CamEd Business Review

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CamEd Business Review (CB Review) is an online publication of CamEd Business School. It targets original manuscripts on ideas relevant to emerging matters in management, finance, accounting, marketing, business law, tax, audit, business communication, human resources management. CB Review welcomes interdisciplinary topics which are immediately useful to those in the board rooms, CEOs, CFOs and other members of the management. Meant to become a quick and meaningful resource, CB Review typically welcomes manuscripts by actual practitioners and academics, written in a style which is user-friendly and appealing to the greater public. We aim to publish two Issues per year. We may likely publish more often in the future. As a service to the author(s), we fully commit to finalizing the whole process within thirty days from the submission date. Please send your manuscripts and questions to the Editor-In-Chief at: [email protected]

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The Potential of Receivables-Based Financing for Cambodian Companies
(12/1/2024) Charles K. Whitehead; Myron C. Taylor
Many successful companies in emerging markets, such as Cambodia, are capped at the credit rating of the country in which they are located. The ceiling reflects the assessment of the international credit rating agencies (such as Standard & Poor’s and Moody’s) of the country’s sovereign risk, not the company’s standalone risk. No matter how strong the company is, its credit rating cannot exceed the country’s sovereign rating. As of May 16, 2024, Moody’s rated Cambodia B2; obligations rated B2 are considered speculative and a high credit risk.
Thinking of Cambodia, while looking at Italian’s digitalization
(12/1/2024) Riccardo, Corrado
Following a study published by the Organisation for Economic Co-operation and Development (OECD), over half of the Small and Medium Enterprises (SMEs) increased the adoption of digital tools to support their business processes during the pandemic, and more than two-thirds of them expressed their belief that such changes are going to be permanent. Also, in accordance with a study by PwC, one of the well-known accounting firms named Big Four, more than half of the Chief Executive Officers (CEOs) in the Asia Pacific and 39% of the workers of the surveyed organizations expressed their belief that their company will not survive in the incoming decade unless they change their current way of doing things in terms of business processes and integration of digital technologies in them. McKinsey & Company, identified three main capabilities necessary for digital transformation during the pandemic: filling gaps for technology talent, using more advanced technologies, and increasing the speed in experimenting and innovating. It has been shown how the pandemic has accelerated by several years the digitalization of both customer interaction and rate of offerings (products and services) that are digital, with the change expected to continue and even accelerate with the evolution of technological advancement, mostly focused around areas such as generative artificial intelligence (AI), cybersecurity and data privacy, cloud-first applications, and environment, social, and governance (ESG).
How to Measure Creating Shared Value
(CamEd Business School, 2024-06-30) Kenneth Paul Charman, PhD
Creating Shared Value and Sustainability: The concept of creating shared value (CSV) was put forward by Professor Michael Porter and Mark Kramer in 2011 to identify company strategies which directly address a social need for profit through the business model rather than addressing the same social needs through redistribution of profits already made. Many companies, including large corporations have adopted CSV principles to govern and guide their business strategies. CSV represents a further progression in rethinking the role of the firm from the more narrowly defined responsibility of providing shareholder value, to the wider perspectives of addressing the impact of the firm on its stakeholders through corporate social responsibility (CSR). The principles of corporate governance are well established to oversee the activities of firms, and sustainability reporting is common today, and which now extend to frameworks and guidelines for reporting. Responsible Business Conduct (RBC), put forward by the OECD has provided a framework to incorporate due diligence to guide actions to reduce or alleviate the negative impact of a firm on its stakeholders. More recently the growth of ESG accounting has provided metrics for measurement of the impact of the firm on the economy, social factors and its environment, creating huge steps towards sustainability accounting.
Beyond the Numbers: How AI Empowers Accountants for Strategic Impact
(CamEd Business School, 2024-06-30) Edman Flores, MBA, CPA
The Evolving Role of Accountants: Historically, the duties of accountants mainly involved maintaining financial records, reconciling accounts, and preparing financial reports. While these responsibilities remain critical, the role of accountants has evolved considerably. Nowadays, accountants are expected to provide strategic financial advice to businesses. They assist in establishing financial goals, crafting budgets, and developing growth strategies. Accountants play an important role in organizational strategic planning and decision-making, extending their expertise beyond financial reporting to strategic management accounting (SMA). SMA takes a broader business perspective and informs strategic decision- making. The changing business environment and the introduction of new techniques have prompted management accountants to adopt a business orientation and strategic approach. In addition, accountants actively participate in risk management efforts. They assess financial risks, identify vulnerabilities, and devise strategies to counter potential threats. Through this proactive approach, businesses can safeguard themselves from unforeseen financial crises. Accountants are also involved in financial forecasting, which helps businesses plan ahead. They use historical financial data and market analysis to forecast financial trends and recommend budget adjustments.
