MANAGING·BUSINESSINTHE199o'SVOLUME!EditedbyHENRYSTEELE&NELSONSANTOSANTONIO
TheFir.stSouthChinaInternationalBusinessSymposiumisorganizedbytheFacultyofBusinessAdministrationoftheUniversityofMacauand~TheCenterforInternationalBusinessStudyofLingnanCollege,HongKong
FIRSTSOUTHCHINAINTERNATIONALBUSINESSSYMPOSIUMON"PLANNING,DEVELOPINGMARKETSANDINFORMATIONTECHNOLOGYSUPPORT:MANAGINGBUSINESSINTHE1990's"MacauMarch28to30,1994ProceedingsandPapersVolumeI[i)~r,~~t-Rti!OFERTADAFUNDA<;AOMACAU
Publishedby:MacauFoundationApartado3052,MacauFacultyofBusinessAdministrationBusinessResearchandTrainingCentreUniversityofMacauP.0.Box3001,MacauCentreforInternationalBusinessStudies(CIBS)LingnanCollege15,StubbsRoad,HongKongISBN972-8147-17-1REMARKaTheresponsibilityforfac1s,l;mguage§,Aanq~opinions•expressedinthispublicationrestsexclusivelywiththeauthorsandthe)rinterpreta'tidns'do~tnesilarilyreflecttheviewsorthepolicyofMacauFouvdation,theFacultyofBusinessAdrninistrtion,UniversityofMacauandtheCentreofInternatio'naI'Busin~ss'studies,,LingfilirfcoHegQIrtheirsupporters.
CONTENTSMessagefromtheGovernorofMacauOpeningRemark·WelcomingAddressesForewordOneForewordTwoEditorialClosingAddressReviewersforFirstSouthChinaInternationalBusinessSymposium,1994AcknowledgementLECONOMICSTRACK1.EconometricAnalysisofSino-MacauTradeChiMAandAnthonyC.W.TAM,UniversityofMacau,Macau2.AnEconometricModelforInternationalBankPortfolioManagementJing-twenCHEN,NationalCentralUniversity,Taiwan3.UncertaintyandPDPMarketEfficiency:StrongandWeakRelationalityinDoubleAuctionExperimentalMarketsShu-hengCHEN,Jenn-ShyongKUOandChu-ChiaLIN,NationalChenchiUniversity,TaiwanxiiixvxviixxixxiiiXXVxxviixxxiXl'.XV4.OffshoreFinancialCentreswithinEuropeanCommunity-Andorra,ChannelIslands,IsleofManGeorgeSANDERSON,GriffithUniversity,Australia5.ForecastingCountryRisk,:anAssessmentandanOfferingDavidNEWMAN,LingnanCollege,HongKong6.Hl;lveEconomicsBlocsBenefitedASEANEconomicExpansion?AhmadZainuddinADULLAH,UniversityPertanianMalaysiaandSomchaiHARNHJRUN,ConcordiaUniversity,Canada7.AStudyonTaiwan-JapanTrade:MarketStructure,TermsofTradeandTradeDeficitJwu-RongLIN,FengChiaUniversity,Taiwan8.OntheChoiceofaCurrencyBasket:TheCaseofHongKongTai-yungKAM,FengChiaUniversity,TaiwanIII11213743556369
9.TheDesirabilityorPossibilityofanAsian-PacificTradeBlock85JamesR.BRADSHAW,BrighamYoungUniversity,Hawaii,USA·10.ChineseInvestmentReformsandEvolutionofInvestmentBehavior95inChineseState-ownedIndustrialEnterprisesFengleiYANG,UniversityofNamur,Belgium11.PotentialImpactofChina'sRe-entryintoGATTonBusinessStrategiesinSoutheastAsiaforthel990's107ArnaldoGON<;ALVES,GovernmentofMacau12.TheTransitionfromCentralPlanningtoMarketEconomy:AnInternationalComparison113MarioMURTEIRA,JSCTE,Portugal13.ResearchontheDevelopmentofMacao'sIndustrialStructure131Le-yuZHANG,Lingnan(University)College,ZhongshanUniversity,China14.OnSpeedingUptheDevelopmentoflnter-industryTradeinChina135ZhibiaoLIU,NanjingUniversity,China15.TheExportingMerchantsGainsfromUCP500141HongZHANG,NanjingUniversity,China16.JointVenturesinChina:SomeMicroeconomicImplicationsofMacroeconomicReforms145ZhaohuiCHEN,LondonSchoolofEconomics,UnitedKingdom17.AComparativeStudyofEconomicDevelopment:TheCaseofShanghaiandTaiwan151YiminZHANGandKang-minCHEN,ShanghaiInstituteofMechanicalEngineering,ChinaACCOUNTING,FINANCEANDBANKINGTRACK18.TheLeasingDecisioninPrivateCompanies167MichaelH.WATSON,ManchesterMetropolitanUniversity,UnitedKingdom19.DevelopingandApplyingCreditScoringModels:PastExperiencesofandFutureDirectionsforaBankandanInternationalChargeCardCompany175Hian-chyeKOH,HongKongUniversityofScienceandTechnology,HongKong20.PhasesintheGrowthofanAccountancyProfession187G.D.DONLEAVY,UniversityofHongKong,HongKong21.MarketefficiencyandPortfolioManagementofHongKongStockinU.S.Funds203SandyCHAU,LingnanCollege,HongKongIV
22.TheProperRoleofEthicsinAccountingEducation-PerspectiveforHongKongandChina213E.K.C.CHIUandD.W.S.WONG,UniversityofHongKong,HongKong23.TheTransfonnationfromaSpecializedBanktoaCommercialBankandtheRiskManagementofBankCapital229Lin-shunZHENG,Zheng-xinLIU,IndustrialandCommercialBankofChina,24.TheDevelopmentStrategyofInternationalBusinessofthePeople'sConstructionBankofChina237Jian-hangWU,ThePeople'sConstructionBankofChina,China25.TheBeneficialEffectonFinancialandManagerialAspectsforChina-basedEnterprise'sGoingPublicinHongKong247DanielK.TLI,FlorenceH.C.TSENGandShirleyL.H..Wong,LingnanCollege,HongKongIII.MARKETINqTRACK26.ToBuildUpanExportMarketBasedonLocalAgentsandDistributors267BentIVERSEN,UniversityofOdense,Denmark27.InternationalizationofRetailing:TheExampleofEastandSouth-EastAsia277KeriDAVIES,UniversityofStirling,UnitedKingdom28.ADecisionSupportModelforthePlanningandAssessmentofExportPromotionActivities:TheBelgianCase289LudoCUYVERS,PatrickDePELSMACKER,GlennRAYP,IreneROOZEN,UniversityofAntwerp(R.UC.A.),Belgium29.AComparativeStudyofMarketingResearchintheU.S.,Japan,andtheP.R.C.299Ru-heMEIandXin-kangCHEN,SUFE,China30.TheRelationshipBetweenFinnSizeandExportMarketingSuccess:AnEmpiricalAnalysis305YaolungJamesHSIEH,NationalChengchiUniversity,Taiwan31.IndustryAnalysisofUnitedStatesBatteryMarketforPeople'sRepublicofChinaApplications315JohnN.TAYLORandIsabellaQ.PANG,UniversityofAlaskaFairbanks,US.A.32.SurveyDataandEmpiricalAnalysisofMulti-levelMarketinginHongKong327DavidREIDandJosephineP.L.CHEUNG,UniversityofHongKong,HongKongV
