This paper explores the relationship between directors' pay and performance within Australian banking, using panel data for the 1992-2005 period. The relationship between CEO pay and performance is investigated also. Several earnings models are estimated, using different dependent variables, alternate measures of performance and different estimation techniques. The results indicate an absence of a contemporaneous relationship between directors' pay and bank performance, and no association with prior year performance. However, there is a more distant pay-performance relationship, with total directors' pay having a robust positive association with earnings per share lagged two years, as well as with ROE lagged two years. The other key determinants of directors' pay in Australian banking are bank specific managerial policies, lags in the administration of pay, bank size, directors' age and directors' stock ownership. In contrast to total directors' pay, the evidence confirms a strong positive and direct association between CEO remuneration and prior year bank performance. The pay-performance association is stronger and more direct for CEO remuneration than it is for total directors' remuneration. The responsiveness of CEO pay with respect to bank performance appears to have increased over time. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

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Purpose -The purpose of this study is to examine the effects of culture on accounting professionalism in 12 developing countries by applying Gray's 1988 model and Hofstede 1980 cultural study. Design/methodology/approach -Connecting seven variables introduced within a testable model lead the finding to classify the twelve countries within a range from statutory control to professionalism. The data set was collected from 1996 to 2000 through different sources. Twelve developing countries have been chosen from the Middle East and South East Asia in this study and cluster analysis is used for analysing and classifying the countries. Findings -The results show while the Gray's hypothesis of statutory control is positively confirmed for Iran, and moderately for Bangladesh, Jordan, Oman, and Qatar, it is negatively rejected for Pakistan, Turkey, Malaysia, and Indonesia. Research limitations/implications -One limitation of this study is the improvised nature of the data set caused by the difficulty in collecting an extensive data set from developing countries. Practical implications -The findings of the study provides a useful source of information about accounting authority in those developing countries in which improve the knowledge and literature about the accounting practice internationally. Originality/value -The findings of the study are useful in harmonization process of the international accounting practices. Knowledge about important aspects of accounting setting of the countries is essential to realize the impediments of harmonization.

Purpose – The purpose of this paper is to investigate the effects of cultural values on accounting uniformity and consistency among Arabic nations. Design/methodology/approach – A combination of a survey and analysis of published data on accounting information. Cluster analysis is used to classify the countries on the basis of accounting consistency and uniformity. Findings – The study indicates that the Hofstede-Gray hypothesis of accounting uniformity in Arab countries is supported by actual examination of accounting practice. Research limitations/implications – This is an initial study and the results need to be confirmed in future research. Nevertheless, the finding should be of interested to global investors, international accounting organizations (e.g. IFAC) and other academics who are researching accounting in the Middle East. Practical implications – The study indicates that in Arabic nations with a Muslim majority, cultural factors affect accounting development generally and accounting uniformity particularly. The study also shows that accounting practice in Saudi Arabia is less strict in term of uniformity in comparison with other Arabic countries. Originality/value – The paper is one of the few attempting to assess the effects of culture on accounting uniformity in the Middle East

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