Centre for Corporate Governance and Financial Policy (CCGFP)

Hong Kong Baptist University, Hong Kong
23-24 August 2007

Governance & Performance of Family Business

SPONSORS:

MEDIA SPONSORS:

SUPPORTING ORGANIZATIONS:

The Association of International Accountants - HK Branch	The Institute of Crisis and Risk Management Society of Registered Financial Planners
CPA Australia	Hong Kong Securities Institute
Hong Kong Professionals and Senior Executives Association	The Chamber of Hong Kong Listed Companies The Hong Kong Society of Financial Analysts

BACKGROUND

The Inaugural Asia-Pacific Corporate Governance Conference held on 25-26 August 2005 was a very successful event attended by over 200 experts, scholars, dignitaries and practitioners from more than 20 countries and regions, such as: Australia, Canada, France, Hong Kong, India, Malaysia, New Zealand, People’s Republic of China, Singapore, Taiwan, Thailand, Turkey, United Kingdom and U.S.A. This conference provided an excellent opportunity for scholars, corporate executives, institutional investors, market intermediaries, and government regulators around the world to share views and to discuss contemporary issues related to Corporate Governance. A total of 64 papers were selected from nearly 200 submissions for presentation in the 2-day Conference.

Built on this success, and to fulfil our mission to improve the quality of public debates on major corporate governance and related issues, we are pleased to convene the 2nd Asia-Pacific Corporate Governance Conference to be held on 23-24 August 2007, with the main theme on “Governance and Performance of Family Business”. We believe this conference will generate useful discussions and offer insights to enrich our understanding of good corporate governance systems and best practices which are vital to the growth and success of family business in the region (for details about the inaugural conference, please visit the website at: http://www.hkbu.edu.hk/~ccgfp).

1. CONFERENCE OBJECTIVE

The two-day Conference features keynote speeches, concurrent academic sessions and panel sessions. The Conference aims at promoting high-quality research on corporate governance in the Asia-Pacific region and at providing a forum for enhancing collaboration and interaction among researchers, corporate executives, institutional investors, market intermediaries, consultants, and regulators on the subject.

Business executives and professionals are especially encouraged to attend the Day-1 programme featuring non-academic presentations and panel sessions.

2. CALL FOR PAPERS

You are cordially invited to submit papers and practical case studies for presentation at The 2nd Asia-Pacific Corporate Governance Conference. The main theme is “Governance and Performance of Family Business”. All main session presenters will be provided a waiver of registration fee and a three-night free accommodation at the NTT guest house of the HKBU (up to 1 room per paper and for overseas presenters only).

The Conference focuses on frontier theoretical and empirical works on governance and performance of larger or listed family (or closely-held) business and related topics. Relevant topics include, but are not limited to the following list:

1. Governance structure, process and leadership for family business
2. Roles that Board of Directors play in family business
3. Roles that independent (non-executive) directors play in family business
4. Value creation or destruction in family ownership
5. Value creation or destruction in family control/merger
6. Leadership (e.g. Chairman, CEO) that founders play in family business
7. Roles of family members in running a family business
8. Roles that non-family professional managers play in family business
9. External capital access, growth & diversification of family business
10. Succession planning in family business
11. Implications of institutional investors on family ownership and control
12. Minority shareholders in family business
13. Agency problems in family business
14. Ownership structure in the region of Asia Pacific
15. Relationship based transactions in family business
16. Differences in management philosophy in family business: East versus West
17. Risk profile and handling in family business
18. Contemporary issues facing family business

No more than three Best Paper Awards will be granted by the Organizers. Selected presented papers will be invited for a fast-track review by the Pacific Basin Finance Journal.

For papers not accepted for main concurrent session presentation, at authors' discretion, they will be presented in a forum session with shorter presentation time, subject to review and space availability.

3. CALL FOR PANEL SESSION PROPOSALS

You are invited to propose panel sessions with a specific topic and also to serve as moderator or panelist. Please submit your 1-page proposal indicating the topic, names and affiliations of suggested moderators/panelists (if any). Usually panel sessions shall represent collaboration between academic and business professionals.

