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1 – 10 of 385Mary Mathew, Chandrasekhar Krishnamurti and Zeljko Sevic
Focuses on business investments by Singaporean Chinese in Mainland China vis‐à‐vis the impact of the knowledge of the Chinese language, culture etc. on business success. The…
Abstract
Focuses on business investments by Singaporean Chinese in Mainland China vis‐à‐vis the impact of the knowledge of the Chinese language, culture etc. on business success. The literature has shown four critical factors namely culture, guanxi, negotiation and communication as important facilitators for business investments in China. Chinese language, however, further moderates their influence on business investments. To explore the association between the Chinese language and the four critical factors, a sample t‐test was conducted. Additionally, the profile of Singaporean business investors in Mainland China was surveyed. The research provices insights for Singaporean and global business investors who are looking at Mainland China as a potential business opportunity.
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Patrick X.W. Zou and Alison Wong
The aims of this research are to identify the opportunities and risks and develop effective business strategies for foreign design and construction management companies to…
Abstract
Purpose
The aims of this research are to identify the opportunities and risks and develop effective business strategies for foreign design and construction management companies to penetrate into the Chinese market.
Design/methodology/approach
Ten interviews with directors of design, construction and engineering firms who are operating in China were carried out. It also include a literature review.
Findings
The results show that the interviewees were very optimistic about the China market and believed that establishing wholly foreign‐owned enterprises was the most effective entry mode. The research also found that “differentiation strategy by providing niche or superior products or services” is the fundamental and best strategy for penetrating into China market. In addition, the research found that the foreign companies must cultivate a network of contacts (i.e. Guanxi) and be culturally adaptive to have a competitive advantage in China.
Originality/value
this paper is original in that it provides insight from the first hand face‐to‐face interviews who have been operating successfully in the Chinese market. With the entry to the World Trade Organisation (WTO) and its rapid economy growth, China presents the world enormous opportunities virtually in every industry sector including the design, and construction industry. Due to the complex and dynamic nature of the Chinese market, there are risks associated with these opportunities. The foreign companies entering into China market must develop capability to assess the opportunities, analyse the risks, and make informed decisions concerning market entry mode and business development strategies.
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Imran Yousaf, Walid Mensi, Xuan Vinh Vo and Sanghoon Kang
This study aims to examine the tail connectedness between the Chinese and Association of Southeast Asian Nations (ASEAN) stock markets. More specifically, the authors measure the…
Abstract
Purpose
This study aims to examine the tail connectedness between the Chinese and Association of Southeast Asian Nations (ASEAN) stock markets. More specifically, the authors measure the return spillovers at three quantile levels: median (t = 0.5), lower extreme (t = 0.05) and upper extreme (t = 0.95). The connectedness at extreme upper and lower quantiles provides insightful information to investors regarding tail risk propagation, which ultimately suggests that investors adjust their portfolios according to the extreme bullish and bearish market conditions.
Design/methodology/approach
The authors employ the quantile connectedness approach of Ando et al. (2022) to examine the quantile transmission mechanism among the ASEAN and Chinese stock markets.
Findings
The results show significant evidence of a higher level of connectedness between Chinese and ASEAN stock markets at extreme upper and lower quantiles compared to the median quantiles, which suggests the use of a quantile-based connectedness approach instead of an average-measure-based one. Furthermore, the time-varying connectedness analysis shows that the total spillovers reach the highest peaks during the global financial crisis, the Chinese stock market crash and the COVID-19 pandemic at the upper, lower and median quantiles. Finally, the static and dynamic pairwise spillovers between the Chinese and ASEAN markets vary over quantiles as well.
Originality/value
This study is the first attempt to examine quantile vector autoregression (VAR)-based return spillovers between China and ASEAN stock markets during different market statuses. Besides, the COVID-19 has intensified the uncertainty in Asian countries, mainly China and ASEAN economies.
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The purpose of this paper is to aim at assessing the impacts of the embedded nature of ethnic Chinese businesses on the management of business failure in China ventures.
Abstract
Purpose
The purpose of this paper is to aim at assessing the impacts of the embedded nature of ethnic Chinese businesses on the management of business failure in China ventures.
Design/methodology/approach
Upon reviewing the key literature on ethnic Chinese transnational business ventures and, in particular, the concept of embeddedness, the paper proceeds with a description of the data based on ethnographic research among ethnic Chinese entrepreneurs in both Singapore and Malaysia and a brief portrayal of the development of their investments in China since the 1980s. In subsequent sections the empirical findings are first presented and then analyzed. The conclusions reflect on the changing nature of the embeddedness of the ethnic Chinese in diverse but shared legacies.
Findings
The experience of business failure in China contributes to a reorientation among the ethnic Chinese towards both their national communities and each other – and finally affects their transnational business strategies. This process of re‐embedding identity is intertwined with the diverging ethnic politics of the Singaporean and Malaysian nation states and results in the redefinition of a shared identity.
