ASU Electronic Theses and Dissertations
This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.
In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.
Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.
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- Creators: Shen, Wei
Description
In this study I investigate the organizational strategies that Chinese power generation companies may use to reduce the impact of coal price increases on their profits. Organizations are open systems in that no organization possesses all the resources that it needs and all organizations must obtain resources from their external environments in order to survive. Resource dependent theory suggests that the most important goal of an organization is to find effective mechanisms to cope with its dependence on the external environments for resources that are critical to its survival. Chinese power generation companies traditionally rely heavily on coal as their raw materials, and an increase in coal price can have a significant negative impact on their profits. To address this issue, I first provide a systematic review of the resource dependence theory and research, with a focus on the strategies such as vertical integration, diversification, and hedging that organizations can undertake to reduce their dependence on the external environment as well as their respective benefits and costs. Next, I conduct a qualitative case analysis of the primary strategies the largest Chinese power generation companies have used to reduce their dependence on coal. I then explore a new approach that Chinese power generation companies may use to cope with increases in coal price, namely, by investing in an index of coal companies in the stock market. My regression analysis shows that coal price has a strong positive relation with the price of the coal company index. This finding suggests that it is possible for firms to reduce the negative impact of raw material price increase on their profits by investing in a stock market index of the companies that supply the raw materials that they depend on.
ContributorsSun, Min (Author) / Shen, Wei (Thesis advisor) / Liu, Jun (Committee member) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2015
Description
This thesis starts with an analysis of the current situation of the pharmaceutical industry in China, and discusses the strategic mergers and acquisitions (M&A) by small and medium-sized enterprises (SMEs) in the pharmaceutical industry in China. It elaborates on the rationale for the development of the mergers and acquisitions of the pharmaceutical SMEs. Then a literature review is provided on the causes of corporate mergers and acquisitions such as the economies of scale, synergistic effect, transaction costs, market power, and strategic diversification.Next,the thesis analyzes the underlying rationale for the M&A transactions in the pharmaceutical industry in China, and explores the likely path of successful value creation for pharmaceutical SMEs in China. Specifically, with five in-depth case studies of M&A transactions of pharmaceutical firms, this thesis reveals the critical success factors leading to value creation and growth in the practice of mergers and acquisitions of the pharmaceutical SMEs in China.
ContributorsZhou, Yan (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Committee member) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2015
Description
Mergers and acquisitions (M&As) have been playing a very significant role in the capital market. Many companies regard mergers and acquisitions as an important way for their business expansion and transformation. This paper begins with a review of literature on firm’s motivations of and outcomes in M&A, and followed by a critical examination of three case studies of actual M&A transactions based on the insights provided from the literature review. For each case study, a firm’s motivations and related managerial initiatives for M&A activities were examined, followed by an assessment of the firm’s post M&A performance results. This allows the study to discerns the insights of why and how a firm proceed in its M&A transactions from its strategic intent to its post M&A managerial actions. Collectively, the results show that the key drivers for a firm’s M&A successes rest on a firm’s abilities to manage the M&A activities consistent with its strategic intent (e.g., creating synergies or transformation through diversification) and followed by its post M&A integration efforts in achieving its strategic intent.
ContributorsYang, Zhibo (Author) / Pei, Ker-Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Shen, Wei (Committee member) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
Description
Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
ContributorsJia, Guoqing (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2018
Description
Although China’s economy has experienced fast growth over the years, it is also characterized by a lack of innovative products and slow development of advanced production technologies. A main reason for this problem is insufficient investments in research and development (R&D) activities by Chinese firms. Because of the potential externality and free-rider effects, the economics literature has long suggested that the private sector tends to underinvest in R&D without governmental interventions. The weak protection of intellectual property rights in China makes the problem of underinvestment in R&D even worse. In this situation, it becomes increasingly important for the government to provide incentives such as subsidies on R&D investments, given that R&D investments are critical to the development of new technologies and the sustainable growth of the economy.
In this study I investigate how governmental subsidies on R&D influence Chinese firms’ R&D investments and performance. Specifically, I want to find out (1) whether governmental subsidies promote or hinder firms’ R&D investments, and (2) whether governmental subsidies have differential effects on financial performance across different types of firms. My goal is to better understand the effects of governmental subsidies on Chinese firms. To achieve this goal, I first conduct an extensive review of the relevant literature and then develop a conceptual model about the determinants of governmental subsidies on R&D in China. Next, I conduct empirical analysis using data collected from all the firms listed in the Shanghai Stock Changes and Shenzhen Stock Exchanges during the period of 2009 to 2012. Overall, my findings show that governmental subsidies on R&D have a positive impact on R&D investments by the listed firms. Meanwhile, I find that this positive impact varies significantly across different types of firms, particularly among firms that are still largely owned by the state. I conclude this study with a discussion of its implications for governmental policies on R&D investments.
