There are two competing theoretical debates about the impact of ownership concentration on organisational outcomes, namely efficient-monitoring hypothesis and conflict-of-interest (strategic-alignment) hypothesis. New Zealand has a distinctively concentrated ownership structure. This raises an important research question: Does concentrated ownership in New Zealand perform an efficient monitoring or opportunistic function? This question remains unanswered due to the very limited research on ownership structure in New Zealand. This research considers three specific where studying the function of ownership concentration is likely to be insightful. Three contexts are: CEO compensation scheme, corporate voluntary disclosures and investor perception of ownership structure in the stock market. This research further contributes to the existing literature by decomposing ownership into four mutually exclusive groups, namely financial institution-, government-, management- and other company-controlled ownership structures. The different impacts of ownership concentration under each type of controlling ownership structure are investigated. The findings of Essay One reveal that concentrated ownership is a significant contributor to the poor CEO compensation pay-for-performance relationship in New Zealand listed companies. However, reduced ownership concentration promotes the alignment between CEO compensation and firm performance. These results imply that large shareholders in New Zealand do not play a monitoring role in curbing managerial power; rather it exacerbates the poor relationship between CEO compensation and firm performance. In Essay Two, regression results show that companies characterised by financial institution-controlled ownership structure tend to make significantly fewer (more) disclosures at high (low) concentration levels. In contrast, firm observations in the high concentration group with government- and management-controlled ownership structures have considerably higher voluntary disclosure scores compared with their low concentration counterparts. With respect to the linearity assumption, the relationship between ownership concentration and voluntary disclosure practices unveil a non-linear pattern, indicating that the efficiency of large shareholders’ monitoring varies with the level of intensity of ownership concentration. The results of Essay Three demonstrate that ownership concentration in general is positively associated with information asymmetry observed around annual report release date. This is supportive of investor-adverse selection towards ownership concentration, and such an adverse selection problem is strongly associated with financial institutional and managerial shareholdings. Also, ownership concentration decreases stock liquidity, so no result is found in line with the ownership concentration liquidity hypothesis. When voluntary disclosure is taken into account, regression results suggest that disclosure significantly attenuates information asymmetry risk related to ownership concentration. This effect is particularly pronounced for firms with management-controlled ownership structure. Findings highlight the importance of corporate disclosures under concentrated ownership structure in eliminating information asymmetry and enhancing market efficiency in New Zealand.

The question of an equilibrium exchange rate has always been a debatable issue. Along with rapid growth of the Chinese economy over the past two decades, a number of studies have been undertaken to investigate whether or not the RMB exchange rate is at its long run ‘equilibrium’ level. Because the equilibrium exchange rate affects the competitiveness of a country’s economy, these studies have focused on whether or not the real exchange rate is misaligned with respect to its long-run equilibrium level. One of the main reasons for this concern is that effective management of the exchange rate system could help a country’s economy achieve internal and external balance. Otherwise, it could negatively influence the stability of a country’s financial economy, possibly resulting in regional financial crises. This study estimates time varying values of the equilibrium real effective exchange rate (EREER) and associated exchange rate misalignments for China in recent years (from the first quarter of 1999 to fourth quarter of 2007). The study focuses on the reduced-form equilibrium real exchange rate (ERER) model for developing countries presented by Elbadawi (1994) and follows Edwards’ (1989, 1994) work on models of exchange rate determination. We identify the terms of trade, openness, government expenditure, productivity, and money supply as important explanatory variables of the RMB long-run equilibrium value. We use the Johansen-Juselius (1990) co-integration procedure to analyse our data. Using the ERER model, our results show there is a cointegrating relationship between the real effective exchange rate and its economic fundamentals. Subsequently, compare to other previous studies discussed in Chapter 2, our restricted error-correction model suggests that the extent of the misalignment is not very large, moving in a narrow band of plus and minus 12 percent of the long-run equilibrium level during the sample period. Focusing on the RMB real exchange rate misalignment in recent years, our result shows that the RMB was undervalued by an average of 6.7 percent during the period of 2005Q:3-2007Q:4. Furthermore, our short-run empirical error correction model indicates that, on average, the real exchange rate takes over one quarter to reach its long-run equilibrium level.

