International and Area Studies Commons^™

Strategic Management For Economic Development: Remaking The Singapore 'Model', Caroline Yeoh, Wilfred Pow Ngee How

Research Collection Lee Kong Chian School Of Business

The dynamics of international economic competition have far-reaching policy implications for both developing and developed countries. Established industrial and trade policy regimes in most countries are under tremendous strain, and this applies even to the dynamic Newly Industrialising Economies (NIEs). The outward-oriented development strategies of the Asian NIEs, which once seemed unbeatable, have run up against protectionist barriers in the developed countries, and increasingly, against competitive pressures from other up and coming developing countries. Governments in these NIEs have had to re-examine accustomed policies and strategies, and search for alternative strategies and programs, in order to re-position their economies for …

Ownership Structure, Investment Behaviour And Firm Performance In Japanese Manufacturing Industries, Eric Gedajlovic, Toru Yoshikawa, Motomi Hashimoto

Research Collection Lee Kong Chian School Of Business

Using data spanning the 1996-98 fiscal years of 247 of Japan's largest manufacturers, we empirically evaluate the extent to which a firm's investment behaviour and financial performance are influenced by its ownership structure. To do so, we examine six distinct categories of Japanese shareholders: foreign investors, investment funds, pension funds, banks and insurance companies, affiliated companies and insiders. Our findings strongly indicate that the relationship between the equity stakes of a particular category of investor and a firm' s financial performance and investment behaviour is considerably more complex than is depicted in simple principal-agent representations. Such a result emphasizes the …

Politico-Economic Factors Associated With Interest In Starting A Business: A Multi-Country Study, Thomas Begley, Wee Liang Tan, Herbert Schoch

Research Collection Lee Kong Chian School Of Business

Public health is a legal term of art referring specifically to delineated powers, duties, rights, and responsibilities. An emerging human rights conception of public health justifies government intervention. Intervention involves public officials taking appropriate measures including environmental regulations pursuant to specific legal authority, after balancing private rights and public interests, to protect the health of the public. This article is a critical analysis of the performance of the actors in maintaining environmental standards in India. Part II is a discussion on the source of environmental law in India. Part III discusses the performance of the legislature. Part IV evaluates the …

Regionalisation And Singapore's Transborder Industrialisation: A New Perspective On Suzhou Industrial Park, Xun Cai, Lu Gao, Caroline Yeoh

Research Collection Lee Kong Chian School Of Business

The dynamics of international economic competition have prompted governments to re-examine accustomed policies, and search for alternative strategies, in order to re-position their economies for the future. This paper takes a look at Singapore’s search for a competitive positioning in the global marketplace, and focuses on the city-state’s much-publicized, and controversial, flagship project in China, viz, the Suzhou Industrial Park (SIP). This strategic initiative is premised on the perceptions that Singapore’s positive reputation with multinational corporations, and ‘guanxi’ (or connections) with regional governments, will give the regional sites a strategic advantage in the competition for foreign investments. Earlier studies have …

Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. Koh, Roberto S. Mariano, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. Tan, Susan M. Wachter

Research Collection School Of Economics

This paper investigates the Asian real estate price run-up and collapse in the 1990s. We identify financial intermediaries’ underpricing of the put option imbedded in non-recourse mortgage loans as a potential cause for the observed price behavior. This underpricing is due to behavioral causes (lender optimism and disaster myopia) and/or rational response of lenders to market incentives (agency conflicts, deposit insurance, or limited liability of bank shareholders). The empirical evidence suggests that underpricing occurred in Thailand, Malaysia, and Indonesia. Consequently, these countries experienced a more severe market crash than Hong Kong and Singapore, where underpricing was kept under control by …

The Creation And Economic Regulation Of Housing Markets: A Comparison Of The Experiences Of Singapore And Korea, Sock-Yong Phang

Research Collection School Of Economics

Privatization, creation of markets and economic regulation are terms that few would immediately associate with the housing sector. Mainstream housing markets in most of the free market economies of the developed world are regarded as competitive markets, with little need for economic regulation of the market. Regulations that attempt to control behavior directly are generally limited to policies relating to rent control, the provision of rental housing or rental allowances for lower income groups, as well as land use regulations and building controls.

