Business Commons^™

Designing Payment Models For The Poor, Bhavani Shanker Uppari, Sasa Zorc

Research Collection Lee Kong Chian School Of Business

Millions of people in poverty lack access to basic services such as energy, clean water, and cooking gas. Private firms are increasingly delivering these services—for example, by offering solar home systems or clean cooking packages with remote lockout capabilities—through pay-as-you-go (PAYGo) contracts that give consumers flexibility over payment timing and amount to match their erratic cash flows. Because firms cannot observe consumer liquidity, however, consumers may misuse this flexibility and prioritize other needs over repayment. We study how to design contracts that preserve flexibility while creating incentives for timely repayment using an optimal contracting approach. The optimal contract summarizes each …

Riding The Waves Of Power: Power Fluctuation, Cognitive Energy, And Goal Pursuit, Hae-Lueng Rose Kim, Trevor A. Foulk, Michael Schaerer, Jake Gale, Eric A. Anicich

Research Collection Lee Kong Chian School Of Business

A central finding in the power literature is that experiencing elevated power facilitates employees’ goal-relevant cognitions and behaviors. In this work, we suggest that the relationship between power and goal pursuit is more complex than previously assumed. Specifically, we examine how experiencing power fluctuation—alternating states of high and low power during the workday—can uniquely promote employees’ goal-relevant behaviors beyond the effect of static power. Integrating insights from the Dynamic Equilibrium Model of Organizing (DEMO) and the Model of Proactive Motivation (MPM), our work demonstrates that power fluctuation can facilitate employees’ cognitive energy, in a way that enhances their goal-relevant cognitions …

Over-Reliance On Aesthetics? The Appearance-Reveals-Character Lay Theory Increases Consumers’ Devaluation Of Unattractive Produce, Shilpa Madan, Krishna Savani, Gita Venkataramani Johar

Research Collection Lee Kong Chian School Of Business

Approximately 40% of all produce is rejected because it appears unattractive, contributing significantly to food waste. Whereas previous research attributes this devaluation to the ugly-is-bad effect, this research identifies an important moderator of consumers’ reliance on this heuristic: the lay theory that a person’s outer appearance reveals their inner character. Specifically, consumers who believe that people’s appearances reveal their character are less willing to accept unattractive (vs. attractive) produce because they generalize their lay theory to produce and are, thus, more likely to infer that unattractive produce is of lower quality. Consumers who do not hold the lay theory do …

The Persistence Of Homophobia In Men’S Friendship Norms, Sherrie Y. Xue, Stephanie C. Lin, Christilene Du Plessis

Research Collection Lee Kong Chian School Of Business

Across five studies and one supplementary study (five preregistered; N = 3,215 adults), we found that men, more than women, avoided shared experiences (e.g., going to the movies, sharing food) with individuals of the same gender. Furthermore, persistent societal expectations that men should be unambiguously heterosexual underpinned this pattern: Men felt more apprehensive about signaling same-gender romance in platonic relationships than women did. In turn, romantic prototypicality drove the pattern of men (more than women) avoiding shared activities, above and beyond differences in how hedonic, enjoyable, and feminine the activities were; our findings further suggested that men’s reluctance to share …

One Size Does Not Fit All: Contract Design In Fintech Lending, Jianfeng Hu, Changcheng Song, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

Many fintech lenders rely on standardized contract terms to support scale and operational speed. This paper examines whether modest tailoring of loan contracts can improve credit market outcomes. We conduct a randomized field experiment with a large fintech lender that varies loan due dates relative to borrowers' salary paydays. Synchronizing repayment schedules with income cycles reduces delinquency by 29.1% in the experiment and 15.7% in the administrative data. Effects concentrate among liquidity-constrained borrowers: young, low-income, and low-creditlimit individuals. Tailored repayment timing generates substantial economic benefits: borrowers save on overdue penalties, lenders accelerate cash flows, and improved repayment increases future credit …

