Dr. Duvvuri Subbarao's Four-part lecture series on Central Banking
PROGRAMME
PAPER SYNOPSIS
SPEAKERS' PROFILES
EVENT SYNOPSIS
Day 1 Programme (Thursday, 27 August 2015)

9.30 –
10.00am :

Registration with coffee & tea

10.00 –
10.10am :

Welcome Speech: Lawrence Loh, Director, CGIO

10.10 –
11.00am :

Keynote Speech: Presenter: Jerry Davis, Wilbur K. Pierpont Collegiate Professor of Management and of Sociology, University of Michigan

11.00 –
12.10pm :

Paper 1: “Friends with benefits”: The effects of repeated collaborations on performance of VC syndicates
Author: Igor Filatotchev, Professor of Corporate Governance and Strategy, City University London Read full synopsis

Paper 2: So You Think The Prices Would Go Higher? Private and Public Discrepancy in the Beijing Real Estate Market in the Fall of 2012  
Author: Jiayin Zhang, Assistant Professor, Tsinghua University Read full synopsis

Discussant: Sampsa Patrikki Samila, NUS

Question & Answer

12.10 –
2.00pm :

Lunch at Innovation 3-b (Function Room #3-8)

2.00 –
3.10pm :

Paper 3: Do family firms learn more from other family firms than from non-family firms? Adoption of the board reform
Author: Toru Yoshikawa, Professor of Strategic Management, Singapore Management University Read full synopsis

Paper 4: Lost in Translation? "Independent Directors" Reinterpreted by U.S. listed Chinese Companies
Author: Sun Hyun Park, Assistant Professor of Strategy and International Management, Seoul National University Read full synopsis

Discussant: Markus David Taussig, NUS

Question & Answer

3.10 –
4.20pm :

Breakout Session
#1: Emerging trends or issues of governance research in the US and Europe (led by Jerry Davis, Anja Tuschke and Emily Erikson)
Venue: Conference venue (Room #3-7)

#2: Emerging trends or issues of governance research in China (led by Victor Nee and Jiayin Zhang)
Venue: Level 6 (Room #6-1)

#3: Emerging trends or issues of governance research in emerging economies (led by Igor Filatotchev, Toru Yoshikawa, Dalhia Mani and Sun Hyun Park)
Venue: Level 6 (Room #6-4)

4.20 –
4.40pm :

Sharing of group discussions led by James Lincoln
Venue: Conference venue (Room #3-7)

4.40 –
5.00pm :

Tea Break at Innovation-3b (Function Room #3-8)

Day 2 Programme (Friday, 28 August 2015)

9.30 –
10.00am :

Registration with coffee & tea

10.00 –
11.10am :

Paper 5: Social Networks, Institutions, and Early-Modern Market Development
Author: Emily Erikson, Assistant Professor of Sociology, Yale University Read full synopsis

Paper 6: Endogenous Dynamics of Institutional Change
Author: Victor Nee, Frank and Rosa Rhodes Professor, Cornell University Read full synopsis

Discussant: Jung Ji Wook, NUS

Question & Answer

11.10 –
12.20pm :

Paper 7: Board Capital and Social Preferences as Determinants of Board Membership Patterns: A Social Network Approach
Author: Anja Tuschke, Ludwig-Maximilians-University Read full synopsis

Paper 8: Putting the Group back in Closed Groups: Brokerage and Closure in the Indian Corporate Ownership Network
Author: Dalhia Mani, Assistant Professor of Strategy, HEC Paris Read full synopsis

Discussant: Martin Gargiulo, INSEAD

Question & Answer

 

12.20 –
12.30pm :

Concluding Remarks by Chung Chi-Nien, NUS Business School

12.30 –
2.00pm :

Lunch at Innovation 3-b (Function Room #3-8)

Day 1 Program (Thursday, 27 August 2015)

11.00am – 12.10pm

Paper 1: "Friends with benefits": The effects of repeated collaborations on performance of VC syndicates