Originality/value
While the literature on the ethnic Chinese business community is focusing on those factors that are conducive to business operations, little attention has been paid to the manners in which business failure is dealt with. In this paper, business failure will be investigated in terms of the impact emanating from the embeddedness of ethnic Chinese businesses in complex economic, social‐cultural, and political configurations.
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This article deals with Virtual Singapores, or Singapore’s efforts to clone itself through industrial parks in Asia’s developing countries. Through these cloned enclaves, tiny…
Abstract
This article deals with Virtual Singapores, or Singapore’s efforts to clone itself through industrial parks in Asia’s developing countries. Through these cloned enclaves, tiny Singapore aims to control change and restructuring in Asian economic environments, and thereby its own destiny. The first section elaborates on Singapore’s regionalisation drive and Virtual Singapores. The ensuing section identifies the strategic goals for internationalizing Singapore Incorporated, the alliance of stakeholders that guides governmental policy in Singapore. The final section discusses the implications of the Virtual Singapores for competitive environments, as well as for organizational and structural changes in the Asia Pacific.
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This study aims to provide empirical evidence on the return and volatility spillover effects between Southeast Asian stock markets, bitcoin and gold in the periods before and…
Abstract
Purpose
This study aims to provide empirical evidence on the return and volatility spillover effects between Southeast Asian stock markets, bitcoin and gold in the periods before and during the COVID-19 pandemic. The interdependence among different asset classes, the two leading stock markets in Southeast Asia (Singapore and Thailand), bitcoin and gold, is analyzed for diversification opportunities.
Design/methodology/approach
The vector autoregressive-Baba, Engle, Kraft, and Kroner-generalized autoregressive conditional heteroskedasticity model is used to capture the return and volatility spillover effects between different financial assets. The data cover the period from October 2013 to May 2021. The full period is divided into two sub-sample periods, the pre-pandemic period and the during-pandemic period, to examine whether the financial turbulence caused by COVID-19 affects the interconnectedness between the assets.
Findings
The stocks in Southeast Asia, bitcoin and gold become more interdependent during the pandemic. During turbulent times, the contagion effect is inevitable regardless of region and asset class. Furthermore, bitcoin does not provide protection for investors in Southeast Asia. The pricing mechanism and technology behind bitcoin are different from common stocks, yet the results indicate the co-movement of bitcoin and the Singaporean and Thai stocks during the crisis. Finally, risk-averse investors should ensure that gold constitutes a significant proportion of their portfolio, approximately 40%–55%. This strategy provides the most effective hedge against risk.
Originality/value
The mean return and volatility spillover is analyzed between bitcoin, gold and two preeminent stock markets in Southeast Asia. Most prior studies test the spillover effect between the same asset classes such as equities in different regions or different commodities, currencies and cryptocurrencies. Moreover, the time-series data are divided into two groups based on the structural break caused by the COVID-19 pandemic. The findings of this study offer practical implications for risk management and portfolio diversification. Diversification opportunities are becoming scarce as different financial assets witness increasing integration.
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Amritkant Mishra and Ajit Kumar Dash
This study aims to investigate the conditional volatility of the Asian stock market concerning Bitcoin and global crude oil price movement.
Abstract
Purpose
This study aims to investigate the conditional volatility of the Asian stock market concerning Bitcoin and global crude oil price movement.
Design/methodology/approach
This study uses the newest Dynamic Conditional Correlation (DCC)-Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model to examine the conditional volatility of the stock market for Bitcoin and crude oil prices in the Asian perspective. The sample stock market includes Chinese, Indian, Japanese, Malaysian, Pakistani, Singaporean, South Korean and Turkish stock exchanges, with daily time series data ranging from 4 April 2015−31 July 2023.
Findings
The outcome reveals the presence of volatility clustering on the return series of crude oil, Bitcoin and all selected stock exchanges of the current study. Secondly, the outcome of DCC, manifests that there is no short-run volatility spillover from crude oil to the Malaysian, Pakistani and South Korean and Turkish stock markets, whereas Chinese, Indian, Japanese, Singapore stock exchanges show the short-run volatility spillover from crude oil in the short run. On the other hand, in the long run, there is a volatility spillover effect from crude oil to all the stock exchanges. Thirdly, the findings suggest that there is no immediate spillover of volatility from Bitcoin to the stock markets return volatility of China, India, Malaysia, Pakistan, South Korea and Singapore. In contrast, both the Japanese and Turkish stock exchanges exhibit a short-term volatility spillover from Bitcoin. In the long term, a volatility spillover effect from Bitcoin is observed in all stock exchanges except for Malaysia. Lastly, based on the outcome of conditional variance, it can be concluded that there was increase in the return volatility of stock exchanges during the period of the COVID-19 pandemic.
