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mag_jun2021-scholar-leaders

The PolyU Doctor of Business Administration (DBA) was the region’s first professional doctorate in business and management. Launched in 1996, the DBA was extended to mainland China in 2004 and named the Doctor of Management (DMgt) in this location. To date, more than 560 students have graduated to become “scholar-leaders” who integrate academic studies with management practice and apply research findings to tackle real-world issues.

In particular, DBA/DMgt graduates apply what they have learned during the programme to examine a wide range of topics and conduct independent research, which enables them to contribute new perspectives to the practice of business administration and management.

The offshore RMB market (ORM) is an innovative international financial market in China. Considerable progress has been achieved since the establishment of the offshore RMB centre, and innovative financial products are continually being developed to effectively promote RMB internationalization development in China. Whether and how the ORM has affected the internationalization of the RMB in China has some theoretical support, and the experiences of many developed countries verify this problem. Therefore, in this study, the effects of ORM on the internationalization of the RMB are analyzed based on the literature and from a theoretical perspective. Then, the development experiences of the US and Japan are elaborated and tested empirically, and the profound effects of the offshore financial markets of these two countries on the internationalization of their currencies are demonstrated. Finally, empirical analysis is used to demonstrate that the offshore RMB index (ORI) and economic scale are positively correlated with the RMB internationalization index (RII), whilst the real interest rate and inflation rate are negatively correlated with the RII.

chen_mo
Dr Mo Chen
2021 DBA Graduate
General Manager, General Administration Department
China Development Bank Hong Kong Branch

Supervisor: Dr Yong Zhang

The main aspects of this paper are as follows.

In the first chapter, the introduction, the research background is summarized and the significance of the study is explained. Then, the main research contents and the analytical methods used in the paper are briefly covered.

The second chapter contains a literature review and provides an analysis of the literature on currency internationalization and offshore financial-market construction, including RMB internationalization and how it is affected by the ORM. It also describes several innovations explored in the paper.

The third chapter expounds on the relationship between currency globalization and offshore financial market development in developed countries, taking the US and Japan as examples, and conducts theoretical and empirical analyses.

The fourth chapter analyzes the history of the development and the current situation of the ORM and RMB internationalization in Hong Kong.

The fifth chapter describes RMB internationalization and offshore RMB indices and conducts a detailed analysis of the factors affecting RMB internationalization. Then, an econometric model is established to analyze the empirical data on the effects of the ORM on RMB internationalization.

The sixth chapter proposes methods to improve the construction of the ORM based on the establishment of a free trade area and on the “One Belt, One Road” strategy and the background of the RMB joining the Special Drawing Right. It also provides two further suggestions on how to strengthen the financial service function of the ORM and how to improve the degree of risk control of the ORM.

Traditional ways of working and leadership styles have been challenged due to the rise in responsible capitalism, technological changes, and the COVID-19 pandemic. Employees now want leaders who display honesty, integrity, and humility, to rebuild employees’ trust. Thus, a shift from self-serving to a “serving others” leadership style is imminent.

Servant leaders lead by putting their followers’ priorities first, focusing on their followers’ individual growth, and developing their followers to become servant leaders. Servant leaders’ humility and thoughtfulness connect them closely with their followers, thereby leading to the development of deep, trusting relationships. Past research demonstrates the positive impact of servant leadership on followers’ work outcomes.

Responding to calls for more experimental work on servant leadership, this research carries out a 10-day within-person field intervention that uses experience sampling methodology (ESM)  to test the feasibility of servant leadership behavioral training, and to provide an understanding of the impact of leaders’ servant leadership behaviors on servant leaders themselves. Drawing on the sustainable human energy framework, this research finds that daily servant leadership behaviors positively affect leaders’ perceptions of their work engagement, initiating structure, and inspirational behaviors through their heightened feelings of vitality. Not only followers, but servant leaders, are also beneficiaries of their serving behaviors despite the demanding role expectations of servant leaders.

cecilia_leung
Dr Cecilia Leung Oi Ting
2021 DBA Graduate
Director
Gainful City Ltd.
Supervisors: Dr Xin Xu and Dr Bonnie Cheng 

This study is the first academic research that uses a behavioral intervention to instil servant leadership mindsets into full-time working senior leaders (N = 116) from various industries, and adopts the sustainable energy model to explain the effect of servant leadership on leaders’ energy and outcomes. The study provides key insights that will help organizations support and develop a servant leadership culture. It thus demonstrates a promising and practical approach to enhance and sustain servant leadership behaviors that benefit not only followers but also leaders themselves.

The rapid growth of population and urbanization has given rise to uncontrolled waste generation, which is due to insufficient municipal waste-treatment facilities in China. Landfill is not a sustainable option for waste disposal, due to the significant shortage of land capital, and although incineration provides a waste-to-energy (WTE) solution, it requires a significant capital investment. To expedite the construction of WTE facilities and minimize the financial stress to the local governments, public–private partnerships (PPPs) to construct incineration facilities have become a viable solution for waste management.

