by Lee Ka Wing, Liu Chi Ngai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 46-47). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.ii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- COMPANY BACKGROUND --- p.3 / Pacific Century CyberWorks Limited --- p.3 / History --- p.3 / Major Business --- p.5 / Performance --- p.7 / Management of PCCW --- p.8 / Shareholdings Distribution (Prior to the merger) --- p.9 / Cable & Wireless HKT --- p.9 / History --- p.10 / Major business --- p.11 / Performance --- p.11 / Shareholdings Distribution (Prior to the merger) --- p.13 / Chapter III. --- REASONS FOR THE ACQUISITION --- p.14 / Chapter IV. --- MAJOR EVENTS --- p.17 / Competitive bid by SingTel --- p.17 / Arrangement for the USS12 billion loan --- p.18 / The Composite Document --- p.19 / Stories Behind the Offers (Prior to the Mergcr) --- p.20 / Probable strategy of C&W behind the acceptance --- p.21 / Chapter V. --- FINANCING PACKAGE --- p.24 / PCCW Equity Funding --- p.24 / PCCW Loan Funding --- p.25 / Chapter VI. --- ANALYSIS ON THE EFFECTS OF CORPORATE ANNOUNCEMENTS --- p.27 / Market Efficiency --- p.27 / Methodology --- p.28 / Announcements --- p.29 / Chapter VII. --- AFTERMATH --- p.31 / Financial Ferformance --- p.31 / What Went Wrong? --- p.32 / Economic and Corporate Governance --- p.34 / APPENDIX --- p.39 / BIBLIOGRAPHY --- p.46

by Mao Yim Cheung, Ng Kai Chung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 58-59). / ABSTRACT --- p.i / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.6 / Chapter (I) --- Review Of The Justifications For A Merged Entity Failing To Create Value --- p.6 / Chapter (II) --- Analytical Framework --- p.13 / Chapter III. --- COMPANY BACKGROUND --- p.27 / Chapter (I) --- Pacific Century Cyber Works --- p.27 / Chapter (II) --- Cable & Wireless HKT --- p.33 / Chapter IV. --- MERGER DIAGNOSIS --- p.37 / Chapter (I) --- Value Dynamics Framework Analysis --- p.37 / Chapter V. --- RECOMMENDATIONS --- p.52 / Chapter (I) --- Reposition NOW --- p.52 / Chapter (II) --- Focus More On HKT's Corporate Clients --- p.52 / Chapter (III) --- Restructure The CyberWorks Venture (CWV) --- p.53 / Chapter (IV) --- Transform Core Businesses Into Joint Ventures --- p.54 / APPENDIX --- p.55 / BIBLIOGRAPHY --- p.58

Liu Yajun. / Thesis submitted in: November 2005. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 89-93). / Abstracts in English and Chinese. / Chapter Chapter 1: --- Introduction --- p.5 / Chapter Chapter 2: --- ST Firms in China --- p.15 / Chapter Chapter 3: --- Sample Selection and Data Description --- p.22 / Chapter 3.1 --- Data sources --- p.22 / Chapter 3.2 --- Data description --- p.23 / Chapter Chapter 4: --- Methodology --- p.30 / Chapter 4.1 --- Event study for abnormal returns --- p.30 / Chapter 4.1.1 --- Definition and observation period --- p.30 / Chapter 4.1.2 --- Normal and abnormal returns --- p.31 / Chapter 4.1.3 --- Models to determine the normal returns --- p.31 / Chapter 4.1.4 --- Market model estimation --- p.33 / Chapter 4.1.5 --- Statistical inference --- p.35 / Chapter 4.2 --- Models with discrete dependent variables --- p.37 / Chapter 4.3 --- Wilconxon rank test --- p.38 / Chapter Chapter 5: --- Results of Empirical Studies --- p.39 / Chapter 5.1 --- Market reaction to ST events-event study --- p.39 / Chapter 5.2 --- Relationship of the cumulative abnormal returns and restructuring activities --- p.44 / Chapter 5.3 --- Relationship of ST status and restructuring activities --- p.50 / Chapter 5.4 --- Operational performance pre and post Share- restructuring activities of ST firms --- p.54 / Chapter 5.5 --- Regression result of operational performance pre and post share- restructuring activities --- p.57 / Chapter Chapter 6: --- Conclusion --- p.59 / Tables --- p.64 / Appendix I: Special Treatment System in China's Stock Market --- p.87 / References --- p.89

