The concept of strategic entrepreneurship has received increased attention over the past ten years. Viewed as the intersection of entrepreneurship and strategy, this field of research is populated by conceptual studies which focus mainly on the nature and perceived benefits of strategic entrepreneurship. Similarly, the study of entrepreneurship in a public sector context has gained increasing support in recent years, but also remains underexplored. To address these gaps, this thesis considers: What are the underlying elements and financial implications of strategic entrepreneurship in New Zealand’s state-owned enterprises [SOEs]? New Zealand’s SOE sector, comprising 17 government-owned, commercially focused organisations, is considered to be a prime subject for this research. Well known for their implementation of new public management [NPM], many New Zealand SOEs have also been publicly recognised as both innovative and entrepreneurial. The research question is addressed by first developing a preliminary framework of strategic entrepreneurship from literature on entrepreneurship and strategy. This framework is then examined in the context of case studies on activity which is entrepreneurial and/or strategic within 12 of the 17 SOEs operating in New Zealand as at 2006. Transcripts from a series of interviews, and publicly available documents are analysed thematically. SOEs’ financial statements over a five year period are also analysed. The thesis contributes in two broad areas. First, much-needed empirical support is lent to the concept of strategic entrepreneurship. Key elements of strategic entrepreneurship identified include opportunity identification, innovation, acceptance of risk, flexibility, vision, growth, and leveraging from core skills and resources such that existing knowledge and skills are transferred and applied to create new products, services, and markets. Important supporting elements identified include an open, flexible, and progressive culture, operational excellence, and cost minimisation. The nature of each of these elements is also investigated. A detailed understanding of the relationship between strategic entrepreneurship and wealth creation reveals various internal and external factors which may influence the nature and strength of the relationship. These factors include changes within the organisation, as well as changes in the economic and political environment, and are important influences on the resulting returns realised. Second, this thesis offers valuable evidence in support of emerging change in the public sector towards the adoption of strategic entrepreneurship. Support for the value of NPM is provided, with clear evidence of financial returns from New Zealand’s SOE sector. Further, a key finding is the structured and systematic approach to entrepreneurial activity within the context of NPM in several New Zealand SOEs. Such behaviour is referred to in this thesis as new public entrepreneurship. This form of activity offers the potential for competitive advantage and financial gain traditionally associated with entrepreneurial activity, but also limits the respective risks through its structured, systematic approach.

The concept of strategic entrepreneurship has received increased attention over the past ten years. Viewed as the intersection of entrepreneurship and strategy, this field of research is populated by conceptual studies which focus mainly on the nature and perceived benefits of strategic entrepreneurship. Similarly, the study of entrepreneurship in a public sector context has gained increasing support in recent years, but also remains underexplored. To address these gaps, this thesis considers: What are the underlying elements and financial implications of strategic entrepreneurship in New Zealand’s state-owned enterprises [SOEs]? New Zealand’s SOE sector, comprising 17 government-owned, commercially focused organisations, is considered to be a prime subject for this research. Well known for their implementation of new public management [NPM], many New Zealand SOEs have also been publicly recognised as both innovative and entrepreneurial. The research question is addressed by first developing a preliminary framework of strategic entrepreneurship from literature on entrepreneurship and strategy. This framework is then examined in the context of case studies on activity which is entrepreneurial and/or strategic within 12 of the 17 SOEs operating in New Zealand as at 2006. Transcripts from a series of interviews, and publicly available documents are analysed thematically. SOEs’ financial statements over a five year period are also analysed. The thesis contributes in two broad areas. First, much-needed empirical support is lent to the concept of strategic entrepreneurship. Key elements of strategic entrepreneurship identified include opportunity identification, innovation, acceptance of risk, flexibility, vision, growth, and leveraging from core skills and resources such that existing knowledge and skills are transferred and applied to create new products, services, and markets. Important supporting elements identified include an open, flexible, and progressive culture, operational excellence, and cost minimisation. The nature of each of these elements is also investigated. A detailed understanding of the relationship between strategic entrepreneurship and wealth creation reveals various internal and external factors which may influence the nature and strength of the relationship. These factors include changes within the organisation, as well as changes in the economic and political environment, and are important influences on the resulting returns realised. Second, this thesis offers valuable evidence in support of emerging change in the public sector towards the adoption of strategic entrepreneurship. Support for the value of NPM is provided, with clear evidence of financial returns from New Zealand’s SOE sector. Further, a key finding is the structured and systematic approach to entrepreneurial activity within the context of NPM in several New Zealand SOEs. Such behaviour is referred to in this thesis as new public entrepreneurship. This form of activity offers the potential for competitive advantage and financial gain traditionally associated with entrepreneurial activity, but also limits the respective risks through its structured, systematic approach.

Many of the countries all over the world, with different experiences, own state-owned enterprises (SOEs). Even though these enterprises are useful socioeconomic policy instruments, evidence from most of these countries shows that these enterprises do not fulfil their mandates, especially when wholly owned, and in developing and corrupt countries. As a result, owning SOEs has become a trend rather than a means to an end. Several models, from privatisation, then back to renationalisation, have been attempted in mitigating the numerous problems of these enterprises. These models did not mitigate the problems of SOEs as they were, in summary, mere models backed by powerful advocates and favoured by the turn of socio-political and economic cycles at that time. However, irrespective of the numerous problems of SOEs, these enterprises can still be useful socioeconomic policy instruments now, as in the past. Using multiphase exploratory mixed methods, this thesis explores ways of mitigating the problems of SOEs by developing a best practice structural corporate governance model that takes into account various aspects of corporate governance of SOEs. In this context, the empirical part of this study was conducted in three phases. The first phase analyses the contents of relevant enterprises’ documents. The second phase analyses survey responses from purposively selected expert respondents from sample SOEs. The third phase analyses interviews from purposively selected expert participants from sample SOEs. Thus, this thesis determined the problems of SOEs, detailed the problem implications, identified contingent areas of the models considered vis a vis problems explored, extended the role of government, developed a conceptual framework, established useful models for organising and owning SOEs as a way of mitigating the identified problems, analysed the thesis statement and thesis propositions and developed a structural corporate governance model for SOEs. The study found that the holding company model, both wholly and partly owned, appears to be better in mitigating corporate governance problems of SOEs, compared with the traditional wholly and partly owned models, with the partly owned model of the holding company model a better model compared with the other models. Thus, this thesis harnesses the stages detailed above into contributing to the field of scholarly knowledge by harnessing the stages described into developing a structural corporate governance model that takes into account relevant aspects of corporate governance of SOEs and related enterprises. Following this, this thesis proposes that, in addition to emulating the developed model, establishing a supervisory board that constitutes representatives from public and private role players, as well as other external assurance providers and regulatory inspectors is key in mitigating problems of SOEs, especially in developing countries. This thesis contributes to the field of scholarly knowledge by synthesising disjointed literature on public entrepreneurship, developing and demonstrating a theoretical comparative sampling method, extending the role of government, theoretically developing a conceptual framework, dimensional theory, as well as developing a structural corporate governance model. / Business Management / D. Phil. (Accounting Sciences)