CONSECUTIVE FAILURES, REPEAT ENTREPRENEURIAL AND NO EXPERIENCE

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1 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 CONSECUTIVE FAILURES, REPEAT ENTREPRENEURIAL AND NO EXPERIENCE Vhd Nhdd 1 H Phmd Sf 2 Ah Fhh 3 Syd Bh Gk M.A Sd f B Adm, Dpm f Mgm, Im Azd Uvy, Rh Bh, I Ab C h f p php pvd xp f h ff f f gg f g v v g fm pd f. Th dy mp bh h f pv f h v h fw hm d dm h p f g fm v f. Sv f ff py vb gh h hp bw f h v h fw d h p f g fm f. Th h vgd g dy f p v f v 20 y. Ahgh h vd, h f hd fdm m. Th ggd h h p hd fm hm. Th pv f dd gg h bq v. Id, hy pyd g h f. Lg fm f d hpp mmdy b q db f. Db f pq f g fm f h p pd m mk m f m h fd h f. I fm h f p f p dv. Hwv, g fm q db f. F d gg h x v d d hd h. Kwg h ff f f v v my hp dd h dvpm f pyp (m fmwk) d xpd h hy b p pyp g. Kywd: Cv f, p php, xp Id Bkgd h dy F p f b b my h gvy ff pp d fm. My f f hv b ggd. Thy d dmhg, p dhp, g d p. Wh db h f mpx (24) d my vb h dm hw f. Gy, m pp gg h f gd g fm h mk. Td fm h h Th f f gy m f df. Fd d M, y 1976, d h h f f. Idd, hy y, y mp d f x h b dw bg bm d hg. Hwv, Ch, Nphy d Chmb (2004) d h h f dg b f vy b dfy hm(9). Th h dgd h p dy xp h ff f v f h v h fw hm d dm whh h wh xp h f fm h xp. Thy vgd wh p xpd v f d kd f m d dff bw h fd v. 8

2 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 Rh bjv d q Th d mk whh f gg w p p whh f h f pg w v. Th gg p php. If f d xpg w pp, w wd bf f w dd h p fw. Lg fm f dd wh w kw b p g (17). Avy, f xpg w pp f, h ddg hw hpp hp pv f. I dd, hw fm f d whh q m pf mhm, k db f, d. Th h q f h dy fw. Wh h hp bw v f, h pd f f, h f f, h p p d g fm f? Thf, h h bjv : T db h hp bw h pd f f,, h p p d g fm f T db h p d pq f g fm f. Th p v-dd f h dy I mp vg g fm f fd whh gg w ppy xp. D p p pv f gg f w ppy xp? Wh d hy fm h f h hy k h x v? Kwg h ff f f bq v my hp dd h dvpm f pyp (m fmwk) d xpd h hy f p pyp g by ddg f pyp h f v, xpd d p p. Expg h hp bw v f d g fm f h mp p v f g p. Szg ppv p d b h hp b f h w dv. Th by dbg h d pd f f bfy b f h dyg dmm f h f v. Sdy, xp h p f p g d mphz h f f g fm h fd v. Thdy, xp h h dg. Fhy, h dy db f v f d y f h, h p xp d h p h. Thf, h h d h fdg wh kg f b d gh fm h. Fy, h h dw b: Th f f bq v Wh d fm f mk h g mgf? C d pd dyg f I dbf whh h g f h f f v. Hwv, h mb f f. A xmp h by f w. Th wh v dpzd y, h ffv m, b df, w g d db pbm. Wh h gg, hy vy dpdg h h f. Lgk, Sm d Shky (23) h h f m h f hgh b h f f. Th f h f hgh h f h p (k p dhp v, gy, pg d mkg d) h f f. Th h bv h f g fm hm f, my d wh dhp. Th d h bv h m d mkg f (k by dd m d, mk, mp, ffv g d xp) h. Th 9