Research limitations/implications
The analysis below does not account for the bias induced due to certain small sample properties of DCC-GARCH model. There exists a huge literature that suggests other methodologies for small sample corrections such as the DCC connectedness approach. On the other hand, decisive corollaries of the conclusions drawn above have been made purely based on a comprehensive investigation of eight Asian stock exchange economies. However, there is scope for inclusive examination by considering other Nordic and Western financial markets with panel data approach to get more robust inferences about the reality.
Originality/value
Most of the empirical analysis in this perspective skewed towards the Nordic and Western countries. In addition to that many empirical investigations examine either the impact of crude oil price movement or Bitcoin performance on the stock market return volatility. However, none of the examinations quests the crude oil and Bitcoin together to unearth their implication on the stock market return volatility in a single study, especially in the Asian context. Hence, current investigation endeavours to examine the ramifications of Bitcoin and crude oil price movement on the stock market return volatility from an Asian perspective, which has significant implications for the investors of the Asian financial market.
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The Singaporean government has enjoyed an astounding record of success based on its ability to attract MNCs and corresponding capital. Government‐led development has involved…
Abstract
The Singaporean government has enjoyed an astounding record of success based on its ability to attract MNCs and corresponding capital. Government‐led development has involved crafting a culture that will adapt to MNCs’ needs and to fast‐changing global environments in a restructured economy. The socially re‐engineered Singaporean culture appears hierarchical, disciplined, authoritarian and a showcase for technocratic management. Yet, further crafting of the Singaporean culture along the top‐down, technocratic model seems to result in a diminishing ability to produce creative, innovative and productive workers for the knowledge economy and the MNCs that dominate it. The authors sketch the ideological bases for Singapore’s crafted culture and explore Singapore’s distinctive characteristics as well as governmental policies that have molded this culture. They proceed to highlight specific governmental policies that are designing Singapore for the restructured, globalizing and fast‐changing knowledge economy; and discuss the competing model offered by Taiwan. Finally, the authors propose some implications for civic society and cultural change in Singapore.
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The study aims to examine the causes of the divergent patterns of contemporary transnational engagement with China among new Chinese immigrants and the effect of transnational…
Abstract
Purpose
The study aims to examine the causes of the divergent patterns of contemporary transnational engagement with China among new Chinese immigrants and the effect of transnational entrepreneurship on migrants’ integration into their host societies.
Methodology/approach
It is based on a multi-sited ethnographic study that contains interviews, participant observations, and analysis of relevant event coverage and commentaries by the media, which were conducted between 2008 and 2013 in Singapore, the United States, and China.
Findings
The study finds that different migration histories, structural circumstances in both sending and receiving societies, and locations in the transnational social field give rise to divergent patterns of economic transnationalism, and that the rise of China has opened up new avenues for transnational entrepreneurship, which has not only benefited hometown development in China but also created economic opportunities for Chinese immigrants, leading to desirable mobility outcomes. In particular, transnational entrepreneurship has promoted deeper localization rather than deterritorialization and contributed to strengthening the economic base of the existing ethnic enclave, which in turn offers an effective alternative path for migrants’ integration in their host societies.
Research limitations
The study is exploratory in nature. As with all ethnographic studies, its generalizability is limited.
Social implications
The study suggests that, when transnational entrepreneurship is linked to the existing ethnic social structure in which a particular identity is formed, the effect on the group becomes highly significant. The comparative approach of the study can help unveil different dynamics, processes, and consequences of transnationalism and complex factors behind variations on diasporic development and immigrant integration.
Originality/Value
Looking at entrepreneurship beyond nation-state boundaries and beyond the economic gains of individual migrants.
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Kai Jia, Martin Kenney and John Zysman
The recent emergence of Chinese digital platform firms, whose size rivals that of the US platform giants, has attracted much popular interest. Given the size and increasing…
Abstract
The recent emergence of Chinese digital platform firms, whose size rivals that of the US platform giants, has attracted much popular interest. Given the size and increasing technical sophistication of these firms, there has been increasing interest in whether they have developed sufficient capacities and resources to become global-class competitors for the reigning US platform giants. The authors assembled a database of all overseas operations of the Chinese platform firms. Nine of them have foreign operations, with Tencent and Alibaba being the most important offshore investors. The authors describe the globalization patterns of these firms and analyze the strengths and obstacles to their globalization. Their globalization has proceeded on a number of vectors: first, these firms, with a few exceptions, when they have global strategies, have largely invested in firms with useful technology or content. One common strategy has been to follow Chinese customers abroad. Second, Chinese firms have made equity investments in a number of foreign Internet firms. And yet, in nearly all foreign markets, Chinese websites and apps still trail the US firms in market share and salience. Finally, Chinese investments are concentrated in proximate countries. Chinese platform firms, while having some state-of-the-art technologies, have a far smaller foreign presence than their US competitors do. Finally, the authors consider the implications of their research for discussions of whether emerging nation multinational firms require new theories for explaining their globalization.
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