Hong Kong's entrepreneurship: behaviours and determinants

It is widely known that Hong Kong's economic success is to a large extent attributed to its dynamic entrepreneurs. However, economic studies on Hong Kong's style of entrepreneurship are few. This paper attempts to throw light on this issue. It argues that Hong Kong is an entrepreneurial society. A unique feature of Hong Kong's style of entrepreneurship lies in its ability to conduct ordinary, rather than extraordinary, discovery. Through the use of guerrilla business strategy, imitation and regional arbitrageurship, entrepreneurial firms in Hong Kong are able to exploit narrow profit margins and to survive global competition. Moreover, the cultural, economic and political environments of Hong Kong are found to be favourable in incubating adaptive entrepreneurship. This paper concludes that, although Hong Kong's style of entrepreneurship emerges out of its unique environments, Hong Kong's experience can be useful to other developing economies. The critical issue is whether latecomer countries can successfully develop adaptive entrepreneurship compatible with their backgrounds so as to exploit international market opportunities.     

A PANEL DATA APPROACH FOR PROGRAM EVALUATION: MEASURING THE BENEFITS OF POLITICAL AND ECONOMIC INTEGRATION OF HONG KONG WITH MAINLAND CHINA

We propose a simple‐to‐implement panel data method to evaluate the impacts of social policy. The basic idea is to exploit the dependence among cross‐sectional units to construct the counterfactuals. The cross‐sectional correlations are attributed to the presence of some (unobserved) common factors. However, instead of trying to estimate the unobserved factors, we propose to use observed data. We use a panel of 24 countries to evaluate the impact of political and economic integration of Hong Kong with mainland China. We find that the political integration hardly had any impact on the growth of the Hong Kong economy. However, the economic integration has raised Hong Kong's annual real GDP by about 4%. Copyright © 2011 John Wiley & Sons, Ltd.     

China's Urban Speed Machine: The Politics of Speed and Time in a Period of Rapid Urban Growth

China's urban transformation since 1978 is notable for both its scale and speed. Focusing on the dimension of speed, we propose the concept of the ‘urban speed machine’ to assess its role in shaping the politics and political economy of Chinese urbanization. We argue that in China speed must not be understood merely by means of measurable outcomes of change, but rather that speed is an essential and vital element embedded within China's specific processes and mechanisms driving urban growth. In this sense, speed is constantly at the forefront of local cadres’ considerations, since moving fast to achieve urban growth is an expression of political imperatives and pervasive city‐based accumulation strategies. The Chinese urban speed machine, as we conceive it, mainly involves three state‐dominated institutional arenas: the Communist party's personnel review system, the planning mechanism and local finance. We also discuss regional variability vis‐à‐vis the nature of speed in urbanization and in the differing responses to problems of fast‐city growth in recent years. This article's core contributions are to clarify the paramount importance of speed in the political economy of urban growth and illuminate a relational understanding of the politics of speed in China's urban change.     

Post‐Industrial Imaginaries: Nature,Representation and Ruin in Detroit,Michigan

With plans underway for large‐scale urban agriculture and a proliferation of representations made of the city's vacant lots, Detroit, Michigan is increasingly understood as a particularly hybrid metropolis that complicates conceptual divisions between city and nature. This article looks at representations of urban nature found in Detroit, focusing primarily on the work by photographers and journalists over the past 5 years as part of a broader discourse on Detroit's decline. By drawing from urban political ecology and critical work on nature, this article argues that representations of the city suggest an ambivalence, both popular and scholarly, about the emergent ecologies found in cities like Detroit. But, ultimately, journalists and commentators see nature in the city as a reflection of the city's absence, rather than its materiality, and so representations of Detroit reflect dominant conceptual divisions between the city and the non‐human world. This article builds on work in urban political ecology and environmental history to argue that representations and discourses about nature are important in the production of just urban environments.     

The Credibility of Hong Kong's Currency Board System: Looking Through the Prism of MS‐VAR Models with Time‐Varying Transition Probabilities

This paper employs a Markov regime‐switching VAR model to describe and analyse the time‐varying credibility of Hong Kong's currency board system. The endogenously estimated discrete regime shifts are made dependent on macroeconomic fundamentals. This enables us to determine which changes in macroeconomic variables can trigger switches between the low and high credibility regimes. We carry out extensive testing to search for the most appropriate specification of the Markov regime‐switching model. We find strong evidence of regime switching behaviour that portrays the time‐varying nature of credibility in the historical data.     

