Doctor of Business Administration

Courses will mostly be held on 3 to 7 consecutive days including weekends from 9am to 6pm.

点击此链接了解项目课程设置（英文）。
大部分课程将通过上包括周末在内的连续3至7天的课程，从上午9点至下午6点。

The DBA programme curriculum will offer aspiring entrepreneurs, senior management executives, and mid-career industrial practitioners specialised knowledge and applied research skills. The programme targets to equip students with sophisticated problem solving skills required to tackle complex business problems and drive innovations, while ensuring that they understand good sustainability, social responsibility and ethical practices.

Besides, since 2024, the Singapore University of Social Sciences and the University of the Chinese Academy of Social Sciences have jointly established a DBA program in Global Strategic Leadership. For admission details and application inquiries, please refer to the University of the Chinese Academy of Social Sciences website at https://sle.ucass.edu.cn/info/1060/2622.htm

工商管理博士项目将为有抱负的企业家，高级管理人员和职 业生涯中期的工作人士提供专业知识和应用研究技能。 该项目旨在为学生提供解决复杂业务问题时所需要的技能和创新力，同时确保他们能够很好的理解可持续性，社会责任和道德实践。

除此之外，自2024年，新加坡社科大学与中国社会科学院大学也联合创建了全球战略领导力博士学位(DBA)项目。招生简章和报名咨询请参考中国社会科学院大学网页 https://sle.ucass.edu.cn/info/1060/2622.htm。

1. What is the application fee?
   Application for graduate programmes is to be made online. Each e-application must be accompanied by a non-refundable application fee which is payable online only.
   • Singapore Citizen & Permanent Resident - $60.00 (subject to prevailing GST)
   • All other applicants - $100 (subject to prevailing GST)
     
   
   
2. How is the application process?
   Submit application materials online and pay for the application fee -> Shortlisted applicants will be interviewed - > Application outcome
   
   
3. How do I apply?
   You may start the online application by clicking the Apply Now button on the top of DBA programme page.
   
4. Is GMAT or GRE required for admission?
   No, GMAT or GRE score is not required for admission to DBA.
   
   
5. Is an interview required for admission?
   Shortlisted applicants will be required to attend an interview conducted by the University.
   
6. When should I apply?
   You should apply once application starts. We will consider applicants on a rolling basis – applicants who apply earlier would be offered places if they are deemed suitable.
   
   
7. How would DBA be structured?
   DBA students are required to complete 40 cu coursework (30 cu disciplinary courses and 10 cu research methodology courses) and submit a doctoral dissertation.
   
   
8. What is the requirement to graduate from DBA programme ?
   DBA students have to maintain a minimum CGPA of 3.0 in their coursework and satisfy doctorate dissertation requirements.
   
   
9. When & how will courses be held?
   Courses will mostly be held on 3 to 7 consecutive days including weekends from 9am to 6pm. Students can expect one of such courses every one to two months in the whole year. The DBA Programme arranges an overseas study trip every year, providing students with the opportunity to participate in immersive and practical business experiences. These include lectures, seminars, workshops, talks by invited guest speakers, site visits, etc.
   
   DBA also has a compulsory course which consists of 6 workshops running over two semesters (12 months). The workshops are contemporary topics in business and management and will keep on updating. The workshops are usually held from 7pm to 10pm on weekdays or weekends.
   
   
10. Is attendance to lessons mandatory? Any opportunity for make-up lessons?
    Attendance is mandatory and affects your participation marks. For all courses except BUS601, at least 2/3 face-to-face attendance is required for better academic learning and networking opportunities. If you are unable to participate in person, online participation is available. The courses are run once a year, so you can only re-register with the courses in the following year if you miss the current run.
    
    
11. What is the progression for dissertation?
    • DBA students need to successfully complete a qualifying examination (QE) and also a dissertation examination in order to satisfy the doctorate dissertation requirements. Both examinations will be assessed by committees comprising of the students' supervisors, SUSS full time faculty members and external examiners
      
    • In order to progress to the qualifying examination and maintain candidacy, DBA students are required to complete 40 cu of coursework and maintain a minimum CGPA of 3.0. After they have successfully passed the qualifying examination, their doctoral candidature will be confirmed. DBA candidates are then required to undertake an applied research project that culminates in producing a dissertation at the doctorate level. The dissertation should produce outputs that contain original applied research that is relevant to industry/professional practice and help to advance knowledge in these areas. Upon successfully defending their dissertations in the dissertation examination, DBA candidates will be awarded DBA degree.
      
      
12. What is the form of dissertation?
    Upon the completion of the DBA research, the candidate is required to submit a dissertation on his/her research, followed by an oral defense. Supervisors' approval shall be required for the submission of the dissertation.
    
    
13. How do I find a DBA supervisor? Should I search for my dissertation supervisor during the course work stage or after QE?
    Upon admission to the DBA programme, a full-time faculty member from the School of Business at SUSS will be paired with each DBA student based on two-way choice. The full-time faculty member remains the role of DBA supervisor for the student throughout the programme. The supervisor’s domain of expertise or research interest shall correspond with the student’s research area.
    
    
14. How often should I meet with my supervisor?
    You are advised to meet with your supervisor on a regular basis. It’s required to meet with your supervisor at least once a month. Supervisors are usually available during their working hours. Progress report shall be submitted every semester to track your progress and to be approved by the supervisor.
    
    
15. What is the duration of the DBA programme?
    The minimum candidature period for DBA is three(3) years and the maximum candidature period is seven(7) years.
    
    
16. How much is the tuition fee?
    You can refer to this page for the most updated information.
    
    
17. If I am an international student, do I need to apply for visa to come to Singapore?
    The university will provide the necessary information to facilitate the application of student pass. For more information, please click here.
    
    
18. What is the difference between PhD and DBA?
    The PhD programme is to train researchers in the Social Sciences with an applied focus who can create knowledge, advance professional development and make an impact to society. The DBA programme is for business leaders, entrepreneurs, senior management who have curiosity for knowledge, and are willing to develop the structural thinking as a scholar, to make use of evidence-based applied research to answer the business-related questions and optimize the decision making.
    

1. 申请费是多少？
   研究生课程的申请将在线进行。每次在线申请均需缴纳申请费用，该费用不予退款，且仅支持在线支付。
   • 新加坡公民和永久居民 - $60 (不含税)
   • 其他申请人 - $100* (不含税)
     * 该费用不包含学生签证申请的相关费用
   
   
2. 申请流程是怎样？
   网上提交申请材料支付申请费用 –>入围的申请人将接受面试 –>申请结果
   
   
3. 如何申请？
   在工商管理博士项目页面上方，点击红色Apply Now即可开始网上申请
   
   
4. 什么时候开始申请？
   您应该在项目申请开放后申请。 我们将以滚动的方式审核申请人。早申请的候选人，一旦通过，将更早的获得录取名额。
   
   
5. 入学需要GMAT或GRE吗？
   不，入读DBA不需要GMAT或GRE成绩。
   
   
6. 录取是否需要通过面试？
   候选申请人将被要求参加大学的面试。
   
   
7. DBA的课程结构是怎样的？
   DBA学生必须完成40学分的学科知识课程（30学分学科课程和10学分的研究方法课程），以及撰写及提交博士论文。
   
   
8. 从DBA项目毕业的要求是什么？
   DBA学生学业成绩必须保持加权成绩（CGPA）最低3.0，并满足博士论文要求。
   
   
9. 课程时间安排以及课程将如何进行？
   大部分课程将通过上包括周末在内的连续3至7天的课程，从上午9点至下午6点。 学生可以在一年中每隔一到两个月学习一门课程。每年DBA 项目还会组织同学进行海外游学活动，深入实践；海外游学包括讲座，研讨会，工作坊，特邀演讲嘉宾讲座，实地考察等。
   
