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Introduction - Management And Business Assessment
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Business management is a critical and mind-boggling task that requires extensive experience and knowledge. Many researchers have given their views on different segments of business management. This report contains an annotated bibliography five research articles that would be discussing different factors and aspects associated with the business organisation. These include corporate governance, environmental forces, risks confronting the firms, business practices, and functions of diverse firms. The importance of these factors from the organisation's point of view can be seen in a different form. For instance, corporate governance is important for carrying out organisational tasks and managing contingency. Diversity in the firm is helpful as it brings a wide range of ideas and much more. All these factors have been discussing in brief in this report.
Article 1: Corporate Governance
Styhre, A. (2018). Corporate governance varieties: Locke and Hegel's philosophy of right and the roots of corporate governance traditions. International Journal of Organizational Analysis, 00–00.doi:10.1108/ijoa-02-2017-1127
The following paper talks about corporate governance as the key practice of keeping the right balance between different stakeholders of an organisation and their interests. The author highlighted that past changes in the global business world like recession and deregulations have a negative impact over companies dealing in the international as well in the local market. The author tried to sketch the broader picture of corporate governance challenges. He determined two philosophical traditions i.e., British and continental statist tradition in order to understand the corporate governance and legal systems.
The paper tries to comprehend the analysis of the roots of different corporate governance, namely continental corporate and Anglo-American in order to understand the relevance of corporate governance at the time of any economic depression. The author makes use of legal philosophy and studies, economics and sociology kinds of literature, and management studies. The paper's finding on the two traditions is focused on specific benefits. It was revealed that the organisation and its ownership are specifically associated with individual rights and property rights.
The findings of this paper can be pretty much useful for the modern day's leaders and managers as it provides a deep understanding of corporate governance and impacts of legal aspects of the business. In the recent era, the legal implications have cost a great loss to organisations. In addition to this, the paper also provides some relevant solutions to the business managers for dealing with factors hindering the growth of the company, such as recession or deregulation. The paper also elaborates some sociological factors. For instance, it testifies to the conditions wherein human nature remain stable factors over time while recognising the self-interest.
Article 2: Environmental Force
Blahová, M., Haghirian, P., &Pálka, P. (2015). Major factors affecting contemporary Japanese business environment. International Journal of Productivity and Performance Management, 64(3), 416–433.doi:10.1108/ijppm-09-2014-0138
This paper is one of those papers that investigate the factors impacting the business environment in the context of Japan. It has been seen that the business environment has a direct influence on corporate performance and productivity. Therefore, it is important from the strategic management point of view to consider these factors. These factors might be associated with the political environment, social, economic, environmental, and legal factors. The authors studied the case of manufacturing companies of Japan, wherein they put the main focus on processes, systems, and people. In addition to this, they also covered ecology, finance, and social relationships. By making use of semi-structured interviews and other tools, the authors collected the data.
The findings of the paper are related to the involvement of women in the primary workforce and their influence on the overall performance of the company. In addition to this, it was revealed that foreign staff in the workforce is also having some positive impact on business productivity. Japanese companies are more inclined towards making use of promotional and compensation as a performance booster. It was also revealed that the government's effort and stable policies support the business entities.
The paper's findings are of great importance for the manager as they would provide him/her a direction to put efforts and focus on such aspects. This paper is focusing on a particular country, but this would definitely be giving an idea of various factors that might have an impact on the business entity.
Article 3: Risk Confronting the Firm
Cheese, P. (2016). Managing risk and building resilient organisations in a riskier world. Journal of Organizational Effectiveness: People and Performance, 3(3), 323–331. Doi:10.1108/joepp-07-2016-0044
This paper analyses different business risks in rapidly changing business scenarios. The author has specifically mentioned the risks related to HRM and their implications on business growth and performance. In addition to this, the author mentions that he examined the characteristics of an adaptive and resilient business organisation. For that purpose, he made use of volatile, complex, uncertain, and ambiguous metaphor to enlist the likely business risks that might have a negative impact on the organisation. The author argued that the key to achieving resilience is based on culture and behaviour. These factors are further linked to the business model of every business entity.
In the findings of the paper, the author tried to argue that most of the business is at an inflexion point that would force the organisation to re-evaluate their modus operandi of doing business. In addition to this, the author highlighted that there are many risks, such as strategic issues, operational, HRM, financial, regulatory, and social & governance issue. These risks are further classed into further sub-class. In addition to this, the author also stated that some organisations choose to consider risks form their common business domain but this would have a negative impact on their operations.
