Richard C.M. Yam and Esther P.Y. Tang
Hong Kong has been a major entrepôt for China for decades and its intermediate role has been enhanced in recent years. With the open door policy of China, Hong Kong manufacturers…
Abstract
Hong Kong has been a major entrepôt for China for decades and its intermediate role has been enhanced in recent years. With the open door policy of China, Hong Kong manufacturers have relocated extensively their low‐cost operations to the Pearl River Delta in Southern China. Under the outward processing arrangement, raw materials, components and work‐in‐progress are shipped to China for further processing and the finished products are shipped back to Hong Kong for re‐export to other countries. This mode of operation has created tremendous loads on the already congested cross‐border traffic between Hong Kong and the Pearl River Delta. In order to modernize its outdated and inadequate transportation systems, China has embarked on huge infrastructure development programmes in the Pearl River Delta and other fast developing regions. Hong Kong has also launched multi‐billion‐dollar ports and airport development projects scheduled to be completed in 1997/98. On completion of these projects, the strategic position of Hong Kong as an entrepôt of Southern China will be further enhanced, despite increasing competition from neighbouring ports and airports in the medium to long term.
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This article discusses the reasons and discourses adopted by the Hong Kong Special Administrative Region Government (Hong Kong SAR Government), with Mr Tung Chee Hwa as the Chief…
Abstract
This article discusses the reasons and discourses adopted by the Hong Kong Special Administrative Region Government (Hong Kong SAR Government), with Mr Tung Chee Hwa as the Chief Executive, in preparing young people to become more mature and responsible. In the Hong Kong context this means they should be willing to fulfil community obligations and opt for consultation rather than confrontation should individual or community rights be sought. Confucianism, named after Confucius (551‐479 BCE), has been and still is a vast and complicated system of philosophies, morals, rituals, and ideas, which for well over 2,000 years has informed and inspired the thinking and practice of countless people in Chinese societies and Asian countries in all important areas, including the economy and the polity (Tu, 1998a; Berthrong & Berthrong, 2000; Yao, 2002). Put simply, the goal of Confucian life is to create a peaceful world, with its ethical emphasis placed on the cultivation of the self and the promotion of harmonious and respectful relations with other people in different spheres of human activities.
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The study examines the impact of real exchange rates and asymmetric real exchange rates on real stock prices in Malaysia, the Philippines, Singapore, Korea, Japan, the United…
Abstract
Purpose
The study examines the impact of real exchange rates and asymmetric real exchange rates on real stock prices in Malaysia, the Philippines, Singapore, Korea, Japan, the United Kingdom (UK), Germany, Hong Kong and Indonesia.
Design/methodology/approach
This study uses the asymmetric autoregressive distributed lag (ARDL) approach and non-linear autoregressive distributed lag (NARDL) approach.
Findings
The asymmetric ARDL approach shows more economic variables are found to be statistically significant than the ARDL approach. The asymmetric real exchange rate is mostly found to have a significant impact on the real stock price. Moreover, real output and real interest rates are found to have a significant impact on the real stock price. The Asian financial crisis (1997–1998) and the global financial crisis (2008–2009) are found to have a significant impact on the real stock price in some economies.
Research limitations/implications
Economic variables are important in the determination of stock prices.
Originality/value
It is important to examine the impact of asymmetric real exchange rate on the real stock price as the depreciation of real exchange rate could have different impacts than the appreciation of real exchange rate on the real stock price. The previous studies in the literature mostly found the significant impact of nominal exchange rate on the nominal stock price.
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This case reviews different varieties of currency crises and two in particular: United Kingdom in 1992 and Hong Kong in 1998. These were two very different types of crises, and…
Abstract
This case reviews different varieties of currency crises and two in particular: United Kingdom in 1992 and Hong Kong in 1998. These were two very different types of crises, and understanding them could serve the protagonist well when future crises occurred.
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S. Thomas Ng, Jonathan Shi and Yuan Fang
Many planners and managers prefer to maintain more than enough construction materials on site to avoid valuable labour and plant resources staying idle. Despite the fact that…
Abstract
Purpose
Many planners and managers prefer to maintain more than enough construction materials on site to avoid valuable labour and plant resources staying idle. Despite the fact that minimising the buffer stock would improve the productivity of a construction project, no one likes to take this risk especially when the consequences are not totally clear. This paper aims to identify the possible savings in time and cost due to different amounts of buffer stock on site, by introducing an activity‐based simulation model.