33.CompetitivityofRiceExportsinEastAsia:TheCaseofVietnam343PhilippeLEBAILLYandBaudouinMICHEL,UniversityofGembloux,Belgium34.WherearetheMarketBarriersintheUnitedStates?349MinH.LU,MonmouthCollegeWestLongBranch,US.A.35.StrategicWindowsandSustainableCompetitiveAdvantageinHi-TechIndustries363LillianCHENGWRIGHT,UniversityofSouthernCaliforniaandRussellW.WRIGHT,GroupeES.SEC,France36.DevelopingtheFastFoodMarketinSouthernChina375JulieH.YU,ChineseUniversityofHongKongandSusanaS.Tjia,HongKong37.China:ARipeMarketforAustralianDiaryProductswithinAsiaPacificEconomicCo-operation(APEC)inthe1990s387JuliusW.MUKHWANA,VictoriaUniversityofTechnology,Australia38.China'sUrbanChildrenasConsumers397,JamesUMCNEALandShu-ShanWU,TexasA&MUniversity,US.A.39.lstheMicrocomputeraPencilorDecisionSupportToolinHongKong?4051JackK.W.YEUNG,Gabriel0.OGUNMOKUNandMJohnFOSTER,CityPolytechnicofHongKong,HongKong40.CareerStagesandSalesperson'sMotivation:AnExploratoryStudyinHongKong411Chi-faiCHAN,TheChineseUniversityofHongKongFannyS.L.CHEUNG,CityPolytechnicofHongKong,HongKong41.PlanningandInformationTechnologySupport-APossibleSolutiontotheIssueofGrayMarketofCosmeticsinHongKong423K.F.LAUandBalanSATCHJT,LingnanCollege,HongKong42.TheApplicationofElectronicPoint-of-Sale(EPOS)SystemsinHongKong-HowFarhasCustomerSatisfactionBeenTakenCare?433K.F.LAU,andKevinYEUNG,LingnanCollege,HongKong43.TemporalBehaviourinConsumerProfessionalServices:ACrossCulturalComparison443HenrySTEELE,andJoeWONG,LingnanCollege,HongKong44.TheImpactofInformationIntensiveEnvironmentontheInternationalEntry-ModesforServiceFirms457Lai-cheungLEUNG,LingnanCollege,HongKong45.AStudyonRetailStoreImageorMaleExecutiveWearinHongKong467LorettHO,ThomasLEUNGandY.H.WONG,HongKongPolytechnic,HongKongVI
IV.46.ResearchonPromotionintheChinaConsumerProductMarketPengdeTAO,NanjingUniversity,ChinaINTERNATIONALBUSINESSTRACK47.China'sInwardForeignDirectInvestment(FDI):SomeTheoreticalandPolicyImplicationsXiamingLIU,DundeeInstituteofTechnology,UnitedKingdom48.ManagementattheCrossroads:FromAtlanticCenturytoPacificCenturyKazuoJohnFUKUDAandDavidKung-BengQUAH,TheChineseUniversityofHongKong,HongKong49.LeadershipinGlobalArenas:CosmopolitanChallengesandConditionsofPossibilitiesPhilippeDAVD!,UniversityofLund,SwedenandAgnetaKarlsson,CopenhagenBusinessSchool,Denmark50.Australian-AsianMarketHarmonisationRudolphBROWN,VictoriaUniversityofTechnology,Australia51.TheImportanceofCulturalPerceptioninRelationtotheBusinessExchangeProcess:DevelopingandMaintainingInternationalStrategicAdvantageEamonnP.SWEENEY,UniversityofHuddersfield,UnitedKingdom52.TheInternationalizationoftheHongKongClothingIndustry:ASurveyoftheCurrentSituationChing-hangLINGCHU,HongKongPolytechnic,HongKong53.DevelopingaValidandReliableScaleofSubjectiveExportPerformance(SSEP)LeslieR.BROWN,UniversityofSouthernQueensland,AustraliaandOliverH.MYAU,CityPolytechnic,HongKong54.CountertradewiththePeople'sRepublicofChina-IsHongKong-ChinaCountertradeDifferent?HenrySTEELE,LingnanCollege,HongKong55.HongKong'sHotelIndustryandInternationalCompetitivenessRickyYUandFrankGO,HongKongPolytechnic,HongKong56.InternationalPetroleumBusinessXiuchengDONG,UniversityofPetroleum,Beijing,China57.Cross-CulturalManagementinMultinationalCorporationsYangZHONG,NanjingUniversity,ChinaVII475479487507519529543553561573583589
V.CORPORATEORGANISATIONANDSTRATEGICMANAGEMENTTRACK58.ChineseManagementThought:WesternizationorModernization,ConfuciusorConvergence?595JohnE.Weinrich,UniversityofMacau,Macau59.MaximumProductivityfromTransferredTechnology:Towardan'Ideal'OrganizationalCulture601DonaldA.DUD/CK,NovaUniversity,US.A.60.ManagingBusinessinthe1990's:AComparisonofEasternandWesternManagementStyles613CarolynMBULLARDandTerryW.YOUNG,PepperdineUniversity,US.A.61.ImplementingTotalQualityManagement:AnApplicationoftheSoarPeakPerformanceStrategicLeadershipModel621DeweyE.JOHNSON,CaliforniaStateUniversity,Fresno,US.A.62.ServiceExcellence,ProductivityandHumanResourceManagementPracticeinSelectedSoutheastAsianHotels639AlanR.NANKERVIS,UniversityofWesternSydney,Australia63.StrategicAlliances:anAnalysisofCulturalVariablesofOrganisationalDesign653DavidTRIGG,RoyalMelbourneInstituteofTechnology,Australia64.ManagingtheOrganisationofthe1990's:TheContributionoftheInformationSystemsFunction661RobertMORETON,UniversityofWolverhampton,UnitedKingdom65.ProfessionalServicesinthePeople'sRepublicofChina671Kam-timIPandSallySTEWART,UniversityofHongKong,HongKong66.BusinessProcessRe-EngineeringWithinAKnowledge-BasedViewoftheFirm689RussellW.WRIGHT,GroupeES.SECandLillianCHENGWRIGHT,UniversityofSouthernCalifornia,US.A.67.AComparisonofManagementStrategiesandSystemsinJapaneseandWesternCompanies-AQuantitativeStudyofManagementStylesinBelgium697PatrickDePELSMACKER,LudoCUYVERS,&GlennRAYP,UniversityofAntwerp(R.UC.A.),SonjaBROUWERS,UniversityofGhent,Belgium68.CulturalFactorsandManagerialDecisionMaking705JCorreiaJES.VINOandElizabethREIS,ISCTE,PortugalP.B.SMITH,UniversityofSussex,Brighton,UnitedkingdomLuodonXU,UniversityofZhongshan,China69.ForaNewManagementParadigm:MetaphorsandContradictions711E.GomesCARDOSO,ISCTE,PortugalVIII
70.ManagementStyles:ACross-CulturalExploratoryAnalysis717ElizabethREIS&E.GomesCARDOSO,ISTCE,Portugal71.SunTzu'sArtofWarandBusinessWar-OnSunTzu'sIdeologyofCompetitionStrategies725SanduoZHOU,NanjingUniversity,China72.TheRolesandStatusofUniversitiesintheDevelopmentofHigh-TechZonesandRelativePolicyResearch737YingluoWANGandYuanfangSONG,Xi'anJiaotongUniversity,China73.LeamingSchool:AnIncrementalismStrategicThought745BingYAO,YongQiu,ZitianHANandHongshengLI,UniversityofMacau,Macau/lSCTE,Portugal74.DevelopmentofPrivateEnterpriseandItsRelationsandCooperationwiththeGovernment759LuodanXU,ZhongshanUniversity,ChinaVI.HUMANRESOURCEMANAGEMENTTRACK75.WhereweareandWherewego:AnalysisoftheManagementSystemandManagerialBehaviourofChineseState-OwnedEnterprises765YouminXI,Xi'anJiaotungUniversity,China76.TheCausalRelationshipBetweenJobSatisfactionandOrganizationalCommitment:AnEmpiricalExamination779Tung-chungHUANG,NationalCentralUniversity,Taiwan77.StrategicManagementInformationSystemsforHumanResourceManagementandPlanning793ElizabethJHATHAWAYandRoyW.NEWTON,StaffordshireUniversity,UnitedKingdom78.ManagerialMotivationandWorkRelatedValues:AStudyofChineseManagers815PeterH.ANTONIOU,PomegranateInternationalandKatherineWHITMAN,MountSt.Mary'sCollege,U.S.A.79.TheInternationalizationofWork-OptimizingAdaptationofEmployeestoaGlobalEconomy825IngridANDERZENandBengtB.ARNETZ,KarolinskaInstitute,Sweden80.TheFutureforWomenManagersinChina:ASpeculationontheEffectsofForeignTraininginManagementPractices833BarbaraLASKY,SwinburneUniversity,AustraliaIX
