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Flexible Corporate Nationality: Transforming Cathay Pacific for the Shifting Geopolitics of Hong Kong in the Closing Decades of British Colonial Rule

Published online by Cambridge University Press:  06 November 2020

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Abstract

Cathay Pacific’s shifting shareholder base underscores the dynamic interactions between the state and the market in an ever-changing geopolitical landscape. Focusing on its later transformation from a British airline, this article explores how Cathay Pacific refashioned its shareholding to respond to the shifting political climate of Hong Kong. In the protracted process through which Britain yielded jurisdictional power of Hong Kong to the People’s Republic of China, Cathay Pacific responded preemptively, first by enhancing its local profile, and then by appealing to economic nationalism of the sovereign state poised to take charge. The privately owned airline fashioned its corporate nationality in a bid to negotiate with political forces that affected its business development. The case of Cathay Pacific demonstrates how, in the absence of warfare, companies still need to mitigate political risks in a fluid geopolitical setting. By modifying its shareholding, Cathay Pacific crafted its corporate nationality, which proved instrumental in allaying political risks and managing business relationship with the state. The airline’s strategy attests to its dexterity as well as the pliability of the notion of “corporate nationality,” winning management the “license to operate”—legitimacy and state sponsorship—during a period of swift geopolitical shifts.

Keywords

business-government relationscorporate nationalitymultinationals (MNEs)national capitalismHong Kong
Type
Article
Information
Enterprise & Society , Volume 23 , Issue 2 , June 2022 , pp. 445 - 477
Copyright
© The Author 2020. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved

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Footnotes

The author acknowledges the support of a General Research Fund sponsored by the Research Grants Council of Hong Kong (17605420) and a Hsu Long-sing research grant awarded by the Faculty of Arts at the University of Hong Kong.

