By ASX Classification Index and ASX Codes
Resources
ASX Classification Index ASX Code
APPENDIX 1: Services D1 D2 D3 D6 Manufacturing Industry Financial Services D5
APPENDIX 2
Firms that issued CFRs: Listed by Industry Category
Financial Services Resources
Australia and New Zealand Banking Group Ltd Alintagas Limited
Bank of Western Australia Limited Australian Gas Light Co.
Bendigo Bank Limited Australian Pipeline Trust
Commonwealth Bank of Australia BHP Billiton Limited
Macquarie Bank Limited Caltex Australia Limited
National Australia Bank Consolidated Minerals
St. George Bank Limited Delta Gold Limited
Suncorp-Metway Limited GRD NI
Westpac Banking Corporation Iluka Resources
AMP Limited Horizon Energy Invest.
AXA Asia Pacific Macquarie Infrastructure
NRMA Insurance Group Newscrest Mining Limited
QBE Insurance Group Ltd Origin Energy Limited
Australian Stock Exchange Ranger Minerals Limited
Computershare Limited Renewable Energy Corp.
Centro Properties Group Rio Tinto Limited
General Property Trust United Energy Limited
GPT Split Trust
Homemaker Retail Group
ING Office Fund Retail
Investa Property Group
Mirvac Group Billabong International
Prime Retail Group Coles Myer Limited
Thakral Holdings Ltd David Jones Limited
Westfield America Trust Gowing Bros. Limited
Westfield Trust Woolworths Limited
Manufacturing Construction
Amcor Limited Abigroup
Austral Limited Ariadne Australia Ltd
Foster's Group Limited Boral Limited
Futuris Corporation Limited Clough Limited
King Island Company Limited Forrester Kurts Properties
National Foods Limited Henry Walker Eltin Group
OneSteel Limited Leighton Holdings Ltd
Orica Limited Lend Lease Corporation
Pacific Dunlop Limited Westfield Holdings
Peter Lehmann Wines Limited
Southcorp Limited
Australian Pharmaceutical Industries Limited Other
GroPep Limited
Institue of Drug Technology Australia Limited Alesco Corp. Ltd
Mayne Nickless Limited Grain Corp Ltd
Services Services (cont)
Burswood Limited Tabcorp Holdings Ltd
ERG Group Telstra Corp. Ltd
John Fairfax Holdings Ten Network Holdings
News Corporation Ltd Toll Holdings Limited
Publishing& Broadcasting Uecomm Limited
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Descriptive Statistics for Split Data Set 117.85 1.93 9230.00 485.62 1169.96 5.49 8.25 -432.80 213.80 5.60 58.35 -4.36 7.80 -637.20 295.60 -2.74 91.16 -4.83 29.94 .33 77.18 34.64 19.76 .46 88 1114.90 51.20 74522.60 6002.21 13134.19 3.68 9.25 -19.40 57.40 11.05 10.86 1.03 6.65 -28.20 90.00 8.65 13.00 3.12 40.55 2.80 85.26 42.18 17.88 .19 88 Market Capitalisation $m Return on Equity Return on Assets Shareholder Dispersion Valid N Market Capitalisation $m Return on Equity Return on Assets Shareholder Dispersion Valid N
Split Data Set No CFR issued
CFR Issued
Statistic Statistic Statistic Statistic Statistic Statistic
Median Minimum Maximum Mean Std. Dev. Skewness
Table 1: Characteristics of Sample Firms
Panel A:
Panel B:
Industry n % No CFR Issued CFR Issued
Resources 33 18.8 16 (18.2%) 17 (19.3%) Manufacturing 38 21.6 23 (26.1%) 15 (17.0%) Construction 11 6.3 2 (2.3%) 9 (10.2%) Retail 9 5.1 4 (4.5%) 5 (5.7%) Financial Services 39 22.2 13 (14.8%) 26 (29.5%) Services 25 14.2 11 (12.5%) 14 (15.9%) Other 21 11.9 19 (21.6%) 2 (2.3%) Total 176 100.0 88 (50%) 88 (50%) χ2 (6, n=176) = 24.735i p < .01 ___________________________________________________________________________________
Auditors Sample No CFR Issued CFR Issued
n % n % n % Non Big-5 21 11.9 16 18.2 5 5.7 Big 5 155 88.1 72 81.8 83 93.3 χ2 (1, n=176) = 6.543ii i
2 cells (14.3% have expected count less than 5. The minimum expected count is 4.50. ii
0 cells (.0%) have expected count less than 5. The minimum expected count is 10.50.
Table 2: t-Test and Mann-Whitney U Results between Non-CFR and CFR firms on Corporate Characteristics
Non-CFR CFR
Firms Firms
(n=88) mean (n=88) mean t p(1-tailed) Z p(1-tailed) Size (LogMcap) 5.10 (1.32) 7.14 (1.86) 8.42 0.000** 7.18 0.000** Profitability (ROE) 5.6% (58.4%) 11.1% (10.9%) 0.86 0.196 1.25 0.107 Profitability (ROA) -2.7% (91.2%) 8.6% (13.0%) 1.16 0.125 0.66 0.255 Shareholder Disp. 34.6% (19.8%) 42.2% (17.9%) 2.66 0.005** 2.79 0.003** Note:Figures in parentheses are standard deviations.
*p < .05 **p < .01
Industry * CFR issued or not 24.735a 6 .000 176 Pearson Chi-Square N of Valid Cases Value df Asymp. Sig. (2-sided)
2 cells (14.3%) have expected count less than 5. The minimum expected count is 4.50.
a.