VII.81.IntegrationofOrganizationandIndividuals-ComparisonofJapaneseandAmericanExpatriatesKunikoMOCHIMARU,TokyoKeizaiUniversity,Japan82.TheNeedforEffectiveHumanResourcePracticesintheManagementofMultinationalOrganisationsWilliamF.CHADWICK,UniversityofRegina,Canada83.TrainingPoliciesofJointVenturesinChina-GuangzhouEvaKHONGandVirginiaTRIGO,UniversityofMacau,Macau84.HumanResourcesManagementandLabour-ManagementRelationsinChinaShumingZHAO,NanjingUniversity,China85.PowerStructureofLabour-ManagementRelationsinChina'sJointVenturesShumingZHAO,YanZHANG,ZhiyongMAO,NanjingUniversity,ChinaMANAQEMENTINFQRMATIQNSYSTEMANDINFQRMATIQNTECHNOLQQYTRACK86.InformationTechnologyandBusinessChange:DevelopinganAppropriateTheoryRaymondA.HACKNEY,ManchesterMetropolitanUniversity,UnitedKingdom87.Planning,DevelopingandMarketingTechnologyThroughaScienceParkPeterCF.CHAN,HongKongShueYanCollege,HongKong88.ManagerialObjectivesForIT-choiceinSocialContextsDavidPREECE,UniversityofPortsmouth,UnitedKingdom89.CrossCultureStudy,DifficultyandChallengeInComputerisingtheChineseSociety-AdaptingtheWesternTechnologytotheChineseCultureFrankXIA,UniversityofMacau,Macau90.NewHorizonsforInformationTechnology-IntegratedServicesDigitalNetwork(ISDN)PeterK.WKAM,UniversityofMacau,Macau91.Technology,AdministrativeInformation,andPerformanceControlMechanismfromCrossCulturalViewpointIng-chungHUANG,Cheng--chenLIN,NationalSunYat-senUniversity,Taiwan92.ProtectingKnowledgeBasesinVirtualOrganizationsGerhardSTEINKEandCyrusOLSEN,SeattlePacificUniversity,US.A.X843857867881887893903913923931943951
93.StagesofInformationSystemDevelopmentinHongKong959HakmanA.WAN,JudyS.C.FUNGandAlexanderK.H.CHAN,LingnanCollege,HongKong94.InformationCommunicationsTechnology-AttheHeartofInternationalBusinessStrategy967GeorgeSTONEHOUSE,ClaireBARBERandJonPEMBERTON,Universityof95.ManagementofInformationTechnologyina_GlobalEnvironment981HteinHAN,AhmedISPAHANI,AdalynWATT,UniversityofLaVerneandDavidS.KUNG,ModernInformationServicesInc.,US.A.VIII.BUSINESSETHICSANDLAWTRACK96.EthicalBusinessCulture-HowCanitbeNurtured?RichardNEISH,UniversityofCentralQueensland,Australia97.BusinessEthics-EasternMedicineorWesternPrescription?ChristoperJohnMOON,UniversityofGreenwich,UnitedKingdom98.PreventionisCheaperThanCure:ManagerialOpportunityintheEraofSustainableDevelopmentJanEDDINGTON,UniversityofSouthernQueensland,Australia99.Business,SocialResponsibilityandtheWesternTraditionRaeW~AR,UniversityofSouthernQueensland,Australia100.IntellectualPropertyProtectionandInternationalBusinessDecision-Making:TheCaseofChinaJayERSTLING,UniversityofSt.Thomas,US.A.IOI.AStudyoftheEffectoftheNewInterpretationonSourceofProfitonMultinationalBusiness'sDecisionforInvestment,MarketingActivitiesandTransferoflnformationTechnologyinHongKongandSouthChinaPatrickKin-waiHO,HongKongBaptistCollege,HongKong9899991009101910271037102.CorporateandSecuritiesLawandRegulationforDevelopingEconomies1045MichaelPETERS,ThePan-AsianResearchandTrainingCenter(Australia)andGordonWALKER,UniversityofCanterbury,NewZealand103.BusinessEnvironmentinMacau-SomeAspectsofCompaniesandTaxationLawsandTheirReforml065PauloPEREIRAVIDALandPauloCARDINAL,UniversityofMacau,MacauAuthorIndexXI
MESSAGEBYHISEXCELLENCYTHEGOVERNOROFMACAUATTHE"FIRSTSOUTHCHINAINTERNATIONALBUSINESSSYMPOSIUM"GeneralVascoRochaVieiraThedebateofideasandthecomparisonofprojectshavealwaysbeenthedynamicstrengththathasdeepeneddemocracyandstimulateddevelopment,essentialconditionstotheprogressofHumanity.IamthereforeverypleasedthatthisSymposiumisbeingheldandwishtopromptlyexpressmycongratulationstotheorganizersandparticipants,sincethiswillbeanotheropportunitytodemonstratethevirtuesofthoseassumptionsandthenobilityofthatobjective.IamalsoverypleasedthatthisSymposiumisbeingheldinMacauwhichhistorycfmorethanfourcenturiesperfectlyreflectsthespiritofdialoguewhichcharacterizesmeetingscfthisnature.Favouredbyitsgeographicallocation,enrichedbytheuniversalityofitsculturalcomponentsandentrustedwithanancestralknowledgeofthebehavioursandvaluesoftheChinesepeople,MacauoffersanenormouscapitalofexperienceandwisdomfortheanalysisandcomprehensionofthephenomenonwhichexplaintheeconomicsuccessofsouthChina.Thisasset,accumulatedthroughoutdecadesofmediationbetweenWestandEast,increasesthevalueofourendogenouspotentialofdevelopmentandrepresentsacompetitiveadvantagecfhighstrategicvalue,whichisbeneficialtotheprivateeconomicgainsbasedintheTerritory,allowingthemeasyaccesstothenetworksofproductionandcommercializationlocatedinsidetheChinesecontinent.Theinternationalprojectionofthishistoricassetisdeterminantasinterfaceoftheestablishmentofallianceswiththeacademiccommunitiesandtheintellectualelite,inordertogathercontributionsthatwillfunctionasleversofourdevelopment.TheprojectofregionalaffirmationwhichhavebeendevelopingincorporatesthisrangeofvaluesbaseduponthePortuguesepresencethroughoutvariousgenerations,translatestheEuropeanvocationoftheTerritory,whichisthereasonofitsdifferentiationandacontributetoitsautonomy.Inacontextofacceleratedglobalizationoftheeconomicact1V1t1esandintensifiedcompetitionattheworldlevel,Macauisthereforeaspaceandanopportunityinwhichtheindividual,asa"consumer"ofculture,andthecapitalasawealthgeneratingfactor,areamplyappreciated.Ourutilityallowsustoovercomethelimitationsofourresources,projectingusaspartnersofundeniablestrategicinterestandgrantingusadimensionthatexceedstheambitcftheregioninwhichweareinserted.Thematrixofoureconomicrelationsisbasedupontherecognitionofthevirtuesofthemarketeconomy,andtherefore,weprivilegefreeenterpriseandindividualcreativity.XIII
