Entrepreneurship and economic growth : why is New Zealand an outlier? A preliminary analysis

The literature indicates that entrepreneurship and economic growth are closely and positively associated. For four years running, New Zealand has had the developed world’s highest rate of “Total Entry-Level Entrepreneurial Activity” (Acs et al. 2005; Frederick et al. 2004; Reynolds et al., 2004), yet it has slid to the lower ranks in the OECD in measures of economic development. At its level of entrepreneurial activity, New Zealand should have a higher level of economic development if it were to emulate other countries.

We make use of the Global Entrepreneurship Monitor data set, including nascent entrepreneurship rates for 45 countries over the 2000-2004 period as well as variables from standardised national statistics.

The paper uses two approaches. This research first finds evidence for “U-shaped curve” associating entrepreneurship with economic growth. It notes that New Zealand has the greatest deviation from this association compared to other developed countries with similar entrepreneurial rates (e.g. United States, Australia and Iceland). The second approach looks at nascent entrepreneurship as a function of non-economic conditions such as technology, demography, culture and institutions.

This short paper develops the hypotheses and carries out the “U-shaped curve” test. For the time being it leaves the factor analysis of non-economic conditions for another opportunity.

Building surveying : a UK phenomenon or a profession with genuine global appeal? .

During the 1970s, a new profession emerged within UK Surveying; that of  Building Surveying. These surveyors, originally technically minded general practitioners, developed and adapted their professional skills and knowledge to fulfil client needs and to keep pace with the changing market (RICS, 1994). Within the UK, the knowledge and expertise of the building surveyor is widely known and used in the property and construction markets, however Building Surveying remains little known overseas. In the global market there is much more familiarity with the profession of the quantity surveyor than building surveyor, however undoubtedly the work of building surveying is undertaken in other countries. This research examines the professional knowledge and skills of the Building Surveyor in the UK context and illustrates the development and emergence of the profession. The knowledge and skills are evaluated in terms of adaptation to changing markets and demonstrate how Building Surveyors are able to adapt during changes in economic cycles. The potential future developments for Building Surveying are also investigated in this research project. Finally the question is posed as to whether the professional skills and knowledge of Building Surveyors are required in countries other than the UK.

The emergence of the global workplace : opportunities and barriers for building surveyors in Oceania

The Royal Institution of Chartered Surveyors (RICS) the professional body representing surveyors in the UK, has implemented a policy to globalise in order to meet the challenges and opportunities the global marketplace was creating for its members as well as protecting and serving its interests (RICS, 1999). Quantity surveyors had a presence and history of employment outside the UK, particularly in the Middle and Far East. Real estate surveyors found the transition to working in European Union (EU) countries relatively straightforward and numerous UK real estate organisations have European, Asian, North American and Oceanic offices. Additionally UK based firms establishing partnerships with overseas real estate firms expanded significantly over the previous decade. Building Surveying is different. Small numbers worked in commonwealth countries but in most countries their professional and academic qualifications were not recognised. With the changes implemented by the RICS, this paper examines the barriers and opportunities facing RICS Chartered Building Surveyors (CBS) in Oceania (taken as Australia, New Zealand, Papua New Guinea and Fiji).

A desk top study reviewed the political, economic and sociological variables affecting employment opportunities and professional services which were put to the RICS Oceania Building Surveying Faculty. No previous study had been undertaken to identify the specific barriers and opportunities in Oceania for the BS and this research adopted a census survey of RICS practitioners currently employed in the region and the results form the most comprehensive picture of the current position. The findings are that some of the opportunities and barriers will change in significance over time. The main barriers to growth were perceived as lack of support from a Euro focussed RICS and the difficulties associated with being perceived as outsiders. Opportunities were perceived as emerging in new areas of professional services such as sustainability and energy efficiency.

Measuring the economic impact of falls prevention interventions

The objective of this paper is to assess the appropriateness of available health economic models and concepts in the development of a best practice model to assess community based multifactorial falls prevention programs. To this end, a critical review and synthesis of contemporary published and unpublished  methodological approaches to economic evaluation of health initiatives in general and falls prevention initiatives in particular, has been carried out. The review  indicates that costs, time and utility all need to be taken into consideration when economically evaluating a falls prevention program.