3 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 h bv f g fm f, my h by f mg pd x hg. Th hd h f h f f mgm (k h k f wkg p, xv db, h-fw pbm, dd pf mg d xv vhd) f. Th h bv f h f, my hgh fg d f mgm. Th h hd h ym d f (k pg dg hgy pbm, ffv mgm fm ym d ffv pg p) v f. Th h bv f g fm bh d. Hm h dhp, mgm, dvd k d bhv (whh d d, bf d mv) mp b p.thy py g h dy. Lg d N (23) d pf g f h f f. Th : d, pm d f-dp hhy gdy d f p d fmy mh d mpm. Th ppv f h dhp d mgm f g b. I mpv dy f d d -d, D Av (1989) df gz d p f d v m fm, whh dx f mf m(11). Th dx mb w m p f d. Th dg hm (mg) d my. H p f mp fdg b h mg d f h g d mg q f gz d. Th q f d d mg mb, ff, h ff f z d g py. Hwv, fm my dy v vd bkpy f h vm ffy by pp df. D Av (11) d h mg d g pbm d, wh d mg d g pbm v p. H db h g py h pv h fm fm fdg d pg w d. H gg h mg mb f h py. F v h hpp vm. Thy p fv g d wh d d db pbm h hd v f h v d fh wd f. Bfy, hy db h g h bdd,, fy, d mpm d, fy, h d g. Thy dfy h by f d gz hg ppy d m v d. By d D (1991) pp h wh f h f f m fm (7). Thy gg f g bd h vm ( x) g f h f d whh dmv g. I m h, y v wdm, m b f b f f h mg ( ) d dp ff. Thg d B (1996) fm h dg f gfy m mp h xg f wh k h f f(28). Th d wh d dv. Thy d d z, k f g-m pg, d v, f mp ff, f, fgmd pm (p- gp h bm m v) d -pzd bk (8). Oh m h gy d g, z d f y g f h v. Fm h -bd vw, Thh d Am (2003) gg h yg fm m ky ff fm d pby df h d fm (.29) Th h f h by f w (25). 10

4 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 Lby f w h d wh fm kg gmy wh h pp,, d d h gz h dy. Th gmy fm p wh h hg f h dy. Th by f w dm, hgh y d, h by f m. Th f z h my pv fm fm mpg dy. K d Ad (1998) h by f m wh h fm by p k g d vg w dvpg d p bw mmb h gz(18). Nw hf mp k f gz g d gmy pd wh m. I pp b h pmy f dyg h hgh pbby f f. Hwv, wy bhd fm hv k f, gdw, d f h pvd bff f h pd f bhg wh, d d h gz h hm (18). Th d dwm d h k f f v f pfm y fy. Af h pd, wh h bff dpd, h by f d f fm (16). Th pbby f f dg h pd hpy. Hd (1999) fm h x f h by f w (wh fv d d m b fm wh gmy) d gg by f b (wh fm bm hghy d h fdg mp bm gy m mgd wh h hgg vm)(16). H dd h by f d (fm h hv d h fdg b h hv y md ff k d xp). Hd (1999) gg h, y g hkg, f d fm h ff f h g dwm d. Hwv, h d f dff dpdg h g-m g fm h (16). Ep f, -p f d dff b fm h f-y g d md h g d f f. Th b, g, h db f fg h x f h f f d d f. I h m wy h fg vy wh g (yg v. d), z (m v. bg) d f-y g (f, gwh, m d) (24). Eh f fg d wh dff v f k f h v. Pd f f Thf, d d m fm g f. I fm m f d,, d mmm h bm gd f-ppg wkp dym. A pd d ( f fg) h m x b bhd bf mhg. Thf, pq (24). F d D (2005) x f(13). Th m b m pd f d f. Rhd db g f vm fg h d dff yp f b f. Thy f fg g mph db h pf pd h wd d h yp f f. Thy dff bw hw h wd pp f m d g v. Eh mph db fg h wd q dff v hg h b f pfm. I h mph, hy q gz d yp, py d y xp h fg. T Rhd g d m h h f mh f b f. Hwv, wh h bd fg mg my b g b f h g-dg p mj mkp pp, h dwd fg mg my b g b hy bv h hy pd h f-mkb y m f m dp h w d gy dff d bgg x whh hy k f. Th bfg hw g f dff kd. Thy hk hy hb d db d d kwdg h wg h h h b fy. Fy, dp p wh xpg -p f. 11

