This paper investigates the determinants of capital structure and use of financing for small and medium sized enterprises. Hypotheses utilising static trade-off and pecking order arguments are empirically examined using a series of firm characteristics including: size, asset structure, profitability, growth and risk. The hypotheses developed are tested using a large Australian nationwide panel survey. The results suggest that asset structure, profitability and growth are important determinants of capital structure and financing. For asset structure the direction of the influence is reliant upon the capital structure or financing measure employed. The results generally support static trade-off and pecking order arguments proposed by theoretical models. Copyright (c) AFAANZ, 2003.
Aims to contribute to the understanding of the Australian
standard‐setting due process. Analyses submissions made on Exposure
Draft 49 Accounting for Identifiable Intangible Assets (ED49) as a case
study of the strategies employed by lobbyists in their attempt to
influence the accounting standard setters. Previous studies on
respondents′ submissions have ignored the possibility that, in
responding to exposure drafts, lobbyists are provided with a means of
persuasion in excess of casting votes. Employs a form of content
analysis to study the political process of standard setting. The results
suggest that respondents on ED49 attempted to weight their lobby
positions with the use of supporting arguments that utilized conceptual
and/or economic consequences rationale and presented positions of
differing strengths.
Current expenditure on psychosis in Australia is probably inefficient. There may be substantial opportunity costs in not delivering effective treatments in sufficient volume to people with psychotic disorders, not intervening early, and not improving access to rehabilitation and supported accommodation.
Objective. The aim of this study was to develop equations by which the costs could be compared of various models of performing diagnostic blocks for spinal pain.Design. Algorithms were elaborated describing different strategies for the diagnosis of cervical or lumbar zygapophysial joint pain using placebo-controlled diagnostic blocks, comparative local anaesthetic blocks, or no control blocks, and its treatment with radiofrequency neurotomy. For each step in each algorithm cost functions were applied. Summary equations were derived that allowed the cost of the algorithms to be compared algebraically. A selection of costs were substituted for the unknown variables in the equations in order to illustrate the cost-effectiveness of different algorithms under Australian and US conditions.Results. The equations indicated that cost-effectiveness was critically dependent on the ratio between the cost of treatment and the cost of a diagnostic block. For cervical zygapophysial joint pain, reimbursements discourage best practice, both in Australia and in the United States, by rendering the use of controlled blocks more expensive than no controls. For lumbar zygapophysial joint pain, controlled blocks are cost-effective under Australian fee schedules, and under some but not all American schedules. In the name of cost-effectiveness, the US fee structure encourages presumptive therapy without regard to diagnosis, but ignores the ethical and logistic consequences of inordinately high failure rates of therapy when a diagnosis is not established using controlled blocks.Conclusions. Best practice, using placebo-controlled diagnostic blocks before neurosurgical therapy of zygapophysial joint pain, is not encouraged and rewarded in the United States. In Australia it is compensated only in the context of lumbar zygapophysial joint pain. In the interests of short-term financial savings, the US fee structure sacrifices the majority of patients to failed treatment because of lack of proper diagnosis. Clinical absurdity, rather than evidence-based, best practice is encouraged.
Several concurrent strategies were recommended, including early intervention programmes and assertive evidence-based rehabilitation and supported employment programmes aimed at reducing disability. The cost-effectiveness of these approaches needs to be evaluated from the perspectives of both government and society.
Cheek teeth (CT) diastemata are now recognised as a clinically significant equine disorder, but their prevalence in the general equine population is unknown. There is also limited information on the signalment of affected horses; the more commonly affected Triadan sites; and the shape and clinical characteristics of CT diastemata. During the 12-month study period (2008 to 2009), standardised records were obtained during routine dental examinations performed by five veterinarians in a first-opinion equine practice. Cheek teeth diastemata were identified in 49.9 per cent of all horses (n=471) of mean age 11 years (range one to 30 years), with 83.5 per cent of all diastemata affecting mandibular CT and 16.5 per cent affecting maxillary CT. The mean number of diastemata per case was 1.7 (range one to 20) and the mandibular 07 to 08 position was most commonly affected. Valve diastemata were more common (72.1 per cent prevalence) than open diastemata (27.9 per cent). Food trapping was present in 91.4 per cent of diastemata, with gingivitis and periodontal pockets adjacent to 34.2 per cent and 43.7 per cent, respectively. Halitosis was present in 45.5 per cent of affected horses. There was an age-related increase in both the prevalence of diastemata, and in the numbers of diastemata per affected horse, and horses over 15 years old had a significantly increased proportion of open diastemata.
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