Social and Behavioral Sciences Commons^™

Value Discount Of Business Groups Surrounding The Asian Financial Crisis: Evidence From Korean Chaebols, James Jinho Chang, Young Jun Cho, Won Kang, Hyun-Han Shin

Research Collection School Of Accountancy

We examine the effect of business group membership on firm value in each pre-and postcrisis Korea. Consistent with prior studies, results show that group affiliated chaebol firms suffer value discount relative to non-chaebol firms in the precrisis period. However, we also find that chaebol firms experience an improvement in firm value relative to non-chaebol firms after the financial crisis. These findings imply that the value discount of business groups reported in prior studies is not an inevitable consequence of diversification, but can be alleviated or overcome by structural reforms in business practices or economic conditions.

The Challenge Of Developing Across Borders: Singapore’S Gambit In Bangalore, India, Choong Tze Chua, Wilfred Pow Ngee How, Caroline Yeoh

Research Collection Lee Kong Chian School Of Business

No abstract provided.

A Trans-Tasman Business Elite?, Nicholas Harrigan, Shaun Goldfinch

Research Collection School of Social Sciences

This article examines the close relationship between the Australian and New Zealand business communities to ask whether the relationship is best characterized as simply a bi-lateral trading relationship, or whether there is evidence of the formation of a transnational business community. This article also seeks to explore the nature of Australia—New Zealand integration, and specifically the degree to which the relationship is interdependent or asymmetrical. Data are drawn from quantitative sources — including a dataset developed from the IBISWorld's Largest 2000 Enterprises in Australia and New Zealand, Who's Who in Australia, and Who's Who in Business in Australia — and …

The Effects Of Entrepreneurial Growth Orientation On Organizational Change And Firm Growth, Wee Liang Tan, Thomas Menkhoff, Yue Wah Chay

Research Collection Lee Kong Chian School Of Business

Managing growth in an enterprise as it grows beyond the startup phase is a challenge for many entrepreneurs. One key element that can help or hinder growth is the entrepreneur. Entrepreneurial growth has been linked to micro variables (motivations and psychological attributes of the entrepreneur) and macro variables. However, few studies have examined the role of the growth aspirations of the entrepreneur on the necessary elements of organization change related to growth.

This paper reports a study employing a typology of entrepreneurs based on their growth aspirations using an established dichotomous scale devised by Smith to differentiate between what he …

Japanese Corporate Governance: Structural Change And Financial Performance, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Hiroaki Miyoshi

Research Collection Lee Kong Chian School Of Business

This paper analyzes institutional and legal changes related to corporate governance and their impact on financial performance in Japan since the second half of the 1990s. We attempt to address two issues systematically: (1) how much the governance reforms of Japanese firms transformed the conventional system of alliance capitalism and managerial control; and (2) what economic outcomes those governance changes have yielded. As the Commercial Code and other legal and institutional frameworks were revised, Japanese firms experienced shifts in terms of stock ownership, corporate control and managerial organizations. Our empirical results show that the influence of new ownership composition and …

Norming "Moderation" In An "Iconic Target": Public Policy And The Regulation Of Religious Anxieties In Singapore, Eugene K. B. Tan

Research Collection Yong Pung How School Of Law

The maintenance of a “moderate mainstream” Muslim community as a bulwark against the fraying of harmonious ethnic relations has become a key governance concern post-September 11. In light of the global concern—and often paranoia—with diasporic Islam, Islamic religious institutions and civil society have been portrayed in the popular media as hotbeds of radicalism, promoters of hatred, and recruiters for a “conflict of civilization” between the Muslim world and the modern world. Having declared itself a terrorist's “iconic target,” Singapore has taken a broad-based community approach in advancing inter-religious tolerance, including a subtle initiative to include the “Muslim civil society” in …

Geographic Decomposition Of Inequality In Health And Wealth: Evidence From Cambodia, Tomoki Fujii

Research Collection School Of Economics

The small-area estimation developed by Elbers, Lanjouw and Lanjouw (2002, 2003), in which a census and a survey are combined to produce the estimates of welfare measures for small geographic areas, has become a standard tool for poverty analysis in developing countries. The small-area estimates are typically plotted on a map, which are commonly called a poverty map. Poverty maps proved useful for policy analysis and formulation, and have become increasingly popular among policy-makers and researchers. In Cambodia, poverty maps have been used by various international organizations, ministries and non-governmental organizations for analyzing the poverty situations for their operation areas, …

Global Transformations And “Cosmopolitical” Social Science, Michael D. Kennedy, Camilo Leslie, Allison Nau, Atef Said, Hiro Saito

Research Collection School of Social Sciences

In 2001 Siobán Harlow and Kennedy developed a graduate seminar through the International Institute around “Global Transformations.” While some had used the term before, its greatest advantage was its inclusivity: globalization, twenty-first century empires, international terrorism, the spread of infectious disease, migrations, climate change, and other themes all fit within that rubric. During a recent sociology seminar, we sought to discipline that discussion with the identification of three principal areas to guide “cosmopolitical” social science.