   DBA还有一门必修课，其6次研讨会将横跨两个学期。 研讨会是有关当代商业和管理方面的主题，具体内容将在每年不断更新。
   
   
10. 是否必须参加课程？ 有补课的机会吗？
    出勤是课程要求的一部分，并且直接关系到您的参与分数。除BUS601 课程以外的所有课程，我们要求学生至少有2/3的课程时间必须亲自到场，以便更好地进行学术学习和获得更多交流机会。如果您因特殊情况无法到场，可以选择线上参与。课程每年开展一次，如错过了今年的课程，需于第二年重新选择。
    
    
11. 学位论文的进程是怎样的？
    • 需要成功完成博士资格考试（QE）和论文考试，以满足博士论文要求。两项考试将由考试审查组评估，其中包括导师，新加坡社科大学的全职教师，和外部审查员；
    • 为了进入博士资格考试阶段并保持候选资格，DBA学生必须完成40学分学科课程并保持最低加权成绩（CGPA） 3分。在成功通过博士资格考试（QE）后，他们的博士候选人资格将得到确认。然后博士学位候选人将进行一个应用课题的研究，论文要求应达到博士水平。博士论文需体现应用研究的原创性，研究课题需与工业界或者行业现行的实践有关，研究成果能够推进这些领域知识的发展。在成功通过博士论文考试和答辩后，博士学位候选人将会获得新加坡社科大学DBA博士学位。
      
      
12. 论文写作的形式是什么？
    完成博士课题项目研究后，候选人必须提交其课题项目研究的论文，然后进行答辩。 提交论文需要通过导师的批准。
    
    
13. 如何寻找导师？
    一旦录取入学，在双向选择的基础上，将会根据每一位学生的需求为其配备导师。导师主要来自新加坡社科大学商学院全职老师。 在整个科目课程学习中，这位与其配对的老师将一直做为学生的博士导师之至毕业。导师的专业所长和研究兴趣应与学生的课题方向吻合。
    
    
14. 我应当多久见一次导师？
    建议您定期与您的导师见面。每月至少与您的导师会面一次。导师通常在工作时间内可以预约见面。每学期应提交进度报告，以跟踪您的进度并得到导师的批准。
    
    
15. 博士项目的时长？
    博士学位候选人资格的最短年限是3年，最长年限为7年。
    
    
16. 学费多少？
    费用明细请参考网页
    
    
17. 外籍学生如何申请准证？
    申请成功的外籍学生，学校会协助提交申请学生准证。详情请点击这里。
    


18. PhD和DBA有什么区别？
    PhD旨在培养以应用为重点的社会科学领域的研究人员，他们可以创造知识、促进专业发展并对社会产生影响。 DBA面向对知识有好奇心并想要发展学者结构思维的商业领袖、企业家、高级管理人员，基于数据支持的应用研究来回答与业务相关的问题并优化商业管理决策。
    

Lu Yanfen
Doctor of Business Administration, Graduation Year: 2026

Decentralized Autonomous Organizations (DAOs) use token-based governance to manage group decisions, but we still don’t fully understand what drives participation in governance and its effects. This study looks at how market conditions, organizational size, and outside events influence governance engagement in DAOs. By analyzing on-chain governance and market data from ten major DAOs, the study finds that participation is significantly affected by token price performance and market size. As markets grow, participation becomes more focused among larger holders. While positive market returns lead to higher overall engagement, individual and small token holders often pull back when prices rise. Additional event studies show an uneven reaction to outside shocks: negative security events increase governance participation, while positive, sentiment-driven market events decrease it. Overall, the findings show that governance participation is shaped by economic factors and is not uniform, highlighting the need for effective governance design to maintain inclusive and resilient decentralized organizations.

Yu Jianan
Doctor of Business Administration, Graduation Year: 2026

This study advances a “beyond sentiment” perspective on text-based market analytics by examining whether large language models (LLMs) can extract interpretable, multi-dimensional latent signals from social-media posts that relate differently to returns, volatility, and price formation across horizons. Rather than treating LLMs as end-to-end forecasters or polarity classifiers, the study conceptualizes them as structured feature extractors capable of operationalizing economically grounded narrative dimensions at scale.

A multi-frequency event dataset is constructed by aligning Donald J. Trump’s Truth Social posts (1,994 text-bearing observations from 1 February to 30 November 2025) with 1-minute Bitcoin OHLCV data obtained from the Binance Data API. Posts are matched to the nearest prior minute bar to avoid look-ahead bias, enabling short-horizon return measurement and realized-volatility construction. An LLM is then used to generate a structured feature taxonomy comprising sentiment, direct return and volatility forecasts, and domain-specific latent dimensions, including economic impact, geopolitical impact, market expectation, emotion level, and crypto relevance. Horizon-specific multivariate OLS models are estimated to evaluate statistical associations between extracted features and market outcomes.
Across five outcome specifications, overall model significance is supported (F-test p < 0.05), although explanatory power remains modest (R² ≈ 1.09%–1.46%), consistent with the high-noise microstructure of cryptocurrency markets. Beyond-sentiment dimensions provide incremental explanatory structure: Economy Impact emerges as the most consistent predictor, exhibiting heterogeneous associations across return, volatility, and short-horizon price changes; Emotion Level is significantly related to volatility and one-hour price movements; and Market Expectation and Geopolitical Impact display outcome-specific effects. Direct LLM forecasts do not systematically outperform structured latent dimensions, indicating that LLMs function more reliably as feature extractors and explanation engines than as stand-alone price predictors.

By introducing an LLM-as-interpretive-agent framework, this study formalizes the value of LLMs as interpretive scaffolding that decomposes semantically multiplexed narratives into analytically separable dimensions. This layered decomposition enables conventional econometric evaluation of distinct narrative channels, particularly highlighting volatility as a function of interpretive complexity (equivocality) and affective filtering under attention constraints. The resulting workflow integrates human-grounded measurement validation with a multi-horizon event-study design, offering a generalizable empirical architecture for LLM-augmented, human-in-the-loop decision systems focused on sensemaking, risk interpretation, and volatility-relevant signal discovery rather than oracle-like price prediction.

