2014 Asia Conference on Economics & Business Research (ACEB 2014)
2014 Asia Conference on Economics & Business Research (ACEB 2014) PROGRAM & ABSTRACT BOOK November 13 - 14, 2014 SINGAPORE HOSTED BY ASIA PACIFIC INTERNATIONAL ACADEMY WHOLLY OWNED SUBSIDIARY OF AVENTIS SCHOOL OF MANAGEMENT www.academy.edu.sg [email protected] Copyright ©APIA Publications 2014 Asia Conference on Economics & Business Research – Singapore Program and Abstract Book ISBN: 978-981-09-0090-8 Publisher: Asia Pacific International Academy November 2014 The authors of individual papers are responsible for technical, content, and linguistic correctness. 2014 ACEB Conference - Singapore Nov 13-14, 2014 CONTENTS Contents....................................................................................................................................3 About APIA................................................................................................................................4 ACEB Advisory Board.................................................................................................................5 ACEB Officers.............................................................................................................................6 Conference program..........................................................................................................7 - 14 Abstract Book...................................................................................................................15 - 35 Directory of Participants..................................................................................................36 - 39 3 2014 ACEB Conference - Singapore Nov 13-14, 2014 APIA Asia Pacific International Academy Aventis School of Management is a Leading Graduate School dedicated to the development of professionals and business leaders. Aventis is a member of the European Foundation for Management Development (EFMD), European Council for Business Education (ECBE), Executive MBA Council and United Nations (UN) Global Compact partnership. Through our close collaboration with professional bodies including the Chartered Institute of Marketing (CIM UK); American Association for Financial Management (AAFM), Aventis qualifications are industry driven and recognised by professional bodies internationally. Asia Pacific International Academy (APIA), a subsidiary of Aventis School of Management, was found in 2010 with the purpose of promoting academic research and intellectual development of researchers, academicians and professionals from various institutions and across different countries in the AsiaPacific region and beyond through academic conferences and executive training. We strive to organise the best academic conferences in the Asia-Pacific region and beyond. On behalf of all APIA conference executives, I sincerely thank you for your participation and look forward to seeing you at our conference. Have a great day! Tan Lee Ming Conference Secretariat 4 2014 ACEB Conference - Singapore Nov 13-14, 2014 ACEB ADVISORY BOARD Prof Dan Levin, Ph.D, Wharton Business School, University of Pennsylvania, Director (Academic Affairs) Graduate Programs Aventis School of Management Prof Luis Hall, Ph.D in Finance NYU Associate Professor Evan Lau, Ph.D International Economics Universiti Putra Malaysia, Faculty of Economics and Business, Universiti Malaysia Sarawak, Managing Editor of International Journal of Business and Society (IJBS) Prof Rajah Rasiah, Ph. D Cambridge University, Faculty of Economics and Administration, University of Malaya Dr. Zulnaidi Yaacob, Ph.D Accounting, Universiti Utara Malaysia, Senior Lecturer at Universiti Sains Malaysia Prof Ramayah Thurasamy, Faculty of School of Management, Universiti Sains Malaysia Prof Dr. László Józsa, Széchenyi István University Dr Simonetti Biagio, University of Sannio, Italy Roberto Janelli, University of Sannio, Italy Prof. Dr. Mansor H Ibrahim, PhD in Economics Washington University, USA, Professor of Finance & Econometrics, Finance and Accounting Department, INCEIF (International Centre for Education in Islamic Finance) Dr. AFM Kamrul Hassan, Ph.D in Economics, Curtin University, Australia, Lecturer (Finance) School of Management and Governance, Murdoch University, Perth, WA, Australia COPYEDITOR Tan Lee Ming, Aventis School of Management, Singapore 5 2014 ACEB Conference - Singapore Nov 13-14, 2014 ACEB OFFICERS Samuel Teo General Manager Aventis School of Management, Singapore E-mail: [email protected] Tan Lee Ming Conference Manager Asia Pacific International Academy, Singapore E-mail: [email protected] 6 2014 ACEB Conference - Singapore Nov 13-14, 2014 CONFERENCE PROGRAM 7 2014 ACEB Conference - Singapore Nov 13-14, 2014 8 2014 ACEB Conference - Singapore Nov 13-14, 2014 THURSDAY, NOV 13 (DAY 1) Holiday Inn Singapore Orchard City Centre, Crystal Suite Ballroom ASEAN Business Outlook Conference Time 09:00 – 09:45 09:45 – 10:00 10:00 – 10:30 10:30 – 11:00 11:00 – 11:30 11:30 – 12:00 12:00 – 12:30 12:30 – 14:00 14:00 – 14:30 14:30 – 15:00 15:00 – 15:30 15:30 – 16:00 16:00 – 16:30 16:30 – 17:00 Agenda Registration / Welcome Coffee & Tea Opening address for ACEB 2014 Opening Keynote: APEC and Asia- Pacific Growth Morning Coffee / Tea Break & Network Session 2nd Keynote: How Southeast Asia Overcome the Global Financial Crises Featured Session: Regional Economic Outlook for 2015 and beyond: Opportunities and Risks Panel Discussion: Dr Alan Bollard, Phillip Wee, Song Seng Wun Moderator: Dr Evan Lau Lunch 3rd Keynote: Sovereign Risk Management & Public Economics 4th Keynote: ASEAN recycling market, the next big thing. Capitalising this opportunity from trash to cash Afternoon Coffee / Tea Break & Network Session Featured Session: A Clarion Call to rebuild the business world Panel Discussion: Dr Luis Hall, Glenn Goh, Patrick Liew Moderator: Mr Song Seng Wun Closing Speech 9 Speaker Dr. Evan Lau Dr. Alan Bollard Philip Wee Song Seng Wun Dr. Luis Hall Glenn Goh Patrick Liew 2014 ACEB Conference - Singapore Nov 13-14, 2014 FRIDAY, NOV 14 (DAY 2) Aventis School of Management, Concorde Hotel Level 4 REGISTRATION: 08:30 – 17:00 SESSION I: 09:00 – 10:30 Room: L.ZICKLIN Chair: Vinod Nakra Impact of macroeconomic indicators on expectations of equity risk premium in CEE private equity markets Roman Cibera, University of Economics, Prague, Czech Republic; Tomas Krabec, University of Economics, Prague, Czech Republic Networks Reconstruction and the Government’s Behaviors in the Industrial Clusters Transfer Lei Yu, Southeast University, China Grabbing Hand, State-owned Banks and Lending Behavior: the Case of Indonesia Muhammad Agung Prabowo, Universitas Sebelas Maret, Indonesia; Irwan Trinugroho, Universitas Sebelas Maret, Indonesia Economic Shock of Singapore on Malaysian Trade Balance Dzul Hadzwan Husaini, Universiti Malaysia Sarawak (UNIMAS), Malaysia; Chin Hong Puah, Universiti Malaysia Sarawak (UNIMAS), Malaysia Room: B.Baruch Chair: Muhammad Sabbir Rahman The global perspective in US the subprime crisis: Evidence from international REIT regime switches Meichi Huang, National Taipei University, Taiwan; I-Shan Cheng, Yuan Ze University, Taiwan Hong Kong and Singapore Exchanges Confront High Frequency Trading David Meyer, Washington University in St. Louis, United States; George Guernsey, Insight Mapping, United States Dividend Policy and Factors That Affect Dividend Policy in Vietnam Stock Market Tai Khuat, International School-Vietnam National University, Vietnam; Hai Nguyen, International School-Vietnam National University, Vietnam; Ngoc Hoang, International School-Vietnam National University, Vietnam; Van Ta, International School-Vietnam National University, Vietnam; 10 2014 ACEB Conference - Singapore Nov 13-14, 2014 Thuy Anh Tong, International School-Vietnam National University, Vietnam; Nguyet Anh Nguyen, International School-Vietnam National University, Vietnam Do stock and REITs hedge inflation risk? An application of Markov-switching copula specification Kuang-Liang Chang, National Chiayi University, Taiwan COFFEE BREAK: 10:30 – 10:50 SESSION II: 10:50 – 13:20 Room: L.ZICKLIN Chair: Meichi Huang Impact of Service Quality and Trust on Customer Patronage Decision: Testing the Moderating effects of Corporate Image. Muhammad Sabbir Rahman, International Islamic University Malaysia, Malaysia; Osman Mohamad, Multimedia University Malaysia (MMU), Malaysia; Fadi Abdel Muniem Abdel Fattah, Multimedia University Malaysia (MMU), Malaysia Sales Force Attitude on Sales Practices – A study on Life Insurance Corporation in India, Machilipatnam Division Naladi Vijaya Ratnam, Acharya