ASB Research Series
The ASB Research Seminar Series (RSS) is a monthly series hosted by ASB that invites academics and professors from various universities worldwide to give talks and share insights about their research and ongoing work. They engage in discussions on various research topics with ASB’s esteemed researchers and faculty members, receiving feedback and comments on their work.
ASB RSS are now in hybrid mode and are usually held at lunchtime.
If you would like to present at and/or attend the ASB RSS please contact the Research Office: research@asb.edu.my
Upcoming Talks
Date/Time
Speaker
Title & Abstract
Guest: Dr Melati Nungsari (Associate Professor II of Economics), Asia School of Business
For decades, Malaysia’s fuel subsidy system has largely been broad based, with pump prices kept lower for everyone regardless of income level. It has become seen as an entitlement which even before the current crisis was a huge burden on the state. Girding its loins, Putrajaya has been signalling that painful changes for motorists are afoot. The government says it is finalising a proposal to review fuel subsidies for higher income groups, although the exact cutoff, whether T20, T15 or narrower, has yet to be decided. More crucially it isn’t clear that systems like PADU can support a more targeted approach. So will it even happen?
Listen to the full interview below.
Originally published by BFM.
Cheap Fuel: An Eternal Entitlement?
Daphne Chan and Iven Lai won’t tell you an Executive MBA is easy. Instead, they’ll tell you what it actually requires: trade-offs, support, and a good heaping of ruthless prioritization. Daphne is an Asia School of Business (ASB) EMBA Class of 2024 alumna, while Iven is a current EMBA student in the Class of 2026. As parents to a young daughter, Anya, they juggle demanding careers in banking, family life, and their EMBA journey. In this interview, they tackle the question many working parents ask before they ever apply: Is an EMBA too much when you already have a career—and a family?
They had a plan. But overnight, everything changed.
Daphne says it with a laugh, looking at Anya: “We actually planned to have you after I completed my EMBA.” But Anya had other plans. “When I first found out I was pregnant… I was like, ‘oops, you came early.’” It was, as she puts it, “pure shock”—followed quickly by excitement.
Anya’s arrival posed a new kind of question: not Should we do this? But How do we do this now?
For Daphne, it came down to one thing: “It’s really prioritizing. I knew my priorities at that time, and I knew I needed to stay flexible.”
Iven reached the same conclusion through an analytical lens. “I view life like a portfolio,” he says, “and time is my finite resource.” When time is finite, squeezing everything in stops being the goal. Allocating it does. “I had to allocate my time… for her, family, hobbies or studies,” he explains. His decision was clear: “More time spent on the baby and studies, and the rest… like hobbies take kind of a backseat for now.”
Prioritizing and allocating time helped them make the week workable. But even the best system gets tested.
The hardest stretch
“There was a time,” Daphne says, when Anya would wake “four times… in seven hours.” In the middle of that blur, she remembers thinking: “Whoa, I really need a break. Why did I do this to myself?”
And even in that fog of parenthood, nothing else pauses. Work still expects them sharp, and assignments still come due. What kept them going then wasn’t pushing harder. It was speaking up before they burnt out.
“Definitely there’s a time when we are both exhausted,” Daphne says. “For me personally, I will definitely communicate it… ‘I think I need a break… just give me one or two hours, then I’ll recharge and come back.’” Open communication, she adds, “is key.”
Iven describes what that looked like at home: switching off without keeping score. “Whenever she feels tired, then I will step up,” he says. “Whenever I feel tired… she will step up and take a more leading role.”
They couldn’t create more time. So they built around the time they had.
What made it possible
For Iven, that meant using whatever pockets already existed. “Sometimes during commutes, I would… watch videos or listen to articles,” he says. At home, the window was simple: “study after she sleeps.”
It also meant being upfront with the people he was accountable to. “Most of my EMBA group discussions, I will tell them that, ‘hey, I know we need to have a discussion… but can we do it after Anya sleeps?’” Once that constraint was on the table, the group could plan around it. “Most of the discussions are done around 9 to 10 pm when Anya’s asleep.”
And the reality was none of this works without support. Iven doesn’t pretend otherwise. “Fortunately, I have quite a good support system,” he says. At home: “My mother helps to take care of the household.” At work: “I have a good team that I can depend on.” And at school: “I have a great cohort, teammates that understand my situation.”
The outcome wasn’t a perfectly balanced life. But it was a workable one.
So—is it too much?
Some days can be a stretch. Daphne and Iven don’t dress it up. But even now, they would still do it all over again.
