International and Area Studies Commons^™

The Effects Of Ownership And Capital Structure On Board Composition And Strategic Diversification In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan

Research Collection Lee Kong Chian School Of Business

The board of directors plays an important role in solving the agency problem between shareholders and management. This paper investigates the relationships between ownership and board structure with the diversification strategy of large Japanese firms. The results show that corporate nominee directors are associated with lower levels of product diversification of their investee firms. This suggests that nominee directors in large Japanese corporations see themselves representing specific interests and therefore investors should pay attention to board composition in order to assess the level of protection they can expect to receive. Even without any apparent agency problem with management, there remains …

Corporate Divestitures And Spinoffs In Singapore, Francis Koh, Winston T. H. Koh, Benedict S. K. Koh

Research Collection Lee Kong Chian School Of Business

This paper discusses the different forms of corporate divestitures, the motives for this corporate activity, and the empirical findings about their economic outcomes. A sample of corporate divestitures is also used to identify the main motivations in the Singapore context. We conclude that divestitures are carried out to achieve operational efficiency and gain incremental profitability and liquidity. Using share price data around the event-dates, we show that announcements of divestitures generally lead to significant increases in the returns of the parent company. The positive abnormal returns are related to the relative size of the divestitures and the computed accounting gains. …

The Performance Of Value And Growth Portfolios In East Asia Before The Asian Financial Crisis, David K. Ding, Jia-Leng Chua, Thomas A. Fetherston

Research Collection Lee Kong Chian School Of Business

We examine value and growth portfolios in seven East Asian countries just before the onslaught of the 1997 Asian Financial Crisis. The value premiums in these countries, except in Indonesia, Taiwan, and Thailand, are found to be mainly positive. After controlling for firm size, risk, liquidity, and growth potential, we find higher returns among value stocks with a small firm size and low growth potential in Hong Kong and Malaysia. In Japan and Singapore, higher returns are found in growth portfolios with a small firm size and low growth potential. Growth stocks in Taiwan with a small firm size, and …

Competing At The Frontier: The Changing Role Of Technology Policy In Singapore's Economic Strategy, Winston T. H. Koh, Poh Kam Wong

Research Collection School Of Economics

For an economy competing at the global frontier, an innovation-based growth strategy requires a well-developed technological infrastructure, a set of capabilities-focused technology policies, as well as an institutional environment that stimulates innovation and entrepreneurship. This paper examines the role played by science and technology policy in an economy's transition to an innovation-based growth strategy. We discuss the challenges governments face as they restructure economic institutions to deepen R&D capabilities and encourage technology creation. We review Singapore's experience in this regard and assess its ongoing efforts to remake itself to compete at the global frontier.

No Vision? Youths Need Role Models, Seow Hon Tan

Research Collection Yong Pung How School Of Law

Much recent talk about the vision (or lack thereof) of our young people has revolved around a search for solutions in the form of programmes that give them an opportunity to broaden their minds and, it is hoped, develop their characters.

Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Jinghua Tang, Gary Gang Tian

Research Collection Lee Kong Chian School Of Business

This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.

Introduction: China, Ltd, William A. Callahan

Research Collection School of Social Sciences

The study of Chinese nationalism is very popular--both in China and the West. This article introduces a special section of seven articles (four of which are in this issue) on 'The Limits of Chinese Nationalism', arguing that our understanding of nationalism in China is problematic. This special section aims to explore the limits of many of the statements about Chinese nationalism that have now become 'common sense': the rise of Chinese nationalism, nationalism filling an ideological vacuum, elites manipulating nationalism to gain legitimacy, and so on. Using critical IR theory this Introduction explores the concept of limits to argue that …

No Vision? Youths Need Role Models, Seow Hon Tan

Research Collection Yong Pung How School Of Law

Much recent talk about the vision (or lack thereof) of our young people has revolved around a search for solutions in the form of programmes that give them an opportunity to broaden their minds and, it is hoped, develop their characters.

