Enterprise and Innovation

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https://hdl.handle.net/10292/1125

Enterprise and Innovation is the name of the Research Paper Series of the Business School at AUT (ISSN 1176-1997). Enterprise and Innovation serves as an interdisciplinary forum for original research undertaken within the Business School, highlighting and supporting the active research culture here. The aims of the forum are to provide a channel for the dissemination of working papers for discussion prior to subsequent development.

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Innovation 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.
Measuring 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.
Examining 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.
Internet 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.
The 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.
Emotions 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.
Technology, 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.
Retailers’ 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.
The 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.
Paying 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.
Do insiders crowd out analysts?
(AUT Faculty of Business, 2004) Gilbert, A; Tourani-Rad, A; Wisniewski, T
Both 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.
Wages 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.
The 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, T
This 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.
New 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.
Insiders and the law: the impact of Regulatory Change on Insider Trading
(AUT Faculty of Business, 2004) Gilbert, A; Tourani-Rad, A; Wisniewski, T
The 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.
Insider trading, regulation and the components of the Bid-Ask Spread
(AUT Faculty of Business, 2005) Frijns, B; Gilbert, A; Tourani-Rad, A
Insiders pose a risk to providers of liquidity, who require compensation for this and consequentially widen spreads. In this paper we investigate the relationship between insider trading regulation and the cost of trading by decomposing the components of the spread before and after the enactment of strict new laws. We find a significant decrease in information asymmetry, which is mainly observed in illiquid and high prechange information asymmetry companies. Results are robust to model specification. We also see a decrease in the contribution of information asymmetry to price volatility. Overall, our results may have implications for markets with similar characteristics.
Exploring entrepreneurship in the Public Sector: examining the application of Strategic Entrepreneurship to SOEs
(AUT Faculty of Business, 2005) Luke, B.; Verreynne, M. L.
The purpose of this research is to elaborate on a model of entrepreneurship within the public sector. Case studies involving state-owned enterprises (SOEs) trace three examples of entrepreneurial ventures. A theme of strategic use of entrepreneurial action within these organisations emerges. We argue that these examples are representative of both a field of enquiry and a specific concept which has been termed “strategic entrepreneurship”. On the strength of the findings from this study we are able to draw two important conclusions. First, empirical support is found for the notion of “strategic entrepreneurship”, which is defined and explained in this paper. Second, incidences of strategic entrepreneurship are demonstrated in the SOEs, which extend the range of entrepreneurial types usually described in the public sector.
In search of Professional Identity: a descriptive study of New Zealand “Professional” bodies’ codes of ethics
(AUT Faculty of Business, 2005) Oliver, G.; McGhee, P.
“Professional” representative bodies are increasingly turning to codes of ethics in order to define acceptable standards of behaviour. This study addresses a gap in academic literature by focusing on the codes of New Zealand professional bodies. The term profession has a number of different conceptualisations, which are explored along with the role of codes within the professions. Definitions of codes of ethics are reviewed. Codes from four New Zealand bodies are content analysed according to Cressey and Moore’s (1983) three-point typology: Policy area, Authority and Compliance. A number of differences are noted between the four codes, including area of focus, length, detail, sanctions and the overall utility of the codes in guiding behaviour. Implications for the bodies are discussed, most notably that some of the codes appear not to meet adequate professional standards for guiding ethical behaviour.
The supply of Accounting graduates in New Zealand
(AUT Faculty of Business, 2005) Wells, Paul K
Declining 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.
Monetary Policy Transparency and Pass-Through of retail interest rates
(AUT Faculty of Business, 2005) Liu, MH; Margaritis, D; Tourani-Rad, A
This 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.

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