Nagarjuna University, India; Dokka Jagan Mohan Rao, DMH & SVR Engineering College, India; Pallekonda Srinivasa Rao, Acharya Nagarjuna University, India The Effectiveness of Hisbeans Coffee Shop as a Social Enterprise in Korea Sookhee Jung, Handong Global University, The Republic of Korea; Jeong Taek Lim, People With Fragrance, The Republic of Korea Affect Variability in Workplace: the Effect on Emotional Labor Wan-Jung Hsiao, National Chi Nan University, Taiwan Room: B.Baruch Chair: Siti Nurazira Mohd Daud Changing professional identities in the English National Health Service (NHS): Institutional logics and healthcare commissioning Zlatinka Gougoumanova, University of Essex/James Cook University Australia, Singapore; Pinar Guven-Uslu, University of Essex, United Kingdom 11 2014 ACEB Conference - Singapore Nov 13-14, 2014 The effect of land fragmentation on labor allocation and economic diversity of farm households- The case of Vietnam Huy Nguyen, Australian National University, Australia Technology Innovation Efficiency of Traditional Industries in Jiangsu Province Peng Li, Southeast University, China; Hanhui Hu, Southeast University, China Factors contributing to successful Public Private Partnerships (PPPs) in Road Infrastructure Investment in Vietnam:Stakeholder’s Perspective Do Trung Nguyen, Griffith University, Australia; Professor Christine Smith, Griffith University, Australia; Matthew Manning, Australian National University, Australia; Duc-Tho Nguyen, Griffith University, Australia LUNCH: 13:20 – 14:20 BEST RESEARCH PAPER AWARD BEST STUDENT PAPER AWARD Sponsored by Routledge Taylor & Francis Group: 14:20 – 14:30 SESSION III: 14:30 – 16:00 Room: L. ZICKLIN Chair: Thomas Straub External Debt and Economic Growth of Developing Countries: The Role of Domestic Financial Market and Institutional Quality Siti Nurazira Mohd Daud, Universiti Sains Islam Malaysia, Malaysia Enhance health management compliance with DMIMF and Education System Dyna Chao, National Taiwan University of Science and Technology, Taiwan, & IBM Taiwan; Tom M.Y. Lin, National Taiwan University of Science and Technology, Taiwan; Ya-Fan Yeh, IBM, Taiwan The Fiscal Effectiveness of the Provision of Investment Incentives Václav Vybíhal, University of Ss Cyril and Methodius in Trnava, Slovakia Economic Transformation and Urbanization of India Prema Nakra, Marist College, United States; Vinod Nakra, AMITY University, India 12 2014 ACEB Conference - Singapore Nov 13-14, 2014 Room: B. Baruch Chair: David Meyer Taxes management in corporate financial strategies in European Union countries. The case of Poland. Teresa Famulska, University of Economics in Katowice, Poland; Bozena Ciupek, University of Economics in Katowice, Poland; Jan Kaczmarzyk, University of Economics in Katowice, Poland Corporate governance and risk in European Banks during the 2007–08 financial crises Sardar Ahmad, The Open University, United Kingdom; Mitchell Stan, The Open University, United Kingdom Corporate Governance Disclosure in the 2007–2011 Financial Crisis: Evidence from the UK and Germany Subhan Ullah, The Open University, United Kingdom Corporate Social Responsibility Practices in Hong Kong Helen Wong, The Hong Kong Polytechnic University, Hong Kong; Raymond Wong, The Chinese University of Hong Kong, Hong Kong COFFEE BREAK: 16:00 – 16:30 SESSION IV: 16:30 – 18:00 Room: L. ZICKLIN Chair: Helen Wong Is natural resources still an important determinant of Economic Growth? Or it has already been replaced by Openness and Innovation? Zhijun Gao, Claremont Graduate University, United States The role of venture capital for entrepreneurship in less developed economies Thomas Straub, School of Management Fribourg, Switzerland; Stefano Borzillo, SKEMA Business School, Paris, France; Andi Caragea, Bucharest University of Economic Studies, Romania; Roxana Voicu-Dorobantu, Bucharest University of Economic Studies, Romania; Aron Jinaru, Bucharest University of Economic Studies, Romania FDI and its impact on Social Development in the ASEAN 5 Sridevi Narayanan, Help University, Malaysia Room: B. Baruch Chair: Raymond Wong 13 2014 ACEB Conference - Singapore Nov 13-14, 2014 The Relationships Among Four Factors and Turnover Intentions on Different Levels of Perceived Organizational Support Thanawatdech Thirapatsakun, Rajamangala University of Technology Thanyaburi, Thailand; Chanongkorn Kuntonbutr, Rajamangala University of Technology Thanyaburi, Thailand; Panisa Mechinda, Rajamangala University of Technology Thanyaburi, Thailand The Relative Performance of Family Dominated Banks in Bangladesh Tasmina Mahbub, University of Manchester, United Kingdom; Kate Barker, University of Manchester, United Kingdom; Kent Matthews, Cardiff University, United Kingdom Gambling and Speculating Behaviour is Simply a Matter of Managing The Level of Risk Kogilah Narayanasamy, Multimedia University, Malaysia; Devinaga Rasiah, Multimedia University, Malaysia; Cj Gletus Mathhews Cn Jacobs, Multimedia University, Malaysia; Ng Way Loon, Malaysia 14 2014 ACEB Conference - Singapore Nov 13-14, 2014 ABSTRACT BOOK 15 2014 ACEB Conference - Singapore Nov 13-14, 2014 FRIDAY, NOV 14 (DAY 2) REGISTRATION: 08:30 – 17:00 SESSION I: 09:00 – 10:30 Room: L.ZICKLIN Chair: Vinod Nakra Impact of macroeconomic indicators on expectations of equity risk premium in CEE private equity markets Roman Cibera University of Economics, Prague, Czech Republic Tomas Krabec University of Economics, Prague, Czech Republic Abstract The subject of our study presented in this paper consists of generalization of the impact of macroeconomic indicators on the income based valuation of privately held companies and its value driving factors. Particular attention within the general subject of our study in this paper is focused on impact of macroeconomic indicators on expectations of equity risk premium (ERP). Macroeconomic indicators and their estimations create the basic components for derivation of expectations of value drivers within the methods of income based business valuation (whether assessment of fundamental value of publicly traded companies or assessment of a particular basis of value of privately held companies). Impact of macroeconomic indicators on stock prices of companies traded on financial markets is, therefore, subject of interest within a whole range of empirical and theoretical studies, e.g. Quayes and Jamal (2008), Hsing and Hsieh (2011) or Gallagher and Taylor (2002). Our paper focuses on theoretical evaluation of ERP being one of the key value drivers applied on investments in privately held companies. Connection between ERP and macroeconomic environment is first documented in studies of public financial markets (Rapach, Strauss and Zhou, 2010). Parallel to the studies of public financial markets, attention has been given to private equity (PE) markets and their specific characteristics (Jegadeesh, Kräussl and Pollet, 2009). By following the theoretical findings reached in this area, e.g. Ernst, Koziol and Schweizer (2013), Cochrane (2007) or Lehavy and Sloan (2008), our goal is to outline theoretical background for the future empirical research focusing on government macroeconomic policy and its influence on expectation of ERP in the PE environment by using the example and data of the Czech Republic. Future research should verify in how far the transparency of government macroeconomic policy and its understanding by PE investors is applicable for the purpose of estimation of the expected ERP in the PE environment. 16 2014 ACEB Conference - Singapore Nov 13-14, 2014 Networks Reconstruction and the Government’s Behaviors in the Industrial Clusters Transfer Lei Yu Southeast University, China Abstract This paper analyzed the nature of industrial clusters transfer based on the network structure of industrial clusters, The industrial clusters networks consist of three levels networks:economic networks,social networks and innovation networks. Industrial networks are restructuring in other place after industrial clusters transfer, The government of undertaking place most concern to how to make clusters successful transfer. We noted that networking in the undertaking place was the key that industrial clusters transfer was successful.The study found:(1)Social networks and innovative networks depend on social relations of clusters location, which can not be transferred,therefore, the essence of clusters transfer is economic networks transfer.(2)Similar geopolitical cultures are more conducive to the success of the transfer of industrial clusters.