This document discusses corporate performance, governance, and business ethics. It addresses stakeholders and their interests in a company, as well as the unique role of stockholders in maximizing long-term profitability and growth. The document also discusses agency theory and the principal-agent relationship, noting challenges in shaping agent behavior and reducing information asymmetry. Governance mechanisms are implemented to limit agency problems and better align the incentives of agents and principals.
The document discusses different types of industry environments and the business strategies managers use to increase profitability within each environment. It covers fragmented industries, which are composed of many small companies due to low barriers to entry. Strategies for fragmented industries include franchising, mergers, and developing new business models using technology. Embryonic and growth industries are discussed, which involve new markets or products in early development phases. These industries initially see slow growth as issues around the product and market are worked out. Once technologies progress, costs reduce, and complementary products develop, mass markets can form in these industries.
This document discusses competitive rivalry and dynamics. It defines key terms like competitors, competitive behavior, and competitive dynamics. It describes how firms analyze competitors based on market commonality and resource similarity. Competitive actions are driven by a firm's awareness, motivation, and ability. The document presents models of competitive rivalry and discusses how rivalry affects strategy and varies in different market conditions.
This document discusses cost accounting and its relationship to financial and managerial accounting. It provides information on accountants, accounting differences, product cost information, accounting bodies, ethics, legislation, organizational strategy, structure, and potential ethical issues. Cost accountants provide product cost information to both internal and external users for decision making, planning, and performance evaluation. They must adhere to standards of ethical conduct.
This document discusses analyzing a company's internal environment to understand its resources, capabilities, and core competencies. It defines key terms like resources, capabilities, core competencies, and value chain. The document emphasizes that understanding internal strengths and weaknesses is important for identifying what a company can do well. It also provides examples of how companies like Subway have leveraged their core competencies for competitive advantage. Overall, the document outlines frameworks and considerations for analyzing a company's internal environment to help it identify current and future competitive advantages.
This document provides an overview of key topics in corporate finance and financial management from Chapter 1 of the textbook "Financial Management: Theory and Practice". It discusses the objectives of firms to maximize wealth, forms of business organization from sole proprietorships to corporations, and determinants of a firm's fundamental value including free cash flows, weighted average cost of capital, and discounting future cash flows. It also covers financial securities, markets, institutions and the roles of savers and borrowers of capital.
Identify the management goal and organizational structure of the Multinational Corporation (MNC).
Describe the key theories that justify international business.
Explain the common methods used to conduct international business.
Provide a model for valuing the MNC.
strategy formulation competitive action and dynamicsdaniyarehan2
Competitive rivalry and dynamics involve the ongoing actions and responses between firms competing in the same markets. Competitors are firms offering similar products and targeting similar customers. Competitive rivalry increases during economic downturns as customers seek value and escapism. Analysis of competitors considers market commonality, such as competing in multiple markets, and resource similarity, like comparable capabilities. Drivers of competitive actions are a firm's awareness of mutual dependence with rivals and its motivation to act based on potential gains or losses.
The document discusses different types of industry environments and the business strategies managers use to increase profitability within each environment. It covers fragmented industries, which are composed of many small companies due to low barriers to entry. Strategies for fragmented industries include franchising, mergers, and developing new business models using technology. Embryonic and growth industries are discussed, which involve new markets or products in early development phases. These industries initially see slow growth as issues around the product and market are worked out. Once technologies progress, costs reduce, and complementary products develop, mass markets can form in these industries.
This document discusses competitive rivalry and dynamics. It defines key terms like competitors, competitive behavior, and competitive dynamics. It describes how firms analyze competitors based on market commonality and resource similarity. Competitive actions are driven by a firm's awareness, motivation, and ability. The document presents models of competitive rivalry and discusses how rivalry affects strategy and varies in different market conditions.
This document discusses cost accounting and its relationship to financial and managerial accounting. It provides information on accountants, accounting differences, product cost information, accounting bodies, ethics, legislation, organizational strategy, structure, and potential ethical issues. Cost accountants provide product cost information to both internal and external users for decision making, planning, and performance evaluation. They must adhere to standards of ethical conduct.