Design/methodology/approach
In this research, details and data of a residential project involving substantial amounts of pre‐cast components are collected. The project participants are asked to unveil the constraints on site and throughout the material delivery and storage processes. Finally, the collected data are fed into the activity‐based construction simulation tool for analysis.
Findings
The results indicate that simulation could help quantify the productivity of resources so as to establish the most suitable strategy for improving the logistics of materials handling in a construction project.
Originality/value
The paper helps construction planners and managers to streamline the flow of construction materials and determine optimal buffer stocks rather than relying on subjective judgement.
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Previous studies investigate factors affecting project outcomes. Yet, it has not been fully explored regarding which factors differentiate healthy projects from distressed…
Abstract
Purpose
Previous studies investigate factors affecting project outcomes. Yet, it has not been fully explored regarding which factors differentiate healthy projects from distressed projects in the early stage of the project delivery process. The purpose of this study is to investigate the links between project-planning factors and project outcomes in the closing phase.
Design/methodology/approach
The authors use a longitudinal survey method to examine the predictability of project-planning factors. Subsequently, the authos employ confirmatory factor analysis and hierarchical logit regression to develop project-distress classification models.
Findings
Analysis of 90 capital projects shows that performance variation in the project planning phase explains a substantial portion of project distress at completion. Subsequent univariate logit analysis shows that S5 (quality of scope control system) and Tn1 (new practices and technologies) variables have the strongest predictive abilities. Hierarchical logit analysis further shows that a combination of 15 metrics in the project-distress measurement model produces strong and stable predictive power.
Research limitations/implications
This study assesses how well performance variation in the project-planning phase predicts project distress before construction phase. It does not assume the reported results apply to all types of projects. Nonetheless, future studies could generalize our findings by incorporating more types of projects.
Originality/value
This study takes a systematic approach, combining longitudinal survey, measurement theory and hierarchical logit analysis to identify distressed projects early, offering managers an opportunity to take early corrective actions. Practitioners may use this approach to investigate other types of projects and further refine the project-distress classification model into a project-specific model, thereby reflecting projects' unique characteristics.
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Researchers have long sought to understand how risks in supply chains (SCs) affect firm performance. Yet, they have not fully subjected claims of how SC risks affect firm…
Abstract
Purpose
Researchers have long sought to understand how risks in supply chains (SCs) affect firm performance. Yet, they have not fully subjected claims of how SC risks affect firm financial performance to theoretical and empirical scrutiny. The purpose of this paper is to investigate the links between SC risks and firm financial performance.
Design/methodology/approach
The author analyzes how SC risks affect firm financial performance from the perspective of marginal financial performance (MFP) using survey and financial statement data. The author employs structural equation modeling to examine the hypotheses using 106 Taiwanese listed companies across 20 industries.
Findings
The findings regarding the importance of industry-specific risk, organizational risk, internal business process risk, and demand risk are consistent with prior studies. The author finds that demand risk has an MFP of −0.20, the highest negative effect among the risk variables. The findings also show that industry-specific risk possesses an MFP of −0.16, the second-highest negative effect, despite having no direct effect on financial performance.
Research limitations/implications
This paper examines how SC risks affect MFP via combining survey and financial statement data. It does not assume the reported MFP estimates apply to all businesses in other countries. However, future research could triangulate our findings.
Originality/value
This study combines survey and financial data to analyze how SC risks affect firm financial performance. Specifically, it provides a methodology for estimating quantitative cause-effect relationships between SC risk and firm financial performance, an important topic that receives less research interest in the field of supply chain management.
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Allan K.K. Chan and Yue‐Yuan Huang
Reports a study of 1,304 Chinese brand names of ten types of products in China. These brand names are content analyzed following a linguistic approach which the authors developed…
Abstract
Reports a study of 1,304 Chinese brand names of ten types of products in China. These brand names are content analyzed following a linguistic approach which the authors developed from their earlier studies. The ten types of brand names are presented in three broad categories representing the three different developing stages of the consumer product industry in China: brands of traditional products (illustrated by matches and spirits), brands of traditional products with current development (illustrated by bicycles, shoes, and toothpastes), and brands of new and modern products (illustrated by cosmetics, soft drinks, washing machines, refrigerators and TV sets). The conclusion drawn from the analysis is that one of the variables in determining how linguistic principles are being applied to Chinese brand naming is the respective stages of development of such products in the context of the Chinese market economy.
