EXEMPT PROPRIETARY COMPANY ANNUAL REPORTING REQUIREMENTS: PUBUC INTEREST OR BUREAUCRATIC EMPIRE-BUILDING?

Abstract: Australian small business enterprises, operated as exempt proprietary companies, are exposed to numerous statutory requirements. The Corporations Law Simplification Taskforce has proposed a number of changes with the stated objective of minimising the statutory burdens faced by small business. One of the recommendations of the taskforce is that most exempt proprietary companies be exempted from the requirement to supply key financial data in annual returns lodged with the Australian Securities Commission. This paper provides a review of the existing statutory responsibility for exempt proprietary companies to prepare annual returns including key financial data and lodge them with the ASC. A common justification offered for the introduction and continued maintenance of annual reporting requirements has been the protection of the public interest. The “public choice” theory of regulation provides alternative explanations for the regulation, including the promotion of producer interests or the promotion of the interests of the regulatory agency responsible for the administration of the legislation, the Australian Securities Commission, and other government departments such as Attorney-General's, Finance and Treasury. The existence of alternative explanations raises the possibility that the regulation is not motivated exclusively by the public interest. Indirect evidence of the usefulness of the annual reporting requirements was gathered with a consideration of the quality of the key financial data disclosed in annual returns. More than 40% of the annual returns lodged by a sample of exempt proprietary companies, during the years 1986 to 1989, contained key financial data which was inconsistent with being extracted from a properly prepared balance sheet (where assets minus liabilities equal shareholders' equity). The possibility that the maintenance of annual reporting requirements is not in the public interest, and the limited reliability of key financial data disclosures made, offers some support for the recent recommendations of the Corporations Law Simplification Taskforce that annual reporting requirements for small business enterprises be modified.     

Suicidal ideation in adolescence: Depression,substance use,and other risk factors

The interrelationships of depression and suicide with adolescent drug use, delinquency, eating disorders, and the risk factors for these different problems were investigated among 597 9th and 11th graders in an urban high school. There is a strong association of drug use with suicidal ideation among girls, and a stronger relationship with attempts among girls and boys. Suicidal youths are ill-adjusted and display a lack of attachment and commitment to family and school. Causal models indicate that poor interpersonal interactions with parents, absence of peer interactions, and life events lead to depression, which in turn leads to suicidal ideation. Depressive symptoms are the strongest predictors of suicidal ideation. Among females, depression predicts drug involvement, and in turn, drug use increases suicidal ideation. Drug use is only one class of problem behaviors that constitutes a risk factor for suicidal behavior in adolescence. Delinquency and eating disorders also have direct effects on suicidal ideation beyond those of depressive affect. As for drug involvement, these problem behaviors are more predictive of suicidal behavior among girls than boys. Similarity and specificity of the predictors for problem behaviors within and between the sexes are discussed. Although young women use drugs to handle feelings of depression, drug use appears ineffective in the long run in relieving these depressive feelings. Understanding the dynamics of suicidal ideation in adolescence has important public health implications, since ideation is a strong predictor of attempts, especially among females.Revised version of a presentation at the Workshop on Adolescent Depression, Princeton, NJ, June 3, 1987.Work on this research has been partially supported by Research Grants DA00064, DA01097, DA03196, and DA02867, and by Research Scientist Award DA00081 from the National Institute on Drug Abuse; and awards from the John D. and Catherine MacArthur Foundation and the Research Foundation for Mental Hygiene, New York State Psychiatric Institute. Partial support for computer costs was provided by Mental Health Clinical Research Center Grant MH30906-07 from NIMH to the New York State Psychiatric Institute.Received Ph.D. in Sociology from Columbia University. Research interests include adolescent psychosocial development, epidemiology and risk factors for drug use, and interpersonal networks.Work on this research was carried out while a Research Associate at the School of Public Health, Columbia University. Received Ph.D. in Sociology from Columbia University. Research interests include personal networks and social support systems in chronic illness, societal factors in mental health, psychosocial consequences of drug use and abuse, panel mortality, and survey methodology.Received M.P.H. from Columbia University. Research interests include reliability and child psychiatry.     