本文研究了海外背景的董事在中国上市公司中的表现和作用。本文从董事最基本的两个作用监督和指导出发，研究了海外背景的董事对于董事会治理和公司表现的各项投入和产出。研究结果表明，海外背景的董事在董事会会议的缺席记录更多，更少参与特殊委员会的工作。海外背景的董事对于高管薪酬水平的管理更弱，但在解雇表现不佳的CEO有积极的作用。在指导作用上，海外背景的董事表现得并不尽如人意。海外背景的董事并没有利用自己的海外经历为公司在海外并购业务来带好处。最后，海外背景董事占比最高的公司，托宾Q所代表的公司表现更低。这篇文章的重要性在于，这是第一篇用国内数据研究海外背景董事在公司治理和表现中的作用的文章，同时也是第一篇详细阐述不同的海外背景所具有的不同影响的文章。 / This paper discusses the presence and the roles of directors with foreign backgrounds in China’s listed companies. Starting from the two basic roles of boards, monitoring and directing, this paper examines the inputs and outputs of foreign-background directors (FBDs) on board governance and firm performance. The result shows that FBDs are associated with worse board meeting attendance records, less special committee assignments, weaker control in senior executive compensation level, but more strength in firing underperforming CEOs. In directing-related functions, FBDs does not meet the expectation that they can benefit the firm’s cross-border merger and acquisition decision by taking advantage of their foreign background knowledge. Finally, firms with higher fraction of FBDs on board are associated with poorer performance in terms of Tobin's Q. This research is significant because it is the first exploration of the functions of FBDs in listed corporations using China’s data, and the first attempt to identify the role of each different foreign background. / Detailed summary in vernacular field only. / Xia, Keqin. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references (leaves 30-34). / Abstracts also in Chinese. / Foreign Background Directors and Corporate Performance: Empirical Evidence from China’s listed Companies --- p.I / ABSTRACT --- p.II / 摘要： --- p.III / ACKNOWLEDGEMENTS --- p.IV / Chapter SECTION I --- : INTRODUCTION --- p.1 / Chapter SECTION II --- : LITERATURE REVIEW --- p.3 / Chapter 2.1 --- Board Functions--Monitoring and Directing --- p.3 / Chapter 2.1.1 --- Monitoring function & agency problem --- p.3 / Chapter 2.1.2 --- Directing function --- p.6 / Chapter 2.2 --- Board Governance and Firm Performance --- p.6 / Chapter SECTION III --- : DATA AND METHODS --- p.7 / Chapter 3.1 --- Individual characteristics --- p.7 / Chapter 3.2 --- Board characteristics --- p.8 / Chapter 3.3 --- Firm characteristics --- p.10 / Chapter 3.4 --- Different foreign backgrounds --- p.10 / Chapter SECTION IV --- : EMPIRICAL RESULTS --- p.12 / Chapter 4.1 --- Board Meeting Attendance Problem and FBDs --- p.12 / Chapter 4.1.1 --- Regression analysis of absence ratio --- p.14 / Chapter 4.1.2 --- Regression analysis of the total absence ratio --- p.15 / Chapter 4.1.3 --- Conclusion on attendance problem and foreign backgrounds --- p.17 / Chapter 4.2 --- Probit Regression Analysis of Committee Assignments --- p.17 / Chapter 4.3 --- Regression Analysis of Senior Executives’ Compensation --- p.19 / Chapter 4.4 --- Regression Analysis of CEO Turnover Rate --- p.21 / Chapter 4.5 --- An Event Study: Cross-border Mergers & Acquisitions (M&A) Analysis --- p.23 / Chapter 4.6 --- Firm Performance Regression Analysis: FBDs and ROA --- p.26 / Chapter 4.7 --- Firm Performance Regression Analysis: Tobin’s Q and FBDs --- p.28 / Chapter SECTION V --- : SUMMARY --- p.29 / REFERENCES --- p.30 / FIGURES AND TABLES --- p.35