(3)A favorable market environment is the guarantee for the success of industrial cluster transfer.The cluster transfer that is successful will maintain and expand advantages of industrial clusters,promote economic development of undertaking place,the Government must play a major role when the transfer cluster’s networks are rebuilt,otherwise industrial clusters transfer will fail or take a long time. Grabbing Hand, State-owned Banks and Lending Behavior: the Case of Indonesia Muhammad Agung Prabowo Universitas Sebelas Maret, Indonesia Irwan Trinugroho Universitas Sebelas Maret, Indonesia Abstract The grabbing theory posits that politicians and bureaucrats take advantage of their positions to extract resources from public enterprises (state-owned enterprises) under their control. We investigate the lending behavior of Indonesian state-owned banks especially during the election periods. We argue that politicians may exploit these banks to fund their political campaign more so if the incumbents are running to the elections. Several findings and policy implications are discussed. Economic Shock of Singapore on Malaysian Trade Balance Dzul Hadzwan Universiti Malaysia Sarawak (UNIMAS), Malaysia Abstract This study examines the impact of economic shock of Singapore on Malaysian trade balance as Singapore is the highest contributor to the import and export of Malaysia. The objective of this study is 17 2014 ACEB Conference - Singapore Nov 13-14, 2014 to examine the long run and short run impact of Singapore economic shocks on trade balance of Malaysia using yearly data over the period 1980 – 2013. Our empirical result found that there is a long run relationship exists among trade balance, real exchange rate, industrial value added, and Singapore GDP. A joint of exchange rate, industrial value added and Singapore GDP is expected to cause the trade balance in the long run. In the short run, there is only one unidirectional relationship significantly found and it runs from Singapore GDP to trade balance. The government of Malaysia should build up a good diplomatic relationship with the government of Singapore to encourage the bilateral trade activities which can bring better off to both countries. Room: B. Baruch Chair: Muhammad Sabbir Rahman The global perspective in US the subprime crisis: Evidence from international REIT regime switches Meichi Huang National Taipei University, Taiwan I-Shan Cheng Yuan Ze University, Taiwan Abstract The study examines the global perspective of the recent real estate crisis by quantifying spillover comovements of Real Estate Investment Trusts (REITs) from the US to the other countries. It estimates cross-country dependences under multivariate Markov-switching models for pre- and post-crisis periods divided at the breakpoint of August 9, 2007. The results indicate that while the regime-switching patterns are not significant in the pre-crisis periods, global REIT markets display persistent bust regimes during September 2008 to May 2009. The findings provide new evidence for close international linkages in terms of boom-bust phases after the subprime crisis occurred, and imply that US investors have greater difficulty in diversifying risks across the global REIT markets during the post-crisis period. Hong Kong and Singapore Exchanges Confront High Frequency Trading David Meyer Washington University in St. Louis George Guernsey Insight Mapping, United States Abstract High frequency trading (HFT) has recently emerged as a contentious issue for exchanges. On the one hand, advocates of HFT argue that it improves liquidity, lowers costs of trading, and compresses the gap in bid-ask prices. On the other hand, opponents claim that HFT leads to front-running and risk of trading system collapses. This paper compares and contrasts the Hong Kong and Singapore exchanges in terms of how they deal with HFT. They face different types of regulators and operate in 18 2014 ACEB Conference - Singapore Nov 13-14, 2014 distinctive political economies. In Singapore’s case, the decisions of the regulator are under the direct control of the government of Singapore. In Hong Kong’s case the policies of the regulator are impacted by the views of the Hong Kong government, but considerations of China’s views on HFT must be recognized. This is important because many of the key firms listed on the Hong Kong Exchange are China’s state-owned enterprises. Furthermore, the Hong Kong and Singapore exchanges compete with each other for listings and trading business. We show that they are both in a race to enhance their capacities to handle HFT in an attempt to appeal to HFT firms because they need to raise their revenue and increase their profits, a requirement they face as privately owned exchanges. Looming over both exchanges, however, is their concern to be seen as fair, transparent trading venues. Dividend Policy and Factors That Affect Dividend Policy in Vietnam Stock Market Tai Khuat International School- Vietnam National University, Vietnam Hai Nguyen International School- Vietnam National University, Vietnam Ngoc Hoang International School- Vietnam National University, Vietnam Van Ta International School- Vietnam National University, Vietnam Thuy Anh Tong International School- Vietnam National University, Vietnam Nguyet Anh Nguyen International School- Vietnam National University, Vietnam Abstract The empirical paper analyzes the impact of several factors on the dividend policy of top 60 listed companies on Vietnam stock market from 2009 to 2013 with 8 contributing factors: EPS, Market price, dividend payment, after- tax profit, number of common shares, dividend rate, dividend payout ratio, dividend yield. By using descriptive analysis, correlation and OLS regression, 4 regression models have been produced with relevant analysis. The most striking features , however, lies in the Lag1 factor: dividend rate of previous year. We have tested several econometric models base on the original one, which is a high correlation between dividend rate and Lag1. The overall findings demonstrate the only one optimal model: Div= 0,5134 × Lag1 + 0,000012 × EPS. Do stock and REITs hedge inflation risk? An application of Markov-switching copula specification Kuang-Liang Chang National Chiayi University, Taiwan 19 2014 ACEB Conference - Singapore Nov 13-14, 2014 Abstract It is well known that a surge in price levels will lead to weakness in economic activity and cause deterioration in the banking and financial markets. The real value of holding money is seriously eroded when price levels increase. For keeping portfolio gains at a reasonable level without erosion by inflation, investors will attempt to increase the portfolio positions of inflation-hedging assets and reduce the portfolio weight of the money component. However, before implementing a profitable portfolio strategy, the first step is finding the financial assets which will keep real value against inflation risk. This paper explores the inflation hedging ability of real estate investment trusts (RETIs) and the SP500 stock index by examining the tail dependences between inflation rates and financial assets. The Markov-switching GRG copula, which is a mixture specification of a Gumbel copula and a 90 degree counterclockwise rotated Gumbel copula, allows both the positive and negative tail-dependence coefficients to be different in two distinct dependence structures. Empirical results show that the inflation-hedging abilities for REITs and the SP500 are astonishingly distinct. The relationship between SP500 stock return and inflation rate is neither positive nor negative. The inflation-hedging ability is not observed for the SP500 return. However, the positive and negative relationships coexist in the REITs market. In the negative tail-dependent state, there is a statistically significant negative relationship between inflation rate and REITs return. In the mixture tail-dependent state, positive relationship and negative relationship can exist simultaneously and the positive tail dependence is about two times stronger than the negative lower-upper tail dependence in terms of the tail dependence measures. Hence, when extreme high inflation rate occurs, the REIT return shows partly inflation hedging ability in state 2. COFFEE BREAK: 10:30 – 10:50 SESSION II: 10:50 – 13:20 Room: L. ZICKLIN Chair: Meichi Huang Impact of Service Quality and Trust on Customer Patronage Decision: Testing the Moderating effects of Corporate Image. Muhammad Sabbir Rahman International Islamic University Malaysia, Malaysia Osman Mohamad Multimedia University Malaysia, Malaysia Fadi Abdel Muniem Abdel Fattah Multimedia University Malaysia, Malaysia Abstract