Singapore's Exchange Rate Policy: Some Implementation Issues, Hwee Kwan Chow

Research Collection School Of Economics

Reflecting the small open nature of its economy, Singapore has adopted an exchange rate-centered monetary policy framework since 1981. The exchange rate regime in Singapore is an intermediate regime that follows the basket-band-crawl system. With this managed float system, the MAS has successfully deterred speculators from attacking the domestic currency for most of the past three decades. At the same time, the flexibility accorded by the managed float system aided Singapore in escaping from the 1997–1998 Asian crisis relatively unscathed. In order to advance our understanding of the hitherto successful operation of Singapore's exchange rate policy, we examine the following …

Lawyers And Great Expectations In Pakistan, Shubhankar Dam

Research Collection Yong Pung How School Of Law

No abstract provided.

The Change In Corporate Transparency Of Korean Firms After The Asian Financial Crisis: An Analysis Using Analysts' Forecast Data, Jinho Chang, Young Jun Cho, Hyun-Han Shin

Research Collection School Of Accountancy

Using analysts' forecast error and forecast dispersion of firms covered by the I/B/E/S database, this study examines the change in information asymmetry of Korean firms around the financial crisis of 1997. Results show that the information asymmetry of Korean firms is lower after the financial crisis than before, implying that corporate transparency did, in effect, improve with the change in business environment. In addition, this study finds that chaebol firms have higher information asymmetry than non-chaebol firm, and also that the corporate transparency improvement of chaebol firms is not higher than that of non-chaebol firms in the post-crisis period despite …

State-Led Transborder Industrialization In Asia: A Note On Singapore's Manufacturing Enclaves In Vietnam And China, Caroline Yeoh, Wilfred Pow Ngee How

Research Collection Lee Kong Chian School Of Business

State-led, market-driven interventions have been the hallmark of the Singapore `success storyÆ. This paper revisits SingaporeÆs state-enterprise strategy and takes a closer look at the portability of this strategy, in the framework of Regionalization21, a series of transborder industrialization experiments in Indonesia, Vietnam and China. These state-engineered projects, orchestrated to encapsulate economic space for Singapore-based firms to expand into the region, remain controversial. This strategic initiative is promulgated on the exportability of SingaporeÆs state credibility, systemic and operational efficiencies as well as technological competencies, to locations where these attributes are less distinct. We present evidence culled from surveys and interviews …

Technological Knowledge, Product Relatedness, And Parent Control: The Effect On Ijv Survival, Dean Xu, Jane W. Lu

Research Collection Lee Kong Chian School Of Business

This article examines the relationships among parent firm technological knowledge, parent-IJV product relatedness, parent control over the IJV, and IJV survival. Combining the knowledge-based perspective and institutional theory, we argue that parent control itself does not necessarily lead to higher IN survival; it contributes to IN survival when the parent firm has a high level of technological knowledge, and when the IJV is product-related to this parent. Results obtained from 1038 Japanese IJVs based in China indicate that both equity control and managerial control of a Japanese parent had a positive interaction effect, with the parent's technological knowledge, on IN …

Giving Voice To The Religious, Seow Hon Tan

Research Collection Yong Pung How School Of Law

The relevance of moral values endorsed by religious persons in public decision-making has often been debated. The issue comes to the fore again in relation to the debate on Section 377A of the Penal Code dealing with acts of gross indecency between males. With the flourishing of diverse viewpoints that is a natural consequence of a liberal democratic society, and with greater participation by an increasingly sophisticated citizenry online and in the media, particularly in a nation in which those without religious affiliations make up only 15 per cent of the population, the ground rules of public discourse must be …

Wage Inequality, Intergenerational Mobility, And Education In Singapore, Kong Weng Ho

