Ma, Xufei(馬旭飛)


Associate Dean (Research & Impact)


Department of Management

Room 828, 8/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 7636


Prof. Xufei Ma is a tenured full professor at the Department of Management, The Chinese University of Hong Kong (CUHK). Before he returned to CUHK Business School, he was the Terry Gou Chair Professor and a tenured full professor (2020-2022) of the School of Economics and Management (SEM) and Shenzhen International Graduate School (SIGS) at Tsinghua University. He was also a Cheung Kong Chair Professor granted by the Ministry of Education, China. He received a bachelor’s degree from Xi’an Jiaotong University (China), an MBA from the University of Saskatchewan (Canada), and a Ph.D. from the National University of Singapore. He was an assistant professor (2007-2013) and then a tenured associate professor (2013-2018) at CUHK, and a tenured full professor (2018-2020) at City University of Hong Kong (CityU). He also served as the director of CUHK’s Center for Entrepreneurship (2016-2018) and CUHK’s Center for International Business Studies (2018), and the Vice Chair of the Department of Innovation, Entrepreneurship, and Strategy at Tsinghua SEM (2020-2022). He’s taught strategy courses for EMBA programmes (in both English and Chinese) at Tsinghua, CityU, and CUHK.

Prof. Ma’s research focuses on strategic management, international business, and innovation/entrepreneurship in China’s emerging economy. He has published papers in UTD and FT-listed journals such as Academy of Management Journal, Strategic Management Journal, Journal of International Business Studies, Journal of Management, Journal of Management Studies, and Journal of Business Venturing, among others. He received the Haynes Prize for the Most Promising Scholar from the Academy of International Business; became the first Chinese Dunning Fellow at the John H. Dunning Center for International Business, UK; and was awarded the Journal of International Business Studies 50th Anniversary Silver Medal. He is an Area Editor for the Journal of International Business Studies (2023-2025).

Before Prof. Ma joined academia, he had worked for a leading central-level Chinese business group in Beijing and Shanghai. He has served as an independent director for Western Trust, Tu Ba Tu Group, and Beijing Urban Construction Design & Development Group. He’s the co-secretary-general and co-chairman (2024) of Chinese Management Model C50+ Forum, and the co-founder and co-chairman of Greater Bay Area Senior Management Scholars College.

Teaching Areas

Strategic Management

Research Interests

International Business
Innovation & Entrepreneurship
(Greater Bay Area, China, Singapore)

  • Publications & Working Papers

    Top Journal Publications (UTD & Financial Times Journals):

    • Z. Deng, X. Ma*and Z. Zhu (2022), “Transactional dependence and technological upgrading in global value chains,” Journal of Management Studies, 59 (2), 390-416. (FT45)
    • D. Ahlstrom*, J-L Arregle, M. Hitt, G. Qian, X. Ma and D. Faems (2020), “Managing technological, sociopolitical, and institutional change in the New Normal,” Journal of Management Studies, 57(3), 411-437. (FT45)
    • L. Luo, X. Ma*, M. Shige and G. Shinkle (2020), “Cluster status and new venture creation,” Journal of Business Venturing, 35(5), 105985. (FT45)
    • S. Zhu*, X. Ma, M. Peng and S. Sauerwald (2019), “Home country institutions behind cross-border acquisition performance,” Journal of Management, 45(4), 1315-1342. (FT45)
    • R. Krause, W. Li*, X. Ma and G. Bruton (2019), “The board chair effect across countries: An institutional view,” Strategic Management Journal, 40(10), 1570-1592. (UTD24)
    • R. Mudambi*, L. Li, X. Ma, S. Makino, G. Qian and R. Boschma (2018), “Zoom in, zoom out: Geographic scale and multinational activity,” Journal of International Business Studies, 49 (8), 929-941. (UTD24)
    • J. Gaur, X. Ma* and Z. Ding (2018), “Home country supportiveness/unfavorableness and outward foreign direct investment from China,” Journal of International Business Studies, 49, 324-345. (UTD24)
    • J. Xia*, X. Ma, J. Lu and D. Yiu (2014), “The outward FDI of emerging market firms: A resource dependence logic,” Strategic Management Journal, 35(9), 1343-1363. (UTD24)
    • X. Ma*, A. Delios and C.M. Lau (2013), “Beijing or Shanghai? The strategic location choice of large MNEs’ host country headquarters in China,” Journal of International Business Studies, 44, 953-961. (UTD24)
    • X. Ma, T.W. Tong and M. Fitza (2013), “How much does subnational region matter to foreign subsidiary performance? Evidence from Fortune Global 500 corporations’ investment in China,” Journal of International Business Studies, 44(1), 66-87. (UTD24)
    • X. Ma* and A. Delios (2010), “Host country headquarters and an MNE’s subsequent within-country diversifications,” Journal of International Business Studies, 41: 517-525. (UTD24)
    • J. Lu*, and X. Ma (2008), “The contingent value of local partners’ business group affiliation,” Academy of Management Journal, 51(2), 295-314. (UTD24)