This document discusses analyzing a company's internal environment to understand its resources, capabilities, and core competencies. It defines key terms like resources, capabilities, core competencies, and value chain. The document emphasizes that understanding internal strengths and weaknesses is important for identifying what a company can do well. It also provides examples of how companies like Subway have leveraged their core competencies for competitive advantage. Overall, the document outlines frameworks and considerations for analyzing a company's internal environment to help it identify current and future competitive advantages.
This document provides an overview of key topics in corporate finance and financial management from Chapter 1 of the textbook "Financial Management: Theory and Practice". It discusses the objectives of firms to maximize wealth, forms of business organization from sole proprietorships to corporations, and determinants of a firm's fundamental value including free cash flows, weighted average cost of capital, and discounting future cash flows. It also covers financial securities, markets, institutions and the roles of savers and borrowers of capital.
Identify the management goal and organizational structure of the Multinational Corporation (MNC).
Describe the key theories that justify international business.
Explain the common methods used to conduct international business.
Provide a model for valuing the MNC.
strategy formulation competitive action and dynamicsdaniyarehan2
Competitive rivalry and dynamics involve the ongoing actions and responses between firms competing in the same markets. Competitors are firms offering similar products and targeting similar customers. Competitive rivalry increases during economic downturns as customers seek value and escapism. Analysis of competitors considers market commonality, such as competing in multiple markets, and resource similarity, like comparable capabilities. Drivers of competitive actions are a firm's awareness of mutual dependence with rivals and its motivation to act based on potential gains or losses.
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The document is a presentation on accounting and business that covers several topics:
1) It describes the nature of business, the role of accounting in providing financial information to internal and external users, and the importance of ethics.
2) It discusses the development of generally accepted accounting principles by organizations like the FASB and IASB to guide financial reporting.
3) It summarizes different forms of business organization like proprietorships, partnerships, corporations, and limited liability companies, and notes their distinguishing characteristics and prevalence.
The document discusses strategic management and the competitive landscape. It defines key terms like strategy, competitive advantage, and the strategic management process. The strategic management process involves analyzing internal/external factors, developing vision/mission/strategies, and implementing strategies to achieve competitive advantages and above-average returns. The competitive landscape is increasingly complex due to globalization and rapid technological changes. Globalization has led to new opportunities but also risks as firms must meet global standards. Technology diffusion and disruptive technologies also create unstable environments, requiring firms to constantly innovate.
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The document discusses developing startup ideas and evaluating their feasibility. It describes different types of startup ideas and how to generate new ideas through innovative thinking. An entrepreneur should analyze the external environment, including industry trends and competitors, and internal resources and capabilities. A SWOT analysis can help screen ideas by integrating these internal and external factors. The feasibility of an idea depends on whether there is a market need and competitive advantage, the management team's capabilities match the venture, and there are no fatal flaws like lack of market potential. The most promising ideas are those in an entrepreneur's opportunity "sweet spot" that have strengths outweighing weaknesses and opportunities outweighing threats.
This chapter overview discusses key topics in corporate finance including business organization, maximizing shareholder wealth, determinants of firm value, financial markets and institutions. It covers the importance of corporate finance for managers, different forms of business organization, and becoming a public corporation. The chapter also addresses agency problems, how cash flows affect value, weighted average cost of capital, and the capital allocation process.
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- Portfolio risk is lower than the weighted average risk of individual securities if their correlations are less than one. The capital asset pricing model relates a security's expected return to its beta, a measure of nondiversifiable risk.
- For markets to be efficient, security prices should quickly incorporate new information and no investors should consistently earn excess returns after accounting for risk and costs. However, the joint hypothesis problem notes that rejections of market efficiency may also reflect issues with the model used to calculate expected returns.
- Agency problems arise in situations where one party (the principal) delegates authority to another (the agent), such as when shareholders hire managers, but their incentives are not perfectly aligned.
This document discusses performance evaluation and decentralization in managerial accounting. It begins with learning objectives about decentralization, methods of performance evaluation like return on investment, and transfer pricing. It then defines decentralization and why companies choose this structure, discussing responsibility centers and how companies create divisions. It explains different types of performance measures like return on investment, residual income, and economic value added. Finally, it discusses transfer pricing and how the internal price charged between divisions affects their costs, revenues, and profits.
