Alienation of marketing executives

Marketing executives form a distinct group for a study of alienation from the marketing system because of their conflicting roles. They are consumers of goods and services from the system. They contribute to its design and functioning. Based on a sample of 128 marketing executives in Singapore, this study found a strong relationship between alienation from the marketing system and approval of greater government intervention in it. It was also found that alienated executives felt that ethical standards of marketing had declined.Subhash C. Mehta is a Professor at the Indian Institute of Management, Ahmedabad, India. Currently, he is a visiting Senior Teaching Fellow at the School of Management, National University of Singapore. Kau Ah Keng is a Senior Lecturer at the School of Management. National University of Singapore.     

Singapore-based subsidiaries of US multinationals and singaporean firms: A comparative management study

The objective of this exploratory study is to compare and contrast various aspects of US management with Singapore management. One hundred and four top managers, 99 middle managers and 780 operating employees from 20 manufacturing companies participated in the survey. The chief executive of each company was contacted by mail before the survey was begun.Hypotheses concerning the management philosophies, management practices and management effectiveness were tested for differences between US subsidiaries and Singaporean firms.The results of the research indicate significant statistical differences for the two groups of companies with respect to the management variables. Explanations regarding these differences are presented.A paper comprising a substantial portion of this article was presented by the author at the43rd National Academy of Management Conference held in Dallas, Texas between August 14 and 17, 1983.The author is grateful to Dr Bruce W. Stening, of the Department of Management at the University of Western Australia for his perceptive guidance during the study. The author is with the Department of Management, University of Western Australia.     

American and Japanese management practices in their Singapore subsidiaries

Multinational corporations have made significant contributions to the economic growth of Singapore; American and Japanese companies are among those in the forefront. This study is aimed at finding the extent to which US and Japanese companies have transferred and implemented the management practices in their subsidiaries operating in Singapore. Extensive and intensive interviews of a small sample of companies in the electronic/electrical industry reveal that the Japanese are not practising what they do in Japan while the Americans have demonstrated that the transferability of their management practices is feasible and they are workable in Singapore.Joseph M. Putti is an Associate Professor at the School of Management, National University of Singapore. Thomas Chong F.H. is a Production Manager in Union Carbide, Singapore.     

Investing in residential property in Singapore: Misperceptions and financial leverage principles

This paper addresses the buoyant residential property market in Singapore. We trace the economic reasons underlying the recent boom in residential properties, and discuss some of the common misperceptions we have observed among property investors. We provide a set of principles for investing in properties, and the implications arising from these principles for the choice of mortgage financing and the type of properties to invest in.The authors are with Global Capital Markets, J. P. Morgan and the Department of Finance & Banking, National University of Singapore. All correspondence should be addressed to Edward H. K. Ng, Department of Finance & Banking, National University of Singapore, 10 Kent Ridge Crescent, Singapore 0511, e-mail address fbanghk@nus.sg.     

Credit scoring for commercial loans: The case of Singapore

This paper develops a credit scoring model which incorporates financial ratios as inputs by applying the statistical technique of discriminant analysis. The objective is to identify and analyse the common financial characteristics which distinguish bad from good accounts. The sample is drawn from the loan portfolio of a major local bank in Singapore. The results indicate that there is a 95 per cent classification accuracy for the model presented.Dr Kwan Kuen Chor is Senior Lecturer at the School of Management, National University of Singapore. Ms Julia Tan is with Paribas South East Asia Ltd. Singapore.     

Japanese management in Singapore: Convergence of human resource management practices

This paper discusses the transfer and adaptation of Japanese human resource management practices to Singapore. By comparing Japanese parent companies, their subsidiary companies in Singapore, and comparable local Singaporean companies, the modifications to the practices of the Japanese parent companies and the adoption of local practices by Japanese management are made evident. The findings seem to uphold both the convergence and the contingency theses.Dr. Chong Li Choy is a Senior Lecturer in the School of Management, National University of Singapore. Prof. Hem C. Jain is from the Faculty of Administration, University of New Brunswick.     

Swedish managers' perceptions of Singaporean work-related values

The purpose of this paper is to identify some of the fundamental work-related cultural values of middle managers of Chinese ethnic origin employed in Swedish companies in Singapore, and to draw comparisons with the perceptions of those values among the Swedish top managers. Using the same set of questionnaire items for both sets of respondents, the Swedish managers were asked to respond as they imagine their Chinese subordinates would do, as a projective technique. The main finding of this study is the considerable amount of misjudgment on the part of Swedish top managers in assessing work-related values of the Singaporean middle managers.Dr. Jan Selmer is Associate Professor of Business Administration at the Företagsekonomiska Institutionen, University of Stockholm, Sweden. He is a Board Director of the Center for Pacific Asia Studies, University of Stockholm. Presently Dr Selmer is a Visiting Senior Teaching Fellow at the School of Management, National University of Singapore.Acknowledgement is given to the Swedish Embassy in Singapore for help and support. The participation of the management of the Swedish companies included in the study (Appendix) is deeply appreciated.     