References

Bibliography of Works Cited

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Collier, Deirdre, Chandar, Nandini, and Miranti, Paul. “Marketing Shareholder Democracy in the Regions: Bell Telephone Securities, 1921–1935.” Enterprise & Society 18, no. 2 (2017): 400–446.CrossRefGoogle Scholar
Decker, Stephanie. “Africanization in British Multinationals in Ghana and Nigeria, 1945–1970.” Business History Review 92, no. 4 (2018): 691–718.CrossRefGoogle Scholar
Doh, Jonathan P., Teegen, Hildy, and Mudambi, Ram. “Balancing Private and State Ownership in Emerging Markets’ Telecommunications Infrastructure: Country, Industry, and Firm Influences.” Journal of International Business Studies 35, no. 3 (2004): 233–250.CrossRefGoogle Scholar
Gardner, John. “The Wu-fan Campaign in Shanghai: A Study in the Consolidation of Urban Control.” In Chinese Communist Politics in Action, edited by Barnett, A. Doak, 477–539. Seattle: University of Washington Press, 1969.Google Scholar
Gehlen, Boris, Marx, Christian, Reckendrees, Alfred. “Ambivalences of Nationality—Economic Nationalism, Nationality of the Company, Nationalism as Strategy: An Introduction.” Journal of Modern European History 18, no. 1 (2020):16–27.CrossRefGoogle Scholar
Jones, Geoffrey, and Lubinski, Christina. “Managing Political Risk in Global Business: Beiersdorf 1914–1990.” Enterprise and Society 13, no. 1 (2012): 85–119.CrossRefGoogle Scholar
Kurosawa, Takafumi, Forbes, Neil, and Wubs, Ben. “Political Risks and Nationalism.” In The Routledge Companion to the Makers of Global Business, edited by da Silva Lopes, Teresa, Lubinski, Christina, and Tworek, Heidi, 485–501. Abingdon, UK: Routledge, 2020.Google Scholar
Le, Thuong T. “Reforming China’s Airline Industry: From State-Owned Monopoly to Market Dynamism.” Transportation Journal 37, no. 2 (1997): 45–62.Google Scholar
Lee, Keun, and Jin, Xuehua. “The Origins of Business Groups in China: An Empirical Testing of the Three Paths and the Three Theories.” Business History 51, no. 1 (January 2009): 77–79.CrossRefGoogle Scholar
Leighton, Christopher R. “Capitalists, Cadres, and Culture in 1950s China.” PhD diss., Harvard University, 2010.Google Scholar
Lubinski, Christina, and Wadhwani, R. Daniel. “Geopolitical Jockeying: Economic Nationalism and Multinational Strategy in Historical Perspective.” Strategic Management Journal 41, no. 3 (2019): 400–421.CrossRefGoogle Scholar
Mitchell, William, and Fazi, Thomas. “We Have a (Central) Plan: The Case of Renationalisation.” In Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World, 248–262. London: Pluto Press, 2017.CrossRefGoogle Scholar
Obstfeld, Maurice. “The Global Capital Market: Benefactor or Menace?” The Journal of Economic Perspectives 12, no. 4 (1998): 9–30.CrossRefGoogle Scholar
Pearson, Margaret M. “The Business of Governing Business in China: Institutions and Norms of the Emerging Regulatory State.” World Politics 57, no. 2 (2005): 296–322.CrossRefGoogle Scholar
Smith, Andrew. “The Winds of Change and the End of the Comprador System in the Hongkong and Shanghai Banking Corporation.” Business History 58, no. 2 (2016): 179–206.CrossRefGoogle Scholar
Stallings, Barbara. “The Globalization of Capital Flows: Who Benefits?” The Annals of the American Academy of Political and Social Science 610, no. 1 (2007): 202–216.CrossRefGoogle Scholar
Vahtra, Peeter, Liuhto, Kari, and Lorentz, Harri. “Privatisation or Re-nationalisation in Russia?—Strengthening Strategic Government Policies within the Economy.” Journal for East European Management Studies 12, no. 4 (2007): 273–296.CrossRefGoogle Scholar
Hook, Van, James, C. “From Socialization to Co-Determination: The US, Britain, Germany, and Public Ownership in the Ruhr, 1945–1951.” The Historical Journal 45, no. 1 (2002): 153–178.CrossRefGoogle Scholar
Williamson, Jeffrey G. “Globalization, Convergence, and History.” The Journal of Economic History 56, no. 2 (1996): 277–306.CrossRefGoogle Scholar
Asian Wall Street Journal Google Scholar
The Independent Google Scholar
The Kung Sheung Daily News工商日報 Google Scholar
The Kung Sheung Evening News 工商晚報 Google Scholar
The New York Times Google Scholar
South China Morning Post Google Scholar
Ta Kung Pao 大公報 Google Scholar
Wah Kiu Yat Po 華僑日報 Google Scholar
Wall Street Journal Google Scholar
Archival Sources Google Scholar
National Archives of the UK, Kew, UK. Google Scholar
Swire HK Archive, Hong Kong. Google Scholar
Aoki, Masahiko, Kim, Hyung-Ki, and Okuno-Fujiwara, Masahiro, eds. The Role of Government in East Asian Economic Development: Comparative Institutional Analysis. Oxford: Clarendon Press / New York: Oxford University Press, 1998.CrossRefGoogle Scholar
Cain, P. J., and Hopkins, A. G.. British Imperialism, 1688–2000. 2nd ed. 1993. Reprint, Harlow, UK: Longman, 2002.Google Scholar
