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1 – 10 of over 1000Vikas Gupta and Hiran Roy
This study explored the experiences and perceptions of stakeholders concerning luxury yachting in the Fiji Islands. It also revealed the facilities provided on luxury yachts…
Abstract
Purpose
This study explored the experiences and perceptions of stakeholders concerning luxury yachting in the Fiji Islands. It also revealed the facilities provided on luxury yachts, significant challenges faced by stakeholders in the yachting business, major luxury yacht operators and the safety measures in place for the patrons/consumers of luxury yachting.
Design/methodology/approach
It employed an exploratory qualitative methodology that incorporated 16 in-depth semi-structured face-to-face interviews with stakeholders in the luxury yachting businesses via contact with superyacht agents. The interview participants for this research were selected based on a non-random sampling technique in the major marinas of the Fiji Islands (i.e. Port Denarau Marina, Copra Shed Marina, Savusavu, Royal Suva Yacht club, and Vuda marina).
Findings
Results revealed that the services/facilities provided on luxury yachts are state-of-the-art; however, there is a need to integrate luxury yachting with more personalized, creative, unique and innovative experiences. Findings also suggest the need for government funding for the redevelopment/renovation of some ports and provide skill-based training for yacht employees.
Originality/value
This study contributes to filling some of the gaps in the luxury yachting literature in Fiji and sheds light on stakeholders' perceptions of the amenities offered at marinas and ports, significant challenges in the yachting industry and safety measures in place for patrons.
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Paresh Kumar Narayan, Seema Narayan, Sagarika Mishra and Russell Smyth
The purpose of this paper is to examine the monetary policy transmission mechanism for the Fiji Islands using a structural vector autoregressive (SVAR) model for the period 1975…
Abstract
Purpose
The purpose of this paper is to examine the monetary policy transmission mechanism for the Fiji Islands using a structural vector autoregressive (SVAR) model for the period 1975 to 2005.
Design/methodology/approach
The SVAR model investigates how a monetary policy shock – defined as a temporary and exogenous rise in the short‐term interest rate – affects real and nominal macro variables; namely real output, prices, exchange rates, and money supply.
Findings
The results suggest that a monetary policy shock statistically significantly reduces output initially, but then output is able to recover to its pre‐shock level. A monetary policy shock generates inflationary pressure, leads to an appreciation of the Fijian currency and reduces the demand for money. The paper also analysed the impact of a nominal effective exchange rate (NEER) shock (an appreciation) on real output and found that it leads to a statistically significant negative effect on real output.
Practical implications
The findings of this study should be of direct relevance to the research and policy work undertaken at the Reserve Bank of Fiji.
Originality/value
For a small economy, such as Fiji, where monetary policy is key to sustainable macroeconomic management, this is the first paper that undertakes a dynamic analysis of monetary policy transmission. The paper uses time series data over three decades and builds a structural VAR model, rooted in theory. This paper will be of direct relevance to the Reserve Bank of Fiji. The approach and model proposed will also be useful for applied monetary policy researchers in other developing countries where inflation rate targeting is a key element of the monetary policy setting.
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Mohsin Khan, Rup Singh, Arvind Patel and Devendra Kumar Jain
This paper aims to assess the equilibrium house price in the city of Suva (Fiji) and to analyse the house price bubble in the Fiji housing market.
Abstract
Purpose
This paper aims to assess the equilibrium house price in the city of Suva (Fiji) and to analyse the house price bubble in the Fiji housing market.
Design/methodology/approach
This paper adopts a time series approach to determine the presence of house price bubbles in Fiji over the period from 1988 to 2018.
Findings
The findings suggest that real income, land cost, building material price, inflation rate, volatility, household size and wealth have a positive impact on house prices, whereas user cost of capital and political disturbances have a negative impact. The findings further indicate that the Fijis’ housing market does not constitute any house price bubble.
Practical implications
This paper draws policy implications for a small developing state (Fiji) and other similar economies.
Originality/value
The price bubble in the Fiji housing market is analysed for the first time. This paper develops a comprehensive empirical approach to assess the equilibrium-housing price in Fiji.
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This paper explores the institutional challenges and opportunities in Fiji's integration into the global value chain. Fiji is naturally endowed with coconut palms across its many…
Abstract
Purpose
This paper explores the institutional challenges and opportunities in Fiji's integration into the global value chain. Fiji is naturally endowed with coconut palms across its many islands. However, the coconut sector remains rudimentary with little value-addition. Coconut products of high-value are now being produced and exported throughout the world. While many coconut producing countries have benefitted from this coconut demand surge, Fiji has been unable to benefit from the international market.
Design/methodology/approach
This study utilizes a mixed-methods approach to analyze the challenges and opportunities. First, an analysis is done on a macro-level at the link between institutional quality and Fiji's export of coconut products. Then, primary data is collected with semi-structured interviews with key stakeholder groups in regions of Fiji. The goal is to gain an understanding of the perceived challenges and opportunities from each actor.