Daphne calls the experience “transformational”—a change in how she sees herself and the roles she carries. For Iven, it shows up as “laser focus”: “I know that I have no time to waste anymore,” he says. “My time is so limited.”
And if there’s one thing they want other working parents to hear, it’s this: don’t wait for perfect timing. “You will never find a perfect time. There’s no perfect time,” Daphne says. Still, she adds, “if you’re determined enough, it will work out… so just do it.”
Iven echoes the same belief: “Just take the plunge into the EMBA, and everything will work out eventually.” Daphne agrees: “Both journeys are equally rewarding—having your own child and the pursuit of knowledge!”
Also published by The Exchange Asia.
Work. Family. EMBA. Can it Work?
Tensions around the Strait of Hormuz have sharpened focus on the fragility of global supply chains. As geopolitical risks rise, how prepared are governments and businesses for the ensuing disruption? Do decisionmakers have the tools to respond and build resilience? On this episode of #ConsiderThis Melisa Idris speaks with Dr Shardul Phadnis, Professor of Operations & Supply Chain Management at Asia School of Business, where he’s also the Founding Director of Operations for the 21st Century.
Originally published by Astro AWANI.
Consider This: Global Supply Crisis — Chokepoints & Consequences
FROM Tun Dr Mahathir Mohamad’s Vision 2020 and the Multimedia Super Corridor in the 1990s to the current government’s New Industrial Master Plan 2030 (NIMP2030), Malaysia has repeatedly set its sights on becoming a high-income, innovation-driven economy. On paper, Malaysia has the capabilities to succeed — a solid university sector, advanced manufacturing capabilities in electronics, automotive and petrochemicals, and a history of rising research and development (R&D) expenditure — at least until recently.
However, Malaysia’s innovation engine appears to be losing steam. Where we currently stand, it seems unlikely for Malaysia to achieve its 3.5% R&D expenditure-to-GDP target set in NIMP2030 as its funding efforts fall behind. Whereas South Korea invests 5.2% of GDP in R&D, Japan 3.3%, Taiwan 4%, and Singapore 2.2%. Malaysia’s R&D expenditure has declined from 1.44% of GDP in 2016 to just 0.95% by 2020. The decrease in R&D expenditure is accompanied by a similar decline in domestic patent applications.
Foreign Investment Hides Domestic Innovation Deficit
While foreign direct investment (FDI) in manufacturing has surged, these projects often rely on imported technology and plug into global supply chains, rather than stimulating the local innovation ecosystem. Our recent analysis of Malaysian-invented patents registered at the US Patent and Trademark Office (USPTO) showed that 75% of patents invented in Malaysia are foreign-owned, compared to 45% in Singapore and 30% in China.
This lack of domestic R&D investment suggests there are large “reverse” knowledge flows out of Malaysia, whereby innovation at Malaysian subsidiaries primarily benefits foreign headquarters.
Meanwhile, Bursa Malaysia has failed to attract major technology listings, and government-linked investment companies (GLICs) remain focused on asset-heavy portfolios rather than high-tech ventures.
The Public Sector’s Role: Catalyst or Crutch?
From 2000 to 2016, Malaysia’s innovation ecosystem rapidly developed due to public sector investment. Government funding acted as a catalyst, sparking both academic research and private sector R&D. Universities, government research institutes, and public-private partnerships drove patent filings, with institutions like the Malaysian Institute of Microelectronic Systems (MIMOS) leading the charge. However, as public R&D spending declined post-2016, so did innovation output.
The data shows a clear picture: Public sector research expenditure was the main component driving Malaysia’s patent growth. When funding decreased, private sector R&D (already lagging), further failed to pick up the slack. This suggests that Malaysia’s innovation ecosystem is highly dependent on public investment, a pattern seen in many developing economies. The question now is whether the government can reverse this trend.
Bright Spots: Penang and Johor’s Decentralised Innovation
Amid the national decline, two regions stand out: Penang and Johor. While patent activity in the Klang Valley, Malaysia’s largest urban agglomeration, has fallen by 16.2% since 2018, Penang and Johor have seen increases of 67.6% and 44.4% respectively.
These regions are anchored by strong public universities, Universiti Sains Malaysia (USM) in Penang and Universiti Teknologi Malaysia (UTM) in Johor, and thriving industrial parks like Bayan Lepas and Iskandar Puteri.
The success of Penang and Johor offers a potential blueprint for Malaysia’s innovation strategy.
Their growth suggests that decentralised innovation systems, built around regional universities and industrial clusters, can thrive even as the Klang Valley conurbation’s innovation performance declines. This shift also aligns with global trends, where secondary cities are emerging as centres of innovation. Decentralisation appears to be a key factor in achieving the goals of the NIMP.
