We examine ownership structures and corporate governance attributes of 313 Australian initial public offerings (IPOs) between 1976 and 1993 and their relation with up to 5 years of post-listing operating performance, adjusted for similar (non-IPO) firms. Consistent with prior share price-based evidence, we find that the operating performance of Australian IPOs typically deteriorates over the first 4 post-listing years. Any evidence of a positive association between insider ownership and firm performance is confined to the fourth and fifth years after the IPO. Evidence of a positive relation between institutional ownership and performance is restricted to the latter part of our 5-year post-listing window. Board composition (i.e. outsider versus insider control) is not associated with operating performance, although there is some evidence that independent board leadership is associated with better operating performance. Copyright (c) 2004 Accounting and Finance Association of Australia and New Zealand.

PurposeOver recent years, a number of companies have committed to sharing information relating to their environmental, social and governance (ESG) activities, in response to a higher demand for transparency from stakeholders. This paper aims to explore the impact of such reporting on the financial performance of construction companies.Design/methodology/approachThis paper first examines the state of non‐financial reporting of publicly‐listed construction companies on climate change, environmental management, environmental efficiency, health and safety, human capital, conduct, stakeholder engagement, governance and other matters deemed to be of concern to institutional investors. It then presents the results of an empirical study on the impact of issuing non‐financial reports and the extent of companies’ sustainability practices (represented by ESG scores) on the financial performance of the companies. Financial performance is measured via a range of financial ratios.FindingsThe paper finds that a majority of the publicly‐listed construction companies studied have low levels of reporting, while construction companies issuing non‐financial reports largely outperform those which do not in a number of selected financial ratios, although the correlation between financial performance and ESG scores is not strong.Originality/valueThe originality of this research lies in its use of “hard data”, and it is supported by a wide range of financial ratios; this is distinguished from the existing, largely qualitative literature.

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Purpose-The purpose of this paper is to present an original model, and one of practical use, for a contractor's internal analysis of the likelihood of late and incomplete payments, in an uncertain payment environment. Payments typically dominate the thinking of a contractor and the way a contractor operates. The model applies equally to subcontractors, suppliers and consultants. Design/methodology/approach-The model is based on Markov chains, specially adapted to the problem, where the states are defined as the period of time by which the payment is overdue. In addition, there are special states corresponding to claims that have been paid, and those that need resolution. Transitions between states reflect the payment characteristics on the project (which itself depends on the type of project and the owner-contractor relationship). Findings-Real project data confirm the validity of the model. Output from the model can be shown to agree with actual contractor payment data. The output is in terms of probability of payment by a certain date, and mean time to payment for amounts owing. Such information assists the contractor in its financial management practices. Practical implications-The paper gives a summary approach for contractors. A strength and paradox of the model is its simplicity in usage, yet it overlies hidden more extensive mathematics, which might generally not be known or is necessary to be known to contractors. The model analysis feeds into the contractor's cash flow calculations, overall project risk analysis and accounting procedures. Originality/value-The paper represents an original contribution to the modelling and analysis of contractor payments.