the dual purpose, these factors
by end-users when this autonomy is not facilitate sustainability-related integration.
exercised effectively. This combination of Integrated thinking has long been a
flexibility and standardisation features in reflexive strategy exercised implicitly by
relation to the automation function in senior managers, and has been further
dynamic service-based environments have shaped by the state and non-government
not been proposed in MA research to actors. The beliefs and norms continue to
date. prevail and, in turn, influence the industry’s
strategic management control system
designs.
11Session D - Organisational Accountability
The challenge: Re-steering Accountability Concepts to The Tsunami effect: Performance, accountability and public
Incorporate Biodiversity Management and Reporting healthcare
PaperID: GAS201805 PaperID: GAS201819
Authors:
Jean Raar, Independent Researcher Authors:
Meropy Barut, Swinburne University of Technology Heru Fahlevi, Syiah Kuala University
Mohammad Azim (Presenter), Central Queensland University Gillian Vesty (Presenter), RMIT Univesity
Lee Parker, RMIT University
Purpose - The purpose of this paper is to re-kindle debate about
finding a conceptual and pragmatic basis for accounting and
This paper explores the impact on public hospital management in
accountability researchers, in order to incorporate biodiversity
Indonesia, during and beyond the magnitude 9 Sumatra -
and natural capital management into the internal practices,
Andaman earthquake and Indian Ocean tsunami of 2004 in Aceh.
routines and communication of organisations.
In particular, we use the tsunami effect to examine the public
Design/methodology/approach - A qualitative interplay of
sector organisational control and the ways in which accounting
theories, particularly structuration theory, applied to an
contributes to management justifications and longitudinal
interdisciplinary, communitarian and eco-centric perspective will
accountability responses. It has previously been recognised that
be used to demonstrate the need for change: for researchers and
in a natural disaster, accounting is directed to alleviate immediate
practitioners to interact with other disciplines and adapt their
suffering before returning to normality post crisis (Sargiocomo,
professional , insti tuti onal and governance practi ces to
2014). Indonesia provides a setting in which a Western approach
incorporate biodiversity management and reporting within
to public hospital funding is navigated in light of natural disasters.
organisational structures.
Yet again the Indonesian government budgets are being
Findings – Collective community action can be undertaken by
redirected to alleviate the more recent 2018 tragic earthquake
a l i g ni n g p h y si cal bi o di v er s i ty a n d i ts s e t ti n g w i th th e
and tsunami on Sulawesi Island. The ability for accounting to
interrelationship between external information structures,
return to normality is questionable. In this paper we draw
accountability and internal information structures, agent
attention to the longitudinal effect of accounting and the
behaviour and the reporting of outcomes. This should assist in
construction of an emerging ‘new normal’. Given the propensity
reducing the loss of species and richness triggered by unsound
for increased global warming and associated natural disasters, this
economic decision-making.
study contributes to the call for a better understanding of the
Originality/value – This paper re-opens the debate regarding the
global politics of resource management (Sargiocomo, 2014) by
need for an alternative conceptual approach through which
focusing on the civic impact on accounting and accountability in
biodiversity management can be incorporated into the
public hospitals.A 2014 special issue in Critical Perspectives on
complexities of business interactions, and the social and natural
Accounting dedicated to natural disasters responded to the
systems, by using management accounting as a primary vehicle.
dearth of accounting literature in this area. The literature that
This is perhaps one of the few accounting studies which discusses
followed largely considered the immediate response to tragedy
theoretical frameworks for the integration of accounting /
(see Lai et al.; Baker et al.; Taylor et al.; Sargiocoma et al.; Walker,
accountability systems and biological diversity information through
2014). Subsequent papers continued to focus on management
a conceptual rethinking.
