There is growing evidence that capital structure and firm strategy are linked but most studies to date have focused on large, publicly quoted firms, with little attention given to small and medium-sized enterprises (SMEs). A major proposition of the study is that both strategic and financial factors are necessary to explain chosen debt levels. The empirical question adopted for this work, given the best financial model of capital structure, is - does strategy provide any additional explanatory power? Hence strategy and financial variables are seen as complementary rather than competing determinants of capital structure. There appears to be strong evidence supporting the proposition that competitive strategy affects the capital structure of SMEs, but there is little evidence of any impact from corporate strategic factors. The study also supports the notion that there is a 'pecking order' in SME financing and that variability in profits results in 'distress' borrowing. This study provides important empirical evidence to support work on the capital structure puzzle and the funding problems of SMEs. Copyright Blackwell Publishers Ltd 1998.

The development of online and virtual teaching and learning environments to augment formal face-to-face environments raises questions about the way the new communication and information (CIT) technologies are being incorporated into the on-campus environment. More importantly, this development challenges the meaning of the on-campus student learning experience. The new CITs require institutions, teachers and researchers to reconsider the relationship of the physical setting to the student learning experience. The paper highlights examples of recent developments of new learning environments which have been enhanced by the contribution of educational developers at several Australian universities. It also proposes a set of pedagogically-informed principles to guide the development of on-campus teaching and learning environments (which may feature the use of CITs).

This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.

The UK construction industry faces the daunting task of replacing and extending a significant proportion of UK infrastructure, meeting a growing housing shortage and retrofitting millions of homes whilst achieving greenhouse gas (GHG) emission reductions compatible with the UK's legally binding target of an 80% reduction by 2050. This paper presents a detailed time series of embodied GHG emissions from the construction sector for 1997-2011. This data is used to demonstrate that strategies which focus solely on improving operational performance of buildings and the production efficiencies of domestic material producers will be insufficient to meet sector emission reduction targets.Reductions in the order of 80% will require a substantial decline in the use of materials with carbon-intensive supply chains. A variety of alternative materials, technologies and practices are available and the common barriers to their use are presented based upon an extensive literature survey. Key gaps in qualitative research, data and modelling approaches are also identified. Subsequent discussion highlights the lack of client and regulatory drivers for uptake of alternatives and the ineffective allocation of responsibility for emissions reduction within the industry. Only by addressing and overcoming all these challenges in combination can the construction sector achieve drastic emissions reduction.

As is the case in a number of countries, the UK construction industry faces the challenge of expanding production whilst making ambitious greenhouse gas emission reductions. Embodied carbon constitutes a growing proportion of whole-life carbon emissions and accounts for a significant share of total UK emissions. A key mitigation strategy is increasing the use of alternative materials with lower embodied carbon. The economic, technical, practical and cultural barriers to the uptake of these alternatives are explored through a survey of construction professionals and interviews with industry leaders. Perceptions of high cost, ineffective allocation of responsibility, industry culture, and the poor availability of product and building-level carbon data and benchmarks constitute significant barriers. Opportunities to overcome these barriers include earlier engagement of professionals along the supply chain, effective use of whole-life costing, and changes to contract and tender documents. A mounting business case exists for addressing embodied carbon, but has yet to be effectively disseminated. In the meantime, the moral convictions of individual clients and practitioners have driven early progress. However, this research underscores the need for new regulatory drivers to complement changing attitudes if embodied carbon is to be established as a mainstream construction industry concern.