近年来，越来越多的美国上市公司开始主动将企业闲置现金储备配置于比特币，并将其正式列入资产负债表战略性资产科目。该类非常规现金储备配置行为，彻底改变了传统企业现金管理范式，对以安全性、流动性为核心目标的现代化企业资金管理体系形成明显冲击。尽管市场对企业大规模布局数字资产行为给予高度关注并存在多方争议，但现阶段学界对企业持有比特币带来的深层经济效应，尤其是对企业二级市场交易行为与股价风险特征的严谨量化实证研究仍相对匮乏。

本文依托倾向得分匹配与双重差分模型（PSM-DID）研究范式，从股票交易量与股票收益波动率两个核心市场表现维度出发，系统检验美国上市公司持有比特币行为产生的长短期市场综合影响。本文选取87家美股上市公司作为研究样本，分别设置短期（一周）、中期（三个月）与中长期（六个月）三类研究时间窗口，实证检验企业数字资产持仓行为带来的差异化市场传导效果。实证研究发现：第一，企业比特币持仓行为对个股股票交易量呈现显著且稳健的长期抑制效应，事件公告当期未出现明显异常交易反应，但在三个月至六个月区间内，个股流动性水平出现持续性、渐进式下行，基于投资者群体迁移假说可知，数字资产配置行为重构企业股东结构，长期降低市场交易活跃度；第二，比特币持仓行为具备显著的中长期波动率平抑作用，能够有效降低个股价格风险水平，但该风险稳定效应仅在机构持股比例偏低的上市公司中显著存在，在机构投资者占比较高的企业样本中完全失效，说明高专业化信息环境下，比特币资产持仓不具备额外市场信号价值。

综合来看，上市公司战略性持有比特币会深度重塑企业整体风险特征与投资者群体结构。本文研究结论可为上市公司财务库务决策、机构投资者大类资产配置以及资本市场数字资产监管政策制定提供可靠的微观实证依据与现实参考。

In recent years, an increasing number of U.S. listed companies have actively allocated corporate cash reserves to Bitcoin and formally included digital assets as strategic items on balance sheets. This unconventional cash allocation behavior has substantially transformed traditional corporate cash management paradigms and challenged modern corporate liquidity principles that prioritize capital safety and operational liquidity. Although corporate digital asset deployment has attracted widespread market attention and controversy, rigorous quantitative empirical research regarding the underlying economic consequences, especially secondary market trading behavior and stock price risk characteristics, remains insufficient.

This paper adopts a combined research framework of Propensity Score Matching and Difference-in-Differences (PSM-DID). Taking stock trading volume and stock return volatility as two core dimensions of market performance, this study comprehensively examines the short-term and long-term market effects of corporate Bitcoin holdings. Based on a refined sample of 87 U.S. listed firms, this paper sets multiple time windows including short-term (one week), medium-term (three months), and medium-to-long-term (six months) to identify heterogeneous market transmission mechanisms. The empirical results indicate that Bitcoin holdings exert a significant and robust long-term inhibitory effect on stock trading liquidity. No abnormal trading response appears immediately after the announcement, whereas stock liquidity continuously and gradually declines within three to six months. Consistent with the investor clientele shift hypothesis, digital asset allocation restructures shareholder bases and reduces long-term market trading activity.

Furthermore, corporate Bitcoin investment presents a prominent volatility-mitigating effect in the medium and long run, which effectively lowers stock price risk. Nevertheless, such stabilizing effects only exist among firms with low institutional ownership and disappear completely among firms with high institutional ownership, implying that Bitcoin holdings provide no incremental signaling value in information environments dominated by sophisticated institutional investors.

Overall, strategic Bitcoin holdings fundamentally reshape corporate risk profiles and investor composition. The findings provide solid micro-level empirical evidence and practical references for corporate treasury decision-making, institutional asset allocation, and digital asset regulatory design in capital markets.

Li Chang Rong
Doctor of Business Administration, Graduation Year: 2026

在人工智能深度嵌入组织运营与重塑办公范式的时代背景下，员工如何有效采纳并协同智能技术已成为管理学领域的核心议题。本研究立足于经典的技术接受模型，针对办公情境下员工AI采纳行为态度的形成机制展开深入探索。本文构建一个整合感知有用性、感知易用性与信任三个核心认知变量的理论模型，旨在系统检验AI特性对员工态度的直接驱动效应，并识别跨层次边界条件的调节机理。

研究基于93份企业员工的调研样本，运用多元回归分析与调节效应检验得出以下核心结论。首先，感知有用性与信任是驱使员工形成积极采纳态度的双重核心引擎，其中信任变量的显著作用证实了在AI采纳逻辑中，信任逻辑已开始超越传统的工具逻辑。其次，感知易用性在包含信任变量的全模型中表现出统计学上的非显著性，这一发现揭示了在技术成熟度较高的AI时代，易用性是普遍AI工具的特征，而非推动员工采纳使用AI工具的门槛。

在调节效应方面，个人技术敏锐度、组织社会影响与组织支持表现出催化效应，显著强化了感知有用性与信任向行为态度的转化效率。稳健性检验进一步证实，无论企业是否规模化部署AI大模型，上述心理认知机制均具有高度的鲁棒性。

本文的理论贡献在于，通过引入信任维度并识别多层次调节变量，拓展了技术接受模型在智能技术情境下的解释边界，揭示了AI时代人机交互中有用性与信任驱动的特殊逻辑。在实践层面，研究为企业管理者制定AI落地策略提供了科学指引，强调应从单纯的工具普及转向深度的价值沟通、信任构建及差异化的组织支持体系建设。

As artificial intelligence becomes deeply embedded in organizational operations and reshapes the modern workplace, how employees effectively adopt and collaborate with intelligent technologies has emerged as a central issue in management research. Grounded in the classic Technology Acceptance Model (TAM), this study investigates the formation mechanism of employees' behavioral attitudes toward AI adoption in office settings. We construct a theoretical model that integrates three core cognitive variables—perceived usefulness, perceived ease of use, and trust—to systematically examine the direct effects of AI characteristics on employee attitudes and to identify cross-level boundary conditions that moderate these effects.

Drawing on survey data from 93 corporate employees and applying multiple regression and moderation analyses, the study yields the following key findings. First, perceived usefulness and trust serve as the twin engines driving employees' positive adoption attitudes. The significant role of trust confirms that, within the logic of AI adoption, a trust-based logic has begun to surpass the traditional instrumental logic. Second, perceived ease of use becomes statistically non-significant in the full model that includes trust. This finding suggests that in an era of mature AI technology, ease of use has become a baseline feature of AI tools rather than a meaningful threshold for adoption.

With respect to moderating effects, individual technology readiness, organizational social influence, and organizational support exert a catalytic effect, significantly strengthening the translation of perceived usefulness and trust into behavioral attitudes. Robustness checks further confirm that these psychological and cognitive mechanisms hold consistently, regardless of whether the organization has implemented large-scale AI models.

Theoretically, this study extends the explanatory boundaries of the Technology Acceptance Model in the context of intelligent technologies by introducing the trust dimension and identifying multi-level moderators, thereby revealing the distinctive logic of usefulness- and trust-driven human–AI interaction in the AI era. Practically, the findings offer evidence-based guidance for managers designing AI implementation strategies, underscoring the need to shift from mere tool deployment toward deeper value communication, trust-building, and differentiated organizational support systems.

Jacqueline Tan Siaw Siah
Doctor of Business Administration, Graduation Year: 2026

This study examines the macroeconomic consequences of human capital leakage by distinguishing between involuntary and voluntary forms of this phenomenon. Involuntary human capital leakage arises when conflict, persecution, or institutional collapse forcibly eliminates or displaces skilled populations. Cambodia during the Khmer Rouge period (1975–1979) illustrates this dynamic. Using counterfactual GDP modelling based on an augmented Cobb–Douglas production framework, the study estimates that the destruction and displacement of skilled cohorts generated large and persistent GDP gaps that extended well beyond the conflict period. Voluntary human capital leakage, by contrast, reflects the sustained outward migration of skilled individuals seeking better opportunities abroad. In Malaysia, the gradual outflow of talent is associated with a smaller but measurable GDP gap that accumulates over time and reflects a gradual erosion of domestic skill intensity. The findings of this study highlight the need for differentiated policy responses—ranging from institutional reconstruction in post-conflict settings to talent-retention strategies in migration-driven economies.