A recommended approach that takes into account a full consideration of relevant costs and benefits associated with falls prevention programs is outlined. This approach can help demonstrate the true relative efficacy of preventing falls over the treatment of their consequences.

Economic linkages across commodity futures : hedging and trading implications

We investigate cross-market trading dynamics in futures contracts written on seemingly unrelated commodities that are consumed by a common industry. On the Tokyo Commodity Exchange, we find such evidence in natural rubber (NR), palladium (PA) and gasoline (GA) futures markets. The automobile industry is responsible for more than 50% of global demand for each of these commodities. VAR estimation reveals short-run cross-market interaction between NR and GA, and from NR to PA. Cross-market influence exerted by PA is felt in longer dynamics, with PA volatility (volume) affecting NR (GA) volume (volatility). Our findings are robust to lag-specification, volatility measure, and consistent with full BEKK-GARCH estimation results. Further analysis, which benchmarks against silver futures market, TOCOM index and TOPIX transportation index, confirms that our results are driven by a common industry exposure, and not a commodity market factor. A simple trading rule that incorporates short-run GA and long-run PA dynamics to predict NR return yields positive economic profit. Our study offers new insights into how commodity and equity markets relate at an industry level, and implications for multi-commodity hedging.

Interjurisdictional allocation of multinational banking income : aligning taxation principles with economic activity

This thesis argues that one type of multinational entity – the multinational bank – poses particularly significant challenges to the international tax regime in terms of its current profit allocation rules. Multinational banks are a unique subset of multinational entities, and as a consequence of their unique traits, the traditional international tax regime foes not yield an optimal interjurisdictional allocation of taxing rights. The opportunity for tax minimisation, achievable because of the unique traits, and realised through exploitation of the traditional source and transfer pricing regime, results in a jurisdictional distribution of taxing rights which does not reflect economic reality. There are two distinct ways in which the traditional international tax regime fails to reflect economic activity. The first way that economic activity may not be reflected in the distribution of the taxing rights to income from multinational banking is through the application of traditional source rules. The traditional sources rules allocate income where transactions are completed rather than where the intermediation services are arranged. As a result of their unique commercial role as financial intermediaries, by separating intermediary economic activity from legal transactions with third parties, multinational banks may distort the true location of the activity giving rise to income. The second way in which the traditional tax regime may fail to reflect economic activity is through the traditional transfer pricing regime requiring related or internal transaction to be undertaken at an arm’s length price. The arm’s length pricing requirement is theoretically deficient in its failure to recognise the highly integrated nature of multinational banking. In practice, the arm’s length pricing requirement is also difficult, if not impossible, to apply to multinational banks because of the requirement of comparability. The difficulties associated with the current model have resulted in a subtle move by multinational banks towards global formulary apportionment. This thesis concludes that, for the international taxation of multinational banks, the current source regime should be replaced with a system that allocates profits for tax purposes on the basis of income source, with source determined using a unitary taxation or global formulary apportionment system. It is argued that global formulary apportionment is a theoretically superior model that provides both jurisdiction to tax and allocated profits on the basis of the economic activity that generates the income.

Doing justice' : stories of everyday life in disadvantaged schools and neighbourhoods

I worked as a school administrator in 'disadvantaged schools' for many years. In this study I asked colleagues from sixteen schools in the northern and western suburbs of Adelaide to co - theorise about changes in their neighbourhood, school populations and programs, now that their schools are no longer recognised by policy as 'disadvantaged1. I explore the use of narrative method and arts based approaches by constructing a 'literary' research text that uses conventional sociological forms together with images, poetry and personal stories. I use anthropological and geographical theoretical constructs to look at the changing material, economic, cultural and social landscapes and the mosaic of inequalities in the city of Adelaide. I suggest that this is not a simple binary polarisation, although large numbers of people are similarly positioned by de-industrialisation and the diminishing social wage. After examining the literature on poverty in Australia, I am eventually prepared to call this space class, understanding that this is a sociological metaphor. Through a theorisation of each school as a 'place' within a specific neighbourhood, I look at the similarities and differences across sites. I suggest that 'disadvantaged schools' are similarly positioned as sites for the mediation of social inequalities, and that this can be readily seen in the time consuming 'housework' of discipline and welfare. I indicate how each school is differently able to 'do more with less', because of their unique neighbourhood and its narratives, knowledges, histories, teleologies and people. I show that the common coercive regimes of market devolution, new public management and the 'distributive curriculum' frame the work of teachers, students and administrators in ways that are not conducive to 'doing justice', despite the policy rhetoric of equity and community. I provide evidence that the neoliberal imaginary of context free schooling enshrined in effective schools literatures is Utopian and irrational. I argue that the capacity of the school to 'generate context' is always paradoxically dependent on 'context derived'. I discuss the notion of 'doing justice' and the benefits of 'disadvantaged schools' having a local set of principles that guide their decisions and actions and provide evidence that the school administrator's understandings of 'doing justice' are important. I also suggest that, despite being increasingly isolated and hindered by policy directions, the majority of the sixteen schools continue to work for and with principles of justice and equity, drawing on a range of emotional and intellectual resources and deep, longstanding commitments. I conclude by speculating on the kinds of policy and research agendas that might take account of both the commonalities and differences amongst 'disadvantaged schools', and what might be included in a comprehensive and systematic approach to 'doing justice'.

