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The youth foyer model was designed to provide a package of support, including accommodation to homeless or at-risk young people, based on participation in education, training and/or employment as a supported transition to independent living and a sustainable livelihood. Commencing in the early 1990s, the UK has developed a large number of foyers while Australia is a relative newcomer to this kind of supportive youth housing. Unlike in the UK, existing and proposed Australian foyer income generated from current benefits and subsidies is not sufficient to cover the cost of support. We highlight the need for an extensible source of funding specifically for supportive housing for homeless and at-risk youth in order to ensure the financial sustainability and therefore replicability of the foyer model in Australia. We also discuss some issues relating to the translation of the model from one national context to another.

This study addresses the question of whether directors of publicly listed companies engage in self‐serving behaviour. Specifically, the enquiry considers whether directors in failing firms reduce personal shareholdings in their firms as failure approaches. The answer not only has implications for shareholders and regulators but has importance in terms of agency theory. While it appears that directors of failed firms do not hold fewer shares or reduce their shareholdings in their own firms, it seems that they do not increase their shareholdings as frequently as those in non‐failed firms.

ABSTRACTManuscript Type: ConceptualResearch Question/Issue: In this paper we identify and discuss the relationship between corporate governance and risk management of high technology firms, with publicly listed Australian biotechnology companies as a case in point. We present a governance structure that better manages the numerous complex risks such companies face.Research Findings/Insights: Audit committees are traditionally responsible for oversight of auditing matters relating to the company's financial systems and risk management relating to financial reporting. While the audit committee needs to have a full understanding of the risk management system in order to be able to assess the overall risk profile of the company we illustrate that the complex risk and regulatory environment high technology firms face may necessitate the creation of a separate risk management committee to interface with and assist the board and audit committee.Theoretical/Academic Implications: We provide evidence that the traditional governance model is inadequate in today's complex business environment, particularly for high technology companies. By analyzing the legislative, industry, and complex risk environment faced by these firms, we posit that the traditional model may need to change to meet the demands of a wider definition of governance that specifically incorporates risk management.Practitioner/Policy Implications: Against a backdrop of corporate collapse, increasing corporate regulation and reporting, risk management and oversight has been a recent addition to the role of the board. It is not inconceivable that capital market regulators may require reporting on risk management and the creation of a separate risk management in the future.