Pricing of new equity issues in Singapore

This paper analyzes the pricing performance of new equity issues by companies which came to the new issue market and sought a listing on the Stock Exchange of Singapore during the period 1975–84. We find that the new equity issues in Singapore are more underpriced than those in the U.S., the U.K. and Australia. It appears that the greater underpricing is due largely to more conservative pricing policies followed by underwriters in Singapore. This results in greater losses suffered by the existing shareholders of the issuing companies.Dr Kie A. Wong is Senior Lecturer in the School of Management at the National University of Singapore, and Mr H. L. Chiang is Bank Officer in the Citibank N.A., Singapore.     

Central life interests of Singaporean workers

This study uses Dubin's CLI concept to explore the relationship between the work and non-work life space of Singaporean employees. The sample size of 268 was drawn from a cross-section of employees in both private and public organisations. Most of the respondents in the sample adopted a flexible focus stance toward work. This finding supports the spillover model of the work and non-work relationship. No statistically significant relationship is found between commitment to work and occupational rank. The implications of the findings for human resource management in Singapore are discussed.The authors are grateful to two anonymous reviewers for comments on an earlier draft, and to the National University of Singapore for financial support.     

Participative management and its varying relevance in Hong Hong and Singapore

First, the process whereby developing countries become developed is discussed in terms of complexity, neutrality in social relations, and the achievement ethic. An examination of managerial attitudes in eight South-East Asian countries is followed by the results of a comparative study of manufacturing industry in Hong Kong and Singapore. It was concluded that in Singapore participation leads to higher productivity (r_s 0.71, p<0.05) but only because the context is mainly foreign. This relationship was not found in Hong Kong probably because Hong Kong enterprises remain non-bureaucratic, i.e. non-western. A more participative style of management requires radical changes in non-managers' expectations of their employers, as well as a significant increase in the extent to which superiors trust their subordinates. The evidence suggests that Asian managers (except those in Japan and, possibly, Singapore) favour an autocractic approach.Dr. S.G. Redding is Professor of Management Studies and Head of Department at the University of Hong Kong. Dr. S. Richardson formerly Head, Production & Industrial Engineering Department, Hong Kong Polytechnic is now in the School of Management, National University of Singapore.     

Capital investment practices: A survey of large corporations in Malaysia,Singapore and Hong Kong

This paper presents the results of a survey on the capital investment practices of large corporations in Malaysia, Singapore and Hong Kong. Our findings are fairly consistent with those from similar U.S. surveys. However, Malaysia, Singapore and Hong Kong companies seem to use multiple techniques, both simple and sophisticated, in evaluating investment projects, while U.S. companies appear to make great use of discounted cash-flow rate of return. Although Malaysia, Singapore and Hong Kong companies often make annual cash-flow forecasts over the life of a project, they do not undertake much analysis of risk involved in the project. Moreover, there is room for improving the practice of project implementation, the post-audit of implemented projects, and the use of post-audit data.Dr Wong Kie Ann is with the School of Management, National University of Singapore; Dr Edward J Farragner is with the Department of Finance, DePaul University, U.S.A.; and Mr Rupert K.C. Leung is with the Department of Business Management, Hong Kong Baptist College.     

Share recommendations in singapore's financial press

This study compares the returns earned by shares featured in the Company Profile section ofSingapore Business with the results expected in a semi-strong efficient market. Prices in an efficient market reflect known information and recommended shares in the financial press are not expected to outperform the market. The results of this study are mixed but tend to match the outcome that is expected for an efficient market. Although the sixty-eight shares selected between January 1977 and October 1982 increased sharply in value on average during the following year, all of the gain during the first six months can be attributed to market changes. Only at nine and twelve months did the shares appear to outperform the market, but the level of statistical significance for the excess returns was low.The author is with the University of Hawaii and holds a visiting position at the National University of Singapore.     

An exploratory study of factors affecting the failure of local small and medium enterprises

There is increasing recognition of the potential contribution of local small and medium enterprises (SMEs) towards employment and economic growth in Singapore. Unfortunately, SMEs tend to have a high mortality rate. A survey was conducted among owners or managers of local SMEs to identify factors perceived as important in affecting business failures. The research results indicate that endogenous factors were viewed by respondents as more critical in causing SME failures than exogenous factors. Important exogenous and endogenous factors in specific areas were identified.Lau Geok Theng is Senior Lecturer, Department of Marketing, National University of Singapore, 10 Kent Ridge Crescent, Singapore 0511, tel: (65) 772-3179, fax: (65) 779-5941. Jasmine Lim Wang Boon is with the United Overseas Bank, Singapore.     