Withalongtraditionofsupporttotheprincipleoffreecirculationofpeople,goodsandcapitals,Macauisacityopentointernationaltrade,itsexporttraderepresenting78%cftheGrossDomesticProduct,in1992.Thiseconomicstatuteissupportedbytheimportanceofourbasicvalues,bythesolidityofoursocialandpoliticalstructureandbythecredibilityofthekeyinstitutionsinwhichthewidepoliticalautonomyoftheTerritoryisbasedupon.Therefore,similarlytotheWesterndemocracies,Macauhaspresentlyapoliticalmacrostructurelegitimisedbythed!;!mocraticpracticeofitschoice,bytheseparationofpowersandbythetotalindependenceoftheexecutive,legislativeandjudicialorgans.Theconsolidationofthispolitical,economicandculturalmodel,representsthepriorityofouractionandthetermsofourcommitment,sinceitconstitutesanadditionalguaranteetothosealreadyexpressedintheJointDeclarationsignedbetweenPortugalandthePeople'sRepublicofChina.Inthatdocument,ithasbeenestablishedthatfromthe20thDecemberof1999,MacauwillbecomeaSpecialAdministrativeRegionofthePeople'sRepublicofChinawiththemainGovernmentresponsibilitiestobeexercisedbylocalinhabitants,undertheresponsibilityoftheChineseGovernment.TheconditionsoftotalfreedomandindependenceinwhichthedocumentwasnegotiatedandsignedaresolidtestimoniesofitsfuturefulfillrnentandofaddedexpectationsforthecontinuousprogressofMacau.TheeffortofmodernizationthattheGovernmentisundertaking,internallyandexternally,isthereforejustifiable.Attheinternallevel,weareaimingtoprovidetheTerritorywithnewfactorscfcompetitiveness,constructionofinfrastructureoftransportationandfortheenvironment,improvingandenlargingtheeducationalsystem,universalizingtheaccesstothebenefitscfSocialSecurity,stimulatingtheinitiativeandthecreativityoftheintellectualsectorsandpromotinghabitsofparticipationofthecivilsocietyinthediscussionandresolutioncfproblemsofcollectiveinterest.Attheexternallevel,weassumeco-operationasthewaytosafeguardourinterestsandtoreinforceMacau'spresenceintheinternationalmarketsandorganizations.Asexamples,wewillstressourparticipationinGATT,theTradeandCo-operationAgreementwithEuropeanUnionandtheprotocolsignedwiththeUnitedNationsUniversitywhichallowedtheinstallationandoperationinMacau,oftheInternationalInstituteofsoftwareTechnology.Enjoyingahighdegreeofautonomy,asstatedintheJointDeclarationandalsointheBasicLawofthefutureMacauSpecialadministrativeRegion,theTerritoryhasthereforetheconditionstomaintainitspolitical/administrativesystemanditssocial/economicmodelfirthenextdecades,optimizingthephysicalandhumaninvestmentswehavebeenundertaking.ThestimulusofyourpresenceandthecontributionsofyourknowledgewillcertainlyconstitutenewelementsforreflectionandproducenewmotivationsforthedeepeningcfMacau'sidentity,soIwishonceagaintoexpressmyappreciationandcongratulationstoallcfyou.XIV
OPENINGREMARKDr.JorgeA.II.RangelSecretaryforPublicAdministration,EducationandYouthAffairsGovernmentofMacauLadiesandGentlemen,ThefactthatthisFirstSouthChinaInternationalBusinessSymposium,verytimelyorganizedinMacau,hasattractedsomanyofyou,distinguishedeconomistsandscholar,isaclearevidenceofthehistoricaltimeswearegoingthroughtoday.Inotherwords:Ifhistoryandgeography,inadditiontogovernmentpolicies,playfundamentalrolesinshapingthepatternofinternationalbusiness,Macauprovidesreasonsenoughtoconstituteanimportantattraction.TheterritorywasthefirstEuropeansettlementinSouthChinaandplayed,forcenturies,acentralroleasamediatorinthetradebetweenEastandWest,favouredbyaprivilegedpositionattheentrancetothePearlRiver,adjacenttotheprovinceofGuangdong,knownbyitslonghistoryofcommerceandwhichisexperiencingtodayoneofthehighestgrowthratesinsideChina.Additionally,theongoinginfrastructuraldevelopments,where,amongothers,theinternationalairportdeservestobementioned,aredeterminingfactorsinthestrengtheningcftheterritory'spositioninthecontextofthisboomingregion.AlsothefactthatthesymposiumisajointventurebetweentheLingnanCollegecfHongKongandtheUniversityofMacauisworthmentioningandtheresultwillsurelyreflectthestrongcombinationofefforts,ofsharedconcernsandofcommonexpectations.Thispatternofco-operationdeservestobefollowed.ThehighrateofresponsefromChineseuniversitiesandotherinstitutionsisanotherproofoftheinterestgeneratedbythissymposium.Infact,inthiswaveofchangesweepingEastAsia,scholarshavenotbeenslowtofollowup;significantworkhasbeendoneandyourenduringinterestwillbeofutmostrelevancetotheunderstandingofChina'sbusinessenvironmentandthemanypathsincreasinglyopentointernationalbusiness.FormanyofyouMacauwasprobablyaplaceshroudedinvaguenessandmystery.AfteryourparticipationinthissymposiumIamconvincedthatMacauwillbeconsideredbymostofyouasa11opportunitytoconsiderwhendesigningyourstrategiesforSouthChina.ThissymposiumalsoallowstheUniversityofMacautostrengthenitsimportantroleasanactivepromoterofacademicinterchangebetweenChineseuniversitiesandWesterncountries.InthelastfewyearstheUniversityofMacauhasestablishedverycloselinksbetweenEuropeaninstitutionsdedicatedtoresearchandtrainingandthoseinChina,andwehavebeenreceivingWesternscholarsandstudentswhocomeheretogetacquaintedwithEasterncultureandtobemorefamiliarwithmodemChinaandtheamazingchangesnowtakingplace.WithinourcapabilitiesourUniversityisopentowelcomeyouandyourstudentsaswell.Thebroadrangeofsubjectsyouareabouttodiscuss,involvingManagement,InformationTechnology,Finance,HumanResources,Marketing,InternationalBusinessandEconomicissueswillundoubtedlyprovideusefulinformationtobesharedbyall.Aswexv