The aim of this inquiry is to test the impact of service quality and trust on customers’ patronage intention under health insurance products in Malaysia. The research considers the moderating effects of corporate image in between, trust and customers’ patronage intention. In summation, this research 20 2014 ACEB Conference - Singapore Nov 13-14, 2014 also examined the mediating impact of trust in between service quality and patronage intention of health insurance products in Malaysia. The outcomes indicated that all the paths were significant in their relationship except one. Even so the mediation impact of trust was partial rather full. Moreover, the result revealed that there is a moderating effect of corporate image of the structural model measuring the effects of trust on the customers’ patronage intention of health insurance products. Sales Force Attitude on Sales Practices – A study on Life Insurance Corporation in India, Machilipatnam Division Naladi Vijaya Ratnam Acharya Nagarjuna University, India Dokka Jagan Mohan Rao DMH & SVR Engineering College, India Pallekonda Srinivasa Rao Acharya Nagarjuna University, India Abstract From the Cave Age to date, the story of evolution of mankind is in fact a saga of continuous search for security. Individual’s income depends upon the investment of his time when he is too old to earn as no body can guarantee him this time. This uncertainty of time led him to the invention of insurance. India is one of the fastest growing country at a speedy rate of 21 percent together with banking services. Insurance services add about 7 percent to the nation’s GDP. Selling is one of the principal and most crucial functions of LIC. This study is based on primary data with 208 sales agents and development officer respondents of LIC operating at Machilipatnam division, Andhra Pradesh, India. The objective of this research paper is an attempt to examine the sales force attitudes on sales practices at LIC. Statistical tools like, Chi-square test were used to analyse the data collected. The Effectiveness of Hisbeans Coffee Shop as a Social Enterprise in Korea Sookhee Jung (Associate Professor, School of Social Welfare and Counseling Psychology Advisor, People with Fragrance) Handong Global University, The Republic of Korea Jeong Taek Lim (CEO, People with Fragrance) People with Fragrance, The Republic of Korea Abstract Objective People with Fragrance is a kind of social enterprise, which was established in 2008 by students of Handong Global University, a Christian University, in Pohang, South Korea. The aim of People with Fragrance is to support financial independence of people with mental illness. Hisbeans is a typical 21 2014 ACEB Conference - Singapore Nov 13-14, 2014 coffee shop that offers coffee, tea and light snacks in a warm and friendly atmosphere. However, what makes Hisbeans special is that it focuses on recruiting, training and employing people with mental illness. It has over 39 baristas with mental illness at 7 coffee shops. This paper aims to identify the effectiveness of Hisbeans coffee shop as a social enterprise to enhance the vocational rehabilitation for people with mental illness. Methods To identify the effectiveness of Hisbeans coffee shop as a social enterprise, quantitative method and qualitative method were used. For quantitative method, 10 baristas with mental illness have completed a self-report questionnaires about psychosocial rehabilitation effectiveness (Psychosocial Rehabilitation Service Assessment and Outcome Measure Scale; PRSAOMS). For qualitative method, interview with 10 baristas with mental illness and staff of the psychiatric rehabilitation center was conducted. This interview was analyzed by thematic analysis. And also, lecture note that people with mental illness gave the special lecture at the class of the social welfare at university was analyzed. Results The effectiveness of Hisbeans is as follows: First, Baristas’ clinical management and selfadvocacy of PRSAOMS was improved, but it was not significant statistically. Second, Hisbeans provides new job opportunities for people with mental illness. Thirty-nine people with mental illness are working as baristas at a Hisbeans coffee shop. This is a very powerful job creation model. Third, working at Hisbeans decreases the level of their illness symptoms and the number of hospitalizations of the employed baristas. 70% of the baristas have had successful job maintenance, over an average period of three plus years. Forth, working at Hisbeans offers “hope for living” for people with mental illness. Working at the coffee shop gives the employees financial independence and meaning to their days. They report they are happier and have more motivation to get up in the mornings. Some baristas are even promoted to the critical role of the coffee shop’s manager. Fifth, the Hisbeans model decreases the social stigma about mental illness. The coffee shop witness people with mental illness successfully employed and thereby decrease their prejudices and simply view the staff as human beings with dignity. Sixth, students working alongside the staff with mental illness can broadcast this experience into various avenues of their life. The Hisbeans baristas with mental illness often give testimonials in their university classes, social outreach and mentoring programs, religious affiliations, and through various social media about this unique and positive experience. Conclusion The current results indicated that Hisbeans coffee shop, social enterprise makes an important role to enhance hope for living for people with mental illness. People with mental illness experience that they can work and like other people and are highly motivated to work. Hisbeans gives opportunity to work for people with mental, and also decreases the social stigma about mental illness. Implication for this study shows the social enterprise like Hisbeans coffee shop should be supported by government to supply jobs for the vulnerable social group. And networking with social enterprise, local community, social welfare center, and university is very crucial. It needs the longitudinal study to identify the effectiveness of this model in depth. 22 2014 ACEB Conference - Singapore Nov 13-14, 2014 Affect Variability in Workplace: the Effect on Emotional Labor Wan-Jung Hsiao National Chi Nan University, Taiwan Abstract In the current study, we conducted diary report to examine relationships between daily positive and negative emotion (PA and NA, respectively) and emotional labor. We further theorized that selfmonitoring at a between-subjects level would moderate the within-subjects relationships.With a sample of 124 sales employees and 3261 observations across 25 working days, we found that daily PA and NA had a significant within-subjects main effect on daily emotional labor strategy. In addition, betweensubjects self-monitor moderated the relationship between NA and deep acting. Room: B. Baruch Chair: Siti Nurazira Mohd Daud Changing professional identities in the English National Health Service (NHS): Institutional logics and healthcare commissioning Zlatinka Gougoumanova University of Essex/James Cook University Australia, Singapore Pinar Guven-Uslu University of Essex, United Kingdom Abstract The objective of this research is to examine changing identities and organisational practices in instances in which multiple institutional logics compete, conflict, and complement one another in a mature institutional field. It explores the tensions among the professional logic (medical expertise and autonomy), the relatively recent business logic (input into resource rationing decisions), and the new governance logic (responsibility for institutional leadership) in the field of acute healthcare in the English National Health Service (NHS). In particular, this paper addresses the theorisation of medical professionals’ and other clinicians’ identities and commissioning practices. The focus is the newly legislated entities in England called Clinical Commissioning Groups (CCGs) that are in charge of commissioning acute (and other) healthcare with a budget of £69 billion. It is argued that competing, conflicting, and complementing institutional logics in a mature institutional field alter professional identities and impact on organisational practices. This study contributes to the understanding of radical institutional change in the public sector and to the further development of the institutional logics theory (ILT). It does so by examining self-perceived and perceived by others professional identities and practices and their relationships to various types of institutional logics. Twenty semi-structured in-depth interviews were conducted in two phases – from September 2012 to April 2013 (before 1 April, 2013 when the new CCG system took effect) and from April 2013 to May 2014 (after the reforms took effect). 