Feed use intensification and technical efficiency of dairy farms in New Zealand

In recent years, the traditionally pasture‐based dairy farms in New Zealand have become more intensive by using higher proportions of supplementary feed. This trend has been attributed to a range of factors, such as productivity enhancement, overcoming pasture deficits and the improvement of body condition scores. However, there is a lack of knowledge as to how feed use intensification affects the technical efficiency of dairy farms in New Zealand. This paper addresses the research gap by estimating the impact of feed use intensification on the technical efficiency of New Zealand dairy farms, using a fixed effects stochastic production frontier model and a balanced panel of 257 farms from 2010 to 2013. The empirical results show that technical efficiency on New Zealand dairy farms is positively and significantly influenced by feed use intensification, herd size and milking frequency.     

Airline new route selection using compromise programming - The case of Taiwan-Europe

The decision to launch a new route has a huge effect on the outcomes of airlines in the market. In order to find potential destinations for airlines, this paper utilizes a compromise programming method for selecting direct flight routes. The selection framework comprises two objective functions, with one maximizing total revenue and the other minimizing total cost. A case studying Taiwan-European region destinations is interpreted in the analysis. The results indicate that four potential routes, including Madrid, Milan, Munich and Zurich should be added to the airlines’ service destinations. Therefore, this research suggested that the airport authority could apply incentives scheme to attract carriers to open new routes and add flight frequencies to strengthen its competitiveness.     

新会计准则下政府补助会计税务处理及其对研发加计扣除的影响

新会计准则完善了旧会计准则的不足,且对会计税务处理以及财务人员提出了更高要求。为了使企业在之后的发展过程中能更好地处理税务工作,分析新会计准则给企业经营带来的影响十分必要。基于此,文章分析了政府补助的内涵,以此为依据分析与之相关的会计核算和税务处理工作,并以当前的企业案例为依据,总结新会计准则下政府补助的会计税务处理对企业研发加计扣除产生的影响,进而为企业持续长远发展提供有参考价值的建议。     

Firm performance and corporate finance in New Zealand

Low productivity growth in New Zealand has been a paradox. We study New Zealand firms’ profitability, in terms of profit margin and return on assets (ROA), from the viewpoints of productivity enablers using firm-level panel data. We find that tangible fixed investment and a research and development (R&D) tax incentive are associated with higher profitability performance. In addition, the firm size is found to be a key determinant of profit margin. By contrast, we do not find any evidence that intangible investment can improve the profitability. The global financial crisis has not changed the leverage effect on ROA in New Zealand, while the impact of R&D became more prominent after the crisis.     

FX Intervention in the New Keynesian Model

We develop an open-economy New Keynesian Model with foreign exchange (FX) intervention in the presence of a financial accelerator and shocks to risk appetite in international capital markets. We obtain closed-form solutions for optimal monetary and FX intervention policies assuming the central bank cannot commit to future policies, and we compare the solution to that under policy commitment. We show how FX intervention can help reduce the volatility of the exchange rate, of inflation, and of the output gap, thus mitigating welfare losses associated with shocks in the international capital markets. We also show that, when the financial accelerator is strong, there is a risk of indeterminacy (self-fulfilling currency and inflation movements) although FX intervention can reduce this risk and thus reinforce the credibility of the inflation targeting regime. Model simulations match well the impact of a VIX shock obtained by local projections on a panel of inflation targeting emerging markets.     

Chinese relationship management: a qualitative study of banking in New Zealand

This study investigates the relational factors and motivations of Chinese migrant consumers towards financial service providers in New Zealand. Using convergent interviews, a deeper understanding is developed of immigrants’ relational behaviour with service providers. These relationships with service providers are significantly influenced by traditional Chinese values and guanxi and relational embeddedness plays an important role in how they are developed. The research contributes a better understanding of the interplay between Eastern and Western cultures in service relationships among immigrant groups. A general theory of the Chinese perspective of customer relationship management is developed. The implications for how marketing practitioners manage their relationships with migrant customers are explored.     

Vegetarian Utopias: Visions of dietary patterns in future societies and support for social change

The current study draws on the collective futures framework to examine how visions of future societies where most people consume plant-based, vegetarian or vegan diets are related to current support for social change towards plant-based diets. Participants were 506 university students in Aotearoa New Zealand invited to imagine a society in 2050 where most individuals consume a plant-based, vegetarian, or vegan diet. A thematic analysis was conducted on responses to an open-ended item asking how these future societies would be different to today. Participants reported a variety of potential positive and negative outcomes for individuals and wider society. Subsequent analyses of attitudes scales investigated the relationships between the collective dimensions of plant-based future societies and support for policies to promote plant-based diets. For a vegetarian future, the strongest predictor of current support for social change was the expectation that widespread vegetarianism would reduce societal dysfunction. For a vegan future, the strongest predictor of support for social change was an expectation of increased warmth in a vegan society. Implications for theory and advocacy are discussed.     

Pernicious pests and public perceptions: Wilding conifers in Aotearoa New Zealand

With significant favourable natural resources, New Zealand has excellent growing conditions for certain exotic conifer species. Although these species have been used for erosion control, and commercial and shelter/amenity plantings for many decades, they do have a high propensity to spread into undesirable locations around the country through natural means. These wilding conifers have become pests. Over the years, these pests have been controlled by landowners, government and community members using various methods, including mechanical and chemical means. Further, new ways of control have also been proposed, including the use of fire, genetics and other technologies. In this paper we examine survey and follow-up focus group data to understand public acceptance of these control methods. Overall, mechanical and selective chemical means were most accepted, while widespread chemical spraying and novel or alternative methods were less acceptable. The survey results and focus group discussions highlight the local, contextual nature of the challenges and opportunities.     

军民融合社会关系网络对军民融合新创企业成长的影响

军民融合新创企业是推动我国国防建设和社会经济融合发展的重要力量，军民融合社会关系网络具有丰富的异质性资源，可以有效促进军民融合新创企业成长。借鉴社会网络理论，构建以关系深度、关系广度、关系高度为代表的军民融合社会关系网络、耦合共生与军民融合新创企业成长理论模型，通过对收集的304份军民融合新创企业问卷数据进行实证分析，结果发现：军民融合社会关系网络对军民融合新创企业成长具有正向影响；耦合共生在军民融合社会关系网络与军民融合新创企业成长间发挥中介作用；创业导向显著调节耦合共生与军民融合新创企业成长的关系。     

Stabilizing and destabilizing mechanisms: A new perspective to understand business cycles

Economists believe that economic fluctuations can be smoothed by stabilization mechanisms, such as price adjustment, embedded in the economy. While price adjustment can be seen as a stabilization mechanism, are there mechanisms that can destabilize an economy? We find that as early as 1939, Harrod discussed a destabilization mechanism, the firm's investment adjustment, illustrated in his knife-edge puzzle. We build a macro-dynamic model with investment and price as the core macroeconomic variables. Our analysis shows that the interaction between the stabilization mechanism (price adjustment) and the destabilization mechanism (investment adjustment) generates fluctuations and cycles. However, due to price stickiness, the price adjustment mechanism may not be enough to stabilize the economy. In this case, a government stabilization policy is necessary for further stabilization. As this paper also addresses the microfoundations of Keynesian quantity theory, including the choice of output and investment in optimization, it can be related to traditional Keynesian economics, with a new perspective to understand business cycles.