The worldwide market for organic foods is growing fast, but New Zealand meat producers have been slow to respond. Specifically, New Zealand producers have little or no organic lamb products for export or domestic sale. Part of the reason for this hesitancy to meet demand with supply is that the nature of the demand and consumer willingness to pay for the product is not well understood. The purpose of this study is to investigate New Zealand organic food consumers’ attitudes towards organic food and production methods and to evaluate consumer willingness to pay for an organic lamb product. Data for this study was collected using computer aided personal interviewing (CAPI) in supermarkets and speciality stores in Christchurch and Wellington. The study questioned consumers about their consumption habits, attitudes towards organic food and production methods and presented choice modelling scenarios to test willingness to pay for different attributes of lamb. Factor analysis is used to group the 12 attitudinal questions into three factors which were then placed into a two step cluster analysis to create consumer segments. Choice modelling was then used to measure consumer preferences for the tested attributes of lamb. From the factor and cluster analysis three distinct consumer segments were found and labelled as Committed Organic Seekers, Convenience Organic Consumers and Incidental Organic Consumers. These labels reflect each group’s organic consumption habits and attitudes towards organic food. The choice modelling results show that there is a willingness to pay for organic lamb. The three identified consumer groups state they would pay a premium of 61%, 44% and 26% respectively for organic lamb over standard pasture raised lamb. This paper gives an insight into consumer attitudes and preferences towards a product that could provide a way for New Zealand farmers to increase their returns. It contributes to the body of knowledge about the likely consumer profiles of regular consumers of organic food. There are only a few other studies that have attempted to measure consumer attitudes and willingness to pay for organic meat, however, the author is not aware of any published example of a study that has specifically investigated demand for organic lamb anywhere in the world. The study provides information about stated willingness to pay for five different attributes of lamb; this information should be of value in assisting the industry by showing which product offerings are likely to generate the highest sale price.

The thesis considers two pertinent questions about poverty in Fiji. One is about the accuracy of the poverty measures calculated by the concerned organisations and this relates to the use of equivalence scales and the general style of analysis. The other more intricate question is the disregard for poverty due to intra-family distribution asymmetries. Such miscalculations of poverty arise due use of average household per capita expenditure to represent consumption. This research attempts to answer the question of whether the tendency to underestimate the incidence of poverty by disregarding intra-family inequality is significant. Furthermore, it attempts to determine the causes of these inequalities. The issue is whether the classical method of data analysis (using the family as a unit) is the ideal way of analysing poverty and distribution in societies where large family structures exist and government relief remains minimal. To determine the household inequalities, household expenditures have been disaggregated into individualised expenditures. The individualised consumption expenditure is analysed and compared with the outcomes of aggregate household expenditure data. The analysis provides overwhelming evidence for underestimation of poverty when household consumption expenditures are used.

This thesis explores the theoretical basis of non-market valuation techniques; discusses in detail, the Contingent Valuation Method (CVM) and the Travel Cost Method (TCM); highlights the advantages and disadvantages of various non-market valuation techniques and their suitability under different conditions; and identifies the Contingent Valuation Method as the most appropriate non-market valuation technique to apply to Pekapeka Swamp, the case study site. The overall objective of the study is to apply the most appropriate non-market valuation technique to estimate the total economic value (TEV) of the restoration and preservation of Pekapeka Swamp and to test Hawke’s Bay Regional Council’s (HBRC) restoration programme for the Pekapeka Swamp using economic efficiency criteria. An appropriate contingent valuation mail survey questionnaire was designed to elicit responses to the dichotomous choice (DC) and open-ended valuation questions, and to collect socio-economic data and information on households’ attitude towards the environment. Responses to the survey questionnaire were analysed (using ordinary least squares regression for the open ended question, and logistic regression, for the DC question) to identify the factors that influence households’ willingness to pay (WTP) for the restoration and preservation of the Pekapeka Swamp and to estimate TEV. A number of functional forms of the logit and open-ended WTP models were fitted from which WTP functions were estimated. Households were asked a DC question followed by an open-ended question regarding the value they placed on the restoration and preservation of Pekapeka Swamp. Out of an initial mail-out of 958 questionnaires, an overall response rate of 46.13% was achieved after two follow-ups. Results from the final usable sample of 231, after removing protests and inconsistent responses, indicate that households in the Hawke’s Bay region would pay, on average, between NZ$30.00 and NZ$76.89 per annum for five years. Unit value ranges between NZ$17,898 and NZ$45,866 per hectare per year; and net present values for the restoration and preservation programme for Pekapeka Swamp based on our ‘best estimates’ range between NZ$5.05 million and NZ$18.20 million depending on the model and discount rate used.

