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Article
Publication date: 10 November 2017

Xin Li

The purpose of this paper is to comment on Peter Ping Li’s understanding of Zhong-Yong balancing, presented in his article titled “Global implications of the indigenous…

Abstract

Purpose

The purpose of this paper is to comment on Peter Ping Li’s understanding of Zhong-Yong balancing, presented in his article titled “Global implications of the indigenous epistemological system from the East: How to apply Yin-Yang balancing to paradox management.” Seeing his understanding of Zhong-Yong balancing being incorrect and incomplete, the author proposes an alternative perspective on Zhong-Yong as dynamic balancing between Yin-Yang opposites.

Design/methodology/approach

The author first explain why Peter P. Li’s “asymmetry” and “superiority” arguments are flawed by referring to the original text of the classical book of Zhong-Yong (中庸) and a comparison between Zhong-Yong and Aristotle’s doctrine of the mean. The author then propose an alternative approach to Zhong-Yong balancing that is embedded in the original text Zhong-Yong but somehow has been neglected by many Chinese scholars. The author concludes the commentary by unifying the two alternative approaches to Zhong-Yong balancing under the inclusion-selection-promotion-transition (ISPT) framework of Zhong-Yong balancing.

Findings

There are three main findings. First, as the original text of Zhong-Yong does not prescribe asymmetry, Peter P. Li’s notion of “Yin-Yang balancing” is ironically unbalanced or anti-Zhong-Yong due to his emphasis on asymmetry to the exclusion of symmetry. Second, due to the equivalency between Zhong-Yong and Aristotle’s doctrine of the mean, Peter P. Li’s assertion that “Yin-Yang balancing” is superior as a solution to paradox management is flawed. Third, his “Yin-Yang balancing” solution is only (the less sophisticated) one of two alternative approaches to Zhong-Yong balancing, i.e., ratio-based combination of Yin-Yang opposites. What Peter P. Li and many other Chinese have neglected is another approach to Zhong-Yong that is embedded in the original text of Zhong-Yong, which I call “analysis plus synthesis.”

Research limitations/implications

As it is a commentary there are no specific limitations except for what can be covered in the space available.

Practical implications

The “analysis plus synthesis” approach to Zhong-Yong can be adopted by practitioners who are demanded to balance between opposite forces in daily life and work.

Social implications

The rejection of the “Yin-Yang balancing being superior” assertion facilitates reduction of friction and non-cooperation between intellectual traditions.

Originality/value

This commentary contributes to the “West meets East” discourse by debunking Peter P. Li’s assertion that Yin-Yang balancing is superior as a solution to paradox management and his prescription that balancing between Yin-Yang opposites must be asymmetric. It also contributes to the Chinese indigenous management research by identifying a largely neglected approach to Zhong-Yong balancing (i.e. “analysis plus synthesis”) that is alternative to the commonly understood ratio-based combination approach (e.g. “Yin-Yang balancing”). In addition, it contributes to the management literature by proposing the ISPT framework of Zhong-Yong balancing.

Details

Cross Cultural & Strategic Management, vol. 25 no. 2
Type: Research Article
ISSN: 2059-5794

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Article
Publication date: 14 May 2020

Chunyu Zhang and Chunshuo Chen

Zhong-yong thinking is a code of conduct of the Chinese people. The purpose of this study is to explore the relationship among Zhong-yong thinking, social capital…

Abstract

Purpose

Zhong-yong thinking is a code of conduct of the Chinese people. The purpose of this study is to explore the relationship among Zhong-yong thinking, social capital, knowledge sharing behavior, and employee survival ability.

Design/methodology/approach

Zhong-yong thinking including multi-thinking, integration and harmony, taking a case study of private enterprise in Guangxi of China. Based on the literature, the establishment of the theoretical model and hierarchical regression analysis are explored.

Findings

The multi-thinking, integration and harmony of Zhong-yong thinking have a significant positive effect on social capital and employee survival ability. In addition, employee survival ability is positively affected by social capital. Moreover, knowledge sharing behavior has a positive moderating between the multi-thinking dimension of Zhong-yong thinking and social capital, and the remaining dimensions have no moderating effect. Knowledge sharing behavior has no moderating effect on the relationship between social capital and employee survival ability.

Practical implications

Zhong-yong thinking and social capital are actively affecting employee survival ability. Therefore, companies need to work harder to improve their employees' Zhong-yong thinking and social capital.

Originality/value

The paper extends Zhong-yong thinking, social capital and employee survival ability literature to fill gaps in how China people require to both access employee survival ability. The policy value of the work is in suggesting ways to facilitate employee survival ability of China.

