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LEADING&MANAGING IN A GLOBAL
ENVIRONMENT A:
MANAGING IN A GLOBAL ENVIRONMENT
Lecture 3: Q&A on Course Material
Let’s recap…
Day 1
Topic 1 – Financialised Economy Context of Modern Firms
Topic 2 – Managing Financialised Firms: SHV and Agency Problem
Topic 3 – Halo Effect: Narratives
Day 2
Topic 4 – Financial Crisis, Financial Cycles
Topic 5 – New Normal of Central Bank Policies
Day 3
Topic 6 – Critical Drivers of Modern Business Environment (Presentations)
Topic 7 – Social Context of Firms
Topic 8 – Business and Ethics
Discuss in maximum 1,000 words:
a) How financialised firm behaviour where the purpose of the
firm is to maximise shareholder value has been an obstacle
for quantitative easing by central banks after the 2007
crisis to stimulate investments and economic growth, and
b) How a transition to a stakeholder value-driven firm can be
achieved.
Question 1
For Q1a)
• After 2007, central banks engaged in quantitative easing to stimulate
investments and economic growth
• However, in a financialised economy, firms’ main purpose is to maximise
shareholder value
• How has the main purpose of maximising shareholder value created an
obstacle for central banks to achieve their quantitative easing goals?
For Q1b)
• Think about how can the business world transition to a stakeholder-
value-driven firm
• In addressing the question you should also think about the challenges of
the current firms’ purpose of maximising shareholder value
Breaking Down Question 1
You are expected to use all of the following course readings in answering the
question.
1. Ertürk, I. (2016) “Post-crisis central bank unconventional policies and
financialised transmission channels”, Study, Foundation for European
Progressive Studies, Finance and Inequality Project.
2. Ertürk, I. (2020) “Shareholder Primacy and Corporate Financialization”
in Mader P., Mertens, D. and van der Zwan, N. (2020) International
Handbook of Financialization, Routledge, Oxon, London
3. Mayer, C. (2021) “The Future of the Corporation and the Economics of
Purpose”, Journal of Management Studies, 58(3), pp.887-901
4. United Way Social Purpose Institute (2022) The Social Purpose
Transition Pathway.
5. Evans, J. and Agnew, H. (January 12, 2022) “Mayonnaise with ‘purpose’
rebuke shows discontent Unilever facing”, Financial Times.
Question 1 Requirement
Choose a public company -a company listed in stock market and
publishes annual reports in English- and read the company’s last two
years’ reporting of its ESG (environment, social and governance), its
contributions to the United Nations Sustainable Development Goals
(UN SDGs), sustainability, corporate social responsibility (CSR)
activities. You should also research other publicly available sources
on the company’s such activities.
Then in maximum 2,000 words:
a) Critically analyse whether this company intends to present a
narrative and to create a halo effect of doing good without
providing verifiable data and evidence, and
b) Advise how this company can have its stakeholders get
involved in identifying and measuring the impact of its ESG,
UN SDGs, sustainability, CSR activities.
Question 2
For Q2a)
• You are critically analysing the company’s strategy in their CSR /
sustainability / UN SDGs / ESG (basically anything that looks
beyond maximising shareholder value and more towards
stakeholder value)
• You are not just describing their strategies
• You must provide evidence that their strategies are not just
written words. Ask yourself, where are the evidence? Are there
any contradictions in their words versus their actions? If they are
doing well in one aspect, are they doing other things that
contradict this action?
For Q2b)
• You can find ideas from the recommended readings
• You can also find ideas from the WEF videos
Breaking Down Q2
You are expected to use the concepts, analytical frameworks, and insights from the
following course readings in answering Question 2:
1. Leins, S. (2018) “Chapter 6: Construction of an Investment Narrative”, Stories of
Capitalism: Inside the Role of Financial Analysts, University of Chicago Press
2. Arjaliès, D.L. and Bansal, P. (2018), “Beyond numbers: How investment
managers accommodate societal issues in financial decisions”, Organization
Studies, 39(5-6), pp.691-719.
3. Rosenzweig, P. (2014) Chapter 4 “Halos All Around Us” The Halo Effect, Simon &
Schuster
4. Rosenzweig, P. (2014) Chapter 8 “Stories, Science and the Schizophrenic Tour
de Force”, The Halo Effect, Simon & Schuster
5. Jones, B. and Nisbet, P. (2011) “Shareholder value versus stakeholder values:
CSR and financialization in global food firms”, Socio-Economic Review, 9(2),
pp.287-314.
6. Hiss, S. (2013) “The politics of the financialization of sustainability”, Competition
& Change, 17(3), pp.234-247.
7. Agnew, H., Klasa, A. and Mundy, S. (June 6 2022), “How ESG investing came to
a reckoning”, Financial Times
8. Temple-West, P. (May 23 2022) “Watchdog tackle the murky world of
greenwash”, Financial Times.