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The document discusses a firm's internal organization, including its resources, capabilities, core competencies, and competitive advantages. It defines these terms and explains how they relate. Resources include tangible assets as well as intangible assets like human capital and reputation. Capabilities emerge from how resources are deployed. Core competencies provide competitive advantages and are valuable, rare, costly to imitate, and non-substitutable. Firms can develop sustainable advantages by effectively acquiring, bundling, and leveraging their core competencies.
This document summarizes the key topics covered in Chapter 1 of the textbook "Cornerstones of Managerial Accounting". It defines managerial accounting as providing internal accounting information to assist with planning, controlling, and decision making. The main differences between managerial and financial accounting are explained. Current focuses of managerial accounting include new costing methods, customer orientation, and supporting total quality management. The role of managerial accountants is to provide supportive information to line managers. Ethical behavior is important for both managers and managerial accountants.
Video 4 - Module 4 - Liquidity Ratios.pptxMyname94851
The document discusses liquidity ratios, which measure a company's ability to meet its short-term obligations. It defines two key liquidity ratios: the current ratio, which measures a company's ability to pay off current liabilities with its current assets, and the acid-test ratio, which provides a more stringent measure by excluding less liquid current assets like inventory from the calculation. Both ratios compare current assets to current liabilities, with the current ratio intended to measure basic short-term debt paying ability and the acid-test ratio intended to measure immediate liquidity.
The External Environment Opportunities, Threats, Industry Competition and Com...AndyCNiu
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Organizational behavior is the study of human behavior in organizational settings, the interface between human behavior and the organization, and the organization itself. It helps managers understand behaviors, interactions, and the environment to effectively manage people. Key perspectives include systems theory, contingency frameworks, and an interactionalist view of how people and situations mutually influence each other. Applying organizational behavior principles can help managers achieve individual, group, and organizational goals to ensure effectiveness.
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Chapter 01 Introducting to Accounting and Bussines (TM 1).pptrogernapitupulu
The document is a presentation on accounting and business that covers several topics:
1) It describes the nature of business, the role of accounting in providing financial information to internal and external users, and the importance of ethics.
2) It discusses the development of generally accepted accounting principles by organizations like the FASB and IASB to guide financial reporting.
3) It summarizes different forms of business organization like proprietorships, partnerships, corporations, and limited liability companies, and notes their distinguishing characteristics and prevalence.
The document discusses strategic management and the competitive landscape. It defines key terms like strategy, competitive advantage, and the strategic management process. The strategic management process involves analyzing internal/external factors, developing vision/mission/strategies, and implementing strategies to achieve competitive advantages and above-average returns. The competitive landscape is increasingly complex due to globalization and rapid technological changes. Globalization has led to new opportunities but also risks as firms must meet global standards. Technology diffusion and disruptive technologies also create unstable environments, requiring firms to constantly innovate.
The document discusses developing startup ideas and evaluating their feasibility. It describes different types of startup ideas and how to generate new ideas through innovative thinking. An entrepreneur should analyze the external environment, including industry trends and competitors, and internal resources and capabilities. A SWOT analysis can help screen ideas by integrating these internal and external factors. The feasibility of an idea depends on whether the market and competitive advantages are strong and whether management has the capability to execute the strategy. The document provides frameworks to screen ideas and identify any fatal flaws that could cause a startup to fail.
This document discusses developing startup ideas and assessing business opportunities. It covers identifying potential new products or services, using innovative thinking to generate ideas, and analyzing opportunities both from an outside perspective considering the general business environment and industry, and from an inside perspective evaluating a firm's own resources and capabilities. Key frameworks covered include the SWOT analysis to integrate internal and external assessments, and identifying opportunities that match a venture's strengths in the "sweet spot" of high opportunity and low threat. The overall goal is to help entrepreneurs screen ideas and identify those with the greatest potential feasibility.