In this study I investigate how governmental subsidies on R&D influence Chinese firms’ R&D investments and performance. Specifically, I want to find out (1) whether governmental subsidies promote or hinder firms’ R&D investments, and (2) whether governmental subsidies have differential effects on financial performance across different types of firms. My goal is to better understand the effects of governmental subsidies on Chinese firms. To achieve this goal, I first conduct an extensive review of the relevant literature and then develop a conceptual model about the determinants of governmental subsidies on R&D in China. Next, I conduct empirical analysis using data collected from all the firms listed in the Shanghai Stock Changes and Shenzhen Stock Exchanges during the period of 2009 to 2012. Overall, my findings show that governmental subsidies on R&D have a positive impact on R&D investments by the listed firms. Meanwhile, I find that this positive impact varies significantly across different types of firms, particularly among firms that are still largely owned by the state. I conclude this study with a discussion of its implications for governmental policies on R&D investments.
ContributorsYang, Guisheng (Author) / Hwang, Yuhchang (Thesis advisor) / Wang, Tan (Committee member) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2015
Description
In the last two years, China’s booming of Internet Finance Platform made significant impacts on three dimensions. Compared with the conventional market, Internet Finance is asserted to open a revolutionary pathway of lending where by small and mid-sized companies may overcome the financing dilemma on credit accessibility and high cost. In other words, Internet Finance is hyped to be able to reduce information asymmetry, enhance allocation efficiency of resources, and promote product and process innovations for the financial institutions. However, the core essence of Internet Finance rests on risk assessment and control – a fundamental element applies to all forms of financing. Most current practice of internet finance on risk assessment and control remains unchanged from the mindset of traditional banking practices for small and medium sized firms. Hence, the same problems persisted and may only become even worse under the internet finance platform if no innovations take place.
In this thesis, the author proposed and tested a credit risk assessment model using data analytics techniques through an in-depth cases study with actual transaction data. Specifically, based on the 30,000 observations collected from actual transactional data from small and medium size firms of China’s home furnishing industry. The preliminary results are promising in spite of the limitations. The thesis concludes with the findings of relevance to improve the current practices and suggests areas of future research.
In this thesis, the author proposed and tested a credit risk assessment model using data analytics techniques through an in-depth cases study with actual transaction data. Specifically, based on the 30,000 observations collected from actual transactional data from small and medium size firms of China’s home furnishing industry. The preliminary results are promising in spite of the limitations. The thesis concludes with the findings of relevance to improve the current practices and suggests areas of future research.
ContributorsZhang, Qi (Author) / Pei, Ker-Wei (Thesis advisor) / Gu, Bin (Thesis advisor) / Cui, Haitao (Committee member) / Arizona State University (Publisher)
Created2016
Description
Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development, constraints faced by the firms, the executive compensation design using equity shares tends to vary accordingly. For the state-owned companies, the situations are more complex than others. This complexity has not been a focus of the past literature, particularly on the compensation contract design and its subsequent implementation. Based on Coase contract theorem, agency theory and human capital theory, I examined how different state-owned firms vary in their approaches on managerial stock compensation design using a case study approach. The thesis concludes with a summary of major findings and a discussion of policy implications.
ContributorsAn, Hongjun (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2016
Description
With regard to business modules in Chinese delivery services companies, there has long been a heated debate on whether franchising or direct management is the better module for Chinese market. But most prior discussion was lightweight, unconvincing and without any theoretical framework.
This research examines three major management problems in Chinese delivery services: 1. The reason for choosing franchising module, 2. The relationship between franchising module and implementation of the product, 3. The functions of IT in delivery services. By reviewing theories on enterprise boundary and summarizing the six features of franchising contracts in Chinese delivery business as well as the five properties of delivery products, two contract models are finally set up with five beneficial conclusions which are proved by a very solid empirical data analysis.
The purpose of this research is to either support or weaken the current theories on enterprise boundary as well as to offer meaningful inspirations for the management of express delivery companies in China.
This research examines three major management problems in Chinese delivery services: 1. The reason for choosing franchising module, 2. The relationship between franchising module and implementation of the product, 3. The functions of IT in delivery services. By reviewing theories on enterprise boundary and summarizing the six features of franchising contracts in Chinese delivery business as well as the five properties of delivery products, two contract models are finally set up with five beneficial conclusions which are proved by a very solid empirical data analysis.
