HRM in Hong Kong since 1997

A diverse set of human resource management (HRM) practices became institutionalized during Hong Kong's industrialization from the 1950s through the 1970s within the context of an open economy, a government disinclined to intervene in business decisions or the labour market and a weak trade union movement. Economic restructuring, labour market changes and rising labour costs during the 1980s and 1990s pressured employers to find more effective ways of using their human resources. We focus on how the economic downturn following the Asian Financial Crisis has impacted on employment practices including employment security, compensation, skill formation, work reorganization and employment relations. We discuss changes in the public as well as private sector and argue that reforms in the former are loosening the rigidities of its highly structured internal labour market system. Public sector employment practices are thus likely to converge increasingly with the ‘best practices’ of private sector and overseas government HRM systems.     

A look back at a luck-filled career

Business Economics - A successful career as a business economist first depends upon knowing your subject. Content, more than show, matters. Nonetheless, the ability to communicate that knowledge is...     

The demand for business and management education in Hong Kong beyond 1997

In this contribution, the future market of business and management education in Hong Kong is investigated, bearing in mind that Hong Kong reverted to Chinese sovereignty. Hong Kong is expected to continue its prosperity, but the emigration of large numbers of Hong Kong professionals wanting to secure a safety net by acquiring a foreign passport has further created demands for better and more business and management education in an attempt to develop more professional managers. The study starts by discussing the current state of the Hong Kong economy and the phenomenon of the ‘brain drain’. In addition, it analyses a survey of the current state of business and management education in Hong Kong so that a market need can be identified to match economic growth. Finally, the study suggests a future research direction for Hong Kong's business and management education.     

Hong Kong as a complex adaptive system

In this contribution, the post-war economic development of Hong Kong is considered from a complexity theory perspective. It is argued that over the last 50 years Hong Kong has displayed many of the signature qualities of a complex adaptive system in its transformation from dusty entrepot port to the secondwealthiest Asian economy. Insights from theories of complexity are used to shed light on a range of empirical phenomena. In contrast with the orthodox laissez faire account of Hong Kong's ascendancy, a complexity based explanation can be used to account for the presence of endogenously induced systemic disruptions and does not discount the role of external intervention in those areas of the economy prone to escalating feedback.     

Trends in international business thought and literature: One country,two currencies? Hong Kong's exchange-rate regime after 1997

A key factor in assessing the future of the Hong Kong dollar is whether China would, after 1997, take the drastic step of abolishing the Hong Kong dollar in favor of the Renminbi (RMB) as legal tender. While this possibility should not be discounted, our view is that a merger of the two currencies would only occur in the distant future when the RMB becomes fully convertible. This study argues that the status quo of the HK$-US$ link would be preserved at least until the turn of the century. A combination of factors, including the overriding need to maintain confidence and stability in Hong Kong, which is crucial for a smooth transition of sovereignty; the weak relationship between either imported or domestic-generated inflation and the exchange rate link; and the misconception that Hong Kong's export competitiveness has been undermined by an overvalued Hong Kong dollar would help to support the argument that other alternative regimes for the Hong Kong dollar exchange rate would not be feasible in the short run. These alternative regimes include changing to a floating rate     

The development of international business in Africa (1947–1997)

The genesis of international business in Africa from 1947 to 1996 is traced to colonial times. The article analyzes the dynamics and observes that international business in Africa witnessed growth but has not meaningfully influenced Africa's general economic development because of constraints: poor infrastructure, lack of maintenance culture, inadequate funding, debt burden and overemphasis on export of raw materials instead of manufactured goods. The article suggests placing a greater emphasis on the development of intermediate and capital goods industries and granting debt relief to all African countries as a means of further promoting international business entente in Africa.     

Required human resources competencies in the future: a framework for developing HR executives in Hong Kong

The management of human resources has emerged as a critical factor in creating and maintaining the competitive edge of a business. The HR manger should be a business partner who plays the role as a diagnostician and a strategist in the company. Hong Kong HR practitioners are known to be poorly equipped to play such a part since professional HRM training in Hong Kong have largely neglected strategic aspects. At the time of the study, Hong Kong experienced its worst economic downturn since 1984 where bankruptcy and unemployment are at an all time high. This study aimed to provide updated views on the competency needed for future HR leaders in Hong Kong in face of the challenges ahead. Against the background of a literature review, a survey contrasted the views of CEOs and HR executives regarding the required level of competencies of future HR leaders in Hong Kong. The findings establish an empirical basis for a framework guiding the direction and content of the future development of HR practitioners in Hong Kong.     

Country-of-origin evaluations: Hong Kong consumers' perception of foreign products after the Chinese takeover of 1997

Television advertising in the UK is regulated by the Independent Television Commission (ITC) who have published guidelines for advertisers regarding, among other things, the manner whereby advertisements may communicate with children. This paper aims to illustrate that children of ten and eleven years of age are able to understand the meaning of a selection of regulations, and are able to recall advertisements that they believe to be in contravention of ITC guidelines for a variety of reasons.     

A new look at the forward premium “puzzle”

We decompose the spot and forward rates into (permanent) nonlinear trend components and (transitory) stationary components. We examine the unbiasedness of the permanent (transitory) component of the forward rate in predicting the permanent (transitory) component of its corresponding future spot rate. The transitory component of the future spot rate under reacts to the transitory component of the forward rate. However, the permanent component of the forward rate is an unbiased predictor of the permanent component of the future spot rate. A robust nonlinear cotrending relation is also found between the forward and future spot rates and the hypothesis of the forward‐rate unbiasedness is sustained in the long run. These results suggest that the forward rate better explains the long‐term behavior of the future spot rate. Simulation analysis shows that if the transitory component of the forward rate fully predicts the transitory component of the future spot rate, the forward premium puzzle disappears. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark 31:599–628, 2011     

香港码头处理费问题的困扰及其出路

香港码头运营成本过高,特别是码头处理费(THC)全球最高,一直是困扰香港物流业运作的主要问题．如果THC问题不能尽快妥善解决,必将对香港的转口贸易、航运业产生严重影响,削弱CEPA实施的效益,拖慢香港的经济复苏步伐。为提高香港航运业的竞争力,特区政府有必要改革航运政策机制,考虑兴建新码头,并引入新营运商。     

Managing organizational culture in a Japanese organization in Hong Kong

The issue of how MNCs manage the organizational culture in their overseas subsidiaries is one of the central questions for managing overseas employees. The study explores how a Japanese MNC in Hong Kong manages its organizational culture across cultures. The results imply that a company will not be effective if it uses artifacts only, such as ceremonies to convey the desired culture to the local employees. The more important mechanism is the human resource management system which is considered as the statement of the company's values, beliefs and assumptions. Since the case company uses a dual human resource management system and a dual control practice for the Japanese and local employees, these practices send out mixed messages and signals to the local employees who cannot project the desired state culture. Furthermore, because local employees bring along with them their values derived from national culture, they tend to adhere to these values rather than those of the company.     

Hong Kong as a Trading Hub： Entrepot and Beyond

The author from Heng Seng Economic Monthly holds that, while Hong Kong's role as an entrepot for handling trade in physical goods will diminish over time, it will continue to excel as an important hub for managing invisible offshore trade and trading of capital and financial market instruments.