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The importance of culture on economic outcomes has been an element of ongoing research mainly in the disciplines outside of mainstream economics such as sociology and anthropology. From an economic perspective, there is a strong feeling among the corporate community that culture can be influential in business dealings. International trade is one area of business where cultural diversity can matter. This paper investigates the effect of trading partner cultural diversity on trade within the gravity model framework. The gravity model incorporates four measures to capture cultural diversity: religion, ethnicity, language and legal origin. Using data on New Zealand's trade with Asia and employing the panel corrected standard errors estimation procedure, the empirical findings reveal that Asian diversity in religion and languages is positively correlated with New Zealand–Asia trade. The results reveal that the expected effects of standard gravity variables, and we conclude that the cultural diversity of trading partners positively influences international trade. [ABSTRACT FROM AUTHOR]

This study examines the development of trade between ASEAN and New Zealand. Indices of trade intensity and trade potential are used to analyse the intensity of existing trade for the period 1980-2010 and trade potential going forward. This is the first use of the trade potential method to assess the trade potential between New Zealand and ASEAN across industries. The results show significant potential for future growth in specific export sectors and demonstrate changing trade patterns between New Zealand and ASEAN members. Out findings also show that New Zealand-ASEAN trade has intensified over the years, even if it has been marked by fluctuations. This study also highlights development of Australian trade with ASEAN in the context of the ASEAN-Australia-New Zealand FTA. Our findings have implications for the integration of ASEAN with Australia and New Zealand. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the effect of corporate governance practices of small cap companies have had on their financial performances. Previous studies have mainly examined governance practices of larger corporations. This analysis focuses on the governance variables that have been highlighted by the New Zealand Securities Commission (2004) governance principles and guidelines and also on the governance variables that are supported in the literature as providing an appropriate structure for the firm in the environment in which it operates. The data for 71 small cap companies listed in New Zealand over a five-year period from 2001 to 2005 was analysed. Pooled data, OLS and 2SLS regression techniques were used and Tobin's Q, ROA and OPINC were used as the dependent variables. The evidence does support the hypothesis that the existence of board independence and audit committee has enhanced firm financial performance, as measured by Tobin's Q. [ABSTRACT FROM AUTHOR]

• Innovation-adoption characteristics (IACs) on trust and purchase intention examined. • The focus was the adoption of cultured food, plant-based food, and insect-based food. • Higher levels of trust and intention to purchase plant-based food products observed. • Consistency between New Zealand and the United Kingdom was observed. • An adjusted five-factorial IAC construct was introduced based on the results. Innovation-adoption characteristics encompass the perceived attributes that are associated with the pace at which consumers adopt innovations. This study investigates the impact of innovation-adoption characteristics on consumers' trust and purchase intentions of three categories of innovative alternative protein: cultured food, plant-based food, and insect-based food. Data was collected through web-based surveys conducted in New Zealand (n = 1019) and the United Kingdom (n = 1020). Data analysis involved factor analysis and structural equation modeling. Consumers' trust and purchase intentions of the three categories of innovative alternative protein were found to be significantly influenced by several or all of the following innovation-adoption characteristics: perceived subjective incentive, perceived complexity, perceived relative advantage, perceived risk, and trialability. When examining specific food products, consumers exhibited significantly higher levels of trust and intention to purchase plant-based food products, such as plant-based meat and plant-based milk, in comparison to cultured food products, including cultured fresh meat, cultured processed meat, cultured seafood, and cell-based milk, as well as insect-based food. The study offers novel insights to the existing gap in understanding the impact of innovation-adoption characteristics on consumer adoption of innovative alternative proteins. These findings have the potential to assist stakeholders in the food industry in formulating effective promotional strategies for such products. [ABSTRACT FROM AUTHOR]