title: An empirical investigation of agency costs and ownership structure in unlisted small businesses

authors: Wellalage, Nirosha Hewa

subjects: agency costs

abstract: The study uses panel data to investigate agency costs, both principal-agent (PA) and principal-principal (PP), in 240 small businesses not listed on the New Zealand Stock Exchange. Results show that both forms of agency cost vary according to industry, the life of the business and size. The results indicate that the degree of owner involvement in the business influences firm PA and PP agency costs. Moreover, this study finds non-linear relationship between agency costs and ownership structure align with convergence of interest hypothesis and managerial entrenchment hypothesis. It is noted that the distortion between equity returns and debt returns gives rise to a preference for quasi-equity and distorts the productive base and effective pricing of risk. The analysis indicates there is considerable variability in the burden of agency cost and that this raises the potential for regulatory and policy reforms that may enhance the productivity and growth in the sector.

text: An empirical investigation of agency costs and ownership structure in unlisted small businesses The study uses panel data to investigate agency costs, both principal-agent (PA) and principal-principal (PP), in 240 small businesses not listed on the New Zealand Stock Exchange. Results show that both forms of agency cost vary according to industry, the life of the business and size. The results indicate that the degree of owner involvement in the business influences firm PA and PP agency costs. Moreover, this study finds non-linear relationship between agency costs and ownership structure align with convergence of interest hypothesis and managerial entrenchment hypothesis. It is noted that the distortion between equity returns and debt returns gives rise to a preference for quasi-equity and distorts the productive base and effective pricing of risk. The analysis indicates there is considerable variability in the burden of agency cost and that this raises the potential for regulatory and policy reforms that may enhance the productivity and growth in the sector.

year: 2012

title: The impacts of climate change on the people of Vatukarasa and Sovi Bay, Viti Levu, Fiji.

authors: Nur, Ali

abstract: Abstract Climate change is one of the biggest threats facing communities around the globe in the 21st Century. Small island developing states, including all Pacific Island Countries, are often represented as being among the countries that are most exposed to its effects. This thesis seeks to better understand the impacts of climate change on two coastal communities, Vatukarasa and Sovi Bay, on the south coast of Viti Levu, the main island of Fiji. These two communities are composed of iTaukei (indigenous Fijians) and Indo-Fijians, respectively. They share a number of current and likely future problems caused by climate change although there are some differences in their levels or types of exposure reflecting different cultural backgrounds, livelihood strategies and social networks. The effects of climate change are holding back the development aspirations of the communities, a process that is likely to worsen in the years ahead. Developing sustainable and effective adaptation strategies will need to consider both the commonalities between the two communities and the differences. Some contemporary resource management practices also contribute to the environmental degradation caused by climate change and changing these is already recognised by community members as important first steps towards adapting to climate change effects. The thesis explores the potential for traditional knowledge to be embraced in adaptation that is community-based. It also recognises that some adaptation options are likely to be expensive and beyond the financial capacities of the communities without some forms of external assistance, from local and national government sources as well as the international community.

text: The impacts of climate change on the people of Vatukarasa and Sovi Bay, Viti Levu, Fiji. Abstract Climate change is one of the biggest threats facing communities around the globe in the 21st Century. Small island developing states, including all Pacific Island Countries, are often represented as being among the countries that are most exposed to its effects. This thesis seeks to better understand the impacts of climate change on two coastal communities, Vatukarasa and Sovi Bay, on the south coast of Viti Levu, the main island of Fiji. These two communities are composed of iTaukei (indigenous Fijians) and Indo-Fijians, respectively. They share a number of current and likely future problems caused by climate change although there are some differences in their levels or types of exposure reflecting different cultural backgrounds, livelihood strategies and social networks. The effects of climate change are holding back the development aspirations of the communities, a process that is likely to worsen in the years ahead. Developing sustainable and effective adaptation strategies will need to consider both the commonalities between the two communities and the differences. Some contemporary resource management practices also contribute to the environmental degradation caused by climate change and changing these is already recognised by community members as important first steps towards adapting to climate change effects. The thesis explores the potential for traditional knowledge to be embraced in adaptation that is community-based. It also recognises that some adaptation options are likely to be expensive and beyond the financial capacities of the communities without some forms of external assistance, from local and national government sources as well as the international community.

year: 2021

title: Mining at Te Aroha before the murder in February 1881

authors: Hart, Philip

abstract: Mining was slow to restart after the Christmas holidays on a goldfield whose value was still unknown. Some miners did not return, but other men, mostly with mining experience, replaced them. As was pointed out, more testing was required to justify the cautious optimism, and more explorations did not discover any payable ore or a reef of any sort. More capital was needed to fund adequate development, and the lack of a battery held back the field.
Some searched the nearby countryside, fruitlessly, but at Tui the mostly Maori miners working there seemed to be having better results. Unskilled miners who drove incompetent and even dangerous adits wasted their efforts, while others were accused of shepherding their ground. Two companies formed during January attracted many small investors, but experienced miners started leaving for newer finds, and non-miners abandoned their attempts at mining after discovering that gold was not easy to find. But others remained hopeful, and waited for the erection of a local battery to prove the value of what they had found.

text: Mining at Te Aroha before the murder in February 1881 Mining was slow to restart after the Christmas holidays on a goldfield whose value was still unknown. Some miners did not return, but other men, mostly with mining experience, replaced them. As was pointed out, more testing was required to justify the cautious optimism, and more explorations did not discover any payable ore or a reef of any sort. More capital was needed to fund adequate development, and the lack of a battery held back the field.
Some searched the nearby countryside, fruitlessly, but at Tui the mostly Maori miners working there seemed to be having better results. Unskilled miners who drove incompetent and even dangerous adits wasted their efforts, while others were accused of shepherding their ground. Two companies formed during January attracted many small investors, but experienced miners started leaving for newer finds, and non-miners abandoned their attempts at mining after discovering that gold was not easy to find. But others remained hopeful, and waited for the erection of a local battery to prove the value of what they had found.

year: 2016