AI in the think tank World: My Personal Assistant, Not (Yet) My Friend
(CamEd Business School, 2024-06-30) Jason Chumtong, Country Director, Konrad Adenauer Stiftung
In 2019, I shifted my approach towards Artificial Intelligence (AI) from academia to the political sphere. I transitioned from studying the risk of AI for autonomous driving in Edinburgh to serving as a policy advisor on AI in Berlin. Although I was never a supporter of the Kurzweil-Narrative in The Singularity is Near (2005) regarding AI’s evolution to surpass human intelligence, I remember that at that time, the consensus among the community was that AI would at least become ubiquitous in the following few years. Highlighting this point might seem almost redundant, considering that at least half of the readers of this text are likely wondering if ChatGPT played a role in its creation. However, it’s important to note that discussing AI often feels like missing the forest for the trees. There are many AI applications out there that make life much easier. However, there are nearly as many problems associated with their use, demonstrating that AI is far from being a friend. Therefore, the text that follows shine upon aspect of the benefits AI provides as a digital tool akin to a personal assistant especially within the think tank world but also analyses ethical considerations and the state of technology that prevent it from being entirely reliable.
DON’T AIM FOR PROFIT. INSTEAD, CREATE CUSTOMERS!
(CamEd Business School, 2024-06-30) Virak Prum, PhD
Purpose of any business: It is well known that the purpose of a business is to create customers. Nothing else should matter as much. Peter Drucker, the well-regarded creator of management study as a distinct discipline, announced his wisdom early on when he published his The Practice of Management in 1954. There is, he wrote then, “only one valid definition of business purpose: to create a customer.” (p.37) Yet, it is not uncommon to find managers and economists so focused on profit maximization which leads them to prioritize on quick wins, neglecting the need for a more comprehensive strategy. True, business environment in the 1950s might have been quite different to what we are facing presently. Globalization and technological advancements have brought about new challenges and changing realities into the market, a phenomenon which could make long-term strategies less certain. But, even so, half a century after his famous book first appeared, in the revised edition of Management published in 2008, the assertion remained unchanged: “to maximize profits…is not only false, it is irrelevant.” (p.97)
Technology in Healthcare: Collaborative Business Opportunities for Developing Cognitive Training Solutions for Older Adults in Cambodia
(December 1, 2024) Patchanee Tungjan
Cambodia is on the brink of becoming an aged society, with its elderly population rapidly. According to the National Institute of Statistics in Cambodia, the percentage of older adults has risen significantly, from 6.34% in 2008 to 8.86% in 2019, accounting for 1,378,688 individuals. By 2050, this figure is projected to increase further to 23.17%, transitioning Cambodia into what is known as a “super-aged” society. This demographic shift reflects a broader trend seen globally and within the Association of Southeast Asian Nation (ASEAN) Member States (AMS). Globally, the aging population has become a pressing concern. The World Health Organization (WHO) reported that in 2019, there were 1 billion older adults worldwide, a number projected to rise dramatically to 2.1 billion by 2050. Notably, 80% of these individuals will be living in low- and middle-income countries. Within the ASEAN region, a report from Thailand’s Department of Older Persons highlighted that in 2022, seven out of ten AMS had entered the “aged society” phase. A society can be considered as aged when older adults account for more than 10% of the total population. While Cambodia, along with Lao PDR and the Philippines, have yet to reach this threshold, the rapid increase in Cambodia’s elderly population poses potential challenges for various sectors, including government, healthcare sectors, and families who may need to provide care.
Team Psychology in the concept of Teamwork
(December 1, 2024) Aida Mehrad, PhD
Team psychology is a multifaceted discipline that integrates concepts from social psychology, organisational behaviour, and leadership studies. It seeks to understand and improve group dynamics, performance, communication, and overall team success. This field is crucial for optimising teamwork in various settings, including workplaces and sports teams, by providing strategies and frameworks that enhance team functionality and goal achievement. Understanding the critical factors influencing team performance is essential. Key factors include team composition, size, and assigning roles and responsibilities, which are pivotal in crafting effective team strategies. The research underscores the significance of these factors in developing comprehensive and practical team strategies (Mehrad & Fallahi, 2014; Salas, 2018; Yeager, 2021).
Economic and Social Impact of Thalassemia in Cambodia: Challenges and Strategic Solutions
(December 1, 2024) Shamila Ramjawan, MBA, TEFL
Thalassemia, a hereditary blood disorder characterized by abnormal hemoglobin production, presents significant health challenges in various regions worldwide, including Cambodia. This genetic condition leads to the destruction of red blood cells, causing anemia and other severe complications. In Cambodia, thalassemia affects thousands of people annually, with a significant number of cases identified in younger populations. Awareness and understanding of thalassemia in Cambodia have gradually increased over the past decade thanks to efforts by health organizations, government initiatives, and international collaborations. However, despite these efforts, the management and treatment of thalassemia face significant obstacles. Severe thalassemia diseases are a major health problem in Southeast Asia.
