published_or_final_version / abstract / Geography / Doctoral / Doctor of Philosophy

Lau Wing Man. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 47-57). / Abstract in English and Chinese. / ABSTRACT --- p.1 / 摘要 --- p.2 / ACKNOWLEDGEMENT --- p.3 / Chapter CHAPTER 1. --- INTRODUCTION --- p.6 / Management Development (MD) in Asia --- p.6 / Human Resources Management (HRM) and Organizational Performance --- p.7 / Management Development - A Key Component of HRM --- p.8 / The Concept of Management Development --- p.9 / Relationship between Management Development and Performance --- p.9 / The Importance of Aligning Human Resources Strategies with Business Strategies --- p.10 / The Role of Perception in Moderating the MD-Performance Linkage --- p.12 / Discrepancy in Perception between Human Resources Managers (HR) and Line Managers (LM) --- p.14 / Key MD Aspects: MD Ethos and MD Systems --- p.15 / The Hypothesized Model --- p.17 / Consistent vs Inconsistent Groups --- p.19 / Significance of the Present Study --- p.21 / Chapter CHAPTER 2. --- METHOD --- p.23 / Participants --- p.23 / Procedures --- p.23 / Measures --- p.24 / Data Analyses --- p.26 / Chapter CHAPTER 3. --- RESULTS --- p.29 / "Descriptive Statistics, T-test Statistics and Correlations between Key Variables" --- p.29 / Multisample Analysis of the Hypothesized Path Model --- p.32 / Chapter CHAPTER 4. --- DISCUSSION --- p.37 / Discussion on Key Findings --- p.37 / The Importance of Strategic Alignment --- p.37 / Discrepancy in Perception between HR and LM --- p.37 / "The Importance of Managers' Perception of MD Systems in Collectivistic, Tight Cultures" --- p.38 / Uniqueness of the HL Group --- p.41 / HL Group vs LH Group --- p.41 / HL Group vs HH Group --- p.42 / Theoretical and Practical Implications --- p.43 / Theoretical Implications --- p.43 / Practical Implications --- p.44 / Limitations and Further Studies --- p.45 / REFERENCES --- p.47 / APPENDIX A --- p.58

This dissertation identifies key determinants of outbound cross-border mergers and acquisitions (M&As) by emerging Asian acquirers during 2001-2012. Using a zero-inflated model that takes into account different mechanisms governing country pairs that never engage in cross-border M&As and country pairs that actively participate in cross-border M&As, I uncover unique patterns for emerging Asian acquirers. Emerging Asian acquirers originate from countries with lower corporate tax rates than those countries where their targets are located. Furthermore, the negative impact of an international double tax burden is significantly larger than that found in previous studies. While country governance differences and geographical and cultural differences are important determinants of international M&As, relative valuation effects are muted. Coefficients of these determinants vary substantially, depending on whether targets are located in developing or advanced nations. Also, determinants differ considerably between active and non-active players in cross-border M&As. Moreover, comparisons of empirical models illustrate that estimating a non-linear model and taking into account both the bounded nature and non-normal distributions of fractional response variables lead to different inferences from those drawn from a linear model estimated by the ordinary least squares method. Overall, emerging Asian acquirers approach the deals differently from patterns documented in developed markets. So, when evaluating foreign business combinations or devising policies, managers or policymakers should consider these differences.

Chen Chen. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 122-129). / Abstracts in English and Chinese. / ABSTRACT --- p.ii / ACKNOWLEDGEMENT --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF FIGURES --- p.vii / LIST OF TABLES --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Introduction --- p.1 / Chapter 1.2 --- Objectives and Motivation --- p.5 / Chapter 1.3 --- The Asian Crisis --- p.9 / Chapter 1.4 --- Procedures and Findings --- p.18 / Chapter 1.5 --- Summary --- p.20 / Chapter II. --- LITERATURE REVIEW --- p.21 / Chapter 2.1 --- Definition and Determinants --- p.21 / Chapter 2.2 --- Measurement Model --- p.25 / Chapter 2.3 --- Exchange Rate Fluctuation and Market Value of the Firm --- p.28 / Chapter 2.3.1 --- Exchange Rate Fluctuation and Stock Return --- p.28 / Chapter 2.3.2 --- Some Problems of the Measurement Model --- p.31 / Chapter 2.4 --- Exchange Rate Fluctuation and Market Risk of the Firm --- p.42 / Chapter 2.5 --- Summary --- p.45 / Chapter III. --- HYPOTHESES，METHODOLOGY & DATA --- p.47 / Chapter 3.1 --- Hypotheses --- p.47 / Chapter 3.2 --- Research Design --- p.50 / Chapter 3.3 --- Sample Selection --- p.56 / Chapter 3.3.1 --- Selection of Sample Group --- p.56 / Chapter 3.3.2 --- Selection of Control Group --- p.61 / Chapter 3.3.3 --- Comparison of Two Groups --- p.62 / Chapter 3.4 --- Data and the Measurement of the Variables --- p.64 / Chapter 3.5 --- Summary --- p.67 / Chapter IV. --- EMPIRICAL RESULTS AND DISCUSSION --- p.68 / Chapter 4.1 --- Exchange Rate Variability and Stock Return Volatility --- p.68 / Chapter 4.2 --- Exchange Rate Variability and Market Risk --- p.81 / Chapter 4.3 --- Interpretations --- p.87 / Chapter 4.3.1 --- Phenomenon 1: Cost of Equity and Net Cash Flows --- p.89 / Chapter 4.3.2 --- Phenomenon 2: Increased Return Variability and the US Stock Market Return --- p.92 / Chapter 4.4 --- Alternative Explanation --- p.96 / Chapter 4.5 --- Summary --- p.99 / Chapter V. --- CONCLUDING REMARKS --- p.100 / APPENDICES / APPENDIX 1. Firm Lists --- p.105 / APPENDIX 2. Estimates of CAPM Betas --- p.115 / BIBLIOGRAPHY --- p.122