The document discusses developing startup ideas and evaluating their feasibility. It describes different types of startup ideas and how to generate new ideas through innovative thinking. An entrepreneur should analyze the external environment, including industry trends and competitors, and internal resources and capabilities. A SWOT analysis can help screen ideas by integrating these internal and external factors. The feasibility of an idea depends on whether there is a market need and competitive advantage, the management team's capabilities match the venture, and there are no fatal flaws like lack of market potential. The most promising ideas are those in an entrepreneur's opportunity "sweet spot" that have strengths outweighing weaknesses and opportunities outweighing threats.
This chapter overview discusses key topics in corporate finance including business organization, maximizing shareholder wealth, determinants of firm value, financial markets and institutions. It covers the importance of corporate finance for managers, different forms of business organization, and becoming a public corporation. The chapter also addresses agency problems, how cash flows affect value, weighted average cost of capital, and the capital allocation process.
Strategic management and strategic competitiveness.pptxAndyCNiu
This chapter discusses strategic management and competitiveness. It introduces strategic concepts like competitive advantage and the strategic management process. It describes the increasingly global and technology-driven competitive landscape that firms operate within. The chapter outlines two models - industry organization and resource-based - that explain how firms can earn above-average returns. It also discusses vision/mission, stakeholders, strategic leaders, and the overall strategic management process of analyzing, strategizing, and ensuring performance.
This document discusses key topics in international financial management. It begins by outlining the management goals and organizational structures of multinational corporations (MNCs). It then discusses agency problems that arise between managers and shareholders of MNCs and methods used by MNCs to control these problems. Common methods for MNCs to conduct international business are also outlined, including international trade, licensing, franchising, joint ventures, acquisitions, and establishing new foreign subsidiaries. Theories justifying why firms pursue international business like competitive advantage and product life cycles are also summarized.
Here is the brief description of corporations.
You will have a great understanding with the basic concept of the corporations and the way it works.
Come up for the questions and we will have a good conversation.
Hope you have a good time.
The document discusses key topics in accounting information systems, including enterprise systems, e-business, internal controls, and the implications of the Sarbanes-Oxley Act. It also outlines the components of an accounting information system, how data is transformed into useful information for decision-making, and the roles of accountants in designing, using, and auditing accounting information systems.
- Portfolio risk is lower than the weighted average risk of individual securities if their correlations are less than one. The capital asset pricing model relates a security's expected return to its beta, a measure of nondiversifiable risk.
- For markets to be efficient, security prices should quickly incorporate new information and no investors should consistently earn excess returns after accounting for risk and costs. However, the joint hypothesis problem notes that rejections of market efficiency may also reflect issues with the model used to calculate expected returns.
- Agency problems arise in situations where one party (the principal) delegates authority to another (the agent), such as when shareholders hire managers, but their incentives are not perfectly aligned.
This document discusses performance evaluation and decentralization in managerial accounting. It begins with learning objectives about decentralization, methods of performance evaluation like return on investment, and transfer pricing. It then defines decentralization and why companies choose this structure, discussing responsibility centers and how companies create divisions. It explains different types of performance measures like return on investment, residual income, and economic value added. Finally, it discusses transfer pricing and how the internal price charged between divisions affects their costs, revenues, and profits.
The document discusses forecasting exchange rates. It covers why firms forecast exchange rates, common forecasting techniques including technical, fundamental, and market-based approaches, evaluating forecast performance, and forecasting under different market efficiency assumptions. Techniques include using historical exchange rate data, economic fundamentals, spot and forward rates, and combinations of approaches. Forecast errors are evaluated based on size, over time horizons, currencies, and statistical tests for bias.
The document discusses a firm's internal organization, including its resources, capabilities, core competencies, and competitive advantages. It defines these terms and explains how they relate. Resources include tangible assets as well as intangible assets like human capital and reputation. Capabilities emerge from how resources are deployed. Core competencies provide competitive advantages and are valuable, rare, costly to imitate, and non-substitutable. Firms can develop sustainable advantages by effectively acquiring, bundling, and leveraging their core competencies.
This document summarizes the key topics covered in Chapter 1 of the textbook "Cornerstones of Managerial Accounting". It defines managerial accounting as providing internal accounting information to assist with planning, controlling, and decision making. The main differences between managerial and financial accounting are explained. Current focuses of managerial accounting include new costing methods, customer orientation, and supporting total quality management. The role of managerial accountants is to provide supportive information to line managers. Ethical behavior is important for both managers and managerial accountants.