The thesis considers two pertinent questions about poverty in Fiji. One is about the accuracy of the poverty measures calculated by the concerned organisations and this relates to the use of equivalence scales and the general style of analysis. The other more intricate question is the disregard for poverty due to intra-family distribution asymmetries. Such miscalculations of poverty arise due use of average household per capita expenditure to represent consumption. This research attempts to answer the question of whether the tendency to underestimate the incidence of poverty by disregarding intra-family inequality is significant. Furthermore, it attempts to determine the causes of these inequalities. The issue is whether the classical method of data analysis (using the family as a unit) is the ideal way of analysing poverty and distribution in societies where large family structures exist and government relief remains minimal. To determine the household inequalities, household expenditures have been disaggregated into individualised expenditures. The individualised consumption expenditure is analysed and compared with the outcomes of aggregate household expenditure data. The analysis provides overwhelming evidence for underestimation of poverty when household consumption expenditures are used.

Agricultural greenhouse gas emissions within New Zealand account for 48 percent of all national greenhouse gas emissions. With the introduction of the emissions trading scheme farmers will soon be liable for their emissions, introducing additional physical constraints and financial costs. Farmers that still operate within the sector will have two options to meet emissions targets; to purchase carbon credits from the open market, or mitigate farm level emissions at added costs to the farmer. This study examines the latter case of assessing farm level options for mitigating greenhouse gas emissions, and quantifying the physical and financial costs associated with mitigation strategies. Results show that, based on the assumptions in the study, there are available options for dairy farmers to profitably meet Kyoto protocol emissions targets. Sheep and beef farmers can increase profit, but cannot meet Kyoto protocol emissions targets, through examined scenarios.

Brain drain and brain circulation are forms of skilled labour migration which have a significant impact on New Zealand’s economic growth. Based on their importance, it is suggested that economies rethink how they compete for skilled labour in an international labour market. This research study reviews economic and non-economic factors that influence an individual’s decisions to stay or leave New Zealand. Data is collected from a survey sample of Lincoln University final year undergraduate and postgraduate students, who represent New Zealand’s future skilled labour. The research study employs a data reduction technique called factor analysis to collate large sets of variables into small sets for econometric analysis. The key econometric tool, logit analysis, provides probabilities of graduates leaving New Zealand and marginal effects of changes in key economic and non-economic variables. These key findings, providing new knowledge, are used to engage in a policy discussion in the last chapter. The research study importantly maintains focus on three key stakeholders, the government, the business community and the individual/student when addressing and analysing New Zealand’s brain drain and brain circulation issues.

No description available.

The Western and Central Pacific Ocean (WCPO) is home to the largest tuna fishery stock in the world. However, Pacific Island members of the Western and Central Pacific Tuna Commission (WCPTC) argue that their share of the economic rent from the tuna catches taken out of the Pacific region is very small, being on average only about 6% of the total net benefit, when compared to the share earned by Distant Water Fishing Nations (DWFNs). Kiribati is one of the Pacific Island Countries (PICs), which relies heavily on its fishery for its economic development and sustainability. Kiribati earns 40% - 50 % of its government revenue from fisheries access fees paid by DWFNs for tuna caught in the the Kiribati EEZ. The Government of Kiribati (GoK) believes that Kiribati could get greater benefit if they develop their own domestic tuna fishery. This study uses Cost-Benefit Analysis (CBA) and SWOT Analysis to investigate whether domestication of the tuna fishery is the right move for Kiribati or not. The CBA reported in this thesis adapted a model developed by Campbell (2004) to investigate and evaluate fisheries policy in Papua New Guinea (PNG). However the model in this thesis is reflective of the situation and case of Kiribati. In analyzing the different options identified in this study, the CBA indicated negative (-) NPV(s) for the medium-sized vessel option and positive (+) NPV(s) for the large-sized vessel option. The SWOT analysis however, complemented the CBA by further investigating the tuna domestication options in the economic, social and business and business environment of Kiribati. The SWOT analysis indicated that the existing situation and business conditions in Kiribati appears to favor the small to medium sized vessel options which are less risky than the large purse seine vessel option.