Impact of the Appreciation of the New Zealand Dollar on SMEs

Impact of the Appreciation of the New Zealand Dollar on SMEs APPRECIATION OF NZ$: ITS IMPACT ON SME’s New Zealand has been considered as a distinguished economy. It is primarily because the economy faced the challenges of international economic depression and was victorious in the same. According to a report by Forbes in the year 2014, the country holds a strong rank among the safe-haven economies in the world. New Zealand’s economy has been a dynamic one (Colombo, 2014). It has experienced appreciation and depreciation of its dollar on a consequent basis. Even in the 1990s and early 2000s New Zealand’s economy acknowledged higher appreciation of its dollar due to higher interest rates which fascinated large number of capital investors (Brash, 2000; Fallow, 2013). But since 2009, the economy is emerged very strongly but this has resulted in rising level of concerns among varied sectors and industries in New Zealand (Fallow, 2013). SME which implies â€Å"Small and Medium Enterprises† play a very crucial role in the economic development of any economy across the globe (Fink and Kraus, 2009). New Zealand is no different as its economy to a large extent is supported by performance of SMEs. But defining SME is a critical job because there is not universally accepted definition. Each economy has a different definition of a SME (Abdullah and Bakar, 2000). SMEs in New Zealand are defined by the New Zealand governing bodies as those organizational set ups which operate with 20 or less number of workers / employee (Ministry of Economic Development, 2011). Most of these units are generally controlled and handled by their owners themselves. One third of New Zealand’s GDP (gross domestic product) comprises of inputs from this sector (Waikato Times, 2014). This sector has also aided in provision of employment which is evident from the fact that one third of New Zealand’s entire population is absorbed f or varied jobs (Waikato Times, 2014). Another startling fact about SME in New Zealand is that it comprises of approximately 97 % of trade and commerce through 460,000 SME set ups (Ministry of Economic Development, 2011; Waikato Times, 2014). SMEs in New Zealand have resorted to extensive internationalization. These organizations are not supported by subsidies from New Zealand’s government. But yet they have undertaken this route to overcome competitive pressures created due to presence of cheap Chinese products in domestic markets (Jaeger, 2007). Thus to gain long term sustainability these organizations have internationalized their operations. Most of the SMEs who have opted to internationalize have resorted to a unique business strategy and model of their own. This is primarily because these SMEs aim to gain competitive advantage through internalization by optimally using various available and accessible opportunities (Jaeger, 2007). These SMEs mainly focus on geographic diversity of markets and effectively of distribution channels. The markets of chosen not on basis of any technical analysis but based on SME entrepreneur’s individual choices and their understanding of market feasibility. The internationa lization adopted by SMEs in New Zealand is termed as Bricolage model. The model is depicted in diagram below. Figure 1 The Bricolage Model Source: Jaeger, 2007 USD that is United States Dollar is considered as a point of reference in the world economy (Bloomberg, 2013). No governing body or international organization has declared USD as a ruling currency (Amadeo, 2014). But yet the appreciation and depreciation of currency across world is measured against this dollar primarily because it is considered as a governing intercontinental currency in. As a matter of fact in many countries even outside America, USD is used as their formal currency. Further approximately 85 % of foreign exchange trading entail use of dollars (Amadeo, 2014). Currency depreciation against USD implies a stronger dollar which makes imports expensive for local organizations (Gwartney et al, 2014). This is mainly because dollar becomes more costly. This in turn implies more money draining out of a nation and thus negatively affecting domestic economy. Currency appreciation is a more favourable option for economies but only in the long run. Currency appreciation means det eriorating USD in comparison to domestic currency. It is mainly because domestic currency appreciation implies a stronger economy and making imports cheaper. But it also implies increased prices of exports which makes domestic economy’s products expensive in international markets. Alternatively, with cheaper imports, domestic products within local markets face stiff price competition. Though a strong appreciation of currency indicates a stable and strong economy but its pitfalls cannot be negated. In 2011-12, New Zealand’s economy experienced an augmentation of 7 % in NZ $ on a Trade Weighted Index (TWI) Basis (Tarrant, 2012). One of the major reasons behind this is economy’s potential to overcome financial spur created by varied banks across the globe (Tarrant, 2012). Some of the other reasons this currency appreciation are depreciation of US dollars, strong and optimistic credit ratings for New Zealand’s economy by international organizations, stability in international monetary markets, benevolent economic conditions, accelerating interest rates and a centre of attention for capital investments (PwC, 2014; Headey and Fan, 2008). Another reason put forward for this is slackening of economic and monetary policies by various economies (Bernanke, 2010). In this most of the central banks provide for