5 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 B, Mh, Mw, V Rk d Shm (2005) m mph f ym f vg f Ep fm(3). Thy f hhy fm dp d fm h v-mb d hw xm gwh dwd fg. Bd fg fm h b dp vm hg, wh bfg mg vvd h d fd bhv. Thy d h g f dm wh xpg m b f. Th fg mph hpf. Hwv, hy f gy h dhp f h dmk (ppg h hm f ppv). Hwv, hy v dm f h pd. Oh h (27)db v fg f vb h my dm h pf pd. Uddg v f q d f (25). Th f h f ypy h mpf f h vm (x pd) f h v ( pd). O hd h b h f bh f. T b m x, f h mgm f gz wh h f h vm. Sdy, b f vv gg ( mgg) v wh h vm,, by df, b gy. Thdy, b f d wh gy, w mk h vd fg h. Ly, b gz vd f v f d pd pgd h m f f gz y m fm f ff d fy. Thf, ddg f gz d d f gz h h kd f h fm dhp ( mgm), h vm d h wy fm wh h vm b h pf fg f vb h f hm p m. Pd k ph f m dg d f d my dyg f gv hm. Th dy mp dfy h f h d wh h v f f p d h p g d wh g v k f. Rfg f d g fm h xp Hy Fd w bkp fv m bf bmg f h dy. H hd h y b f: I gy bv h h f m b d fm f h h fm f w b k h m d. Rh gg h mh f h g wh h p x xp. Cp (2003) f h bf h p g xp by qg h wh g h p -d(10). Thf, hy fm xp hgh v k d, xp pbm vg d dvy. Adg Kb (19), xp g h p whby kwdg d hgh h fm f xp. Thf, p kwdg fm gpg xp d fmg.sh fh gg h, h p f fmg xp, p my w pb g: xp d xp. Exp f g p-xg kwdg, wh xp gg hg w h dff fm h h dy k. Adg P h f h mhd f fmg xp y b h h h. Sh q Mh, wh g h bh wy f fmg xp kwdg f g g. Hwv, p xp my g fm p d f. My f p d h g fm p f mp p f h xp b. Th m mb f f f. Php h m mm ff xp. I pp h p wh m xp p h kwdg pfm h d k y f m ffvy d h h fdbk bd fm h xp (26) h kwdg. 12

6 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 Adg P f h m ffv fg g g f. Th f h pvd b f g f bhv hgh w fm fm whh. P q Sk, wh gg h pq f g f g h h m f m b ( hghy pdb) d pvd w fm fm whh. Ngv m y mpy f. Shphd (25) q gz g h k L, Mk d B. Thy p h gv m m h p, g d dp. F h f-mpyd, g fm b f wh hy h fm hy hv b why h b fd (fdbk fm) d v h xg kwdg f hw mg h b ffvy. Adg Cp (10), h g w hp v mp b h q f pv m d, d. H q h wh mphz h m kd f (k f) pq f fdm fm f g d f dp hpp h g hg df h p m md fm f f. I, m md mpf p vw f h wd. Th vw d h kwdg, bf d xp w h mp d xp ddg. Kg (2007) h dp bf dm d md h m h dv h d f p (21). Rf h dp bf d b ddg d, hf, mpvd g. O dvd g pd d pd g. Mh p g pd d xp. Th ky h yp f g f, whh xp g (4). Dvpg h py f p d b w f fv g p f dvpg h py hw. B (5) p h fv g py ky Kb d f h xp g y d Sh hy f h fv p (6). Rfv hkg h w-g wh hkg. Th bg h xp w d kg/pdg hg q (5). Ahgh h f fv g my b bjv, h p. Th py b h f h fv g p hg gv xp b f h w kwdg h fm h p d h k p h kwdg. Gf d g fm h f xp Th w vw b g fm gv m k h d wh f. O h hd, Bk d Mé (1998) gg h gz d hb gv p, d-mkg d m h mb f p vb(1). Th hb gz hg d/ dp d h-gdy hy. Shphd (2003), h h hd, p h gv m m h p, g, d dp (26). Shphd (2003) d h gf d m xp d g dp ddg f h by f h f-mpyd fm b f(26). H db h p f gf vy xp h pp by g h m f (fdbk) v h bf ym. F h f-mpyd, g fm b f wh hy h vb fm b why h b fd (fdbk fm) d v h kwdg b hw mg h b ffvy. Th g w hp v mp b h q f pv d, d. Th m b m hp bw p d h b. Th f b ky g gv m gf. Pp xp gf h dh f vd, wh hp d b f p wh hy hv gv p m p f f hy hk mp. 13

