The world around us is evolving at an unprecedented pace, driven by rapid advancements in technologies like AI. Amid the inevitable trend of globalisation, how can firms and individuals excel in this fast-paced, international landscape? Reflecting on my journey through research and education, I believe the answer lies in three core strategies: integrate, innovate, and immerse.
As a migrant to Australia, I personally experienced finding a new home in the unknown and became intrigued by how Chinese migrant companies listed on foreign exchanges navigate corporate governance and financial reporting. With the encouragement of Professors Greg Tower, Mitchell Van der Zahn, and Alistair Brown at Curtin University, I embarked on a PhD that revealed ‘innovate and integrate’ as a key strategy for global success. Specifically, Chinese firms listed overseas survive and thrive by integrating local norms — leveraging stock exchange rules and corporate governance guidelines to enhance their governance quality, boosting both financial performance and reporting quality via the ‘bonding’ effect. Through this process of globalisation, these firms also strengthen their competitive advantage against their domestic peers.
In 2014, I moved from Perth to Melbourne and began interdisciplinary research. In 2015, Wanda, a Chinese private conglomerate acquired Hoyts, after purchasing AMC in the US. Using mixed methods, Professor Mark Leenders and I co-supervised Michael Zhou to examine Wanda’s global expansion, uncovering a feature we termed the ‘strategic intent constellation’. It balances business and political intent, seeking long-term growth. Wanda’s philosophy is to ‘stay close to the government but stay away from politics’. Post-acquisition, Wanda ‘integrated’ best practices from both parent and subsidiary to build global competitiveness. For instance, Wanda adopted Hoyts’ candy bar strategy across its global cinemas, which improved its profits and competitiveness. As more firms expand globally, including those from China, these insights offer valuable roadmaps to success.
Whilst the real world is fascinating, I began to turn my attention to the virtual ‘immersive’ world, exploring user innovation on the Second Life platform
Whilst the real world is fascinating, I began to turn my attention to the virtual ‘immersive’ world, exploring user innovation on the Second Life platform, in collaboration with Michael and Mark. This platform attracted virtual entrepreneurs who built virtual properties and extracted real-world value through user-generated innovation. There was a growing number of users who sued Second Life for unfairly depriving them of their virtual assets. We found that the vague concept of ownership in the virtual world created significant challenges for virtual entrepreneurs. Content and platform ownership were difficult to separate due to their interdependence. Moreover, the business model favoured the platform’s rights, often at the expense of users’ interests. We concluded that existing regulations must be improved to protect user innovation and support virtual entrepreneurship. These insights have long-term implications for digital entrepreneurs, especially with the expected explosion of users of AI platforms.
This project inspired me to use virtual reality ‘immersive’ technology for my education innovation. Despite the emphasis on soft skills by employers, many MBA programs still lacked this focus. In 2022, I introduced the VR roleplay to the MBA Financial Analytics course. Applying Kolb’s experiential learning, students assume the role of junior financial analysts to advise a Chief Operating Officer as a client. Unlike traditional assessments, the VR immersive roleplay emphasises ‘learning by doing’. Students engage in realistic scenarios, interact with a virtual client, and develop skills in a safe environment, with real-time feedback and opportunities for reflection. Our survey results, published in Accounting Education, showed a significant improvement in student satisfaction and interpersonal skills. The project was recognised by national and international prestigious awards: the 2022 Australian Awards for University Teaching (AAUT) Citation for Outstanding Contributions to Student Learning, and the 2023 QS Immersive Experiential Learning Gold Medal.
Overall, globalisation pioneers, virtual entrepreneurs, EdTech innovators share common traits—they integrate the best of domestic and global, East and West, virtual and real worlds, and soft and hard skills. Immersed in their environments, they find ways to innovate.
Authors: Ling Mei Cong
