The International Institute of Management 國際專業管理學會 Harmony In Diversity Celebrating years of The International Institute of Management The Management Journal 2018-19 Harmony In Diversity In today’s multi-generational, hyperconnected, over-achieving, highly cyclical workforce, the almost-always cut-throat business environment reverberates with diversity. The concept of diversity should encompass understanding, respect and acceptance. Diversity also means realising that each individual is unique, recognising the individual differences and celebrating in the collective strengths of each other as we work towards our goals and objectives in life. These can be along the dimensions of race, ethnicity, gender, socio-economic status, age, physical abilities, religious beliefs, sexual orientation, political beliefs or other ideologies. It is the exploration of these differences in a safe, positive, and nurturing environment that allows for better understanding and moving beyond simple tolerance to embracing and celebrating the rich dimensions of diversity contained within each individual. Successfully leading various teams through empathic leadership, by providing the vision and oversight to cultivate more diverse yet inclusive organisations; by optimising, innovating and disrupting business models to produce more significant and sustainable measurable growth; by elevating the power of successful shared experiences and best practice; and by celebrating harmony in diversity are what underpin the International Institute of Management’s continued success. The cover image signifies the individuality of each resilient tree. While each entity is unique in its attributes, it finds enduring strength, balance, power, protection and sustenance with others. Trees are a symbol of life’s great journey. The Heraldry Tradition of The International Institute of Management In 1995, The International Institute of Management Limited (IIM) made an application to the Royal College of Arms for a grant of The Armorial Bearings of IIM with Supporters and Badge based upon a design prepared by the organisation’s founding members. The application was accepted and The Letters patent was then prepared and presented by H.E. Paston-Bedingfeld, Esq., York Herald, on 22 January 1996 2 at the Government House, to the Queen’s representative in Hong Kong. His Excellency, The Honourable Christopher Patten, representing the Queen, in turn, presented The Letters Patent to the President of IIM, The Honourable Dominic Wong, OBE, JP. The Right to the Armorial Bearings conferred by the Grant of Armorial Bearings, made by the Kings of Arms, under the Royal Authority of Her Majesty, Queen Elizabeth II, is a limited Right, and it is not a Right which the grantee can pass onto a third party. Therefore, any reproduction of “The International Institute of Management Limited’s” Armorial Bearings, in any form thereof, is not permitted without the prior written consent of the Council of the Institute. Crest The Crest is an ancient symbol to embody the International Institute of Management’s authority as a recognized professional body. Rising from the crown is the Philippine Eagle representing IIM’s ability to soar and expand internationally and its claw holding the hourglass, an ancient symbol of the concept of time, is representative of IIM’s mindful thrust towards efficiency and expediency. The symbolic Knight’s Helmet represents IIM’s role in safeguarding its mores, values and membership. The Crown on the Helmet is a token of IIM’s civic honour to defend and protect the organization. The stylised gold Fleur-de-Lis (flower-de-luce) is an enduring symbol of humility and devotion and its three petals, originally symbolic of the three social estates in medieval times, now come to depict education, innovation and governance, IIM’s tenets. 3 Coat of Arms The heraldry and the conventions of the IIM’s coat of arms symbolize its heritage, achievements and aspirations. The Shield or Escutcheon The dexter chief part (upper part) is one of the three most important fess points in a shield which in this case houses an open book, of which within are inscribed two Latin words, “Commercium” (Commerce) on the left and “Industria” (Industry) on the right. The green band is part of tinctures often used in heraldry and is one of the five universally recognised colours in shields. On the remaining two-thirds of the shield, the honour point all the way to the dexter base on the lower part of the shield, are two heraldic charges. These carry the two keys representing continuous learning and knowledge and the scales of justice to represent the divine rightness of law as well as the fairness of the judicial process that IIM upholds. The Supporters Located on either side of the coat of arms, they