quantitative leverage of either float newly produced currency which results in increased risk exposure at international forum (Tarrant, 2012). The appreciation of NZ $ has benefitted the economy by helping the same to control its inflationary rates and trend thus enhancing economy’s stability. New Zealand with its far sighted strategic planning has been able to overcome negative impacts of such financial spur. But this too have had its side effects in form of raising medium term interest rates (International Monetary Fund, 2010). These rising rates have made it costly for SMEs to procure bank investments and thus discoursing entrepreneurs to a large extent. Out of all the negative impacts, the worst affected due to New Zealand’s money appreciation are trade sectors, exports business and import-competing manufacturers (Tarrant, 2012). One of the major impacts of appreciation of NZ $ was evident from restricted export activities. Price responsive markets strongly reacted to such currency appreciation which was apparent in form of declining New Zealand exports (Deakins et al, 2013). As a result of this export earnings decline, many companies were forced to withdraw from international markets. This depicted a negative impact on New Zealand’s economy and SMEs. But interestingly companies having strategic approach which catered at developing strong associations with banks and providing adequate time and resources were seemed to be successful. Another impact of appreciation of NZ $ was visible in form of declining product prices which affected manufacturers and traders to a large extent. Considering the case of dairy in New Zealand, the prices of dairy products fell steeply. Dairy farmers were affected to a large extent mainly because such a price decline meant lower income (Shanghai Daily, 2014). But the situation got managed due to high export demands of New Zealand’s dairy products in China, primarily at higher prices owing to its categorization as a lavish product (Teague, 2014). With imports becoming cheap, the import-competing organizations are having a tough time in sustaining market pressures. A major chunk of New Zealand’s import is from China. Thus with currency appreciation, Chinese products which are as it is lower priced are easily spreading their tentacles within the economy. Domestic manufacturers are failing to perform primarily because people in New Zealand are offered with large number of cheaper substitutes. This has resulted in a change in disbursements pattern of its population. (Tarrant, 2012) There has been a dearth of research related to appreciation of NZ $ and its impact on SMEs. In such a scenario it is essential to study such relationships between the two to understand the dynamics of New Zealand’s markets both at national and international frontier. Therefore this study will be interesting along with being useful. This study will provide with an insight to the various SME organizations with regards to sound strategic planning so that they can benefit from such NZ $ appreciation. References Abdullah,M. and Bakar, M. (2000). Small and Medium Enterprises in Asian Pacific Countries: Roles and issues. New York: Nova Publishers Amadeo, K. (2014). World Currency: Why Dollar is the World Currency?. Available at http://useconomy.about.com/od/glossary/g/global_currency.htm [Accessed Sept 24, 2014] Bernanke, B. (2010). The economic outlook and monetary policy. In Speech at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, (Vol. 27), Wyoming. Bloomberg (2013). Bloomberg Indexes Unveils Dynamic U.S. Dollar Benchmark. Bloomberg Finance LP Brash, (2000). The fall of the New Zealand dollar: why has it happened, and what does it mean? Reserve Bank of New Zealand Bulletien, Vol. 63, No. 4, pp. 22-27 Colombo, J. (2014). 12 Reasons Why New Zealands Economic Bubble Will End InDisaster. Available at http://www.forbes.com/sites/jessecolombo/2014/04/17/12-reasons-hy-new-zealands-economic-bubble-will-end-in-disaster/ [Accessed Sept 18, 2014] Deakins, D., Battisti, M., Perry, M. and Crick, D. (2013).Understanding Internationalisation Behaviour. New Zealand Centre for Small and Medium Enterprise Research. New Zealand Fallow, B. (2013). Strong NZ dollar only part of the story. New Zealand Herald. Dated 7th Feb, Auckland. Fink and Kraus, S. (2009). The Management ofSmall and Medium Enterprises. USA: Routledge Gwartney, J., Stroup, R., Sobel, R. and Macpherson, D. (2014). Economics: Private And Public Choice. USA: Cengage Learning Headey, D. and Fan, S. (2008). Anatomy of a crisis: the causes and consequences of surging food prices.Agricultural Economics,Vol. 39, No. 1, pp. 375-391. International Monetary Fund (2010). New Zealand: 2010 Article IV Consultation Staff Report; and Public Information Notice on the Executive Board Discussion. International Monetary Fund Jaeger, S. (2007). How SMEs engage in the global economy – cases from New Zealand. In Oxford Business Economics Conference, UK: Oxford University. Ministry of Economic Development (2011). SMEs in New Zealand: Structure and Dynamics. New Zealand Government, New Zealand. PwC (2014). The rise and rise of the NZ dollar exchange rate – implications for the New Zealand economy. Available at http://www.pwc.co.nz/news-releases/the-rise-and-rise-of-the-nz-dollar-exchange-rate/ [Accessed Sept 18, 2014] Shanghai Daily (2014). Dairy prices, currency appreciation trouble New Zealand producers. Shanghai Daily, dated !9th Aug, Shanghai Tarrant, A. (2012). High NZ$ keeping inflation in check, but detrimental to NZ economy, as global central banks print, RBNZ says; ‘Global easing may continue’. JDJL Limited, dated 8th Mar, Auckland. Teague, S. (2014). New Zealand dollar caught between safe-haven and EM status. EuroMoney, dated 3rd Sept, UK. Waikato Times (2014). SMEs still backbone of NZ business. Available at http://www.stuff.co.nz/business/small-business/10198006/SMEs-still-backbone-of-NZ-business [Accessed Sept 25, 2014]

