New Zealand's Longitudinal Business Database is a rich resource for understanding the behaviour of New Zealand firms. This paper provides an introductory guide to the content and structure of the data aimed at new and prospective users. Where relevant, it references other publications which provide greater detail on particular aspects of the data. It also briefly describes access protocols for researchers, and processes for updating and expanding the database.

/pdf/a-rough-guide-to-new-zealand-s-longitudinal-business-50xb1dvm7s.pdf

A Rough Guide to New Zealand's Longitudinal Business Database (2nd edition)

Statistics New Zealand fs prototype Longitudinal Business Database is a rich resource for understanding the behaviour of New Zealand firms. In this paper we describe the elements of the database, access protocols for researchers, and potential future developments in the linking and availability of business data in New Zealand.

/pdf/a-rough-guide-to-new-zealand-s-longitudinal-business-3wn5ltpgm2.pdf

A Rough Guide to New Zealand's Longitudinal Business Database

We examine the correlates of reported hiring difficulties at the firm level using linked employer-employee and panel survey data over 2005-2011, focussing on the relative influence of firm-level characteristics, persistence, the business cycle and local labour market liquidity. At both the aggregate and the firm-level, hiring difficulties eased after the onset of the Global Financial Crisis. Even in the presence of large cyclical changes in demand and labour market conditions, firm-level persistence is a dominant feature of the data, with one- and two-year lags of reported hiring difficulties both positively related to current difficulties. Firms paying higher wages are more likely to report difficulties when trying to hire skilled workers, while firms with more long tenure workers are less likely to report any difficulty hiring. Local labour market conditions appear unrelated to reported hiring difficulties.

/pdf/firm-level-hiring-difficulties-persistence-business-cycle-3k01jl2gvk.pdf

Firm-Level Hiring Difficulties: Persistence, Business Cycle and Local Labour Market Influences

What determines exporters’ exchange rate hedging decisions and do exporters attempt to “time the market”? We use a unique unit record longitudinal administrative dataset on firm exports to find the determinants of exporters’ currency hedging choices. Determinants include financial fragility, prior hedging experience, and natural hedge opportunities. In addition, firms alter their hedging ratios when the currency has recently trended in one direction. We test whether such behaviour reflects firm characteristics (such as pricing power). We find that these responses are ubiquitous for all but large firms and for all times other than when the exchange rate is near its extreme high or low historical values. These results are consistent with most firms practicing selective hedging (market timing) behaviour that reflects a belief in exchange rate momentum effects. However, this behaviour appears sub-optimal since momentum effects are statistically absent from the underlying exchange rate data.

/pdf/over-the-hedge-do-exporters-practice-selective-hedging-3pghcbhc4h.pdf

Over the Hedge: Do Exporters Practice Selective Hedging?

We utilise two politically-determined natural experiments affecting state-provided social housing to examine impacts that housing tenure status has on neighbourhood outcomes. From 1990, New Zealand’s National Government sold a substantial number of state houses either to existing tenants (Home Buys) or to other purchasers (vacant sales). From 1999, the Labour Government ended Home Buys, reduced vacant sales and increased acquisitions. While vacant sales had no material effects, a higher prevalence of Home Buys (transforming existing tenants into homeowners) led to increased local real house price appreciation over the subsequent five years, consistent with an improvement in local community outcomes.

Does Selling State Silver Generate Private Gold? Determinants and Impacts of State House Sales and Acquisitions

We examine the eect of export market entry on firm performance, including productivity. Our novel contribution to the literature is the treatment of export status as an incremental process, in which firms may export to one or more markets and each of these markets provides additional potential for learning to occur. Using propensity-score matching techniques on the population of New Zealand manufacturing exporters, we test whether entry into additional markets imparts new performance-enhancing knowledge. Focussing on new markets provides several benefits. Most importantly, since we match on firms’ export history as well as their current characteristics, we reduce the problem of selection on unobservables (such as managerial preferences) which would confound a causal interpretation. This formulation provides a more stringent test of performance improvements from entry, as well as a much larger number of entry events on which to test our model. Finally, by splitting our sample according to characteristics of destination countries (specifically, per capita income), we are able to test whether potential performance improvements from exporting are dependent on the foreign market involved.