Shi Jianzheng
Doctor of Business Administration, Graduation Year: 2025

本研究聚焦自然灾害与线上借贷之间的动态关系——这一交叉领域长期缺乏系统性证据。我们首先对1940—2023年的相关文献实施潜在狄利克雷分配（Latent Dirichlet Allocation, LDA）主题分析，以识别研究版图中的核心缺口。随后，结合印度尼西亚某头部线上借贷平台的专有借据级数据与国家灾害记录，采用多变量回归、空间计量模型及事件研究等多种实证方法，系统评估灾害对借贷行为的影响。结果显示：灾害会显著提升受灾地区的借款量与新借款人数量，并伴随显著的跨区域溢出效应。在此基础上，本文提出“数字韧性金融”（Digital Resilience Finance）分析框架，阐释数字金融在危机期间如何实现敏捷的资金配置与风险缓释。本研究在理论与实证层面填补了重要空白，并为灾后金融干预与金融科技平台的策略制定提供了及时的政策启示。

This study focuses on the dynamic relationship between natural disasters and online lending—an intersection that has long lacked systematic research. We begin by applying Latent Dirichlet Allocation (LDA) to a large body of literature from 1940 to 2023 to identify gaps in the existing research landscape. Leveraging proprietary loan-level data from a leading Indonesian online lending platform, combined with national disaster records, we employ multiple empirical methods—including multivariate regression, spatial econometric models, and event study analysis—to systematically assess the impact of disasters on borrowing behavior. Our findings show that disasters significantly increase regional loan volumes and the number of new borrowers, with strong cross-regional spillover effects. Building on these results, we propose a "Digital Resilience Finance" framework, which illustrates how digital finance facilitates agile fund allocation and risk mitigation during crises. This study bridges both theoretical and empirical gaps and offers timely policy insights for post-disaster financial interventions and fintech platform strategy development.

Tindoy Edgar Masa
Doctor of Business Administration, Graduation Year: 2025

This research investigates the factors driving pineapple output growth in Northern Mindanao from a socio-economic perspective. The study analyses the socio-economic determinants at two levels: individual farm owners and MNEs operating in the top pineapple-producing region in the Philippines. The research methodology employs a sequential mixed-methods design, combining a survey, case study, desk reviews, and triangulation of the results to provide a comprehensive study. The underpinnings of resource dependence, stakeholder, and institutional theories served as a theoretical framework for the study. The study investigates what predisposes individual farm owners to engage in pineapple cultivation and how the interorganizational relationship or interplay between MNEs and the individual farm owners, the influence of cooperatives and/or farmers associations, and the government support impact pineapple output growth. The findings led to the development of a conceptual framework that links key socio-economic factors and the effects of the multidimensional interplay between MNEs and farm owners, impacting pineapple output growth and generational renewal of pineapple cultivation. The framework outlines several key effects of the interplay: resourcing strategies and practices, exercising power and control, decision-making and interaction, enablers and deterrents, institutional pressures, motivation, and payoff. This study contributes to the literature on agricultural productivity and generational renewal in an MNE-led set-up. By understanding the deterrents and enablers in pineapple production, the study provides inputs for potential policy interventions to enhance pineapple output growth and empower farmers and MNEs to ensure the generational renewal of pineapple cultivation in the region. This study also contributes to the evidence-based evaluation of how farm owners directly or indirectly pursue economic opportunities, contribute to food security, and help influence sustainable economic growth in line with the UN Sustainable Development Goal.

Jared Zeng
Doctor of Business Administration, Graduation Year: 2025

Digital banking has fundamentally reshaped Singapore’s financial landscape, a transformation accelerated by the COVID-19 pandemic and the broader digitalization of the economy. This study investigates the combined influence of perceived usefulness (PU), perceived ease of use (PEU), and social influence (SI) on consumer behavioural intention, with attitude serving as a central mediating variable. These constructs are grounded in the Technology Acceptance Model (TAM), the Unified Theory of Acceptance and Use of Technology (UTAUT), and the Multi-Attribute Model (MAM), and their interrelationships are empirically tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). Drawing on a sample of 160 participants, statistical analysis reveals that PU, PEU, and SI significantly influence attitude, which in turn exerts a strong impact on the behavioural intention to use digital banking services. Among the predictors, PU exhibits the strongest effect on attitude (β = 0.445), followed by SI (β = 0.324) and PEU (β = 0.262), with all indirect paths to behavioural intention via attitude being statistically significant (p < 0.001). Model diagnostics confirm robust reliability and validity, with high composite reliability (CR > 0.90) and average variance extracted (AVE > 0.75). The findings offer actionable insights for financial institutions aiming to accelerate digital banking adoption. Recommended strategies include enhancing platform functionality, simplifying user interactions, and leveraging peer-based influence. The study also underscores the pivotal role of digital trust, particularly among consumers unfamiliar with branchless banking models. By integrating behavioural theory with empirical evidence, this research contributes both to the academic literature and to the development of strategic initiatives for Singapore’s evolving financial services sector.

Derek Tay
Doctor of Business Administration, Graduation Year: 2025

Work engagement is beneficial for both employees and organizations. Previous research suggests that employees in the financial services industry may exhibit higher work engagement compared to those in other industries. The wealth management sector is a key pillar of Singapore's financial services industry, yet studies suggest Singapore’s workforce struggles with low engagement levels. Drawing on the Job Demands-Resources framework (JD-R model), an integrative moderated mediation model will be presented to explicate the interactive effects of job characteristics (i.e., job demands and job resources) on employees’ work engagement through the mediation of job-based psychological ownership. The research model was tested using data collected through a two-wave panel study from 201 employees working in the private wealth management sector in Singapore. The findings of this research will serve to enhance comprehension of the JD-R model and work engagement, as well as underscore the significance of AI perceptions in the private wealth management industry by recognizing the pertinent job demands and job resources that impact job-based psychological ownership and work engagement. By identifying the factors that enhance work engagement, managers and organizations can develop effective interventions to enhance employee well-being and performance. This will benefit both the employees and the organization.

Tan Ee Kiong, Jimmy (Chen Yiqiang)
Doctor of Business Administration, Graduation Year: 2025

全球加密货币市场的总市值约为2.43万亿美元（CoinMarketCap, 2024），并且已经成为许多国际慈善机构日益重要的新资金来源。尽管各别加密货币交易所对新加坡本地慈善机构的支持（Crypto.com, 2023）已被公开宣布，但2022年加密冬季期间Luna和FTX所发起的金融困境却与之形成对比。本研究扩展了对新加坡慈善机构的加密货币慈善知识，涉及对在加密货币、区块链技术和捐赠管理领域具有关键知识的个人访谈，特别关注新加坡加密货币和数字资产的开创性捐赠。这研究为一个数字资产成为常见捐赠方式的未来提供了见解，帮助慈善机构建立接收这些数字资产的财务和技术框架，并提供必要的问责和治理结构，以维护这一新型捐赠类别的诚信。

The global cryptocurrency market cap is valued at approximately $2.43 Trillion (CoinMarketCap, 2024), and has become an increasing source of fresh funding for philanthropic endeavours globally. Public announcements of support from crypto exchanges towards local Singaporean charities (Crypto.com, 2023) is juxtaposed against the well-documented troubles of Luna and FTX, in the Crypto Winter of 2022. This research extends the knowledge of cryptocurrency philanthropy to charities in Singapore, and entails the interview of individuals with key knowledge in the areas of cryptocurrency, blockchain technology, and donation administration, with a particular focus on pioneering donations of cryptocurrency and digital assets in Singapore. It provides insights for a potential future where digital assets are common modes of donation, preparing charities with the financial and technological frameworks to receive these digital assets and offering the necessary accountability and governance structures to maintain the integrity of this new class of donations.