The Potential of GLCs: Mobilising State-Linked Capital
Malaysia’s government-linked companies (GLCs) remain a dominant force in the economy, accounting for a significant share of market capitalisation on the FTSE Bursa Malaysia KLCI (FBM KLCI). These entities represent an important lever for innovation. If directed strategically, GLCs could mobilise investment into high-technology projects, increasing Malaysia’s capacity to absorb knowledge spillovers from foreign FDI.
Yet, for this to materialise, GLCs must shift from their traditional focus on asset-heavy industries to technology-driven ventures. This would require not just financial investment but also a cultural shift, one that prioritises long-term innovation and calculated risk-taking.
The Road Ahead: Policy Over Promises
Malaysia’s innovation challenges lie not in the lack of ambition but lack of execution. NIMP’s targets are laudable, but without matching policy interventions, they risk remaining simply words on paper.
The growth of Penang and Johor, amid national decline, suggests that decentralised strategies at the regional level hold the key to Malaysia’s innovation future. If Malaysia wants to escape the middle-income trap, it must move beyond a focus on FDI-driven growth, and harness the potential of its regions, with a focus on practical, localised policies that harness real innovation.
The clock is ticking regardless. Will Malaysia’s next decade be one of innovation-led growth, or will the country remain in its middle-income trap?
Authors : Pieter E. Stek and Muhammad Rasyid Ridha Hj Muhamad Juhari
Originally published by The Malaysia Reserve.
Malaysia’s Innovation Paradox: Local Success Amid National Deficit
Guest: Dr Pieter Stek , Senior Lecturer Faculty and Director of Center for Technology, Strategy and Sustainability (CTSS)
Malaysia has introduced its National Carbon Market Policy to build on the existing voluntary carbon exchange and prepare for a broader carbon pricing framework. With clearer rules on measurement, reporting, and verification, and a national registry in place, how effectively can Malaysia align with global standards, and what gaps still need to be addressed as the policy evolves?
Listen to the full interview below.
Originally published by BFM.
Malaysia Sets the Direction for Its Carbon Market
Like all new technologies that will likely have a broad impact on society, Artificial Intelligence (AI), and specifically the development of large language models (LLMs), has caused both a degree of unease, and a massive hype. In Malaysia, the debate around AI has largely been framed as one of opportunity. According to the government’s National AI Action Plan, Malaysia will be transformed and achieve “AI Nation Status” by 2030.
There will be investments in talent, infrastructure, governance and technology, which includes not just AI, but also blockchain and quantum computing. If the government is to be believed, AI will be an economic growth engine, and citizens’ lives will be transformed for the better. It sounds impressive, but what does AI really mean for Malaysia?
Malaysia’s Position in Global AI Value Chains
Very few countries have all the different components that enable the development of advanced AI systems. The chatbots you use on your PC or mobile device are based on multiple layers of technology. The AI value chain begins with advanced chips which can perform billions or even trillions of parallel calculations each second.
Malaysia is involved in many different parts of the semiconductor supply chain, but the most advanced AI chips are typically produced in Taiwan and South Korea and often designed in California. However, Malaysia is actively upgrading its semiconductor sector, and especially Penang and nearby Kedah continue to attract large-scale investments in the sector and may well start producing advanced AI chips in future.
The AI chips are used in large data centres, and here the centre of attraction moves south to Johor. With Singapore limiting data centre investment, Johor has attracted large spillover investments, both from foreign investors (both Chinese and American), as well as domestic investors, notably YTL Power.
While Malaysia’s political neutrality between China and the US, and inexpensive land and utilities have made it a data centre magnet, there is also concern about the benefits that data centres can bring to the local economy.
Critics argue that data centres consume large amounts of resources and provide only limited local employment and economic value-added, as high-value hardware is imported and design and engineering are done abroad.
Once the data centre is up and running, it needs AI models. Although Malaysia doesn’t have any indigenously developed base LLMs (Large Language Models), it does benefit from the many open weight models that are now available.
Especially Chinese AI companies, but also European and American ones, have made their AI models available for free, allowing anyone to install, use and adapt them.
Malaysia has the capabilities to adapt AI models. Malaysian start-ups such as Mesolitica have developed their own models for niche applications, such as understanding Malaysian slang and dialects in a challenging multilingual and multicultural environment.
The training of base models is partly restricted by the availability of data. The fact that Malaysia has a relatively small population which only generates a fraction of the data of countries like China, puts it at a disadvantage in training LLMs from scratch.