Engaging Hong Kong businesses in environmental change: drivers and barriers

Hong Kong's businesses have been slow to embrace environmental management principles, particularly in the SME sector. This article analyses key barriers and incentives to engaging Hong Kong businesses with voluntary environmental initiatives and compares their relevance for companies of different sizes. As in other countries, SMEs show a much lower uptake of such activities than larger companies. Their approach towards environmental management is predominantly reactive, and legislation remains the key driver for engaging them with environmental change. Inadequate government policy and support, societal attitudes and corporate culture all contribute significantly to the comparatively poor development of corporate environmental management among Hong Kong companies. As long as most SMEs regard voluntary environmental activities as costly and unnecessary ‘extras’ that endanger their competitiveness and detract resources from their core business without offering any tangible benefits, fundamental improvements in their environmental performance will be difficult to achieve. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

International stock exchange listing and the reduction of political risk

The impending 1997 assimilation into the People's Republic of China made the 1980s a challenging period for Hong Kong, one in which Kong Kong-based companies relocated their corporate domiciles to other countries as political insurance. International listing, however, is another way for companies to reduce political risk. This paper examines the post-1985 effects of Hong Kong-based company stocks being quoted on London's International Stock Exchange. We document that there is no price effect for these companies after the first trading day and a significant increase in the average trading volume surrounding the event day. This may be attributed to the London market makers who build up their stakes before the listing and who unwind their positions in the Hong Kong market after the event day. We also find that there is, on average, a decrease in systematic risk of these companies after being traded on the London market. Furthermore, the evidence shows that there is an increase in systematic risk for companies that are not listed in London after 4 June 1989, however, not for those London-listed Hong Kong companies. The results constitute evidence to support the inference that there is a reduction of local political risk for internationally listed companies.     

Becoming a Slum: From Municipal Colony to Illegal Settlement in Liberalization‐Era Mumbai

This article argues that the transformation of a Mumbai neighborhood from municipal housing colony into illegal slum has been facilitated by the politically mediated deterioration and criminalization of its water infrastructure in the context of liberalization‐era policy shifts. These policy shifts hinge upon a conceptual binary that posits the unplanned, illegal and informal ‘slum’ as the self‐evident conceptual counterpoint to a planned, formal, ‘world‐class’ city. The story of Shivajinagar‐Bainganwadi problematizes this assumption by evidencing the deeply political and highly unstable nature of this binary — and thus insists upon an account of the shifting political and economic stakes imbued in these categories. The case of Shivajinagar‐Bainganwadi reveals that the neighborhood's emergence as an illegal slum has been mediated by the liberalization‐era politics that have come to infuse the neighborhood's water pipes — dynamics that have produced the illegality/informality of the neighborhood as a discursive effect.     

The Structural Origins of Territorial Stigma: Water and Racial Politics in Metropolitan Detroit, 1950s–2010s

This article develops the concept of territorial stigma by analyzing how it can be cultivated at the level of political institutions across administrative divides. I consider the case of Detroit's regional water department, which until 2016 was owned and operated by the city and served over 120 suburban regional municipalities. I start by examining the cooperative city–suburban water system expansion in the 1950s and then analyze the rise of Detroit's first black‐led administration in 1974, after which the water authority became a key regional institution that provided an opportunity for white suburban leaders to organize against the city. I find that suburban leaders advanced their immediate goal of mitigating rate hikes by declaring the city to be greedy and inept, instead of acknowledging structural conditions that increased operational costs. This had the effect of reproducing racialized stereotypes at the political level, which had enduring effects. The argument builds on the existing literature on territorial stigma by (1) identifying state institutions as sites for the propagation of stigma and (2) considering stigmatized places in relation to their non‐stigmatized neighbors. The analysis integrates material‐structural and cultural‐symbolic factors in order to understand the perpetuation of regional urban inequalities.     

The Foundations of Rapid Economic Growth

A bstract The fast pace of economic growth of the East Asian nations known as the " Four Tigers "– South Korea, Taiwan, Hong Kong, and Singapore –has become a legend It is usually claimed that the export-oriented industrialization (EOI) strategy was the basic cause of that rapid growth However, it is contended that the growth strategy of these countries was the result of certain unique historical and geo-political factors The colonial government had created the necessary infrastructure and international linkages which set the stage for initiating the EOI strategy Furthermore, because of the political support accorded to them from foreign governments, these countries, with the exception of Hong Kong, excluded major oppositional groups from sharing political power, and thus they were able to pursue effectively growth and export-oriented policies South Korea and Taiwan also received a large amount of foreign aid from the U S This aid, and the fact the U S laid open its huge market for cheaper Asian exports without insisting on reciprocity , prepared the conditions for export-led growth in those countries     

Hong Kong: Inevitably irrelevant to China?