23 2014 ACEB Conference - Singapore Nov 13-14, 2014 The effect of land fragmentation on labor allocation and economic diversity of farm householdsThe case of Vietnam Huy Nguyen Australian National University, Australia Abstract This paper investigates the impacts of land fragmentation on economic diversity of farm households in Vietnam. To develop the empirical analysis, a model is presented in which the impact allows for nonneutral technical change. The paper tests the theoretical predictions by providing empirical evidence on farm and nonfarm outcomes such as labour supply and profits. By using different methods aimed at verifying and checking the consistency of the results, we find that land consolidation may reduce farm labour supply, and improve farm profits. Similarly, it may release more farm labour to nonfarm sectors and increase nonfarm profits. The empirical results show that factor-biased technical change plays an important role in explaining the impact of agricultural technical change on economic diversification. Technology Innovation Efficiency of Traditional Industries in Jiangsu Province Peng Li Southeast University, China Hanhui Hu Southeast University, China Abstract Development of traditional industries has played an important role in alleviating the economic crisis, safeguarding social employment and promoting economic development in Jiangsu province, but the industrial structure ushered in an important period of adjustment after the financial crisis, due to the structural contradictions still exist in the long run, also it coupled with lack of technological progress, weak technology innovation and low level of technology and equipment problems, so these lead to the development of traditional industries face enormous difficulties. Innovation is the source of enterprise progress and inexhaustible power. The transformation and upgrading of traditional industries is inseparable from the enterprise innovation behavior, also it could inject fresh blood to the company and rationalize excess use of resources. The current production overcapacity of traditional industries mainly because of the lack of innovation behavior of enterprises or innovation not very well applied to the real production practice. In order to upgrade traditional industries in Jiangsu province and thus promote economic development, the commission of economic and information of Jiangsu has done a survey of traditional representative industry enterprise. So based on the survey data, this paper measures the technology innovation efficiency for these independent development enterprises, cooperative development enterprises and imitative enterprises, and then uses Tobit model to exam the influence of the nature of enterprise, enterprise scale, R&D structure, level of information and cash position to the technology innovation efficiency. The content of this paper is as follows: 24 2014 ACEB Conference - Singapore Nov 13-14, 2014 (1)Firstly, it measured the efficiency of technological innovation based on the DEA model under the assumption of variable returns to scale and constant returns to scale; (2)Secondly, it used threshold regression to estimate whether it existed the thresholds for independent development, cooperative development and imitative enterprises; (3)Finally, it checked the influence of explanatory variables to the technological innovation efficiency for independent development, cooperative development and imitative enterprises. Factors contributing to successful Public Private Partnerships (PPPs) in Road Infrastructure Investment in Vietnam:Stakeholder’s Perspective Do Trung Nguyen Griffith University, Australia Professor Christine Smith Griffith University, Australia Matthew Manning Australian National University, Australia Duc-Tho Nguyen Griffith University, Australia Abstract In order to investigate the potential for adoption of Public Private Partnerships (PPPs) in road infrastructure in Vietnam, this study aims to identify, categorize and analyze various critical success factors (CSFs) for road projects that are procured through PPPs. The study follows a systematic research approach which includes literature reviews, case studies, and questionnaire survey as well as in-depth interviews with PPP experts and stakeholders in Vietnam regarding CSFs for PPPs. CSF groups derived from the published literature and a set of semi-structured interviews comprise: Prevailing Environment, Project Participants, Project Implementability, Effective Procurement, Sound Financial Package and Government Support. A series of questionnaire survey packages are used to collect information from relevant people in the public and private sector in the road infrastructure industry in Vietnam. The responses are analyzed using statistical packages and the Analytical Hierarchy Process (AHP) approach. Conclusions and recommendations are then drawn on the basis of these findings. The research is potentially of value to future PPP projects in the field of road infrastructure investment in Vietnam and other developing countries. LUNCH: 13:20 – 14:20 BEST RESEARCH PAPER AWARD BEST STUDENT PAPER AWARD Sponsored by Routledge Taylor & Francis Group: 14:20 – 14:30 SESSION III: 14:30 – 16:00 25 2014 ACEB Conference - Singapore Nov 13-14, 2014 Room: L. ZICKLIN Chair: Thomas Straub External Debt and Economic Growth of Developing Countries: The Role of Domestic Financial Market and Institutional Quality Siti Nurazira Mohd Daud Universiti Sains Islam Malaysia, Malaysia Abstract The explosion of several debt crises has seen debt as a threat to the economy, with quite extensive studies find negative effect of debt on growth. However, to date, there is little evidence seeking further explanation and rationale behind this phenomenon. We address this gap by investigating the role of domestic financial market and institutional quality in the nexus between external debt and economic growth. By employing threshold regression, 49 developing countries within 1971-2010 sample period are examined. Preliminary findings shows that at least 33 countries reveal the role of domestic financial market in the debt-growth nexus. In addition, there are evidences on the role of institutional quality in complementing the effect of debt on 32 developing country economic growth. Enhance health management compliance with DMIMF and Education System Dyna Chao National Taiwan University of Science and Technology, Taiwan, & IBM Taiwan Tom M.Y. Lin National Taiwan University of Science of Technology, Taiwan Ya-Fan Yeh IBM, Taiwan Abstract The most recent survey has revealed 11.6% of adult in China have diabetes and it stands for about 114 million people. Furthermore, the cost on diabetes is about 25 billion USD a year and the diabetes population will reach 143 million in 2035. It will result in heavy economic burden. The efficient disease management is a good way to control diabetes, but it is highly depending on physician and patient to define a feasible and sustainable individualized care plan. It covered hospital-side of medication treatment and patient-side of life intervention. Thus, the current pain point of physician and health educator is lacking an integrated information system that provides personalized information to particular patient. When the high-quality care plan was defined, the major decision items was conducted by lots of stand-alone system, such as EHR (electronic health record), clinical management outcome, patient BOI (body of information) measurement record, psychosocial assessment and more. The Diabetes Mellitus Interactive Management Framework (DMIMF) provides the quick snap shot and integrated into one page dashboard. DMIMF aggregated the patient insight from Diabetes Mellitus literacy assessment, patient-physician interactive engagement application, physician dashboard and patient self-knowledge management system. In addition, patient’s information regarding disease knowledge, belief and emotion, healthy diet, glucose self-monitoring, and the influence of disease on productivity are collected. The results are analyzed by system for understanding the critical factors in 26 2014 ACEB Conference - Singapore Nov 13-14, 2014 contributing to sustainable behavior change. When evaluating patient readiness level, the questions from each 7 self-care behaviors (Health Eating, Being