Management and corporate social responsibility Essay

Corporate social responsibility is a significant issue in the current business environment. There is now a significant shift in businesses to become recognized as being socially responsible whilst achieving the primary business objective of profit maximization. Business now strive particularly to reach the triple bottom line as a key objective as it incorporates; people planet and profit objectives. Corporate social responsibility is often difficult to define, as there are many different definitions and understandings amongst academics and professionals. However corporate social responsibility can broadly be defined as a ‘‘concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis’’ (Falkenberg and Bruns? l 2012). The relationship between socially responsible business actions and profit maximization is generally mixed and controversial. Generally the view is that in order for a business to undertake socially responsible practices there is often increased financial and non-financial costs in order to ensure this and thus leading to decreased profits in the short term. However it is also evident that socially responsible business actions and strong relationships with business stakeholders may lead to significant long-term profit maximization. Corporate social responsibility is now an essential factor within business management. A firm’s corporate social responsibility must be evident throughout all its business functions, in which the ethics and values of the business must align to meet all stakeholder expectations. Including social, environmental and ethical factors of business. In the article â€Å"Is harm reduction profitable? An analytical framework for corporate social responsibility based on an epidemic model of addictive consumption† (Massin 2012) the corporate social responsibility of firms in the industry of addictive substances, most noteworthy, gambling, cigarettes, and alcohol. There is a significant paradox in relation to producers within these industries and their socially responsible claims. â€Å"These firms claim to be socially responsible while marketing a product clearly identified and harmful† (Massin 2012). The paper generally focuses on the substances of alcohol, cigarettes and gambling, as it is these products â€Å"whose consumption shares the dual characteristic of being at risk of leading the users to gradually lose control over their consumption and of generating health and social damage. † (Massin 2012) thus highlighting the contradiction of the producer’s claims of being socially responsible whilst selling these highly addictive products. Within the industries of addictive goods firms cannot be completely socially responsible, as this would involve the removal of these products from the market. Thus highlighting the inability for producers of addictive products to achieve corporate social responsibility. Therefore illustrating the inability of firms in these industries to be socially responsible whilst still achieving the primary business goal of profit maximization. Corporate social responsibility involves business firms aligning their values with those of their stakeholders. There are many significant stakeholders of business, including shareholders, managers, employees and society. Another significant business stakeholder is that of the environment. A socially responsible business is viewed to have open and accountable business actions based on respect for the community, society and the broader environment, and not just legal regulations. This therefore means a socially responsible business ensures it takes into account environmental stability and sustainability. In the article â€Å"Environmental corporate social responsibility and financial performance disentangling direct and indirect effects† (Loiui, Sharma 2012) the link between environmental social responsibility and financial performance has been established. The increasing environmental awareness has lead to increased firm research and development and hence has established new technologies and production processes (Loiui, Sharma 2012). This increases research and development and implementation of new technologies and production processes generally leads to significant short-term business costs in the implementation and change within the business. However, the implementation of socially responsible business behavior leading to environmental sustainability creates significant long-term profit opportunities through increased waste reduction, lower business consumption and also increase brand image in the eyes of consumers. This linkage between socially responsible business actions, involving environmentally friendly processes and the ability to maximize profit highlights the ability for firms to uphold socially responsible business actions whilst also being able to achieve financial objectives and profit maximization. Corporate social responsibility is viewed as an essential business function in today’s business environment. However, corporate social responsibility is widely viewed as a violation of a businesses financial performance and the opportunity for business profit maximization. Corporate social responsibility is seen to have many disadvantages that hinder and impede the fundamental business goal of profitability. This concept is further explored in the paper â€Å"the