Sustainable Progress? A Critical Look at Sustainability Reporting in Cambodia’s Business Sector
(December 1, 2024) Edman Flores, MBA, CPA
Sustainability reporting has become a vital component of corporate accountability in today’s business environment. It enables organizations to showcase their commitment to economic, social, and environmental responsibilities, extending beyond mere financial performance. These reports provide comprehensive insights into the economic, environmental, and social impacts of an organization’s operations (GRI, n.d.). This transparency empowers organizations to enhance their performance in various ESG (Environmental, Social, and Governance) areas, identify areas for improvement, and make informed decisions to boost their sustainability efforts (GRI, 2020).
Using ChatGPT: The Experience of Higher-Education Students
(December 1, 2024) Kenneth Paul Charman, PhD
In November 2022 ChatGPT was launched, and with it came the possibility to take a quantum leap beyond established search functions for a multitude of applications. The potential benefits of ChatGPT are attractive in higher education, where complex questions and lengthy assignments are commonplace, and where the uptake of ChatGPT amongst students would be expected to be rapid and widespread. Higher education students could provide an insight into how the rest of the population might adopt ChatGPT and other AI chatbots as a genuinely disruptive technology which could transform work processes. However, the benefits of ChatGPT and other AI chatbots run parallel with concerns as to the accuracy and reliability of information which AI chatbots provide, and ethical concerns as to the originality of the outputs and the potential over-reliance on AI chatbots that result.
Game-Based Learning: Elevating Business and Academic Writing Skills for EFL Learners
(December 1, 2024) Mansoureh Bahadori, MBA; Sajad Shafiee
Effective communication is crucial in today’s job market. According to the National Association of Colleges and Employers (2019), a staggering 82% of employers consider it a key skill for career success. The survey also revealed that four out of five employers prioritize strong written communication abilities when evaluating recent graduates. In this competitive landscape, possessing robust writing skills—especially grammatical proficiency—is vital for professional advancement. Poor grammar can lead to misunderstandings, tarnish professional reputations, and ultimately result in lost business opportunities.
The Evolution of Strategy: An Opportunity for Cambodian Business Models
(December 1, 2025) Kenneth Paul Charman, PhD.
The Case for Cambodian Business Models: Understanding the strategy process, from an idea or a concept to a business model that provides value for customers, to a genuinely profitable business, is core skill. Knowledge of the strategy process provides both a rationale and usable frameworks to measure and assess ourselves, the world around us and the decision-making environment in which we operate. Studying strategy is not a guarantee for an idea, let alone a successful business, but using the strategy process can help us stay on track and avoid mistakes. Strategy also provides a platform to showcase business successes and failures, an important component of what is a core discipline in business education.
Is AI bubble true or false? Early observation from investors in Cambodia, Singapore, China and Malaysia
(December 1, 2025) Sereyrotana Chum; Other CBL students
Artificial Intelligence (AI) is swiftly transforming the global tech landscape, positioning itself as one of the most impactful innovations of the modern era. Its influence spans multiple sectors – including healthcare, finance, logistics, and education – where it is driving progress, streamlining operations, and enabling new business approaches. Across Asia, nations such as Cambodia, China, Malaysia, and Singapore are actively integrating AI into their national strategies to boost economic growth and global competitiveness. These governments are channeling resources into AI development, fostering startup ecosystems, and attracting substantial foreign investment. This wave of enthusiasm reflects a widespread belief that AI will play a pivotal role in shaping future economies. Yet, this rapid expansion has also sparked concerns that the current investment boom may be fueled more by speculative excitement than by solid technological foundations. Observers are drawing parallels to past financial bubbles, notably the dot-com era, where exaggerated expectations led to significant market downturns. With AI company valuations climbing and media coverage amplifying the hype, questions are emerging about whether this growth is truly sustainable or vulnerable to collapse. This case study explores whether the current surge in AI investment across Asia is indicative of authentic economic advancement or a potential bubble. By examining investor perspectives and market trends in Cambodia, China, Malaysia, and Singapore, the study seeks to clarify the risks and opportunities that lie ahead in the region’s AI journey.