Donald, David C. A Financial Centre for Two Empires: Hong Kong’s Corporate, Securities and Tax Laws in Its Transition from Britain to China. Cambridge, UK: Cambridge University Press, 2014.CrossRefGoogle Scholar
Dunnaway, Cliff. Hong Kong High: An Illustrated History of Aviation in Hong Kong. Hong Kong: Airphoto International Ltd., 2013.Google Scholar
England, Joe, and Rear, John. Industrial Relations and Law in Hong Kong. Hong Kong: Oxford University Press, 1981.Google Scholar
Fitzgerald, Robert. The Rise of the Global Company: Multinationals and the Making of the Modern World. Cambridge, UK: Cambridge University Press, 2015.CrossRefGoogle Scholar
Friedman, Milton, and Friedman, Rose. Free to Choose: A Personal Statement. The Classic Inquiry into the Relationship between Freedom and Economics. New York: Harcourt, 1980.Google Scholar
Gao, James Zheng. The Communist Takeover of Hangzhou: The Transformation of City and Cadre, 1949–1954. Honolulu: University of Hawai’i Press, 2004.Google Scholar
Heracleous, Loizos, Wirtz, Jochen, and Pangarkar, Nitin. Flying High in a Competitive Industry: Cost-Effective Service Excellence at Singapore Airlines. Singapore: McGraw Hill, 2006.Google Scholar
Hickson, Ken. Mr. SIA: Fly Past. Singapore: World Scientific Publishing Company Incorporated, 2015.Google Scholar
Jones, Geoffrey. British Multinational Banking, 1830–1990. Oxford: Oxford University Press, 1995.CrossRefGoogle Scholar
Keung, John. Government Intervention and Housing Policy in Hong Kong: A Structural Analysis. Cardiff: Department of Town Planning, University of Wales Institute of Science and Technology, 1981.Google Scholar
Krause, Richard C. Class Conflict in Chinese Socialism. New York: Columbia University Press, 1981.CrossRefGoogle Scholar
Lau, Chi-pang 劉智鵬. Tiankongxia de chuanqi: cong Qide dao Chiliejiao 天空下的傳奇: 從啟德到赤鱲角[Legend under the Skies: From Kaitak to Chek Lap Kok]. Hong Kong: Sanlian shudian, 2014.Google Scholar
Levine, Derek A. The Dragon Takes Flight: China’s Aviation Policy, Achievements, and International Implications. Leiden, NL: Brill, 2015.CrossRefGoogle Scholar
Li, Kui-Wai. Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan and South Korea. London: Routledge, 2002.Google Scholar
Li, Kui-Wai. Economic Freedom: Lessons of Hong Kong. Singapore: World Scientific, 2012.CrossRefGoogle Scholar
Lieberthal, Kenneth G. Revolution and Tradition in Tientsin, 1949–1952. Stanford, CA: Stanford University Press, 1980.Google Scholar
Longhurst, Henry. The Borneo Story: The History of the First 100 Years of Trading in the Far East by the Borneo Company Limited. London: Mewman Neame Limited, 1956.Google Scholar
Ng, James 吳邦謀. Xianggang hangkong 125 nian 香港航空125年 [125 Years of Hong Kong Aviation]. Hong Kong: Zhonghua Shuju, 2015.Google Scholar
Ong, Aihwa. Flexible Citizenship: The Cultural Logics of Transnationality. Durham, NC: Duke University Press, 1999.Google Scholar
Pirie, Gordon. Cultures and Caricatures of British Imperial Aviation: Passengers, Pilots, Publicity. Manchester, UK: Manchester University Press, 2012.Google Scholar
Vogel, Ezra F. Canton under Communism: Programs and Politics in a Provincial Capital, 1949–1968. Cambridge, MA: Harvard University Press, 1969.Google Scholar
White, Lynn T. Careers in Shanghai: The Social Guidance of Personal Energies in a Developing Chinese City, 1949–1966. Berkeley: University of California Press, 1978.CrossRefGoogle Scholar
Abdelrehim, Neveen, Ramnath, Aparajith, Smith, Andrew, and Popp, Andrew. “Ambiguous Decolonisation: A Postcolonial Reading of the IHRM Strategy of the Burmah Oil Company.” Business History (2018): 1–29. Published Online: 15 May 2018. https://doi-org.eproxy.lib.hku.hk/10.1080/00076791.2018.1448384.Google Scholar
Abdelrehim, Neveen, Maltby, Josephine, and Toms, Steven. “Corporate Social Responsibility and Corporate Control: The Anglo-Iranian Oil Company, 1933–1951.” Enterprise & Society 12, no. 4 (2011): 824–862.CrossRefGoogle Scholar
Boon, Marten. “Business Enterprise and Globalization: Towards a Transnational Business History.” Business History Review 91, no. 3 (2017): 511–535.CrossRefGoogle Scholar
Bucheli, Marcelo, and Salvaj, Erica. “Political Connections, the Liability of Foreignness, and Legitimacy: A Business Historical Analysis of Multinationals’ Strategies in Chile.” Global Strategy Journal 8, no. 3 (2018): 399–420.CrossRefGoogle Scholar
Bucheli, Marcelo, and Kim, Min-Young. “Political Institutional Change, Obsolescing Legitimacy, and Multinational Corporations.” Management International Review 52, no. 6 (2012): 847–877.CrossRefGoogle Scholar
Casson, Mark. “International Rivalry and Global Business Leadership: An Historical Perspective.” Multinational Business Review 28, no. 4 (2020): 429–446.CrossRefGoogle Scholar