Tan Siew Gek Gayle (Supervisor: Associate Professor Chang Young Ho)
Doctor of Business Administration, Graduation Year: 2024

This study examines the effect of Environmental, Social and Governance (ESG) performance on firm valuation in Singapore. Using stock price and stock returns, it also examines if the firm valuation effects are more pronounced in state owned companies. Further, the study examines the value enhancing effects of companies’ ESG efforts with the incorporation of macroeconomic variables. The data comprises 51 Singapore listed companies with complete ESG and financial data during the five-year period from 2018 to 2022. The study finds that social performance and state ownership positively affect stock prices while the interaction of overall ESG and social performance with state ownership suggests negative relationships. The incorporation of macroeconomic variables appears to slightly weaken the positive effects of state ownership on stock prices while the interaction between overall ESG, social and governance performance with state ownership presents negative relationships. Along with social performance, overall ESG performance positively affects stock returns. The positive effects of social performance on stock returns appear to be slightly weakened with incorporation of macroeconomic variables. These insights emphasize the role of social initiatives in determining stock prices and returns, highlighting the complex interrelationships among ESG, state ownership, and financial factors. These findings hint that ESG improvements will not have visible impacts on stock prices in mature financial markets with stringent regulatory oversight and governments’ substantial influence over corporate practices could diminish differences in the market perception of ESG efforts between SOEs and non-SOE companies.

Ho Jia Jun Stephen (Co-Supervisor: Professor Wee Chow Hou, Dr Wang Yue)
Doctor of Business Administration, Graduation Year: 2024

Rapid digitalisation, catalyzed by new technologies such as cloud computing, social media, Internet of Things (IoT) and 5G, has given rise to the proliferation of big data (BD). Analysis of such big data, or big data analytics (BDA), has been shown to improve organisational performance. Yet, the adoption of big data analytics by small and medium enterprises (SMEs) has generally been lagging their larger counterparts and extant literature investigating BDA adoption amongst SMEs is scarce. This inaugural empirical study looked into the key factors impacting the adoption of BDA amongst Singapore SMEs across all industry clusters as defined by Singapore’s Trade and Industry ministry, drawing clear linkages between the factors behind BDA adoption, the types of business values created as well as the positive impact on the SMEs’ market and financial performances of SMEs, using the combined Technology – Organisation – Environment (TOE), Diffusion of Innovation (DOI) and Resource Based View (RBV) frameworks. Prior experience with government grants, top management support and organisational readiness were seen to significantly impact SMEs’ BDA adoption, which gave rise to significant informational, transactional and strategic business values. The SMEs’ market performance was also found to have significant mediating effect between SMEs’ adoption of BDA and the corresponding financial performance. Apart from extending current literature, this study has also laid the foundation for future longitudinal investigation through the establishment of a SME BDA adoption benchmark which should provide useful insights into as well as serve as a useful catalyst in SMEs’ adoption of BDA, benefiting SMEs, BDA technology vendors as well as policy makers in the ever-evolving field of BDA.

Bian Jiang (Supervisor: Dr Wang Yue)
Doctor of Business Administration, Graduation Year: 2024

本研究深入探讨了中国职业教育领域中学生职业召唤的影响因素，重点分析了学校氛围、心理授权以及数字化教育支持和政策感知对职业召唤的作用。研究采用问卷调研法，以游戏职业培训班学生为样本，探索了学校氛围（包括教师支持、学生支持和自主性）对职业召唤的直接影响，以及心理授权在这一过程中的中介作用。此外，研究还考察了数字化教育支持的有用性和易用性感知、以及政策强度感知在心理授权与职业召唤之间的调节作用。
研究结果表明，良好的学校氛围对提高学生的职业召唤具有积极影响，而心理授权在学校氛围与职业召唤之间发挥着部分中介作用。同时，数字化教育支持的有用性和易用性感知，以及政策强度感知在这一过程中起到显著的调节作用。这些发现为职业教育学校在提升学生职业召唤方面提供了实践指导，强调了优化学校氛围、加强心理授权、利用数字化教育资源和提高政策宣传的重要性。
本研究的局限性在于样本选择的局限性和研究的时效性。未来研究可扩展至更多行业和专业，进行长期跟踪研究，以更全面地理解职业召唤的动态变化。总体而言，本研究为理解和改善职业教育学生的职业召唤提供了宝贵的见解，并为未来的研究和实践指明了方向。

This study investigates the factors influencing the vocational calling of students in the field of vocational education in China, with a focus on analyzing the impact of school atmosphere, psychological empowerment, and the support of digital education and policy perception on vocational calling. The research employed a questionnaire survey method, using students from video game vocational training classes as the sample. It explored the direct impact of school atmosphere (including teacher support, student support, and autonomy) on vocational calling, as well as the mediating role of psychological empowerment in this process. Additionally, the study examined the moderating role of the perceived usefulness and ease of use of digital education support, and the perception of policy intensity, between psychological empowerment and vocational calling. The results indicate that a positive school atmosphere has a beneficial impact on enhancing students' vocational calling, and psychological empowerment plays a partial mediating role between school atmosphere and vocational calling. At the same time, the perceived usefulness and ease of use of digital education support, and the perception of policy intensity, significantly moderate this process. These findings provide practical guidance for vocational education schools in enhancing students' vocational calling, emphasizing the importance of optimizing the school atmosphere, strengthening psychological empowerment, utilizing digital education resources, and enhancing policy advocacy. The limitations of this study lie in the limited selection of samples and the timeliness of the research. Future studies could extend to more industries and specialties and conduct long-term follow-up research to more comprehensively understand the dynamic changes in vocational calling. Overall, this study provides valuable insights for understanding and improving the vocational calling of vocational education students and points out directions for future research and practice.

Aurora Wang (Supervisor: Professor David Lee)
Doctor of Business Administration, Graduation Year: 2024

数字经济时代，市场中滋生出了大量的、各种各样的数字资产。数字资产在产业数字化转型、数字化业务发展中发挥着重要价值，并逐渐成为关键生产要素。数字资产的价值已经引起社会各界的关注与重视。而完善数字资产交易体系，对于盘活数字资产，进而促进市场经济和数字经济的高质量发展具有极大的意义。因此，如何建立高效、可信、安全的数字资产交易体系成为市场热点。
本研究以“数字资产去中心化交易”为研究对象。首先，剖析学术界关于区块链技术、数字资产、数字资产（去中心化）交易的研究现状，并在此基础上明确了数字资产的相关定义，分析了区块链技术在数字资产交易中的价值。其次，通过分析数字资产交易的宏观环境（包括：政治环境、经济环境、社会环境、技术环境等），剖析了数字资产交易市场痛点，总结了关于数字资产去中心化交易模式的特点及优势。此外，通过梳理数字资产交易形成的条件及数字资产去中心化交易的形成基础，本研究创新性的构建了数字资产去中心化交易生态模型和数字资产去中心化交易平台架构模型。本研究认为，安全、透明、可信、高效是数字资产去中心化交易模型设计所需考虑的要素；界定数字资产去中心化交易生态参与方是实现数字资产供需双方自由匹配与可信交易的基础；分布式架构、开放API以及SDK/H5是实现数字资产去中心化交易高频、高量、高并发的途径；可信数据共享、资产可信、全维度风控管理机制是推进数字资产去中心化交易的核心等。最后，通过选取典型案例项目--Uniswap、Kyber Network、Opensea以及FTX，进一步实证了上述两种模型的合理性。本研究所提出的数字资产去中心化交易模型具有一定的前瞻性，其设计理念、设计方法、设计路径亦可为去中心化交易平台的迭代及优化提供参考。本研究初步提出的数字资产去中心化交易模型，能够解决市场中存在的一些问题，但亦需持续关注新兴技术及前沿IT架构在该领域的应用模式，探索更加安全、可广泛使用的数字资产去中心化交易范式。

