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This study re-conceptualises the relationship between symbiosis and risk/return as an influence for economic benefit or harm for micro, small and medium enterprises in tourism. A critique of predictive literature identifies Monte Carlo simulation's capacity to use non-parametric data and input of multiple, concurrent variables as best suited to forecasting firms' performance. Statistically significant risk/return variables are established from national monitors. The secondary which is accessed from the New Zealand Business Benchmarking Survey and the Management Resource Centre is used for the simulations. Results show that businesses in different industries were affected by range of factors that resulted in variation in a particular firm's profit. Hospitality enterprises are most vulnerable, accommodation and retail firms experience greater flux, but the retail component recovers quickly. The research contributes to symbiosis theory, predictive methodology and has implications for the economic recovery of the tourism sector.

Purpose: This paper aims to examine the association between environmental disclosure and waste performance. Design/methodology/approach: This study is based on a sample of S&P 500 firms over a nine-year period from 2010 to 2018. The pooled ordinary least squares (OLS), logistic, propensity score matching (PSM) and instrumental variable-generalized method of moments regressions analyses have been used to examine the data. Findings: The findings show a significant positive relationship between waste performance and environmental disclosure, suggesting that firms with superior waste performance tend to disclose more environmental information. Further, the authors distinguish between “hard” and “soft” environmental disclosures and find that the effect of waste performance is consistently positive and significant for each type. The observed positive and significant association of waste performance with environmental disclosure remains unchanged, regardless of the industry affiliation of firms, although firms from industries that are less environmentally sensitive provide a slightly higher level of environmental disclosure. The authors also explore possible channels that may explain the association between waste performance and environmental disclosure and find that litigation risk and cash holdings positively moderate the association. The finding remains robust to a number of alternative estimation approaches. Originality/value: Overall, the authors present important evidence that waste performance is an important indicator of environmental disclosure. The findings are useful for corporations and stakeholders and have important implications around the globe as the authors continue to grapple with the ongoing issue of waste.

Using survey data of owners of micro, small and medium enterprises (MSMEs), we investigate the nexus between financial literacy (FL) and financial inclusion (FI). Furthermore, we examine whether the FL_FI nexus is different by gender. Our results show that FL has statistically significant positive effects on all three dimensions of FI (access, usage and quality). Our findings highlight policy implications for countries desiring to enhance FI by improving the financial literacy and education levels of MSME owners. Furthermore, our findings suggest that targeted financial education programmes result in better outcomes.JEL Classification:G10, G50, G53

The potential contribution from moving toward an even gender balance for those bodies charged with corporate governance, especially boards of directors, is discussed in this paper. Prior empirical research, reported in the literature, provides conflicting results. The likelihood of these opposite findings resulting from endogeneity suggests a dynamic GMM model as a preferable tool for analysing gender balance on boards. Agency theory is core for finance modelling of governance and increasing from the low level of female director proportion on boards reduces agency costs in the publicly listed companies in New Zealand. The positive effects diminish as the proportion of female directors reach higher levels. Is it the gender balance or competency set of the board contributing the gains? Our interpretation is that gender diversity quotas for women need to focus on acquiring relevant skills and qualifications required in boardrooms and gradually increasing participation goals is likely to be most efficacious through signalling the core competency base for improved performance.

This paper investigates the relationship between corporate governance mechanisms and principal-principal (PP) agency conflict in Sri Lankan listed family firms. In many countries, the family business sector is seen as a means of rejuvenating the economy and developing sustainable growth. A dynamic modelling framework, which controls for potential endogeneity, is used to investigate 120 family firms and 90 non-family firms from 2006 to 2014. Similar to prior studies, this study reflects deeply on the idea of PP agency conflict between majority and minority shareholders for family firms in emerging economies. This study employed four board characteristics and found large boards with non-executive directors and family leadership increase PP conflict in Sri Lankan listed family firms. Overall results indicate that traditional corporate governance mechanisms cannot mitigate PP agency conflict in family firms in emerging markets. There is strong evidence supporting a need for promulgating and streamlining of corporate laws, in emerging markets, to reduce the possibility of expropriation of minority shareholders by owners of politically powered family firms.

This paper investigates the determinants of capital structure in unlisted firms in New Zealand. Hypotheses utilising pecking order theory, trade-off theory and agency costs theory and the effects of firm ownership structure, firm characteristics and industry on small business capital structure determinants are empirically examined. 11 years of data for 120 unlisted small businesses are collected and 1320 observations are analysed using dynamic panel GMM estimation. The results indicate that managerial ownership, firm characteristics and industry are important determinants of capital structure. Moreover, this study finds firm ownership and characteristics have opposing relationships with long- and short-term capital structure choices. Though the results generally support pecking order theory, they indicate a potential need for different capital structure theories for long-term debt choice and short-term debt choice, in small firms.

The current study investigates the relationship between family firm board structure and financial performance in Sri Lanka. This study uses five years (2006–2010) of data from 65 family firms listed on the Colombo Stock Exchange (CSE). In order to investigate the impact of board structure on family firm financial performance, a dynamic panel generalised method of moment estimation is applied. The results show that board openness to non-family members, board diversity and insider ownership decrease family firms’ financial performance. Consequently, this study suggests the corporate governance framework needs to be tailored to a family business structure as ‘one size does not fit all’.