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HKUST Biz School Magazine - Autumn 2017

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HKUST Biz School Magazine - Autumn 2017

Another Season of Accolades

Another Season of Accolades

[Sponsored Article] The highly regarded program and academic excellence at the HKUST Business School have received recurrent recognitions in major international rankings.

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Shaping the Future of Chinese Family Business

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BizInsight@HKUST Forum Examines the Future of Chinese Family Businesses

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The Outward-looking Family Philanthropy

[Sponsored Article] Since Mr Sukanto Tanoto founded RGE in Indonesia in 1973, the business has grown into an international resource-based group of companies with assets exceeding US$18 billion and a workforce of over 60,000. Alongside the development of the business, Mr Tanoto has been very keen that he, and the members of his family, actively give something back - both to the communities his companies operate in and to the wider society.

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The Outward-looking Family Philanthropy

Evolution: Putting a Premium on Collective Happiness

[Sponsored Article] Lee Kum Kee was founded in Nanshui, Zhuhai, Guangdong in 1888 and its Chinese-style sauces have gone on to sell around the world. In response to diverse aspirations of individual family members, the decision was made in 1992 to evolve the business into a holding company that places an emphasis on a governance structure, and a modus operandi, that aim to maximize harmony within the family.

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Taking Transgenerational Entrepreneurship into the Digital Age

[Sponsored Article] With the launch of the MaBelle jewelry store chain more than two decades ago, Mr Max Ma opened up a whole new market for the Lee Heng Diamond Group founded by his father. Now Mr Theodore Ma, Max’s son, is expanding the family’s engagement with the innovations beyond the family business through CoCoon, an entrepreneurship network he co-founded in 2012.

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Putting Succession into Perspective

[Sponsored Article] Dr Hans Michael Jebsen, Chairman of Jebsen and Co, can look back on a company history that has seen the family-owned trading group navigate extremely stormy political times, along with economic choppy waters. It’s with this perspective, in which survival has sometimes been a more pressing issue than succession planning, that he views the process of passing on the baton of leadership.

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Putting Succession into Perspective

Family Affairs: Common Threads of Four Family Business Leaders

[Sponsored Article] Family business is a catch-all term covering enterprises that vary widely in size, generation and purpose. They may also be organized around a range of governance and management structures. The balance between ownership and management, and the degree to which individual family members are involved, may differ. Meanwhile, the relative value and weighting assigned to family interests and business interests is probably unique in each case. But along with the differences there are, of course, common threads in their practices and philosophies.

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Succession and Innovation: A Comparative Study between Chinese and Jewish Family Businesses

[Sponsored Article] Overseas Chinese and Jewish diaspora are often seen as manipulative outsiders in their host countries. However, compared to the 40 million overseas Chinese, the 14 million Jewish diaspora have greater influence, directly or indirectly, on the global economy. The Tanoto Center for Asian Family Business and Entrepreneurship Studies at HKUST, under the leadership of the author, explores how the overseas Chinese can learn from the Jewish diaspora in the areas of succession and innovation in family businesses.

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The Consequence of Family Succession on Firm Performance

[Sponsored Article] When heirs take the helm of the family business, it’s bad news for key employees striving for promotion. But is it also bad news for the firm?

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The Consequence of Family Succession on Firm Performance

Popularity of Family Business

[Sponsored Article] Family businesses, those owned and/or managed by a family, are probably the most popular form of corporate governance in the world. More specifically, in most countries, many public firms, including renowned large ones, remain under the control of families. This phenomenon appears to be more pronounced in East Asia. Even in advanced countries such as the US, family ownership is observed in many firms in the S&P 500 index.

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Popularity of Family Business

Transformation and Upgrading: Learning from Leading Mainland Chinese Family Businesses

[Sponsored Article] Family businesses have sprung up in mainland China since the 1978 reform and opening up policy and, over the years, have become the most significant sector among privately-owned enterprises. It is estimated that family businesses contribute 70 per cent of national GDP - and employ 75 per cent of the nation’s workforce. Over 85 per cent of the private sector consists of family firms, generating about half of tax income in 2016.

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Harilela Enterprises: Passing the Torch in a Family Business

In 2008, the then head of Harilela Enterprises, Dr Hari Harilela, was in his 80s and pondering how to ensure a smooth succession that would eventually place Aron, his only son, at the head of the business and the family.

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Answering Business Challenges through Technological Innovations

[Sponsored Article] As information becomes increasingly strategic for organizations, ensuring the long-term success of an enterprise requires not just pure business knowledge or technology skills, but a combination of both. Future game changers will be those who reimagine ways to transform their business while offering differentiated customer experiences by making creative use of emerging technologies.