published_or_final_version / Economics / Doctoral / Doctor of Philosophy

published_or_final_version / Law / Doctoral / Doctor of Philosophy

published_or_final_version / Sociology / Master / Master of Social Sciences

Sustainable Supply Chain Management (SSCM) has increasingly been considered important by both industry and academia, organizations around the world seek to extend or disseminate their sustainable practices to their multi-tier supply chains in order to make the whole chain sustainable. Among the main streams of SSCM research, it is surprising that, with a few exceptions, the leadership role of multinational corporations (MNCs) in their supply chains in an emerging economy has been ignored by researchers. Little is known on how MNCs, assuming leadership in their supply chain, have been able to facilitate their supply chain members to learn sustainability practice in an emerging economy context i.e. the mechanisms. To address this gap in the literature, a multiple-case study is designed. Multi-tier supply chains of three MNCs were selected to investigate their proactive sustainability projects in China. They are: Tetra Pak creating a recycling chain in China; Nestlé modernising China’s dairy industry; and IKEA’s sustainable cotton initiative. By adopting Resource Orchestration Theory (ROT), findings related to supply chain leadership, supply chain learning, multi-tier SSCM are presented. A number of testable propositions are advanced. The main findings of the research are that rather than focusing on the ‘low hanging fruits’ of sustainability, MNCs implement proactive sustainable initiatives requiring a strategic thinking and long term significant investment by engaging their multi-tier suppliers and non-traditional supply chain members. They tend to play a leadership role in the implementation process enabled by transformational and transactional leadership styles. These MNCs applied different leadership styles and governance mechanisms on different tiers of suppliers, which render different supply chain structures in the process of supply chain learning, which includes three stages of set up, operating and sustaining. This research contributes to SSCM research in the following ways: first, it may be the first attempt that investigates multi-tier SSCM through supply chain learning and supply chain leadership angles adopting a ROT perspective. This help to explain how MNCs implement sustainable initiatives in China; second, it contributes to supply chain learning literature by differentiating supply chain learning stages and learning content in terms of focal company knowledge resources and supplier learning complexity to explain the implementation of SSCM initiatives; third, leadership at an individual level is well researched and understood but it is not the case for organisational level leadership. This research enriches our understanding of the role of organisational leadership in MNCs’ SSCM; fourth, the research contributes to multi-tier SSCM with a focus on both supply chain governance mechanisms and supply chain structure; fifth, this research extend ROT from within an organization context to supply chains and include three aspects: breadth (resource orchestration across the scope of the supply chain including both internal and external breadth); depth (resource orchestration across multi-tiers of the supply chain); and project lifecycle (resource orchestration at various stages of supply chain learning stages); finally, a complete theoretical framework is developed to tie together the constructs of supply chain learning, supply chain leadership, multi-tier SSCM with ROT. Practically, a step by step methodology, integrating the key factors affecting the implementation of SSCM initiatives including supply chain learning, supply chain leadership, multi-tier supply chain governance and supply chain structure, is proposed. The ‘best practices’ of the researched MNCs provide a feasible roadmap for these organizations to learn from.

Following the growing emphasis on the monitoring role of independent directors in the board of directors in the stock exchanges of Western developed countries, companies listed on the Hong Kong Stock Exchange are required to appoint independent non-executive directors (INEDs) representing at least one-third of their boards under the Listing Rules. Unlike those Western developed capital markets where listed companies are widely held, most listed companies in Hong Kong are controlled and managed by families. This means realistically, INEDs of those family-controlled listed companies can only be appointed to the boards with the support from the controlling owners. Under such circumstances, the INEDs' ability to monitor the performance of the management of those companies independently is put in doubt. This thesis intends to conduct a qualitative study using phenomenological approach to explore and understand the role and effectiveness of INEDs in family-controlled listed companies in Hong Kong based on the INEDs' lived experiences. The study is the first of its kind in the Hong Kong corporate governance research arena, as research studies on corporate boards and directors have often adopted a quantitative approach, using only publicly available archival data without in-depth discussions with the subjects on their real experience and views on their jobs. Accordingly, issues related to directors in family-controlled listed companies that require in-depth discussions with these directors are impossible to be addressed by such research approach. Through semi-structured interviews with INEDs of companies listed in Hong Kong, this thesis has contributed to the existing knowledge and literature in the research on INEDs and corporate governance in family businesses and provide useful hints and ideas to practitioners, listed companies, investors, regulators and policy-makers.

published_or_final_version / Business Administration / Master / Master of Business Administration