Research Collection School Of Economics

Accompanying Singapore’s phenomenal economic growth over the past four decades has been a rapid increase in educational attainment over the years. In 1960, the mean years of schooling for residents aged 25 and over was 3.14 years; in 2006, it was 9.3 years. This dramatic increase in the supply of skilled labour in all sectors of the economy helped to power Singapore’s high growth rates over the past few decades of economic development, which also saw declining wage inequality and high upward intergenerational mobility in education. However, we need to ask if these trends will continue in the future and …

Giving Voice To The Religious, Seow Hon Tan

Research Collection Yong Pung How School Of Law

The relevance of moral values endorsed by religious persons in public decision-making has often been debated. The issue comes to the fore again in relation to the debate on Section 377A of the Penal Code dealing with acts of gross indecency between males. With the flourishing of diverse viewpoints that is a natural consequence of a liberal democratic society, and with greater participation by an increasingly sophisticated citizenry online and in the media, particularly in a nation in which those without religious affiliations make up only 15 per cent of the population, the ground rules of public discourse must be …

Norming "Moderation'' In An "Iconic Target'': Public Policy And The Regulation Of Religious Anxieties In Singapore, Eugene K. B. Tan

Research Collection Yong Pung How School Of Law

The proposed research will examine Singapore’s response to terrorism post September 11, in particular the maintenance of a “moderate mainstream” Muslim community as a bulwark against the fraying of harmonious ethnic relations. In light of the global concern—and often paranoia—with diasporic Islam, Islamic religious institutions and civil society have been portrayed in the popular media as hotbeds of radicalism, promoters of hatred, and recruiters for a ‘conflict of civilization’ between the Muslim world and the modern world. Islamist attacks in Madrid and London have since brought increased urgency to the question of how to contain or moderate Islamic radicalism among …

Cross-Cultural Differences In Learning And Education: Stereotypes, Myths And Realities, Gerhard Apfelthaler, Katrin Hansen, Stephan Keuchel, Christa Mueller, Martin Neubauer, Siow-Heng Ong, Nirundon Tapachai

Research Collection Lee Kong Chian School Of Business

Despite the fact that both learning styles and cross-cultural differences have been important research topics for decades, surprisingly little work has been done on comparisons of learning behaviour across cultures and its impact for teachers working in culturally mixed settings. This chapter is based on a research project funded by the European Union seeking to provide fresh knowledge on cross-national differences in attitudes towards learning of students from selected countries. It reports on the results from Austria, Germany, Singapore and Thailand and outlines some of the implications for teaching in higher education.

Modeling Country Risks: An Asian Perspective, Swee Liang Tan, G. K. Randolph Tan

Research Collection School Of Economics

This paper investigates the use of the Markov Regime Switching Model (MRSM) as a means to track changes in the levels of investor confidence. It also assesses the probabilities of a country switching between different regimes using the transition probability matrix. A maximum of three possible levels or regimes of risk – low, intermediate and high volatility regimes, is considered. From the smoothed probabilities calculated for different regimes, this paper makes inferences about timings of debt crisis. Comparing Brazil, Mexico, the Philippines and Indonesia in particular, we date the onset and subsequent dissolution of crisis-induced panic. We give interpretations of …

Forecasting The Car Penetration Rate (Cpr) In China: A Nonparametric Approach, Sainan Jin, Liangjun Su

Research Collection School Of Economics

With strong economic growth, the auto industry has made great breakthroughs in recent years and has become a backbone industry in China, while cars play an increasingly important role, and are now the principal part of the auto industry. Both China's government and academic circles take strong interest in the prediction of CPR (i.e. car penetration rate or cars per thousand people), which will be the main guidance for the future industry policy. We summarize the existing problems in recent research and propose to use nonparametric methods to estimate the CPR and its elasticity with respect to GDP per capita …

Aid Suspensions As Coercive Tools? The European Union’S Experience In The African-Caribbean-Pacific (Acp) Context, Clara Portela

Research Collection School of Social Sciences

Since the signing of the Cotonou Agreement in 2000, the European Union (EU) has suspended development aid towards a number of African Caribbean and Pacific (ACP) countries in response to breaches of Human Rights and democratic principles by activating the so-called Human Rights clause (article 96). The present article analyses the use by the EU of aid suspensions as political tools and their efficacy in achieving the desired policy goals, in an attempt to identify and explain the determinants leading to the success of these measures. The investigation finds that the use of development aid suspensions is frequently effective. Classical …