7 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 Th gv m, dg Shphd (2003), d p by fm h v(26). Shphd pp d p f vg fm gf. I vv g bw w p: d. L vv f d kg q dd h f h m b. Th wh ff my k fd, fmy d php pyhg, wk hgh h gf p d m m wh h. Hwv, mp mv d h pvy f w ppy. F f-mpyd pp, fdg w b mgh vy fm gf. Hwv, g fm h mk w b pb y f hy hv dy b hgh - p. Wh h f p, hy mgh p mk b hy hv ffy fd h (25) d my m hy d fm f. Th h h dy f h p. Rh dg Th v h p f h h dg. Th h h pph, h dy h h gy d h h mhdgy. Th m h dg h Sf, B d Bd (2009) db(4). Rh pph Th h pph w xpy d qv. I xp h mbddd xp f p d v fd v 20 y m v h h m v. I h dy, h v h v f, v wd q. Th py g f h dy. Fy, h h dd dfy whh h w m pd d f h fd v. F f h v w fd b f by df (14). Tw h w fd x f d wh -p f. Sdy, h dy w d whh h f ggd h bq v whh h f w h f h vvm wh w pp. Fy, h h wd kw whh h f ggd y g d, f hy dd, wh v h g d. Rpg h m mk gg h h w g fm h f. Th h vgd h f h. Tb 1 mmz h h dg. Ky f bf T w h q, h h w w f h w mhdg v, bf d phph mp. Th mp d f hw hy dd h h d d hm d dd h m whh hy dd h h. Og p Th h h vw d h vy d f h y. Rh A bjv wh bv h kwdg m fm f d wh h d h x. If h h fd pd pd, d p, h d gz hm. H w my b f. Rh B d wh bv h pp dd f hy hv xpd hmv. Pp vw,,,,, d p, d v f h xp. Thf, ddg h bjv xp d p my v kw hp d d mpvd gh f h xpd y. H w my h gv p f h f. 14

8 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 Th p xp f h p d h p f h dff x f h f w g. Th p hd h xp wgy d pdd py h q h h kd dg h vw. Epmg p Th hy f kwdg (pmgy) f h h dvgd m x. I wd f py hw dv d b phm d hw dm kwdg. Rh A wkd pmy fm f pdgm, py h pmy g. Hwv, h hgd dg h p pdgm. H hd xpd b f hmf d hd wkd gy d d. Th fd h h f f dv, p d w f f m. Tb 1: Rh dg mp bd h dg dp Cmp Rh q pbm Pp U f y Lg kg h d h pp C f pg h fdg Dp Wh h hp bw v f d f pd, f, h p p d g fm f? 1. Th d pd f h f w h m. 2. F v gg h p p dg g h x v. 3. If h m v f, h p dd. Pmy v f. Sdy p php. Ty g fm f. O p wh xpd f pvd q ppy dfy d xp h hp d my m h v h wd f h h vgd dff p. Sm pd d f f. Tgg f ggg h x p p. Th p p h m mk. Rh B wkd fm dm g pdgm d kd f wh d hw p. Thf, h h h v d d-ghg mhd p h v d xp f h. 15

9 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 C dy h gy Th h d g dy xp h phm wd x wh h bd bw phm d x. Y (2003) gg h h q f ff f g g (30). Th pf h h vgd q b p d dy k b f. I w mp bkhgh dfy p, wh v f, wh w wg pp h h. A g bj md h v h g fm h p mpd vgg h f f v p. Th g h h d w my dv xp h bj xp dg h dff v. Th h gv hd v f h pf d m d ky f h dff fd v b h dd v g. Rh mhd Rh g Th h vgd x pv d v (h vh d v xpg d). O p xpd h v f (f f, fd x d fd hv) v 20 y. Th h dfd h v f f h. Iy h p d h f f d d hghghd h v fm k ppv. Th p w php pgd h m d w h w p f h f. H d hm h p p h pd d fd k f pg h dff v. I dd, 20 y g m d hd d pb mmy p b m d v h dff v. C bkgd d g I h gg f h p Wh wkg f-m jb, M. X (h p) bgh h db gh pd h f b v (ABC Cmpy). A hd py d g w f h gh d hm b h hd g gm h pd! Ivg hwd h h g f h b gh w fd d M. X h wh vm hy f -p. Wh h -p ppd f, h hd m h v mmdy. Th fd hm (by h w ) v h f-m jb d h d bkg v h db fm h vm. H bm v d w ppy pd hm h w- hg dy. Fg 1 hw q mp f h f v d v h p pd. H d v wh w h pp ( Bdg Cmpy ) bd h f g dvp. H pd my f (v) wh h h p dd m f h wk h b. S h v d pd gwh ph d h mmd f ppd pv. Vb gm dd h p. Evy m h kd b pg, h wky v, h vd fg d w h h hwd pg. Hwv, w hd hm b h p dd wh d v bdg pj. Th md dd b h w h g f pp. Ivg vd pfg f k d mvm f w m h p pv v, whh h wv wd. H mmdy whdw h h d g d h qd Bdg Cmpy. Tgh wh h v (Bdg Cmpy), M. X hd dy d d pd m bhy (Bhy 1) h d. I w dg w b, b f h d vy, h bhy w ppd h qd p d qdd h m m Bdg Cmpy. Thf, Bhy 1 fd dy b f 16