Details

International Journal of Sociology and Social Policy, vol. 40 no. 11/12
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 5 March 2018

Cuiping Ma, Hefu Liu, Jibao Gu and Junsheng Dou

The purpose of this paper is to focus on the cultural cognition of Chinese Zhong-yong thinking, which is deeply rooted in Chinese Confucius culture, and to examine how…

Abstract

Purpose

The purpose of this paper is to focus on the cultural cognition of Chinese Zhong-yong thinking, which is deeply rooted in Chinese Confucius culture, and to examine how entrepreneurs’ Zhong-yong thinking is related to new venture performance through guanxi network, and also examine how environmental turbulence affects the influencing mechanism.

Design/methodology/approach

This paper follows an empirical design. Data are collected from a survey administered to entrepreneurs in new ventures of China. Regression analysis is used to test the hypothesis.

Findings

Results show that entrepreneurs’ Zhong-yong thinking is positively related to guanxi and new venture performance, and guanxi mediates the relationship between entrepreneurs’ Zhong-yong thinking and new venture performance. In addition, environmental turbulence moderates the relationship between entrepreneurs’ Zhong-yong thinking and guanxi such that the relationship is stronger under higher technological turbulence or lower market turbulence.

Research limitations/implications

This research uses cross-sectional data, so causal conclusions cannot be made. In addition, more moderators should be considered.

Practical implications

The present study enriches the understanding of how entrepreneurs’ Zhong-yong thinking affects new ventures, which helps entrepreneur understand how to strategize according to external environment and develop what kind of cognitive style to deal with complex situation of their own venture.

Originality/value

This study is a pioneer in exploring non-Western cognitive style–Zhong-yong thinking in entrepreneurial context. It not only enriches the understanding of how Chinese wisdom affects organizational strategy and organizational performance but also advances the cognition research in the field of entrepreneurship.

Details

Chinese Management Studies, vol. 12 no. 2
Type: Research Article
ISSN: 1750-614X

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Article
Publication date: 17 June 2019

Xin Li, Torben Juul Andersen and Carina Antonia Hallin

The purpose of this paper is to propose an alternative perspective on Zhong-Yong that is different from the notion of “Yin-Yang balancing” and apply it to understand the…

Abstract

Purpose

The purpose of this paper is to propose an alternative perspective on Zhong-Yong that is different from the notion of “Yin-Yang balancing” and apply it to understand the issue of balancing the top-down and bottom-up processes in strategy making.

Design/methodology/approach

The authors adopt a “West meets East” mindset and approach to develop an alternative perspective on Zhong-Yong, and then apply this perspective to understand the issue of balancing the top-down and bottom-up processes in strategy making. There are three steps in the process of developing the alternative perspective. First, the authors argue that the essence of “Yin-Yang balancing” is a ratio-based solution to paradoxical balancing, which is in fact equivalent to Aristotle’s doctrine of the mean and compatible with some western management scholars’ approaches to solving paradox. Second, the authors identify a different generic solution to paradoxical balancing implicit in the western management literature. Third, the authors find in the original text of Zhong-Yong equivalent ideas to the identified different generic solution and then propose an alternative perspective on Zhong-Yong that is fundamentally different from the notion of “Yin-Yang balancing.”

Findings

Applied to the issue of balancing the top-down and bottom-up processes in strategy making, the new perspective on Zhong-Yong provides us with the following prescriptive insights from the life-wisdom of eastern philosophy: first, top management (e.g. Shun as the sage-king) must listen to various views and opinions also from employees and low-level managers at the bottom of the organization to be better informed about complex issues. Second, top management must analyze the diverse elements of the various views and opinions they collect and synthesize by taking the good from the bad to find smarter solutions and make decisions with better outcomes. Third, abiding by a set of (more or less) cohesive values help top managers be open and receptive to information and insights from low-level organizational members and enhancing unbiased information.

Research limitations/implications

This paper is mainly a theoretical perspective. Empirical work is needed to test the prescriptions offered in this paper.

Practical implications

Practitioners may learn new perspectives from ancient Chinese philosophies on how to balance.

Originality/value

This paper applies a new perspective on Zhong-Yong to an important paradox in strategic management.

Details

Cross Cultural & Strategic Management, vol. 26 no. 3
Type: Research Article
ISSN: 2059-5794

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Article
Publication date: 30 July 2019

Ali Albada, Soo-Wah Low and Othman Yong

The purpose of this paper is to examine the effects of prestige signals measured by the reputations of the underwriter, auditor and board size on the heterogeneity of…

Abstract

Purpose

The purpose of this paper is to examine the effects of prestige signals measured by the reputations of the underwriter, auditor and board size on the heterogeneity of investor belief about the true value of IPO in the Malaysian IPO market.

