Issues and Significance: It is widely believed that good corporate governance is an important factor in improving the value of a firm in both developing and developed financial markets. However, the relationship between corporate governance and the value of a firm (the CGVF relationship) differs in developing and developed financial markets due to disparate corporate governance structures in these markets resulting from the dissimilar social, economic and regulatory conditions in these countries. There is a need to understand the differences which affect the value of a firm for academic investigations, financial and management practices and public regulation of markets and corporations. Existing Literature and Limitations: The existing literature on how good corporate governance contributes to improving the value of a firm is not well developed and has several limitations. No single research thus far, has undertaken a comprehensive study of the differences in the relationship between the level of corporate governance sophistication of the firm and its contribution to firm value. In the context of developing markets the relationships between corporate governance and the value of a firm are not defined properly and these relationships are not adequately tested by incorporating the relevant factors affecting them. Furthermore, comparative analyses of the relevance of different management theories (such as agency theory, stewardship theory, etc.) in shedding light on the nature and process of the CGVF relationships in developing and developed markets have not been reported in literature. Therefore, there is a need to redefine and properly analyse CGVF relationships by incorporating the factors relevant for a firm operating in developing and developed financial markets. Objectives of the Study: To help overcome the limitations of the existing literature, this study develops separate models for the CGVF relationships for developed and developing markets keeping in mind the differences between these markets; defines the concept of corporate governance and the value of a firm suitable for developing and developed financial markets; highlights the differences in the process by which corporate governance affects the value of a firm in developing and developed financial markets; and states the implications of different management theories in explaining the differences in CGVF relationships in these markets. Methodology and Data: Two typical financial markets, Australia (developed) and Malaysia (developing) are selected for the present study. The panel data is collected from 2000 to 2003 for Tobin’s Q, price to book value ratio, market capitalisation, gearing ratio, return on total assets, shareholder’s concentration (agency cost), CEO duality, board size, and judicial and regulatory authority efficiency. Multifactor corporate governance and the value of a firm (CGVF) models relevant for developed and developing markets are constructed and econometric analyses are performed to test the relationship between corporate governance instruments and the value of a firm. Incremental tests are also carried out to see the importance of individual variables in the model for developing and developed financial markets. In addition, tests for the complementarities of corporate governance instruments in affecting the value of a firm are also performed. Results and Implications of CGVF Relationships The results of the corporate governance model for developing, developed and crossmarket analysis suggest a positive relationship between corporate governance and the value of a firm. The results on the relationship between the value of a firm and corporate governance mechanism in the developed market suggest a negative relationship between debt and the value of a firm. The result confirms agency theory, as managers do not handle the debt properly. Also, there is a negative relationship between the value of a firm and a larger board, further confirming agency theory. On the contrary, control variables such as market capitalisation and the price to book value ratio have a positive relationship with the value of a firm in this market. The managers are stewards in this case and are inclined to support the interests of the shareholders thereby supporting stewardship theory. Similarly, the results on the relationship between corporate governance and the value of a firm in the developing financial market suggest a negative relationship between shareholder concentration and the value of a firm. The results of this model confirm agency theory where the majority shareholders, as agents, are involved in empire building. Similarly, control variables such as return on total assets, market capitalisation and price to book value ratio have a positive relationship with the value of a firm in the developing financial market. The results support stewardship theory. Finally, the bigger board size has a positive relationship with the value of a firm in the developing financial market. The results on the cross-market analysis show that higher debt and inefficient regulatory authority have a negative relationship with the value of a firm. There is an agency cost involved in handling debt. Furthermore, the inefficient regulatory authority deteriorates the value of a firm supporting agency theory. On the contrary, control variables such as return on total assets and price to book value ratio have a positive relationship with the value of a firm in both developed and developing financial markets, supporting stewardship theory. The incremental regression shows that price to book value ratio is the most significant factor in improving the value of a firm in all the CGVF models. The tests of complementarities in the cross-market analysis suggest that board size improves the marginal benefit of CEO duality. Similarly, the regulatory regime encourages an independent CEO to improve the value of a firm. Finally, the value of a firm in a developing market is a broad concept and also incorporates the social value in addition to the monetary value of a firm. The difference in the results for developing and developed markets is due to the different social, regulatory and corporate governance systems in their financial markets. Due to these variations in the selected financial markets, the process by which the value of a firm is affected is also different. Conclusion: In light of the above findings, the study has highlighted the role of corporate governance in effective utilisation of assets to improve the value of a firm. The role of the board and regulatory authority is important in disciplining the CEO and majority shareholders in the financial markets. A bigger board creates value for shareholders in developing financial markets. On the contrary, a smaller board and less debt create value in developed financial markets. The current study makes an original contribution by suggesting that there is a positive relationship between corporate governance and the value of a firm in both developing and developed markets, although, the nature of this relationship differs due to differences in the characteristics of developing and developed markets. The divergence in the social, economic and organisational aspects of these markets makes the relevance of various organisational and management theories in explaining the CGVF relationships different as well. These insights in explaining the CGVF relationships are useful for academic understanding and business and public policy formulations.