The housing sectors of Singapore and Korea are highly unusual in the extent of government involvement and …

The Singapore-India Connection: A Tale Of Two Industrial Parks, Caroline Yeoh, Wongso Kevin, Wee Tan

Research Collection Lee Kong Chian School Of Business

In recent times, Singapore has, as part of its regionalisation strategy, established industrial parks in various countries, including China, Vietnam, and India. The parks are marketed as a winning combination of the host country’s unique location advantages and Singapore-style efficiency and management know-how. Singapore’s foray into India, in particular, was marked by the setting up of the ITPL in Bangalore; a development that met with great success. However, with global businesses shifting interests towards India, and competing industrial parks emerging to meet the increasing demand, ITPL is faced with stiff competition from other industrial parks; and Singapore has since announced …

The Relationship Between Governance Structure And Risk Management Approaches In Japanese Venture Capital Firms, Toru Yoshikawa, Phillip H. Phan, Jonathan Linton

Research Collection Lee Kong Chian School Of Business

This paper attempts to understand what drives Japanese venture capital (JVC) fund managers to select either active managerial monitoring or portfolio diversification to manage their firms' investment risks [J. Bus. Venturing 4 (1989) 231]. Unlike U.S. venture capitalists that use active managerial monitoring to gain private information in order to maximize returns [J. Finance 50 (1995) 301], JVCs have traditionally used portfolio diversification to attenuate investment risks [Hamada, Y., 2001. Nihon no Bencha Kyapitaru no Genkyo (Current State of Japanese Venture Capital), Nihon Bencha Gakkai VC Seminar, May 7]. We found that performance pay is positively related to active monitoring …

The Contribution Of A Satellite Market To Price Discovery: Evidence From The Singapore Exchange, Vicentiu Covrig, David K. Ding, Buen Sin Low

Research Collection Lee Kong Chian School Of Business

The Singapore Exchange (SGX), a small satellite market, successfully competes with a large home market, the Osaka Securities Exchange (OSE), in trading the Nikkei 225 futures index. In this paper, we investigate the contribution of the SGX to price discovery and shed light on the reasons for its continued success. Evidence is provided from information revelation and price discovery of three competing but informationally linked markets of the Nikkei 225 index - domestic spot (Tokyo Stock Exchange), domestic futures (OSE), and foreign futures (SGX), which represents the satellite market. Overall, the futures market contributes 77% to price discovery, with the …

The Antecedents Of Value Creation In Singapore Corporation, Wee Liang Tan, Teck Meng Tan

Research Collection Lee Kong Chian School Of Business

The impetus for value creation has led to greater interest in encouraging entrepreneurship within organizations (intrapreneurship). The intrapreneurship literature reveals general agreement that organizational entrepreneurship flourishes where the environmental conditions of an organization are most favorable. However, there is little empirical research examining the relationship of the organizational climate and the intentions of employees to be intrapreneurs, and their actual participation in such activities. This paper reports a study on the elements of organizational climate on intrapreneurship attitudes, intentions and actions on the part of middle managers in corporations in Singapore.

The Making Of An Innovator, Hian Teck Hoon

Research Collection School Of Economics

Innovators experiment with things to come up with new ideas to improve the quality of existing products, develop differentiated or new products and re-organise business processes to lower costs. In a big corporation, there might be a whole R&D department where innovators are employed to design new blueprints so the company can constantly make new offerings. But innovators can also be found in small enterprises tinkering with recipes, for example, to win new customers. Innovators no doubt derive pleasure from their creative work. Yet, in modern economies, they must be employed in a firm that successfully translates their innovative activity …

Transborder Industrialization: A Comparative Study Of The Measured Success Of Singapore's Industrial Parks In Vietnam And India, Kevin Wongso, Caroline Yeoh, David, David,

Research Collection Lee Kong Chian School Of Business

No abstract provided.

Embedded Co-Operation In The Context Of Singapore's Investment Enclaves In Indonesia And Vietnam: A Strategy Reconsidered, Caroline Yeoh, Siang Yeung Wong

Research Collection Lee Kong Chian School Of Business

Regional industrial development projects - development packages assembled, administered and promoted by consortia of sovereign national governments - are new players in the global competition for foreign investments. Singapore's flagship projects in China have received much attention. Our paper reports on Singapore's lesser-known projects in Indonesia and Vietnam. The strategic intent of these transborder industrialization initiatives is to set in place a configuration for the city-state to restructure its domestic industries, and yet retain important linkages with production centers in low-cost environments. The effectiveness of this stratagem is evaluated from the perspectives of the tenant firms, as well as from …

Singapore's Foray Into Bangalore, India: An Empirical Review, Amrit Vaidyanath, Caroline Yeoh, Siang Yeung Wong

Research Collection Lee Kong Chian School Of Business

Singapore’s regionalization stratagem led to the establishment of industrial parks in China, India and several South-East Asian countries. The strategic intent behind these overseas projects was two-fold: exporting Singapore’s competencies such as management know-how, technological capabilities and corrupt-free administration to regions where such positive factors were lacking and secondly, exploiting comparative advantages that each region had to offer. This paper investigates Singapore’s foray into India, through the technology park in Bangalore. It evaluates the location specific benefits of the site, primarily in terms of abundant and low-cost labor resources. Accompanied by empirical findings, this study finds that, while location-specific merits …

Singapore's Regionalization Blueprint: The Empirics Of The Case For Selective Intervention, Caroline Yeoh, Siang Yeung Wong

Research Collection Lee Kong Chian School Of Business

No abstract provided.