control and accounting decisions in early disaster responses
justified in terms of people management: attending to employee
needs, wellbeing and engagement and the importance of
maintaining collegiality during this traumatic times (Vosslamber et
al,. 2016). These authors identify the breadth of organisational
responsiveness during natural disasters and highlight the rallying of
the familial in organisational control. In Walker’s (2016) review of
the different roles accounting plays, he points to accounting’s
greater prominence in natural disasters, emerging as an important
ritualistic activity. Accounting brings certain comfort in disaster
recovery. Accounting technologies come to life, in not only
calculating the disaster emergency response and recovery, but
serve as a shock-shielding mechanistic technology to classify
victims and areas based on the damage severity level
(Sargiacomo at al., 2014). Accounting also serves to illustrate the
exceptional role of government, and extraordinary role it plays in
managing financial aid and logistic distribution (Sargiacomo,
2015). While the emerging literature in this areas contributes with
accounting in early responses, this also leads to the question
about how the government manages in the long run, and the
accounting response to the new normal that emerges.
12Session E - Integrated Reporting
Integrated Reporting and Integrated Thinking: Practical Does Integrated Reporting Facilitate Stakeholder Engagement?
Challenges PaperID: GAS201803
PaperID: GAS201801
Authors:
Nick Sciulli (Presenter), Victoria University
Authors:
Desi Adhariani, Universitas Indonesia
Matteo La Torre, University "G. d'Annunzio" of Chieti-Pescara
Cristiana Bernardi, The Open University Business School (UK)
The International Integrated Reporting Council has promulgated
James Guthrie, Macquarie University
the production of Integrated Reports to enhance transparency
John Dumay (Presenter), Macquarie University
and encourage greater stakeholder relationships. This paper
provides empirical evidence on the adoption and consequences
Integrated Reporting () is currently a hot topic for academic
of introducing integrated reports by selected organisations.
research because of the practical challenges businesses
Specifically, three case study organisations operating in distinct
encounter when implementing it. Motivated by the results from
industry sectors are investigated to ascertain the motivation for the
the International Integrated Reporting Council’s (IIRC) call for
adoption of integrated reporting and whether and to what extent,
feedback on the I nterna ti onal Framew ork ( )
IR influenced stakeholder engagement. The findings from these
implementation, this chapter focuses on the challenges of
case studies suggest that senior executive leadership plays a
integrated thinking and examines the extant academic literature
significant role in commencing the Integrated Reporting journey,
to offer contributions for future research based on practice.
and this was due to perceived inadequacies of the disclosures
We find that integrated thinking suffers from significant
required for the annual report as well as to enhance transparency.
conceptual, theoretical, and practical challenges, which obstruct
The level and type of stakeholder engagement varied across
the claimed benefits of adopting . Therefore, this chapter
these case study sites, and it was not clear whether IR was the
contributes to rethinking the paradigm of integrated thinking as an
major influence for improved stakeholder relationships. The
internal managerial practice and calls for pragmatic research
organisations investigated, namely, a superannuation fund, a
investigating internal practices and integrated thinking.
multinational and a charity are recognised leaders in their
Within third stage , that is, research that provides a critical and
respective industries. Other organisations yet to consider the
performative assessment of in action, we advocate that
production of IR or re-assess their stakeholder relationships could
researchers need to shift the focus from reporting to internal
use these findings to plan for their own future reporting obligations.
practices. Accordingly, we claim that managers need to
abandon the compliance-driven logic underpinning external
reporting to foster integrated thinking and unlock its potential in
practice .