casual effect of corporate governance on corporate social responsibility† (Maretno and Harjoto 2012). In which it is highlighted that there are three alternatives to the relationship between corporate social responsibility and a firm’s corporate financial performance. These three theories identify the variable relationships between socially responsible business actions and financial performance. One of the alternatives illustrates the constraint corporate social responsibility imposes on the primary business goals of profitability. It is stated that socially responsible business actions are viewed as â€Å"costly activities and a waste of scarce resources, and therefore have an adverse impact on firm value† (Maretno and Harjoto 2012). Corporate social responsibility is often viewed as a costly procedure for businesses to undertake. However, this cost of corporate social responsibility is not only financial but also involves costs associated with time, resources and labour, furthermore contributing to the overall financial inefficiency and disadvantages associated with corporate social responsibility. The impeding financial and non financial costs of the implementation of corporate social responsibility create significant hindrances to a businesses’ ability to maximize profits and thus, highlights the difficulty in relation to being socially responsible whilst also satisfying the primary business goal of profit maximization. Although corporate social responsibility is seen to violate profits, it is also believed that firms that conduct socially responsible business actions may reap financial gain and profit maximization. A company’s business action in relation to corporate social responsibility generally has significant influence on the attitudes of non-investing stakeholders and the general society. In the article â€Å"the casual effect of corporate governance on corporate social responsibility† (Maretno and Harjoto 2012) Maretno and Harjoto explain CSR as a â€Å"conflict resolution hypothesis†, in which corporate social responsibility is used as a conflict resolution tool between the firm and they’re non-investing stakeholders (Maretno and Harjoto 2012). Soana’s paper â€Å"the relationship between corporate social performance and corporate financial performance in the banking sector† (Soana 2011) further more identifies the positive link between both corporate social responsibility and financial performance and profitability. Corporate social responsibility is seen to give firms â€Å"competitive advantage† and may also be seen as a â€Å"safeguard of corporate reputation†(Soana 2011). The use of corporate social responsibility as a conflict resolution tool and a safeguard for unpredictability creates significant opportunity for strong financial performance within the firm, due to its creation of several strategic advantages for business, such as the enhanced and harmonious business environments as well as enhanced public image and greater brand value. These factors greatly contribute to the financial performance of the firm and thus if corporate social responsibility is achieved there are significant opportunities for profit maximization. Therefore illustrating the ability of firms to uphold socially responsible actions and corporate social responsibility, whilst still retaining the ability to achieve the primary business goal of profit maximization. Corporate social responsibility has a paramount influence on businesses in the current business environment. Corporate social responsibility consists of open and accountable business actions in order to align the firm’s values with those of their stakeholders. Businesses are now becoming more concerned with the demands of corporate social responsibility, whilst still trying to achieve the fundamental business goal of profit maximization. There is many challenges associated whilst trying to achieve the business objectives of corporate social responsibility and profit maximization simultaneously. Corporate social responsibility generally is associated with increased business costs, including those of time, misuse of resources and monetary costs. However, it has also become evident that socially responsible business actions may lead to long-term financial gains for business as well as greater stakeholder reputation, brand perception and efficiency, ultimately leading to the maximization of business profits. References Falkenberg, J. and Brunsael, P. (2012) corporate social responsibility: a strategic advantage or a strategic necessity?. Journal of business ethics, 99 p. 9-16. [Accessed: 24th April 2013]. Lioui, A. and Sharma, Z. (2012) Environmental corporate social responsibility and financial performance: Disentangling direct and indirect effects. Ecological economics, 78 p. 100-111. [Accessed: 24th April 2013]. Maretno, H. and Harjoto, A. (2012) The casual effect of corporate governance con corporate social responsibility. Journal of Business ethics, 106 p. 53-72. [Accessed: 20th April 2013]. Massin, S. (2012) Is harm reduction profitable? an analytical framework for corporate social responsibility based on an epidemic model of addictive consumption. Social Science and medicine, 74 p. 1856-1863. [Accessed: 24th april 2013]. Soana, M. (2011) The relationship between corporate social performance and corporate financial performance in the banking sector. Journal of business ethics, 104 p. 133-148. [Accessed: 24th April 2013].

Information Management and Organization Behavior - 987 Words

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Commentary on William Shakespeare´s As s You Like It and...

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