    Other SSCI Journal Publications:

    • L. Luo, X. Ma and Z. Wang* (2022), “The moderate-reputation trap: Evidence from a Chinese cross-border business-to-business e-commerce portal.” Asia Pacific Journal of Management, 39(2), 395-432.
    • X. Ma, Z. Deng* and Y. Tang (2021), “Relieving Status Anxiety: How Low-Status Firms Respond to International Status-Heterophilous Relationships,” Journal of World Business, 56 (6), 101259. (SSCI)
    • X. Ma, A. Delios and S. Yu* (2020), “Innovation in MNC’S strategy and structure: the (re) emergence of host country headquarters in large emerging markets,” Asia Pacific Journal of Management, 37(3), 609-632. (SSCI)
    • H. Chung*, Z. Ding and X. Ma (2019), “Organizational learning and export performance of emerging market entrepreneurial firms: The roles of RBV mechanism and decision-making approach,” European Journal of Marketing, 53(2), 257-278. (SSCI)
    • J. Xia, X. Ma, T. Tong and W. Li* (2018), “Network information and cross-Border M&A activities,” Global Strategy Journal, 8 (2), 301-323. (SSCI)
    • J. Lu, X. Ma, L. Taksa and Y. Wang* (2017), “From LLL to IOL3: Moving dragon multinationals research forward,” Asia Pacific Journal of Management, 34(4), 757-768. (SSCI)
    • X. Ma* and J. Lu (2017), “Business group affiliation as institutional linkages in China’s emerging economy: A focus on organizational traits and institutional conditions,” Asia Pacific Journal of Management, 34, 675-697. (SSCI)
    • X. Ma, P. Wang and D. Li* (2017), “What Determines the Establishment of Chinese Multinational Enterprises’ Asian Regional Headquarters?” Management and Organization Review, 13(1), 85-119. (SSCI)
    • X. Ma, Z. Ding* and L. Yuan (2016), “Subnational institutions, political capital, and the internationalization of entrepreneurial firms in emerging economies,” Journal of World Business, 2016 51(5), 843-854. (SSCI)
    • X. Zhang*, X. Ma, Y. Wang, X. Li and D. Huo (2016) “What drives the internationalization of Chinese SMEs? The joint effects of international entrepreneurship characteristics, network ties, and firm ownership,” International Business Review, 25, 522-534. (SSCI)
    • J.W. Lu* and X. Ma (2015), “Partner resource asymmetry and IJV survival,” Asia Pacific Journal of Management, 32, 1039-1064. (SSCI)
    • X. Zhang*, X. Ma, Yue Wang and Yangwen Wang (2014), “How can emerging market small and medium-sized enterprises maximize internationalization benefits? The moderating effect of organizational flexibility,” International Small Business Journal, 32(6), 667-692. (SSCI)
    • X. Ma*, D. Yiu and N. Zhou (2014), “Facing global economic crisis: Foreign sales, ownership groups, and corporate value.,” Journal of World Business, 49(1), 87-100. (SSCI)
    • D. Yiu*, F. Ng and X. Ma (2013), “Business group attributes and internationalization strategy in China,” Asian Business & Management, 12(1), 14-36. (SSCI)
    • X. Ma*, X. Yao and Y. Xi (2009), “How do interorganizational and interpersonal networks affect a firm’s strategic adaptive capability in a transition economy?” Journal of Business Research, 62(11), 1087-1095. (SSCI)
    • X. Ma* and A. Delios (2007), “A new tale of two cities: Japanese FDIs in Shanghai and Beijing, 1979-2003,” International Business Review, 16 (2), 207-228. (Best Paper Award at International Business Review 2007) (SSCI)
    • X. Ma*, X. Yao and Y. Xi (2006), “Business group affiliation and firm performance in China’s transition economy: A focus on ownership voids,” Asia Pacific Journal of Management, 23(4), 467-483. (SSCI)