Author: Igor Filatotchev

Professor of Corporate Governance and Strategy, City University London

Modern society is increasingly relying on the "projectified" model of business activities when individuals and companies repeatedly partner together in temporary projects. Yet, our understanding of how repeated interactions within networks of temporary organizations influence project outcomes is limited. We suggest an "embedded agency" framework of temporary organizations and argue that repeated interactions are associated with cost-benefit trade-offs: they reduce partner uncertainties and coordination costs but at expense of resource diversity and increasing project-specific risks. In a longitudinal study of venture capital (VC) syndicates, spanning two technology-based industries, 33 years, and 36,155 VC investments, we find a curvilinear relationship (inverted U shape) between the extent of repeated interactions among VCs and the venture's likelihood to IPO. Further, this relationship is moderated by two time-related factors: the age of the start-up (i.e. project) and the age of the syndicate (i.e. temporary organization). We contribute to the temporary organization literature by showing the effect of repeated interactions on project performance, and by introducing two important time dimensions that shape this relationship.

11.00am – 12.10pm

Paper 2: So You Think The Prices Would Go Higher? Private and Public Discrepancy in the Beijing Real Estate Market in the Fall of 2012

Author: Jiayin Zhang

Assistant Professor, Tsinghua University

Through a survey conducted in the Beijing Real Estate Market in 2012, I test whether bubble-era prices accurately aggregate investors' inflated estimates of value, as predicted by those who describe bubbles as collective delusion ("behavioral failure"), or whether prices are higher than underlying valuations, as predicted by theories that stress institutional limits to arbitrage ("market failure"). Results support the latter prediction. Moreover, I show that the market was beset by "pluralistic ignorance," whereby the typical investor tended to think that market prices were too high but also tended to think—erroneously—that other investors believed that prices were reasonable. This overestimate of others' optimism was apparently responsible for investors' tendency to "dance"—that is, to speculate in what they knew to be overvalued assets. The results imply that the market institutions that encourage investors to act based on their private valuations could be important to reduce market bubbles.

2.00pm – 3.10pm

Paper 3: Do family firms learn more from other family firms than from non-family firms? Adoption of the board reform

Author: Toru Yoshikawa

Professor of Strategic Management, Singapore Management University

Family firms differ from non-family firms because their owners are often motivated not only by economic incentives but also by non-economic considerations. This study investigates the effects of such non-economic motivation, especially the extent of family involvement and family legacy, on the adoption of a new practice, i.e., board reform, that was newly introduced in the Japanese context in the late 1990s. Our empirical results show that while family firms are less likely to implement the board reform than non-family firms, board interlocks with other family firms facilitate the adoption. We also found that such factors as the presence of multiple family members in management or on the board and family ownership influence the impact of such board interlocks on family firms' decision to reform their boards.

2.00pm – 3.10pm

Paper 4: Lost in Translation? "Independent Directors" Reinterpreted by U.S. listed Chinese Companies

Author: Sun Hyun Park

Assistant Professor of Strategy and International Management, Seoul National University

Prior studies on independent directorship focused on one particular corporate governance culture, i.e. Anglo-American, thus paid less research attention to how companies in other governance cultures may espouse different conceptions of independent directorship and reinterpret it as needed. This study draws on cultural sociology literature to propose cultural embeddedness and agency as two distinct mechanisms underlying different interpretations of independent directorship by the Chinese companies listed on the New York Stock Exchange (NYSE). Embeddedness of the Chinese companies in the relational network at the local market and the cultural schemas emphasizing more collectivism makes them to uphold more Chinese concept of outside directors as resource providers. Cultural agency fostered by greater exposure to Anglo-American governance practices through directors' board interlock or educational background allows the companies to emphasize more monitoring capabilities that are consistent with the Anglo-American conception of the independent directorship. Reinterpretation of the independent directorship, however, is found to require alignment of cultural embeddedness and agency - independent directors for companies with higher level of cultural embeddedness attract more financial investment when they are described more in terms of resource providing capacity. The paper's contributions to the studies of institutionalism, symbolic management, and corporate governance are discussed.