rapidlyapproachthe21stCenturyitisnotpossibletoignorethepotentialsofthisvastregionandthecrucialrolesomeofthecountriesinthispartoftheworldwillplayinshapingthesocietyofthefuture.Asabridgeorasawindow,Macaumaycontinuetocontributetothesuccessofmanydecisiveven~esforhumankind.Theseareveryexcitingandchallengingtimesforus,inthisperiodoftransition,towardstheestablishmentofthespecialadministrativeregionofMacau,underthissovereigntyofChina.MayI,onbehalfoftheGovernmentofMacau,wishthatthisFirstSouthChinaInternationalBusinessSymposiumwillbejustthefirstofaseriestobeorganizedinthenearfuture.Willinglythenextonemaytakeplacein1996andagainhereinMacau.CongratulationstotheorganizersandIbelievethisisthebestoccasiontoreiterateourGovernment'ssupporttosimilarendeavoursinthefuture.Thankyou!XVI
WELCOMINGADDRESSDr.JohnTso-shunChenPresident,LingnanCollege,HongKongItismygreatpleasuretowelcomeallofyouheretodayforthe"FirstSouthChinaInternationalBusinessSymposium"co-organisedbytheCentreforInternationalBusinessStudies,LingnanCollegeandFacultyofBusinessAdministration,UniversityofMacau.TheSouthChinaregion,whichiscommonlyknownasthePearlRiverDeltaareaincludingtheeconomicblocofHongKong,MacauandGuangdong,hasseenthemostphenomenalgrowthintheworldeconomyduringthelastdecade.Theregion'sincreasinglyimportantroleintheworldbusinessandforthcomingchangesinthe1990'sprovidethestimulatingmomentumofinterestwhereacademicactivitiesareincreasinglybeingdeveloped.ThebusinessrelationshipofHongKong,MacauandChinaaswellasthatofChinaandtheworldwillnodoubtbeprominentandchallengingaspectsofstudiesforacademicandbusinesspractitionersthroughoutthe1990's.InthatcontextyourparticipationhereinthisSymposiumisassignificantasitistimely.YourorganizershaveputtogetherarichprogrammetocoverthemostimportantissuesconfrontingSouthChinabusiness.TheyhavealsoinvitedadistinguishedpanelofspeakerswhichincludesnotonlythebankingandfinancialpolicymakersfromChinabutalsoseniorscholarsandprofessionals.IamconfidentthatoutofyoursharingofperceptionsandideaswillemergethenecessaryinsighttosettherightpathanddirectionforSouthChina'sfuture.TheSymposiumistheeighthofaseriesofacademicandbusinessmanagementexchangeprogrammesbetweenChinaandHongKongwhichtheCentreforInternationalBusinessStudiesisorganisingincollaborationwithotheracademicandprofessionalinstitutes.ThisisalsothefirsttimetheCentreforInternationalBusinessStudieshascollaboratedwithUniversityofMacauinorganisingsymposiums.Ilookforwardtomoreoccasionsofcollaboration-betweenacademia.Ithanktheorganisers,theco-sponsorsandthespeakersfortheircontributiontowardsthesuccessoftheSymposium.XVII
WELCOMINGADDRESSProf.LiTianqingRector,UniversityofMacau,MacauDr.JorgeRangel,SecretaryforPublicAdministration,EducationandYouthAffairsDr.JohnChen,PresidentofLingnanCollegeLadiesandGentlemen,OnbehalfoftheUniversityofMacau,IwouldliketoextendourwarmestwelcometoalltheparticipantsoftheFirstSouthChinaInternationalBusinessSymposium,andtocongratulatetheorganizersforsuccessfullygatheringsomanyscholarsandexpertstopresenttheirviewsontopicswhichareofcentralinteresttomanypeopleofthisregionandoftheworldatlarge.ThereformandopenpolicyofChinahadbroughtforthrapidgrowthofeconomywhichhasstunnedeverybodyandmanypeoplearetryingtodefinetheunderlyingrulesandmechanismwhichhavemadethismiracle-likeachievementpossible.HongKongandMacauhavemadegreatcontributionstotheeconomicdevelopmentofChina.Conversely,HongKong,aswellasMacau,owesitscontinuedsuccesstothestrongsupportformChina.Theinter-dependenceofChina,HongKongandMacauisindispensabletotheirsustainedeconomicdevelopment.ThisisespeciallytrueforSouthChina,HongKongandMacau.ItisentirelyfittingthatthefirstSouthChinaInternationalBusinessSymposiumshouldbeheldinMacau,coorganizedbyinstitutionsofhighereducationinHongKongandMacau,withalargenumberofparticipantsfromPeople'sRepublicofChina.InarecentmeetingoftheChinesePeople'sPoliticalConsultativeConferenceheldinBeijing,membersfromMacauraisedthefollowingquestionswhichinitiatedanimateddiscussions:Whatshouldbethetargetsoflong-termeconomicdevelopmentofMacau?Inordertomaintainsustainedeconomicdevelopment,isitmoreadvisableforMacautohavealargerpopulation?Ifso,whatshouldbeitsoptimalsize?WhatpolicyandmeasuresshouldbetakentoovercomethedepressioninthemanufacturingindustryofMacau?Andsoon.TheseandotherquestionsshouldbedealtwithinthecontextofthebiggerPearlRiverDeltaincludingSouthernGuangdong,HongKongandMacau,orbetter,fromabroaderpointofview.Ihopethissymposiumwillshedlightonthesequestionsaswellasothers.XIX
Finally,IwouldliketoexpressourdeepestgratitudetoHisExcellencytheGovernor,GeneralVascoRochaVieira,andDr.JorgeRangel,theSecretaryforPublicAdministration,EducationandYouthAffairsfortheirkindsupporttothissymposium.MayIwishthesymposiumeverysuccess.Thankyou.XX
FOREWORDONEShiuL.KongVicePresidentLingnanCollege,HongKongAspeoplesandnationsincreasinglyacceptinterdependenceandinterconnectednessasconditionsofthenewreality,eventsindifferentsectorsoftheworldarerunningthroughtheircourseswithadegreeofdisarray:Europe,initssearchofacontinentalpartnership,isexperiencingatryingperiodofethnicandterritorialstrife;NorthAmerica,initsattemptatcooperativenessandsharing,isfightinghardtoalignitsdisparateproductiveforces;Asia,astoenjoycontinuousprosperity,isnurturinganAsianRenaissancetoassistwiththerediscoveryoftraditionalvaluesandwisdomtochartthefuture.Despitetheirdifferences,peopleeverywherearelookingfortheemergenceofaneweconomicordertomarkthe21stCentury.mucheffortisbeingchannelledthesedaystowardsfindinganewperspectivewhichcouldenablepeopleofdifferentvantagepointsandintereststoachieveacommonunderstandingoftheirdifferencesasabasisforestablishingacommongoal-doingbusinesswithoneanother.ItisagainstthisbackgroundthattheFirstSouthChinaInternationalBusinessSymposiumattemptstoachieveitscogency.JointlyorganisedbyLingnanCollegeofHongKongandMacauUniversity,theSymposiumhasthebenefitofcombiningthewisdomofanAmericantraditionandaEuropeantraditionrespectively,whilethetwohostinstitutionsarewell-groundedonAsiansoilandmodesofperception.Forthe160participantsformsomethirtycountriesthebasicdiscoursewillcertainlyfocusonthemostimportantquestionthatconfronthumankind,namely,howtounderstandoneanotheronthebasisofmutual,unqualifiedrespect,andhowtoacceptdifferencesasaconditionoftheachievementofacommongoal.AsoneoftheearliestmeetingpointsofEastandWest,MacauisperhapsthemostfittingplaceforaSymposiumwithsuchagrandvision.Icongratulatealltheparticipantswholeheartedlyfortheirdedicationforacommon,sharedprosperity.Iamconvincedthattheirbeingtogetherisasureindicationthatthisobjectiveiswellwithinreach.XXI
