published_or_final_version / Business / Doctoral / Doctor of Philosophy

published_or_final_version / Business / Doctoral / Doctor of Philosophy

published_or_final_version / Business Administration / Master / Master of Business Administration

This thesis investigates the determinants and consequences for the CEO selection in Chinese family firms. Employing a special hand-collected database from IPO prospectuses of family controlled firms, I identify three sets of determinants for the CEO selection, to be specific, choice between family and non-family CEOs. The first set of determinants is traditional culture, including regional traditional culture and entrepreneurs' traditional ideology. Families affected more by such traditional culture less likely employ non-family CEOs. The second set of determinants is family human capital. Families with greater human capital have lower probability of choosing non-family CEOs. Among all available family human capital, male family members are more crucial for the CEO selection while female family members are irrelevant. Current CEO selection is part of preparation for future family succession, so the second generation members have negative impact on selecting non-family CEOs, and such effect is more pronounced for male second generations and those who already actively involved in business. The third set of determinants is family specialized assets, including family reputation and political connections. To preserve and capitalized such assets, families with more specialized assets tend to employ fewer non-family CEOs. These determinants also have similar impacts on selecting chairmen and directors. Different CEO selection has various consequences on performance. I first find that non-family CEOs are associated with smaller IPO underpricing. For the long-term performance, I use one and two stage regressions to investigate the consequences of different CEO selection. In one stage regression, I find that firms with non-family CEOs have worse performance, measured by Tobin's Q. In two stage regression, I find the estimated CEO selection has no significant impact on performance. These results can be explained from a comparative advantage perspective that if all firms select CEOs following certain patter, no firms will have comparative advantage over others and less conflict between CEO selection and firms' and families' characteristics. I further find that firms making "wrong" decisions against their specific conditions underperform much worse than peers, due to the comparative disadvantage caused by the conflict between non-family CEOs and firms' and families' specific features. / Li, Sifei. / Advisers: Cong Wang; Joseph P. H. Fan. / Source: Dissertation Abstracts International, Volume: 73-07(E), Section: A. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 61-63). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

Despite the increasing significance of Chinese family businesses (CFBs) as an important sector in China??s fast-growing economy, family businesses in China have received little research attention in the literature. The aims of this study are two-fold. First, the study examines the current human resource management (HRM) practices of selected family businesses in the country in areas of recruitment and selection, training and development, performance appraisal, and rewards. Second, it investigates differences in HRM practices of CFBs between the eastern-coastal and inland regions of the country. From a questionnaire survey of 205 CFBs operating in seven cities in two regions, this study has found that CFBs combine their traditional informal, relationship-based HR practices with western-style HR practices. Furthermore, both univariate and multivariate analyses have demonstrated significant regional differences in HRM, thus supporting the argument that a firm??s HR practices are shaped by institutions in which the firm operates. The findings of this study make important contributions to both research and practice. First, the findings have provided further evidence to the applicability of institutional theory to the explanation of HRM practices. Second, the study has also provided some practical implications for HR managers of firms, both domestic and foreign, in China. However, results of this study need to be interpreted with caution because external validity is sacrificed to an extent given its focus on family businesses, a non-probability sampling method and relatively small sample size. In addition, the cross-sectional approach adopted in the study fails to identify changes in HRM over time. Despite the limitations, however, this study has contributed to the body of knowledge by enhancing our understanding of CFBs in China and their HRM that have been under-researched empirically.

published_or_final_version / abstract / toc / Business / Doctoral / Doctor of Philosophy

Despite the increasing significance of Chinese family businesses (CFBs) as an important sector in China??s fast-growing economy, family businesses in China have received little research attention in the literature. The aims of this study are two-fold. First, the study examines the current human resource management (HRM) practices of selected family businesses in the country in areas of recruitment and selection, training and development, performance appraisal, and rewards. Second, it investigates differences in HRM practices of CFBs between the eastern-coastal and inland regions of the country. From a questionnaire survey of 205 CFBs operating in seven cities in two regions, this study has found that CFBs combine their traditional informal, relationship-based HR practices with western-style HR practices. Furthermore, both univariate and multivariate analyses have demonstrated significant regional differences in HRM, thus supporting the argument that a firm??s HR practices are shaped by institutions in which the firm operates. The findings of this study make important contributions to both research and practice. First, the findings have provided further evidence to the applicability of institutional theory to the explanation of HRM practices. Second, the study has also provided some practical implications for HR managers of firms, both domestic and foreign, in China. However, results of this study need to be interpreted with caution because external validity is sacrificed to an extent given its focus on family businesses, a non-probability sampling method and relatively small sample size. In addition, the cross-sectional approach adopted in the study fails to identify changes in HRM over time. Despite the limitations, however, this study has contributed to the body of knowledge by enhancing our understanding of CFBs in China and their HRM that have been under-researched empirically.

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.

by Chau Tak-Tai Stanley, Ho Wai-Kit. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 40-41). / ABSTRACT --- p.3 / Chapter / Chapter 1 --- INTRODUCTION --- p.6 / Chapter 1.1 --- Market Outlook - increased unemployment rate --- p.6 / Chapter 1.2 --- The Changing Stereotype --- p.7 / Chapter 2 --- METHODOLOGY --- p.8 / Chapter 2.1 --- Overview --- p.8 / Chapter 2.2 --- Approach --- p.9 / Chapter 2.3 --- Frameworks --- p.9 / Chapter 2.4 --- Supporting Evidence --- p.9 / Chapter 3 --- HONG KONG FAMILY BUSINESSES --- p.11 / Chapter 3.1 --- Overview --- p.11 / Chapter 3.2 --- Definition --- p.11 / Chapter 3.3 --- Family Business Strategies and Motivation --- p.12 / Chapter 3.4 --- academic findings --- p.13 / Chapter 3.4.1 --- General identification --- p.14 / Chapter 3.4.2 --- Family Factors --- p.15 / Chapter 3.4.3 --- Financial issues --- p.20 / Chapter 3.5 --- Conclusion --- p.21 / Chapter 4 --- ANALYSIS --- p.23 / Chapter 4.1 --- Analytical Frameworks --- p.23 / Chapter 4.2 --- Michael Porter's Five Forces Model --- p.23 / Chapter 4.2.1 --- The Hong Kong Family Business Market --- p.24 / Chapter 4.2.2 --- Conclusion --- p.27 / Chapter 4.3 --- Cambridge Associates' Drivers of Value Model --- p.27 / Chapter 4.3.1 --- Cambridge Associates --- p.27 / Chapter 4.3.2 --- Drivers of Value Model --- p.27 / Chapter 4.3.3 --- Drivers of Value - Hong Kong Family Business 2003 --- p.28 / Chapter 4.4 --- Conclusion of the Analysis --- p.29 / Chapter 5 --- SURVEY RESULTS --- p.30 / Chapter 5.1 --- Survey Highlights --- p.30 / Chapter 5.2 --- Survey Limitations --- p.33 / Chapter 6 --- CONCLUSION --- p.34 / Chapter 7 --- RECOMMENDATION --- p.35 / Chapter 7.1 --- Planning --- p.35 / BIBLIOGRAPHY --- p.40 / APPENDIX --- p.43 / Surveys --- p.43

published_or_final_version / Sociology / Doctoral / Doctor of Philosophy