Incident-Driven Esg Engagements, Hao Liang, Yongheng Sun, T. Mandy Tham

Research Collection Lee Kong Chian School Of Business

We examine when and why institutional investors engage portfolio firms on ESG issues using proprietary engagement records from a European asset manager. Salient negative incidents emerge as a powerful trigger—second only to firm size—because they heighten reputational accountability for investors and reveal new information about hidden ESG weaknesses, particularly at firms perceived as ESG leaders. Monitoring also extends along the supply chain: incidents at key suppliers prompt investor engagement with focal firms. Finally, engagement is associated with higher firm value, stronger ESG performance, and increased cash flows. Together, the findings illuminate the drivers and mechanisms of ESG engagement and underscore …

Growing Up Under Mao And Deng: On Politician Ideology And Corporate Policies, Hao Liang, Rong Wang, Haikun Zhu

Research Collection Lee Kong Chian School Of Business

We provide firm-level evidence on how politicians’ ideologies shape economic outcomes, using a unique setting of ideological discontinuity in China, transitioning from Maoism to Dengism around 1978. We find that ideological exposure during a politician’s early adulthood has a lasting impact on contemporary firm policies in their city. Firms governed by “Maoist mayors” show greater stakeholder spending, lower pay inequality, and less internationalization compared with those governed by “Dengist mayors.” Further evidence suggests that politicians’ ideologies influence corporate behaviors through nonpolicy channels, and these results cannot be fully explained by selection bias, endogenous matching, or the age of the mayor.

Exploratory Innovation: A New Perspective On Family Firms' Under-Diversification Puzzle, Po-Hsuan Hsu, Sterling Huang, Massimo Massa, Yaru Qian, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We propose a new perspective on family firms’ puzzling under-diversification in product spaces: these firms first need to succeed in exploratory innovation so they may diversify into new product markets. We construct a large database of family ownership and patent records of U.S. public firms, and show that family firms produce more exploratory patents than others, a relation that is stronger among under-diversified family firms. In addition, we find that such innovation indeed helps family firms diversify business risks. A causal interpretation of our result is supported by (i) using the property division standard in state-level divorce laws as an …

Digital Communications Between Firms And Investors: Impact Of Explanatory Responses On Investor Engagement In Online Financial Q&A, Runyu Wang, Zili Zhang, Keng Siau, Ziqiong Zhang

Research Collection School Of Computing and Information Systems

The emerging trend of digital communications between firms and investors through online question-and-answer (Q&A) platforms is recognized as a vital strategy for managing investor relations, contributing to enhanced market efficiency and information transparency through increased information exchange. Potential investors can seek responses from firm managers to address their information needs, thereby mitigating market uncertainties. To provide foundational insights, we conduct a survey of investors to assess their awareness, usage, and perceptions of firm-investor Q&A platforms. In the subsequent empirical study, we specifically focus on the substance of managers’ responses, which are primarily aimed at clarifying firm events or information. In …

Can Limited Partners Mitigate Negative Externalities In Private Equity?, Teodor Duevski, Chhavi Rastogi, Tianhao Yao

Sim Kee Boon Institute for Financial Economics

We show how Limited Partners' (LPs) environmental and social (E&S) concerns transmit to private equity (PE) rms through capital supply. E&S incidents in portfolio companies reduce PE fundraising, as E&S-concerned relationship LPs refrain from recommitting and are not easily substituted. Using a legal reform that expands E&S-concerned public pension capital to PE, we causally show that PE rms internalise LPs' E&S concerns, reducing dirty sector portfolio allocation and increasing ESG hiring. Additionally, PE rms with E&S- concerned relationship LPs engage with portfolio companies to manage E&S risks. Limited capital substitutability enables LPs to delegate E&S preferences, shaping PE allocation and …

The Resource Characteristics Of Small And Medium-Sized Enterprises (Smes) And The Impact Of Platform Participation On Business Performance, Xue Tan

Dissertations and Theses Collection (Open Access)

Against the backdrop of deeply integrated digital and platform economies, the resource characteristics of small and medium-sized enterprises (SMEs) and platform participation’s impact on business performance have emerged as key interdisciplinary research focuses between strategic management and digital economy studies. Building upon the resource-based view (RBV) and dynamic capabilities theory (DCT), the study establishes a theoretical framework of “resource characteristics-platform participation-business performance.” It systematically examines the relationships and moderating mechanisms among SMEs’ resource endowment, platform embedding strategies, and performance outcomes.