Video 4 - Module 4 - Liquidity Ratios.pptxMyname94851
The document discusses liquidity ratios, which measure a company's ability to meet its short-term obligations. It defines two key liquidity ratios: the current ratio, which measures a company's ability to pay off current liabilities with its current assets, and the acid-test ratio, which provides a more stringent measure by excluding less liquid current assets like inventory from the calculation. Both ratios compare current assets to current liabilities, with the current ratio intended to measure basic short-term debt paying ability and the acid-test ratio intended to measure immediate liquidity.
The External Environment Opportunities, Threats, Industry Competition and Com...AndyCNiu
This chapter discusses analyzing a firm's external environment including the general environment, industry environment, and competitors. The general environment consists of 7 segments (demographic, economic, political/legal, sociocultural, technological, global, and physical) that can present opportunities or threats. The industry environment is defined by 5 competitive forces (threat of new entrants, power of suppliers/buyers, threat of substitutes, rivalry among competitors). Firms must understand how these forces influence their industry's profitability. Competitor analysis involves gathering intelligence about other firms to predict their actions and understand the competitive dynamics of the industry.
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Strategic Managment_Hill 9e_ppt_ch11
1. Chapter 11Chapter 11
CORPORATE PERFORMANCE,CORPORATE PERFORMANCE,
GOVERNANCE, AND BUSINESSGOVERNANCE, AND BUSINESS
ETHICSETHICS
2.
3. 11 -11 -44
““There are worse things thanThere are worse things than
war; and all of them comewar; and all of them come
with defeat.”with defeat.” -Ernest Hemingway-Ernest Hemingway
2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
““I count him braver whoI count him braver who
overcomes his desires thanovercomes his desires than
him who overcomes hishim who overcomes his
enemies.”enemies.” AristotleAristotle
4. Stakeholders andStakeholders and
Corporate PerformanceCorporate Performance
o Stakeholders: Individuals/groups withStakeholders: Individuals/groups with
an interest/claim/or stake in companyan interest/claim/or stake in company
• Internal (e.g., employees, stockholders)Internal (e.g., employees, stockholders)
• External (e.g., customers, creditors,External (e.g., customers, creditors,
governments)governments)
o Company must consider stakeholderCompany must consider stakeholder
claims in developing & implementingclaims in developing & implementing
strategystrategy
11 -11 -55
2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
5. Stakeholders and the EnterpriseStakeholders and the Enterprise
Figure 11.1
11 -11 -66
2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
6. Identify:Identify:
o StakeholdersStakeholders
o Stakeholders’ interests/concernsStakeholders’ interests/concerns
o Claims stakeholders likely to makeClaims stakeholders likely to make
o Stakeholders most important fromStakeholders most important from
organization’s perspectiveorganization’s perspective
o Resulting strategic challengesResulting strategic challenges
Stakeholder Impact AnalysisStakeholder Impact Analysis
11 -11 -77
2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
7. Company’s legal owners and providers of riskCompany’s legal owners and providers of risk
capital, a major source of capital to operate acapital, a major source of capital to operate a
business.business.
Maximizing long-runMaximizing long-run
profitability & profitprofitability & profit
growth is route togrowth is route to
maximizing returns tomaximizing returns to
shareholders, as well asshareholders, as well as
satisfying claims of mostsatisfying claims of most
other stakeholder groups.other stakeholder groups.
Unique Role of StockholdersUnique Role of Stockholders
11 -11 -88
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
8. Profitability, Profit Growth,Profitability, Profit Growth,
and Stakeholder Claimsand Stakeholder Claims
1)1) Participating in growing marketParticipating in growing market
2)2) Taking market share away from competitorsTaking market share away from competitors
3)3) Consolidating industry via horizontal integrationConsolidating industry via horizontal integration
4)4) Developing new marketsDeveloping new markets
To grow profits, companies must be doing oneTo grow profits, companies must be doing one
or more of the following:or more of the following:
Stockholders receive their returns as:Stockholders receive their returns as:
Dividend paymentsDividend payments
Capital appreciation inCapital appreciation in marketmarket value ofvalue of
sharesshares
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
9.