Social And Cultural Geographies Of South-East Asia, Tim Bunnell, Lily Kong, Lisa Law

Research Collection School of Social Sciences

The paper is an overview of English language publications that discuss what might be considered 'social' and 'cultural' geographies in Southeast Asia over the past two decades. We have strategically chosen two major themes that help us shape the mass of material into digestible strands: (1) the politics of social and cultural change; and (2) constructing identities. The former addresses various politics: the politics of nationhood; the politics of national development; the politics of cultural sites; the politics of urban change; and the politics of the global-local.

Analysis Of Labor Participation Behavior Of Korean Women With Dynamic Probit And Conditional Logit, Myoung-Jae Lee, Yoon-Hee Tae

Research Collection School Of Economics

We analyse the dynamic labour participation behaviour of Korean women. State dependence under unobserved heterogeneity is considered, where the heterogeneity may be unrelated, pseudo-related, or arbitrarily related to regressors. Three minor methodological contributions are made: interaction terms with lagged response are allowed in dynamic conditional logit; a three-stage algorithm for dynamic probit is proposed; and treating the initial response as fixed is shown to be ill-advised. The state dependence is about 0.6 × SD(error), higher for the married or junior college-educated, and lower for women in their twenties and thirties. While education increases participation, college education has negative effects for …

Report Of The Committee On Fare Review Mechanism, Sock Yong Phang

Research Collection School Of Economics

Today, public transport fares are reviewed annually and adjustments, if any, are capped by the “CPI + X” formula, where CPI is the change in the Consumer Price Index over the previous year and X accounts for the net effect of wage changes after deducting productivity gains. For the period from 2001 to 2005, X was determined to be 1.5%. While this mechanism has worked well in keeping public transport fares affordable, the formula lacks transparency and is not easily understood by the general public. Commuters often question the need for the “X” element given that the public transport operators …

Questioning Proximity: East Asian Tv Dramas In Indonesia, Charlotte Setijadi

Research Collection School of Social Sciences

The study of transnational cultural flows has been of continuing interest among media and communication researchers, with recent studies focusing on cultural flows within geographically and culturally adjacent nations. It is often suggested that the level of “cultural proximity” that exists determines the success of cultural exchange between countries regarded to possess similar cultural traits. This notion, that local audiences will have preference for cultural commodities from countries with which they share cultural ties in recognition of their own culture, has enjoyed much intellectual currency in recent times, especially in relation to analyses of regional media markets. The danger of …

Critical Thinking Straight From The Heart, Seow Hon Tan

Research Collection Yong Pung How School Of Law

The state of the hearts of our young people, specifically whether they have the moral courage to stand up for what they believe in, is in the spotlight again with this newspaper's upcoming Youthink pages intended to showcase their views. The Youthink pages might go some way to show if the concern with our youth is well-founded. An interesting issue is raised: What exactly is critical thinking?

Singapore Management University Report To Stakeholders 2005 - 2006, Singapore Management University

Report to Stakeholders

With the official opening of the city campus in January 2006, SMU marked a new chapter in the history of central Singapore and became an integral part of the area s continual cycle of renewal. Building on the legacy of venerable institutions in Bras Basah that formed the educational hub of yesteryear, our aim is to produce visionary leaders for tomorrow, imbued with a fine sense of ethics and social responsibility for the good of the community.

From its beginning, SMU has been a catalyst for the future development of higher education in Singapore. Two ways that we have done …

Do Rural Land Markets Increase Inequality? Evidence From A Chinese Province, Qian Forrest Zhang

Research Collection School of Social Sciences

Using a 2001 provincial survey, we find that disparities in land-rights distribution have greatly increased in rural China, and the growth of land markets is directly responsible for that. The land markets tend to concentrate land in those who can more efficiently use it. This translates disparities in land-rights distribution to magnified inequality in farm income. However, such widening disparities caused by land markets have compensatory effects on overall rural inequality, as land markets tend to bring up families who would fall at the bottom of income distribution in the absence of such markets. Expansion of markets, in this case, …

Facing China: Taiwan’S Status As A Separate Customs Territory In The World Trade Organization, Pasha L. Hsieh

Research Collection Yong Pung How School Of Law

On Nov 11, 2001, in Doha, Qatar, the Fourth Ministerial Conference of the World Trade Organization (WTO) unanimously approved Taiwan's application for WTO membership, just 24 hours after approving China's admission. Taiwan's choice as the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, abbreviated as Chinese Taipei, in the WTO, instead of its official name, Republic of China (PRC), shows its reluctant compromise with political reality. The PRC's claim that accession procedures applying to Taiwan and Hong Kong should be identical erroneous because, under international trade law, the ROC is the automatic government acting on behalf of Taiwan and …

Restitution, Tiong Min Yeo

Research Collection Yong Pung How School Of Law

Little of significance was decided on the law of restitution in 2004. There was nevertheless a smattering of cases dealing with points relevant to the principles of the law of restitution, sometimes directly, and sometimes indirectly.