The purpose of this research is to either support or weaken the current theories on enterprise boundary as well as to offer meaningful inspirations for the management of express delivery companies in China.
ContributorsYang, Zhoulong (Author) / Pei, Ker-Wei (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Yin, Rui (Committee member) / Arizona State University (Publisher)
Created2018
Description
It is important and with significant practical value to study how positioning may help enhance a company’s brand value and improve a company’s profitability. It is especially essential to find suitable solution to help Chinese enterprises appropriately position their brands, evaluate brand value, and adopt suitable positioning strategy.
The purpose of this paper is to clarify the impact of positioning on brand value through several case studies and empirical research, and to establish the relationship between positioning and brand value. At the same time, through determination of research topics and conduction of field studies, the paper ultimately verified the relationship between the internal theoretical prediction and the business management outcomes.
The purpose of this paper is to clarify the impact of positioning on brand value through several case studies and empirical research, and to establish the relationship between positioning and brand value. At the same time, through determination of research topics and conduction of field studies, the paper ultimately verified the relationship between the internal theoretical prediction and the business management outcomes.
ContributorsGuo, Min (Author) / Pei, Ker-Wei (Thesis advisor) / Cui, Haitao (Thesis advisor) / Li, Feng (Committee member) / Arizona State University (Publisher)
Created2016
Description
The traditional newspaper industry has been under tremendous pressure in recent years due to the emergence and growth of new media. Experiencing of a fast-shrinking market share, many traditional newspaper companies are either pushed out of business or are forced to innovate and reform. In this thesis, I investigate the organizational changes at one of the largest newspaper groups in China, particularly regarding its incentive systems as the group adjusts its business scopes under both internal and external institutional constraints.
Publishers of newspapers were traditionally considered non-profit organizations or social institutions in China. Because of their focus on social goals, their activities were not market driven, including the incentive systems for editorial staff members who were central to the content of the newspapers. As the competition from market-driven new media companies increased, many traditional newspaper organizations started to transform themselves into profit-seeking companies. To survive and grow stronger in the new environment, the traditional newspaper industry needs to effectively motivate its workforce by implementing an effective incentive system for the editorial staff.
In this study I first explain the difficulities the traditional newspaper organizations face to implement an incentive system that both satisfies media’s social responsibility and creates sufficient incentive for for editorial staff. Next, I provides a brief history of the reforms occurred in the Chinese newspaper industry in general and the reforms in Shanghai in particular. I then conduct in-depth case analyses of the incentive systems adopted by four successful companies, including one U.S. media company, two Chinese media groups, and one private non-media company in China. Based on the findings from these case analyses and a demographic analysis of the challenges in motivating editorial staff, a new incentive system is designed and implemented in a major newspaper/media group in Shanghai, followed by a survey of its effects on the editorial staff months later. According to the survey, I find that editorial staff members are generally positive about the reforms that have been carried out at this media group, reinforcing the confidence of the group’s leaders in continuing to push the reforms forward. This study concludes by proposing a framework that can be used to guide the transformation of the traditional newspaper organizations to market-driven new media companies.
Publishers of newspapers were traditionally considered non-profit organizations or social institutions in China. Because of their focus on social goals, their activities were not market driven, including the incentive systems for editorial staff members who were central to the content of the newspapers. As the competition from market-driven new media companies increased, many traditional newspaper organizations started to transform themselves into profit-seeking companies. To survive and grow stronger in the new environment, the traditional newspaper industry needs to effectively motivate its workforce by implementing an effective incentive system for the editorial staff.
In this study I first explain the difficulities the traditional newspaper organizations face to implement an incentive system that both satisfies media’s social responsibility and creates sufficient incentive for for editorial staff. Next, I provides a brief history of the reforms occurred in the Chinese newspaper industry in general and the reforms in Shanghai in particular. I then conduct in-depth case analyses of the incentive systems adopted by four successful companies, including one U.S. media company, two Chinese media groups, and one private non-media company in China. Based on the findings from these case analyses and a demographic analysis of the challenges in motivating editorial staff, a new incentive system is designed and implemented in a major newspaper/media group in Shanghai, followed by a survey of its effects on the editorial staff months later. According to the survey, I find that editorial staff members are generally positive about the reforms that have been carried out at this media group, reinforcing the confidence of the group’s leaders in continuing to push the reforms forward. This study concludes by proposing a framework that can be used to guide the transformation of the traditional newspaper organizations to market-driven new media companies.
ContributorsQiu, Xin (Author) / Shen, Wei (Thesis advisor) / Hwang, Yuhchang (Committee member) / Zhang, Anming (Committee member) / Arizona State University (Publisher)
Created2016