Exporting and performance: The impact of destination characteristics on learning eects

This paper examines the dynamics of employment adjustment in New Zealand, focusing on the response of firms to the 2008/09 Global Financial Crisis. We use data from Statistics New Zealand’s prototype Longitudinal Business Database (LBD) to examine firms’ employment responses to output shocks before and after the crisis, and to investigate variations in job and worker flows. We discuss the resilience of the NZ labour market to economic shocks, and the possible role of labour market policy settings. Finally, we discuss preliminary findings on the differential impact of labour market adjustment on workers – by earnings level, age, gender, and tenure – and outline potential further work along these lines. Our analysis of firm microdata highlights three key features of New Zealand labour market adjustment to the 2008/09 crisis. First, there was considerable heterogeneity across firms, both before and after the crisis, in the size of output shocks that firms faced, the amount of employment adjustment in response to any given output shock, and in the size of worker flows given the firm’s employment adjustment. Second, the crisis not only moved the distribution of output shocks faced by firms, but also altered the relationship between output shocks and changes in job and worker flows and employment. Third, the impact of the observed firm-level dynamics had an uneven impact on workers, with greater employment losses for low wage workers, young workers, and workers with low job tenure.

Cyclical labour market adjustment in New Zealand: The response of firms to the global financial crisis and its implications for workers, Motu Working Paper 12-04

In this paper we examine product and market choices of New Zealand exporters, using an enterprise level dataset which links firm performance measures with detailed data on merchandise trade. We focus our enquiry not on the broad question of what determines a firm’s ability to export, but on the subsequent question: given that a firm has the ability to export, what determines the choices they make about what to export and where to? We simultaneously consider firm-, market- and product-level determinants of export market entry. Focusing on a sample of firms with observed exports, we control for standard characteristics such as industry and past performance, as well as more novel measures such as general and specific prior export and import market experience and assistance from central government. The market determinants we consider include the macroeconomic performance of destination countries, exchange rate movements and demonstration effects from the export behaviour of other firms.

http://www-sre.wu.ac.at/ersa/ersaconfs/ersa10/ERSA2010finalpaper367.pdf

Export Market Choice for New Zealand Firms

do exporting firms manage currency exposures? We examine this issue at the individual firm level using data from the prototype Longitudinal Business Database (LBD) recently developed by Statistics New Zealand. The LBD covers virtually all New Zealand firms. To this has been linked survey & administrative data enabling construction of a wide range of firm-level financial variables. We also have daily Customs merchandise trade shipment data linked to firms. This is our source for currency exposures and hedging decisions, with data on the currency that each trade was conducted in, a variable indicating whether the trade was hedged back into New Zealand dollars (NZD) and, if so, the exchange rate of the hedging contract. We use these data to test both optimal and selective hedging theories. Optimal hedging theory hypothesises that firms' hedging choices depend on: probability and cost of financial distress, underinvestment risks, scale, managerial risk aversion, information asymmetry, governance, ownership structures and tax rules. We construct numerical proxies for these variables longitudinally at the firm level. Recent literature also suggests that some exporters vary currency hedging positions relative to their optimal position in a selective attempt to 'beat the market'. We examine whether New Zealand exporters to Australia hedge their currency exposures (a) by hedging exports denominated in Australian dollars (AUD) into NZD, and/or (b) by denominating exports in NZD. We examine whether hedging behaviour is consistent with hypotheses derived from optimal hedging theories, and test whether hedging positions change (possibly sub-optimally) when the AUD/NZD is perceived to be 'high' or 'low' relative to an historical average. Estimation is over July 2000 to March 2007 (monthly) - a period during which the AUD/NZD varied substantially, making this a particularly pertinent period to test exporters' currency risk management behaviours.

/pdf/over-the-hedge-or-under-it-exporters-optimal-and-selective-2dftx0ypjt.pdf

Over the Hedge or Under It? Exporters' Optimal and Selective Hedging Choices

/pdf/exporting-and-performance-the-impact-of-destination-2hyvnek1ji.pdf

Exporting and performance: The impact of destination characteristics on learning eects DRAFT Prepared for presentation at NZAE 2009

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