In the era of the digital economy, a large number of diverse digital assets have emerged in the market. Digital assets play an important role in the digital transformation of industries and the development of digitization businesses, gradually becoming critical production factors. The value of digital assets has gained attention and recognition from various sectors of society. Therefore, establishing an efficient, trustworthy, and secure digital asset trading system holds great significance for revitalizing digital assets and promoting the high-quality development of the market economy and digital economy. Consequently, how to establish an efficient, trustworthy, and secure digital asset trading system has become a market hotspot.
This study focuses on "decentralized trading of digital assets." Firstly, it analyzes the current research of blockchain technology, digital assets, and (decentralized) digital asset trading in the academic field. Based on this analysis, it provides clear definitions of digital assets and analyzes the value of blockchain technology in digital asset trading. Secondly, by analyzing the macro-environment of digital asset trading, including political, economic, social, and technological environments, it identifies pain points in the digital asset trading market and summarizes the characteristics and advantages of decentralized trading models for digital assets. Additionally, by examining the conditions for digital asset trading and the foundations of decentralized digital asset trading, this study innovatively constructs an ecological model for decentralized digital asset trading and an architectural model for decentralized digital asset trading platforms. The study asserts that security, transparency, trustworthiness, and efficiency are essential considerations for designing decentralized digital asset trading models. It defines the participants in the decentralized digital asset trading ecosystem as the foundation for achieving free matching and trustworthy transactions between digital asset suppliers and demanders. Distributed architecture, open APIs, SDK/H5, trustworthy data sharing, trustworthy assets, and comprehensive risk management mechanisms are the pathways to achieve high-frequency, high-volume, and high-concurrency decentralized digital asset trading. Finally, by selecting representative case projects such as Uniswap, Kyber Network, Opensea, and FTX, the study further demonstrates the rationality of the aforementioned models. The proposed decentralized digital asset trading model in this study has a certain degree of foresight, and its design principles, methods, and paths can provide references for the iteration and optimization of decentralized trading platforms. The preliminary decentralized digital asset trading model proposed in this study can address some of the issues present in the market. However, it is necessary to continuously monitor the application patterns of emerging technologies and cutting-edge IT architectures in this field in order to explore a more secure and widely applicable paradigm for decentralized digital asset trading.

Chew Chin Hui Andrew (Supervisor: Dr Jiang Zhiying)
Doctor of Business Administration, Graduation Year: 2023

B2B (business to business) companies often tend to price sub optimally and fail to capture the true value of their offering because they do not fully understand their customers’ preferences for products or services. Such insights can be gained from formal price research such as conjoint analysis. A case study is conducted with a leading energy management company to prove that willingness to pay can be sought. It also investigates what attributes and how much customers are willing to pay for each attribute. The results illuminate surprising insights on the most valued attribute, debunking internal marketers’ long held assumptions and opens the possibility to launch an alternative product that could potentially win a high level of market share. This research shed light on how systematic research can be applied to improve B2B firms’ pricing practices to impact profitability.

Low Wai Lup (Supervisor: Associate Professor Zhang Meilin)
Doctor of Business Administration, Graduation Year: 2023

Artificial intelligence (AI) has been recognized as one of the most disruptive technologies for marketing management. Many enterprises recognizing AI’s potential have tried adopting AI as a strategic differentiator. However, evidence from industry and academia showed that adoption had been primarily in business-to-consumer (B2C) organizations. Very few studies have looked into the adoption of AI for marketing in business-to-business (B2B) organizations. This research aims to identify the factors affecting B2B marketers’ intention to adopt AI for marketing. We interviewed experienced B2B marketers and AI subject matter experts for their insights. Drawing upon the analysis and theories on the process and context of the TOE framework, we present a structural equation model for assessing AI adoption intent in B2B marketing. We hypothesize that four themes from our analysis impact the intention to adopt AI for B2B marketing. Survey data shows that the Maturity of Technology and Technology Support Infrastructure themes influence B2B marketers’ intention to adopt AI for marketing, which presents significant and consequential implications for stakeholders in the ecosystem. We explain why some factors in existing literature may not be applicable for B2B marketing AI adoption. Our results also show that there might be some truth in the saying “AI is the new shiny toy,” with B2B marketers not considering pertinent factors when forming the intention to adopt marketing AI.

Yow Su Chin (Supervisor: Prof David Lee)
Doctor of Business Administration, Graduation Year: 2023

This research studies the use of Virtual Reality Applications for user adoption of a Robo-Advisory system. The study is set against the backdrop of innovation in financial services and the increasing adoption of digital platforms, known as Robo-Advisory platforms, to perform such services. RAs enable all classes of investors to participate in financial markets at lower cost, by automating their investment decisions, thus enabling more financial inclusion. However, the adoption of RA seems to be only at the “early adopter” stage. As a new technology, they follow the typical technological diffusion process. Regulators are also cautious. Early adopters tend to be young, financially literate, and technologically literate. However, would this imply that other demographic groups would be more resistant to such adoption? The key to understanding adoption, is to understand “trust”. Cultural and demographic differences aside, the user must trust the technology. RAs must therefore be designed to build trust in people. This study approaches the question using a Systems Design approach and adds some innovative Virtual Reality elements to an existing Robo-Advisory system, to examine whether it can improve adoption. Findings are that such features improve the attitudes of trust amongst users and encourage user sign-ups. The implications are that Robo-Advisory platforms can explore introducing VR elements and other aspects of Web3.0 into their platforms. Extending the reach of such platforms to otherwise disadvantaged groups can further encourage financial inclusion.