4. CONFERENCE VENUE

The two-day Conference will be held at the Lam Woo International Conference Centre on the Shaw Campus of HKBU. The campus is directly connected to Kowloon Tong MTR and KCR Station, making it the perfect choice for basing your trips around Hong Kong quickly and easily. Chek Lap Kok International Airport is 45 minutes away by car or 60 minutes away via the Central Airport Express and MTR station.

5. ORGANIZING COMMITTEE

Simon S.M. Ho	Chair, HKBU (simon-ho@hkbu.edu.hk)
Raymond S.Y. Chan	Vice Chair, HKBU (raychan@hkbu.edu.hk)
Albert Lee	Vice Chair, Protiviti (albert.lee@protiviti.com)
Joseph Fung	HKBU
Alex Lau	HKBU
Simon S.P. Lee	HKBU
Vivienne Luk	HKBU
Horace Ma
Gordon Tang	HKBU
K.S. Wong	HKBU
Bing Bing Wu	HKBU
Philip Yau	Protiviti
K.F. Yip	Corporate Governance and Directorship (HKBU) Society
M.W. Ma	Corporate Governance and Directorship (HKBU) Society
Daniel Poon	Corporate Governance and Directorship (HKBU) Society

6. REVIEW & PROGRAMME COMMITTEE

In-Mu Haw	Co-Chair, HKBU & Texas Christian University, U.S.A.
Simon S.M. Ho	Co-Chair, HKBU
Alan Au	Open University of HK, HK
Kevin Au	The Chinese University of HK, HK
Charlie X. Cai	Leeds University, UK
Ka-lok Chan	HK University of Science & Technology, HK
Eric Chang	Hong Kong University, HK
Raymond S.Y. Chan	HKBU
Charles J.P. Chen	City University of Hong Kong., HK
Agnes Cheng	University of Houston, USA
Stephen Y.L.Cheung	City University of Hong Kong., HK
Yuan Ding	CEIBS, China
Gabriel D. Donleavy	University of Macau, Macau
Michael Arthur Firth	Lingnan University, Hong Kong
Joanna L. Ho	University of California at Irvine, USA
David Hillier	Leeds University, UK
Po-Keung Ip	National Central University, Taiwan
Woochan Kim	KDI School of Public Policy & Management, S. Korea
Amy H.L. Lau	The University of Hong Kong
Ji Li	HKBU
Wei-an Li	Nankai University, China
Z.J. Lin	HKBU
S. Ghon Rhee	University of Hawaii, USA
Frank Song	Hong Kong University, HK
Benjamin Tai	HKBU & CSU-Fresno
Robert I. Tricker	HKBU
Li-yan Wang	Peking University, China
Yin-HuaYeh	Fu-jen Catholic University, Taiwan
Michael Young	HKBU

7. PAPER SUBMISSION

Please submit your paper or proposal, written in English (except authors from China), in electronic format (Word files) via e-mail on or before 30 April 2007 to ccgfp@hkbu.edu.hk or by mail to the following address:

Conference Secretary
The 2nd Asia Pacific Corporate Governance Conference
c/o Centre for Corporate Governance & Financial Policy (CCGFP)
School of Business, Hong Kong Baptist University
Renfrew Road, Kowloon Tong
Hong Kong

Late submissions will be accepted if vacancies are still available. Papers submitted should be with full affiliation and contacts for all co-authors, the name of the corresponding author, an abstract of not exceeding 120 words, and a list of 5-10 keywords. Author(s) of accepted papers for formal presentation may be required to revise following the format/style prescribed by the Organizing Committee.

8. REGISTRATION FEE

The regular conference registration fee is US$250 or HK$2,000, or early bird registration fee of US$200 or HK$1,600 if paid by 30 June 2007. The fee covers two conference lunches, one cocktail reception, one dinner and conference materials.