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Huong Bui, Long Hong Pham, Ngoc Pham, Phuong Anh Dang, Quynh Bui, Dung Nguyen, Thuy T. Duong, Chung Nguyen and Hiroaki Saito
Vietnam has repositioned itself from a war-torn country to a popular tourist destination. Although research on Vietnam tourism has grown in number, a macro analysis of national…
Abstract
Purpose
Vietnam has repositioned itself from a war-torn country to a popular tourist destination. Although research on Vietnam tourism has grown in number, a macro analysis of national tourism governance and policies has largely been missing.
Design/methodology/approach
This synthesis paper offers a systemic analysis of Vietnam’s tourism accommodating intensified government intervention and dramatic market changes in recent decades. The authors offer a chronological analysis of tourism development along with the major political and economic turns of the country.
Findings
The patterns of tourism development reflect a compromise between centralization and decentralization of the governance system and a trade-off between economic and social objectives of development. Balancing these opposites, the internal strength of the domestic market and the resilience of communities and businesses become key assets for growth in circumstances where the socialist market economy continues to inform the current and future development of the industry.
Research limitations/implications
Although the case of Vietnam is unique, the adaptive mechanism of the tourism industry highlighted in this paper offers a useful lesson for other developing countries. The research addresses tourism in the political economy in developing countries, which is valuable for researchers, policy analysts as well as practitioners in tourism.
Practical implications
The practical contribution of the study is derived from authors’ academic and industrial backgrounds. Findings from the study serve as a useful reference for those who embark on the study of tourism governance and policy-making in developing countries and problems associated with the economic transitional process. Those problems of the disparity between centralization and decentralization of the political system might not be only significant in Vietnam, but also prevail in developing countries. Thus, this study offers a point of departure for future empirical and comparative research on the kindship of tourism and political economy in a full scale.
Social implications
The transitional economy as viewed through the tourism industry is prominently presented in the “evolutionary” approach to the transitional economy, which exhibits several unique features: the transition from a centrally planned (command) economy to a market economy and the manifestations of a socialist orientation in the modern economic management system (Vuong et al., 2019). While data from this study is mainly illustrative of the first point, the transition from a planned economy to a market economy, the second characteristic, the manifestation of a social orientation has only slightly been addressed and will need further elaboration in a future study. While Vietnam’s tourism positions itself in a socialist market-oriented economy might set a unique case, the study highlights the politics of tourism is shaped by the politico-economic system. The authors conclude that the adaptation of Vietnam tourism to a socialist market-orientated economy is better perceived as a social evolution achievement rather than a feature of capitalism.
Originality/value
The latest study on tourism governance (Bui et al., 2022) has outlined the evolution of the tourism administrative system and markets in the country; however, linkages of tourism to the broader political economic system have yet to be addressed. Addressing this gap, the authors carry out analysis of policies and governance from the insider’s viewpoint, when team members have been involved in numerous tourism planning and development projects, both on international and national scales. The practical experience along with thorough review of literature and statistical data contributes to shaping a fresh understanding of tourism in a transitional economy.
设计/方法论/途径
这篇综述对越南旅游业进行了系统分析, 包括近几十年来不断增强的政府干预以及巨大的市场变化。作者根据时间顺序分析了旅游业的发展以及该国的主要政治及经济的转变。此外, 政策文件的内容分析及旅游市场分析进一步说明了政治经济体系对旅游治理及政策的影响。
目的
越南已将自己从一个饱受战争的国家重新定位成备受欢迎的旅游目的地。尽管对越南旅游业的研究不断增多, 但对国家旅游治理和政策的宏观分析却被之前的探究所忽略。此研究通过展示越南转型经济中的旅游治理模式连接了两个学科, 并且丰富了政治经济学和旅游学的文献。
研究结果
旅游政策和市场分析反应了治理体系集权与分权之间的折中以及经济和社会发展目标之间的权衡。国内市场的内在优势以及社区及企业的韧性可以成为成长的关键资产来平衡这些对立面, 同时社会主义市场经济将继续影响产业的当前及未来的发展。因此我们的结论是, 越南旅游业适应社会主义市场经济应该被视为社会进化的成就, 而不是资本主义的特征。
研究局限/应用
考虑到一篇文章所能解决的问题有限, 作者无法就转型经济与中国进行比较研究。我们的研究为未来亚洲旅游与政治经济之间联系的实证和比较研究提供了一个出发点。
实践意义
研究结果为发展中国家旅游治理和政策制定研究提供了有益的参考。
社会影响
研究结果对于发展中国家旅游治理及政策制定研究具有重要参考意义。这项研究的成果对于发展中国家的旅游政策分析师, 特别是亚洲的研究人员来说很有价值。
原创性/价值
当前的研究弥补了政治经济学中的一个研究不足, 即马克思主义学说及其与旅游业的对话。知识转移是本研究的一个亮点, 它源自对国家政治经济议程中的旅游治理的批判性分析。
Objetivo
Vietnam ha pasado de ser un país devastado por la guerra a convertirse en un popular destino turístico. Aunque la investigación sobre el turismo en Vietnam ha crecido en número, ha faltado en gran medida un macroanálisis de la gobernanza y las políticas turísticas nacionales. Nuestra investigación ha enriquecido la literatura tanto de la economía política como del turismo tendiendo un puente entre ambas disciplinas al presentar las pautas de la gobernanza del turismo en la economía de transición de Vietnam.
