Keynote Speakers
Libiao Bai
Professor
Chang’an University, China
Topic: “Measurement of project portfolio benefits with an improved GA-BP neural network”
Abstract: In order to facilitate the project portfolio benefits management to realize the benefits maximization, a PPB measurement model is proposed in this study. Unlike traditional benefits management approaches, the proposed model takes full advantage of the dynamic learning capability to measure PPB more accurately, which considers both the financial and non-financial benefits as well as synergy benefits. Besides, to ascertain the priority of PPB measurement model, it is compared with BP and GA-BP neural network, two common models in the literature. The comparison results suggest that the PPB measurement model performs best in terms of accuracy and computational time. And with BP as the basis, testing error and time of the model decrease by 89% and 51%, respectively. Therefore, it is concluded that the proposed model has better fitting effect for PPB measurement, which can serve as a useful PPB management and optimization tool.
Abstract: In order to facilitate the project portfolio benefits management to realize the benefits maximization, a PPB measurement model is proposed in this study. Unlike traditional benefits management approaches, the proposed model takes full advantage of the dynamic learning capability to measure PPB more accurately, which considers both the financial and non-financial benefits as well as synergy benefits. Besides, to ascertain the priority of PPB measurement model, it is compared with BP and GA-BP neural network, two common models in the literature. The comparison results suggest that the PPB measurement model performs best in terms of accuracy and computational time. And with BP as the basis, testing error and time of the model decrease by 89% and 51%, respectively. Therefore, it is concluded that the proposed model has better fitting effect for PPB measurement, which can serve as a useful PPB management and optimization tool.
Jean Jinghan Chen
Professor
University of Macau
Topic: The Challenges of ESG Implementation
Abstract: ESG has attracted worldwide attention from various stakeholders, including sovereign government, NGOs, societies, industries, and academics in recent years. However, ESG adoption varies considerably across the world. In the transition to sustainable finance and ethical corporate operations, it is increasingly urgent for countries and firms to implement ESG in practice. Despite hot debates, there are many hurdles to incorporate country-level ESG considerations into decision-making as well as adoption at firm’s level. This talk will introduce the challenges for implementation of ESG and highlight some directions for future improvement.
Abstract: ESG has attracted worldwide attention from various stakeholders, including sovereign government, NGOs, societies, industries, and academics in recent years. However, ESG adoption varies considerably across the world. In the transition to sustainable finance and ethical corporate operations, it is increasingly urgent for countries and firms to implement ESG in practice. Despite hot debates, there are many hurdles to incorporate country-level ESG considerations into decision-making as well as adoption at firm’s level. This talk will introduce the challenges for implementation of ESG and highlight some directions for future improvement.
Weibin Zhang
Professor
Ritsumeikan Asia Pacific University, Japan
Topic: Complexity Theory and the General Economic Theory: On Complexity of Interdependence between Economic Growth and Management
Abstract: The speech shows how to deal complexity of growth and management with the vision of chaos theory (Synergetic Economics) and a broad socioeconomic theory (The General Economic Theory. First, I will introduce complexity theory (exchangeablly chaos theory, catastrophe theory, self-organization, synergetics, nonlinear science) and broadly illustrates the importance of the contemporary advances in sciences for understanding complex phenomena of man and society and why almost all theories in social sciences and economics deal with only a part of reality. Nonlinear phenomena, such as bifurcations, chaos, catastrophe, structural changes, emergence of new structures, self-organization, and nonlinear interdependence, can only be effectively explored with modern mathematics and computer. I developed synergetic economics, a modern generation of Samuelson’s Foundation, in the late 1980s under the influence of Prigogine’s and Haken’s works in natural sciences and philosophe. Then, I will illustrate the general economic theory, an integration of Samuelson’s Economics, which I have constructed in the last three decades. The general economic theory is composed of a set of mathematical equations which treats all the main economic theories from Adam Smith till the contemporary within a single comprehensive framework. The theory is technically possible because of Synergetic Economics and computer. Finally, I mention how to examine unlimited complexity of dynamic interdependence between macroeconomic growth and micromanagement in the light of complexity theory and general socioeconomic theory.