Active, Monitoring, Taking Medication, Problem Solving, Health Coping, Risk Reducing) are dynamically presented to patient through the mobile tablet interface to collect insight on patient’s awareness, maturity and readiness for that specific behavior. The information framework and service model are conducted as a pilot at a diabetes management center in a regional hospital. When participants join this study and after 6 months intervention, they are assessed for the compliance in eating, exercise, taking medication, blood monitoring and health coping. The preliminary result indicates that the compliance rate increases after the pilot. It implies that patient will pay more attention on their behavior when the compliance is tracked by the physician or health educator. Therefore, DMIMF conducts some critical factors that might mostly affect patient’s selfawareness and attention to enhance the efficiency of the disease management. Thus DMIMF improves the compliance and a better compliance could potentially help better control on health insurance cost and also establish stable customer relation with the hospital on customer retention. The pharmaceutical and monitoring device companies may also beneficial from it for the steady needs of medication and monitoring consumables. The Fiscal Effectiveness of the Provision of Investment Incentives Václav Vybíhal University of Ss Cyril and Methodius in Trnava, Slovakia Abstract Foreign direct investments undoubtedly have a significant impact on the national economy. They contribute to economic growth, to reducing the unemployment rate and they also positively affect other macroeconomic indicators. Foreign companies bring with them not only foreign capital that they invest in the host country, but also new technology, modern and more effective production and management methods, classic standards of business conduct, new jobs as well as opportunities for domestic suppliers. Host countries then attempt to attract foreign investors via active policies through investment incentives and various preferential conditions for investing. Investment incentives for foreign investors are thus among the important public spending programs. Basic investment incentives in countries with transitive 27 2014 ACEB Conference - Singapore Nov 13-14, 2014 economies within the European Union include income tax credits, respectively tax holidays, the transfer of land for a subsidized price, one-time financial support for the creation of new jobs and financial support for retraining employees. The provision of investment incentives means not only an increase on the expenditure side of the public budget or a decrease of the income side of the public budget (due to tax credits), but it usually leads – as our research demonstrated – to a start of the influx of revenue sources for public budgets, already in the short or medium term horizon. The aim of the research was to develop a methodology for measuring the fiscal effectiveness of provided investment incentives in the process of their implementation, to determine what the effects are on the income side of the national budget, and for this purpose construct an indicator of fiscal effectiveness whose functional and explanatory power would need to be tested in practice among the recipients of investment incentives. The fiscal effectiveness of investment incentives was constructed as the share of outputs (in the form of revenues from taxes, social and health insurance, fees, savings on the expenditure side of the budget) on a unit of inputs (income tax credit, financial support for a created job, subsidy to cover the costs of employee retraining, administrative costs of collecting taxes, subsidies on the technical equipment of an area on which production is to be located, subsidy on the price of land). With regard for business plans, fiscal effectiveness was assessed for a period of 5 years from the approval and receipt of the investment incentive in a set of industrial enterprises in the Czech Republic. The research also covered results that were attained in Slovakia. Economic Transformation and Urbanization of India Prema Nakra Marist College, United States Vinod Nakra AMITY University, India Abstract Urbanization, a process of city establishment and growth, is fast becoming the defining process in shaping the course of demographic, economic and social transformation of a nation. The process has been underway for more than 250 years ago but has become a global salient feature only in 21st century, especially with its prime locus in the poorer parts of Asia and Africa. Using India as a case study, the authors will discuss how the country has transformed the economy during past twenty years from an agrarian society to a semi-urban society. As the trend toward economic growth and urbanization in India accelerates, cities will struggle to absorb new residents while providing an environment in which people and businesses can thrive. Since economic progress 28 2014 ACEB Conference - Singapore Nov 13-14, 2014 and urbanization possibilities go hand in hand with challenges, authors have identified key challenges that the country faces. Authors demonstrate that unmanaged or unplanned urbanization results in unintended consequences. For India to continue on its path to economic growth and sustainability it must manage the process of urbanization with inclusive growth strategies illustrated in this paper. Room: B. Baruch Chair: David Meyer Taxes management in corporate financial strategies in European Union countries. The case of Poland. Teresa Famulska University of Economics in Katowice, Poland Bozena Ciupek University of Economics in Katowice, Poland Jan Kaczmarzyk University of Economics in Katowice, Poland Abstract Effective management of corporate finance is one of the factors that condition a competitive position of any enterprise in the European Union. Enterprises that wish to realise their objectives set have to consider all threats and opportunities that result from functioning in the complex environment including formal and legal settings. Taxes are an indispensable element of such settings, thus being - for enterprises - important external limitations of their financial strategy objectives set. This perception of taxes results in the situation when enterprises do not act passively but undertake actions aimed at reducing their fiscal burden. This article aims at identifying potential opportunities for managing fiscal burden of enterprises in the aspect of formulating their financial strategies. At the same time, it is assumed that an opportunity for shaping fiscal burden by the very enterprise complies with all binding regulations. Realisation of the objective set is facilitated by theoretical considerations that are based on the relevant literature related research and economic analyses of the tax law regulations. This article presents results of the research conducted in the sample group of representative 50 enterprises that function in Poland. The research is focused on the issue of managing major tax burden to be faced by enterprises in the European Union, i.e. on corporate income tax and value added tax. Corporate governance and risk in European Banks during the 2007–08 financial crises Sardar Ahmad The Open University, United Kingdom Mitchell Stan The Open University, United Kingdom 29 2014 ACEB Conference - Singapore Nov 13-14, 2014 Abstract It is commonly believed that underlying causes of the global financial crisis were ineffective corporate governance and improperly-structured compensation schemes at major banks that provided incentive for senior managers to take on excessive levels of risk. Notwithstanding the widespread assumption that this link exists, the evidence in support of it is mixed. Further, much of the research looks at bank performance, often measured by buy-and-hold stock returns, and is based on the American experience. In contrast this research focuses on European banks and risk, rather than performance. Specifically it looks at the link between key aspects of corporate governance, in the form of board size and independence, compensation practices, and bank risk. Given the focus on risk rather than performance, this research should be of interest to bank regulators, deposit insurers, central banks and financial sector policy-makers. It could also be of interest to other stakeholders of banks such as depositors and debt-holders to whom risk, irrespective of returns, is the more important consideration. The peculiarities of banks such as their opaqueness, heavy regulation and tendency to being subject to government bailouts