Day 2 Program (Friday, 28 August 2015)

10.00am – 11.10am

Paper 5: Social Networks, Institutions, and Early-Modern Market Development

Author: Emily Erikson

Assistant Professor of Sociology, Yale University

Institutionalism currently dominates research into the transition into capitalism, market economies, and economic development. Emerging economies are characterized by the absence of adequate legal infrastructures; thus it has been important to identify decentralized, early state and non-state alternatives to modern legal systems in order to understand the process of economic development. Personal relationships, or network relations, have played a central role in this research -- as informal substitutes for legal systems that operate through reputation and closure mechanisms. Social networks, however, have at least two aspects: they can produce social closure or distribute information widely via bridging ties. Bridging processes are more likely to assist economic development, but are generally presumed to require institutional support, such as a modern legal system. Here we explore the role of networks in pre-modern market expansion, identifying and considering the contribution of both bridging and closure mechanisms in the case of the expansion of the English East India Company's trade network.

10.00am – 11.10am

Paper 6: Endogenous Dynamics of Institutional Change

Author: Victor Nee

Frank and Rosa Rhodes Professor, Cornell University

A parsimonious set of mechanisms explains how and under which conditions behavioral deviations build into cascades that reshape institutional frameworks from the "bottom up." Specifically, we argue that endogenous institutional change emerges from an interplay between three factors: the utility gain agents associate with decoupling from institutional equilibria, positive externalities derived from similar decoupling among one's neighbors, and accommodation by state actors. Where endogenous institutional change driven by societal action is sufficiently robust, it can induce political actors to accommodate and eventually to legitimize institutional innovations from below. We validate our theory with an agent-based simulation, and provide empirical illustrations in two disparate institutional contexts—the Yangzi delta region of China and San Francisco.

11.10am – 12.20pm

Paper 7: Board Capital and Social Preferences as Determinants of Board Membership Patterns: A Social Network Approach

Author: Anja Tuschke

Ludwig-Maximilians-University

Who gets appointed to the boardroom and how do multiple board positions of individual directors shape board membership patterns? To analyze these questions from a theoretical viewpoint, we compare and contrast two competing motives – board capital rooted in resource dependence theory and incumbent boards' social preferences explained by sociological and social-psychological theories on interpersonal behavior. Empirically, we integrate directors' individual-level characteristics and their embeddedness in board networks by applying a class of exponential random graph models to the board-director affiliation network consisting of the 80 largest German companies and their 838 directors. We find that social preferences determine director appointments based on individual-level characteristics while the board capital motive dominates appointment decisions concerning directors' network embeddedness, thus pointing to the necessity of jointly considering both motives.

11.10am – 12.20pm

Paper 8: Putting the Group back in Closed Groups: Brokerage and Closure in the Indian Corporate Ownership Network

Author: Dalhia Mani

Assistant Professor of Strategy, HEC Paris

Social network studies tend to ask (a) how an actor's ego network structure (usually characterized by brokerage or closure) is formed and the consequences for the actor's performance, or (b) how the complete network of the population of actors is structured and evolves over time. This raises questions about how the complete network affects ego-network strategies and the consequences of these strategies. We develop theory distinguishing the effects of closure at the ego and network levels of analysis, and in the context of a complete population corporate network in India, we find that firms within closed networks are more likely to occupy broker positions. However, broker firms have negative or insignificant performance within closed networks. This research contributes to our understanding of the interaction between complete-network and egocentric network properties, and points to how brokerage and closure operate simultaneously at different levels of analysis.

Presenter: Jerry Davis

Wilbur K. Pierpont Collegiate Professor of Management and of Sociology, University of Michigan

Jerry Davis received his PhD from the Graduate School of Business at Stanford University and taught at Northwestern and Columbia before moving to the University of Michigan, where he is Wilbur K. Pierpont Collegiate Professor of Management and of Sociology. He has published widely in management, sociology, and finance. Books include Social Movements and Organization Theory (Cambridge University Press, 2005); Organizations and Organizing (Pearson Prentice Hall, 2007); Managed by the Markets: How Finance Reshaped America (Oxford University Press, 2009); Changing your Company from the Inside Out: A Guide for Social Intrapreneurs (Harvard Business Review Press, 2015); and The Decline and Fall of the American Corporation (Berrett Koehler, forthcoming). He is Editor of the Administrative Science Quarterly and Director of the Interdisciplinary Committee on Organization Studies (ICOS) at the University of Michigan.