Tan Teck Keong Patrick (Supervisor: Associate Professor Joseph Lim)
Doctor of Business Administration, Graduation Year: 2023

Empirical studies have found that for companies that show a lack of ESG activities, investors expect to be compensated for the risk premium over and above firm-specific size, value and momentum-based risks. Thus, firms that do good by adopting sustainable corporate policies reduce downside risks which in turn enhance the firms’ stability. Companies with strong ESG characteristics typically have above-average risk control and compliance standards, and suffer less frequently from severe incidents such as fraud, embezzlement, corruption, or litigation cases. Consequently, ESG companies have less stock-specific downside or tail risk in the company’s stock price. This research seeks to understand why, given the evidence, there is a lack of pull or push factors for ESG investing in Singapore. Overall, this research contributes to the literature and practice by explaining the level of ESG awareness and actual ESG investing in Singapore. This research creates an awakening call for regulators and market participants to engender long-term developments in the Singapore fund management industry in five ways. First, an increase in government support, industry consultations and regulatory clarity to promote and accelerate ESG investing. Second, a proliferation of ESG education and accreditation for market participants which include fund managers, institutional and retail investors, issuers and analysts to equip them with the knowledge and skills for ESG implementation. Third, a more focused marketing strategy by fund management firms to promote ESG funds and socialise the benefits of ESG investing. Fourth, a new mission for NGOs/NPOs to further their ESG agenda by promoting ESG investing. Finally, the emergence of donors’ voice in support of societal good via ESG investing. Going forward, it is envisaged that the Singapore Government will study the gaps in the ESG investing ecosystem in Singapore to provide more support, incentives and ESG-friendly regulations. Furthermore, the fund managers operating in Singapore can expect an increase in ESG investing as a result of targeted marketing strategy and more co-ordinated ESG activities by NGOs/NPOs through fund managers, investors and donors.

Tay Kok Choon (Supervisor: Associate Professor Calvin Chan)
Doctor of Business Administration, Graduation Year: 2023

In the contemporary digital landscape, companies must prioritize two key strategies to flourish: (1) digitalisation – the integration of digital technologies into existing processes for enhanced efficiency; and (2) digital transformation – comprehensive organisational change in response to industry trends. This research study addresses a gap in the literature by utilizing a case study methodology to investigate the influence of leadership on digital transformation and digitalisation in two organisations in Singapore: DBS Bank Limited (DBS) and Hotel Jen Tanglin Singapore (HJTS). Specifically, the study examines how leadership orchestrates digital transformation and digitalisation in these organisations. The findings underscore the divergent approaches to digital transformation adopted by DBS and HJTS. DBS's leadership emphasized a comprehensive, organisation-wide transformation, accentuating vision, culture, and stakeholder engagement. This approach galvanized teams to surpass expectations, necessitating substantial investment in human resources and organisational culture. Conversely, HJTS's leadership targeted digitalisation to address specific operational challenges, such as labour shortages. By employing autonomous robots and optimising processes, HJTS sought to enhance operational efficiency and guest satisfaction while preserving the significance of human interaction. Nonetheless, HJTS's approach exhibited a limited focus on wider business model innovation. Drawing on the study's findings, insights and guidance are drawn for corporate executives and policymakers wishing to promote and implement digital transformation and digitalisation.

Liu Hon Yi (Supervisor: Prof David Lee)
Doctor of Business Administration, Graduation Year: 2023

The new Web3.0 economy is currently at the forefront of technology adoption and integration to achieve unprecedented high growth. Given the inherent nature of the new Web3.0 economy, business is radically different from conventional business models, and the factors of consideration and valuation framework that investors used before may no longer be comprehensive and exhaustive. This paper proposes a strategic valuation framework for new Web3.0 economy companies that recognizes their unique features and capabilities. The 4E Principle, comprising Economies of Scale, Economies of Scope, Economies of Integration, and Economies of Convergence, defines four essential attributes of the new Web3.0 economy business framework that can help companies achieve sustainable social business for the future. The paper argues that conventional valuation frameworks are insufficient to encapsulate all the factors of consideration for new economy companies due to factors such as negative or unpredictable cash flows and rapidly pivoting business models. The proposed framework provides a dynamic and relative measurement that can be used to analyse and compare Web3.0 companies. It can supplement or modify traditional valuation models and provide insights into their potential value, which may remain unreflective in conventional models. The paper studied two case studies Alibaba Group and Lufax Holding Ltd with their historical events and the corresponding market valuations to demonstrate that the framework can complement traditional financial data in explaining the market valuation. The paper further applies this framework to Grab Holdings, cryptocurrencies, Coinbase, and five digital banks in Singapore, predicting which bank will have better comparative advantages. The paper concludes that as the industry continues to evolve, new approaches and frameworks must be developed to keep up with the pace of change. Further research is needed on the impact of social causes, governance, and industry regulations on the sustained success of a firm beyond this paper's scope.

Wang Xiao Sheng (Supervisor: Associate Professor Alex Qian)
Doctor of Business Administration, Graduation Year: 2022

人才驱动模式给中国带来新的发展动力，中国逐渐把人才的重要性提升到战略高度。各地都认为那些稀缺的“人才金字塔”最顶端的顶尖人才是引领推动城市科技创新、转型发展的关键力量，成为了现阶段中国城市间人才竞争中争夺最激烈的部分。为了创造城市引才品牌，吸引潜在的人才，近几年地方政府出台了很多吸引外国高端人才相关的政策，提升和保持城市竞争力。本研究将聚焦在A类外国高端人才，深入了解浙江省杭州、宁波、嘉兴三个城市引进海外高端人才的基本政策和实施现状。杭州、宁波、嘉兴三地吸引外国高端人才的政策，基本代表了中国现阶段城市吸引外国高端人才的现状、趋势和发展。 本研究通过文献查阅，比较分析、问卷采访等形式，运用定性分析法，分析三地引进海外高端人才的政策举措以及阻碍政策效应的问题，审视政府在应对人才政策迭代及加码过程中的“治理”视角，并提出相应对策建议。城市的能级与城市对人才的吸引力正相关，在全球顶尖人才分布不均的情况下，要吸引这些风毛菱角的顶尖人才，人才政策的战略重点应该放在与区域经济相匹配的一流的大事业平台和大产业生态上。人才政策同质化竞争只会带来恶性竞争和大量的投机与寻租行为，人才政策取向应该遵循城市的定位、资源禀赋、经济地理优势等错位发展。

The talent-driven model has introduced new development momentum to China, and China has gradually raised the importance of talent to a strategic height. All local governments believe that the top talents are the key forces promoting technological innovation, transformation and development. It has become the most intense part of the talent competition among Chinese cities. Local governments in China have introduced policies to attract top foreign talents in recent years to maintain and enhance competitiveness. This study explores policies and implementation status regarding measures that are designed to attract Class A top foreign talents in the cities of Hangzhou, Ningbo, and Jiaxing in Zhejiang Province. The policy making and implementation of Hangzhou, Ningbo, and Jiaxing represent the current status, trend and future development of talent policies among cites in China. Using literature review, comparative analysis and online survey, this study adopts a qualitative perspective to analyse policies regarding the recruitment of top foreign talents among three cities, as well as issues that would hinder their effectiveness. This study also examines the government’s perspective in dealing with replacements and enhancement of foreign talent policies, and ultimately proposes suggestions for policy making. The main conclusion of this study is that the capacity of a city is positively correlated with the city’s attractiveness to talents. Given the uneven distribution of the world’s top talents, the talent policy should focus on facilitating the building of business platform and industrial ecology that match the unique regional economy. Homogeneous talent policies will only encourage ineffective competitions, speculations, and rent-seeking behaviours. The general direction of the talent policy should follow the city's strategic position, resource endowment, and economic and geographic advantages.

