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The PolyU Doctor of Business Administration (DBA) was the region’s first professional doctorate in business and management. Launched in 1996, the DBA was extended to mainland China in 2004 and named the Doctor of Management (DMgt) in this location. To date, more than 600 students have graduated to become “scholar-leaders” who integrate academic studies with management practice and apply research findings to tackle real-world issues.

In particular, DBA/DMgt graduates apply what they have learned during the programme to examine a wide range of topics and conduct independent research, which enables them to contribute new perspectives to the practice of business administration and management.

 

Individual graduates' information is updated until the year of graduation for the graduate concerned.

This thesis, to the best of my knowledge, is the first to discuss the buried signal in financial reporting. A buried signal is a signal sent in a manner such that the information therein is not directly observable.

I show that a non-cash special dividend, declared before a company proceeds with an IPO, that is used to offset a loan due from its directors or shareholders constitutes a buried signal. It is mandatory for dividends (in cash or in specie) to be disclosed in an IPO prospectus; therefore, it is in the interest of pre-IPO companies to send a buried signal of such non-cash special dividends. In addition, I demonstrate that directors who instruct their companies to advance them personal loans are likely to be grandiose narcissistic leaders because they have multi-layered personality attributes, including a sense of entitlement to favourable treatment and a lack of empathy, that enable them to exploit their companies, fellows, or subordinates for their personal gain. My empirical results also show evidence that there is a positive association between the non-cash special dividends and accounting-based performance measures of listed companies after initial public offerings (IPOs). This is explained by the existence of narcissistic leaders, who are likely to manipulate profits by accrual earnings management.

Furthermore, I argue that voluntary disclosure of financial information can deter companies from sending buried signals. It is feasible to rely on voluntary disclosure if investors deem that any information withheld by companies is bad news and if the cost of sending a negative signal is higher than the cost of sending none, as is the case because investors react disproportionately negatively to the absence of a signal

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Dr Fan Kin Nang
2024 DBA Graduate
Managing Director
Linkpath CPA Limited

Supervisor: Prof. Qiang Wu

In recent years, China's economy has grown rapidly, but most enterprises in China are facing the problem of shortage of leadership talents, which is more serious than other countries in the Asia-Pacific region. The leader is an important asset of the company, and improving the survival rate for new leaders is an important task for the human resources teams. By paying attention to the inconsistency between the power given to new leaders and the power they think is necessary, and its influence on the perceived trust and turnover intention, this study reveals the key aspects of new leaders' adaptation.

The current study examined the mechanism by analyzing three relationships: 1. The relationship between the incongruence of authority given and needed and new leaders' trust feelings. 2. The relationship between the congruence of authority given and needed and new leaders' trust feelings. 3. The relationship between trust feelings of new leaders and turnover intention. 4. The relationship between the conspiracy relation of authority given and needed, new leaders' turnover intention, and the mediating role of trust feelings.

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Dr Guo Ying
2024 DBA Graduate
Chief People Officer
Goodbaby International Limited

Supervisor: Prof. Wu Liu

By conducting three waves of data collection across four firms for three months, with 127 pairs of new leaders. By using polynomial regression analysis, the results show that: first, the trust of new leaders in their supervisor declines with time; Second, the slope of perceived trust is negatively correlated with the slope of turnover intention, which increases over time. Third, the influence of directional incongruence in authority given and authority needed on the slope of felt trust, of which the slope of felt trust is less negative when authority given is higher than authority needed compared to when authority needed is higher than authority given. Fourth, there is an indirect effect between the directional incongruence in authority given and authority needed and the slope of turnover intention via the slope of felt trust.

This study examines the relationships between the authority of new leaders, the gap between authority needed and authority given and their intention to leave, and provides theoretical insights and practical significance for understanding and potentially improving the integration and retention environment of these new leaders, rather than directly focusing on enhancing their onboarding abilities, although the results of this study are of broader significance to leadership development and support mechanisms.


It is gradually understood that Climate Change Risks (CCR) and the global initiative in terms of Green House Gas (GHG) and carbon emission control has been a common issue to the whole human society, and subsequently become systematic risk factor to business and economic activities. With rapid development of literature framework since recent years, it is regretful to find that controversy is broadly existing at many sectors of relevant empirical studies.