Whole document restricted, see Access Instructions file below for details of how to access the print copy. / Approaching retirement, individuals are confronted by a range of future risks and uncertainties. The primary worry is insufficient income and the associated danger of outliving one's capital. New Zealand has a unique approach for reducing this risk, comprising a universal state pension supplemented by voluntary unsubsidised saving. This simple model meets poverty prevention objectives, but middle-income baby-boom cohorts may struggle to achieve their income-replacement aspirations. The modest capital they have saved to supplement the state pension is exposed to the risks of inflation, poor investment outcomes, growth in living standards, and increasing longevity. They will enter retirement with significantly less private pension provision than previous generations and while they may hold a high proportion of their assets in owner-occupied homes, this equity is not readily accessed. They and their families also face the risk that they might require costly long-term residential care in old age. Women are likely to be particularly affected, not only as the spouses of men needing care, but, because of greater average longevity, they have a higher propensity to need long-term care themselves. Pension design and annuity markets are neglected areas of inquiry in New Zealand. In part this is because international pressures to privatise the state pension by setting up compulsory savings schemes in the private sector have been resisted. This thesis outlines the historical, practical, political and theoretical factors that explain the demise of private pensions and annuities. This provides a record of international interest as New Zealand is the first developed country to institute a tar neutral environment for retirement saving. While the New Zealand model is largely a credible one, there are significant shortcomings. This thesis examines whether economic theories can cast new light on what should be done and finds the experimentation of a pragmatic kind that has gone on historically precludes highly theoretical or ideological policy solutions. Normative judgements about well-being and distribution cannot be avoided. An integrated approach to reforming the New Zealand system is explored, based on the advantages of linking certain kinds of insurance. A substantial role for the state is inescapable; especially in the annuities market, which, it is argued, should be developed to play a significant role in retirement policy options. A state-guaranteed life annuity linked to long-term care insurance financed by a combination of cash and home equity is proposed, subsidised by intragenerational transfers from the retired population. This reform proposal builds on the existing pre-retirement saving policy and keeps the state pension as the cornerstone. The pay-off is improved welfare for middle-income retirees, greater economic efficiency, lower fiscal cost and improved equity both across and within generations. A greater credibility for the New Zealand model in international forums is also likely to follow.

Whole document restricted, see Access Instructions file below for details of how to access the print copy. / Approaching retirement, individuals are confronted by a range of future risks and uncertainties. The primary worry is insufficient income and the associated danger of outliving one's capital. New Zealand has a unique approach for reducing this risk, comprising a universal state pension supplemented by voluntary unsubsidised saving. This simple model meets poverty prevention objectives, but middle-income baby-boom cohorts may struggle to achieve their income-replacement aspirations. The modest capital they have saved to supplement the state pension is exposed to the risks of inflation, poor investment outcomes, growth in living standards, and increasing longevity. They will enter retirement with significantly less private pension provision than previous generations and while they may hold a high proportion of their assets in owner-occupied homes, this equity is not readily accessed. They and their families also face the risk that they might require costly long-term residential care in old age. Women are likely to be particularly affected, not only as the spouses of men needing care, but, because of greater average longevity, they have a higher propensity to need long-term care themselves. Pension design and annuity markets are neglected areas of inquiry in New Zealand. In part this is because international pressures to privatise the state pension by setting up compulsory savings schemes in the private sector have been resisted. This thesis outlines the historical, practical, political and theoretical factors that explain the demise of private pensions and annuities. This provides a record of international interest as New Zealand is the first developed country to institute a tar neutral environment for retirement saving. While the New Zealand model is largely a credible one, there are significant shortcomings. This thesis examines whether economic theories can cast new light on what should be done and finds the experimentation of a pragmatic kind that has gone on historically precludes highly theoretical or ideological policy solutions. Normative judgements about well-being and distribution cannot be avoided. An integrated approach to reforming the New Zealand system is explored, based on the advantages of linking certain kinds of insurance. A substantial role for the state is inescapable; especially in the annuities market, which, it is argued, should be developed to play a significant role in retirement policy options. A state-guaranteed life annuity linked to long-term care insurance financed by a combination of cash and home equity is proposed, subsidised by intragenerational transfers from the retired population. This reform proposal builds on the existing pre-retirement saving policy and keeps the state pension as the cornerstone. The pay-off is improved welfare for middle-income retirees, greater economic efficiency, lower fiscal cost and improved equity both across and within generations. A greater credibility for the New Zealand model in international forums is also likely to follow.