Cochran, Sherman. “Capitalists Choosing Communist China: The Liu Family of Shanghai, 1948–1956.” In Dilemmas of Victory: The Early Years of the People’s Republic of China, edited by Brown, Jeremy and Pickowicz, Paul G., 359–386. Cambridge, MA: Harvard University Press, 2007.CrossRefGoogle Scholar
Cohen, Jim. “Divergent Paths, United States and France: Capital Markets, the State, and Differentiation in Transportation Systems, 1840–1940.” Enterprise & Society 10, no. 3 (2009): 449–497.CrossRefGoogle Scholar
Collier, Deirdre, Chandar, Nandini, and Miranti, Paul. “Marketing Shareholder Democracy in the Regions: Bell Telephone Securities, 1921–1935.” Enterprise & Society 18, no. 2 (2017): 400–446.CrossRefGoogle Scholar
Decker, Stephanie. “Africanization in British Multinationals in Ghana and Nigeria, 1945–1970.” Business History Review 92, no. 4 (2018): 691–718.CrossRefGoogle Scholar
Doh, Jonathan P., Teegen, Hildy, and Mudambi, Ram. “Balancing Private and State Ownership in Emerging Markets’ Telecommunications Infrastructure: Country, Industry, and Firm Influences.” Journal of International Business Studies 35, no. 3 (2004): 233–250.CrossRefGoogle Scholar
Gardner, John. “The Wu-fan Campaign in Shanghai: A Study in the Consolidation of Urban Control.” In Chinese Communist Politics in Action, edited by Barnett, A. Doak, 477–539. Seattle: University of Washington Press, 1969.Google Scholar
Gehlen, Boris, Marx, Christian, Reckendrees, Alfred. “Ambivalences of Nationality—Economic Nationalism, Nationality of the Company, Nationalism as Strategy: An Introduction.” Journal of Modern European History 18, no. 1 (2020):16–27.CrossRefGoogle Scholar
Jones, Geoffrey, and Lubinski, Christina. “Managing Political Risk in Global Business: Beiersdorf 1914–1990.” Enterprise and Society 13, no. 1 (2012): 85–119.CrossRefGoogle Scholar
Kurosawa, Takafumi, Forbes, Neil, and Wubs, Ben. “Political Risks and Nationalism.” In The Routledge Companion to the Makers of Global Business, edited by da Silva Lopes, Teresa, Lubinski, Christina, and Tworek, Heidi, 485–501. Abingdon, UK: Routledge, 2020.Google Scholar
Le, Thuong T. “Reforming China’s Airline Industry: From State-Owned Monopoly to Market Dynamism.” Transportation Journal 37, no. 2 (1997): 45–62.Google Scholar
Lee, Keun, and Jin, Xuehua. “The Origins of Business Groups in China: An Empirical Testing of the Three Paths and the Three Theories.” Business History 51, no. 1 (January 2009): 77–79.CrossRefGoogle Scholar
Leighton, Christopher R. “Capitalists, Cadres, and Culture in 1950s China.” PhD diss., Harvard University, 2010.Google Scholar
Lubinski, Christina, and Wadhwani, R. Daniel. “Geopolitical Jockeying: Economic Nationalism and Multinational Strategy in Historical Perspective.” Strategic Management Journal 41, no. 3 (2019): 400–421.CrossRefGoogle Scholar
Mitchell, William, and Fazi, Thomas. “We Have a (Central) Plan: The Case of Renationalisation.” In Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World, 248–262. London: Pluto Press, 2017.CrossRefGoogle Scholar
Obstfeld, Maurice. “The Global Capital Market: Benefactor or Menace?” The Journal of Economic Perspectives 12, no. 4 (1998): 9–30.CrossRefGoogle Scholar
Pearson, Margaret M. “The Business of Governing Business in China: Institutions and Norms of the Emerging Regulatory State.” World Politics 57, no. 2 (2005): 296–322.CrossRefGoogle Scholar
Smith, Andrew. “The Winds of Change and the End of the Comprador System in the Hongkong and Shanghai Banking Corporation.” Business History 58, no. 2 (2016): 179–206.CrossRefGoogle Scholar
Stallings, Barbara. “The Globalization of Capital Flows: Who Benefits?” The Annals of the American Academy of Political and Social Science 610, no. 1 (2007): 202–216.CrossRefGoogle Scholar
Vahtra, Peeter, Liuhto, Kari, and Lorentz, Harri. “Privatisation or Re-nationalisation in Russia?—Strengthening Strategic Government Policies within the Economy.” Journal for East European Management Studies 12, no. 4 (2007): 273–296.CrossRefGoogle Scholar
Hook, Van, James, C. “From Socialization to Co-Determination: The US, Britain, Germany, and Public Ownership in the Ruhr, 1945–1951.” The Historical Journal 45, no. 1 (2002): 153–178.CrossRefGoogle Scholar
Williamson, Jeffrey G. “Globalization, Convergence, and History.” The Journal of Economic History 56, no. 2 (1996): 277–306.CrossRefGoogle Scholar
Asian Wall Street Journal Google Scholar
The Independent Google Scholar
The Kung Sheung Daily News工商日報 Google Scholar
The Kung Sheung Evening News 工商晚報 Google Scholar
The New York Times Google Scholar
South China Morning Post Google Scholar
Ta Kung Pao 大公報 Google Scholar
Wah Kiu Yat Po 華僑日報 Google Scholar
Wall Street Journal Google Scholar
Archival Sources Google Scholar
National Archives of the UK, Kew, UK. Google Scholar
Swire HK Archive, Hong Kong. Google Scholar