all mean that a greater understanding about factors linked to their risk is valuable. Our sample consists of the 43 largest banks in the European Union during the period 2003 to 2011. Risk is measured by unlevered beta as calculated by DataStream and is calculated over a 5-year period using monthly observations. To overcome the commonly reported problems of dynamic endogeneity, simultaneity and unobserved heterogeneity in panel data, we use a dynamic generalised method of moments (GMM) estimator. As the sample period consists of two economically different time periods (i.e. before the recent financial crisis and during the financial crisis) the data is analysed in three time periods: the whole sample period, 2003–2011, the pre-crisis period of 2003 to 2006 and for the crisis period of 2007–2011. Our results show that board size, board independence, total compensation, the vesting period of stock options and the DataStream overall corporate governance score are all negatively related to bank risk for the full period. In contrast, shareholders’ approval of stock options programme compliance, the existence of a corporate governance committee and bank size are positively associated with bank risk. The full paper provides further discussion of the findings from the two sub-periods. Corporate Governance Disclosure in the 2007–2011 Financial Crisis: Evidence from the UK and Germany Subhan Ullah The Open University, United Kingdom Abstract The quality of explanations reported for non-compliance with the corporate governance codes has recently receivedsignificant attention from regulators and academics. The Financial Reporting Council in the UK and the European Company Law and Corporate Governance Action Plan (2012) have raised concern over the quality of explanations reported by listed companies operating in the ‘comply or explain’ regimes. However, there is no empirical evidence about the variation in the quality of explanations across different corporate governance systems, especially during the recent financial crisiswhich started in autumn 2007. This paper intends to fill that gap and it examinesthe types of 30 2014 ACEB Conference - Singapore Nov 13-14, 2014 explanations that companies provide when they choose not to comply with or deviate from a code of corporate governance.The UK and Germany are chosen for this study because they exhibit different board structures, legal systems, and capital markets, although both countries have implemented formal governance codes. These differences in the two jurisdictions therefore provide a rich context for exploring the quality of reported explanations for non-compliance with the respective corporate governance codes of the two countries.Using a content analysis approach, we analysed 600 corporate governance reports for a sample of 120 firms across the UK and Germany for the period 2007–2011. We find that, irrespective of the corporate governance systems in different locations, non-compliant firms do exploit the ‘explain’ option and flexibility of the ‘comply or explain’ principle. On the basis of our findings, we argue that regulators should not leave the burden of assessment of these reported explanations to the hands of only one player (investors) in the capital market. Corporate Social Responsibility Practices in Hong Kong Helen Wong The Hong Kong Polytechnic University, Hong Kong Raymond Wong The Chinese University of Hong Kong, Hong Kong Abstract Business ethics is a contemporary issue in nowadays business, it involves application of standards of moral behavior to business situations.To general public, apart from business ethics, they also concern whether corporations are operating socially responsible nowadays. Although the key objective of a business corporation is to earn maximum profits for shareholders or owners, it is expected to conduct its operations in a manner to fulfill its social obligations. Big corporations are expected to have more corporate social responsibility practices because they have more resources. This study is to examine the current practices of corporate social responsibility in three Hong Kong Blue Chip companies. The selected companies are ranked top three in an Oxfam Hong Kong Survey 2009.Similarities and differences of their practices are discussed in the study. The study provides insights to other companies in taking up the corporate social responsibility, such as resources allocation and action plan towards better community and environment etc. Furthermore, government or stock exchange can also take it as a reference for setting rules and practices for listed companies. COFFEE BREAK: 16:00 – 16:30 SESSION IV: 16:30 – 18:00 Room: L. ZICKLIN Chair: Helen Wong Is Natural Resources still an Important Determinant of Economic Growth? Or It has Already been Replaced by Openness and Innovation? 31 2014 ACEB Conference - Singapore Nov 13-14, 2014 Zhijun Gao Claremont Graduate University, United States Abstract In regard to the relationship between natural resources and economic development, many people think that resource-abundant countries are rich. However, after looking into countries’ economic growth around the world, we found the relationship is opposite. Some scholars called this phenomena “Natural Resource Curse”. In this paper, I will analyze the relationship between natural resources and economic growth using regression analysis; provide explanation for the curse. In the second section, I will analyze the other two determinants for economic development: trade openness and innovation, try to explore the reasons why some natural resource scarce countries can achieve economic success. The last section will provide policy recommendations for a natural abundant country to avoid the curse and maintain stable economic growth. The role of venture capital for entrepreneurship in less developed economies Thomas Straub School of Management Fribourg, Switzerland Stefano Borzillo SKEMA Business School, Paris, France Andi Caragea Bucharest University of Economic Studies, Romania Roxana Voicu-Dorobantu Bucharest University of Economic Studies, Romania Aron Jinaru Bucharest University of Economic Studies, Romania Abstract Our paper posits that entrepreneurial performance is closely linked to the quality and intensity of social motivation and the structure and quality of individual motivations. We argue that these two dimensions are found in a relationship of “nature-nurture” and are linked by a complex feedback process. This process encompasses the following dimensions (or ‘nodes’): mood → (valuing) → attitudes → (exigency) → abilities → (transfer) → behaviors → (valuing) → acquirement → (exigency) → performance → (transfer) → mood. We argue that the absence of venture capital for this process affects all three essential nodes: the valuing, exigency and transfer of best practices. Furthermore, we provide insights on our research methodology. We argue that our questionnaire was addressed to two groups (samples) of potential entrepreneurs: one sample from Romania; one sample from France and Switzerland. Our paper highlights several findings. Firstly, we find that compared to the Swiss-French sample, Romanian potential entrepreneurs (the Romanian sample) prefer to “be their own boss” and to have “the final say”. Secondly, we find that compared to the Swiss-French sample, Romanian potential entrepreneurs are less inclined to lead or to influence others. Thirdly, one of the most salient and 32 2014 ACEB Conference - Singapore Nov 13-14, 2014 relevant motivational trait which distinguishes Romanian potential entrepreneurs from the Swiss-French sample is that they consider, in opposition with the Swiss and French potential entrepreneurs, that “today, without a lot of money, we cannot take on a whole lot”. We claim that this is the most “unentrepreneurial” aspect of Romanian potential entrepreneurs, as revealed by our research. Fourthly, the Romanian potential entrepreneurs assert excessively the entrepreneurial will to build things that will be recognized publicly. They also disagree more than the Swiss-French potential entrepreneurs that a certain level of stress could stimulate them, and claim that they are a lot less effective in stressful situations. While respondents of the Swiss-French sample assert that they are fairly at ease in difficult situations, the Romanian respondents manifest less determination by asserting the opposite. What stems from our results is a picture of an entrepreneurial culture that is in deadlock in Romania an equally unpleasant picture for: politicians, academics, entrepreneurs, people and next generations; that