New Zealand has a problem with an increasing number of motor vehicles being abandoned at the end of their useful life. The environmental and associated social costs created by this problem are expected to increase with the rising number of vehicles entering the country. In addition, there are environmental concerns regarding some aspects of the legal disposal of end-of-life vehicles (ELVs). The exact magnitude of both problems is unknown and attempts made to address them have been ad hoc and success limited. This thesis sets out to quantify the problems and provide policy makers with tools to improve the overall management of motor vehicle disposal in New Zealand. To assess the extent and cost of the abandoned vehicle problem, local authorities are surveyed. The legislation dealing with car ownership, transferral and disposal and its implementation are scrutinised for weaknesses that allow ELVs to be abandoned without penalty. The automobile recycling industry is surveyed to determine the environmental impact from the industry's activities. Using semi-structured surveys, policies and practices used in other countries for the management of ELVs are investigated and assessed for effectiveness. Their application to the New Zealand situation is ascertained. Of the vehicles which are deregistered each year, one in five is dumped. The direct cost to local authorities, to deal with the 25,500 vehicles abandoned each year, is more than six million dollars. In addition, practices and standards for the removal and disposal of hazardous substances from ELVs vary nationwide, adding to the environmental burden caused by vehicle disposal. Recommendations for the improved management of ELVs target four areas, legislation, institutional practices, entry into the recycling system and dismantling operations. Minor changes to legislation and institutional practices combined with rigorous enforcement will close the data gaps and overcome free-rider problems. A disposal charge added to the registration fee of vehicles entering the country will allow ELV owners to dispose of their vehicles free-of-charge. Improved environmental performance by automotive dismantlers can be achieved through licensing and consistent monitoring from within the industry. Implementation of these recommendations will lead to better management of ELVs, through changed behaviour by private individuals and dismantling operations, and a reduction in the environmental costs associated with vehicle disposal.

Ongoing globalisation has resulted in more liberalisation, integration, and competition among countries. An upshot of this has been higher levels of cross-border investment. Foreign direct investment (FDI), long considered an engine of growth, has led to widespread probe with its recent rapid spread. Nevertheless, while research on the contribution of FDI to host countries has concentrated heavily on the developed and developing economies, there has been a marked neglect of small, developed economies. This study proposes to focus on New Zealand, a country that falls within the latter category. The study seeks to verify econometrically the impact of FDI on the country through causality links with growth, trade, domestic investment and labour productivity. The analysis is based upon time-series data, the econometric techniques of single, autoregressive distributed lag (ARDL), and the multiple equations approach, vector error correction method (VECM). The study found that there have been substantial gains to the New Zealand economy. A positive effect of FDI on the variables mentioned above led to an improvement of the balance of payments through an increase in exports rather than in imports. Economic growth has mainly been achieved through FDI's impact on exports and domestic private investment. The dynamic innovation techniques indicated a bi-directional causality between FDI and the variables. The long-run causality, however, runs mainly from growth and labour productivity to FDI rather than in the opposite direction. Another noticeable feature is that New Zealand's regional agreement with Australia, Closer Economic Relations, has brought the country significant gains in terms of growth and development through FDI. Both the ARDL and VECM approaches suggest that for a small, developed country qualitative impacts are greater than quantitative ones. The policy implication is that maintaining sustainable economic growth with a positive domestic investment environment is vital for attracting foreign investors. New Zealand, while continuing to encourage inward FDI, should aim to channel it into 'innovative' tradable sectors. The challenge lies in providing the right kind of policy mix for this purpose.