Davis’s research is broadly concerned with the effects of finance on society. Recent writings examine how ideas about corporate social responsibility have evolved to meet changes in the structures and geographic footprint of multinational corporations; whether "shareholder capitalism" is still a viable model for economic development; how income inequality in an economy is related to corporate size and structure; why theories about organizations do (or do not) progress; how architecture shapes social networks and innovation in organizations; why stock markets spread to some countries and not others; and whether there exist viable organizational alternatives to shareholder-owned corporations in the United States.

Author: Igor Filatotchev

Professor of Corporate Governance and Strategy, City University London

Igor Filatotchev is Professor of Corporate Governance and Strategy at Cass Business School, City University London, and Director of Centre for Research on Corporate Governance at Cass. He is also a Visiting Professor at Vienna University of Economics and Business. He earned his PhD in Economics from the Institute of World Economy and International Relations (Moscow, the Russian Federation). His research interests are focused on corporate governance effects on entrepreneurship and strategic decisions; sociology of capital markets. Key research programmes currently in progress include analysis of resource and strategy roles of corporate governance; corporate governance life-cycle; and a knowledge-based view on governance development in entrepreneurial firms and IPOs. He has published more than 120 refereed academic papers, in addition to numerous books and book chapters, in the fields of corporate governance, entrepreneurship and strategy including publications in leading academic journals such as Academy of Management Journal, Academy of Management Perspectives, Strategic Management Journal, Journal of International Business Studies, Organization Science, California Management Review, Journal of Management Studies and Journal of Management. Most recently he edited "Corporate Governance and the Business Life-cycle" (2010), London, New York: Edward Elgar, and co-edited "The Oxford Handbook of Corporate Governance" (2013), Oxford: OUP. He is an Associate editor of Journal of Management Studies. Before joining Journal of Management Studies editorial team he was an Associate Editor of Corporate Governance: An International Review.

Author: Jiayin Zhang

Assistant Professor, Tsinghua University

Jiayin Zhang is assistant professor at Tsinghua University School of Economics and Management. She received her Ph.D. in Management from MIT Sloan School of Management in 2014. Her current research projects include examining the psychological and institutional factors that affect the formation of valuations by economic actors, such as financial analysts, venture capitalists and real estate buyers, and assessing its influences on organizational and market outcomes. Her co-authored paper has been published on American Journal of Sociology.

Author: Toru Yoshikawa

Professor of Strategic Management, Singapore Management University

Toru Yoshikawa is Professor of Strategic Management at Lee Kong Chian School of Business, Singapore Management University. He was previously a faculty member at McMaster University in Canada and Nihon University in Japan, and also a visiting professor or researcher at Doshisha University, Waseda University, University of Salamanca, and the University of Melbourne. Toru’s main research interests include strategic and performance implications of corporate governance, corporate governance reforms and institutional change, and the effects of interpersonal relationships in the board on corporate directors’ behaviors.

He has published his research articles in such academic journals as Strategic Management Journal, Academy of Management Journal, Organization Science, Journal of Management, Journal of Management Studies, and Journal of Business Venturing. He is on the editorial review board of Journal of Business Venturing, Journal of International Business Studies, Corporate Governance: An International Review, and Asia Pacific Journal of Management.

Author: Sun Hyun Park

Assistant Professor of Strategy and International Management, Seoul National University

Sun Hyun Park is Assistant Professor of Strategy and International Management at Seoul National University. He received his Ph.D. in Corporate Strategy from Ross School of Business, University of Michigan. His research interests include top management team and corporate strategy, media’s influence on corporate strategy, and institutionalism in corporate governance context.

Author: Emily Erikson

Assistant Professor of Sociology, Yale University

Emily Erikson is an assistant professor of sociology at Yale University and School of Management. Her work focuses on the development and emergence of the institutions of capitalism as well as network theory, with a particular emphasis on the role of social networks, decoupling, and autonomy in institutional generation and transformation. She recently authored Between Monopoly and Free Trade: The English East India Company, 1600-1757 (Princeton University Press) and edited “Chartering Capitalism: Organizing Markets, States, and Publics,” a special issue of Political Power and Social Theory (2015 forthcoming).

