Welcome to Massey Research Online
Massey Research Online is an open access digital archive of the research and scholarship of Massey University and is jointly managed by the University Library and Information Technology Services.
Massey Research Online contains research theses and research outputs including published work by Massey University students and academic staff as well as peer-reviewed material not published elsewhere. In the case of previously published research outputs all requirements of copyright owners are observed.
Items in Massey Research Online are fully indexed and searchable on Google Scholar and NZ Research.
To submit research outputs to Massey Research Online, check out the Depositing content to MRO page. For all other queries, email the Library.
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Recent Submissions
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Tolerance of plantain (Plantago lanceolata) to translocated herbicides wiped on flower stems
(2024-07-08) Shrivastav N; Harrington KC; Kemp PD; He XZ; Ghanizadeh H
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Business Resilience: Lessons from Government Responses to the Global COVID-19 Crisis
(Elsevier B.V., 2023-08-22) Nguyen H; Pham AV; Pham MDM; Pham MH
This study explores the survival of firms across countries, and what factors contribute to their ability to withstand large-scale exogenous shocks, focusing on the COVID-19 pandemic. Using corporate default risk as a measure of non-resilience, our empirical results from 97 countries reveal that stringent COVID-19 containment measures created a significant resilience test for businesses worldwide. Further tests suggest that cash holdings, knowledge assets, international sales, and access to foreign capital markets are crucial for global businesses to pull through exogenous shocks. Country-level institutional qualities also play an essential role in shaping business resilience during a crisis. Our study is the first to comprehensively analyze the drivers of business resilience across diverse countries using the COVID-19 outbreak as a major global crisis, providing a nuanced understanding of this topic in international business.
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Award-winning CEOs and corporate innovation
(Elsevier B.V., 2024-12-23) Pham MH; Merkoulova Y; Veld C
We examine the role of award-winning CEOs in corporate innovative activities. We find no significant difference in innovation outputs between firms of media award-winning CEOs and a matched sample of predicted winners. However, firms headed by winners of non-media awards generate significantly more patents and citations in the second and third year after the award. Firms led by CEO-winners of media awards attract more interest in Google and see an increase in the number of financial analysts that follow them. These effects likely exert more pressure on managers to meet short-term goals and hence impede the firms’ innovation. We do not find the same effects for firms that have CEOs who win non-media awards. The latter category sees an improvement in employee treatment following the award year. These different channels explain why innovation only increases for firms that are headed by CEOs who win non-media awards.
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Risk Analysis of Pension Fund Investment Choices
(John Wiley and Sons, Inc., 2023-09-01) Bissoondoyal‐Bheenick E; Brooks R; Do X
We provide a comprehensive and more consistent approach to analyse and compare the risk-return relationships of Australian superannuation investment options for the period January 1990 to December 2016. In estimating the risk profiles of the investment options, we allow for the movement of the asset classes over time by employing a varying coefficient panel estimation technique. We find that while risk increases across different investment options from moderate to aggressive options, using different percentages of identifying a balanced fund does not impact the long-term risk measurement. We equally find that the risk-return relationships of investment options are not sensitive to the modelling framework, except for the crisis analysis, in which the Fama-French five-factor model provides greater sensitivity.
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Tail risk spillovers between Islamic sectoral equities and bond markets: a time-frequency domain approach
(Taylor and Francis Group, 2024-06-28) Billah M; Alam MR; Balli F
This study examines the tail risk spillover between Islamic sectoral stock indices and country specific investable Islamic bonds in time and frequency domain and provides useful implications for portfolio management. For the analyses, Conditional Autoregressive ValueatRisk (CAViaR), Quantile Connectedness, and DCCGARCH t-Copula models are estimated utilizing daily data from 15 countries. The findings show that the connectedness and spillover of risks are much stronger at tails than at median, and in the short-term than in long-term. Whereas median risk connectedness surges during COVID-19 pandemic, the connectedness between tail risks is usually elevated even before the COVID-19 pandemic with industrial sector being consistently a significant net transmitter of shocks. Moreover, all the sectoral stock market indices are significant and consistent transmitter of left tail shocks indicating a much stronger role of sectoral stock markets in transmitting large negative shocks. A heightened connectedness is also observed during Russia-Ukraine war mainly in the short-term frequency. The portfolio analysis shows that long positions in sectoral stocks can usually be hedged by taking short positions in Islamic bonds. Hedging effectiveness and optimal portfolio weights are also calculated to provide market participants with further information.