20th Anniversary

Celebration and Reunion

of the
Old Dominion University
Business Administration
PhD Program

Re-connections and
New Connections
for Global Strength

October 16—17, 2009

 Conference Aims

This event is brought to you by the ODU Business Administration

Doctoral Student Association, the Alumni Association, the Office
of Student Affairs, and the Office of the Dean of the College of
Business and Public Administration.

The purposes of the 20th Anniversary Celebration and Reunion

of the Business Administration PhD Program are to recognize the
accomplishments of the program and to reconnect with its
alumni. The program has produced over 80 alumni and has 49
current PhD students or candidates over its 20 years. This event
will give recognition and encouragement to the faculty, staff, and
administrators who were the architects and leadership of a
doctoral program that has produced qualified business PhDs for
academia and industry. It is also believed that this celebration
will bring about “Re-connections and New Connections for Global
Strength” of the current PhD students and the alumni.

The program‟s “Global Strength” is evidenced in many ways. The

international emphasis of this PhD program is unique across
doctoral programs. Students leave ODU equipped with an
understanding of not only research methodologies and a
specialization area, but also with an international view of the
business community. With alumni in 14 countries and in
Universities, corporations, and governments throughout the
world, the PhD students of Old Dominion University have a vast
network to engage in the job search and in seeking research
partners. As this program continues, the faculty, students
and alumni must capitalize on these strengths to broaden the
connections.

Take the challenge during this conference to meet new people,

to commit to bringing those who are not here back into the fold,
and to build upon what the architects have designed. While on
the journey, enjoy the experience that will propel us forward.

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 Table of Contents

Conference Aims ............................................................2

Conference Schedule ...................................................... 4

About the DSA ............................................................... 5

Dean Nancy A. Bagranoff ............................................... 6

Dr. Sylvia C. Hudgins...................................................... 7

History of the PhD Program ............................................ 8

Directors of the PhD Program ........................................ 10

Dean‟s Research Seminar .............................................. 12

Opening Ceremony ....................................................... 13

Recognition Dinner........................................................ 14

Panel Discussion ........................................................... 15

Where in the World Are these Alumni? ........................... 16

Acknowledgements ....................................................... 17

Greetings and Well Wishes ............................................ 18

Conference Registrants ................................................. 19

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Conference Schedule

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 About the DSA
ODU Business
Administration
Doctoral Student
Association

The Business Administration Doctoral Student Association

(DSA)was established in the spring semester of 2009 to ex-
tend the academic, research, and marketing reach of
Old Dominion University students.

Calendar of Events for 2009-2010 Academic Year:

Fall 2009:

Research Seminar

20th Anniversary Celebration and Reunion

Spring 2010:

Inside SAS Software

Job Search Process

Research Seminar

Prep for International Comprehensive Exams

Website:
http://orgs.odu.edu/badsa/index.html

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 Dean Nancy A. Bagranoff

Dr. Bagranoff holds a bachelors degree in marketing from Ohio

State University. She earned a Master of Science in Accounting
degree at Syracuse University and completed her doctorate in
accounting at George Washington University in 1986.

Dr. Bagranoff began her career at General Electric Company,

where she graduated from the Financial Management Training
Program. She passed the CPA examination in the District of
Columbia in 1981 and has taught at several universities,
including American University and Miami University.

She currently serves on or has held board positions for the

Virginia Maritime Heritage Foundation, Beta Alpha Psi, BB&T‟s
Norfolk Advisory Board, and was a founding board member of
the Hampton Roads chapter of the Organization of Women in
International Trade.

Nancy Bagranoff is currently the Professor of Accounting and

Dean of the College of Business and Public Administration at
ODU. During her tenure at Old Dominion University, Dr.
Bagranoff was awarded the Women in Business Achievement
Award from Inside Business, the Woman of Distinction Award for
Education, and the J. Worth Pickering Administrator of the Year
Award from ODU. She has served as President-elect and as
President of the American Accounting Association.
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 Dr. Sylvia C. Hudgins

Sylvia C. Hudgins is Professor of Finance and Director of the

Ph.D. Program in the College of Business and Public
Administration at Old Dominion University. Her own Doctorate is
from Virginia Tech. She teaches classes in banking, financial
institutions, and corporate finance and writes the leading text
book in banking entitled: Bank Management and Financial
Services (co-author-Peter S. Rose) which is in its eighth edition.