10 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 wh h pv v. Fy, M. X w vvd wh h bkg d d vv fy. M. X x v w v d bhy (Bhy 2) -p fd g hp. Th bhy w my h y p h h xpdd. H pd h hp f v y d d mpy wh pym p h wd gv hm m f h x fw y. M. X w fd v (b f ) d, f vg, h pd hgh-. Th d w b v dd (b ppy dmhd) d h ppd fy wh h m fm h fd g hp h hd d pvy. Ufy, h w w f h v ppd f h d vxdd wh wh h pd. I fd, g h m M X dy p. H hd h b h w b f h w db f h fd-g v h hd v d h g! H d bkg fwd, h pdd dvm f f bhy b f h k v h db. Hwv, h ggd j v (Bhy 3) h pv w f h v bhy. Thy fmd php d qky d d f qdpg gwh wh y. Bf g, hy d m m-pg p x. Hwv, d d h p p p. I f M. X wh h -p pg p d dy m ( hp) h h hd bhd h mm, wh h p wkd wy wh h d d Bhy 3. Y g, h w fm gm p p M. X. Dg h v, p () fd M. X. I w x f m f h x v h dy. H d h my b f h d k m ff v. Eé d bhg h Th h pphd h bj (pd) f h d vy f fh d d h wgy gd pp h h p. Th w h, h wh h w wy f vgg d qg, ppd h p. Bh h ghd h w fd dg h vw. Th d m bw h w h pdgm. Th f pdgm mphzd h v f h ppmy d mpmy h f h w g p. Thy vgd h fd v py d q xp h -hp bw v v. Th d h M. X w fd wh d hw hg hppd (dpv), wh h h fd hw d why hg hppd hy dd (xpy). Smpg Th h pphd p, wh hd fd x m 20 y d wh w xpg d h b, pp h h. Th q m f h pyd mp g hm pp. Thy d m dff p b, b f v, by g y bj. Th v f v 20 y mk h dy h fm d w dph y. D mhd Th phm h h vgd vvd h p, h hkg, xp d d-mkg h hd d h f f h v, wh h pf x, h h ( Tb 1). Thf, h bd bw h p d h v x w. Th m h h h hd p v f vd fd vg. 17

11 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, Hwv, b h f hppd v 20 y, h w dm, d bv, hv d pp bv (30) h vd. Thf, h h xpd h m f vd (h p). Fy, h v h p w w mp ddg h f p f h v d h q f mvg fm v h x. Thy d h p w p f h pd f h d h d wh h f(31). I b k g I b k g I b k g E m p y d M p k g g f y B h y 3 d R B h y 2 d f d g B h y 1 B d g m p y A B C m p y S m F F S F W S

12 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, d d p d ( b k h ) d v y g v y - p f L p D b M f ( b f y ) D b D b D b Tm

13 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 Sdy, f h h hd h -dph vw, hy d h vw d p mk f hm. Th vw p f h v f dd: 1. T h y f h pf v. 2. Wh w y? 3. Wh w vvd? 4. Wh dd y z h w mhg wg? 5. Hw dd y fm? 6. Wh dd y d y zd wh w gg? 7. W y vvd h hg (pj v) h m? 8. Wh w y hkg h m? 9. Wh w h x f y dd? 10. Dd y xp y gf f h fd v? 11. Wh w h f y f h? 12. Wh g dd y k fm h? 13. Wh dd y z h g? Th h d pb f xp b h w h pd gv hgh h vw. Fy, h h p-dd h -dph vw d pdd f p. Th h dvdy d py d h by hg f ky, gh, m d m gh wh h w fd. O hy hd dfd h, hy dd hm. S Tb 2. D y Thgh h w y f vd (h p), h h d vg g (30) x mh h pb. Thgh h my vw f h vd, pfy h f h p w v f h xp, h fd v, -dph vw, h p f h vw d hkg h p, h h dfd d dd p v h h pp. Thy mppd h p f -p d f dd q, v, ff,,, m d m. Fg 1 hw h q f v d mp. I hw h v, hw hy fd d h q. Sg mpyd qy d A h w y f vd, h h fy d vg g. Thy hkd dg h d-d d hd-d vw. H hy kd h p, h ky fm, jdg h h p f h dff. A h w xpy dy, h vw fd why hg hppd h p dbd hm, h g xp bdg mpv vdy (30). Rpg h fdg Th h pd h fdg by g h ky bv d pdg h h pp dvdy. Th y w xpy, 20