We aim to investigate shipping industry as an instance and examine the potential correlations between shipping corporates’ green initiatives and the metrics of their finance and operational performance. We consider shipping industry as an appropriate object for our empirical study because it is an industry with moderate exposures of CCR and GHG emission risks and under increasing pressure from governing bodies, investors and the public to achieve the unambiguous goals of GHG emission control in accordance with the Paris Agreement 2015 and the following strategies specifically set by the International Maritime Organization (IMO). It is observed that both governing bodies and investors are tightening their hands in order to encourage the shipping industry being green at sector of GHG and carbon emission. Meantime, it is also observed that a growing number of leading shipping corporates start announcing their green initiatives by manners of ordering new building vessels with green fuels or technologies. During developing green fuels and technologies, green patents may be worked out and registered. Since granted green patents can be easily found, it can overcome the disadvantages of green initiatives at empirical studies because green initiatives are usually announced in textual with difficulties to be measured and interpreted consistently.

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Dr He Yiming
2024 DBA Graduate
Deputy General Manager (Legal, Compliance & Risks Management)
China Merchant Energy Shipping (CMES)

Supervisors: Ir Prof. T.C. Edwin Cheng & Prof. Jimmy Jin

Since the incumbent literatures arguably support that the financial market can identify firms’ CCR and GHG emission risks individually and take actions to some extents, we therefore set the hypothesis that shipping corporates can commercially benefit from their green initiatives represented by granted green patents. Our empirical study focuses on entire shipping corporates listed in Shanghai Stock Market. Data in terms of granted green patents are obtained from Wind Financial Terminal while dependent variables and control variables are obtained from either Winds Financial Terminal or CSMAR. There are total 202 observations during period of sampling between 2011 and 2019.

However, the baseline tests demonstrate significant positive correlations between shipping corporates’ green initiatives and costs of capital (save to costs of debts) and significant negative correlation with operational performance results represented by roa and roe respectively. The empirical results indicate that shipping corporates don’t commercially benefit from their green initiatives represented by granted green patents save to the costs of debts which shows significantly negative correlations with granted green patents. The Heckman Correction Model is involved to examine the potential issue of sample selection bias and the robustness of the Heckman test result provide confidence in the validity of the results of baseline tests.

We also examine the real effects by the Paris Agreement 2015 as an exogenous events and individual shipping corporates’ financial slack, and the interesting results of which indicate that both of the moderators had material influences upon the hypotheses.

This empirical investigation can fill into gap of literature framework where there has not been study whether individual corporate can commercially benefit from its green initiatives represented by granted green patents by lower costs of capital and higher operational performance result. Moreover, this empirical investigation will also be a good reference to those who would like to further investigate real effects by either exogenous shocks or some features of shipping corporates’ performance. It also provides governing bodies, investors and shipping corporates with precise indications on correlations between green initiatives and financial metrics, which will be useful reference when they consider moving forward at sector of green initiatives.

Further researches are suggested to cover a range of aspects. For instance, we can examine real effects by the IMO Initial Strategy and the IMO GHG Strategy 2023 as exogenous events, and how individual fleet’s CII performance moderate the correlation between green initiatives and shipping corporates’ operational performance results. Additionally, it is suggested to consider enlarge sample base to those global shipping corporates other than Shanghai Stock Market listed shipping corporates only. Besides, it will also be interesting to examine whether similar empirical studies focusing on other industry indicate the similar results.


As the importance of ESG issues continues to rise, the quality of ESG reporting has garnered significant attention among scholars. However, the current literature on ESG report quality measurement methods are either overly simplistic or excessively complex. This study presents a comprehensive, computationally feasible, and programmatic approach to evaluate the quality of ESG reports based on natural language processing techniques. I comprehensively analyze the quality of ESG reports for A-share and A+H- share companies from five aspects: Materiality, Quantitative, Balance, Consistency, and Readability, using web scraping, ESG report processing, and text analysis techniques. Through panel regression and Difference-in-Differences (DiD) research design, I find that dual-listing enhances the quality of ESG reports, providing further support for the Bonding hypothesis. Then, the results support that enhanced regulatory can effectively improve the quality of ESG reports. Finally, I discover that the improvement in ESG report quality reduces stock price synchronicity and increases the information content in stock prices.

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Dr Lin Lie
2024 DBA Graduate
Founder and Chairman
Crescendo Greater China

Supervisor: Prof. Haitian Lu

Since 2018, the Hong Kong Stock Exchange and the Shanghai Stock Exchange have allowed biotechnology companies without revenue or profits to list, providing these companies with favorable financing conditions. Coinciding with the outbreak of the COVID-19 pandemic, this sector experienced a boom period. However, as the pandemic has subsided, these companies have been slow to generate revenue, diminishing patience among capital market participants and poor performance in the secondary market. Given the underperformance of these companies post-initial public offering (IPO) and inspired by the development trajectory of the biotechnology sector in U.S. stock markets, this study focuses on the characteristics of biotechnology companies.