Much of her research focuses on the empirical analysis of

commercial banks and thrifts. She examines questions
concerning management, regulation, and legislation of financial
institutions. The journals publishing her research include: Journal
of Money, Credit, and Banking, Financial Management, Journal
of Financial Economics, and Economic Inquiry. Professionally she
has served as Directors of both the Eastern Finance Association
and the Southern Finance Association and as a member on the
Board of Editors for the Financial Management Association‟s
Survey and Synthesis Series.

In the community, she serves as Treasurer and a member of the

Board of Directors of the Old Dominion University Credit Union.

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 History of the Old
Business Administr
The Business Administration PhD Program began as a Doctor of
Business Administration (DBA) program when it was established
at Old Dominion University in August of 1989 under the
leadership of Dr. William J. Lundstrom and Dean Gail Mullen. Its
purpose continues to be for preparing “individuals of superior
promise and potential” for academic careers in higher education
and research or “high-level research careers in industry and
government. The program began with specializations in Finance,
Production/operations management, Strategic management and
policy, and Marketing.

The finance specialization benefited from the expertise of Dr.

Bruce Seifert, Dr. Mohammad Najand, Dr. Sylvia Hudgins, and
Dr. John Doukas in its curriculum development. These early
architects continue to guide the PhD program in finance and pro-
duce quality graduates. Steven Lifland was the first, and only,
student in finance when the doors opened in Fall 1989.

The early management courses were developed by Dr. Kae H.

Chung, who served as program director, Dr. Jan Zahrly, and Dr.
Sara Morris. Due to extreme pressures to offer management
undergraduate courses via distance learning, which reached
nearly 1,000 students per year, the doctoral-level management
specializations were suspended in the mid-1990s.

The marketing area of specialization has seen the most

graduates since its start when Dr. John Ford and Dr. Wilbur
Stanton worked closely with Dr. Lundstrom to develop the
curriculum and methodology courses. Marketing continues to be
a strong area of study having produced more than 50% of the
over 80 graduates to date.

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Dominion University
ration PhD Program
In the Fall of 1995, the program‟s name changed from DBA to
Ph.D. under the leadership of Dr. C. P. Rao. The renamed
program continues to stress academic competence through
preparation in a major field of business administration combined
with a major emphasis on international business that includes
course work, research and exposure to a foreign language. In
addition, competence must be demonstrated in economics and
quantitative areas that provide necessary research and
methodology tools.

In 1999, Dr. David Selover and Dr. Anil Nair started a research
seminar series that continues today. With the support of then-
Dean Taylor Sims, and later interim Dean Bruce Rubin, the
seminar series was a requirement for PhD students and counted
as one credit. Today, students voluntarily attend the Dean‟s
Research Seminars to engage in intellectual discussions on
research in all disciplines.

In Fall 2005, Dean Nancy Bagranoff approved the re-launch of

the Strategic Management PhD program and the first students
were admitted in Fall 2006. Dr. Paul Champagne, Dr. William
Judge and Dr. Anil Nair are credited with the successful launch.

Today, the program has increased in rigor with higher entrance

and retention requirements, and even 10 semester hours above
the University‟s standard of 48 hours. The program now allows
for specialization in the fields of Finance, Information Technol-
ogy, due to the initiative of Dr. Li Xu, Marketing, and Strategic
Management. There are currently nearly 50 students in all
phases of the program and over 80 graduates. Those graduates
have been placed around the world and represent Old Dominion
University in academia and industry leadership.

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 Directors of the Old
Business Administr

Dr. William J.
Lundstrom 1988-1991
Professor of Marketing
Cleveland State University

Dr. C. P. Rao 1993-1997

Professor of
Management & Marketing
Kuwait University

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d Dominion University
ration PhD Program

Dr. Earl Honeycutt, Jr.

1997—1998
Professor of Marketing
Elon University

Dr. Kae H. Chung 1998-2006

Professor of Management
& International Business
Retired, Old Dominion University

Dr. Sylvia C. Hudgins 2006–

Professor of Finance
Old Dominion University

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 Dean’s Research Seminar
Constant Hall; Room 2003
Friday, October 16, 2009

Chinese State-Owned Enterprises:

Are They Efficient?