Li Wang Jian (Supervisor: Associate Professor Yu Yinghui)
Doctor of Business Administration, Graduation Year: 2022

自中本聪发布比特币白皮书以来，数字货币市值和区块链去中心化应用生态都呈现急剧增长态势，特别是以以太坊为标志的区块链2.0出现后，区块链和去中心化应用范围不断扩展，商业模式、技术研究也不断创新。时至今日，去中心化领域已经完全成为一个不可忽视的产业和生态，并原生出顽强的生命力和创造力，持续超多元化、规模化方向发展。当前，去中心化金融总体规模已经达到千亿美元规模，但总体发展还处于指数曲线攀升阶段，以区块链为代表的分布式技术以其去中心化、不可篡改可追溯、多方协作自治等特点，具备在金融领域广泛运用的技术基础，且已经经过市场初步验证，能够解决目前金融领域存在的诸多瓶颈。 区块链、去中心化技术源自最早小众人群对新金融体系的探索，其本质也是金融科技的创新，到目前为止，去中心化世界最有创新性、最具传播能量的就是其金融应用，以至于去中心化金融已经完全成为当前世界范围内金融体系所不可或缺的组成部分，给下一代新金融体系的自成长提供了极大的助力，然而由于去中心化金融技术复杂度、地区间监管政策不一致性等因素的限制，导致去中心金融领域仍然存在诸多信息亟待解决的问题，制约着去中心化金融普及和新金融体系的深化发展。总体来说，去中心化金融发展仍然处于早期阶段，本身存在认知深度和广度限制，业界普遍还缺乏技术理论基础以及应用方法论。因此，积极探索去中心化金融的应用现状、分析和思考其未来具有重要的现实意义。 本文基于当前去中心化金融业务发展现状、去中心化技术应用现状、综合外部环境等，从去中心化金融体系现状构成、应用价值及解决的问题、未来演进趋势方向三个方面综合立体阐述了去中心化金融内容，对从业者关心的为什么需要去中心化金融、当前如何参与去中心化金融、去中心化金融未来如何发展三个核心问题作出了明确回答。

Since Nakamoto released the Bitcoin white paper, the market value of digital currency and the application ecology of blockchain decentralization have shown a sharp growth trend. Especially after the emergence of blockchain 2.0 marked by Ethereum, the application scope of blockchain and decentralization has been continuously expanded, and the business model and technical research have been continuously innovated. Today, the field of decentralization has evolved into an industry and ecology that cannot be ignored. It has demonstrated tenacious vitality and creativity and continues to develop in the direction of super diversification and scale. The overall capitalisation of decentralized finance has reached US $100 billion, and it is still undergoing exponential growth. The distributed technology represented by blockchain has the potential to be widely adopted in the financial field due to its characteristics of decentralization, tamper proof and traceability, multi-party cooperation and autonomy, and there has been preliminary evidence in the market that it can be utilised to solve existing bottleneck problems in finance. Blockchain and decentralized technology originated from the earliest exploration of a new financial system by a small group of people. Its essence is also the innovation of financial technology. So far, the most innovative and powerful applications in the decentralized world are the financial applications, and decentralized finance has become an indispensable part of the current global financial system, empowering the self-growth of the next generation of new financial system. However, due to the limitations caused by the complexity of decentralized financial technology and the regulatory inconsistencies across regions, etc., there are still many obstacles remained to be overcome in the field of decentralized finance, which otherwise restricts the mass adoption of decentralized finance and the in-depth development of the new financial system. In summary, the development of decentralized finance is still in its early stage and the technical theories and systematic methodologies of implementation are still lacking in practice. It is of great importance therefore to further investigate the development trends of decentralized finance and to improve the theoretical framework, so as to provide guidance and applicable tool and methodologies to practitioners. This paper examines extensively and thoroughly the current development of decentralized finance, the applications implemented, and the conventional financial bottleneck problems solved. It then analyses the developmental trends of decentralized finance and offers recommendations for its future development. I also try to answer in this paper three key questions that matter the most to practitioners: why is decentralized finance needed, how to participate, and what is the future of decentralized finance.

Tan Chee Meng William (Supervisor: Associate Professor Chang Young Ho)
Doctor of Business Administration, Graduation Year: 2022

This study examines the Singapore Open Electricity Market (OEM) which had 21 Electricity Retailers when it was launched in 2019. This number of retailers appeared to be large compared with other network industries with similar market size, but a smaller number of market participants. The study explores how these Electricity Retailers interact and compete with each other for customers, given the relative differences in market shares and market power. Two approaches are employed to analyse how Electricity Retailers compete – the structural model approach and non-structural market approach. The structural approach takes two measures, concentration ratios and Herfindahl-Hirschman Index (HHI) while the non-structural approach takes the Lerner Index that measures the degree of monopoly power. The Electricity Retail market is benchmarked against three other network industries of similar characteristics – the products or services are necessities that are frequently consumed and purchased, the choice of retailers is often invisible to others making the purchase decision a fairly low involvement decision and there is a state or quasi-state body involved in the industry. The three network industries are the Mobile Telco, Grocery and Taxi industries. The Mobile Telco and Taxi industries appear to be very highly concentrated while the Electricity Retail and Grocery industries appear to be less concentrated. The high Lerner Index for the Mobile Network Operators of the Mobile Telco and the Taxi industries suggest these industries act like a monopoly. Pricing is not used much as a competitive tool for the four network industries in Singapore and market participants appear to follow the pricing set by market leaders, with market participants in the Mobile Telco and Taxi industries acting as implicit cartels to maintain prices. The inverse of HHI presents an effective number of market participants in each network industry that could replicate the level of competition and concentration at each industry, which appears to be eight, three, seven and four for the Electricity Retail, Mobile Telco, Grocery and Taxi industries, respectively. These estimates are confirmed by the respective concentration ratios of each industry.

Wong Keng Siong (Supervisor: Associate Professor Chang Young Ho)
Doctor of Business Administration, Graduation Year: 2022

Serial defaults by some countries have been said to be a common phenomenon, even though credit defaults by sovereign borrowers are known as “low default probability” events. This study therefore sets out to validate the perception that some countries are more predisposed to sovereign defaults than others. Recent sovereign defaults have also revived the debate about the roles and relevance of credit rating agencies. This study then looks at usefulness of ratings issued by rating agencies in providing advance warnings of sovereign defaults. Finally, this study seeks to find commonalities amongst countries that has defaulted so that metrics can be developed to identify future defaulters. Probit tests using panel data dating back to 1975 support the view that sovereign borrowers are likely to default in the first seven years following a credit default. Tests of the sample means of the notch differences of the ratings issued by the Big Three rating agencies in the periods before a sovereign default suggest that credit ratings are not predictive of imminent sovereign default. Subsequently, multinomial probit regression has identified the Worldwide Governance Indicators and the Human Development Index to be statistically significant drivers of sovereign defaults.

Toh Meng Sung Christopher (Supervisor: Associate Professor Chang Young Ho)
Doctor of Business Administration, Graduation Year: 2022

This study aims to prove the hypothesis that the Chinese Coal industry will prosper if Chinese Coal companies adopt environmentally sustainable practices. First, this study identifies the forces and hurdles that are preventing Chinese Coal miners from adopting environmentally sustainable practices. Second, it proposes solutions for the Chinese coal miners to practice in an environmentally sustainable and profitable manner, namely environmental management and organizational change. A qualitative approach is employed to investigate the hypothesis, namely document review and analysis of company website materials, an online qualitative questionnaire, face-to-face interviews with selected people at some of the Chinese Coal companies and experts’ views. Espoused theory and institutional logic confirm the applicability of theories in the context of the Chinese Coal industry. The findings of the thesis demonstrate that the development of the Coal industry in China can be reconciled with the strengthening of environmental regulations, together with the adoption of environmentally sustainable practices, and on this base, suggests the Coal industry has a promising future.