However, given that these models are available for free, the playing field is largely equalised.
Why Are LLMs Available for Free?
It may seem like bad business for leading AI companies like Meta, Alibaba or Mistral to make their AI models open to anyone, but it is part of a broader business strategy.
Publishing their models is a form of advertising, helping attract both talent and customers, and it allows others to improve their models further, helping everyone learn.
However, it is also a way to undermine competitors like OpenAI (makers of ChatGPT), whose models are all closed.
By making sure that the free open-weight models are almost as good as the proprietary models, other businesses in the AI value chain can capture larger profits.
The Winners and the Losers
While proponents are keen to highlight the benefits of AI, some sectors of the Malaysian economy are already feeling the impact of AI disruptions.
One area that expats may be familiar with is the Business Process Outsourcing (BPO) sector. Typically low to medium-skilled tasks, which used to be outsourced to lower-cost locations like Malaysia, India or the Philippines, are now being automated by AI.
In a similar way, many low-level jobs in computer programming, accounting, marketing and design are being replaced by AI, especially for smaller projects, or by SMEs (Small and Medium Enterprises), which tend to be more cost sensitive.
But even areas such as legal advice, strategy consulting, finance and education may not be immune from AI disruptions.
However, for many SMEs, AI has been a blessing. Unable to afford quality professional services, they can suddenly generate business plans, respond to complex customer complaints, and analyse their finances with an AI chatbot.
With over 97% of businesses in Malaysia being SMEs, AI could become an equaliser in the business world, as having imperfect but inexpensive artificial intelligence is much better than having none at all.
Another perspective is that many service professionals will work with AI, automating routine parts of the job and leaving more time for the most difficult questions and for human-to-human customer relations.
What’s Next for Malaysia?
Given the economic importance and societal impact of AI, the issue of AI sovereignty is often raised. Can a country still exert control over its national AI system, as it does over its transportation, telecommunications or energy system?
Small countries like Malaysia can never have control over the entire AI supply chain.
Even China and the US find themselves depending on key foreign partners, whether it’s critical minerals or specialised components and machinery.
However, small countries can try and preserve their freedom to choose, by maintaining their strategic autonomy.
This strategy is based on avoiding lock-in by ensuring that technological systems remain modular, and by always maintaining two or more potential suppliers.
Maintaining strategic autonomy in high technology has become a policy priority for the US, EU, Japan, South Korea and many other countries.
Malaysia has benefited economically from this by attracting strategic investments, such as Infineon Technologies’ €5 billion chip plant investment in Kulim, which was supported by German government financial guarantees, and a recent deal under which the Kuantan plant of Australian-owned Lynas will supply rare earth minerals to the US arms industry.
At the same time China has invested in key infrastructure projects such as the East Coast Rail Link (ECRL).
In this sense, Malaysia is increasingly attractive as an investment destination and trade partner due to its political neutrality.
However, one area of concern is Malaysia’s low R&D expenditure, which has fallen from 1.44% of GDP in 2016 to 0.95% by 2020.
While Malaysia has high ambitions of raising its R&D expenditure to 3.5% by 2030, such targets do not seem to be supported by actual spending, both from industry and the public sector.
While Malaysia is well-positioned to realise many of the potential benefits of the AI revolution, it needs to invest and regulate strategically to make sure Malaysian businesses and Malaysians themselves are able to seize these opportunities.
Pieter E. Stek is a Senior Lecturer of the Asia School of Business (ASB) based in Kuala Lumpur. The views expressed are solely those of the author(s) and do not represent the official position(s) of ASB or any affiliated institutions.
Originally published by The Expat.
How Is Malaysia Navigating the AI Revolution?
Three Presidents. One conversation. At MIT Sloan School of Management.
What does it take for a business school to stay globally relevant — while remaining deeply rooted in its region — in an era shaped by AI and shifting geopolitical dynamics?
At a recent dialogue, graciously hosted by MIT Sloan in Cambridge, Massachusetts, the Asia School of Business (ASB) brought together three generations of the School’s leadership — current CEO, President and Dean, Professor Joseph Cherian; former President, Professor Sanjay Sarma; and Founding President, Professor Charles Fine — for a timely discussion on the future of education, leadership, and global competitiveness.
“We have a cross-disciplinary approach… a very engineering way of thinking about problems,” shared Professor Joseph, our current CEO, President and Dean, highlighting ASB’s evolving trajectory as a globally relevant institution anchored in Southeast Asia.