Testing the Soft-Budget Constraint

by Shaomin Li, Yingchou Lin, and David D. Selover

Old Dominion University

Abstract

In this paper we examine the performance of Chinese firms to empirically test the “soft-
budget constraint” hypothesis with respect to state-owned enterprises. We construct a
new data set by combining the Chinese census of manufacturing data over a six year
period, 2000 – 2005, to form a panel data set of 200,000+ firms.

We report some basic statistics on these enterprises, and estimate panel data regressions
for firm performance, including return on assets, return on equity, return on sales, pro-
ductivity, and firm growth for SOEs and private firms while controlling for potential con-
founding factors. We also estimate panel regressions for different types of firm behavior,
including inventories, accounts receivable, investment, government subsidies, among
others, and test the propensity for SOEs and private firms to engage in different types of
behavior. Finally we test the effects of these behavioral variables upon firm performance.

We find that Chinese industrial state-owned enterprises are indeed subject to soft-budget
constraint behavior, pay less attention to inventories, accounts receivables, welfare costs,
financing costs, and administrative costs, and this adversely affects their performance.
This is not only of theoretical importance, it is also of practical policy importance.

Keywords: Chinese economy, state-owned enterprises, SOEs, soft budget constraint,

privatization, profitability, productivity, firm performance

See website for future seminars:

http://bpa.odu.edu/bpa/news_events/deans_seminar/

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 Opening Ceremony
Constant Hall; Room 1005
Friday, October 16, 2009
2:00 pm

Opening Remarks and Salute

20th Anniversary Celebration Co-Chairs
Denise W. Streeter and Maya C. Zhang

Welcome from the Office of Alumni Relations

Dan Campbell, Director of Constituent Relations

The Global Strength of our Alumni

J. Lee Brown, 20th Anniversary Celebration Team

The Job Market and Forecast for the Future

Dr. Sylvia C. Hudgins, Director, PhD Program

Introduction of Dean Nancy A. Bagranoff

Dr. Sylvia C. Hudgins

―State of the College‖

Dr. Nancy A. Bagranoff, Dean,
College of Business and Public Administration

Closing Remarks
Elzotbek Rustambekov, 20th Anniversary Celebration Team

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 Recognition Dinner
Norfolk Yacht & Country Club
Friday, October 16, 2009
4:00 pm

Reception

Dinner

History and Recognitions:

Welcome and Purpose

Elzotbek Rustambekov, 20th Anniversary Celebration Team

History of Business Administration PhD Program

Denise W. Streeter, 20th Anniversary Co-Chair

Recognitions
Elzotbek Rustambekov, Dean Bagranoff, and Dr. Hudgins

Closing Remarks
Dr. Sylvia C. Hudgins, Director, PhD Program

Dessert

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 Panel Discussion
Constant Hall; Room 2099
Saturday, October 17, 2009

THE PANELISTS

Steven Lifland, Ph.D.

High Point University
Ph.D., Old Dominion University, Finance
MBA, Old Dominion University

Sally Sledge, Ph.D.

Norfolk State University
Ph.D. Old Dominion University, Management

Vincent P. Magnini, Ph.D.

Virginia Tech
Ph.D., Old Dominion University, Marketing
M.B.A., Wichita State University
B.S., Virginia Tech

Shawn Thelen, Ph.D.

Hofstra University
Ph.D., Old Dominion University, Marketing
Master of International Management,
Thunderbird School
B.B. A, University of Baltimore

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Where In The World Are These
ODU Ph.D. Graduates?

Finance
Dr. Abdullah Alsuabie
Dr. Supanee Buasook
Dr. Hung Duong
Dr. Yingchou Lin
Dr. Hien T. Nguyen
Dr. J . Terry Ray
Dr. Yong Sun
Dr. Tan Xu

Marketing
Dr. Diane Eppler (Adams)
Dr. George Gresham
Dr. Howard S. Hart
Dr. Ray Smith
Dr. Larry L. Carter
Dr. Kathleen Vanscoyoc
Mr. Dung Vu

Strategic Management
Dr. William Otto Carroll
Dr. Elke Reuning-Elliott

If you have an e-mail address or telephone number

for any of these alumni, please share it with
J. Lee Brown at jxbrown@odu.edu. Thank You.

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 Acknowledgements

Many thanks go to all who attended, participated in,

contributed to, and coordinated this event.