The study adopts a mixed-method design, combining quantitative analysis with qualitative case studies. Using valid samples of 333 Chinese SMEs, …

Pricing Strategies In Global Channels: Considering The Effects Of Parallel Trade, Yuan-Mao Kao, Yang Yang, Shih-Fen Cheng, Cheng-Hung Wu

Research Collection School Of Computing and Information Systems

Pricing a global product differently across multiple regions is a common but controversial practice. Although price differentiation helps capture unique market characteristics, it also encourages parallel trade, which may affect the overall corporate performance of a global company. We study this problem with a single global business unit (GBU) and multiple local business units (LBUs). The GBU manufactures a product and sets a transfer price for supplying the product to all LBUs, and LBUs decide retail prices for their respective regional markets. Customers can purchase products in any region by comparing LBUs’ prices and other parallel-imported factors, and we construct …

Responsible Investing For A Sustainable Future, Eric Pedersen

Asian Management Insights

Investors should bear in mind that climate risks eventually translate into financial risks. An interview with Eric Pedersen, Head of Responsible Investments at Nordea Asset Management. Investors should bear in mind that climate risks eventually translate into financial risks.

From Hands-On To Tech-On, Wei Kwan Toh, Bing Qian Lim, Wee Tong Choo

Asian Management Insights

The digital future of warehouses.

Mind The Gap: Fixing India’S Demand-Supply Mismatch, Debjit Roy, Anupam Agrawal, Shubham

Asian Management Insights

Adopting advanced technology and a big-picture approach can deliver operational and financial gains.

Unlocking Private Equity Investing, Yin Wang, Steve Balaban

Asian Management Insights

Myths and market shifts to take note of.

The Reit Man For The Job, John Lim

Asian Management Insights

An interview with John Lim, Co-Founder of ARA Asset Management. Deciding to pursue a lifelong entrepreneurial dream when he turned 45, John Lim went on to reshape the Asian real estate investment trust (REIT) industry.

Discussion Of "Csr And Negative Corporate Events: The Moderating Role Of Managerial Overconfidence", Hye Sun Chang

Research Collection School Of Accountancy

Corporate social responsibility (CSR) refers to the notion that firms are accountable not only to shareholders but also to a broader set of stakeholders including customers, employees, creditors, and the communities in which they operate. Although CSR has long been part of corporate discourse, its prominence has grown with the rise of environmental, social, and governance (ESG) concerns. Today’s consumers and stakeholders are increasingly attentive to issues such as climate change, economic inequality, labor rights, and social justice, prompting firms to align their strategies with evolving societal expectations. Building on this increasingly salient backdrop, Chu et al. (2026), hereafter CCT, …

The Power And Peril Of First Offers In Negotiations: A Conceptual, Meta-Analytic, And Experimental Synthesis, H.M. Petrowsky, L. Boecker, Y.A. Escher, M.L. Frech, M. Friese, A.D. Galinsky, B. Gunia, A.J. Lee, Michael Schaerer, M. Schweinsberg, M. Soliman, R. Swaab, E.S. Troll, M. Weber, D.D. Loschelder

Research Collection Lee Kong Chian School Of Business

Is it advantageous to make the first offer and to do so ambitiously? Although initial studies suggested clear advantages across cultures and contexts, recent findings have challenged the robustness of this first-mover advantage. A preregistered meta-analysis of 374 effects from 90 studies (Study 1; N = 16,334) revealed three beneficial effects of making the first offer: (a) a general first-mover advantage (g = 0.42, m = 80), (b) a positive correlation between first-offer magnitude and agreement value (r = 0.62, g = 1.56, m = 53), and (c) an advantage of ambitious (vs. moderate) first offers on agreement value (g …