The protests in Hong Kong that took place in 2019 and are still ongoing in 2020 have attracted worldwide attention. This article presents an analysis of the relationship between Hong Kong and Mainland China through a number of different lenses, including past economic relations in financing, trade, capital flow, and renminbi (the Chinese currency) internationalisation, future economic relations against the background of China's growth model transition and global investment environment, and future political relations against the background of the China model under the leadership of President Xi Jinping. This article finds that Hong Kong has in the past mattered to Mainland China, may in the present matter to Mainland China to some extent, but in future may matter less or become irrelevant.     

Locating the Urban In‐between: Tracking the Urban Politics of Infrastructure in Toronto

In the urban studies literature, urban politics is usually considered in two distinct locations: the city (often understood in quite conventional centralist ways) and the suburb (understood as spatially peripheral and politically at odds with the central city). At the metropolitan scale, the two types of urban politics are discussed in relation to one another. More recently, the metropolitan scale of urban politics has been expanded to regional dimensions. We pose the question of location of urban politics from a specific deficit in the geography of centre, suburb and metropolis. We argue that in today's regional political socio‐spatiality, politics will have to be found ‘in‐between’ the old lines of demarcation. Following Tom Sieverts' (2003) advice to look at the ‘in‐between’ cities that are neither old downtown nor new suburb but complex urban landscapes of mixed density, use and urbanity, we reveal the political vacuum that is at the heart of the urban region today. Using the politics of infrastructure in Toronto as our empirical example, we will show that vulnerabilities and risks for urban populations in that Canadian metropolis' in‐between city are co‐generated by the failure of conventional political spaces and processes to capture the connectivities threaded through those places that are in‐between the centre and exurbia.     

Beyond Gentrification: Hegemonic Redevelopment in Hong Kong

Like other concepts, gentrification must be situated in the socio‐historical context in which it was produced. Since its coinage the concept has travelled widely, yet it has been applied unevenly, and in some cases uncritically, in various locations now including Asian cities. This essay challenges the application of the concept of gentrification to Hong Kong, as attempted by an article previously published in this journal. It responds through two main lines of inquiry. First, it demonstrates how the absence of historical, geographical and socio‐political context weakens the basis for a critical urban geography. Second, in constructing a historical baseline, this essay proposes to conceive urban redevelopment through hegemony‐cum‐alienation, which is a more complicated process than displacement of the working class. Alienated hegemonic redevelopment perpetuates systemic reproduction and associated power politics, yet with the primary source of contradiction residing in landed and property relations. Conclusions suggest the urgency of developing new approaches instead of relying on more empirical studies as evidence for an already over‐developed concept. Analysis of the Hong Kong case suggests how the spent concept of gentrification could be superseded by alternatives.     

Organizational context and human resource management strategy: a structural equation analysis of Hong Kong firms

Previous studies to explain why companies utilize particular human resource management (HRM) strategies have not adequately addressed the influence of contextual variables such as size, location, ownership, competitive pressure, technological change, age and growth. In this study, we investigate the extent to which these contextual variables are related to HRM strategy in seventy-six private-sector firms located in Hong Kong. Our analysis uses structural equations to examine the relationships among contextual variables and HRM strategy to develop and retain managers. The results show that contextual variables have both direct and indirect effects on an organization's HRM strategy. The indirect effects occur through the top management involvement of the HR function within an organization. Use of a human capital development HRM strategy reduces organizational uncertainty about having an adequate supply of managers to meet firm objectives. Contrary to our expectation, in Hong Kong firms, greater reliance on internal development and promotion tends to increase uncertainty and greater competition tends to reduce training investment. Both of these unanticipated relationships may reflect the high mobility of managers peculiar to the Hong Kong labour market.     