Prospects for the Biofuels Sector in Cambodia: The Opportunities and the Trade-Offs
(December 1, 2025) Kenneth Paul Charman
Biofuels: Perceptions of the Future. Biofuels are seen as an industry of the future, as well as the present and the past, representing both the origin of fuels for heat, for transport, and nowadays as a potential replacement, at least in-part for fossil fuels in the generation of electricity. Although thought of as a marginal contributor, biofuels are widespread, contributing nearly 30% of total fuel consumption in Cambodia, much of which is for domestic consumption in rural areas. Several industries, including the garment sector, choose to replace fossil fuels with biofuels for heat generation for industrial processing, reflecting the well-espoused principle of switching away from fossil fuels. In addition to having the potential to replace fossil fuels, biofuels present potential opportunities for exports, especially to regions such as the EU, which have specific targets to increase biofuel usage. Development of biofuels can also provide jobs, particularly in rural areas with the growth of biofuel crops and collection and processing of agricultural waste. Furthermore, biofuels have the potential for increasing farm incomes by generating another source of income by growing additional crops such as jatropha from which oil can be extracted to make biodiesel.
The Rise of Family Trusts in Cambodia: Building Legacy in an Emerging Market
(December 1, 2025) Hans Chen
In the last twenty years, Cambodia’s steady economic growth has been fueled by political stability, a welcoming environment for foreign investors, and increased cooperation with regional and global markets. As a result, private wealth has grown, especially among families who own businesses. Many of these families are first generation entrepreneurs who began their ventures after Cambodia’s post-conflict recovery. When families are building wealth, ownership is usually simple and centralized. Business owners typically keep assets in their own names and make all major decisions. This setup works well during rapid growth, but it can become less effective as businesses and families get bigger. As complexity increases, informal structures often struggle to support long-term continuity. As Cambodia’s economy develops, more families are facing real questions about succession, protecting assets, and ensuring long-term stability. These are immediate challenges that can impact both family relationships and business success. That’s why family trusts are becoming a practical and increasingly relevant legal option for Cambodian business owners.
Advancing Disability Inclusion and Menstrual Health: A Global Imperative for Equity and Dignity
(December 1, 2025) Shamila Ramjawan, DBA
The Royal Government of Cambodia’s launch of the National Strategic Plan on Disability (2024–2028) marks a significant milestone in Southeast Asia’s pursuit of social inclusion and equality. This initiative aligns closely with global commitments to the United Nations Sustainable Development Goals (SDGs), particularly SDGs 3, 4, 5, 10, and 17. Drawing from the first global doctoral study on menstrual hygiene management (MHM) for adolescents with intellectual disabilities, this article explores how inclusive health and education frameworks can address the persistent marginalisation of girls and women with disabilities. The study, based in South Africa, used the Social Model of Disability to highlight systemic barriers to MHM and offered a framework adaptable across global contexts. Cambodia’s renewed strategy demonstrates a regional commitment to ensuring that persons with disabilities live with dignity and participate fully in inclusive societies. This article argues for the integration of MHM into national disability and education policies globally, reinforcing the principle that no one should be left behind.
The Next Wave in Business Communication Driven by AI, the Metaverse, and Data
(June 1, 2025) Mansoureh Bahadori
In today’s fast-changing world, the way people share ideas and information within and beyond organizations is integral to business communication. This can happen in many ways, through spoken or written words, body language, or digital tools. Effective communication is at the heart of teamwork, productivity, and building strong connections with stakeholders. However, as technology advances and social expectations shift, companies are being forced to reconsider how they communicate to stay relevant and competitive. This paper explores how these changes, especially the rise of AI, automation, and the metaverse, transform businesses’ connections and collaborations. It also examines how data is influencing communication choices and how, in turn, the abilities required for successful communication are changing.
Bridging Traditions and Technology: The Evolving Landscape of Business Communication in Cambodia
(June 1, 2025) Shamila Ramjawan
Cambodia, a Southeast Asian nation rich in culture and history, has witnessed a remarkable transformation over the past few decades. From post-conflict reconstruction to rapid economic growth, the country’s business environment has evolved significantly. As Cambodia integrates more deeply into regional and global markets, the need for effective business communication has never been more critical. This evolution is not merely about the adoption of modern tools and technologies; it is also about reconciling traditional communication norms with the demands of an increasingly interconnected business landscape.
Trust: a better tool for property investment in Cambodia
(June 1, 2025) Hans Chen
In recent years, Cambodia has attracted massive investment from various countries due to several favorable factors, such as a stable political situation, no foreign exchange controls, and a younger, cheaper labor force. These factors have led to high economic growth in various sectors, including agriculture, manufacturing, tourism, and real estate. Of all the industries, real estate is one of the most popular investments in the country. In just a few years, Phnom Penh, the capital city of Cambodia, has become surrounded by office buildings and high-rise condominiums. The prices of suburban land surrounding the city have soared each year, attracting many overseas investors who scramble for a piece of the action.