means an unpleasant picture for all the main actors of the quintuple helix of innovative processes which could turn the actual state of development based on the vision of economic growth into one of sustainable development. In order to overcome this situation, we sustain that a participatory strategic approach based on the quintuple helix model is needed in Romania. More precisely, we argue that the impact investments and venture capital could offer in a first stage the necessary “cultural entrepreneurial kickoff” in Romania and; in a second stage, they could offer a more effective and efficient investment framework than the one prevailing in the actual Romanian state - a purely bureaucratic one. FDI and its impact on Social Development in the ASEAN 5 Sridevi Narayanan Help University, Malaysia Abstract While, empirical research has been widely undertaken to examine the economic impact of FDI inflows on the host or recipient country, this research paper examines the impact of FDI on the host country’s social development. As the social development context has many attributes; we will use HDI (Human Development Index) as a proxy for social development. This study focuses on developing countries’ FDI inflows because developing countries are the main attraction for FDI destinations. Hence, the ASEAN 5 groupings are selected comprising of countries such as Singapore, Malaysia, Indonesia, the Philippines and Thailand. Data for this study runs from a period of 1990 to 2014 and is extracted from the World Investment report (WIR), UNTAD and the UNDP using Panel Data Method. Henceforth, the purpose of this paper is to investigate whether along with economic benefits, there is a more sustainable development impact of FDI to the host country Least square Panel Regression Analysis is employed to analyze the impact of FDI on social development at first for each of the countries separately and then jointly and the results yielded from 33 2014 ACEB Conference - Singapore Nov 13-14, 2014 the E-views 7 were mixed, showing positive significant impact on Social development for FDI for some countries while the others showed a negative impact. Room: B. Baruch Chair: Raymond Wong The Relationships Among Four Factors and Turnover Intentions on Different Levels of Perceived Organizational Support Thanawatdech Thirapatsakun Rajamangala University of Technology Thanyaburi, Thailand Chanongkorn Kuntonbutr Rajamangala University of Technology Thanyaburi, Thailand Panisa Mechinda Rajamangala University of Technology Thanyaburi, Thailand Abstract This article investigated the relationships among four factors and turnover intention in the context of different levels of perceived organizational support. Data were collected from 890 professional nurses working in Thailand. The results revealed that three components, job demand, work schedule flexibility, and financial reward, best explained turnover intention. The result indicated that job demand had an influence on turnover intention through work engagement. Moreover, perceived organizational support had an effect on turnover intention through work engagement. Additionally, there was insignificant difference in terms of the fit of the structural models for the high and low level of perceived organizational support, indicating there is no moderating effect of perceived organizational support on the relationship between job demand and work engagement. The Relative Performance of Family Dominated Banks in Bangladesh Tasmina Mahbub University of Manchester, United Kingdom Kate Barker University of Manchester, United Kingdom Kent Matthews Cardiff University, United Kingdom Abstract There is a growing consensus in the literature that family dominated of ownership has a positive effect on non-financial firm performance. However, what little has been researched on the effect of family domination on the performance of banks shows no consensus. This paper examines the relative profit performance of family dominated banks in Bangladesh in the context of competing hypotheses of bank market structure. Using panel estimation we model profit performance of banks and show that the principal drivers are efficiency and non-performing loans. We also find that family dominated banks are 34 2014 ACEB Conference - Singapore Nov 13-14, 2014 less efficient and less profitable and that is the source of the weaker performance in its lending practices and non-performing loan position and the practice of soft crony capitalism. Gambling and Speculating Behaviour is simply a matter of Managing the Level of Risk Kogilah Narayanasamy Multimedia University Devinaga Rasiah Multimedia University Cj Gletus Mathhews Cn Jacobs Multimedia University Ng Way Loon Abstract Gambling and speculating which is no stranger to the common man are high risk and high return activities but not necessarily in equal measures. This research is intended to compare gambling and speculation with similar methods with dissimilar risk but with a similar goal of making money. The dissimilarity extends to the probability of losing or winning from the bet, and the time needed. In addition, this study also focuses on the mind set of those indulging on gambling and speculating. This study considers the view that gambling and speculative businesses are homogenous in the “nature”, in order to clear the doubts of the qualified criticisms which they are also confusing speculation from gambling (James & Douglas, 2009), therefore, researchers are assuming both are the same thing (Shaheen & James, 1987). 35 2014 ACEB Conference - Singapore Nov 13-14, 2014 LIST OF CONFERENCE PARTICIPANTS 36 2014 ACEB Conference - Singapore Nov 13-14, 2014 Author Affiliation Evan Lau UNIMAS Malaysia Thanawatdech Thirapatsakun Rajamangala University of Technology Thanyaburi Thailand Zlatinka Gougoumanova University of Essex/James Cook University Australia Singapore Zhijun Gao Claremont Graduate University United States Huy Nguyen Australian National University Australia Muhammad Sabbir Rahman International Islamic University Malaysia Malaysia Fadi Abdel Muniem Abdel Fattah Multimedia University Malaysia Malaysia Teresa Famulska University of Economics in Katowice Poland Bozena Ciupek University of Economics in Katowice Poland Jan Kaczmarzyk University of Economics in Katowice Poland Meichi Huang National Taipei University Taiwan David Meyer Washington University in St. Louis United States Naladi Vijaya Ratnam Acharya Nagarjuna University India Hai Nguyen International School- Vietnam National University Vietnam Van Ta International School- Vietnam National University Vietnam Peng Li Southeast University China Do Trung Nguyen Griffith University Australia Sookhee Jung Handong Global University The Republic of Korea Tasmina Mahbub University of Manchester United Kingdom Wan-Jung Hsiao National Chi Nan University Taiwan Siti Nurazira Mohd Daud Universiti Sains Islam Malaysia Malaysia Dyna Chao National Taiwan University of Science and Technology, IBM Taiwan Václav Vybíhal University of Ss Cyril and Methodius in Trnava Slovakia 37 Country 2014 ACEB Conference - Singapore Nov 13-14, 2014 Vinod Nakra AMITY University India Kuang-Liang Chang National Chiayi University Taiwan Sardar Ahmad The Open University United Kingdom Subhan Ullah The Open University United Kingdom Roman Cibera University of Economics, Prague Czech Republic Tomas Krabec University of Economics, Prague Czech Republic Sridevi Narayanan Help University Malaysia Lei Yu Southeast University China Dzul Hadzwan Husaini UNIMAS Malaysia Thomas Straub School of Management Fribourg Switzerland Stefano Borzillo SKEMA Business School, Paris France Andi Caragea Bucharest University of Economic Studies Romania Helen Wong The Hong Kong Polytechnic University Hong Kong Raymond Wong The Chinese University of Hong Kong Hong Kong Irwan Trinugroho Universitas Sebelas Maret Indonesia Kogilah Narayanasamy Multimedia University Malaysia Torsten Weber Cologne Business School Germany Biagio Simonetti University of Sannio Italy Chieh-fen Lin Taiwan International Ports Corporation Taiwan Murlidhar Chandekar VMV COMMERCE, JMT ARTS and JJP SCIENCE COLLEGE India Gustafsson Johan Transmarine Pacific Pte Ltd Singapore Frank Ong Singapore Workforce Development Agency Singapore Tarek Mourad Gulf International Bank Saudi Arabia Ihab Bajsair Gulf International Bank Saudi Arabia Bahaa Al-Sharief Saudi Bin Laden Group Saudi Arabia 38 2014 ACEB Conference - Singapore Binbin Yu Nov 13-14, 2014 School of Economics and Management of Southeast University China Glen Jones United States 39
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