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- ItemThe persistence of NZ dollar misalignments relative to Purchasing Power Parity(AUT Faculty of Business, 2003) Luo, R. H.; Plantier, C.This paper examines the Purchasing Power Parity (PPP) relationship between the New Zealand dollar and the Australian dollar, Japanese Yen, the UK sterling, the US dollar and the Trade-Weighted Index respectively, using the ADF and Phillips-Perron unit root tests, Engle-Granger cointegration test and Johansen cointegration test. We use high frequency monthly data running from 1985 to 2001 for the analysis. In addition, this study analyzes the adjustment dynamics of real exchange rates of New Zealand through impulse response analysis and constructs confidence intervals for the half-life persistence estimates based on the simple and bootstrap methods. While the unit root tests and cointegration tests show mixed results for the long-run PPP, there is sufficient evidence that relative price levels help determine the value of the NZ dollar in the medium term. In particular, the point estimates and the confidence intervals of the half-life persistence estimates are found to be significantly lower than previous studies, 1-3 years compared with 3-5 years. Moreover, the half-life of PPP reversion between New Zealand and Australia is less than 1 year, which suggests that misalignments between NZ and AU dollar are not very persistent.
- ItemTechnology, organisation and innovation: the historical development of the UK magazine industry(AUT Faculty of Business, 2003) Cox, H.; Mowatt, S.For most of the twentieth century, the publishing of magazines was technologically and organisationally embedded within the printing industry. By charting the origins and evolution of Britain’s principal magazine publisher, IPC, this paper demonstrates how these organisational inflexibilities served to constrain new product development and promoted a competitive regime based upon mass production coupled with a low pricing strategy founded on cheap weekly magazines. During the 1980s, however, radical changes in working practices within the printing industry, stemming from the political reforms to trade union power, paved the way for a revolution in publishing technology. The introduction of desktop publishing (DTP) packages after 1985 thus heralded a new competitive phase in the magazine industry, promoting a much greater emphasis on innovation as a competitive weapon and supporting enhanced forms of product differentiation and organisational flexibility.
- ItemRetailers’ perceived value of manufacturers’ brands(AUT Faculty of Business, 2003) Glynn, M.; Motion, J.; Brodie, R.Most of the theoretical and empirical research into brand equity has focused on business to consumer relationships and the value created with end-customers (consumer-based brand equity). Little is known of the processes where brands create value in business-to-business relationships such as in manufacturer-retailer relationships. This article reports the qualitative findings of a research project into this under-researched area investigating the role of brands in business-to-business relationships. The results show that manufacturers’ brand equity is linked to the value of the brand performance as perceived by the retailer. This perceived value has an impact on key relationship variables such as commitment, trust, dependence and cooperation. To obtain the optimal value from the brand, both manufacturers and retailers need to manage these sources of brand asset value within the business relationship. Although large brands have considerable influence in the relationship, smaller brands can also offer value to retailers and play an important part in the management of product categories within the store. A conceptual model is developed that shows the impact of the sources of brand value within a business-to-business relationship.
- ItemThe use of Performance Measurement as an Accountability Mechanism: a case study in the UK National Health Service(AUT Faculty of Business, 2003) Northcott, D.; Chang, L.-C.The UK Labour government has recently developed the NHS Plan, which specifies long-term objectives and strategies for the development of the National Health Service. Along with the NHS Plan has come the development of Service and Financial Frameworks (SaFFs). The aim of SaFFs is to overcome the potential agency problem that exists between government and NHS organizations (Heymann, 1988) by enhancing the accountability of local NHS organizations for delivering the outcomes required by the NHS Plan. This study uses a case study to explore how the SaFF has been applied as a new NHS performance measurement tool and identifies issues affecting the usefulness of the SaFF as an accountability mechanism. The findings illustrate how the introduction of SaFFs has allowed the government to introduce additional non-financial/process performance indicators and tougher performance monitoring processes. This study also identifies issues related to the choice, relevance and informational quality of performance indicators. The findings suggest that, given the shortcomings in the SaFF’s performance measurement contributions, a key early aim of this new accountability mechanism may be to serve central government’s need to deliver a political message to the public. If the SaFF is to develop into an effective accountability mechanism and support the key aims of the NHS Plan, careful selection of performance indicators and adequate information systems will be crucial.
