This study attempts to explore differences and similarities of management philosophies, managerial beliefs and organizational climates about human resources among managers in three manufacturing entities: Japanese companies in Japan (n=104) Japanese companies in Bangladesh (n=102), and Bangladeshi companies (n=112). Managerial samples were drawn from 100 Japanese companies, 50 Japanese companies in Bangladesh, and 50 Bangladeshi companies. In each sample company, five managers were randomly selected as respondents, providing the total number of usable sample N=320 for the present analysis (response rate=32%). Data were analyzed a) to explore the interrelationship between HRM philosophies and managers' beliefs about their companies' human resources, and b) to examine the differences among three groups of managers. The findings indicated that managers in Japanese companies in Japan are the most “Theory Y oriented”, whereas managers in Japanese companies in Bangladesh are the least “Theory Y oriented.” While those in Bangladeshi companies in Bangladesh are the most “Theory X oriented” regarding their beliefs in human resources. Theory Y oriented managers tended to evaluate their companies organizational philosophy and climate to be more democratic and participating than Theory X oriented managers. Managers working for Theory Y oriented companies were found to engage more in self-study and participate more actively in company sponsored learning and training programs.