A PPP arrangement is complex because it takes a long time to implement, includes different types of services, and because China is unfamiliar with the logistics and mechanisms required for its implementation. China has adopted a PPP implementation procedure that is largely similar to that used by developed countries such as the United Kingdom, but faces unique implementation challenges due to these countries’ differences in culture, and political and economic structures. It is thus invaluable to compare the socialist market economy of China with the market economy of developed countries to better understand their differences, identify investment opportunities, and develop strategies for successful PPPs to develop WTE facilities.

ho_man_ng
Dr Ho Man Ng
2020 DBA Graduate
Guangdong General Manager
Veolia Environmental Services (China) Co Ltd.
Supervisors: Professor Carlos Lo and Professor Eric Ngai 

The framework of this study covers the entire process involved in developing a PPP project, starting with project identification and ending in project transfer, by reviewing and analyzing the legal framework, financial management and control, process and institutional development of a PPP, and its stakeholders and public participants.

This research adopts a qualitative approach, including an extensive literature search and data collection through interviews with field managers, professionals, and experts in the environmental PPP industry. As mentioned, although the PPP model and process in China are similar to those of foreign countries in their implementation, China is unique. The main reason is that its PPP rules and regulations are under the leadership of two ministries: the Ministry of Finance manages the financial and economic aspects of a PPP, while the National Development and Reform Commission develops political and national strategic plans. Thus, this paper studies the efficiency, governance, and financing of a new PPP in a socialist market economy under authoritarian leadership.

Chinese legislation on PPPs remains imperfect and is continually modified; this results in overlapping rules and the development of undefined contracts, such that it is increasingly difficult to understand PPP projects in China. The long-term contractual relationship under the PPP model also increases the uncertainty of PPP execution.

The financial management and control of PPP implementation appear to run very smoothly; however, they are heavily influenced by government policy. Financial management problems, such as value-for-money assessments, have yet to be reviewed and addressed. In the planned market economy of China, numerous subsidy policies are launched to promote government-preferred industries and projects. Thus, investors can benefit by lowering their capital investments and operating costs to obtain financing for their projects. However, various subsidies are subject to government policy and thus may be withdrawn upon maturity of an industry or changes in government financial capability.

In addition, the PPP processes and related institutions are inefficient and poorly supervised. The two sets of PPP processes and the frequent changes in PPP regulations, such as in contractual obligations and institutions’ limited experience in PPP contract supervision, lowers the standard of governance of PPP contract execution in China.

The development of social capital in China has included the participation of state-owned enterprises (SOEs), which has transcended the participation of all other parties. Because of this, the private sector must identify its strengths before it can identify opportunities to develop projects or businesses in China, or develop partnerships with SOEs to enter into the Chinese market. Public participation is passive and limited as projects are made up by the government. Close attention must be paid to government policy for the gradual changes and improvement of institutions. It remains likely that PPPs and WTE businesses will continue to enjoy rapid growth in the coming years, and thus contribute to the development of an ecologically developed society in the future.

Driven by the increasing trend for product prelaunch activities, this research comprehensively investigates the determinants of product sales, from the perspectives of firms and customers, in terms of the latter’s reactions to firms’ product prelaunch events. This research is based on signalling theory and “nextopia” customer psychological effects (positive uncertainty, optimistic bias, and affective forecasting). It identifies the widely adopted framework of customer value that impacts product sales, the nextopia effects of direct impact, and the moderation of relationships between customer value and their purchase decisions.

Study 1, which addresses firms’ perspectives, analyzes the essential words in the scripts of Apple Inc. product prelaunch events from 2006 to 2019. Study 2, which addresses consumers’ perspectives, uses a quantitative survey with 324 valid questionnaires to understand customer value and the psychological effects on customers that impact their purchase intentions. Both studies find that product sales are driven by product functional/instrumental value and experiential/hedonic value but not by symbolic/expressive value or cost/sacrifice value. Study 1 finds that induced affective forecasting messages negatively moderate the impact of cost/sacrifice value on product sales. Study 2 finds that in addition to customer value, customer psychology (i.e., optimistic attitude) is a key driver of customer purchase intention and the marginality of positive thoughts. However, if a pre-launched product induces too many thoughts about the product’s features, consumer purchase intention may be diminished.

In addition to these theoretical contributions, this research provides practical guidelines on how to compose a product prelaunch speech to maximize sales (or consumer purchase intention) of a soon-to-be-released product.

winnie_ng
Dr Winnie Ng Ka Po
2021 DBA Graduate
Vice President
Corporate Marketing

TTM Technologies
Supervisor: Dr Vincent Cho 

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