Defining (Multiple) Selves: Stories From The Field, Chang Yau Hoon

Research Collection School of Social Sciences

The ‘Self’ in late-modernity is never singular but multiplies across different discourses, practices and positions. It is constructed through difference. It is only through a relation to the ‘Other’ that the ‘Self’ can be defined. This paper endeavours to map the endless negotiations of my ‘Self’ as male Australian academic of Chinese descent, a Malaysian citizen, a Bruneian resident, and an Indonesian specialist, over a period of fieldwork in Jakarta in 2004. It discusses how I defined my multiple ‘Selves’ to different individuals and communities, how they in turn defined me, and how these constructions were always shifting. Depending on …

Religious Processions: Urban Politics And Poetics, Lily Kong

Research Collection School of Social Sciences

In this paper, I will explore the ways in which processions, by their very visibility, foreground the relationships between the secular and the sacred, while contributing to a construction of identity and community, and simultaneously surfacing fractures therein. Using the example of multireligious yet secular Singapore, I will examine (a) the state's management of religious processions, including the regulation of time and space for such events, as well as regulations over noise production; (b) the tactics of adaptation, negotiation and resistance that participants engage in at an everyday level in response to the state's ideologies, policies, laws and strategies; (c) …

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 …

Critical Thinking Straight From The Heart, Seow Hon Tan

Research Collection Yong Pung How School Of Law

The state of the hearts of our young people, specifically whether they have the moral courage to stand up for what they believe in, is in the spotlight again with this newspaper's upcoming Youthink pages intended to showcase their views. The Youthink pages might go some way to show if the concern with our youth is well-founded. An interesting issue is raised: What exactly is critical thinking?

A Hundred Flowers Bloom: The Reemergence Of The Chinese Press In Post-Suharto Indonesia, Chang Yau Hoon

Research Collection School of Social Sciences

No abstract provided.

Contract Law, Chee Ho Tham, Pearlie Koh, Pey Woan Lee

Research Collection Yong Pung How School Of Law

The rudimentary principle that a contract is only concluded upon the unconditional acceptance of an offer was applied in Koon Seng Construction Pte Ltd v Siem Seng Hing & Co (Pte) Ltd [2005] SGHC 8, where the alleged contract failed in the absence of an unqualified acceptance.

The Contractual Basis Of The Enforcement Of Exclusive And Non-Exclusive Choice Of Court Agreements, Tiong Min Yeo

Research Collection Yong Pung How School Of Law

This article argues that, although choice of court agreements can be viewed from a procedural or contractual perspective, the predominant approach in Singapore and English law in respect of the exclusive jurisdiction agreement has been to give primacy to the rationale of the enforcement of a contractual bargain, tempered by a judicial discretion in its enforcement within the procedural jurisdictional context. It is also argued that the only difference between exclusive and non-exclusive jurisdiction agreements lies in the content and scope of the agreement between the parties, so the same contractual approach (as tempered by procedural considerations) should be applied …

Statute And Public Policy In Private International Law: Gambling Contracts And Foreign Judgments, Tiong Min Yeo

Research Collection Yong Pung How School Of Law

This note argues that because there is a legal distinction between the public policy defence to the enforcement of foreign judgments under the common law and the corresponding defence in the Reciprocal Enforcement of Commonwealth Judgments Act, the prohibition against the enforcement of foreign wagering transactions under Singapore law is no longer founded on public policy.

Western Corporate Forms And The Social Origin Of Chinese Diaspora Entrepreneurial Networks, Wai Keung Chung

Research Collection School of Social Sciences

No abstract provided.

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 …