FOREWORDTWONelsonSantosAntonioDean,FacultyofBusinessAdministrationUniversityofMacau,MacauThatwearelivingtimesofuncertaintyisnowacommonplace.Alltimes,though,havetheirownuncertaintiesand,oursaredifferentonlybecausewearethosewhoareexperiencingthemnow.Wewitnesstheendofawellestablishedinternationalorderbasesonpolarityandtheadventofaneworder,theconfigurationofwhichisstillunclear.Neweconomiesareemergingandtakingtheirshareintheinternationaltradewhileothersbeartheconsequences(e.g.unemploymentwaveinWesternEurope).Fromthisneweconomicmapinblossom,Chinahasattractedattentionfromresearchersandbusinessmen.Thereasonsareoutstanding:(a)ithasaboutonefourthoftheworldpopulation;(b)itstands,geographically,intheareawiththefastesteconomicgrowthoflastdecade,forwhichChinahasherselfcontributed.And,insuchachievement,theProvinceofGuangdongwhereMacauislocatedmayclaimalion'sshare.Macau,theoldestEuropeestablishmentinAsia,enjoysaprivilegedpositionandisreadytoplayitsroleasanobservatoryandagatewaytothe1'earlRiverDelta,specificallytotheWesternpart,nowemerging.XXIII
EDITORIALHenryC.SteeleDirector,CentreforInternationalBusinessStudiesLingnanCollege,HongKongTheCentreforInternationalBusinessStudiescameintoexistenceinthe1990'satatimewhenthereisgreatinterestintheeconomicdevelopmentandchangingorientationofChinaTheCentreaimstopromoteresearchininternationalbusinessandinterchangebetweenacademicandbusinesscommunities.AseriesofseminarsandconferencesentitledAcademicandBusinessExchangeProgrammebetweenChinaandHongKongwasallwellreceived.BothHongKongandMacauaregoingthroughgreatchanges.Thesechanges,includenotonlyeconomicdevelopmentbutalsopoliticalchange,asbothMacauandHongKongwillbecomeSpecialAdministrativeRegionsofChinawithinthenextfiveyears.Withoutthesupportofallthecontributorsthiseventwouldnotpossible.Ithankallthosewhorespondedtooutcall,submittedabstractsforconsideration,thereviewpanelwhichmaderecommendationsonthem,myco-editorProfessorNelson,ablyassistedbyVirginiaM.Trigo.AttimesadministrativesupportevaporatedinHongKong'seconomyofoverfullemployment.ThroughoutwewereabletorelyonMs.FannyVongandMr.DonDiokoinMacauandMr.JoeWong,symposiumco-ordinationC.I.B.S.inHongKongandMs.EvaKhongintravelling·betweenHongKongandMacaukeepinglinesofcommunicationopen.Toallotherswhohavecontributed,inanyway,howeversmall,tothesuccessoftheFirstSouthChinaSymposium,Ithankyou.Chinaremainsafocalpointforworldattentionwithitsrapidmodernisationandburgeoningeconomicgrowth.TodobusinessinChinaisnotwithoutrisk.Itisadifficultenvironment,itisfacingarangeofcommunications,transport,energyandinfrastructureproblems.Capitalandtechnologyisflowingin,andthecountryistryingtoestablishlegalandfinancialinstitutionsthatwillstandworldscrutinyasChinamovestowardsestablishingitselfintheglobalenvironmentandtorejoiningGAIT.Thereisacontinuingneedforexploration,collaborationandunderstandingbetweenChina,itsneighboursintheregionandwesterncountries.ImplicitinthetitleofthisinternationalbusinesssymposiumtheFirstSouthChinaSymposiumisthattherewillbeaSecond.Iwouldliketothinkthatparticipantswhohavecomefrommanycountries,allhavingacommoninterestinunderstandingtheregionwillhaveenrichedtheirknowledgeandwouldliketoreturnagainforfurtherenrichment.IlookforwardtobeingpartoftheSecondSouthChinaInternationalBusinessSymposium.XXV
CLOSINGADDRESSMr.VitorRodriguesPessoaTheSecretaryforEconomicandFinancialAffairs,GovernmentofMacauMr.VicePresidentoftheUniversityofMacau,Mr.VicePresidentoftheLingnanCollege,Mr.DeanoftheFacultyofBusinessAdministrationoftheUniversityofMacau,Mr.DirectoroftheCentreforInternationalBusinessStudiesoftheLingnanCollege,LadiesandGentlemen,...,Itis,indeed,formeapleasuretoaddresstheclosingceremonyofthisFirstSouthChinaInternationalSymposium.Iwishtocongratulatetheorganizers-theCentreforInternationalBusinessStudiesoftheLingnanCollegeandTheFacultyofBusinessAdministrationoftheMacauUniversity-fortheirinitiativetogather,hereinMacau,suchaconsiderablenumberofexpertsonissueswhichprovideanoverallviewonmanagingbusinessin90s,fortheuptodatenessoftheeventand,finally,foritsspecialrelevancetoMacau.Wearelivingtimesofrapidandimportantchangesintheinternationalscene,withundoubtedimpactontheeconomicfield.Agrowinginter-dependencyofeconomiesandtheever-expandingmarketintegrationisadailyfactoflife.Thisprocesshas,ofcourse,profoundbearingsonbothmacroeconomicandcorporatelevels.Theexchangeofinformationamongacademics,entrepreneurs,expertsandpoliticaldecision-makersisapressingissue,ifthoroughresponseistobegiventothechallengesposedtoeachofthosesectors.Theintegrationofagrowingnumberofeconomiesininternationaltrade-likeEasternEuropeanandvariousAsiancountries,especiallyChina-is,nodoubt,thecrucialfactorforthestructuralchangesthatmarktheendofthe20thcentury.Thisnewstateofaffairsisincludingradicalchangesininternationalcompetitivenessrules,whichareincreasinglysetoutagainstatrans-national,ratherthandomestic,level.Hence,businessstrategiesdonolongerconfinethemselvestoanationalscene:theyventureoninternationalisationofbothmarketingandtheproductiveprocess.Industrialre-locationmovementstodevelopingcountriesare,therefore,ontherise,asaresultoftheverycompetitiveofferofintensivelabour.Atthesametime,theinvestmentXXVII