Session F - Social Enterprise and Accounting Practices
Entrepreneurial Action: Effectuation within the Good-Faith-Learning Systems view of life, social interaction framework and implication
Social Enterprise for accounting practice, research and education
PaperID: GAS201808 PaperID: GAS201810
Authors: Authors:
Chamindika Weekaroon (Presenter), RMIT University Kate Mai (Presenter), La Trobe University
Byron Gales, Good-Faith Learning
Adela McMurray, RMIT University
This paper aims to introduce the systemic social interaction
framew ork to understand formation and evolvement of
The literature has largely focused on bricolage theory to explain
organisational practices including accounting practices. The new
social entrepreneurial actions. Following the effectuation theory of
systems view of life (Fritjof Capra, 1996) is used as philosophical
entrepreneurship, we argue that entrepreneurs start businesses
ground for the theoretical framework. From the new systemic
based on available means and not only by creative reinvention
perspective, organisation is view as living organism which is self-
and a pre-determined goal. This in-depth case study investigated
bounded by pattern of interaction among networks within
how effectuation principles guide entrepreneurial actions in a
organisation. In this living organism, accounting is viewed as
social enterprise setting. The results demonstrated that the
cognitive process, responsible to produce organisation’s
entrepreneurial actions of the pre-emergence stage are largely
understanding about its own performance as well as performance
based on the actual means available to the entrepreneur and the
of its members, which then become the basis for organisational
founding entrepreneur’s lived experience and expertise. In this
activities to sustain itself in the living environment. Accounting
case study, the featured social entrepreneur utilises storytelling to
practice is created through network of social interaction among
connect with other stakeholders in the realisation of enterprising
participating members and manifests as pattern of interaction
activity. Results further identified that the entrepreneurial actions
among network members, who are themselves network of self-
are reflected upon the flexibility, experimentation and affordable
concepts, needs, emotions, and knowledge. The
loss dimensions of effectuation theory. By applying effectuation
conceptualisation of human as a network of self-concept, needs,
theory to explain social entrepreneurial behaviour, our study
emotions and knowledge interrelating with each other in the
expands the boundaries of the theory and enriches understanding
cognitive process, is the basis for analysing the dynamic
of effectual approaches in social enterprise settings. The study
interaction process among members across networks both in and
findings suggest that future researchers should consider the
outside organisation, which allows for understanding of the
application of mainstream entrepreneurship theories to explain
process of organisational changes triggered from within and
entrepreneurial action within social settings.
without organisations.
13Panel Session Paper - Resource-Constrained Management
Resource-Constrained Innovation: A Viable Strategy for Firms in the Australian Food Processing Industry?
PaperID: GAS201807
Authors:
Gerrit de Waal (Presenter), RMIT University
Rajnish Tiwari, Hamburg University of Technology
Adela McMurray, RMIT University
As a strategy to develop new markets, resource-constrained innovation (RCI) is the road less-travelled by Australian food processing firms.
Despite the unique challenges of this approach, elsewhere in the world firms are having significant successes. Among scholars, interest in
this topic is gaining momentum because of its perceived importance to billions of resource-constrained consumers globally. In this paper
we use a qualitative approach by means of semi-structured interviews with industry experts to investigate and report on the low
awareness and engagement levels of RCI and the challenges managers face when contemplating RCI. Topping the list are a lack of RCI
understanding among managers at all organisational levels; how to avoid damaging existing premium brands when RCI is part of the
product-mix; and the sea change in mindset and practice that would be necessary to pursue RCI with reasonable success. To
demonstrate the opportunity scope of RCI across the various stages of the food processing value chain, we describe a number of
Australian and overseas cases. Our recommendation is not for firms to abandon their current approach of ‘bigger and better’ when
developing premium products and markets, but to simultaneously explore the potential impact of ‘smaller but good enough’ thinking
when addressing the needs of resource-constrained consumers. The insights this paper provides attempt in helping Australian
policymakers, industry advisors, company boards, strategists, company shareholders and investors, and new product development teams
with much-needed understanding on how to support, promote and pursue RCI.
Notes
14Acknowledgments
We would like to sincerely thank the following individuals for their many insightful comments and support as reviewers of
submitted papers: Suraiyah Akbar, Craig Deegan, Sophia Ji, Tehmina Khan, Jayanthi Kumarasiri, Alan Lowe, Laura Maran,
Leanne Morrison, Yesh Nama, Venkat Narayanan, Maryam Safari, Pavithra Siriwardhane, Hui Situ, Eva Tsahuridu, Sarath
Ukwatte, and Gillian Vesty.
We would also like to express our sincere gratitude to all the student volunteers.
Finally, special thanks to the organising committee: Nava Subramaniam (Convenor), Dr Venkat Narayanan (Chair HDR
Colloquium), Sumit Lodhia, Meg Elkins, Gerrit De Waal, Jayanthi Kumarasiri.
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