Exporting Expertise: A Note On Singapore's Gambit In Bangalore, India, Caroline Yeoh, Amrit Vaidyanath, Siang Yeung Wong

Research Collection Lee Kong Chian School Of Business

Infrastructure can be unreliable and administration subject to corruption in Asia’s rapidly emerging economies. This context presented Singapore with unique opportunities to export its ‘positive reputation’ to locations where these attributes are less certain, through the provision of superior infrastructure, the ability to negotiate investment concessions and, where existing, through the links to influential business groups in the investment location. This strategic initiative is premised on the perception that Singapore’s good relations with multinationals, as well as “connections” with Asian business networks, will give the industrial-township projects a marketing advantage. To complement the extensive literature on Singapore’s flagship projects in …

Integrating Business Opportunities In An Emerging Asian Economy: Perspectives From Singapore's Gambit In Vietnam, Ai Lin Leong, David David, Caroline Yeoh

Research Collection Lee Kong Chian School Of Business

To date, Singapore’s regionalization strategy has been applied in China, India, Indonesia and Vietnam through the establishment of industrial parks. The nexus between these ‘clones’ is the implantation of Singapore’s positive business ethos amidst more uncertain host environments. Leveraging on world-class infrastructure, efficiency and location-specific advantages, these industrial parks present themselves as low-cost investment enclaves. This paper focuses on the regional industrial development project assembled, administered and promoted by the sovereign national governments of Singapore and Vietnam. Using in-depth case studies, it examines the push-pull factors for firms with different structures. It finds that progress in this privileged foreign investment …

The Singapore "Advantage" In India: A Perception Or A Premium?, Alexandra Si-Lan Wee, Ai Lin Leong, Caroline Yeoh

Research Collection Lee Kong Chian School Of Business

Singapore’s regionalisation strategy has been applied in various countries, such as China, Vietnam and India, through the establishment of industrial parks. The parks are marketed as a winning combination of the host country’s unique location advantages and Singapore style efficiency and management know-how. Singapore’s foray into India was marked by the setting up of the ITPL in Bangalore, and furthered by its venture into a future phase of HITEC City, based on her success in Bangalore. However, with global businesses shifting interests towards India, and competing industrial parks emerging to meet the increasing demand, ITPL is faced with stiff competition …

Exporting Expertise: The Singapore Experience In Vietnam, Caroline Yeoh, Siang Yeung Wong, Amrit Vaidyanath

Research Collection Lee Kong Chian School Of Business

Infrastructure can be unreliable and administration subject to corruption in Asia’s rapidly emerging economies. This context presented Singapore with unique opportunities to export its ‘positive reputation’ to locations where these attributes are less certain. The strategic initiative is premised on the perception that Singapore’s good relations with multinationals, as well as ‘guanxi’, or connections, with Asian business networks, will give the industrial-township projects a marketing advantage. To complement the extensive literature on Singapore’s flagship projects in Indonesia and China, this paper takes a closer look at Singapore’s lesser-known project in Vietnam. Evidence from on-site surveys is presented. It finds that …

Integrating Business Opportunities In Contiguous Economies: Perspectives From Singapore's Gambit In Indonesia, Caroline Yeoh, Sang M Lee, W. Ra Jang

Research Collection Lee Kong Chian School Of Business

No abstract provided.

Get The Smu Edge: Make A Difference [Advertisement], Singapore Management University

SMU Press Releases and News

Get the SMU edge, make a difference. Featuring Lim Kong Wee, Steven Miller, Darren Lim, Deborah Ong (PricewaterhouseCoopers), Tan Siang Leng.

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Effects Of Board Structure On Firm Performance: A Comparison Of Japan And Australia, Ingrid Bonn, Toru Yoshikawa, Phillip H. Phan

Research Collection Lee Kong Chian School Of Business

This article compares the effects of board size, proportion of female directors, proportion of outside directors and average age of directors on firm performance in Japanese and Australian firms. We found that board size and age of directors were negatively associated with the performance of Japanese firms. For Australian firms, outsider ratio and female director ratio were positively associated with performance.