flowtothesecountriesisjumping,combineswithasimilartrendinforeigntradeexchanges.Thishasanundoubtedpositiveimpactonthewell-beingoftheconcernedpopulations.Thearticulationoftheirmanufacturingstructureswiththeoutsideworldis,therefore,graduallyconsolidatingitself.Onlyasanexample,IwouldreferthatAsia-Pacificdevelopingcountriesachieved,inthe80s,anaveragegrowthrateofaround7%,sustainingasimilarperformanceforthepasttwoyears(92and93).Intum,thehighunemploymentlevelsinindustrialisedcountriesarethebestindicatortotheneedofthesecountriestoundergoandimplementstructuraladjustments.ThesuccessfulconclusionoftheUruguayRoundnegotiationsinDecemberlast-thuscontemplatingthegradualextensionofGAITrulestotheservicesector-isaconsiderablesteptowardsconsolidationofmultilateraltrade,afundamentalpillartothecurrentsystemofinternationaleconomicrelations.Inspiteofthefactthattheresultsachieved-especiallyinthefieldofmarketaccess-provideoptimisticindicatorsastoanincrementofmarketsharegainsbyAsiancountries,thisAgreementsimultaneouslyopensnewprospectsfortheredefinitionofthematrixoftheindustrialisedcountries'patternsofspecialisation.Itisinthiscontextofprofoundstructuralchangesthatbusinessstrategiesmustbere-designedandadjusted,beingincreasinglymoresobywhathasbeencalled"externalconstraints".SouthernChinastandsoutbyitsextraordinaryabilitytoattractcapitalsillustrating,morethananythingelse,theforcefulnessoftheindustrialre-locationprocessunderway.Plentifulmanpower,thehugesizeoftheChinesemarket(inever-increasingexpansion)andthefacilitiesofferedbytheMainlandcoastalareas,explaintheregion'sadvantageswhereattractivenessofcapitalinvestmentisconcerned.Despitethepredictableextensionofcoastaldevelopmenttootherregions(theonlywaytooffsetemergingdesiquilibria),thereareprivilegedareasforaccesstoChinaand,fromit,totheoutsideworld.HongKongandMacauare,hence,inanuniquepositionasprivilegedgatewaysintoChina.However,whileassertingthemselvesmoreandmoreasregionally-oriented,services-providereconomies,theyaredomesticallycarryingouttheirownstructuraladjustments.Oncealtered,theunderlyingcompetitivenessfactorstotheindustrialisationprocessofthesetwoeconomies,there-definitionofbusinessstrategiesisinevitable.Theassertivenessofnewproducingcountrieswithclearwage-costadvantagesintheinternationalmarket-especiallyattheleveloftraditionalexportsegments-promptedthecurrentchanges.XXVIII
WhereMacauisconcerned,thefutureintegrationofthetextileandclothingsectorintoGAITruleswilladdiontofiercercompetitivenessincurrentrestrictedmarkets-themaindestinationofourexports.Wecannot,however,forgethatinadequaciesintheTerritory'stransportationnetworkhavenotfavouredtheimprovementofitseconomicfabricatthedesiredpace.Domesticre-structuringis,therefore,dependingon,andboostedby,therenewedtransportationnetwork,particularlybytheMacauInternationalAirport,thatwilldrivethequalitativechangerequiredinMacau'spatternofdevelopment.Fromaneconomicfabricmarkedbytheweightoftraditionalindustrialsectors,theyearsaheadwillwitnessareinforcementoftheservicesectorvis-a-visthemanufacturingindustry.Itisneverthelessdesirablethatthoseservicesalreadyprovidedfor,beimproved.Also,anexpansionoftherangeofservicesprovidedisforeseen.Tothisgoal,thestartofoperationoftheAirportwillbefundamental,inasmuchasitwilltakeadvantageof,andcomplement,thefacilitiesalreadyexistinginneighbouringregions.Butthenewopportunitieswill,naturally,extendtotheindustrialsector.Therefore,itwillalsodependontheentrepreneurialcommunitytoexplorethenew·competitiveadvantagesthatMacauwillbeabletoprovideinhighervalue-addedandmoretechnologicaladvancedsectors.LadiesandGentlemen,TheSouthernChina'currentstageofdevelopmentwillbemarkednotonlybytherecent-pastandpresenttremendouspaceofexpansion,butalsobytheuniquenatureofthisperiodoftransition-economic,whereChinaisconcernedandalsopolitical,inthecaseofMacauandHongKong.Asweallknow,theregion'sdevelopmentprospectsareverypromising.Tothatend,theintensificationofcooperationinSouthernChina,attheacademic,technological,expertiseandpoliticallevels,undoubtedlyconstituteoneofthemajorcontributestotheregion'seconomicandsocialprogress.NowwewaitforthenextSouthChinaInternationalSymposium.Thankyouverymuch.XXIX
FIRSTSOUTHCHINAINTERNATIONALBUSINESSSYMPOSIUM,MARCH1994PanelofAcademicReviewers(Namesinalphabeticalorder)Economics,Finance,BusinessEthics,LawandAccountingDr.ThomasM.H.CHANDirector,ChinaBusinessCentreandReader,DepartmentofBusinessStudies,HongKongPolytechnic,HongKongProf.Yak-yeowKUEHDeanofSocialScienceFacultyandProfessorofEconomics,LingnanCollege,HongKongDr.KeithP.C.LAMHead,DepartmentofAccountingandFinance,LingnanCollege,HongKongDr.Pak-waiLIUReader,EconomicsDepartment,ChineseUniversityofHongKong,HongKongMr.FranciscoMENDESAssistantProfessor,EconomicsDepartment,UniversityofMacau,MacauProf.LeonardMINKESEmeritusProfessorofBusinessOrganization,UniversityofBirmingham;FormerVisitingProfessorofChineseUniversityofHongKong,HongKongMr.ClementC.Y.SHUMPrincipalLecturer,DepartmentofAccountancyandLawHongKongBaptistCollege,HongKongDr.BenjaminY.K.TAIReader,DepartmentofAccountancy,CityPolytechnicofHongKong,HongKongDr.Shu-hungTANGHead/PrincipalLecturer,DepartmentofEconomics,HongKongBaptistCollege,HongKongDr.BruceTAYLORAssistantProfessor,EconomicsDepartment,UniversityofMacau,MacauXXXI
