Subcultures in Greater China: A Comparison of Managerial Values in the People's Republic of China, Hong Kong, and Taiwan

Managerial values in the three regions that form Greater China — Hong Kong, Taiwan, and the People's Republic of China (PRC) — were compared. It is posited that in addition to Confucian philosophy, political and economic systems also have significant effects on the values of Chinese managers. Results show that despite the economic integration in Greater China, managerial values have yet to be unified. Managers in Hong Kong, Taiwan, and the PRC are convergent in collectivism and uncertainty avoidance. On the other hand, managers in the PRC demonstrated higher power distance and less concern about deadlines and plans than in managers Hong Kong and Taiwan. Materialism is also greater in the PRC and Hong Kong than in Taiwan.     

Using cost-volume-profit analysis as an integrative framework in cost/management accounting courses

CVP analysis can do much to help students develop a framework to fit together the management function as a coherent whole. An automobile company is used to illustrate the integrative framework.     

ON VARIANCE AND LOWER PARTIAL MOMENT BETAS THE EQUIVALENCE OF SYSTEMATIC RISK MEASURES

The market equilibrium mean-lower partial moment (LPM) model may serve as an alternative to the traditional mean-variance (MV) CAPM for security analysis. It appears that the merits of the MV-CAPM vis-à-vis the mean-LPM model continue to be debated (see Nantell and Price, 1979; Price, Price and Nantell, 1982; and Homaifer and Gaddy, 1990). This paper demonstrates that from a theoretical perspective the two models are equivalent for general riskaverse investors. This modeling consistency is based on the fact that all return distributions which yield the mean-LPM equilibrium model must permit two-fund portfolio separation, and the well-known MV-CAPM is the direct pricing result of the two-fund portfolio separation. Hence any debate about the bias of systematic risk measures between the mean-LPM model and the MV-CAPM is meaningless. Nevertheless, although the economic equilibrium results of the models are identical, this does not indicate that the LPM portfolio theory is redundant or irrelevant. It may be that some behavioral perspective, sensitivity to downside risk is more appropriate than variance as a risk proxy.     

Demand elasticities of tourism in Singapore

In 1983 the UN Economic and Social Commission for Asia and the Pacific set up a study to investigate the relationship between prices of tourist goods and tourist inflow in Singapore. The analysis was carried out on a “world” level using amalgamated data for 15 nations, also individually for each of the five major tourist-generating countries. Determinants of demand considered were - income, exchange rates, shopping and hotel prices, and local disturbances. Tourism demand is found to be highly income elastic whereas effects of prices and exchange rate movements vary between countries. Two out of three disturbance factors significantly reduced demand.     

基于社会资本的企业间网络变迁

现有研究对于企业间网络由强关系向弱关系变迁的发展模式已经基本达成共识,而在网络变迁的内在机制上仍存在较大分歧。本文基于社会资本理论和资源依赖理论,分两个阶段深入研究了企业成长初期企业间网络变迁的内在机制。在单层egocentric强关系网络模式下,社会资本增加与资源积累的动态促进过程是网络变迁的内在机制;随着强关系网络层级的不断增加,社会资本仍然能够促进企业效用的提高和资源的积累,但其贡献程度不断降低。当合作关系网络扩张到规模边界时,企业应当摆脱路径依赖,加入灵活性较大的弱关系网络,以获得持续发展。     

ON THE MEASUREMENT OF AUDITING STANDARDS

This study analyzes whether it is appropriate to use the percentage of qualified opinions issued by an auditor as a measure of his auditing standards, as is often done. It points out that incentives exist for auditors to specialize by auditing standards, and for clients to self-select on this dimension. As a result, even if auditing standards affect the propensity to issue qualified opinions, the observed percentages of qualified opinions will not necessarily reflect differences in auditing standards. This proposition is supported empirically with US data. A sample of auditors was split between a "higher standard" and a "lower standard" category based on the percentage of qualified opinions issued. After controlling for client firm size, leverage, systematic risk and "unexpected" earnings, auditing standard category is found to have no significant relation with firm-specific stock returns.     

Duplicating Contingent Claims by the Lagrange Method

The problem of investing y (0) dollars at time 0 to duplicate a contingent claim is formulated as a dynamic optimization problem and solved by the Lagrange method. As an example, the well-known formula of Black and Scholes on option pricing is derived. If the function defining dy ( t ) is concave in y ( t ), owing to costs of trading in incomplete markets, there is economy of scale in producing many claims simultaneously, thus explaining the profitability of institutions in providing such financial services.     

Organizational socialization and career success of Asian managers

This study proposed a new framework to conceptualize organizational socialization. It examined two broad socialization strategies: perceived organizational support and developmental experience and their relationships with career success. Data were obtained from interviews with 374 line managers and human resource managers in four industrial sectors in five Asia countries/societies, namely, Singapore, Hong Kong, Taiwan, Japan and Thailand. There is partial support for the predicted relationships. The results from the present study add to our understanding of how organizational socialization affects career success. Implications for research and managerial practices, as well as future research directions, are provided.     

Outward foreign investment and export structure: a case study of Taiwan's FDI in Malaysia

As Taiwan's outward FDI was primarily motivated by the relatively lower costs of land and labour in the host countries, one tends to expect that the structure of production and exports in Taiwan would shift toward higher capital and skill intensity. The structure of Taiwan's exports to the ASEAN-4 was concentrated more in higher human and physical capital intensities than Taiwan's total exports to the world. Moreover, Taiwan's exports to the ASEAN-4 were more concentrated on intermediate goods and machinery. A case study of Taiwan's outward FDI in Malaysia indicated that three of the five leading industries that accounted for a large shares of changes on FDI stocks and corresponding export commodities were the same. Pooling estimates also show that FDI has a small but positive impact on Taiwan's exports to the host country. The study further showed that Taiwan's FDI in Malaysia includes mixed tactics of ‘defensive’ and ‘aggressive’ strategies in various industries. In terms of the influence of the presence and economic role of ethnic Chinese on Taiwan's outward FDI, the study showed that the ‘Chinese connection’ has not been a significant factor in determining the industrial distribution of Taiwan's FDI in Malaysia.