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Answering Business Challenges through Technological Innovations

Awards Recognize Teaching Excellence

[Sponsored Article] Since the primary mission of the HKUST Business School is to advance learning through teaching and research, those involved are always keen to celebrate the success of faculty members.

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Awards Recognize Teaching Excellence

The Broadway Show vs The Disneyland Meal: Different Scenarios for Selling in Advance

[Sponsored Article] Selling a product before a consumer will actually use it can benefit both sellers and consumers. It helps sellers to plan ahead and reduce demand variability. And for consumers, they can ensure they will get the product, possibly at a lower price.

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Can the Second Mouse Get the Cheese?

[Sponsored Article] “The early bird may get the worm, but the second mouse gets the cheese”; this quote, attributed to comedian Steven Wright and an extension on an old proverb, neatly applies to the experience of firms attempting to enter new overseas markets. Early entrants are at a disadvantage as their inexperience leads to mistakes and even failure; but can later entrants learn and benefit from their predecessors’ experiences?

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GAAP Versus Street Earnings：The Role of Accounting Conservatism

[Sponsored Article] There has been a lively discussion recently within the financial world on ways in which company earnings are reported; in other words, what are the merits and otherwise of GAAP versus “Street” earnings? GAAP provides uniformity through the application of standardized “generally accepted accounting principles” developed by the Financial Accounting and Standards Board. However, analysts, along with investors, managers and financial media, consider that GAAP earnings do not necessarily reflect a company’s core performance. Therefore, the numbers are adjusted to exclude transitory income-reducing items; the resulting Street earnings are increasingly being used in companies’ press releases and in analysts’ reports.

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GAAP Versus Street Earnings：The Role of Accounting Conservatism

Learning from Experience, Simply

[Sponsored Article] How do consumers learn from their consumption experience? Imagine new parents have to shop for diapers for the first time, with little prior knowledge. As they find out more about different brands in the following weeks and months through experience, they face a “strategic” choice. In other words, they can “exploit” their knowledge and select the most appealing brand. They can also “explore” further, which may entail sampling a currently less-than-ideal-brand, so they can make a more informed decision in the future.

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No Internet, No Service? How Enforced Online Migration Affects Business

[Sponsored Article] All over the world, businesses and governments are aggressively steering consumers away from counter and telephone towards online service. In 2011, the state of Florida enacted a law that required application for unemployment benefit through the internet, an online skills test, and regular reports on search for work. [At time of publication] German airline, Lufthansa, charges American customers more for bookings through its call center than those through its website, while the airline’s British reservations center charges for incoming calls. In Massachusetts, Bank of America charges a fee in any month that eBanking checking account customers use a (human) teller or request a paper statement. How would such migration to online service affect consumers?

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Breaking Up: the Effect on Venture Capital Syndicates

[Sponsored Article] The venture capital (VC) industry plays an important role in supporting entrepreneurship and innovations in a range of industries. It functions as a gatekeeper, selecting promising new ventures for continued investment and support. It also serves as an intermediary, linking capital providers—large institutions such as endowments, foundations, and pension funds—with young, nonpublic companies that need funds. These young companies potentially can return the investment many times over in the case of an initial public offering or an acquisition by an established industry actor. VCs can also provide significant nonfinancial support for their portfolio companies, including strategic guidance and direction, connections with prospective customers, suppliers, alliance partners, or acquirers, as well as signaling the value of the portfolio company in the larger marketplace.

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Breaking Up: the Effect on Venture Capital Syndicates

Improved Understanding of Market Efficiency

[Sponsored Article] A one-off event provided HKUST researchers with an unparalleled opportunity to investigate a “hot topic” related to stock markets: post-earnings announcement drift, or PEAD. It is defined as a significantly positive relation between currently announced earnings “surprises” (when results are above or below expectations) and subsequent stock returns. What drives PEAD? What is it correlated with? Why is it stronger for some firms and not others? Why does it not even appear to exist in some countries?

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Improved Understanding of Market Efficiency

New Search-and-Choice Model Improves Understanding of Online Shopping

[Sponsored Article] “Consumers that viewed item j also viewed items j.” Anyone who regularly shops at popular online sites such as Amazon.com, Target.com and Staples.com, will be familiar with this feature, along with “consumers that viewed item j ultimately purchased items j”. Availability of such online consumer data provides new ways for marketers to better understand consumer decisions in a variety of product categories and to use them for better decision making.

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