Abstract: The speech shows how to deal complexity of growth and management with the vision of chaos theory (Synergetic Economics) and a broad socioeconomic theory (The General Economic Theory. First, I will introduce complexity theory (exchangeablly chaos theory, catastrophe theory, self-organization, synergetics, nonlinear science) and broadly illustrates the importance of the contemporary advances in sciences for understanding complex phenomena of man and society and why almost all theories in social sciences and economics deal with only a part of reality. Nonlinear phenomena, such as bifurcations, chaos, catastrophe, structural changes, emergence of new structures, self-organization, and nonlinear interdependence, can only be effectively explored with modern mathematics and computer. I developed synergetic economics, a modern generation of Samuelson’s Foundation, in the late 1980s under the influence of Prigogine’s and Haken’s works in natural sciences and philosophe. Then, I will illustrate the general economic theory, an integration of Samuelson’s Economics, which I have constructed in the last three decades. The general economic theory is composed of a set of mathematical equations which treats all the main economic theories from Adam Smith till the contemporary within a single comprehensive framework. The theory is technically possible because of Synergetic Economics and computer. Finally, I mention how to examine unlimited complexity of dynamic interdependence between macroeconomic growth and micromanagement in the light of complexity theory and general socioeconomic theory.
Sibin Wu
Professor
Robert C. Vackar College of Business & Entrepreneurship, University of Texas
Topic: Foreignness on entrepreneurial performance: Liabilities and Benefits
Abstract: I present an in-depth examination of foreignness at various levels by studying it in the context of entrepreneurs and businesses. Specifically, I thoroughly review the literature on liability of foreignness (LOF) to study the sources of LOF, issues on levels of analysis on LOF, and mechanisms to mitigate LOF. Further, I explore benefits of foreignness (BOF). Then I present empirical findings of research on LOF and BOF and point out directions for future research. I conclude that foreignness can be a liability and/or a benefit for a company or an entrepreneur doing business in another country. Further, LOF can be mitigated, and BOF can be strengthened via various moderators.
Abstract: I present an in-depth examination of foreignness at various levels by studying it in the context of entrepreneurs and businesses. Specifically, I thoroughly review the literature on liability of foreignness (LOF) to study the sources of LOF, issues on levels of analysis on LOF, and mechanisms to mitigate LOF. Further, I explore benefits of foreignness (BOF). Then I present empirical findings of research on LOF and BOF and point out directions for future research. I conclude that foreignness can be a liability and/or a benefit for a company or an entrepreneur doing business in another country. Further, LOF can be mitigated, and BOF can be strengthened via various moderators.
Catarina Fernandes
Professor
Instituto Politécnico de Bragança, Portugal and CEF.UP - Centro de Economia e Finanças da Universidade do Porto, Portugal
Topic: Understanding Digital Innovation in Financial Services
Abstract: Financial industry, in particular banking industry, has been confronted with major changes driven by recent advances in digital technologies such as big data analytics, cloud computing, robotics, internet of things, artificial intelligence, and virtual reality.
Following Schumpeter (1934), digital innovation is viewed as the carrying out of new combinations of digital and physical components. In other words, digital innovation is understood as the innovation introduced through the use of digital technologies.
The rapid technological advancement is quick and significantly modifying the functioning and development of the financial sector. Digital innovation in financial services is changing the way how financial resources can be accessed, distributed, and managed, representing a major threat to traditional business models of banks. On the one hand, it constitutes a strategic challenge for established financial service firms in general and banks in particular, aspiring to remain competitive. In fact, digital innovation has the potential to reshape or even crowd out some of the banking activities. On the other hand, digital innovation allows the emergence of new financial service providers, FinTech firms, which put established competitors under pressure. In this context, banks have to speed up their adoption of innovations and advanced technology to compete with FinTech companies.
The purpose of my speech is to analyze the knowledge structure on digital innovation in financial services, to provide a better sense of direction and stimulate research in this field. The contributions are significant: 1) shed light on the relevance of digital innovation for established financial service providers and for the emergence of new companies (FinTechs), which have had significant influence on the dynamic of the industry, and 2) encourage active engagement between researchers, practitioners, supervisors, regulators, and other public authorities, as digital innovation impacts both at firm-level (e.g., performance) and country-level (e.g., financial inclusion, sustainability, and convenience of regulation).