The subject of this thesis is the politics of economic restructuring, euphemistically termed 'reform' in the Pacific. Although structural adjustment policies are essentially neoliberal economic policies, the project of global economic restructuring, and its supposed end, a global regime of free trade, is a political one in several respects. It involves the wielding of economic power over developing countries by powerful multilateral institutions, developed countries and private corporate entities to such a degree that it is considered by some to represent the disciplining/subjugating and dis-empowering of developing states. It is supported by a successfully propagated ideology that combines economic growth theories (held to be infallible), 'good governance' rhetoric (with which no-one can reasonably disagree), and new notions of equality and 'non-discrimination' - the 'level playing field' and 'national treatment, in WTO parlance (which have been enshrined in enforceable global trade rules). It entails redefining the role of the state, transferring public ownership of assets to private hands, and removing subsidies that protect domestic industries and jobs, all of which are strongly contested. Successfully implementing 'reform' is widely acknowledged to require not only 'reform champions' but also 'ownership', and thus broad acceptance and legitimacy, yet commitments to restructuring are often made by government ministers without reference at all to national parliaments. National economic summits are used to rubber stamp or legitimate policies in a fait accompli. The thesis begins by situating the global regime of structural adjustment within the political context of North-South relations in the 1970s, the debt crisis of the early 1980s, and the collapse of socialist regimes and consequent discrediting of the socialist economic model and other variants of state-led development. It shows the key role of the World Bank in advocating the neoliberal model and setting the development aid agenda, and its abdication of this lead role after 1995 in favour of the World Trade Organisation and its agenda of global trade liberalisation. The thesis then examines the origins, agents and interests behind structural reform in the island states of the Pacific before focusing on how a regional approach to achieving regional wide economic restructuring and trade liberalisation is being taken, using a regional political organisation of Pacific Island states (The Pacific Islands Forum), and regional free trade agreements. It then illustrates the path of economic restructuring embarked on by Fiji following the 1987 coups, examines the implementation of 'economic reform' concurrently with policies to advance the interests of indigenous Fijians, and discusses some of the less acknowledged dimensions of reform.

Credit plays an important role in agricultural development and it is believed that expansion of credit programmes will have beneficial effects on agricultural production and incomes of small farmers. It is also a key to poverty alleviation, livelihood diversification, and increasing the business skills of small farmers. In the Philippines, small-scale and subsistence agriculture source their loans mostly from informal lenders, thus access to formal credit remains low. There is a need to examine further small farmers’ access to credit and investigate their preferences and perceptions regarding credit in order that their access can be improved and their needs through credit can be more effectively met. Determining the problems and the credit needs of small farmers are important considerations in designing appropriate credit systems for them. Accessibility of rural credit in the Philippines was examined, with the primary objective of exploring the use of and access to rural credit by small farmers. This research attempts to explore and understand the perceptions of small farmers toward rural credit, and to collect information in proposing an appropriate credit system for them. Two types of respondents were interviewed for the research; 45 individual farmers, and four key informants in New Corella, Davao del Norte. The research focused on how the farmers perceived the rural credit facilities, their preferences, their reasons for borrowing, and their problems in accessing credit. Qualitative data analysis was done for the information gathered. Access to credit by farmers was limited to the available credit services in the research area, thus farmers’ choices and preferences were not well served which led to borrowing from informal lenders. Credit restrictions such as commodity specific credit programmes, credit that requires collateral, and lengthy and complicated procedures restricted the farmers from accessing formal credit. It is recommended that accessibility to credit by small farmers could be improved by providing innovative financing schemes that address problems of farmers who lack collateral, and minimise long processing of documents and other requirements. In this way, farmers may be encouraged to better utilise formal credit and decrease their reliance on informal lenders, thus avoiding higher interest rates and thereby increasing their farm productivity and household incomes.

Whole document restricted, see Access Instructions file below for details of how to access the print copy. / Approaching retirement, individuals are confronted by a range of future risks and uncertainties. The primary worry is insufficient income and the associated danger of outliving one's capital. New Zealand has a unique approach for reducing this risk, comprising a universal state pension supplemented by voluntary unsubsidised saving. This simple model meets poverty prevention objectives, but middle-income baby-boom cohorts may struggle to achieve their income-replacement aspirations. The modest capital they have saved to supplement the state pension is exposed to the risks of inflation, poor investment outcomes, growth in living standards, and increasing longevity. They will enter retirement with significantly less private pension provision than previous generations and while they may hold a high proportion of their assets in owner-occupied homes, this equity is not readily accessed. They and their families also face the risk that they might require costly long-term residential care in old age. Women are likely to be particularly affected, not only as the spouses of men needing care, but, because of greater average longevity, they have a higher propensity to need long-term care themselves. Pension design and annuity markets are neglected areas of inquiry in New Zealand. In part this is because international pressures to privatise the state pension by setting up compulsory savings schemes in the private sector have been resisted. This thesis outlines the historical, practical, political and theoretical factors that explain the demise of private pensions and annuities. This provides a record of international interest as New Zealand is the first developed country to institute a tar neutral environment for retirement saving. While the New Zealand model is largely a credible one, there are significant shortcomings. This thesis examines whether economic theories can cast new light on what should be done and finds the experimentation of a pragmatic kind that has gone on historically precludes highly theoretical or ideological policy solutions. Normative judgements about well-being and distribution cannot be avoided. An integrated approach to reforming the New Zealand system is explored, based on the advantages of linking certain kinds of insurance. A substantial role for the state is inescapable; especially in the annuities market, which, it is argued, should be developed to play a significant role in retirement policy options. A state-guaranteed life annuity linked to long-term care insurance financed by a combination of cash and home equity is proposed, subsidised by intragenerational transfers from the retired population. This reform proposal builds on the existing pre-retirement saving policy and keeps the state pension as the cornerstone. The pay-off is improved welfare for middle-income retirees, greater economic efficiency, lower fiscal cost and improved equity both across and within generations. A greater credibility for the New Zealand model in international forums is also likely to follow.