Internationalisation of Singapore television : Singaporean regional and global perspectives and contexts

In this study l investigate the Singaporean characteristics of broadcast media internationalisation. I ask the question "e; Does Internationalisation lead to homogenisation and commercialisation of the television culture in Singapore or does it give way to more diversity, thus stimulating cultural differentiation?"e; . I articulate the constraints and/or tensions of supranational regulation, foreign policy, regional and intraregional alliances upon communication and the cultural and social effects as they impact on and respond to production, programming, scheduling and output in Singapore. I explain how Singaporean Television media culture takes part in the processes of globalisation, and how it challenges existing cultures and creates new and alternative symbolic and cultural communities, within the context of regional communication. In this thesis 1 conclude that whilst Singapore definitely does not have equity in information, wealth or resource flows it is attempting to liberalise. To do so, the government recognises that serious inadequacies and imbalances must be addressed and that the path to greater political and economic growth is through an actively informed public. Despite regulatory restrictions on data flow and technical and service ownership, Singapore is encouraging regional alliances, depoliticising cultural differences and concentrating on economic imperatives to build mutual knowledge and understanding, multilateral agreements, collective ownership, mutual exchange and cooperative dissemination.

Reconceptualising access in education policy : method and mindset

Enhancing access to education and knowledge is a long-held principle enshrined in education policy. Access to education offers leverage for educational attainment and achievement, at the individual and social levels. In policy, the term equates with concepts of inclusion, social justice and equity. Over the last decades, as education policy has responded to global social, cultural and economic reforms, concepts such as access have also undergone revision. This article revisits the relationship between access, education and knowledgemaking, in order to clarify the meaning of access in current education policies by reevaluating how access is constructed in policy and how the concept associates with other aspects of education. The research examines the concept of access in order to improve the efficacy of policy, opening the way for more systematic and transparent policy analysis and policy making centred on defining and delineating conceptual meanings such as access, as a basis for more targeted policy. Using evidence-based policy research, the article proposes a research process model based on the hierarchy of abstraction, to show that education policy requires systematic examination of key concepts as a fundamental step towards more clearly defined policy postulates that recognise and deal with contextual complexity of education policy. Defining and delineating the meaning of concepts such as access can help in the way that education policy contributes to guiding innovative knowledge construction.

New Zealand's perfect storm of entrepreneurship and economic development

Applying a grounded-theory approach to analyzing the Global Entrepreneurship Monitor (GEM) data, we attempt to explain why New Zealand exhibits only a moderate level of economic development despite its high level of entrepreneurship. By statistically analyzing why 34 other countries in the 2005 GEM dataset exhibit small deviations from the classical quadratic curvilinear relationship between entrepreneurship and economic development, we develop a better understanding of the entrepreneurial framework conditions underlying New Zealand’s large deviation from this trend line. Based on our findings from the GEM data we make policy recommendations that could aid in moving New Zealand (and other countries) closer toward the trend line and thus promote economic development.