For Professor Sanjay, the shift is even more fundamental: “AI is no longer just another technology — it’s a way of thinking required to navigate a complex world.”
Reflecting on ASB’s founding philosophy, Professor Charles emphasized the importance of cultural and intellectual bridging: “We built a culture that could engage both the East and the West — and understand the challenges of both.”
Moderated by Andrew Foley (Assistant Professor of Management and Organizations, NYU Stern, and MBA 2018 — ASB’s inaugural cohort), the session explored how institutions can translate global trends into meaningful impact for Malaysia, the wider Asian region, and beyond.
As AI continues to reshape industries, the way we work and talent demands, the conversation reinforced a clear idea: The future of business education lies not just in global excellence — but in local relevance, contextual understanding, and the abilities to navigate and thrive across worlds.
“Global Excellence, Local Relevance: Academic Leadership at the Intersection of AI and Global Fragmentation” held at MIT Sloan’s Wong Auditorium
Global Excellence, Local Relevance: ASB Convenes Presidential Dialogue at MIT Sloan
Leaders’ handshake seals pathway from ASB to Cornell
Professor Joseph Cherian, CEO, President & Dean of the Asia School of Business (ASB), and Professor Andrew Karolyi, Charles Field Knight Dean of Cornell SC Johnson College of Business, together inked a new extended pathway for ASB’s graduates.
This collaboration enables eligible ASB MBA, Executive MBA and Master in Central Banking students, as well as alumni, to pursue the Master’s in Business Analytics (MSBA) in New York — deepening their analytical capabilities with global exposure.
From ASB to Cornell. From the heart of Southeast Asia to New York.
More pathways. More connections. More possibilities.
For info on the diverse post-MBA pathways offered by ASB, visit https://asb.edu.my/academic-program/mba-program/
A handshake between great leadership programs. A pathway for the future.
Signing ceremony at the sidelines of the AACSB International Conference and Annual Meeting 2026
#AsiaSchoolofBusiness #GlobalInquiryLocalHeart
ASB Expands Global Pathways with Cornell SC Johnson College of Business
On 14 April, our CEO, President and Dean, Dr. Joseph Cherian, spoke at the AACSB International Conference and Annual Meeting (ICAM), where he delivered his session, The Value of an MBA Viewed as a Portfolio of Options. In his presentation, he explored how the value of an MBA can be reframed in the context of uncertainty—highlighting the role of experiential learning, flexible credentials, and opportunity cost in shaping modern business education. His presentation slides are available for viewing below.
Remarks by Dean Joseph Cherian at AACSB ICAM 2026 in Seattle
Asia School of Business Engages in Global Dialog on the Value Propositions of Degrees at the AACSB ICAM 2026 in Seattle.
On 14 April 2026, the Asia School of Business (ASB) will participate in the AACSB International Conference and Annual Meeting (ICAM) 2026 in Seattle, one of the premier global gatherings for leaders from business schools and education institutions.
Organized by AACSB International, the world’s largest business education network, the conference reflects AACSB’s role in shaping business education through accreditation, thought leadership, and a network of leading institutions. Its International Conference and Annual Meeting (ICAM) brings together institutions, educators, and industry partners from more than 60 countries, serving as a platform for leaders to exchange perspectives on the evolving role of business schools, leadership, and management education. ICAM 2026 will focus on how business schools can remain relevant amid rapid economic, technological, and societal changes, while strengthening the collective impact of the AACSB community.
ASB’s participation in ICAM 2026 reflects the School’s ongoing engagement in these conversations. Representing ASB, its CEO, President, and Dean, Professor Joseph Cherian, will speak alongside fellow deans from the United States and Sweden, offering perspectives shaped by ASB’s engagement with global business education and its experience operating in a dynamic Asian context.
This engagement builds on ASB’s continued participation in AACSB’s platform. In October 2025, Professor Cherian contributed to discussions at AACSB Elevate Asia Pacific in Hong Kong, where he spoke on the role of business schools in building entrepreneurial and innovation ecosystems.
Against this backdrop, Professor Cherian notes, “The greatest challenge facing business schools today is remaining relevant to their mission. While each school must ultimately find its own distinctive niche, every institution shares the responsibility of developing well-trained, transformative, principled, business-ready, and results-oriented leaders.”
A full version of Professor Cherian’s remarks at AACSB Elevate Asia Pacific in Hong Kong in 2025 is available here.
Further details on the upcoming ICAM 2026 program, including sessions and speakers, click here.
Asia School of Business Engages in Global Dialog on the Value Propositions of Degrees at the AACSB ICAM 2026 in Seattle