9. IMPORTANT DATES

Paper submission deadline : 30 April 2007
Announcement of accepted papers : 31 May 2007
Early bird registration deadline : 30 June 2007
Conference : 23-24 August 2007

10. ABOUT THE CONFERENCE ORGANIZERS

HONG KONG BAPTIST UNIVERSITY (HKBU) is a public-funded tertiary institution with a Christian education heritage. Founded in 1956, it is the second-oldest institution of higher learning in Hong Kong. Its School of Business (School), as one of the most visible and influential business schools in Hong Kong in terms of corporate advisory and public policy inputs, has been conducting research, training and consultancy activities on corporate governance through (1) the Centre for Corporate Governance and Financial Policy (CCGFP) which promotes in-depth academic and policy research on corporate governance and financial policy issues covering Hong Kong, China and other Asia-Pacific economies; and (2) the Master of Science in Corporate Governance and Directorship Programme which is the first taught master programme in corporate governance and directorship in the world.

The School’s International Business research has been ranked 6th in the world while its Finance research has been ranked within the top 10 among Asian universities.

More details about the School of Business at http://www.hkbu.edu.hk/~bus/.
More details about the CCGFP and the MSc in CGD Programme at http://www.hkbu.edu.hk/~ccgfp/

PROTIVITI is a leading provider of internal audit and risk consulting services. Protiviti helps clients identify, assess and manage operational and technology-related risks encountered in their industries, and assist in the implementation of the processes and controls to enable their continued monitoring. Protiviti also offers a full spectrum of internal audit services focused on bringing the deep skills and technological expertise to enable business risk management and the continual transformation of internal audit functions.

Protiviti is a highly regarded expert in assisting organizations with corporate governance initiatives. It is recognized as a leader in Enterprise Risk Management (ERM) by an independent research firm. Protiviti also works closely with the management of companies to help manage projects for complying with the Sarbanes-Oxley Act. Protiviti is now throughout the world with more than 53 offices in Asia, North America, South America, Europe and Australia.

More details about Protiviti at www.protiviti.com / www.protiviti.cn or email: greater.china@protiviti.com

11. INFORMATION ABOUT HONG KONG

Hong Kong is the freest economy and one of the major financial centres in the world. Hong Kong is a fusion of East and Western cultures offering visitors a smorgasbord of exciting attractions and events. Known as a shopper's paradise, Hong Kong is a place where you can buy anything you want. You will also be spoiled for choices when it comes to eating, as Hong Kong features a wealth of cuisines including Asian, Western and local delicacies.

The weather from August to September is hot and humid with temperature ranges from 26oC-33oC (78oF-91oF) and humidity near 86 per cent. When outdoors short sleeves and cotton clothes work best, with a lightweight sweater or jacket for air-conditioned indoor venues.

More details about Hong Kong at http://www.discoverhongkong.com

12. SPONSORSHIP OPPORTUNITIES

We anticipate over 150 renowned scholars and professionals across the world will attend the Conference. If you and your organization would like to support us by participating and sponsoring this unique international event, please contact us for detailed sponsorship programme. We will maximize public exposure for the Sponsors and the Conference. Your organization will be given distinct recognition and a high profile in the publicity programme, thus bringing your organization's name to a global audience.

More details about sponsorship at http://www.hkbu.edu.hk/~ccgfp/

13. CONTACT INFORMATION

For questions or additional information, please contact:

Conference Secretary
The 2nd Asia-Pacific Corporate Governance Conference (2nd APCGC)
Centre for Corporate Governance & Financial Policy
School of Business, Hong Kong Baptist University, Kowloon Tong, Hong Kong
Tel : (852) 3411-5728/ 3411-5281/ 3411-5202
Fax : (852) 3411-2046

E-mail : ccgfp@hkbu.edu.hk
Website : http://www.hkbu.edu.hk/~ccgfp/index.html

The 2nd Asia-Pacific Corporate Governance Conference
Lam Woo International Conference Centre, HKBU, Renfrew Road, Kowloon Tong
23-24 August 2007, Hong Kong