14 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 mg db h hp d fdg pp ( k) f h pp ( Tb 1). Th fdg hw h v v f hd m pd d h f d gg h p p d h g fm f m. Th x p h fdg d h pp hdg h h h. Fdg Th f h bjv w db h hp bw h f pd, h f f, h p p d g fm f. Th d h bjv w db h p d pq f g fm f. Fdg kd Pp 1: Th pd d f v f w h m Th dd y f pd d ydd m g b m pg h pd d wh h f. Fy, h p md v vb gm wh fmzg y f hm. Dg vw, h wd y my wd my wd d I xp h pp d b h m. H fmd php y wh dwg p y pp g d kwdgd h h dd dp h wg f fd d dv. O h f h, h w ppd ff by pp (p mpy) h d, d wh w ppd b b f dff m f h vb gm. I h v, h wgy dgd h phg pb h p. I h, h gv h bkkp d h f v f pg d phg pvy. I h d-d bhy, h m pvd (vb gm d p kpg ). Af f, h ggd h h hd g py b f h pbgg, g d dp h bf. Tb 2 hw h ky m h mgd dg h y pp h p. Th p py h f, d fm v. Sdy, h p xd. Th wh h g. I h, h p hwd w ppy f (py f), kpg d d mg pfm. Af g h h mpy, h mpd p hmf wh xv g. Hwv, h dd fw h p d dd h f f h v h d, f whh h hd gd g d whh h v d. Wh h zd h mk d d, w v h f. Wh h ppd v d gd pg, h w p bdgg d mg pfm. H md pp mp h h kw h p d d ky f h v. Lkg bk, h p hmf ggd h, b h dd m h pfm f p d 21

15 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 mpy, h d mp d dv bhv. O wh h d h d d h p hmf, h w f gf mpvm, w h wh h d f h bhy wh h f d. Hwv, h dd f g, h dy w wd z-f mgm. A hd mp bv w h, f h v h fd, h p hd pv xp kwdg f h dy. Th w my f pyg dy ( wh h d h f ) f mkg my mk bf dg b f h hmg. Wh h d h, h p hd v mp b h qm f h dy b h fd h bvd kwdg f dmd h h bd h g pg f dg h pv mh (b f h ff f y). C h f f h w bhg p-mk w-m ghbhd. Th d hm mmg vm b, whh L Rx, P d Md (2006) dfd yp p mp (22). Fy, h p hwd m f h bfg d, ggg g d hgh f b. Dg vw M. X d, I d mk wk dp h vd h pp h h w hg. Th ff f h m fm h bkg h pp f mf f h p bd h h h w f vyhg h hd. Bh h hgh- d w- p ggd pd d f h h bhv f h. I p, hy bd h v f. I w, h ff f pfg w vb y f x f fd h b gv h fw. Th md h p f wh h md h h ph d fd hm vg. Thf, h h fd gh pp f h pp h h w m d pd f h v f ( Tb 2). Fdg kd Pp 2: F v gg h p p dg g h x v T jdg h p php pp mgfy, h h d h p p h hy vd dfyg, vg d xpg w pp. Th p p f dfyg pp, vg h v d xpg pp h g gh (20). I h dy, h p d mx f hmf kg f pp d hvg pp k hm. I m h h p mf md hm gh-f p pvd f pp f h. Hwv, w (by h w dm) h hd h. I hd d, h w h p h m, h d. Idfyg ppy A h p w v d gd wh h w vvd xg, xp f h h h d f vg fm. I 22

16 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 wy hgh I d g, h f pd h vw. Th ggd h h dd my pp d h h w k mp. I hd bm h h f w h gg f dfyg pp f h v h fwd. I fv (wh h xp f h f v d h ), h p w dy dg pg w pp bf h v fd. Thf, h h fd pp f Pp 2 h f v gg g h x. I bm h h pp h p ABLE 2: S dfd dg h v f f v. Evg ppy Th h d fd vd h h p hd vd h w (d xg) pp ppy. H hd v dvpd b p d bdgg w m x. I kw d wk d h d w gd w h mm xp. Th p md h d wh y fm pg b p. Th gg h h dpdd gy ( g f, h wd) wh mkg d. B d gg h v p dff pyp mpd xpd p. Thy y h h f k h v, h d k pj d wh h pyp f xp p. M. X ppd v pyp my v pp. Expg ppy Th p xpd m pp hy f dfyg hm d wh vg hm ppy. H f bd h d. Cmm xp h d dg h vw dd I ddd, d j dd f gh h m I dd. Sm f p mdd h d wh h f fd p pf ppy (k vg h f jb p bkg g h ). Hwv, h p hwd g by vm h by f w b h w wy b m d pp fm x pp (pv v) d, k bk d pp, f h x - 23