Author: Victor Nee

Frank and Rosa Rhodes Professor, Cornell University

Victor Nee is the Frank and Rosa Rhodes Professor at Cornell University. He earned his Ph.D. in Sociology from Harvard University in 1977; was assistant to associate professor of Sociology at the University of California at Santa Barbara, and joined the faculty at Cornell in 1984 where he was the Goldwin Smith Professor of Sociology from 1991 to 2011. His current research focuses on the rise of New York City’s technology-enabled economy, and a decade long study of the emergence of economic institutions of capitalism in China. His papers have appeared in the American Sociological Review, American Journal of Sociology, Administrative Science Quarterly, Social Forces, Journal of Institutional and Theoretical Economics, American Economic Review, Theory and Society, Management Science, Rationality and Society, Management and Organization Review and Economic Development and Cultural Change, and his books include Remaking the American Mainstream with Richard Alba, Capitalism from Below with Sonja Opper, and The New Institutionalism in Sociology with Mary Brinton.

Author: Anja Tuschke

Ludwig-Maximilians-University

Anja Tuschke holds the chair of Strategic Management at the Munich School of Management at Ludwig-Maximilians-University in Munich. Prior to joining the Munich School of Management, Dr. Tuschke held the position of a director at the Institute of Organization and HR Management at the University of Bern in Switzerland.

Dr. Tuschke’s research interests revolve around the link between Strategic Management, Corporate Governance and Performance. She is particularly interested in how networks, top management compensation, and interactions of managers, boards and owners affect strategic outcomes. Her main teaching interests are in the field of Strategic Management. Dr. Tuschke is an active member of the academic community. She is currently on the editorial boards of the Academy of Management Journal, Strategic Management Journal, Business and Research, and Die Betriebswirtschaft. Currently she also serves as a Chairperson for the IG “Strategic Leadership and Governance” of the Strategic Management Society.

Author: Dalhia Mani

Assistant Professor of Strategy, HEC Paris

Dalhia Mani is an Assistant Professor of Strategy at HEC Paris (2010-Current). She completed her PhD from the University Of Minnesota (USA). Dr. Mani’s current research focuses on understanding the complex patterns of ownership ties, strategic alliances and joint-ventures that bind firms, and affect firm behavior and outcomes, including firms' corporate governance choices. Her published research has appeared in the American Journal of Sociology. Her research has received multiple Department, University and National awards including a National Science Foundation Research Award. She serves as a reviewer for the Academy of Management, American Journal of Sociology, and Social Network Analysis and Mining Journal. Before joining academia, she worked in ICICI Ltd. (Mumbai, India), one of the largest financial services company in India. Finally, she serves on the board of a start-up in the healthcare-IT field, was instrumental in establishing a minority PhD student research award in the University of Minnesota, and over the years, has served in different roles as a volunteer in the area of employment readiness.

CGIO Academic Conference 2015 (Theme: Network and Governance)

[Program Schedule]
27-28 August 2015
Mochtar Riady building, Innovation 3-a
NUS Business School
National University of Singapore
15 Kent Ridge Drive Singapore 119245

Event Summary

The CGIO Academic Conference on 27 - 28 August 2015, themed 'Network and Governance', offered a dynamic platform for synergy and exchange that attracted 60 top overseas scholars to present, debate and deepen their respective areas of research. Since its inauguration in 2011, the annual event continues its tradition of cross-national research on opportunities and challenges presented by the rapidly evolving world of global businesses.

The Conference started with keynote delivery by Prof Jerry Davis, internationally-renowned Wilbur K. Pierpont Collegiate Professor of Management and of Sociology, University of Michigan. Prof Davis is a recognized research expert on the effects of finance on society and has written many books on this topic. His vibrant and thought provoking keynote speech on technology re-shaping business and corporate models generated much discussion and impact on the conference.

This was followed by eight top-notch papers presented by scholars from round the world – China, France, Germany, Japan, Singapore, South Korea United Kingdom and the United States. The conference continues to be a huge success generating engagements and discussions even after its conclusion. There were much positive feedback from the attendees and topical suggestions have been raised for the next Academic Conference in 2016.

The CGIO Academic Conference without a doubt contributes to the Centre's mission of an intellectual hub in issues relating to governance, institutions and organizations and contribute to the sustainable development of Asian societies and economies through thought leadership.

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