Dr.Shu-keiTSANGSeniorLecturer,DepartmentofEconomics,HongKongBaptistCollege,HongKongMarketingandInternationalBusinessProf.GeraldALBAUMProfessorofMarketingatUniversityofOregon,U.S.A.,VisitingProfessorofHongKongUniversityofScienceandTechnology,HongKongMr.AllanK.K.CHANHead,DepartmentofMarketing,HongKongBaptistCollege,HongKongMr.HowardDAVIESHead,DepartmentofBusinessStudies,HongKongPolytechnic,HongKongDr.NeilHOLBERTSeniorLecturer,DepartmentofMarketing,ChineseUniversityofHongKong,HongKongProf.LaneKELLYVisitingProfessor,DepartmentofManagement.ChineseUniversityofHongKong,HongKongProf.K.C.MUNDean,FacultyofBusiness,ChineseUniversityofHongKong,HongKongDr.BerndSCHMITTVisitingSeniorLecturer,DepartmentofMarketing,HongKongUniversityofScienceandTechnology,HongKongDr.MichaelWEININGERAssociateHead,DepartmentofBusinessandManagement,CityPolytechnicofHongKong,HongKongDr.KittyYOUNGLecturer,DepartmentofInternationalBusiness,ChineseUniversityofHongKong,HongKongXXXII
CorporateOrganisation,StrategicManagement,HumanResourcesandHotelManagementProf.Yiu-kwanFANDean,SchoolofBusiness,HongKongBaptistCollege,HongKongDr.FrankM.GOHead,DepartmentofHotelandTourismManagement,HongKongPolytechnic,HongKongDr.PeterJ.H.HWANGLecturer,DepartmentofManagement,HongKongUniversityofScienceandTechnology,HongKongProf.NelsonS.ANT6NIODean,FacultyofBusinessAdministrationUniversityofMacau,MacauDr.Sek-hongNGSenior~turer,DepartmentofManagement,UniversityofHongKong,HongKongProf.M.K.NYAWDirector,MBAProgramme,ChineseUniversityofHongKong,HongKongMr.JamesPOUNDERHead,·DepartmentofManagement,LingnanCollege,HongKongDr.JanSELMERHead,DepartmentofManagement,HongKongBaptistCollege,HongKongDr.JackWINGDean,FacultyofBusiness,LingnanCollege,HongKongDr.Shu-rningZHAOAssociateDeanofBusinessFaculty,NanjingUniversity,P.R.C.XXXIII
ManagementInformationSystemsandInformationTechnologyDr.BrookeHIMSWORTHDirector,ComputerCentreServices,LingnanCollege,HongKongDr.SimonS:M.HOSeniorLecturer,DepartmentofAccounting,ChineseUniversityofHongKong,HongKongMr.WanbilWilliamLEEHead,DepartmentofComputerStudies,LingnanCollege,HongKongMr.JohnLEEAssociateHead,DepartmentofComputing,HongKongPolytechnic,HongKongMr.PhilipPOONAssistantProfessor,DepartmentofComputingUniversityofMacau,MacauMr.P.C.VONGAssistantProfessor,DepartmentofComputing,UniversityofMacau,MacauXXXIV
ACKNOWLEDGEMENTTheFacultyofBusinessAdministration,UniversityofMacauandCIBS-CentreforInternationalBusinessStudies,LingnanCollege,HongKong,wouldliketogratefullyacknowledgetheindispensablehelpofthefollowingpersonswhohavecontributedwiththeirtimeandeffortspeciallyforthereformattingandeditingofthediskettesofconferenceparticipants:BrendaChan,RexLaw,JimmyLee,LaneyMac,StellaSam,AnnaVong,AnitaWong,BernadetteOzorio,CristinaSouza,KenHo,SimonSo,PeterChuiOurgratitudealsogoestoEvaKhongYuengWah,VirginiaTrigo,DonDioko,FannyVong,CarlosNoronhaandZhaoPincheng,UniversityofMacauandtoJoeWong,LingnanCollegeinHongKong,whohavecompetentlyandwholeheartedlydevotedtotheorganizationofthisSymposiwn.Lastbutnottheleastwewouldliketoexpressourgratefulnesstooursponsorswhohavegenerouslycontributedtoenablethesuccessofthisconference:BancoNacionalUltramarinoFurtda91ioMacauSTDM-SociedadedeTurismoeDiversoesdeMacauDirec91iodosServi9osdeTurismodeMacauFundodeDesenvolvirnentoIndustrialeComercializa91iodaDirec91iodosServi9osdeEconomiaBoardofTrustee,Lingnan(University)College,Guangzhou,P.R.C.MacauManagementAssociationXXXV
ABDULLAH,AhmadZ.ANDERZEN,IngridANTONIOU,PeterH.ARNETZ,BengtB.BARBER,ClaireBRADSHAW,JamesR.BROUWERS,SonjaBROWN,LeslieR.BROWN,RudolphBULLARD,CarolynM.CARDINAL,PauloCARDOSO,GomesE.CHADWICK,WilliamF.CHAN,AlexanderK.H.CHAN,Chi-faiCHAN,PeterC.F.CHAU,SandyCHEN,Jing-twenCHEN,Kang-MinCHEN,Shu-hengCHEN,Xin-kangCHEN,ZhaohuiCHEUNG,FannyS.L.CHEUNG,JosephineP.L.CHIU,E.K.C.CHU,LINGChing-hangCUYVERS,LudoDAUDI,PhilippeDAVIES,KeriDONG,XiuchengDONLEAVY,G.D.DUDICK,DonaldA.EDDINGTON,IanERSTLING,JayFOSTER,M.JohnFUKUDA,KazuoJohnFUNG,S.C.GO,FrankGON<:;::ALYES,ArnaldoHACKNEY,RaymondA.HAN,HteinHAN,ZitianHARNHIRUN,SomchaiHATHAWAY,ElizabethJ.HO,LorettHO,PatrickKin-waiAUTHORINDEX55825815825967856975535196131065711,7178579594119032031115121299145411327213543289,69750727758318760110091027405487959573107893981745557934671037HSIEH,YaolungJamesHUANG,Ing-chungHUANG,Tung-chungIP,Kam-tirnISPAHANI,AhmedIVERSEN,BentJESUINO,CorreiaJ.JOHNSON,DeweyE.KAM,PeterK.W.KAM,Tai-yungKARLSSON,AgnetaKHONG,Eva.KOH,Hian-chyeKUNG,DavidS.KUO,Jenn-ShyongLASKY,BarbaraLAU,K.F.LEBAILLY,PhilippeLEUNG,Lai-cheungLEUNG,ThomasLI,DanielK.T.LI,HongshengLIN,Cheng-chenLIN,Chu-ChiaLIN,Jwu-rongLIU,XiamingLIU,Zheng-xinLIU,ZhibiaoLU,MinH.MA,ChiMAO,ZhiyongMCNEAL,JamesU.MEI,Ru-heMICHEL,BaudouinMOCHIMARU,KunikoMOON,ChristopherJohnMORETON,RobertMUKHWANA,JuliusW.MURTEIRA,MarioNANKERVIS,AlanR.NEISH,RichardNEWMAN,DavidNEWTON,RoyW.QGUNMOKUN,Gabriel0.OLSEN,CyrusPANG,IsabellaQ.3059437796719812677056219316950786717598121833423,4333434574672477459432163479229135349188739729934384399966138711363998943793405951315
PELSMACKER,PatrickDePEMBERTON,JonPETERS,MichaelPREECE,DavidQIU,YongQUAH,DavidKung-bengRAYP,GlennREID,DavidREIS,ElizabethROOZEN,IreneSANDERSON,GeorgeSATCHIT,BalanSMITH,P.B.SONG,YuanfangSTEELE,HenrySTEINKE,GerhardSTEWART,SallySTONEHOUSE,GeorgeSWEENEY,EammonP.TAM,C.W.TAO,PengdeTAYLOR,JohnN.TJIA,SusanaS.TRIGG,DavidTRIGO,VirginaTSANG,FlorenceH.C.VIDAL,PauloWALKER,GordonWAN,HakmanWANG,YingluoWATSON,MichaelH.WATT,AdalynWEAR,RaeWEINRICH,JohnE.WHITMAN,KatherineWONG,D.W.S.WONG,JoeWONG,ShirleyL.H.WONG,Y.H.WRIGHT,LillianCHENGWRIGHT,RussellW.WU,Jian-hangWU,Shu-shanXI,YouminXIA,FrankXU,LoudanYANG,FengleiYAO,BingYAU,OliverH.M.YEUNG,JackK.W.YEUNG,KevinYOUNG,TerryW.YU,JulieH.289,6979671045913745487289,697327705,71728937423705737443,561951671967529I475315375653867247106510459597371679811019595815213443247467363,689363,689237397765923705,75995745553405433613375YU,RickyZHANG,HongZHANG,Le-yuZHANG,YanZHANG,Yi-MinZHAO,ShumingZHENG,Lin-shunZHONG,YangZHOU,Sanduo573141131887151881,887229589725
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