17 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 p. Th h d xp hw h w pb wh pp b p. Hwv, my b b h wy pd vy whm h w dbd. Fdg kd Pp 3: If h m v f, h p dd If p p fm h mk, h d b hg xp, f b wh h hppd d why hppd. I h y w h M. X (by w dm) dd h d p (26) f d fm h xp. Dg h f, h w dy by wh h x ppy. H dd k m d db -hg, k q d f h v. Th p fmd h, m, h j pd w d d pp wh y fg p f wh hy w hppg f hy hd hppd. Wh kd whh h xpd y f h m d wh h gvg p, h hgh h dd, xp f v wh h xpd m gf. Th w h bhy h d d b f h p f h mpy f. H d gv y pf f gg h v. Th gf p mg m (gf vy) wh h fd v dd pd gg w v ( ). Th p pd h, wh h w h d, w h f m h h y d dpy fd h f g m ddg f hm. Th fm Shphd (2003) gm h g fm f m b q db p f f(25). Dg h vw, d wh bg pmpd by h q, h pd v gh m h h hd gy dd. D d C Th w pp f h pp h h w m d pd f h v f d h h f w h gg f dfyg pp f g v. Fy, ppd h h p y d h dk db f. Th xpd h fdg. I v m ky bv b h p, h pd d d wh h v f. Fy, h d p d mpy bdy. I m h h d vy mhm d vy d hg. Sdy, h p f d d wh y xp f hm. H y dd wh y fm v f h fby f h pp d wh b p. H dpdd gy f h v. Thdy, h hwd f b. H bvd h h d mk wk d hd v f. Fhy, h d mp. Ffhy, h fmd h k f wvg v (my f). Oh v hghghd h dm ff f hm xpd d. Fy, h p 24

18 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 dpyd h pyp d wh v p pdy. Th xp h f h. Th pf pd d f f ppd dff pfy fm v v. Nvh, m m mgh b mm bg d f h f. Cmpd wh d pd fm h, h d my h p hm q. Kg (2007) gg h hg bf dv gv f p d d h hy k d xp h bd p(21). Th fd h d pdy. M. kwdgd h v-g b hpd vm by dg ym d xpdg h dv wk. Eg d wh pp kwdg, wk v f h pp d v-g y ypy d wh v p (2). Hwv, h p d pz h m d pg d h v. Th gg h h hd gd m v xp. Nvh, h d g pp v d ff, d h d v pyp. I g h M. X ffd fm h by f w b h w wy b fd fm h. Th h d fd d h y f h f ggd h x ppy b, vy, h p w dy by wh h x v wh h pdg v w fg. Th gg h h p kw h f w mm, ggg g p w pp. I dd, h vvm wh h x v dd m h f, hgh h m hv b m d ff k f, mgm d m d h w v h g f h p. H p h h v y fd h dyg f h f mp. Th p y pd g fm f hgh f wh h w p h dd f h d d wh h h fd hm dg h vw. H pd gg bk h b d pfy dg w ym b h hgh h hd b h m f h p f. N gvg f h d mmdy pg w pp fm Shphd (2003) p h pg h m mk my (25). Th m db b whh gd m f h v (h f bhy d h m hp) g f b f x f d h p f h f. Th p bd h f x. Hwv, f b w h m. Th fm h g h f v f g p h x ky, dp bg v f bg f b gwh. Th dy bg pv h wy f xpg h pyp (m fmwk) f p wh xp v f b hg h f f h p p p. F bf y f g fm pb. Hwv, g m (26) d q f (10) p v. 25

19 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 Sdy, fm h pp h vy f h q pd h hd d f g. Fy, fmg h xp p kwdg d my b f xp h h xp h fm p. Th dm g f g, whh mdd h fm p, ppd b ff h h, b fh vg h hp qd. Th mg mp f h dy wfd. Fy, fm h f p f p dv. O hd kwdg h d h g fm q db f. Sdy, f d y gg h x v. Hwv, f d hp p g xp d fm. Thf, db f mp p g fm f. Th h fd h b fm h bhv f h p. B d hd z h ppy f g fm f. F d d hmv h pp (12). Fy, dd bv fm h h why. Th h hy pd h pv fdg f h h v (d dff) php f d d p gp v pd f h y. Th p gd fm dbf d f h m kwdgm d fm f m xp fm m h h. Th fdg d w wh bh p d dm dg h p. I md h, f hy hd fd hmv, hy kw m wh hd. Th ff f h p w m f h h hd vd f vdy hf dp f h y. Lm d f h T gz g h f p p ppp. Hwv, h dy p 20 y. I h fm h mpxy f h p p, h x whh p p (15) d h x f f. F h hd mp p h dy wh m bj gz d fm h fdg. Sdy, h qv f h d bj h pp d p f h h d h h, dp h mp b bjv. Fh h hd f g h qy f d by xpdg h h gy d v. Rf 1. Bk III, V.L., & Mé, M.A. (1998). Th mh hf d g dg fm mpg d. Hm R, 51(10), d: / , d: /a: B, R.A., & Ey, M.D. (2006). Oppy g h d f mgf p: Evd fm mp f v d xpd 26