Marine Protected Area (MPA), as a fisheries management tool has been promoted by both national and local conservationists and has provided de facto illustrations of integrated coastal management (ICM) in the Philippines. However, conflict is inevitable in the implementation of public policy such as the MPA because of contrasting objectives and expectations from various stakeholders. Coupled with non-human (e.g. MPA size) and human (e.g. mismanagement) threats, conflict becomes a hindrance to MPA effectivity. In the Philippines alone, only 10-20% of the 500 MPAs are attaining their objectives. This study presents an overview of MPA management and examines the interaction between the civil society and market forces of institutional arrangements in the case of North-Eastern Iloilo (NI) in the Philippines. It discusses overall scenarios that resemble conflict between various national, local and international sectors, assessing MPA success factors and the expected implications from such implementation. Results from key informant, focus-group discussion and social survey show that there are problems on MPA management in the region. Using data and strategic analyses, it presents that minimisation of conflicts amongst actors should be the primary goal of the NI municipalities. In addition, MPA size and membership to organisations are also significant factors of success. Moreover, the analysis from a simple correlation to complex Principal Component Analysis (PCA) and Canonical Correlation Analysis (CCA) conclude that information on MPA regulation does not directly contribute to the improvement in MPA management. It implies that a focus on informing stakeholders about the benefits of having an MPA and its regulations is ineffective. The focus should be on the reduction of conflict between economic actors - for free riding problems are currently occurring, thus minimising conflict by conflict resolution and proper incentives. However, there are still remaining challenges on MPA management, for not all factors are incorporated on this study. The challenge now is on how to identify the remaining factors and integrate them into policies and implementations to improve the overall condition of coastal communities.

Whole document restricted, see Access Instructions file below for details of how to access the print copy. / Approaching retirement, individuals are confronted by a range of future risks and uncertainties. The primary worry is insufficient income and the associated danger of outliving one's capital. New Zealand has a unique approach for reducing this risk, comprising a universal state pension supplemented by voluntary unsubsidised saving. This simple model meets poverty prevention objectives, but middle-income baby-boom cohorts may struggle to achieve their income-replacement aspirations. The modest capital they have saved to supplement the state pension is exposed to the risks of inflation, poor investment outcomes, growth in living standards, and increasing longevity. They will enter retirement with significantly less private pension provision than previous generations and while they may hold a high proportion of their assets in owner-occupied homes, this equity is not readily accessed. They and their families also face the risk that they might require costly long-term residential care in old age. Women are likely to be particularly affected, not only as the spouses of men needing care, but, because of greater average longevity, they have a higher propensity to need long-term care themselves. Pension design and annuity markets are neglected areas of inquiry in New Zealand. In part this is because international pressures to privatise the state pension by setting up compulsory savings schemes in the private sector have been resisted. This thesis outlines the historical, practical, political and theoretical factors that explain the demise of private pensions and annuities. This provides a record of international interest as New Zealand is the first developed country to institute a tar neutral environment for retirement saving. While the New Zealand model is largely a credible one, there are significant shortcomings. This thesis examines whether economic theories can cast new light on what should be done and finds the experimentation of a pragmatic kind that has gone on historically precludes highly theoretical or ideological policy solutions. Normative judgements about well-being and distribution cannot be avoided. An integrated approach to reforming the New Zealand system is explored, based on the advantages of linking certain kinds of insurance. A substantial role for the state is inescapable; especially in the annuities market, which, it is argued, should be developed to play a significant role in retirement policy options. A state-guaranteed life annuity linked to long-term care insurance financed by a combination of cash and home equity is proposed, subsidised by intragenerational transfers from the retired population. This reform proposal builds on the existing pre-retirement saving policy and keeps the state pension as the cornerstone. The pay-off is improved welfare for middle-income retirees, greater economic efficiency, lower fiscal cost and improved equity both across and within generations. A greater credibility for the New Zealand model in international forums is also likely to follow.