support the embodiment of the IIM’s mission, vision and values. The White Unicorn with a golden alicorn (horn) is symbolic of the organisation’s ability to open up to infinite possibilities and remains a constant symbol of hope, courage and strength and represents Righteousness. The imperial Golden Dragon, on the other hand, is a valiant defender of treasure and valour and represents strength and flexibility to adapt to ever- changing circumstances. The Armorial Motto ‘Achievement Through Professionalism’ best describes IIM’s motivation and intention. President’s Message Prof. Dr. David Lan, GBS, ISO, JP President, The International Institute of Management (IIM) 4 藍鴻震 博士教授 國際專業管理學會會長 I am delighted to present this fifth issue of “The Management Journal (MJ 2018-19)”, the official periodical of The International Institute of Management (IIM). The Management Journal aims to disseminate new knowledge in the field of management thoughts, innovative ideas, good practices and leadership wisdom as well as to provide a platform open to IIM members and all readers for deliberations and exchange of knowledge among academics, industry subject specialists and researchers. The IIM Management Journal advances the understanding and significance of management thoughts in the economic, political, technological and social relations of organisation and society. The journal encourages debate about the changing nature of management research and the dilemmas, ambiguities and complexities of management theory and practice, past and present. As President of IIM, it is my honour to advise that this year we have 19 articles contributed by outstanding learned scholars, highly seasoned practicing professionals and prominent social and business leaders, all sharing their knowledge and experience. Many of them are quite well-known in Hong Kong as well as within their respective fields of expertise from around the world. The roster of authors include overseas opinion leaders carrying out important roles at the national and international levels. This healthy cross-fertilisation of knowledge and views from different regions truly reflects the international nature of this platform, substantiating our theme goal–developing future global leaders through harmony in diversity. President’s Message Our continuous relationships over the years with scholars / economists from the University of Chicago have meant joint activities and contribution of articles from that source thereby enriching our readers’ quest for knowledge. They include works from Dr Kevin Murphy; George J Stigler, Distinguished Service Professor of Economics at University of Chicago; IIM’s Adviser, Professor Richard Wong SBS JP 王于漸教授; Chair of Economics, Philip Wong and Professor in Political Economy, Kennedy Wong, both from the Hong Kong University. Another important source I must highlight here is the contribution by our Counsellor,Prof CHANG Hsin-kang, 張信剛 GBS, JP, FREng, President-Emeritus of City University of Hong Kong on his very interesting story, in both English and Chinese entitled, “A Long and Hard Look at China”. I look forward to feedback and comments from our readers and subscribers to help 5 us further improve this initiative, and also for your continuous contribution of articles, sharing your management wisdom with members and different sectors of the public, as well as providing robust and stimulating constructive debates and ideas cross- fertilisation. Any papers that you wish to submit in future, either individually or collaboratively are more than welcome. As always, there is a vetting process and we hope you understand. Best wishes and thank you for your continuous support and contribution to the IIM Management Journal. I sincerely wish you happy and gainful reading. With warm regards, David Lan President, IIM Council Members 2018-2019 Prof. Dr. David H. T. Lan Prof. Dr. Wai-Man Woo GBS. ISO. JP BBS President Honorary Life Chairman 6 Prof. Dr. Maurice G. T. Teo Dr. Simon F. C. Tam Mr. Leo K. S. Lam Chairman Vice Chairman Vice Chairman Ms. Jade C. M. Lee Dr. Edward C. W. Liu Hon. Secretary Accreditation Director Council Members 2018-2019 Ms. Carol W. W. Wong Dr. Joseph Y. P. Tsui Prof. Henry T. K. Au Hon. Treasurer Academic Programme Director Development Director 7 Ms. Marie Therese Necio-Ortega Dr. Albert T. M. Yip Mr. Tommi K. C. Wu Corporate Communications and Membership Director Membership Services Director Social Business Media Director Mr. Manics K. M. Tsang Mr. Christopher W. K. Chan Prof. Ken Wong Social Services Director Corporate Development Director Continuing Professional Development Director Board of Counsellors Prof. Jao Tsung-I Prof. Wang Gungwu GBM Chairman Honorary Counselor East Asian Institute National (1917 - 2018) University Singapore 8 Prof