Understanding Chinese Business Behaviour: A Historical Perspective, Taieb Hafsi, Li Yan

Research Collection Lee Kong Chian School Of Business

The behaviour of Chinese business has been studied by a variety of strategic management scholars (see in particular Hafsi and Tian, 2005; Peng, 2006; Peng and Heat, 1996). Most of these studies rely on traditional data gathering, either in the form of interviews or published data banks. Very little attention has been given to history as a determinant of strategic behaviour. In this paper, we propose that the cognitive orientation of Chinese managers is dominated by their knowledge and understanding of Chinese history. We take the Three Kingdoms historic novel as a proxy to history to derive basic behavioral norms …

How Much Should Foreign Talent Be Paid?, Manoj Thulasidas

Research Collection School Of Computing and Information Systems

Singapore needs foreign talent — and there’s no need to feel bad about it. It is a statistical fact of life. For every top Singaporean in any field — be it science, medicine, finance, sports or whatever — we will find about 500 professionals of equal calibre in China and India. Not because we are 500 times less talented, just that they have 500 times more people.

Redefining Marriage: Where To Draw The Line?, Seow Hon Tan

Research Collection Yong Pung How School Of Law

No abstract provided.

Redefining Marriage: Where To Draw The Line?, Seow Hon Tan

Research Collection Yong Pung How School Of Law

No abstract provided.

An Empirical Examination Of The Mechanisms Mediating Between High Performance Work Systems And The Performance Of Japanese Organizations, Riki Takeuchi, David P. Lepak, Heli Wang, Kazuo Takeuchi

Research Collection Lee Kong Chian School Of Business

The resource-based view of the firm and social exchange perspectives are invoked to hypothesize linkages among high-performance work systems, collective human capital, the degree of social exchange in an establishment, and establishment performance. The authors argue that high-performance work systems generate a high level of collective human capital and encourage a high degree of social exchange within an organization, and that these are positively related to the organization's overall performance. On the basis of a sample of Japanese establishments, the results provide support for the existence of these mediating mechanisms through which high-performance work systems affect overall establishment performance.

Political Dialogue And Human Rights In The Framework Of The Cotonou Agreement, Clara Portela

Research Collection School of Social Sciences

The present study analyses the use of the political instruments for the protection of Human Rights, democracy and the rule of law under the Partnership Agreement between the European Union (EU) and the African-Caribbean–Pacific (ACP) countries embedded in the Cotonou Agreement: the consultations under article 96, intensified and regular political dialogue. It briefly outlines the legal provisions of the revised treaty, reviews recent practice, and looks into the involvement of civil society and parliamentary bodies in the political dialogue.

U.S.-Hong Kong Relations: Prospects For A Unique Partnership, Bates Gill, James T. H. Tang

Research Collection School of Social Sciences

Hong Kong has survived turbulent economic, social and political changes in the past ten years since the former crown colony’s reversion to Chinese sovereignty. Following setbacks in the wake of the Asian financial crisis and the avian flu outbreak in 1997, the outbreak of severe acute respiratory syndrome (SARS) in 2003, and several massive political demonstrations in recent years, Hong Kong’s economy has had a robust and steady rebound. Hong Kong has maintained its position as a leading business and financial hub in the Asia-Pacific region and for the world. It has continued to play a pivotal role in China’s …

Tourism, Development And Poverty Reduction In Guizhou And Yunnan, John A. Donaldson

Research Collection School of Social Sciences

How did the differing strategies adopted to develop tourism in Guizhou and Yunnan affect patterns of economic development and poverty reduction? The answer is paradoxical. Both provincial governments incorporated tourism as part of their overall development strategies, but their tourism sites were distributed and structured strikingly differently. In Yunnan, although tourism contributed to rapid economic growth, it did not reduce rural poverty as much as might be expected from a large rural-based industry. By contrast, Guizhou's relatively small-scale tourism industry, although not contributing significantly to growth, was distributed largely in poor areas and was structured to allow poor people to …

Teaching "Global Project Management" With Distributed Team Projects, Randy Weinberg, Benjamin Gan

Research Collection School Of Computing and Information Systems

The education of rising professionals must keep pace with changing forces of globalization and the realities of distributed work. Students who understand the basics of global project management, teamwork and collaboration are likely to find themselves at a competitive advantage over those who do not. This article describes the experiences in an undergraduate course called Global Project Management offered concurrently at two universities, one in the U.S. and one in Singapore, and incorporating collaborative student projects.