Preliminary Conference Programme

Time	Day 1 / 23 August 2007	Time	Day 2 / 24 August 2007
8:30	Registration	8:30	Registration
9:00	Opening Session Opening Remarks & Speeches by Mr. Wilfred WONG, JP Vice Chairman and CEO, Mission Hills Group Council Chairman, HKBU Mr. Christopher LOW Managing Director Head of Greater China Operations Protiviti Prof. Franklin T.LUK Acting President and Vice-Chancellor HKBU Prof. Simon S.M. HO Dean of School of Business Director of the Centre for Corporate Governance and Financial Policy, HKBU	9:00	Parallel Sessions 5-6
9:30	Keynote Speech 1 Mr. Peter T.C. LEE, Chairman, Hysan Group
10:15	Tea Break
10:30	Keynote Speech 2 Prof. Wei-ying ZHANG Dean of Guanghua School of Management Peking University, China	10:30	Tea Break
11:15	Panel Session 1 Family Business Governance: Maximizing Family and Business Potential Moderator Mr. Herman HU, JP, Chairman, Ryoden Development Ltd. Panellists Mr. William Junior Guilherme DOO, Executive Director, NWS Holdings Ltd. Mr. Francis LUI, Executive Director, K.Wah International Holdings Ltd. Mr. David MONG, Vice Chairman, Shun Hing Group Mr. Derrick PANG, Director, Chun Wo Holdings Limited	10:50	Main Speeches Mr. Albert LEE Managing Director Protiviti Dr. Alan WARING Chief Executive Asia Risk (HK) Limited Mr. David K.HO CEO Mastermind Strategy Advisors Limited
12:30	Lunch	12:30	Lunch
14:00	Parallel Sessions 1-2	14:00	Parallel Sessions 7-8
15:00	Parallel Sessions 3-4	15:00	Parallel Sessions 9-10
16:00	Tea Break	16:00	Tea Break
16:15- 17:30	Panel Session 2 Role of Professional Executives in Family Business Moderator Prof. Simon S.M. HO, Dean of School of Business, HKBU Panellists Mr. Peter GREENWOOD, Executive Director – Strategy, CLP Holdings Mr. James SIU, Chief Compliance Officer, Li & Fung Group Ms. Wendy YUNG, Company Secretary, Hysan Group	16:15- 17:30	Panel Session 3 China Family Business Governance Issues ( in Putonghua ) Moderator Prof. Li-yan WANG, Peking University, China Panellists Mr. Jie LI, Chairman, Calilee Telecommunication Technology Co., Ltd. Prof. Y.C. ZHANG, Peking University, China
17:35	Cocktail Reception	18:30	Pre-Banquet Cocktail (at Hong Kong Jockey Club, Shatin. Free coaches are reserved)
20:00	End of Cocktail Reception	19:00	Conference Banquet (at Hong Kong Jockey Club, Shatin) feature talk by Prof. Chiping SHIH, Department of International Business, Soochow University Taiwan & Commentator of Phoenix Satellite Television
		22:00	End of Conference Banquet

The Conference Organizer reserves the right to amend the programme without prior notice.

Please click for DOWNLOAD : 2nd APCGC Registration Form

Please click for DOWNLOAD : Conference Venue Map

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Day 1 (23 August 2007)

Parallel Session 1 (2-3PM, WLB204)
Audit Committee
Chair: Prof. Raymond Chan (H.K.)

Paper 2: Corporate Governance and the Informativeness of Accounting Earnings: The Role of the Audit Committee Yin-Hua Yeh (Taiwan) & Tracie Woidtke (USA)
Paper 4: 審計委員會的內生性半獨立缺失解析----- 兼論改進監事會制衡機制王立彥 &薄仙慧 (中國)

Parallel Session 2 (2-3pm, WLB209)
Company Law & CG Code
Chair: Dr. Horace Ho (H.K.)

Paper 21: Governance of Family Businesses in Germany: An Analysis of Their Compliance with the German Corporate Governance Code Axel v. Werder & Till Talaulicar (Germany)
Paper 19: Eccentricities for Joint Stock Companies under the Chinese Company Law: A Literature Review Alex Lau (Hong Kong) & Angus Young (Australia)

Parallel session 3 (3-4pm, WLB 204)
Performance of China Family Business
Chair: Prof. Frank Song (H.K.)