- ItemInternet strategies for established retailers: five case studies from New Zealand(AUT Faculty of Business, 2003) Doolin, B.; McQueen, B.; Watton, M.This paper reports the findings of research on the strategic responses of established retailers to the challenges and opportunities offered by the Internet and the development of electronic commerce. The paper identifies a range of factors that influence the adoption of Internet retailing and presents a simple framework for categorising Internet strategies based on five case studies of New Zealand retailing companies.
- ItemMeasuring intangible value in business to business buyer-seller relationships: an intellectual capital perspective(AUT Faculty of Business, 2003) Baxter, RA; Sheelagh, M.The value in a firm's relationships needs to be developed and managed carefully and marketing managers need to be able to quantify this value in order to manage it and in order to argue for their share of the firm’s resources to develop it. This paper describes a study that aims to test a hypothesised model of the intangible part of the value that is manifested in buyer-seller relationships and a set of scales to measure it. The focus of the research, which synthesises a framework from the intellectual capital literature, is on business to business situations and on the value of the relationship to the seller, rather than to the buyer. In the study described, data from a survey of relevant managers were analysed using confirmatory factor analysis and structural equation modelling techniques to test the hypotheses.
- ItemInnovation networks and the development of consumer-driven ICT-based Management Systems(AUT Faculty of Business, 2003) Mowatt, S.; Cox, H.This paper examines the use of consumer-driven innovation networks within the UK food retailing industry using qualitative interview-based research analysed within an economic framework. This perspective revealed that by exploiting information gathered directly from their customers at point-of-sale and data mining, supermarkets are able to identify consumer preferences and co-ordinate new product development via innovation networks. This has been made possible through their information control of the supply-chain established through the use of transparent inventory management systems. As a result, supermarkets e-business systems have established new competitive processes in the UK food processing and retailing industry and are an example of consumer-driven innovation networks. The informant-based qualitative approach also revealed that trust-based transacting relationships operated differently to those previously described in the literature.
- ItemExamining the effects of Referent Power on Intrinsic Motivation in organisations: a self-concept based approach(AUT Faculty of Business, 2003) Boggs, C.; Collins, B.; Verreynne, M. L.Using a self-concept based approach we examine the literature for evidence of effects, induced by referent power, on the intrinsic motivation of employees. We propose that the subject of a referent power relationship will be intrinsically motivated to affirm, or enhance their self-concept, in relation to characteristics of a referent agent. Hypotheses were developed and tested using data from 311 employees of a large consulting firm. We found empirical support for the view that referent motivation leads to behaviour in individuals that is in accord with characteristics of a referent agent, with this behaviour resulting in affirmation or enhancement of their self-concept.
- ItemEmotions experienced through organisational events: an exploratory framework of perceived justice and outcomes(AUT Faculty of Business, 2003) Smollan, R. K.; Matheny, J.Organisational events trigger a range of emotional experiences for employees. This paper provides a two-by-two matrix that places an inclusive set of emotions in a grid of perceived outcomes and perceived justice. In so doing, it highlights emotional intelligence as an important course of further study regarding organisational change events. Specifically, it provides a series of propositions about the likely emotions arising from the combination of perceived outcomes and justice and the individual differences in these responses to organisational change events.
- ItemNew perspectives on the Supply-Chain and Consumer-Driven innovation(AUT Faculty of Business, 2004) Mowatt, S.This paper considers the interrelationship between innovation and the control of the supply-chain in consumer-driven industries. In particular the paper employs the concepts of Control and Innovation Networks as an analytical framework to examine the coordination of the supply-chain and inter-organisational collaboration. In-depth empirical evidence is provided by two cases industries: the UK supermarket and the UK consumer magazine publishing sector. By separating the process of supply-chain integration and coordination from the control of supply-chain, motives for collaboration and conflict were explored. A detailed analysis is given of the innovation process in both sectors, and new patterns of inter-organisational cooperation are identified. Network Hubs were shown to be able to use their control of the critical information of consumer demand to drive innovation and extract value-adding activities. In both cases examined the Innovation Hub was able to greatly extend the industry supplier base through the incorporation of external actors into the value system. This has widened the industry participation, but acted to change patterns of innovation within sectors. Consumer-driven Innovation Networks dependent on access to consumers through retail channels were found to be potentially vulnerable to retailer Control Networks.