Abstract: Financial industry, in particular banking industry, has been confronted with major changes driven by recent advances in digital technologies such as big data analytics, cloud computing, robotics, internet of things, artificial intelligence, and virtual reality.
Following Schumpeter (1934), digital innovation is viewed as the carrying out of new combinations of digital and physical components. In other words, digital innovation is understood as the innovation introduced through the use of digital technologies.
The rapid technological advancement is quick and significantly modifying the functioning and development of the financial sector. Digital innovation in financial services is changing the way how financial resources can be accessed, distributed, and managed, representing a major threat to traditional business models of banks. On the one hand, it constitutes a strategic challenge for established financial service firms in general and banks in particular, aspiring to remain competitive. In fact, digital innovation has the potential to reshape or even crowd out some of the banking activities. On the other hand, digital innovation allows the emergence of new financial service providers, FinTech firms, which put established competitors under pressure. In this context, banks have to speed up their adoption of innovations and advanced technology to compete with FinTech companies.
The purpose of my speech is to analyze the knowledge structure on digital innovation in financial services, to provide a better sense of direction and stimulate research in this field. The contributions are significant: 1) shed light on the relevance of digital innovation for established financial service providers and for the emergence of new companies (FinTechs), which have had significant influence on the dynamic of the industry, and 2) encourage active engagement between researchers, practitioners, supervisors, regulators, and other public authorities, as digital innovation impacts both at firm-level (e.g., performance) and country-level (e.g., financial inclusion, sustainability, and convenience of regulation).
Peng Zhu
Associate Professor
Nanjing University of Science and Technology, China
Topic: Enhancing Traceability of Infectious Diseases: A Blockchain-Based Approach
Abstract: The global pandemic of COVID-19 has brought significant attentions to three important features of disease direct reporting systems: traceability, reliability, and effectiveness. A traditional disease direct reporting system has a central node of control, with a hierarchical structure that goes up from locals (cities and counties) to regions and eventually reaches a central data repository. Such systems are often prone to easy data loss, arbitrary or unauthorized data changes, and unreliable traceability to individual nodes. Blockchain, as a new disruptive technology, provides a potential solution. Leveraging blockchain's features of decentralization, unforgeability, whole-process traceability, we develop a method for disease information tracing with key components including infectious disease information collection, information chain-style storage, and information query. Our blockchain-based infectious disease traceability method can promptly collect disease information and form the disease information time series blockchain. We demonstrate that the information chain constructed is authentic and transparent, and it can be queried and maintained at any node in the system. Consequently, the infectious disease information on the blockchain can be monitored and queried any time, thereby greatly facilitating the tracing of the propagation paths of infectious diseases.
Abstract: The global pandemic of COVID-19 has brought significant attentions to three important features of disease direct reporting systems: traceability, reliability, and effectiveness. A traditional disease direct reporting system has a central node of control, with a hierarchical structure that goes up from locals (cities and counties) to regions and eventually reaches a central data repository. Such systems are often prone to easy data loss, arbitrary or unauthorized data changes, and unreliable traceability to individual nodes. Blockchain, as a new disruptive technology, provides a potential solution. Leveraging blockchain's features of decentralization, unforgeability, whole-process traceability, we develop a method for disease information tracing with key components including infectious disease information collection, information chain-style storage, and information query. Our blockchain-based infectious disease traceability method can promptly collect disease information and form the disease information time series blockchain. We demonstrate that the information chain constructed is authentic and transparent, and it can be queried and maintained at any node in the system. Consequently, the infectious disease information on the blockchain can be monitored and queried any time, thereby greatly facilitating the tracing of the propagation paths of infectious diseases.
Jia Yuan
Associate Professor
University of Macau
Topic: Does A Near Miss Affect People's Investment Behavior? Evidence from Chinese Field Data
Abstract: A near miss is a special kind of failure that comes close to actual success, which shows up frequently in people’s investment behavior. Using unique field data that traces 1,459 Chinese individuals’ lottery purchase history with lottery number picking information and the lottery purchase amount information, this paper examines the effect of near misses on people’s betting strategy. The results reveal that people who have experienced near misses would invest more money in buying lottery. Specifically, a near-miss event would motivate people to increase their investment amount by 21%. A set of robustness tests are consistent with our findings.