Internet Of Things In Intralogistics: Applications And Emerging Research, Rene De Koster, Debjit Roy, Yun Fong Lim, Subodha Kumar

Research Collection Lee Kong Chian School Of Business

Managing the performance of intralogistics operations, that is logistics operations within facilities such as manufacturing plants, order fulfillment warehouses, ports and terminals, and retail stores, is critical in fulfilling customer expectations. Traditional decision-making for intralogistics operations is based on historical data, typically collected over long-range intervals with significant processing delays. However, nowadays, Internet of Things (IoT) applications are used to gather detailed real-time data to make dynamic decisions. These new data sources provide challenges and opportunities for operations management. We provide an overview of prominent IoT technologies in four domains: manufacturing, warehousing, ports and terminals, retail, and other emerging areas. …

Accelerating Expertise In Professional Decision Making: The Effects Of A Simple Rules Training, Gavin Raj Maistry, Jochen Reb, Shenghua Luan, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

Traditional approaches to professional decision making hold analytical expertise as superior to qualitative judgment. However, this view is increasingly challenged by work on heuristics as effective decision strategies under conditions of uncertainty. Building on this insight, we developed a script-based simple rules training program in the context of insurance underwriting. We then conducted a quasi-experimental intervention study with 220 participants of varying levels of experience. The study compared performance in the training condition with that in an active control condition on a work sample test given before and after the intervention. The results show that training in simple rules could …

Hard Lessons, Stronger Banks, Gloria Yang Yu

Asian Management Insights

The enduring wisdom of the Savings and Loan crisis veterans.

Does Generative Ai Facilitate Investor Trading? Early Evidence From Chatgpt Outages, Qiang Cheng, Pengkai Lin, Yue Zhao

Research Collection School Of Accountancy

In this paper, we use ChatGPT outages to provide early evidence on whether investors rely on generative artificial intelligence (GenAI) to perform professional tasks and the associated impact on stock price informativeness. We document a significant decline in stock trading volume during ChatGPT outages. The effect is stronger for firms with corporate news released immediately before or during the outages and for firms with higher ownership held by transient institutional investors. We then document declines in short-run price impact and return variance during the outage periods, consistent with reduced informed trading. Lastly, we document a positive effect of GenAI-assisted trading …

Local-Thinking Bias, Ed Dehaan, Charles M. C. Lee, Wei Ting Loh

Research Collection School Of Accountancy

Local-thinking bias, wherein agents overweight information that comes readily to mind, is a prominent finding in cognitive psychology. In this study, we investigate local-thinking bias in the context of sell-side analysts and measure each analyst’s “local” information as news stemming from their individual coverage portfolio. Tests examining multiple analysts forecasting on the same focal firm at the same time find that individual analysts overweight idiosyncratic local news and underweight news from economically linked firms that are not in their coverage portfolios. Market prices track the analyst bias from local news, leading to predictable and economically significant return reversal patterns in …

Commentary: Delayed Climate Reporting Requirements Threaten Singapore’S Sustainability Leadership, Jiwei Wang, Holly I. Yang, Liandong Zhang

Research Collection School Of Accountancy

In a commentary by SMU Professor of Accounting (Practice) and Director of Master of Professional Accounting (MPA) and Master of Science in Accounting (MSA) programmes Wang Jiwei, SMU Associate Professor of Accounting, Lee Kong Chian Fellow and Co-Director (Academic Research) of the School of Accountancy Research Centre (SOAR) Holly Yang, and SMU Dean of School of Accountancy and Lee Kong Chian Professor of Accounting Zhang Liandong, they suggested that delaying climate disclosure requirements for small and mid-sized enterprises (SMEs) from 2025 to 2030 could weaken Singapore’s sustainable finance leadership, despite regulators saying the extension would help smaller firms build environmental, …