- ItemWages and conditions of Clinical Coders in New Zealand: a report of surveys conducted in 1998 and 2004(AUT Faculty of Business, 2004) Douglas, J.This report reports on surveys on the wages and conditions of Clinical Coders in New Zealand’s public health sector undertaken in 1998 and 2004. Human Resource Managers in Crown Health Enterprises in 1998 and District Health Boards in 2004 were asked to provide information relating to the wages and conditions of the Clinical Coders they employed. There was a 100% participation rate from the 23 Crown Health Enterprises in 1998 and an 86% participation rate by District Health Boards in 2004. General information relating to coding practice and coding education was sought from the Public Service Association, Ministry of Health, New Zealand Health Information Service, and the Faculty of Health at the Auckland University of Technology. The 2004 survey showed growth in the number of Clinical Coders employed across the sector. There could have been falls within the six year period but surveys were not conducted to measure this. Overall there was a small movement in wages between 1998 and 2004. The average starting salary increased by 4.9% to $29,867 per anum. At the top end of Coders’ salaries, nearly half of the Crown Health Enterprises in 1998 paid within a range of $34,000 to $$36,000. In 2004 eight of the District Health Boards paid Coders between $42,000 and $46,000. This shift in salary rates is an increase of approximately 26%. During the period 1998 to 2004 there has been a change in legislation from the Employment Contracts Act 1991 to the Employment Relations Act 2000. The 2004 survey has shown an inconsistency with the goal of the ERA for increased collective employment arrangements. In 2004 more District Health Boards were utilising a mixture of collective and individual agreements whereas in 1998 the majority of Crown Health Enterprises employed Coders under collective contracts only. Overall, the surveys revealed that Clinical Coders have had some gains at the enterprise level of wage increases as to be expected, although these did not appear to be in line with inflation. Despite the apparent keenness by this occupational group for improved standardisation of wages, conditions and training, (in part the impetus for this research), there has been no evidence that any such substantial improvements have occurred over the six years.
- ItemPaying attention to the Construct Of Salience In Identity-related Literature and Beyond(AUT Faculty of Business, 2004) Anderson, H.; Matheny, J.This paper reviews the salience construct, proposing a definition of salience as a phenomenon of connection between a stimulus and a person. Our framing of the salience construct includes its elements, temporality, and several ontological perspectives of salience. In answer to calls for clarity in the use of concepts in the identity-related literature, this framing is applied to Identity Theory and Social Identity Theory. We find each theory unclear in its use of salience, the naming of the elements of salience and the ontological perspective of salience. The importance of gaining clarity in defining and using salience is the contribution to answering questions inherent to identity theories, namely ‘Is an identity triggered by an object of salience, or does the active identity determine which objects of salience gain attention?’ Research propositions based on the proposed definition of salience and the results of the analysis are offered. The implications a precise definition of salience has for identity-related literature and micro-organisational theories, such as leadership and motivation, are briefly outlined.
- ItemInsiders and the law: the impact of Regulatory Change on Insider Trading(AUT Faculty of Business, 2004) Gilbert, A; Tourani-Rad, A; Wisniewski, TThe impact of regulations in minimizing the detrimental effects of insider trading is unsettled. In this paper, we investigate the impact of the introduction of the Securities Market Amendment Act 2002 in New Zealand on several aspects of the market. After examining a sample of companies listed before and after the new laws introduction, we find strong evidence of a reduction in the cost of capital, bid-ask spreads and volatility accompanied by increases in liquidity, all as predicted. We conclude that the change in regulations has had a positive impact on the market.
- ItemThe impact of Regulatory Change on Insider Trading Profitability: some early evidence from New Zealand(AUT Faculty of Business, 2004) Gilbert, A; Tourani-Rad, A; Wisniewski, TThis paper adds to the scant literature on the tightening of regulations and its impact on the profitability of insider trades by examining the effects of the recent enactment of the Securities Market Amendment Act 2002 in New Zealand. We investigate the abnormal returns around the date of insider transactions both before and after the introduction of this Act. We find that the number of insider transactions decreased just prior to the introduction of the Act; further we observe a marked reduction in profitability of directors. However, the difference between the pre and post-change returns lacks statistical significance.
- ItemDo insiders crowd out analysts?(AUT Faculty of Business, 2004) Gilbert, A; Tourani-Rad, A; Wisniewski, TBoth insiders and analysts are involved in the collection and dissemination of information to the market, roles which impact heavily on price efficiency and resource allocation. The differences between the two groups, however, result in a competitive relationship with analysts at a disadvantage as they face greater costs associated with information gathering. As a result they may choose not to participate in a onesided competition. We employ transaction data to examine the impact of firm-year aggregate insider trading intensity on the level of analyst following. We find a negative relationship between insider trading intensity and analyst coverage. This result was driven by large blockholders suggesting that analysts are attracted to higher levels of information asymmetry from which they profit.
