The Development of Large Scale Enterprise in Australia, 1910–64

Ville, Simon; Merrett, David

doi:10.1080/00076790000000265

Cited by 54 publications

(18 citation statements)

References 2 publications

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“…The history of Australian corporate development in the twentieth century certainly shows that most of our corporate leaders were multi-segment firms until at least the 1980s (Ville and Merrett, 2000). Given the mixed empirical evidence on the valuation discount and potential for differential pricing of multi-segment firms across countries, analysis of Australian firms is warranted.…”

Section: Introductionmentioning

confidence: 99%

The valuation discount of multi‐segment firms in Australia

Fleming

Oliver

Skourakis³

2003

Accounting & Finance

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This paper refines the Berger and Ofek (1995) methodology to estimate the valuation discount of multi-segment firms in Australia between 1988 and 1998. Evidence is found that based on earnings before tax, the sample of multi-segment firms traded at a 29 per cent greater discount than a comparable portfolio of single segment firms over the sample period. To explain the results further analysis shows that the valuation discount was driven by poorly performing multi-segment firms rather than multi-segment firms "per se". This raises questions about studies that conclude that diversification is value destroying. Copyright (c) AFAANZ, 2003.

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Section: Introductionmentioning

confidence: 99%

The valuation discount of multi‐segment firms in Australia

Fleming

Oliver

Skourakis³

2003

Accounting & Finance

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“…The evidence from this and the two following paragraphs is largely taken from Ville and Merrett (2000). Data on the largest New Zealand firms has yet to be constructed.…”

Section: Discussionmentioning

confidence: 99%

Desperately Seeking Synergy: Interdisciplinary Research in Accounting and Business History

Ville

Fleming

1999

Pacific Accounting Review

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In responding to the recent call for interdisciplinary research where synergies can be gained and institutional knowledge broadened, it is argued that a particularly strong case exists for aligning work on business and accounting history. The greater breadth and context about the structure of firms and their operating environment provided by business history facilitates an enhanced understanding of the forces that have driven the changing provision of management accounting services. In turn, it might be argued that historians analyzing the success or failure of firms can learn much by studying more closely the appropriateness of the accounting systems that they have adopted. While integrated studies of business and accounting history have been undertaken in other countries, there are dangers in applying their conclusions to Australasia because of the distinctive aspects of local experience. The importance of primary industries, high levels of concentration, a close state-big business relationship and the influence of multinationals differentiate Australasian experience from contemporaneous experience in other Western economies. Such distinctiveness also provides opportunities to look at central research questions from a different perspective.

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“…As late as 1910 seven of the leading ten companies operating in Australia were of this type (Ville and Merrett, 2000). The intention behind these companies was to secure natural resources and farming output needed by the industrializing British economy, although the benefits to the complementary Australian economy were also substantial, particularly in terms of inflows of entrepreneurship, knowledge, finance and technology and the outflow of pastoral and mining exports.…”

Section: Local Adaption Of Colonial Institutionsmentioning

confidence: 99%

“…By 1930 this figure had declined to eight and then to three by 1952. Firms registered in New South Wales or Victoria began to take their place (Ville and Merrett, 2000). Where British multinationals remained in Australia, they faced tensions between the rights of local management and their London boards.…”

Section: Local Adaption Of Colonial Institutionsmentioning

confidence: 99%

The Institutional Legacy and the Development of an Australian National Innovation System

Ville

2007

Institutions and Market Economies

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Institutions are the rules of the game that help to shape the long-term historical development of societies. They mediate human interaction and can be more or less formal (or tangible) in nature ranging from systems of government to common modes of behaviour. Most formal institutions can be distinguished as economic, social, political or cultural in nature although such distinctions are more difficult to make for informal institutions. What is certain is the pervasive impact of all types of institutions on a country's multifaceted development. Thus, economic performance may be shaped as much by a nation's legal system as by its trade policy.

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The Development of Large Scale Enterprise in Australia, 1910–64

Cited by 54 publications

References 2 publications

The valuation discount of multi‐segment firms in Australia

The valuation discount of multi‐segment firms in Australia

Desperately Seeking Synergy: Interdisciplinary Research in Accounting and Business History

The Institutional Legacy and the Development of an Australian National Innovation System

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