Performance appraisal and culture: practice and attitudes in Hong Kong and Great Britain

This article compares the practice of and attitudes towards performance appraisal for managerial and professional staff in Hong Kong and Britain, and considers the extent to which actual practice and employee preferences are in alignment. Findings suggest that appraisal may be more widespread in Hong Kong than in Britain. However, British appraisal tends to be more participative and to place greater emphasis on discussing objectives, development and career plans. Hong Kong appraisals appear to be more directive and Hong Kong respondents perceive a higher level of 'negative' appraiser behaviour. In spite of this, Hong Kong respondents show if anything slightly more confidence in the utility of appraisal than do British respondents. They show stronger support for appraisal's use for reward and punishment and less support for the objectives-setting and training and development uses than do the British sample. Hong Kong respondents are more likely than their British counterparts to favour involving a more senior manager in appraisal, and they are less likely to prefer more frequent appraisals. There was little evidence that Hong Kong respondents had a stronger preference for group-based appraisal criteria, although they did show more support than the British sample for the use of personality as a basis for appraisal. Overall, the suggestion is that appraisal has been adopted in Hong Kong organizations but that the practice of appraisal has been adapted to suit the cultural characteristics of the society.     

‘Eco’ For Whom? Envisioning Eco‐urbanism in the Sino‐Singapore Tianjin Eco‐city,China

Eco‐cities have attracted international attention from governments, corporations, academics and other actors seeking to use sustainable urban planning to reduce urban environmental impacts. China has devoted significant political will and economic resources to the development of new‐build eco‐city projects, reflecting the Chinese government's goals to build a ‘harmonious society' in which environmental sustainability and social stability are mutually reinforcing. We critically analyse the case of the Sino‐Singapore Tianjin eco‐city to demonstrate that the eco‐city's ecologically modernizing visions of eco‐urbanism construct a protective environment for its residents that constrains broader consideration of social sustainability. Through analysis of the marketing and presentation of specific domestic and other spaces of the eco‐city, we examine the application of ecologically modernizing construction and technology to the design of the city. We argue that the eco‐city is discursively constructed as ecologically beneficial for its inhabitants rather than for the broader socio‐environmental landscape. Our analysis of residential spaces in Tianjin eco‐city introduces the question of what ‘eco’ means when considering the construction of eco‐urban environments for the city's residents.     

诠释深圳与香港集装箱港口的竞争力

本文从生产要素成本（主要包括劳动力、生产资料、资本等）、要素组织成本（主要包括组织机构、政策与规划、信息获取成本、审批程序等）、要素质量（主要包括产业规模、产业集群、个体要素）三个方面对深圳和香港集装箱港口的竞争力进行了实证分析,表明深圳的要素成本同香港相比,仍有比较明显的优势,但是深圳的制度成本比香港要高,至于生产要素的质量,深圳与香港的“硬要素”差距不大.但＂软要素＂的差距还比较明显.     

Women-friendly HRM good for QWL? The case of Hong Kong based companies

Organizations in Hong Kong were surveyed to gauge how women-friendly they were and how their human resource managers viewed the effect of women-friendly HRM policies and practices on employees' quality of work life. It was found that only about half of the policies mentioned in the questionnaire were practised by less than 10 per cent of the organizations. Principal component analysis conducted showed that organizational women-friendliness was multi-facet in nature. Using these facets - women friendly dimensions (WFDs) - as criteria and controlling for size, the study found that firms with American and European origins were more women-friendly than Hong Kong firms. Furthermore, when American companies were compared to Hong Kong companies, it was on the WFD of career development that the former were significantly higher than the latter. In contrast, when comparing European organizations with Hong Kong organizations, it was the WFD of flexibility on which the two differed most markedly.     

The sexual division of care in mainland China and Hong Kong

The aim of this paper is to explore the extent to which the sexual division of domestic labour in Hong Kong and mainland China is influenced by traditional Chinese values and contemporary political and economic factors. It discovers that women in these two societies assume far more caring responsibilities than men. This is similar to women in traditional Chinese society. An important reason is that the political and economic conditions in Hong Kong and mainland China favour the reproduction of traditional Chinese values. Hence it can be argued that the unequal division of domestic labour between men and women will continue as long as the political and economic conditions are unfavourable to women. Le but de cet article est d’explorer jusqu’à quel point les valeurs chinoises traditionnelles et les facteurs politiques et économiques contemporains influencent la division sexuelle du travail domestique à Hong Kong et en Chine. Cet article a découvert que, dans ces deux sociétés, les femmes ont beaucoup plus de reponsabilités sociales que les hommes. Ceci est similaire à la société chinoise traditionnelle. Une raison importante est que les conditions politiques et économiques à Hong Kong et en Chine favorisent la reproduction des valeurs chinoises traditionnelles. On peut donc dire que la division inégale du travail domestique entre les hommes et les femmes continuera tant que les conditions politiques et économiques seront désavantageuses pour les femmes.