- ItemAccruals and Cash Flows Anomalies: evidence from the New Zealand Stock Market(AUT Faculty of Business, 2005) Koerniadi, H; Tourani-Rad, AThis paper investigates the presence of accruals and cash flows anomalies in the New Zealand stock market for the period of 1987 to 2003. There is insignificant evidence of accruals anomaly. We find, however, that the poor performance of the highest accruals firms contributes most to the positive hedge return. As earnings are positively associated with accruals, it seems that investors are misled by the high accruals in high earnings firms. Further test results based on discretionary accruals support this hypothesis. We also find strong evidence of cash flows anomaly during the sample period.
- ItemMonetary Policy Transparency and Pass-Through of retail interest rates(AUT Faculty of Business, 2005) Liu, MH; Margaritis, D; Tourani-Rad, AThis paper examines the degree of pass-through and adjustment speed of retail interest rates in response to changes in benchmark wholesale rates in New Zealand during the period 1994 to 2004. We consider the effect of policy transparency and financial structure in the transmission mechanism. New Zealand is the first OECD country to adopt a formal inflation targeting regime with specific accountability and transparency provisions. Policy transparency was further enhanced by a shift from quantity (settlement cash) to price (interest rate) operating targets in 1999. We find complete long-term pass-through for some but not all retail rates. Our results also show that the introduction of the Official Cash Rate (OCR) increased the pass-through of floating and deposit rates but not fixed mortgage rates. Overall, our results confirm that monetary policy rate has more influence on short-term interest rates and that increased transparency has lowered instrument volatility and enhanced the efficacy of policy.
- ItemStrategy-making process and firm performance in small firms(AUT Faculty of Business, 2005) Verreynne, M. L.This paper argues that individual small firms, just like large firms, place differing emphasis on strategy-making and may employ different modes of strategy-making. It offers a typology of the different modes of strategy-making that seem most likely to exist in small firms, and hypothesises how this typology relates to performance. It then describes the results of an empirical study of the strategy-making processes of small firms. The structural equation analysis of the data from 477 small firms with less than 100 employees indicates among other results that the simplistic, adaptive, intrapreneurial and participative modes of strategy-making exist in these SMEs. Of these modes, the simplistic mode exhibits the strongest relationship with firm performance.
- ItemThe supply of Accounting graduates in New Zealand(AUT Faculty of Business, 2005) Wells, Paul KDeclining enrolments in accounting programmes in the United States of America and United Kingdom have been well documented for over a decade and it is suggested that accounting as a career choice is becoming less attractive to domestic students. An Australian study supported this conclusion but further noted that the trend is being masked by an increasing level of enrolments in these programmes by international students. Collectively these studies highlight the vulnerability of accounting programmes to fluctuation in the recruitment and enrolment of international students and further, a potential decline in the number of domestic graduates seeking employment in the accounting profession. This study reports the collection and analysis of data from 8 of the 14 approved tertiary education institutions that provide a recognised academic programme to meet the CA requirements of the Institute of Chartered Accountants of New Zealand (ICANZ). Its objectives are to identify graduation trends for the period 1997-2002 and to consider the impact of international student enrolment on these trends. The findings suggest that there have been significant fluctuations in the number of accounting graduates since 1997, with domestic graduate numbers rising between 1999 and 2001 and then declining in 2002. During this time the total number of business graduates has remained constant. The decline in graduate numbers coincides with the introduction of the four-year programme of study. As a consequence the findings reported here have implications for the tertiary education institutions, ICANZ and employers.
- ItemAccounting: perceptions of influential high school teachers in the USA and NZ(AUT Faculty of Business, 2005) Wells, Paul K; Fieger, P.A decline in enrolments in Accounting programs in the United States of America has been well documented over the last decade. Some researchers have explained that this decline is in part due to the misinformation or lack of information about the nature of accounting and the duties performed by accountants. Other studies have found that a significant number of students make their career choice decisions while at high school and that teachers are influential in this decision making process. This study replicates a US study by surveying NZ high school teachers to compare their perceptions of the accounting profession to, engineering, law and medicine based on 24 attributes of a profession. The results from this study are contrasted to those from the US study. Our findings indicate that similar to the US, NZ high school teachers have a low opinion of accounting as a career option for university-bound high school students. This implies there are significant issues for educators and the profession including a possible mismatch between the requisite skills perceived by teachers and those sought by the profession.