    Other Publications

    • Y. Wang*, K. Wang and X. Ma (2016), “Understanding international business negotiation behavior: Credible commitments, dispute resolution, and the role of institutions,” International Negotiation, 21(1), 165-198.
    • X. Zhang, X. Ma and Y. Wang* (2012), “Entrepreneurial orientation, social capital, and the internationalization of SMEs: Evidence from China,” Thunderbird International Business Review, 54(2), 195-210. (Best Paper Award at 4th China Goes Global Harvard Conference)
    • A. Delios* and X. Ma (2010), Strategy and management of business groups. In Colpan, A.M., Hikino, T., & Lincoln, J.R. (eds), The Oxford Handbook of Business Groups, Oxford University Press.
    • A. Delios* and X. Ma (2010), “China is undergoing a transformation…Yet again,” Ivey Business Journal, 74(1), 1-12.
    • X. Ma (2006), “Beyond transaction cost determinants: An integrated framework for export intermediary selection in emerging economies,” Advances in International Marketing, 19, 25-53.
    • X. Ma and J. Lu* (2005), “The critical role of business groups in China,” Ivey Business Journal, 69(5), 1-12.
    • 吴晓松、马旭飞、江俊毅、黄伟(2022), “数字化时代新岗位–数字化项目集群经理, ” 哈佛商业评论(中文版), 7, 124-129.
    • 吴晓松、马旭飞、黄伟、江俊毅(2022), “让数字化转型战略软着陆–项目集群管理,” 清华管理评论, 1, 5-9.
    • 吴晓松、马旭飞、江俊毅、黄伟(2022), “数字化项目集群管理地图,” 中欧商业评论, Oct Issue, accepted.
    • 黄伟、吴晓松、马旭飞, “大数据情景下复杂系统管理决策的综合集成方法与应用研究初探,” 管理世界.
    • 刘阿祺、马旭飞( 2021),”天使投资3.0:创新驱动与生态构建,” 清华管理评论, 6, 6-13.
    • 马旭飞、吴冰(2017), “无依赖,不摆脱:中国企业国际化的“套路”。” 清华管理评论, 7/8, 65-73.
    • 马旭飞、王阳雯(2018), “无制度,不企业。” 管理学季刊, 1, 31-39.
    • 马旭飞、杨慧(2015),《互联网时代新战略全景》, 经济管理出版社
    • 杨慧、马旭飞(2015),《互联网时代的新创客》, 中信出版社
  • Grants
    • Start-up Grant awarded by School of Economics and Management, Tsinghua University # 110000247, Sep 2020-Aug 2022 (PI)
    • Start-up Grant awarded by Shenzhen International Graduate School, Tsinghua University # 07010300001, Sep 2020-Aug 2022 (PI)
    • Basic Research Grant awarded by Shenzhen International Graduate School, Tsinghua University # 07010100001, Sep 2020-Aug 2023 (PI)
    • Foreign Direct Investment and the Founding of Local Startups awarded by City University of Hong Kong #9380098, Jan 2019-Dec 2020 (PI)
    • “Whether and How: The Influence of Chair-CEO Pair on Firm Performance”, City University of Hong Kong #7005388, Jan 2019-Aug 2021 (PI)
    • “Business Group CSR Reputation and the Value of Affiliates”, City University of Hong Kong #7005199, Oct 2018-Sep 2019 (PI)
    • “Multinational Corporations’ Local Expansion Pace, Weight, and Consequent Public Crises in a Large Emerging Market”, UGC-GRF # 9042756, Jan 2016-Dec 2017 (PI)
    • “Resource Dependencies, Siblings, Partners, and Emerging Market Firms Cross-Border M&As'”, UGC-GRF # 2170230, Jan 2015-Dec 2016 (PI)
    • “Organizational Learning and Export Performance of Chinese Private Firms”, CUHK #4057063, Jan 2015-Dec 2016 (PI)
    • “How much does CEO matter to Chinese listed companies’ performance?”, CUHK #4057042, Oct 2013-Oct 2015 (PI)