The organization and management of ministries of education in small states

Until recently, the literature on public administration has been almost exclusively based on the concerns and features of medium-sized and large states. Few studies have addressed the special features of public administration in small states. This paper helps to redress this situation by focusing on Ministries of Education in small states. It is mainly based on a Commonwealth survey of 15 countries in the Caribbean, Africa, Europe, the Indian Ocean, Asia and the South Pacific. Among the questions addressed in the paper are ones on the range of functions undertaken by Ministries of Education and on such personnel matters as job definition and recruitment. The paper also examines issues of management in the highly personalized environment found in small states.     

The influence of the gramm-rudman-hollings act on federal budgetary outcomes, 1986—1989

This article analyzes the impact of the Gramm-Rudman-Hollings (GRH) Act on federal budgetary and fiscal outcomes. Rather than portraying it as a two-on federal budgetary and fiscal outcomes. Rather than portraying it as a two-party game between Congress and the president, each with monolithic policy preferences, we view GRH as a multiparty negotiation game among advocates of different programs and agencies. In this game, agencies subject to sequestration and their congressional advocates have an incentive to reach a budget accord, while those exempt from sequestration do not. Consistent with this argument, we find that GRH has restrained outlays for nonexempt programs and that exempt programs have, if anything, experienced more rapid growth. Overall, GRH is estimated to have restrained outlays by $59 billion by fiscal 1989, and to have restrained outlays more effectively after the 1987 modifications in the Act. The Gramm-Rudman-Hollings Act signals another phase in the decade-long struggle between the White House and Congress over public spending priorities. Our final counterfactual analysis suggests that GRH partially returned federal fiscal and budgetary relationships and priorities to those that prevailed before Reagan.     

Approach and avoidant coping: Implications for adolescent mental health

We conducted a short-term longitudinal study examining the structure of coping behavior and the relationship between coping style and depression during adolescence. The sample consisted of 603 adolescents in Grades 6–11 who were surveyed in the fall of 1989 and again in the fall of 1990. A two-dimensional model of coping was found using confirmatory factor analysis with the factors being approach and avoidant coping. Four cross-sectional and seven longitudinal coping groups were formed to explore group differences in depression. Approach copers reported the fewest symptoms of depression, while avoidant copers reported the most. Subjects who changed over time from approach to avoidant coping evidenced a significant increase in depressive symptoms, whereas subjects who switched from avoidant to approach coping displayed a significant decrease in depression over a one-year period. These findings imply that adolescents who are able to elicit social support, engage in problem solving, and cognitively restructure events within a positive light are more likely to successfully negotiate the challenges of adolescence.This research was supported by a grant from the William T. Grant Foundation (8912789), Anne C. Petersen, Principal Investigator. The writing of this article was supported by the National Institute of Mental Health Research Training Grant 5 T32MH18387-06 in Child Mental Health/Primary Prevention.Received Ph.D. in Human Development and Family Studies from Pennsylvania State University. Research interests include adolescent mental health and community research.Received his Ph.D. in Human Development and Family Studies from Pennsylvania State University. Research interests include adolescent mental health and research methodology.Received degree from the University of Chicago. Research interests are in biopsychosocial development in adolescence, with a focus on sex differences in mental health.     

Urban youth under stress: Empirical identification of protective factors

Explored the influence of life stress as mediated or moderated by locus of control, family environment, social support, and coping style on psychological adjustment and school performance in 164 ninth graders from Baltimore. Gender differences in findings were shown. For boys, family cohesion was the only variable found to protect against the effects of stress. Family cohesion did not serve protective functions for girls, and along with overall social support, was associated with increased vulnerability to school problems. The report of problem-focused coping strategies exerted a number of protective functions for girls only. External locus of control was found to increase boys' and girls' vulnerability to the effects of life stress. Empirical development of interventions to improve the psychosocial adjustment of inner-city adolescents is discussed.Received Ph.D. from Virginia Polytechnic Institute and State University in 1991. Research interests include evaluation of school mental health services, empirical development of interventions for children, and the impact of violence on urban youth.Received B.A. from Cornell University. Interests include stress and coping in children, identification of resilience factors, and evaluation of child mental health systems of care.Received Ph.D. from the University of Oklahoma in 1967. Research interests include psychophysiology, sleep disorders, and biofeedback and instrumentation.Received B.A. from Loyola College. Interested in applied work with adolescents and adults.Received M.D. from Duke University in 1968. Research interests include training in child and adolescent psychiatry, adolescent psychopathology, and the development of school mental health programs.