Do Chinese corporations take their governance practices abroad? Evidence from Chinese mining subsidiaries in Australia

Directors of firms are theorized to fulfil control, service and resource dependence roles. However, the ways in which directors’ of Chinese MNCs govern their foreign subsidiaries, and perform these roles remains unclear. Building on the institutional logics perspective, this study explores the roles enacted by the boards of directors eight Chinese‐controlled companies in Australia to gain an appreciation of their governance practices. In depth semi‐structured interviews with insider and independent directors, consultants and market analysts were undertaken. A content analysis of company annual reports and web sites complimented primary sources of data on board functions. Findings reveal that control is the most dominant role played by these boards, rather than service or resource dependence. It also appears that the dominant logics of Chinese institutions influence the corporate governance of Chinese MNCs as they internationalize. These findings extend our understanding of corporate governance practices in China and abroad.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

The Limits of Organizational Change

The paper builds on the Marxist concept of exploitation to explore the meaning of the Post Keynesian notion of uncertainty. Uncertainty is mediated by institutions and is distributed unevenly among different social groups. As different historical social formations entail different institutional structures, the distribution and nature of uncertainty will also differ. The social configurations between class relations and uncertainty are analyzed for the capitalist, feudal and slave modes of production. It is demonstrated that modes of production do not only imply specific exploitative relations but also different relative distributions of uncertainty amongst classes. The joining of Marxian and Post Keynesian approaches allows for a richer understanding of exploitive relations and illuminates the full societal impact of uncertainty. It is shown that only in capitalism is the exploited class exposed to a substantial degree of economic uncertainty.     

From innovation to market entry: a strategic management model for new technologies

In this paper, we introduce a new framework that generates a list of strategic actions to support successful management of the innovation process as new technologies are taken to market. The framework links different stakeholders inside and outside the organisation to obtain an holistic view of the requirements necessary to develop the new technology. It integrates and synthesises existing frameworks into an inclusive set of guidelines. The framework is then tested in a case study located in a mid-size semiconductor organisation currently seeking new business opportunities in the emerging photovoltaic market. We conclude by reflecting on the usefulness of the model. Theoretically, the paper contributes to the literature on the management of the introduction of new technologies; practically, the framework provides a normative tool for practising managers.     

Expatriate adjustment from the inside out: an autoethnographic account

This paper identifies some of the dynamics of expatriate adjustment using an autoethnographic account of situations experienced by the first author during her first year of work at a financial services company in Hong Kong. Success in this cross-cultural assignment is dependent on the expatriate's ability to adjust to and master the new culture. Our theoretical analysis of the autoethnographic account suggests that culture shock may be a discontinuous process. Further, the analysis suggests that cultural acceptance can play a critical role in expatriate adjustment.     

Memorials to the victims of Nazism: the impact on tourists in Berlin

This qualitative study explores tourist responses to memorials to the victims of Nazism in Berlin and the impact they have on the tourist experience. The findings are located in the field of study known as dark tourism, of which visiting memorials is a part. The analysis shows that tourists increased their knowledge of the crimes committed by the Nazis, thus fulfilling the educational function of memorials. Tourists were also overwhelmed by their experience; they attested to feelings of sadness, shock, anger, despair and incomprehension. These feelings made it hard for them to resume the role of tourist after their exposure to a memorial. There was acknowledgement of the extent of commemoration practised in Germany.     

Old technology meets new technology: complementarities,similarities, and alliance formation

Alliance formation is commonplace in many high‐technology industries experiencing radical technological change, where established firms use alliances with new entrants to adapt to technological change, while new entrants benefit from the ability of established players to commercialize the new technology. Despite the prevalence of these alliances, we know little about how these firms choose to ally with specific firms given the range of possible partners they may choose from. This study explores factors that lead to alliance formation between pharmaceutical and biotechnology companies. We focus on the alliance tie as the unit of analysis and argue that dyadic complementarities and similarities directly influence alliance formation. We then introduce a contingency model in which the positive effect of complementarities and similarities on alliance formation is moderated by the age of the new technology firm. We draw theoretical attention to the intersection between levels of analysis, in particular, the intersection between dyadic and firm‐level constructs. We find that a pharmaceutical and a biotechnology firm are more likely to enter an alliance based on complementarities when the biotechnology firm is younger. Another noteworthy finding is that proxies for broad capabilities appear to be at least as effective, if not more so, in predicting alliance formation compared to fine‐grained science and technology‐related indicators, like patent cross‐citations or patent common citations. We conclude by suggesting that future studies on alliance formation need to take into account interactions across levels; for example, how dyadic capabilities interact with firm‐level factors, and the advantages and disadvantages of more or less fine‐grained measures of organizational capabilities. Copyright © 2007 John Wiley & Sons, Ltd.     

In‐house asset management in the Australian superannuation industry

We examine how executives from the Australian superannuation industry perceive and approach the choice between managing assets in‐house, versus outsourcing to external investment managers. We find that decision frameworks, as well as the perceived benefits and challenges of in‐house management, can be described in terms of four elements: costs, capabilities, alignment and governance. Industry participants address these four elements in diverse ways. This is reflected in a variety of decision approaches, aspects that are considered and emphasised in decision‐making, and implementation structures.