Design/methodology/approach

This study employs a sample of 281 IPOs issued between January 2000 and December 2015. The relationship between prestige signals and investor heterogeneity, measured by first-day price range of IPOs, is analysed using cross-sectional regression and quantile regression technique.

Findings

Of the three prestige signals, the findings show that only underwriter reputation and board size have significant negative relationships with IPO first-day price range. This implies that IPOs underwritten by reputable underwriters and issuing firms with larger board members have lower heterogeneity of opinion among investors. The findings also show that underwriter and auditor reputations have negative relationship with IPO initial return, suggesting that these prestige signals help to reduce IPO under-pricing, which is a direct cost of raising capital for the issuing firm. Furthermore, the results indicate that offer price, initial return, over-subscription ratio and private placement are associated with higher first-day price range. However, the findings on offer size suggest that larger IPO offer size is associated with lower first-day price range. Overall, the findings suggest that firm’s prestige signals reduce opinion heterogeneity among investors and that lower investors’ heterogeneity leads to lower IPO under-pricing cost for issuing firms.

Originality/value

Despite the importance of underwriter, auditor and board member reputations in signalling firm’s quality and reducing the level of information asymmetry of the listing firm’s issues, research on the effects of prestige signals on investor heterogeneity remains unexplored. This study investigates the role of prestige signals in influencing investors’ heterogeneity in Malaysia. The authors conjecture that underwriter, auditor and board member with higher reputations are associated with lower levels of opinion heterogeneity among IPO investors.

Details

International Journal of Emerging Markets, vol. 15 no. 2
Type: Research Article
ISSN: 1746-8809

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Book part
Publication date: 26 August 2014

Xiaoying (Catherine) Zhang and Bruce W. Stening

This paper explores what differentiates success from failure in post-acquisition integration. It seeks to overcome some of the limitations of previous research by adopting…

Abstract

This paper explores what differentiates success from failure in post-acquisition integration. It seeks to overcome some of the limitations of previous research by adopting a more holistic and dynamic examination of the process and by focusing on aspects that can be readily applied in practice. Four cases of mergers and acquisitions (M&A) in the global automobile industry are examined using secondary data and taking a grounded theory approach. The four cases comprise two pairs of successes and two pairs of failures. Two of the pairs comprise established multinational companies, while two others comprise emerging multinational companies’ acquisitions of Korean automakers; in each case, there was one successful M&A and one failure. It is inducted that what differentiates the successful cases from the failures is their different approaches to two common tensions in post-acquisition integration, namely, their approaches to integration strategy and people issues. A two-level framework is proposed in which post-integration is managed simultaneously and dynamically at the strategic and people levels. These inductive findings, if verified by a more broadly based empirical examination, will extend M&A theory by providing a more integrated and dynamic approach to post-acquisition integration, in which strategic and people perspectives are jointly taken into account and interact with each other, thereby creating value for both acquiring and acquired firms.

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78190-836-5

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Article
Publication date: 12 April 2019

Ali Albada, Othman Yong and Soo-Wah Low

The purpose of this paper is to examine whether initial public offering (IPO) over-subscription is a function of firm’s prestige signals conveyed by third parties with…

Abstract

Purpose

The purpose of this paper is to examine whether initial public offering (IPO) over-subscription is a function of firm’s prestige signals conveyed by third parties with reputational capital such as underwriter, auditor and independent non-executive board member.

Design/methodology/approach

The relationship between prestige signals and over-subscription ratio (OSR) of IPOs is analysed using a cross-sectional regression based on a sample of 393 IPOs issued between January 2000 and December 2015.

Findings

The results indicate that IPOs underwritten by reputable underwriters have lower OSR than those underwritten by non-reputable underwriters. While issuer engages reputable underwriter to certify firm quality to reduce information asymmetry, the action brings with it lower initial returns for its IPO. Investors interpret the signal conveyed by issuer’s choice of underwriter from under-pricing perspective and respond accordingly by reducing IPO demand. This implies that investors regard under-pricing as a more valuable signal than firm quality signal associated with underwriter reputation. The findings also indicate that over-subscription increases in IPOs that have above average initial returns and higher institutional participation. Issuing firms that go public in a period of high IPO volume are associated with low OSR.

Originality/value

This is the first paper to examine the relationship between the prestige signals and OSR of IPOs in the Malaysian context.