Abstract: A near miss is a special kind of failure that comes close to actual success, which shows up frequently in people’s investment behavior. Using unique field data that traces 1,459 Chinese individuals’ lottery purchase history with lottery number picking information and the lottery purchase amount information, this paper examines the effect of near misses on people’s betting strategy. The results reveal that people who have experienced near misses would invest more money in buying lottery. Specifically, a near-miss event would motivate people to increase their investment amount by 21%. A set of robustness tests are consistent with our findings.
Au Yong Hui Nee
Associate Professor
Universiti Tunku Abdul Rahmana, Malaysia
Topic: Study on the Impact of Digital Transformation on the Business Environment in Southeast Asia Nations
Abstract: Last few years have seen a wave new disruptive technologies with digitalization being a common attribute. Online technology such as broadband connectivity, e-commerce and social media are transforming the world. From this perspective, the objective of this research is the impacts that the phenomenon of digital transformation processes in which the digital technology and the related changes lead to the economic growth of Malaysia taking into account the development of the digital society. Based on secondary data from the World Bank, this study tackles components of the Digital Economy. It includes broadband infrastructure, Global Innovation Index, population and trade openness. Several transmission mechanisms from broadband access, usage and digital empowerment to key macroeconomic variable, namely GDP per capita is identified. The econometric evidence supports hypotheses showing that the usage of broadband, i.e., digital empowerment, openness of external sector on top of population bonus exerts the major economic effects. This framework suggests that market and societal learning processes drive endogenously transformative processes that lead to the generation of new jobs in digital economy. The overall conclusion is that the research framework for economic impact to be up to the opportunities brought by digitalization. Many practical challenges remain where digitalization meets internationalization. Eventually, this will improve the business and innovation climate in Malaysia.
Abstract: Last few years have seen a wave new disruptive technologies with digitalization being a common attribute. Online technology such as broadband connectivity, e-commerce and social media are transforming the world. From this perspective, the objective of this research is the impacts that the phenomenon of digital transformation processes in which the digital technology and the related changes lead to the economic growth of Malaysia taking into account the development of the digital society. Based on secondary data from the World Bank, this study tackles components of the Digital Economy. It includes broadband infrastructure, Global Innovation Index, population and trade openness. Several transmission mechanisms from broadband access, usage and digital empowerment to key macroeconomic variable, namely GDP per capita is identified. The econometric evidence supports hypotheses showing that the usage of broadband, i.e., digital empowerment, openness of external sector on top of population bonus exerts the major economic effects. This framework suggests that market and societal learning processes drive endogenously transformative processes that lead to the generation of new jobs in digital economy. The overall conclusion is that the research framework for economic impact to be up to the opportunities brought by digitalization. Many practical challenges remain where digitalization meets internationalization. Eventually, this will improve the business and innovation climate in Malaysia.
Zulnaidi Yaacob
Associate Professor
Universiti Sains Malaysia
Topic: Addressing Income Inequality: The Value of Inclusive Entrepreneurship
Abstract: Income inequality is a global issue. Different approaches to address this issue have been discussed and put into practise both globally and locally. Policy papers and development plans from numerous nations have emphasized the significance of entrepreneurship for growth in the economy. The literature has reported conflicting findings regarding the efficiency of entrepreneurship in enabling low-income households to increase income and improve their standard of living. However, inclusive entrepreneurship has the potential to be a more effective approach to combating the issue of economic disparity. The entrepreneurship development process has to be more inclusive and tailored to the environment and entrepreneurial characteristics of the entrepreneurs.
Abstract: Income inequality is a global issue. Different approaches to address this issue have been discussed and put into practise both globally and locally. Policy papers and development plans from numerous nations have emphasized the significance of entrepreneurship for growth in the economy. The literature has reported conflicting findings regarding the efficiency of entrepreneurship in enabling low-income households to increase income and improve their standard of living. However, inclusive entrepreneurship has the potential to be a more effective approach to combating the issue of economic disparity. The entrepreneurship development process has to be more inclusive and tailored to the environment and entrepreneurial characteristics of the entrepreneurs.