Innovation capability is the most crucial factor influencing the IPO pricing and post-IPO performance of biotechnology companies. In this study, the number of R&D personnel (RDP), R&D expenditures, and pipeline quantity are used to measure innovation capability and further explore the relationships between innovation capability and first-day returns and between innovation capability and three-year abnormal returns post-IPO. The findings show that the number of RDP is negatively correlated with first-day returns, whereas the R&D expenditure is positively correlated with three-year abnormal returns post-IPO. These findings highlight the correlation between innovation capability and the IPO performance of biotechnology companies, revealing key considerations in pricing strategies for biotechnology firms that lack both revenue and profits.

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Dr Tang Xiaojiao
2024 DBA Graduate
Executive Director
CDG Capital Company Limited

Supervisors: Prof. Jie Cao & Prof. Jimmy Jin

Financial technology, colloquially known as Fintech, has become a cornerstone of modern finance, reshaping the way we interact with financial services and instruments. Its rapid evolution and integration into various sectors have not only streamlined traditional banking and investment processes but have also paved the way for innovative financial solutions that align with global sustainability goals. One such innovation in the realm of sustainable finance is the emergence of green bonds. These bonds, distinguished from traditional financial instruments by their commitment to financing projects with environmental benefits, have gained popularity as a tool for promoting sustainable development. However, despite their potential, the green bond market faces numerous challenges, particularly in issuance processes. This study aims to explore how Fintech could be a catalyst for overcoming these challenges, thereby facilitating the growth of the green bond market.

Green bonds represent a novel category within the fixed-income universe, designed specifically to fund projects that have positive environmental impacts, such as renewable energy, energy efficiency, sustainable water management, and clean transportation. Unlike conventional bonds, the proceeds from green bonds are earmarked for green projects, offering investors the opportunity to contribute to environmental sustainability. Despite their benefits and growing investor interest, the issuance of green bonds is fraught with challenges, including high issuance costs, lack of standardization, limited investor awareness, and concerns over 'greenwashing'-where the environmental benefits of a project are overstated.

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Dr Wang Congwei
2024 DBA Graduate
General Manager
Rongan Property Co., Ltd.

Supervisor: Prof. Jimmy Jin

Fintech, with its innovative platforms and cutting-edge technologies, presents a promising solution to these challenges. By leveraging blockchain technology, for example, Fintech can enhance transparency and traceability in the use of proceeds, addressing concerns of greenwashing and thereby boosting investor confidence. Similarly, digital platforms can reduce issuance costs and streamline the bond issuance process, making it easier and more attractive for issuers. Despite these potential benefits, there is currently a lack of consensus on the impact of Fintech on the green bonds market, a gap this study seeks to fill.

To empirically investigate the effect of Fintech on green bond issuance, this study utilizes data from the China city-level Fintech index and green bond issuance records between 2016 and 2020. By analyzing the relationship between Fintech development and green bond issuance, this study aims to provide concrete evidence of Fintech's role in facilitating green finance. To address concerns regarding omitted variables that could skew the results, an instrumental variable (IV) approach is employed, using the geographical distance from Hangzhou-a city known for its Fintech innovation-as a proxy for Fintech development. Furthermore, to mitigate endogeneity issues, a staggered difference-in-difference model is utilized, taking advantage of the series of Fintech-facilitating policies as an exogenous shock to the system.

This study examines the impact of Fintech on green bonds from both the supply and demand sides. On the supply side, Fintech can empower financial institutions by providing them with tools and platforms to efficiently manage and promote green bond issuance. This includes the use of blockchain for better transparency and smart contracts for automated compliance with green standards. On the demand side, Fintech platforms can play a pivotal role in enhancing social and environmental awareness among investors, thereby increasing demand for green bonds. Through mobile apps, social media, and other digital platforms, investors can easily access information on green projects and their impact, fostering a community of environmentally conscious investors.

The study further delves into the nuances of the green bond market through cross-section partition tests. These tests examine the impact of Fintech on green bonds across different dimensions, including the credit ratings of the bonds, the purposes of the proceeds (e.g., renewable energy vs. pollution control), ownership structures (public vs. private issuers), and geographical factors such as the presence of High-Speed Railways (HSR) networks and city locations. These analyses aim to uncover whether the effect of Fintech on green bond issuance varies across different market segments and conditions.

By connecting Fintech development with the issuance of green bonds, this study contributes significantly to the literature on sustainable finance and Fintech. Previous research has largely focused on the broader impact of Fintech on sustainability-oriented ventures, without specifically addressing its role in the green bond market. This study fills this gap by providing empirical evidence of how Fintech can support the growth of green bonds, a critical instrument for financing environmental projects. The findings of this study are particularly relevant for policymakers and financial institutions seeking to leverage Fintech innovations to achieve environmental goals. By understanding the mechanisms through which Fintech can influence the green bond market, stakeholders can develop targeted strategies to overcome existing challenges and promote the issuance of green bonds.