Paper 14: The Financial and Operating Performance of Chinese Family-Owned Listed Firms Yuan Ding, Hua Zhang (China) & Junxi Zhang (Hong Kong)
Paper 15: Research on Evaluation and Index of Private Listed Enterprise Governance Ya Li (China)

Parallel session 4 (3-4pm, WLB 209)
Share Market Issues
Chair: Prof. Gordon Tang (H.K.)

Paper 17: The Determinants of Open-Market Share Repurchase: To Signal or to Control? Jun Huh & Kwangwoo Park (Korea)
Paper 7: Corporate Governance, Public Governance and the Synchronicity of Individual Stock Price Movements: Evidence from China’s Listed Companies Julan Du (Hong Kong), He Hao (Industrial and Commercial Bank of China (Asia) Limited) & Chenggang Xu (London School of Economics and Hong Kong University of Science and Technology)

Day 2 (24 August 2007)

Parallel session 5 (9-10:30am, WLB204)
Equity Offering & Fund Management
Chair: Prof. Joseph Fung (H.K.)

Paper 23: Do Family Firms Leave Money on the Table During Initial Public Offerings in Hong Kong? Chee Keong Low & Xin Yu (Hong Kong)
Paper 16: What Determines the Discount for Private Equity Offerings – Ownership or Control Rights? Tai Ma, Huei-Yun Hsu, Ching-Yi Yeh & Kai-Wei Chang (Taiwan)
Paper 5: Redeemability as Governance: A Study of Closed-end and Open-end Funds under Common Management Peter MacKay & Daniel WU Xiongwei (Hong Kong)

Parallel session 6 (9-10:30am, WLB209)
Board, Directors & CEO Issues
Chair: To be confirmed

Paper 9: 在美中國上市公司董事會與公司績效關係的實證研究 周建 &華心怡 (中國)
Paper 22: Board of Directors and Opportunistic Earnings Management: Evidence from India Jayati Sarkar, Subrata Sarkar & Kaustav Sen (India)
Paper 24: A study on CEO compensations of family businesses vs. non-family businesses in Hong Kong Annie Ko & Simon S.M. Ho (Hong Kong)

Parallel session 7 (2-3pm, WLB204)
Tunneling Behavior
Chair: Prof. Yin-Hua Yeh (Taiwan)

Paper 1: Related Party Transactions: Increasing Operating Efficiency or Tunneling? Evidence from Israel Yaron Amzaleg, Uri Ben-Zion & Ahron Rosenfeld (Israel)
Paper 3: Diversification and Tunneling: Evidence from Indian Business Groups Jayati Sarkar (India) & Raja Kali (USA)

Parallel session 8 (2-3pm, WLB209)
CG Practice & Impacts
Chair: To be confirmed

Paper 8: The Construction of Four-In-One Governance Model of Family Enterprises Based on Control Right – A Study on the Practice of Family Enterprises in Mainland China Chunhe Wang & Jian Cheng (China)
Paper 18: Shaping up for Performance Impacts of Information Technology:
The Role of Corporate Governance Joanna L.Y. Ho (USA), Anne Wu (Taiwan) & Sean Xin Xu (Hong Kong)

Parallel session 9 (3-4pm, WLB204)
Ownership Structure
Chair: Prof. Davy Wu (H.K.)

Paper 10: Ultimate Owners, Financial Constraints, and the Influence over Dividend Policy: Evidence from Thailand J. Thomas Connelly (Thailand)
Paper 11: 機構投資者持股與公司治理——基於再融資行為的實證研究 姚頤&劉志遠 (中國)

Parallel session 10 (3-4pm, WLB209)
Internal Capital Market and Corporate Takeover
Chair: Prof. Yuan Ding (China)

Paper 20: Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea Sangwoo Lee (Hong Kong), Kwangwoo Park (Korea) & Hyun-Han Shin (Korea)
Paper 12: Corporate Takeovers: Do Family Ownership, Transaction and Target Firms Characteristics Matter? Saw-Imm Song, Ruhani Ali & Subramaniam Pillay (Malaysia)

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