An empirical study on the impact of corporate culture on Singapore-based companies when implementing international business strategy: a Singaporean perspective

Abstract

Since gaining independence in 1965, the Singapore's economy has been exponentially increasing for the past forty years, growing at an average yearly rate of 3% to 8%, (Yuen, n.d.). However, this growth took a hit during the 1985 to 1986 recessions. In 1983, Trade Development Board (TDB) was formed as a statutory board under the Ministry of Trade and Industry of the Singapore Government with the task to develop Singapore into an international trading hub for goods and services. TDB was re-organised; thus, it was re-named International Enterprise, Singapore (IE Singapore) on April 2002 to mark a strategic shift in activities from export promotion to helping Singapore-based businesses to start and develop their business overseas. The 'go regional' programme (strategy) was launched by IE Singapore, that was responsible for introducing several incentive schemes to assist interested companies to partake in this strategy. The aim of this research project is to discover the impact of this 'soft' element identified, called corporate culture, on the implementation of international business strategies by Singapore-based companies going 'regional' programme.