Special thanks go to:

Dean Nancy A. Bagranoff
Dr. Sylvia C. Hudgins
Katrina Davenport
Michael Walker, Development Office
Daniel Campbell, Office of Alumni Relations
Alumni Association
Office of Student Affairs
Sharoyn Baker, OSAL
Dr. John B. Ford
Dr. Mahesh Gopinath
Dr. David Selover
Chuck Thomas, University Photographer
Tom Norris, Office of the University Photographer
All who provided information on the history of the PhD Program

20th Anniversary Celebration Team

Denise W. Streeter, Co-Chair
Maya C. Zhang, Co-Chair
Elzotbek Rustambekov
J. Lee Brown
Amber Carson Chuck DuVal
Shiara Johnson Ajay Kongera
Wade Radcliff Thomas Weber
Chang Xiao

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 Greetings and Well Wishes

Many thanks for the invitation and for remembering me. I am

delighted to know that what we started in mid-nineties grew into
a successful Doctoral program in business Administration. As I
am currently in an overseas location, I will not be able to join the
celebration. My best wishes for very successful celebrations.
C. P. Rao; Former Director; 1993—1997

Thank for your invitation to the 20th anniversary of ODU

business doctoral program. Although I very much want to
partake in celebrating the anniversary event, I have to be out of
town during the week of October 17th.
Kae H. Chung; Former Director; 1998—2006

I am really glad that you all are doing this. Please say „Hi‟ to Dr. Ford.
F. Mark Case; Marketing, 2004

I am so glad to hear that the program has survived to celebrate its 20th
anniversary. I wish you and your fellows a pleasant conference and a
rewarding future. I hope that you have a great conference.
Richard Gregory; Finance, 1996

I wish that I could make it, but October through late December is a
very busy time. I would love to see friends and connect at another
time. Ozgur Kan; Finance, 2001

Kudos to the DSA and Sylvia‟s leadership that such an exciting event is
planned! Unfortunately, I will be unable to attend the celebrations and
wish you the very best. I am sure the re-union will be super
successful, and I hope to be there for the next meeting.
Altaf Merchant; Marketing, 2008

Due to pre-determined business trip during October, I cannot attend

the celebration activity. Please forward my best wishes to Dr. Hudgins
as well as to the ODU Business Administration PhD Program. Wish the
program gets better and better. Thank you very much.
Xiaotian Zhu; Finance, 2007
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 Conference Registrants
Priscilla Aaltonen, Hampton University
Nancy Bagranoff, Dean, College of Business and Public Administration, ODU
Barbara Bartkus, Old Dominion University
J. Lee Brown III, Old Dominion University, and Renelle Brown
Dan Campbell, Old Dominion University
Jie Chen, Old Dominion University
Christopher Colburn, Old Dominion University
Katrina Davenport, Old Dominion University
John A. Doukas, Old Dominion University
Charles DuVal, Old Dominion University, and Dawn DuVal
John Ford, Old Dominion University
Rebecca Hochradel, Delta State University
Chun-Kai Hsu, Old Dominion University
Sylvia Hudgins, Old Dominion University
Bill Judge, Old Dominion University
Hae-Ryong Kim, University of Ulsam, South Korea
Theresa Kirchner, Hampton University, and Marc Kirchner
Ajay Kongera, Old Dominion University
Krrista Burrill Lewellyn, Old Dominion University, and Ted Lewellyn
Steven Lifland, High Point University, and Ira & Rozz Lifland
Sarah Mady, Old Dominion University
Vincent Magnini, Virginia Tech, and Michelle Magnini
Edward Markowski, Old Dominion University
Kaveh Moghaddam, Old Dominion University
Sandra Mottner, Western Washington University
Supriya Murthy, College of William & Mary
Anil Nair, Old Dominion University
Chatdanai Pongpatipat, Old Dominion University
Elzotbek Rustambekov, Old Dominion University
David Selover, Old Dominion University
Anusorn Singhapakdi, Old Dominion University
Sally Sledge, Norfolk State University, and Gary Barker
Denise Streeter, Old Dominion University, and Chris Streeter
Shawn T. Thelen, Hofstra University
Joseph Trendowski, Old Dominion University
Mike Walker, Old Dominion University
Liu Wang, Old Dominion University
Thomas Weber, Old Dominion University, and Jenny Weber
Chang Xiao, Old Dominion University
Weichu Xu, Old Dominion University
Eyad Youssef, Old Dominion University
Pinar Zeybak, Old Dominion University
Changemi Zhang, Old Dominion University
Yueming Zou, Old Dominion University

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