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We find that most Asian economies are not very innovative by international standards, though in line with their level of development. Asian economies mostly obtain their technologies from abroad through FDI or via technological diffusion. However, FDI to Asia has been modest and entrepreneurship limited, largely as a consequence of the connections world. Politicians and business groups have been mutually supportive in erecting barriers to entry. As a result, most innovation has been within business groups or by new firms entering new sectors where existing business groups were absent or had not managed to erect unscalable entry barriers. However, three countries have developed some base for innovation: China, India and South Korea. In each, efforts to construct a supportive ecosystem, including policies for education, science and technology, as well as encouraging returning migrants with knowledge, are reaping dividends. Each has adopted a rather different model which we discuss in detail. Despite these achievements, the power and influence of the connections world in these three countries also remains a serious brake on their ability to innovate in the future.
Asian governments focus on growth but also worry about employment; they need to create many new jobs just to keep employment stable. Moreover, most employment remains in the informal sector. Those jobs are generally fragile, low wage and low productivity. While many of the business groups that figure in the connections world also create productive and well-remunerated jobs, these are limited in number. Boosting formality and, with it, productivity – a clarion call of almost all Asian governments for decades – has largely failed to materialise. Further, the entrenchment of the connections world has also helped ensure that little progress has been made in bringing in more effective responses to employment risk. Neither government nor companies have a strong interest in promoting arms-length methods of dealing with such risk, preferring to rely on discretion. Jobs can be created, and their destruction tempered, as a result of interactions or even haggling between politicians and employers. The bulk of workers found in the informal economy are excluded. And the modernisation of welfare systems – now feasible given the income levels of many Asian countries – remains stalled.
Chinese business schools have made impressive progress in improving their quality, but there is still room for improvement. However, they have improved largely by copying the traditional American model of business education at a time when this model is coming under increasing critique for good reasons, including placing great effort on producing much rigorously conducted research, which makes little practical impact. Thus, having learned much from foreign business schools, the time has come for Chinese business schools to be bold and pursue their own model. Such a model should focus more on research that pays increased attention to context, including indigenous research, and is of greater practical relevance. Furthermore, given ongoing change inside Chinese business schools and in their external environment, it may be easier to make needed changes in China. Regarding teaching, business schools are encouraged to move beyond a focus on teaching content well to teaching content in ways that it can be readily applied; do more to develop understanding of how to leverage modern technologies like AI, big data, internet of things, and digitalization; focus more on adjusting teaching to the local context; and focus more on developing innovation/creativity and analytical ability, rather than memorization of facts.
We conclude with an analysis of the constraints that the connections world imposes on Asia’s growth prospects, and the policy options for relaxing them. One is the ability of powerful businesses and families to entrench themselves by virtue of their connections to government and/or politicians. Both parties gain so there is no incentive to change. Because marginal changes are unlikely to be credible, we propose a series of interrelated radical measures to disrupt and refashion the connections world including prohibitions on cross-holdings and inheritance taxation, as well as boosting competition policy and improving political transparency. We also outline some of the main pressure points in Asia going forward. These include the ability to innovate and construct effective entrepreneurial ecosystems and the pressure to create sufficient jobs. There is also the ballooning inequality of income and wealth. High inequality is associated with economic under-performance and susceptibility to political turmoil. Progressive taxes can mollify inequality, but permanent solutions rest in targeting their source: the connections world.
The formation of the Shanghai Women’s Commercial and Savings Bank (1924–1955) uncovers the legacy of an institution founded by a group of elite women. Although the women’s bank had limited capital and a small business scope, it reflected the contributions of enterprising women to the financial field when Chinese women’s roles were evolving and feminist rhetoric appealed to women’s economic independence. This article brings the achievements of such Chinese women to the forefront, as key figures in the development and direction of the Shanghai Women’s Bank. By exploring the anxieties and endeavors of the Shanghai Women’s Bank and shifting the focus to the female figures involved in shaping the bank, this article argues that they, alongside their elite social network, contributed to the bank’s longevity and portrayal in the media landscape. Although emphasizing gender in its initial creation, the bank ultimately pursued similar business strategies to other banks with both men and women working behind-the-scenes to uphold the institution. Moreover, this article contributes to a more inclusive history of women and finance in order to illuminate the endeavors of Chinese women in Shanghai banking amongst its global counterparts.
With the expanding adoption of technology and intelligent applications in every aspect of our life, energy, resource, data, and product management are all improving. So, modern management has recently surged to cope with modern societies. Numerous optimization approaches and algorithms are used to effectively optimize the literature while taking into account its many restrictions. With their dependability and superior solution quality for overcoming the numerous barriers to generation, distribution, integration, and management, nature-inspired meta-heuristic optimization algorithms have stood out among these methods. Hence, this article aims to review the application of nature-inspired optimization algorithms to modern management. Besides, the created clusters introduce the top authors in this field. The results showed that nature-inspired optimization algorithms contribute significantly to cost, resource, and energy efficiency. The genetic algorithm is also the most important and widely used method in the previous literature.
This article examines the effect of board governance on investment efficiency. I use the staggered enactment of board reforms in 41 countries as a shock to board structure that exogenously improves the quality of board oversight of managers. I find that investment-Q sensitivity improves by roughly half post-reform. This effect is more pronounced for firms that are more exposed to the reforms or when external governance mechanisms are less likely to discipline managers. These findings suggest that increased board oversight strengthens managers’ incentives to make investment decisions that are more in line with their firms’ growth opportunities.
Climate activists across generations and borders demonstrate in the streets, while people also take climate actions via everyday professional efforts at work. In this dispersal of climate actions, the pursuit of personal politics is merging with civic, state and corporate commitment to the point where we are witnessing a rebirth of togetherness and alternative ways of collective organising, from employee activism, activist entrepreneurship, to insider activism, shareholder activism and prosumer activism. By empirically investigating this diffuse configuration of the environmental movement with focus on renewable energy technology, the commercial footing of climate activism is uncovered. The book ethnographically illustrates how activism goes into business, and how business goes into activism, to further trace how an ‘epistemic community’ emerges through co-creation of lay knowledge, not only about renewables, but political action itself. No longer tied to a specific geographical spot, organisation, group or even shared political identity, many politicians and business leaders applaud this affluent climate ‘action’, in their efforts to reach beyond mere climate ‘adaptation’ and speed up the energy transition. Conclusively, climate activism is no longer a civic phenomenon defined by struggles, pursued by the activist as we knew it, but testament of feral proximity and horizontal organising.
Climate activists across generations and borders demonstrate in the streets, while people also take climate actions via everyday professional efforts at work. In this dispersal of climate actions, the pursuit of personal politics is merging with civic, state and corporate commitment to the point where we are witnessing a rebirth of togetherness and alternative ways of collective organising, from employee activism, activist entrepreneurship, to insider activism, shareholder activism and prosumer activism. By empirically investigating this diffuse configuration of the environmental movement with focus on renewable energy technology, the commercial footing of climate activism is uncovered. The book ethnographically illustrates how activism goes into business, and how business goes into activism, to further trace how an ‘epistemic community’ emerges through co-creation of lay knowledge, not only about renewables, but political action itself. No longer tied to a specific geographical spot, organisation, group or even shared political identity, many politicians and business leaders applaud this affluent climate ‘action’, in their efforts to reach beyond mere climate ‘adaptation’ and speed up the energy transition. Conclusively, climate activism is no longer a civic phenomenon defined by struggles, pursued by the activist as we knew it, but testament of feral proximity and horizontal organising.