Diseño/metodología/enfoque
Este documento de síntesis ofrece un análisis sistemático del turismo de Vietnam que abarca la intensificación de la intervención gubernamental y los drásticos cambios del mercado en las últimas décadas. Los autores ofrecen un análisis cronológico del desarrollo del turismo junto con los principales giros políticos y económicos del país. Además, el análisis del contenido de los documentos políticos y el análisis del mercado turístico ilustran mejor las repercusiones de los sistemas político-económicos en la gobernanza y las políticas turísticas.
Resultados
Las políticas turísticas y el análisis del mercado revelan un compromiso entre la centralización y la descentralización del sistema de gobernanza y un compromiso entre los objetivos económicos y sociales del desarrollo. Al equilibrar estos opuestos, la fuerza interna del mercado nacional y la resistencia de las comunidades y las empresas se convierten en activos clave para el crecimiento en unas circunstancias en las que la economía de mercado socialista sigue informando el desarrollo actual y futuro de la industria. Concluimos que la adaptación del turismo vietnamita a una economía socialista orientada al mercado se percibe mejor como un logro de la evolución social que como una característica del capitalismo.
Limitaciones/implicaciones de la investigación
Dentro del limitado abanico de cuestiones que podrían abordarse en un solo artículo, los autores no pueden establecer un estudio comparativo con China, en lo que respecta a la economía de transición. Nuestro estudio ofrece un punto de partida para futuras investigaciones empíricas y comparativas sobre la conexión entre turismo y economía política en Asia.
Implicaciones prácticas
Las conclusiones del estudio sirven de referencia útil para quienes se embarcan en el estudio de la gobernanza y la formulación de políticas turísticas en los países en desarrollo.
Implicaciones sociales
Los resultados de la investigación son valiosos para los investigadores del sudeste asiático en particular y para los analistas de la política turística del mundo en desarrollo en general.
Originalidad/valor
La presente investigación contribuye a un área poco investigada de la economía política, a saber, la doctrina marxista y su diálogo con el turismo. La transferencia de conocimientos es un aspecto destacado de esta investigación, que se ha derivado de un análisis crítico de la gobernanza del turismo en la agenda económica política nacional.
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Long Hong Pham, Erisher Woyo, Trang Huong Pham and Dao Thi Xuan Truong
Widespread technology adoption in tourism enables tourists to be active content creators, thus, influencing destination brands through co-creation. This study examines value…
Abstract
Purpose
Widespread technology adoption in tourism enables tourists to be active content creators, thus, influencing destination brands through co-creation. This study examines value co-creation, social commerce information sharing, and destination brand equity.
Design/methodology/approach
A quantitative approach was applied to analyse data collected from a global online survey. Hypotheses were tested using PLS-SEM analysis.
Findings
Results show that destination brand equity is positively influenced by value co-creation. Additionally, social commerce information sharing mediates the relationship between value co-creation and destination brand equity.
Practical implications
The article adds new insights to tourism marketing by investigating value co-creation, social commerce information sharing and destination brand equity. It also offers interesting implications for destination managers to improve Vietnam as a destination brand.
Originality/value
This paper is among the first to test the mediating role of social commerce on value co-creation and destination brand equity.