20 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, 2013 p. Mgm S, 52(9), d: / m B, L.H.H., Mh, G.M.H., Mw, R.H.G., V Rk, J.J.F., & Shm, C. (2005). Cf d y f mj Ep b f. Mh Ag, Adg d Ifm Mgm Rh C (MARC) d RSM Em Uvy. Rh pj mmd by h Ep C Gp. 4. Bd, D., Kgh, R., & Wk, D. (1985). Wh f g? I D. Bd, R. Kgh & D. Wk (Ed.), Rf: Tg xp g (pp. 7 17). Ld: Kg Pg. 5. B, T. (2003). Ag fv g. Ed d Tg, 45(5), d: / B, T., F, L., & Ak, A. (2000). Ppg d dvpg vy h: A mp dy. Ed Rh C O Pp. Bgh: Uvy f Bgh. 7. By, R.D., & D, H.B. (1991). Td g f m fm. J f Sm B Mgm, 29(3), Cm, K.S., Wh, D.A., & Km, M.U. (1987). Og dyf f d. Admy f Mgm J, 30(1), d: / Ch, A., Nphy, E., & Chmb, C. (2004). Pdg p f: Emp vd f h UK. Ep Ag Rvw, 13(3), d: / Cp, J. (2003). Ep g d f: D v gg f hgh v g. Mgm Lg, 34(4), d: / D Av, R.A. (1989). Th fmh f g d: A gd dy f h g d mg h f dg fm. Admy f Mgm J, 32(3), d: / Fb, D.P., & Pv, C. (2006). Rzfh. Ephp Thy d P, Jy, F, J.D., & D, A.B. (2005). S d g dm f d. Mgm D, 9, d: / Fdd, J.E., & M, C.E. (1976). A y f m b f. Am J f Sm B, 1(1), G, W.B., Dvd, P., & Zh, S.A. (2006). A y kg m? Th f mmy php hhp. Ephp Thy d P, My, d: /j x 16. Hd, A.D. (1999). Fm gy d g dpd: A g vw f h b f w, d d b. Admv S Qy, 44, d: / Hv, J., & Th, S. (2007). Ep g h x f pf php. I J f Ep Bhv d Rh, 14(3), d: / K, S., & Ad, D. (1998). B f: Lb f w, d, d m. J f C Egg d Mgm, Nvmb/ Dmb, d: /(asce) (1998)124:6(458) 27

21 SINGAPOREAN JORNA Of bsiness EONOmIS, ANd mgm d V.1,.7, Kb, D.A. (1984). Exp g: Exp h f g d dvpm. Egwd Cff, NJ: P-H. 20. Kg, N.F. (2005). Sb Ephp: Bdg h df f ppy. Pp pd h USASBE f, L Vg, NE. 21. Kg, N.F. (2007). Wh bh? Th xp f p hkg. Ephp Thy d P, Jy, d: / j x 22. L Rx, I., P, M., & Md, S. (2006). Th f f k pp, mp, f d f-ffy h d xp v ppy. Sh Af B Rvw, 10(1), Lgk, C.O., Sm, J.L., & Shky, T.W. (1999). Why g f: Th vw 24. P, M. (2009). Dfg b d, f d d: A y. Sh Af J f Ephp d Sm B Mgm, 2(10), Shphd, D.A. (2005). Th h b f my py ph b d f h b f. I Rg F f Ep Rh Fby 2005 (pp ). A: Bb. 26. Shppd, J.P., & Chwdhy, S.D. (2005). Rdg h wg wv: Og f fd d. Lg Rg Pg, 38, d: /j. p Sd, E., & Smm, C. (1999). Uddg b f: Lg d g fm d. J f Cg d C Mgm, 7(1), d: / Thg, L.G., & B, L.W. (1996). A xpy dy f f ffg h f f m d mdm p. A Pf J f Mgm, 13(2), d: /bf Thh, S., & Am, R. (2003). Lg b f: Bkpy, fm g, d h -bd vw. Og S, 14(5), d: / Y, R.K. (2003). C dy h. Dg d mhd: Appd h mhd. (3d d.). S Vm 5. Ld: Sg Pb. 31. Zhk, A.L., My, G.D., & D C, J. (1999). Dffg pp f w v f: A mhd xpy dy f v p d p. J f Sm B Mgm, 37(3),