The knowledge gained from this article can be very helpful for the business and managers as by being familiar with the type of risks, the manager can be able to prepare a retaliation strategy and strategic approach to deal with such issues.
Article 4: Organisation and Business Practices
Davis, P. J. (2018). Getting employees involved in strategic planning. Journal of Business Strategy.doi:10.1108/jbs-04-2018-0060
In the following research article, the author is trying to demonstrate the usefulness of involving employees in the key decision-making process as a part of organisational practices. This is an inclusive and beneficial approach for the business and this would bring confidence and trust in the employees towards the organisation. For this purpose, the author took two cases and conclude the research on a positive note. The author argued that engaging employees in the decision-making process can have a positive as well as negative implications over the business. However, the former would outclass the latter.
The findings of the paper clearly suggest that an inclusive approach taken up by any organisation would bring diversity in the ideas and this would lead to innovation. It would encourage employees and would further motivate them to contribute to the growth of the company. In addition to this, it uplifts the trust between the management and workers and makes them responsible. This paper is useful for the manager to understand the business and organisation practices that might benefit the company as this would reduce the turnover ratio and increases employees' satisfaction level. Furthermore, this would also ultimately add more value to the organisation's bottom line.
Article 5: The functions of diverse firms.
Solakoglu, M. N., &Demir, N. (2016). The role of firm characteristics on the relationship between gender diversity and firm performance. Management Decision, 54(6), 1407–1419.doi:10.1108/md-02-2015-0075
In this paper, the author has given the main focus on gender diversity in the top management and its impact on the performance of businesses. It has been stated in many research articles cited by the author that diverse firms have better productivity and efficiency in comparison to those that have no or very little diversity at all levels. The author argued that a diverse or heterogeneous board would have a better understanding of organisational culture, marketplace, customer base and segment, and goal setting. In addition to this, the author also talked about other benefits of a diverse firm like such organisations have better corporate image and goodwill. The major findings of the paper revealed that the selection process of diverse firms are way better than those that have homogenous staff as the selectors ignore a major section of talented candidates. The author also revealed that the selection process of a diverse firm would result in effective management and this would have a higher potential performance of individuals. It was highlighted that diverse firms are more effective and successful in maintaining a global relationship. However, diverse firms take more time in making decisions in comparison to any homogenous firm. This is the downside of a diverse firm and its functioning.
The knowledge of diverse firms and its functions or procedure would be helping the manager in making a decision regarding the workforce mix and diversity. The paper has clearly highlighted the benefits of diverse firms. By making use of such knowledge, she/she would be able to recruit the staff accordingly and can contribute to the organisation's performance.
From the aforementioned research articles and reviewing them helped in getting a knowledge of the five aspects characterising the business decision-making process. Among those factors, it is cleared that "functions of diverse firms” is the most important aspect for the big banks. These banks are investing in different countries and forming mergers and joint ventures around the world. Therefore, understanding diversity is a crucial aspect for managing staff, understanding the client's requirement and gaining the trust of customers. As diverse firms have better performance, decision-making process, innovating ideas, and better employee retention rate. In addition to this, having a diversity can be effective in increasing the corporate image and goodwill in the market. Hence, considering all these factors would be beneficial from various financial and non-financial perspectives of the business. This would be worth discussing in future assessment of this course.
- Blahová, M., Haghirian, P., &Pálka, P. (2015). Major factors affecting contemporary Japanese business environment. International Journal of Productivity and Performance Management, 64(3), 416–433.doi:10.1108/ijppm-09-2014-0138
- Cheese, P. (2016). Managing risk and building resilient organisations in a riskier world. Journal of Organizational Effectiveness: People and Performance, 3(3), 323–331. Doi: 10.1108/joepp-07-2016-0044
- Davis, P. J. (2018). Getting employees involved in strategic planning. Journal of Business Strategy. doi:10.1108/jbs-04-2018-0060
- Solakoglu, M. N., &Demir, N. (2016). The role of firm characteristics on the relationship between gender diversity and firm performance. Management Decision, 54(6), 1407–1419.doi:10.1108/md-02-2015-0075
- Styhre, A. (2018). Corporate governance varieties: Locke and Hegel's philosophy of right and the roots of corporate governance traditions. International Journal of Organizational Analysis, 00–00.doi: 10.1108/ijoa-02-2017-1127