Linear programming for bank portfolio management in Singapore

James Tobin's portfolio theory can be applied to bank portfolio management in that a bank would maximise the rates of return of its portfolio of assets, subject to the expected degree of risk and liquidity. Chambers and Charnes (1961), Cohen and Hammer (1967), Booth and Dash (1979) and others apply the linear programming model to the management of bank funds. This paper carries out a linear programming analysis on the consolidated balance sheets of commercial banks in Singapore for the period 1978–1983. The results show that by and large banks do try to maximise the returns of their portfolio, subject to legal, policy, bounding and total asset constraints, which denote riskiness and liquidity of the portfolio of assets. In a direct way, banks conform to the portfolio choice theory; they have to balance yield and liquidity against security. Although the computer cannot replace a manager, linear programming can serve as a useful guide.Dr Lee Sheng-Yi is an Associate Professor (retired) in the National University of Singapore and a Visiting Senior Research Fellow in Chung Hua Institution for Economic Research, Taipei; and Dr Yeong Wee Yong is a Senior Lecturer, School of Management Faculty of Business Administration, National University of Singapore.     

Time-based competition: Some empirical data from Singapore

The progressive edge of competition has moved from what was primarily a cost-based strategy through that which was quality-based, and then variety-based, and now, onto the time-based mode of competition. This paper presents a status report of the response of the Singapore manufacturing sector to such a progression in competitive paradigms. In particular, we will refer to empirical data from the latest Singapore Manufacturing Futures Survey to provide an update on the apparent status of the local manufacturing environment in terms of such current paradigms of competition. From these, we will draw some implications for operations management, that is, what should local producers and suppliers do in the light of such current modes of competition. Such implications may be of help to other manufacturing businesses operating in other countries.The author is with the Department of Decision Sciences, National University of Singapore, 10 Kent Ridge Crescent, Singapore 0511.     

International Diversification and Performance: Evidence from Singapore

This study focuses on how international diversification affects a firm in terms of multiple performance measures (accounting-based, market-based, and intangible value creation). The study is unique as it uses segment data made available only recently, which enables the examination of both product and international diversification with performance. The period studied coincided with Singapore firms performance during the Asian Financial Crisis. In contrast to previous studies on Singapore, our results show that product diversification is negatively correlated to all measures of performance, while international market diversification is positively correlated. We attribute the difference to the time period which covers both upswings and downturns of the economy, unlike previous studies which considered only the former. Other control measures were incorporated; firm size is highly significant in explaining all measures of performance but not so for firm age, leverage, risk and industry. For top managers, we suggest that regardless of economic climate, the dominant diversification strategy is to take a focused approach to product diversification, but a broad approach to international diversification.Dr. Er and Dr. Kwok are assistant professors in the Department of Finance & Accounting, National University of Singapore (NUS). Mr Lin recently graduated with a B.B.A. honours (1st class) degree from NUS.     

Alternative concepts of management: Insights from asia and africa

Some Asian and African concepts including the logic of mutual benefit among heterogeneous elements, polyocular vision, self-heterogenization, ability to think in one another's mind, interpersonal aidaschaft, situational adaptability and overlapping responsibility are compared with the European and North American concepts of unity by homogeneity, individual identity, boundary, specialization, separation, opposition, hierarchy, tension and extension.The author is Visiting Professor of International Business and Business Policy at the National University of Singapore.     

The haw par affair and the reporting of related party transactions

It is generally recognised that managers are concerned with how transfer prices should be determined. This paper deals with an extension of this concern, namely, how transactions between related parties should be reported in published financial statements. The mode of reporting is regulated by national accounting standard which are in turn strongly influenced by the standards issued by the International Accounting Standards Committee. This paper examines theproposed International Accounting Standard on Related Party Transactions by applying the standardhypothetically to the facts of a major court case on the subject.The author is a Senior Lecturer with the School of Accountancy at the National University of Singapore     

An empirical test of the Brennan-Schwartz bond pricing model in the Australian context

This paper presents an empirical test of some aspects of the Brennan and Schwartz arbitrage bond pricing model. Specifically it evaluates the assumed discrete version of the joint interest process for the short and long rates by estimating it for a series of sample periods under varying market conditions. The implications of the specified form of these two interest rates within the context of hypotheses of interest rate behaviour are also examined. The bond valuation model is tested for bond price index data. The model is found to have a consistent estimation error of 10% and predominantly overestimated the actual price index. The performance of the model is not found to be sensitive to the value of the utility dependent parameter.We thank seminar participants at the University of New South Wales, the Australian National University, and participants at the Inaugural International Conference on Asian-Pacific Financial Markets, November 16–18, 1989, the National University of Singapore for many helpful comments and suggestions. We are responsible for any remaining errors.     

CPF stocks: Prices,returns and volatility

We identify a unique phenomenon in the Central Provident Fund (CPF) stocks where stock prices increase in the absence of fundamental changes in firm value. CPF stocks are stocks endorsed by the Central Provident Fund Board in Singapore as approved investment for its members. CPF stocks offer significant price appreciation and value preservation as well as abnormal returns in the bull market before the October 1987 market crash. We find evidence of noise trading in bull markets and price pressure effects that persist through bearish market conditions.The authors are from the Department of Finance and Banking, National University of Singapore.