title: The efficacy of principle-based corporate governance practices and firm financial performance: An empirical investigation

authors: Reddy, Krishna

subjects: boards of directors

abstract: Purpose – This paper seeks to address the effect that principle-based corporate governance practices have on the financial performance of large publicly-listed companies. In 2004, the New Zealand Securities Commission (NZSC) promulgated nine high level principles and guidelines for all business entities with an aim of improving corporate governance practices and boosting investor confidence in the New Zealand capital market. This event provides a point for empirically testing companies' responses. 
Design/methodology/approach – Panel data for the NZX top 50 companies over the period 1999-2007 are analysed using ordinary least squares (OLS) and two stage least squares (2SLS) regression techniques to evaluate whether: those firms that were continuously compliant with the NZSC requirements perform better; and the firm performance post-NZSC recommendations is better than pre-NZSC recommendations. Tobin's Q, market-to-book (MB) and return on assets (ROA) metrics are used as dependent variables.. 
Findings – The findings indicate that large listed companies have universally adopted the Securities Commission recommendations, establishing subcommittees for audit and remuneration, and having a majority of non-executive/independent directors on the board which, on average, have seven members. There is support for the view that the NZSC recommendations have had positive influence on firm performance measured by Tobin's Q, MB and ROA. The results show that the presence of a remuneration committee has had a positive influence on firm performance. 
Research limitations/implications – This study provides empirical support for the corporate governance recommendations made by the NZSC in 2004, giving support to the principle-based corporate governance practices to be adopted in New Zealand. The sequential testing of each NZSC recommendation provides a comprehensive picture of performance outcomes which has not been achieved in prior research. The interdependency issues are of interest and the correlation between recommendations provides useful insights. 
Originality/value – This study offers insights for policy makers interested in adopting principle-based corporate governance practices within their country. Within New Zealand, public policy developments and stock exchange listing requirements/regulatory issues with associated compliance burdens are better informed as a consequence of the research.

text: The efficacy of principle-based corporate governance practices and firm financial performance: An empirical investigation Purpose – This paper seeks to address the effect that principle-based corporate governance practices have on the financial performance of large publicly-listed companies. In 2004, the New Zealand Securities Commission (NZSC) promulgated nine high level principles and guidelines for all business entities with an aim of improving corporate governance practices and boosting investor confidence in the New Zealand capital market. This event provides a point for empirically testing companies' responses. 
Design/methodology/approach – Panel data for the NZX top 50 companies over the period 1999-2007 are analysed using ordinary least squares (OLS) and two stage least squares (2SLS) regression techniques to evaluate whether: those firms that were continuously compliant with the NZSC requirements perform better; and the firm performance post-NZSC recommendations is better than pre-NZSC recommendations. Tobin's Q, market-to-book (MB) and return on assets (ROA) metrics are used as dependent variables.. 
Findings – The findings indicate that large listed companies have universally adopted the Securities Commission recommendations, establishing subcommittees for audit and remuneration, and having a majority of non-executive/independent directors on the board which, on average, have seven members. There is support for the view that the NZSC recommendations have had positive influence on firm performance measured by Tobin's Q, MB and ROA. The results show that the presence of a remuneration committee has had a positive influence on firm performance. 
Research limitations/implications – This study provides empirical support for the corporate governance recommendations made by the NZSC in 2004, giving support to the principle-based corporate governance practices to be adopted in New Zealand. The sequential testing of each NZSC recommendation provides a comprehensive picture of performance outcomes which has not been achieved in prior research. The interdependency issues are of interest and the correlation between recommendations provides useful insights. 
Originality/value – This study offers insights for policy makers interested in adopting principle-based corporate governance practices within their country. Within New Zealand, public policy developments and stock exchange listing requirements/regulatory issues with associated compliance burdens are better informed as a consequence of the research.

year: 2010

title: Engaging Corrupt Somalia

authors: Leslie, Mathew

subjects: Corruption

abstract: This thesis addresses a fundamental question, which is particularly relevant in the Somali context; why has corruption remained endemic in international aid programmes in Somalia? In researching and analysing this question this thesis examined the characteristics of the aid systems in Somalia, which provide an enabling environment for corruption against the application of a consociationalist democratic model. Indicators of success for international interventions in Somalia surround expenditure, presence, influence, geo-political interest and security, and have not included the promotion of Somali-centric models for good governance, transparency and accountability – key actions necessary to help mitigate corrupt practices. Consequently, this thesis examines corruption in Somalia, and its presence in international aid based upon three key factors - adverse clan self-interest, international geo-political self-interest, and lack of effective state building support. While consociationalist theory provides an opportunity for Somalia to address such gaps, this will require a comprehensive and holistic approach and a commitment by the clans in Somalia to collaborate rather than continue to engage in corrupt, self-interested and opportunistic behaviours.