Dot.Com rise as an indicator of business growth and economic progress : a retrospective view on telecom and banking sectors in Australia and India

In the year 2000, businesses in banking and telecom sectors worldwide re-engineered their value chain by extending their services by adapting ebusiness through dot.com launches. Subsequently, their validity became questionable with the spate of dot.com crashes and the IT stock meltdown. This book takes a retrospective view, indicating that e-business, as measured by dot.com growth trends, was a positive indicator for business growth in the sector and overall economic growth as it stimulated the respective economies. The book details an inductive analysis that studied if dot.com floats suggested any positive market capitalisation (broadly regarded as a measure of profitability) for the organisations, within two sectors, in two economies. In addition, there is detailed content analysis of global business trends, drivers, theories, sector/economy perspectives, achieved progress and instrumental cases. The book will be a view in retrospect for economists, business analysts, students of ebusiness and management (particularly MBA); academics and researchers.

Post global financial crisis international business strategies

International business strategies are affected by economic conditions, although the resource-based view would suggest that company resources are a more significant factor. This paper identifies differences in the international strategy behaviours of companies located in countries which, as a result of the GFC, entered either a deep recession, a shallow recession or no recession at all. Empirical evidence is provided for companies with home country markets with each of these conditions. The ability of international strategy theories to explain these behaviours is considered. Based on observations of international businesses with home country markets in each of these categories, it is suggested that determinants of international strategy during financial crises (and immediately after) are influenced by the strength of the home country market, foreign market government protectionist behaviour, international exchange rate variations and local levels of rivalry.

Therapeutic Jurisprudence, juvenile justice and the UN Convention on the Rights of the Child : do they coexist?

The UN Convention on the Rights of the Child provides children and young people with over 40 substantive rights, the five outcomes of which are living a healthy lifestyle, staying safe, enjoying and achieving, making a positive contribution, and economic wellbeing. Moreover, Article 3 dictates that all organizations concerned with children should work towards what is best of each child. It is not clear how these rights translate to the care of children and young people who come before the courts (particularly those who are subsequently incarcerated). A review of the literature suggests that while best practice guidelines for the treatment and rehabilitation of adult offenders has moved forward, there is little consensus about how this might be achieved for young people. Therapeutic Jurisprudence (TJ) needs to extend beyond its current considerations of the rights of children and young people, and to expand its focus to the extent to which international human rights standards are complied with in the cases of juveniles in the criminal justice system. This presentation will (a) explore the extent to which current practices in juvenile justice are consistent with the UN's Convention and (b) whether the adoption a rehabilitative and treatment approach based on a TJ framework might serve to improve outcomes for young people and ensure their rights are not being violated.

About global leadership and global ethics, and a possible moral compass : an introduction to the special issue

This paper reviews a number of huge challenges to ethical leadership in the twenty-first century and concludes that the need for global ethical leadership is not merely a desirable option, but rather – and quite literally – a matter of survival. The crises of the recent past reveal huge, and in some cases criminal, failures of both ethics and leadership in finance, business and government. We posit that mainstream economic theory’s construct of ‘homo economicus’ and its faith in the ‘invisible hand’ of the market constitute deeply flawed foundations upon which alone policy may be built and, farthermore, that these problematic foundations exert substantial shaping power over the institutional and discursive landscapes in which international business is transacted. Analogously, we argue that dominant approaches to business ethics and corporate social responsibility are, if not incorrect, at least in need of revisiting in terms of questioning their basic assumptions. Instead of the smugness of Western (especially Anglo-American) attitudes towards other ways of thinking, valuing and organising, it appears clear that openness, cooperation and co-creation between the developed and developing worlds is a basic prerequisite for dealing with the global challenges facing not just leaders, but humanity as a whole. This objective of stimulating discussion between dominant and marginal voices has guided our selection of papers for this Special Issue. We have thus included not only representatives of research from within the parameters of mainstream business ethics, IB or leadership scholarship, but also innovative contributions from fields such as military history, information technology, regulation, spirituality and sociology.

Challenges to infrastructure delivery during the economic downturn : a qualitative analysis

Infrastructure plays a key role in creating and maintaining sustainable economic growth and a prosperous community. Infrastructure projects generally require a large amount of capital investment, which motivates involvement from the private sector in the delivery process. The Global Financial Crisis placed enormous pressure on both the public and private sectors, as the ability to borrow money for an extended tenor was greatly reduced. This study adopts a qualitative approach to analyse the challenges facing the delivery of infrastructure projects in an Australian context by considering the impacts of the Global Financial Crisis. It is found that the availability of resources and finance are perceived as the biggest challenges, with resources being more of a concern than finance to interviewees. In addition to these findings, ways in which the private sector can be better involved in the infrastructure delivery is discussed.