Research On Building Sustainable Competitive Advantage Of Mutual Fund Management Companies In The Era Of Pan-Asset Management, Li Ren

Dissertations and Theses Collection (Open Access)

In the context of China’s “big asset management” era, public mutual fund management companies face intensifying competition and an urgent need to build sustainable core competitiveness. Existing research has not clearly identified their key resources or explained how these resources interact with strategic management capabilities to generate competitive advantage. Drawing on the resource-based view and strategic management theory, this study develops a conceptual framework of core competitiveness for public mutual fund management companies. It proposes a three-dimensional resource classification system—valuable, rare, and inimitable resources—tailored to the mutual fund industry and incorporates strategic management capability as a mediating mechanism through which …

Research On The Impact Of Strategic Orientation, Employees’ Environmental Identity, And Use Of Artificial Intelligence On Corporate Green Innovation, Hao Yang

Dissertations and Theses Collection (Open Access)

Based on social cognitive theory and integrating the perspective of technology enablement, this study constructs a moderated mediation model to systematically explore how environmental policy orientation and environmental market orientation influence corporate green innovation through environmental identity, and to examine the boundary role of AI application intensity. Through empirical analysis of 313 teams and 939 valid questionnaires, the following conclusions are drawn: First, both environmental policy orientation and environmental market orientation independently and significantly promote green innovation. Second, environmental identity plays a partial mediating role between the two orientations and green innovation, indicating that strategies need to be internalized as …

Research On The Impact Of Supply Chain Digitization On Innovation Performance: Based On Quasi-Natural Experiments And Longitudinal Case Study, Binbin Chen

Dissertations and Theses Collection (Open Access)

The Chinese government prioritizes supply chain digital transformation. Pilot policies for supply chain digitalization will accelerate digital development across industrial and supply chains. While existing research offers substantial empirical evidence on supply chain digitalization, its impact on corporate innovation performance requires further investigation. Based on this, the study constructs a quasi-natural experiment using data from A-share listed companies and appropriate econometric models, demonstrating that supply chain digitalization significantly enhances corporate innovation performance. This effect is statistically and economically significant, providing a foundation for future research. The study also identifies the mechanisms through which supply chain digitalization improves corporate innovation performance, …

Research On The Influencing Factors Of Bim Technology Adoption In Construction Enterprises, Meng Zhao

Dissertations and Theses Collection (Open Access)

The construction industry plays a pivotal role in national economic development, yet it faces significant challenges, including inefficiencies, limited informatization, and fragmented management. Building Information Modeling (BIM) has emerged as a transformative digital technology, offering the potential to revolutionize construction enterprises by enhancing collaboration, reducing costs, and improving project lifecycle management. Despite increasing government support and global advancements, BIM adoption in China, particularly during the construction phase, remains inconsistent and insufficiently explored. This dissertation adopts a mixed-methods approach, combining both qualitative and quantitative research. The qualitative component, through interviews, identifies the primary barriers to BIM adoption during the construction phase, …

Interpersonal Capacity For Trustworthiness: A Reflective Framework For Navigating Entrustment, Roberto Angelo Moreira Vale

Dissertations and Theses Collection (Open Access)

This dissertation advances understanding of how trust shapes salient cross-cultural encounters, drawing on a constructivist grounded theory analysis of 220 interview accounts. Across these narratives, trust-related dynamics consistently appeared alongside 16 other contextual, interpersonal, and intrapersonal factors. Notably, these dynamics were identified in interviews with participants from all GLOBE cultural clusters, suggesting a degree of cross-cultural breadth that warrants further empirical testing. Together, these patterns indicate that it is not cultural difference alone that makes an encounter meaningful, but how individuals interpret and respond to the possibility or risk of entrusting and being entrusted. Salience emerged at moments when participants …