Question 2 Requirement
Potential Paper Plans
Example 1 Example 2
Intro ​to both Q 1 and Q2
Section 1: Q1
Sub-sections: Main Body of Q1
Section 1:
Intro to Q1
Main body of Q1
Conclusion to Q1
Section 2: Q2
Sub-sections: Main Body of Q2
Section 2:
Intro to Q2
Main body of Q2
Conclusion to Q2
Conclusion to both Q1 and
Q2
The following will be taken into consideration in marking your
assignment:
 Comprehensiveness and accuracy of your use of the required readings
in answering Question 1.
 Critical analysis of the chosen company using your own ideas and
based on original research and the insights from the readings in
answering Question 2.
 The relevance of the data and information on the chosen company’s
ESG and social responsibility performance and activities in answering
Question 2.
 Presentational qualities of your paper – citation, bibliography,
paragraphing, spacing, spelling, quotations etc.
Marking Criteria
Descriptive vs. Critical Writing
Descriptive writing​ Critical writing​
States what happened
The data shows that the incidence (new
cases) of asthma rates in children under 15
years old increased rapidly from 1977,
peaking in 1993 and then declining, though
rates still remain significantly higher than
pre-1976 levels.​
Identifies the significance
The trend, from 1977 until 1993, of a rapid
rise in rates of asthma diagnosis in children
under 15 years, suggests that one of the
causal factors was particularly prevalent
during this time, but has since declined in
importance or effect.​
Explains what a theory says
Fligstein and McAdam’s (2011) theory of
strategic action fields is about a meso-level
social order where actors (who can be
individual or collective) interact with
knowledge of one another under a set of
common understandings about the
purposes of the field, the relationships in
the field (including who has power and
why), and the field’s rules.​
Shows why something is relevant or
suitable
Fligstein and McAdam’s (2011) theory of
strategic action field is particularly suitable
for a discussion on how businesses
strategise based on the environment it is
in, due to its significance in allowing in-
depth analysis on the interconnectedness
of businesses with its external actors.
Some tips
• Always define a theoretical concept – at least to make sure you
understand it yourself!
• Always refer back to the assignment questions – are you actually
answering it?
• More points that only scratch the surface are never as good as less
points that are developed well
Thank you!!!
Email me at: abdulrahmansyahirah@gmail.com OR
syahirah.abdulrahman@manchester.ac.uk

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L&MGE A slides Lecture 3 for Students studying

  • 1. LEADING&MANAGING IN A GLOBAL ENVIRONMENT A: MANAGING IN A GLOBAL ENVIRONMENT Lecture 3: Q&A on Course Material
  • 2. Let’s recap… Day 1 Topic 1 – Financialised Economy Context of Modern Firms Topic 2 – Managing Financialised Firms: SHV and Agency Problem Topic 3 – Halo Effect: Narratives Day 2 Topic 4 – Financial Crisis, Financial Cycles Topic 5 – New Normal of Central Bank Policies Day 3 Topic 6 – Critical Drivers of Modern Business Environment (Presentations) Topic 7 – Social Context of Firms Topic 8 – Business and Ethics
  • 3. Discuss in maximum 1,000 words: a) How financialised firm behaviour where the purpose of the firm is to maximise shareholder value has been an obstacle for quantitative easing by central banks after the 2007 crisis to stimulate investments and economic growth, and b) How a transition to a stakeholder value-driven firm can be achieved. Question 1
  • 4. For Q1a) • After 2007, central banks engaged in quantitative easing to stimulate investments and economic growth • However, in a financialised economy, firms’ main purpose is to maximise shareholder value • How has the main purpose of maximising shareholder value created an obstacle for central banks to achieve their quantitative easing goals? For Q1b) • Think about how can the business world transition to a stakeholder- value-driven firm • In addressing the question you should also think about the challenges of the current firms’ purpose of maximising shareholder value Breaking Down Question 1
  • 5. You are expected to use all of the following course readings in answering the question. 1. Ertürk, I. (2016) “Post-crisis central bank unconventional policies and financialised transmission channels”, Study, Foundation for European Progressive Studies, Finance and Inequality Project. 2. Ertürk, I. (2020) “Shareholder Primacy and Corporate Financialization” in Mader P., Mertens, D. and van der Zwan, N. (2020) International Handbook of Financialization, Routledge, Oxon, London 3. Mayer, C. (2021) “The Future of the Corporation and the Economics of Purpose”, Journal of Management Studies, 58(3), pp.887-901 4. United Way Social Purpose Institute (2022) The Social Purpose Transition Pathway. 5. Evans, J. and Agnew, H. (January 12, 2022) “Mayonnaise with ‘purpose’ rebuke shows discontent Unilever facing”, Financial Times. Question 1 Requirement