Details

International Journal of Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 8 July 2020

Ali Hauashdh, Junaidah Jailani, Ismail Abdul Rahman and Najib AL-fadhali

In recent years, there have been many concerns about issues surrounding building maintenance, which are continually increasing. However, there is a lack of comprehensive…

Abstract

Purpose

In recent years, there have been many concerns about issues surrounding building maintenance, which are continually increasing. However, there is a lack of comprehensive studies on building maintenance issues, their effects and the way forward. Therefore, the purpose of this paper is to carry out a comprehensive review of building maintenance issues, their effects and the way forward. It also aims to develop a conceptual model that can support future research.

Design/methodology/approach

A systematic review of the literature published from 2009 to 2019 was carried out. Five relevant databases were searched, based on this study's search terms, and a narrative synthesis of the results from the included studies was carried out. Studies were eligible for inclusion if they fulfilled the inclusion criteria of this systematic review.

Findings

This study has identified and classified building maintenance issues, their effects and the way forward, and also developed a conceptual model that demonstrates the association between issues, their effects and the way forward. The way forward of the conceptual model focuses on effective management, technical capability, development of human resources and cost optimisation.

Originality/value

This paper addresses an important topic: the aspect in which it differs from existing studies is that, in the latter, the researchers studied a single sub-issue, whereas this systematic review includes a comprehensive study of building maintenance issues. Furthermore, this review has demonstrated how the way forward can moderate issues and their effects.

Details

International Journal of Building Pathology and Adaptation, vol. 38 no. 5
Type: Research Article
ISSN: 2398-4708

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Book part
Publication date: 16 November 2006

Jun Seong Ho and James B. Lewis

Since 1997, a quantitative revolution has swept Korean economic history and generated a new paradigm. From 1700 to 1900 the Korean economy expanded and contracted along…

Abstract

Since 1997, a quantitative revolution has swept Korean economic history and generated a new paradigm. From 1700 to 1900 the Korean economy expanded and contracted along lines suggested by Adam Smith. Economic expansion was based on productive land and a stable commodity market. The direct result was high real skilled wages. Economic contraction became clear from the mid-nineteenth century when the value of land declined, commodity prices rose, and real skilled wages fell. The contraction was apparent before the appearance of Japanese imperialism and the absorption of Korea into the international commodity market after 1876.

Details

Research in Economic History
Type: Book
ISBN: 978-0-76231-344-0

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Article
Publication date: 30 August 2020

Nischay Arora and Balwinder Singh

The study aims to measure the subscription level and examine the determinants of oversubscription of small and medium enterprise (SME) initial public offerings (IPOs) in India.

Abstract

Purpose

The study aims to measure the subscription level and examine the determinants of oversubscription of small and medium enterprise (SME) initial public offerings (IPOs) in India.

Design/methodology/approach

The study employs cross sectional data to analyze 403 SME IPOs issued from Feb 2012 to May 2018 and listed on Bombay Stock Exchange's small and medium enterprise (BSE SME) platform and National Stock Exchange (NSE) EMERGE to investigate the determinants of oversubscription of SME IPOs. Hence, the study makes use of ordinary least square regression and quantile regression to test the hypotheses formulated for the determinants of oversubscription.

Findings

The main findings unveil that while issue price, pricing mechanism, listing delay negatively influence oversubscription; firm size, underwriter reputation, hot market and underpricing have been divulged to positively influence oversubscription. However, issue size emerged out to be significant in quantile regression at 25th, 50th and 75th quantiles.

Research limitations/implications

The present study is confined to limited number of variables in understanding the factors impacting oversubscription. Future studies could include macroeconomic variables like gross domestic product (GDP), inflation rate, industry specific variable, i.e. technology/nontechnology industry, financial/nonfinancial industry for better understanding. Cross country analysis is suggested in future studies to validate the findings of current study. Future studies are advised to conduct the study examining the factors affecting oversubscription in light of COVID-19 pandemic.

Practical implications

The findings of the present study offer implications to academicians, investors, investment advisors and regulators. It provides useful insights to researchers by listing the factors that contribute to variation in subscription levels in emerging economy like India thereby, paving the way for future researches in SME IPOs in countries with different institutional settings. For investors, the study provides additional and novel information useful for IPO valuation and informed investment decisions. In addition, the findings put investment advisors in better place to guide potential investors regarding investment in good quality SME stocks (i.e. highly subscribed stocks) in more informative manner. Last but not the least, as this study would assist the regulators in handling future IPOs in a way that augments the chances of success of SME IPOs.

Originality/value

This study is a novel contribution in widening the IPO literature by examining the relationship between pre-IPO firm actions like issue price, pricing mechanism, issue size, firm size, listing delay, underwriter reputation, hot market, underpricing and oversubscription in unexplored settings of Indian SME IPOs.

Details

Asia-Pacific Journal of Business Administration, vol. 12 no. 3/4
Type: Research Article
ISSN: 1757-4323

Keywords

1 – 10 of over 2000