    • “Antecedents and Consequences of the Establishment of Host Country Headquarter in Large Emerging Markets: Evidence from BRIC Countries”, UGC-GRF #2170190, Jan 2012-Dec 2014 (PI)
    • “How Much Does Subnational Region Matter? Evidence from MNCs’ Subsidiaries in China”, CUHK #2070457, Jan 2011-Dec 2012 (PI)
    • “Hong Kong or Singapore? Strategic Location Choice of Chinese Multinational Firms’ Asia Regional Headquarters”, CUHK #2190228, Sep 2010-Jun 2012 (PI)
    • “Why do some Chinese firms choose Hong Kong as their Asia regional headquarters?”, Hong Kong Institute of Asia Pacific Studies, CUHK #6902863, Aug 2010-Jun 2012 (PI)
    • “Host Country Headquarters and an MNE’s within-country diversifications in a Large Emerging Market”, CUHK #2070406, Dec 2008-Nov 2010 (PI)
  • Awards & Honours
    • Cheung Kong Chair Professor, Ministry of Education, China, 2021
    • Silver Medal, Journal of International Business Studies (a UTD journal) 50th Anniversary Contributions Award, 2019
    • Dunning Fellow, John Dunning Center for International Business, Reading University, 2017
    • Haynes Prize for the Most Promising Scholar, Academy of International Business, 2006
    • Best Reviewer Award: Academy of International Business, 2012 and 2014
    • Best Reviewer Award: International Associate of Chinese Management Research, 2014
    • Faculty Teaching Awards, CUHK Business School
    • The Best Paper Award at International Business Review (SSCI), 2007
    • Winner of the Best Student Paper Award, Asia Academy of Management, 2006
    • PI/Co-I: about US$1 million of research grants from Tsinghua, CityU, CUHK, GRF, NSFC
    • Shenzhen Overseas High-level Talent Certificate, 2021
  • Academic/Professional Services
    • Area Editor, Journal of International Business Studies, 2023-2025
    • Senior Editor, Management and Organization Review, 2021-2022
    • Senior Editor, Asia Pacific Journal of Management, 2022-2022
    • Area Editor, Quarterly Journal of Management, 2016-2021
    • Special Issue Editor, JIBS (UTD), JMS (FT), APJM (SSCI)
    • Editorial Board, JMS, JWB, GSJ, APJM
    • Member, Conference Program, Chinese Academy of Management Meeting, 2021
    • Track Chair, Asia Academy of Management Meeting, 2021-2022
    • PhD Symposium Chair, SMS Special Conference, Hong Kong, 2016
    • Chair, Junior Faculty/Doctoral Consortium, AAOM Conference, Hong Kong, 2015
    • Track Chair, European International Business Academy, Leeds, 2019
    • Director & Treasurer, Asia Academy of Management (AAOM), 2015-2018
    • Independent Director, Western Trust Co., Ltd., 2016-2022
    • Independent Director, Beijing Urban Construction Design & Dev Group Co. Ltd, 2019-2022
    • Independent Director, Tu Ba Tu Group Co., Ltd, 2020-
    • Host Organizer, China Angel Investors Conference, 2018
    • Co-Secretary-General, Chinese Management Model C50+ Forum, 2017-
    • Co-Chairman (elect), Chinese Management Model C50_ Forum, 2024
    • Co-Chairman and Co-Founder, Greater Bay Area Senior Scholar College, 2021-