  • 6. Choose a public company -a company listed in stock market and publishes annual reports in English- and read the company’s last two years’ reporting of its ESG (environment, social and governance), its contributions to the United Nations Sustainable Development Goals (UN SDGs), sustainability, corporate social responsibility (CSR) activities. You should also research other publicly available sources on the company’s such activities. Then in maximum 2,000 words: a) Critically analyse whether this company intends to present a narrative and to create a halo effect of doing good without providing verifiable data and evidence, and b) Advise how this company can have its stakeholders get involved in identifying and measuring the impact of its ESG, UN SDGs, sustainability, CSR activities. Question 2
  • 7. For Q2a) • You are critically analysing the company’s strategy in their CSR / sustainability / UN SDGs / ESG (basically anything that looks beyond maximising shareholder value and more towards stakeholder value) • You are not just describing their strategies • You must provide evidence that their strategies are not just written words. Ask yourself, where are the evidence? Are there any contradictions in their words versus their actions? If they are doing well in one aspect, are they doing other things that contradict this action? For Q2b) • You can find ideas from the recommended readings • You can also find ideas from the WEF videos Breaking Down Q2
  • 8. You are expected to use the concepts, analytical frameworks, and insights from the following course readings in answering Question 2: 1. Leins, S. (2018) “Chapter 6: Construction of an Investment Narrative”, Stories of Capitalism: Inside the Role of Financial Analysts, University of Chicago Press 2. Arjaliès, D.L. and Bansal, P. (2018), “Beyond numbers: How investment managers accommodate societal issues in financial decisions”, Organization Studies, 39(5-6), pp.691-719. 3. Rosenzweig, P. (2014) Chapter 4 “Halos All Around Us” The Halo Effect, Simon & Schuster 4. Rosenzweig, P. (2014) Chapter 8 “Stories, Science and the Schizophrenic Tour de Force”, The Halo Effect, Simon & Schuster 5. Jones, B. and Nisbet, P. (2011) “Shareholder value versus stakeholder values: CSR and financialization in global food firms”, Socio-Economic Review, 9(2), pp.287-314. 6. Hiss, S. (2013) “The politics of the financialization of sustainability”, Competition & Change, 17(3), pp.234-247. 7. Agnew, H., Klasa, A. and Mundy, S. (June 6 2022), “How ESG investing came to a reckoning”, Financial Times 8. Temple-West, P. (May 23 2022) “Watchdog tackle the murky world of greenwash”, Financial Times. Question 2 Requirement
  • 9. Potential Paper Plans Example 1 Example 2 Intro ​to both Q 1 and Q2 Section 1: Q1 Sub-sections: Main Body of Q1 Section 1: Intro to Q1 Main body of Q1 Conclusion to Q1 Section 2: Q2 Sub-sections: Main Body of Q2 Section 2: Intro to Q2 Main body of Q2 Conclusion to Q2 Conclusion to both Q1 and Q2
  • 10. The following will be taken into consideration in marking your assignment:  Comprehensiveness and accuracy of your use of the required readings in answering Question 1.  Critical analysis of the chosen company using your own ideas and based on original research and the insights from the readings in answering Question 2.  The relevance of the data and information on the chosen company’s ESG and social responsibility performance and activities in answering Question 2.  Presentational qualities of your paper – citation, bibliography, paragraphing, spacing, spelling, quotations etc. Marking Criteria
  • 11. Descriptive vs. Critical Writing Descriptive writing​ Critical writing​ States what happened The data shows that the incidence (new cases) of asthma rates in children under 15 years old increased rapidly from 1977, peaking in 1993 and then declining, though rates still remain significantly higher than pre-1976 levels.​ Identifies the significance The trend, from 1977 until 1993, of a rapid rise in rates of asthma diagnosis in children under 15 years, suggests that one of the causal factors was particularly prevalent during this time, but has since declined in importance or effect.​ Explains what a theory says Fligstein and McAdam’s (2011) theory of strategic action fields is about a meso-level social order where actors (who can be individual or collective) interact with knowledge of one another under a set of common understandings about the purposes of the field, the relationships in the field (including who has power and why), and the field’s rules.​ Shows why something is relevant or suitable Fligstein and McAdam’s (2011) theory of strategic action field is particularly suitable for a discussion on how businesses strategise based on the environment it is in, due to its significance in allowing in- depth analysis on the interconnectedness of businesses with its external actors.
  • 12. Some tips • Always define a theoretical concept – at least to make sure you understand it yourself! • Always refer back to the assignment questions – are you actually answering it? • More points that only scratch the surface are never as good as less points that are developed well
  • 13. Thank you!!! Email me at: abdulrahmansyahirah@gmail.com OR syahirah.abdulrahman@manchester.ac.uk