Findings
The empirical results show that institutional quality matters for Fiji's coconut exports. Increased scores in the government effectiveness and voice and accountability indicators enhance coconut exports from Fiji, suggesting that domestic institutions play an important role. Interviews with key actors reveal that communications among each stakeholder group are fragmented. The main institutional actors and the producers have different perceptions of the industry's challenges, thus resulting in different ideas on how to address the issues.
Research limitations/implications
This study is limited by the data availability of coconut production and trade volume of more specific products. Furthermore, due to the transportation and weather constraints during our visit to Fiji, certain parts of the island were not accessible.
Originality/value
This paper uses a mixed-methods approach to assess a specific case study.
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Umesh Sharma and Stewart Lawrence
This paper aims to extend the literature on public sector reforms in less‐developed countries in the Pacific. It seeks to examine the roles of accounting and control systems in…
Abstract
Purpose
This paper aims to extend the literature on public sector reforms in less‐developed countries in the Pacific. It seeks to examine the roles of accounting and control systems in the reforming of two public sector organisations in Fiji: a process that was demanded by international financial agencies. The impacts of the reforms on the local population are also considered.
Design/methodology/approach
The case study method is employed. The empirical evidence is interpreted using Laughlin's, and Greenwood and Hinings's frameworks. The empirics are used to flesh out the skeletal model with specific cultural and political issues particular to Fiji.
Findings
Empirical evidence from two public sector organisations in Fiji that underwent structural reforms is used to illustrate the difficulties of transformation; and how the Fijian people's needs were not met for the purpose for which the organisations were established.
Research limitations/implications
Although this study is limited to two public sector enterprises in Fiji, it provides valuable insights into one country's public sector enterprises, and offers a platform for similar studies in other countries.
Practical implications
The case studies show the limitations of the introduction of private sector managerialism into state‐sector organisations. There are implications for state sector organisations in Fiji and elsewhere in the Pacific.
Originality/value
The paper adds to the literature of developing countries. There are cultural and political influences specific to Fiji that trigger resistance to change from public service values to commercial business norms. Such cultural and political influences may not be so pertinent in western industrialised countries.
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Heather Douglas, Buriata Eti-Tofinga and Gurmeet Singh
This study aims to examine the geographic, historical and institutional influences on social enterprise in a small Pacific island country.
Abstract
Purpose
This study aims to examine the geographic, historical and institutional influences on social enterprise in a small Pacific island country.
Design/methodology/approach
Drawing on theoretical literature and factual materials published by reputable sources and based on local knowledge of the authors, the study considers how Fiji’s location; history; and social, economic, political and cultural institutions affect social enterprise.
Findings
Social enterprise is influenced by Fiji’s remote location and small economy, which reduces access to external information and suggests that the nation is slow to embrace new ideas. Fiji’s demographics, ethnic divisions and cultural arrangements create economic and political tensions that affect how support services and economic policies are delivered. Indians were brought to Fiji under the British colonial administration, and Fijians with Indian heritage now make up almost 40% of the population. Informal separation and growing tensions between these Fijian Indian citizens and indigenous Fijians have contributed to political instability. The resulting outmigration of skilled nonindigenous people has reduced levels of human capital and expertise. This limits Fiji’s capacity to innovate, including developing a robust social enterprise sector. Although social enterprise could be a very effective way to address social and economic problems in Fiji, it seems unlikely that the government will embrace the concept without support and encouragement from external sources, especially international aid and UN agencies.
Research limitations/implications
Generalisability is not assumed with this study, as it examines only one Pacific island country; however, it is likely that the findings will apply in other small Pacific island countries having similar cultural arrangements.
Practical implications
This paper offers information that will assist practitioners, researchers and policymakers in understanding and negotiating complexities of the institutional environment in remote locations, especially in small Pacific island countries.
Originality/value
As one of the first studies of a small Pacific island country, this paper extends scholarship in this region and adds to the current understandings of social enterprise. In particular, the paper adds valuable, new knowledge of the effects of geographic location, political instability and cultural and ethnic divisions. This study is likely to be relevant for other small countries in isolated locations, especially those in the Pacific region with similar cultural environments.
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Krishna Reddy and Umesh Sharma
This study aims to investigate the nature and extent of compliance to the principle-based corporate governance initiatives by the listed companies in the South Pacific Stock…
Abstract
Purpose
This study aims to investigate the nature and extent of compliance to the principle-based corporate governance initiatives by the listed companies in the South Pacific Stock Exchange (SPSE) in Fiji. Three important questions are addressed: whether listed companies in Fiji have complied with the principle-based governance practices? Did compliance with principle-based recommendations lead to an improvement in the listed company's financial performance and legitimacy? How the institutional factors have contributed towards corporate governance practices in Fiji?