In sum as the world grapples with the urgent need for sustainable development, green bonds stand out as a key financial instrument for funding environmental projects. However, the challenges associated with their issuance necessitate innovative solutions, which Fintech is well-positioned to provide. Through this study's comprehensive analysis of the relationship between Fintech development and green bond issuance in China, valuable insights are offered into how Fintech can be harnessed to support the growth of the green bond market. By addressing both the supply and demand sides of the equation, and considering various market segments, this research not only contributes to academic discussions but also provides practical guidance for leveraging Fintech in the pursuit of sustainable finance.


University venture capital and private equity funds (UFs) have gained popularity in recent years as vehicles for advancing university research outcomes and fostering student entrepreneurship. However, questions remain about their alignment with university missions and their actual impact on academic start-ups within innovation ecosystems. Despite their increasing adoption, the establishment and management of UFs remain largely unexplored and under-researched (Croce et al., 2014).

This paper investigates the effectiveness of UFs within innovation ecosystems, employing a comprehensive global dataset spanning 285,667 investment deals involving 126,207 companies from 2000 to 2021. It explores UFs as a technology transfer policy intervention, focusing on their primary goal of propelling investees past the challenging “Valley of Death” to secure subsequent financing after receiving UF investment. Employing an instrumental variable to address endogeneity and benchmarking against Government Venture Capital Funds (GVCs), this research reveals that UFs offer a distinct signalling effect regarding the technology's content, surpassing the traditional roles of scarcity compensation and certification functions typically associated with GVCs.

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Dr Wang Peng
2024 DBA Graduate
Director, Techno-Entrepreneurship Core
The University of Hong Kong

Supervisors: Prof. Jimmy Jin & Prof. Xin Xu

This unique feature is further examined in regional innovation systems. UFs exhibit superior performance in less innovative ecosystems characterised by limited venture capital activities and moderate R&D levels, suggesting a pronounced "signalling" impact in contexts marked by heightened information asymmetry. This observation is also strengthened by findings that UFs prove counterproductive in the consumer product industry and within the American landscape, implying a weakened or even reversed "signalling" effect in environments where investors are well-informed and sophisticated.

Beyond its academic significance, this study provides essential insights into the design and management of UFs. It highlights the importance of understanding ecosystem contextual factors to establish realistic expectations and tailor management frameworks that align with the intrinsic value proposition of UFs.


Grounded on self-determination theory, this study examines whether and how leaders providing different types of help (i.e., autonomy-oriented help and dependency-oriented help) might influence subordinates' innovative performance. I predict that when leaders provide more autonomy-oriented help, subordinates perceive a higher level of autonomy, competence, and relatedness need satisfaction, all of which lead to higher innovative performance. In contrast, when leaders provide more dependency-oriented help, although subordinates still perceive a higher level of relatedness need satisfaction, their autonomy and competence need satisfaction suffer. Therefore, subordinates receiving more dependency-oriented help are not necessarily more innovative at work. In addition, I innovatively defined help delivery. It captures how help is provided to recipients and reflects the leader's interpersonal treatment during the help process. I posit that help delivery would moderate the relationships between leaders' helping behaviors and subordinates' basic need satisfaction. I used a multi-wave design to collect data from 236 subordinates at two time points with a one-month time lag in between. The results showed that leaders' autonomy-oriented help behavior was positively related to subordinates' autonomy needs, competence needs, and relatedness needs satisfaction (Hl); leaders' dependency-help behavior was not found to be related to subordinates' autonomy needs and competence needs satisfaction, but was positively related to relationship needs satisfaction. Competence needs satisfaction was positively related to innovative performance; however, neither autonomy needs satisfaction or relatedness needs satisfaction was related to innovative performance. I did not find support for any moderating effect of help delivery. However, exploratory analyses found that gender moderated the relationship between dependency-oriented help from a leader and autonomy need satisfaction, as well as the relationship between autonomy-oriented help from a leader and competence need satisfaction. Overall, female subordinates benefited more from the leader's autonomy-oriented help by experiencing higher competence need satisfaction. However, male subordinates are hurt even more by the leader's dependency-oriented help by experiencing lower autonomy need satisfaction. These results suggest further research and discussion on the types of leadership helping behaviors and innovative performance.

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Dr Xu Yanhui
2024 DBA Graduate
Executive Director, Rizhao Yaohui Logistics Co., Ltd /
General Manager, Rizhao Third Cement Factory /
Vice Dean of the School of Economics Management, Shandong Vocational and Technical University of International Studies

Supervisor: Prof. Katrina Lin

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