Entry Mode And Performance In A Transitional Economy: A Framework For Foreign-Invested Enterprises In China, Howard Davies, Jin K. Han, Namwoon Kim, Jae H. Pae

Research Collection Lee Kong Chian School Of Business

A conceptual framework is developed, bringing together entry mode, the influence of state officials, and the adoption of a customer-driven orientation in order to explain the performance of foreign-invested firms in a transitional economy. The model is tested on a sample of firms in China across eight provinces and cities, spread across the relatively developed South Coast, the Central Belt formed by Shanghai and the Yangzi basin and the less-developed North and West. We find that the decision to enter through a joint venture reduces the customer focus of the enterprise. Contrary to expectation, however, we find no positive relationship …

Global Economic Forces And Individual Labor Rights: An Uneasy Coexistence, Alice De Jonge

Human Rights & Human Welfare

A review of:

Workers’ Rights as Human Rights edited by James A. Gross. Ithaca: Cornell University Press, 2003. 272pp.

and

International Labor Standards: Globalization, Trade, and Public Policy edited by Robert J. Flanagan and William B. Gould IV. Palo Alto: Stanford University Press, 2003. 275pp.

Embedded Co-Operation In The Context Of Singapore's Regionalization Program: The Batamindo Experiment Revisited, Caroline Yeoh, Adeline Kwan, Siang Yeung Wong

Research Collection Lee Kong Chian School Of Business

The development of Singapore-styled industrial parks has resided on the country’s ability to negotiate investment concessions at inter-government level, to provide superior infrastructure, and where existing, through the links to influential business groups in the investment location. Singapore’s first transborder industrialization project in Batam (Indonesia) reflects this stratagem. This paper revisits the debate on the attractiveness of the low-cost investment enclaves for multinational investments, with insights from Batamindo Industrial Park. Through evidence from on-site interviews and case studies, this paper concludes that while the project’s progress to date has been largely overshadowed by socio-political uncertainties in the host environment, its …

Notes From An ‘Intelligent Island’: Towards Strategic Knowledge Management In Singapore’S Small Business Sector, Thomas Menkhoff, Yue Wah Chay, Benjamin Loh

Research Collection Lee Kong Chian School Of Business

This essay outlines some of the benefits and challenges of implementing strategic knowledge management systems in small and medium-sized enterprises (SMEs) with reference to respective initiatives in the Republic of Singapore. The article addresses following research questions: What is knowledge management (KM) and why has it become an issue? How can SMEs benefit from strategic KM? What are the potential pitfalls of KM applications in small firms? What are the strategic imperatives of using KM in SMEs? Do small and large firms require different KM systems? What are the critical success factors which have to be considered during implementation? How …

I Love Smu: Heart, Life, Passion, Soul [Advertisment], Singapore Management University

SMU Press Releases and News

Celebrating the unconventional, the intriguing, the undaunted. Experience the SMU spirit. Heart: Jenny Foo; Life: Tan Chee Wee; Life: Joven Lai; Soul: Jeremy Nguee; Passion: Richard Ho, Johny Tay.

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Acceptance Of Golden Rice In The Philippine Rice Bowl, Mark Chong

Research Collection Lee Kong Chian School Of Business

Few science issues in recent years have elicited such polarized public reactions as modern biotechnology and its agricultural applications. Although a new study conducted by the University of Illinois at Urbana-Champaign and the International Service for the Acquisition of Agri-biotech Applications (Ithaca, NY, USA) indicates that Southeast Asian stakeholders generally hold positive views about agricultural biotechnology.

Singapore's Regionalization Gambit: Insights Form The Suzhou-Wuxi Experiment, Caroline Yeoh, Jerel Chye Hock Lee, Clare Yenping Lee

Research Collection Lee Kong Chian School Of Business

No abstract provided.

Does Underwriter Reputation Affect The Performance Of Ipo Stocks?, Chunchi Wu, Sheen Liu, Junbo Wang

Research Collection Lee Kong Chian School Of Business

In this paper we examine the relationship between performance of the Chinese IPO firms and the reputation of investment bankers underwriting their stocks. Similar to previous studies on well-developed stock markets, we find that the initial return on the first day of trading is strongly positive for Chinese IPO stocks due to underpricing. This initial return is negatively related to the underwriter's reputation, suggesting that the better the reputation of the underwriter, the less underpricing and hence, the lower the initial return of the IPO stock. Extending the analysis to a ten-day window after the first trading day, we find …