text: Engaging Corrupt Somalia This thesis addresses a fundamental question, which is particularly relevant in the Somali context; why has corruption remained endemic in international aid programmes in Somalia? In researching and analysing this question this thesis examined the characteristics of the aid systems in Somalia, which provide an enabling environment for corruption against the application of a consociationalist democratic model. Indicators of success for international interventions in Somalia surround expenditure, presence, influence, geo-political interest and security, and have not included the promotion of Somali-centric models for good governance, transparency and accountability – key actions necessary to help mitigate corrupt practices. Consequently, this thesis examines corruption in Somalia, and its presence in international aid based upon three key factors - adverse clan self-interest, international geo-political self-interest, and lack of effective state building support. While consociationalist theory provides an opportunity for Somalia to address such gaps, this will require a comprehensive and holistic approach and a commitment by the clans in Somalia to collaborate rather than continue to engage in corrupt, self-interested and opportunistic behaviours.

year: 2014

title: The appropriate use of Te Reo Maori in the names of new species discovered in Aotearoa New Zealand

authors: Papa, Judy Wiki

subjects: Te Reo Maori

abstract: Language is the key to understanding
Ko te reo te taikura o te whakaao-mārama
In this thesis I investigate the naming of new species that are being discovered in and around the waters of the coastline, across the vast landscape and in remote areas of Aotearoa New Zealand. These native species often endemic to Aotearoa New Zealand are often named with no reference to the native landscape and wear names that pay homage to or represent ancestors and traditions of another culture.   Few of these species have been given scientific names that include Te Reo Māori and this study sought to explore why this was the case and how Te Reo Māori should be included in these names.
This study investigated the background, methods and the knowledge associated with matauranga Māori and scientific naming protocols and how these could be incorporated into the naming of new species of Aotearoa New Zealand.  Data were gathered from historical manuscripts that mention naming or classification of species in Aotearoa New Zealand, literature about classification, and eight interviews with people knowledgeable in the Māori and western scientific naming traditions of nomenclature and classification.  The interview data was transcribed and analysed using these themes drawn both from the literature and the data.  The study considered the rightful place of Māori knowledge and western scientific systems of naming new species, including the appropriate use of Te Reo Māori in a uniquely Aotearoa New Zealand way.
My findings indicate that the practice of naming species in Aotearoa New Zealand by scientists is governed by international protocols and that any incorporation of Te Reo Māori varied, and this variation depended on individual researchers that have developed their own method of using Te Reo Māori in the names of new species.  The findings indicate however that Te Reo Māori is of utmost importance to a Māori cultural context and must be used appropriately for the benefit of future generations of Māori.  
In my conclusions I acknowledge the two systems of biological classification and matauranga Māori and their historical importance in the classification of species in Aotearoa New Zealand and on the international stage.  I also recommend a set of guidelines derived from the research findings on the appropriate use of Te Reo Māori in naming new species.

text: The appropriate use of Te Reo Maori in the names of new species discovered in Aotearoa New Zealand Language is the key to understanding
Ko te reo te taikura o te whakaao-mārama
In this thesis I investigate the naming of new species that are being discovered in and around the waters of the coastline, across the vast landscape and in remote areas of Aotearoa New Zealand. These native species often endemic to Aotearoa New Zealand are often named with no reference to the native landscape and wear names that pay homage to or represent ancestors and traditions of another culture.   Few of these species have been given scientific names that include Te Reo Māori and this study sought to explore why this was the case and how Te Reo Māori should be included in these names.
This study investigated the background, methods and the knowledge associated with matauranga Māori and scientific naming protocols and how these could be incorporated into the naming of new species of Aotearoa New Zealand.  Data were gathered from historical manuscripts that mention naming or classification of species in Aotearoa New Zealand, literature about classification, and eight interviews with people knowledgeable in the Māori and western scientific naming traditions of nomenclature and classification.  The interview data was transcribed and analysed using these themes drawn both from the literature and the data.  The study considered the rightful place of Māori knowledge and western scientific systems of naming new species, including the appropriate use of Te Reo Māori in a uniquely Aotearoa New Zealand way.
My findings indicate that the practice of naming species in Aotearoa New Zealand by scientists is governed by international protocols and that any incorporation of Te Reo Māori varied, and this variation depended on individual researchers that have developed their own method of using Te Reo Māori in the names of new species.  The findings indicate however that Te Reo Māori is of utmost importance to a Māori cultural context and must be used appropriately for the benefit of future generations of Māori.  
In my conclusions I acknowledge the two systems of biological classification and matauranga Māori and their historical importance in the classification of species in Aotearoa New Zealand and on the international stage.  I also recommend a set of guidelines derived from the research findings on the appropriate use of Te Reo Māori in naming new species.

year: 2012