Design/methodology/approach
Panel data for the SPSE companies over the period 2008-2011 are analysed using ordinary least squares (OLS) regression. Tobin's Q and return on assets (ROA) metrics are used as dependent variables.
Findings
The findings indicate that listed companies have adopted the Capital Market Development Authority's (CMDA) recommendations by establishing subcommittees for audit and remuneration, having non-executive/independent directors on the board and separate chair and CEO positions in order to gain legitimacy from stakeholders. Results support the view that the CMDA recommendations of board sub-committees (audit and remuneration) have had positive influence on company performance measured by Tobin's Q. The findings of this study give support to the principle-based corporate governance practices adopted in Fiji to gain legitimacy.
Originality/value
The study adds to the governance literature by focusing on the principle-based governance practices in a small remote island country, Fiji which has relatively small economy, capital market and company size. Finally, the study adds to institutional theory by showing how companies' corporate governance choices are affected by the severity of agency conflicts and the way corporate governance is regulated.
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Gurmeet Singh, R.D. Pathak and Rafia Naz
The purpose of this paper is to scrutinize the issues, challenges, and impediments coming in the way of small‐ and medium‐sized enterprises (SMEs) internationalization in small…
Abstract
Purpose
The purpose of this paper is to scrutinize the issues, challenges, and impediments coming in the way of small‐ and medium‐sized enterprises (SMEs) internationalization in small developing nations of South Pacific like Fiji and Samoa.
Design/methodology/approach
The paper encompasses both quantitative and qualitative data. Analyses of antecedents are descriptive in nature, while establishing the relationship between intervening variables and outcomes are quantitative. For quantitative data, structured questionnaires are used, while for the collection of qualitative data, archival and library research methods are employed. Structured questionnaire is used to collect data from 118 and 78 sampled respondents in Fiji and Samoa, respectively, and statistical analysis is performed using Statistical Package for the Social Sciences package.
Findings
These research findings pinpoint that the problem lies in evaluating the nature of issues affecting internationalization of SMEs. The results also show that the performance of Fijian and Samoan SMEs is same across different business sectors and those SMEs in these two countries exhibit different change patterns in their export growth.
Research limitations/implications
The scope of the paper is limited only to the SMEs in Fiji and Samoa and cannot in any way be generalized to large firms.
Practical implications
SMEs seeking to internationalize will need to learn a lot about the internal and external factors impacting their organizations. Many a times entrepreneurs believe that through sustained planning, they can reduce the shocks resulting from environmental uncertainty, however, in reality some of them may be able to benefit while others despite planning may not be able to overcome growth‐related problems, as they may require reactive action. Therefore, learning is essential in international expansion and so is having a clear understanding of the environment that entrepreneurs operate in. Future research should seek to highlight documented cases of SME internationalization.
Originality/value
This paper is one of the important studies taken in the context of Pacific SMEs. The research that has been conducted in the past are mostly confined to Asian countries, with very little in the area of SME internationalization. The findings of this paper will have relevance for policy making and supportive measures at government levels for SME internationalization.
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Roman Grynberg, Peter Fulcher and Peter Dryden
The paper considers the development of the unique fiscal relationship that exists between the government of Fiji and Emperor gold mines. Over a period of 40 years Emperor has not…
Abstract
The paper considers the development of the unique fiscal relationship that exists between the government of Fiji and Emperor gold mines. Over a period of 40 years Emperor has not only paid negligible amounts of taxes and royalties it has frequently been directly subsidised by the state. In 1983 the government signed the Vatukoula tax agreement which effectively gave new mines a tax holiday for over 20 years. At the time of writing, Emperor regularly declares a dividend, is profitable in comparison to similar mines and pays no corporate taxes. The tax agreement stands as unique among developing countries in terms of allowing all potential rents from the mine to pass directly to the mine owners and almost nothing to the resource owner.
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Suwastika Naidu, Anand Chand and Paul Southgate
– The purpose of this paper is to examine the determinants of innovation in handicraft industry of Fiji and Tonga.
Abstract
Purpose
The purpose of this paper is to examine the determinants of innovation in handicraft industry of Fiji and Tonga.
Design/methodology/approach
Data for this study was collected via face-to-face interviews with handicraft sellers in Fiji and Tonga. In total, 368 interviews were conducted in Fiji and Tonga out of which, 48 was from Tonga and 320 was from Fiji.
Findings
The results of this study show that eight factors; namely, value adding, design uniqueness, new product development, cultural uniqueness, advanced technology, experience of owner, ability of owner to adapt to trends in market and quality of raw materials have significant impact on level of innovation in handicraft industry of Fiji and Tonga.
Originality/value
To date, none of the existing studies have examined determinants of innovation in handicraft industry of the Pacific Island countries. This is a pioneering study that examines determinants of innovation in handicraft industry of Fiji and Tonga.
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