10. Agency TheoryAgency Theory
Principal-Agent RelationshipsPrincipal-Agent Relationships
PrincipalPrincipal AgentAgent
Agency Problem:Agency Problem:
• Agents & principals may have different goalsAgents & principals may have different goals
• Agents goals not in best interests of principalsAgents goals not in best interests of principals
• Agents may take advantage of informationAgents may take advantage of information
asymmetries to maximize interests at expense ofasymmetries to maximize interests at expense of
principalsprincipals
• Difficult for principals to measure performanceDifficult for principals to measure performance
Agency relationship - whenever one partyAgency relationship - whenever one party
delegates decision-making authority or controldelegates decision-making authority or control
over resources to another.over resources to another.
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
AuthorityAuthority
11. Tradeoff Between Profitability &Tradeoff Between Profitability &
Revenue Growth RatesRevenue Growth Rates
Figure 11.2
Maximize long-run shareholder returns by seeking right balanceMaximize long-run shareholder returns by seeking right balance
between company growth . . . profitability and profit growth.between company growth . . . profitability and profit growth.
11 -11 -1212
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
12.
13.
14. Challenge for PrincipalsChallenge for Principals
1.1. Shape behavior of agents to act inShape behavior of agents to act in
accordance with goals set by principalsaccordance with goals set by principals
2.2. Reduce information asymmetry betweenReduce information asymmetry between
agents & principalsagents & principals
3.3. Develop mechanisms forDevelop mechanisms for
removing agents not acting in accordanceremoving agents not acting in accordance
with goals of principalswith goals of principals
Confronted with agency problems:Confronted with agency problems:
Principals try to deal with these challengesPrincipals try to deal with these challenges
through a series of governance mechanisms.through a series of governance mechanisms.
11 -11 -1515
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
15. Governance MechanismsGovernance Mechanisms
Governance mechanisms limit agencyGovernance mechanisms limit agency
problem by aligning incentives betweenproblem by aligning incentives between
agents & principals - monitor/control.agents & principals - monitor/control.
Mechanisms include:Mechanisms include:
• Board of DirectorsBoard of Directors
• Stock-Based CompensationStock-Based Compensation
• Financial Statements &Financial Statements &
AuditorsAuditors
• Takeover ConstraintTakeover Constraint
11 -11 -1616
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
16.
17. Governance MechanismsGovernance Mechanisms
Inside CompanyInside Company
o Strategic Control SystemsStrategic Control Systems
• Establish standards for performanceEstablish standards for performance
• Create systems- measure & monitorCreate systems- measure & monitor
performanceperformance
• Compare actual against targetsCompare actual against targets
• Evaluate results- take corrective actionsEvaluate results- take corrective actions
o Employee IncentivesEmployee Incentives
• Stock options and ownership plansStock options and ownership plans
• Compensation tied to attainment ofCompensation tied to attainment of
superior efficiency, quality, innovation, andsuperior efficiency, quality, innovation, and
responsiveness to customersresponsiveness to customers
Internal agency problems can be reduced by:Internal agency problems can be reduced by:
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
18. Balanced Scorecard ApproachBalanced Scorecard Approach
Figure 11.3
11 -11 -1919
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31. Ethics and StrategyEthics and Strategy
Ethics- accepted principles of right/wrongEthics- accepted principles of right/wrong
governing conduct ...governing conduct ...
o Ethical dilemmas:Ethical dilemmas:
• No agreement over accepted principlesNo agreement over accepted principles
• None of available alternatives seem acceptableNone of available alternatives seem acceptable
o Many accepted principles codified in laws:Many accepted principles codified in laws:
• Tort – product liabilityTort – product liability
• Contract– contracts/breaches of contractsContract– contracts/breaches of contracts
• Intellectual property– protection of intellectual propertyIntellectual property– protection of intellectual property
• Antitrust law – competitive behaviorAntitrust law – competitive behavior
• Securities law – issuing/selling securitiesSecurities law – issuing/selling securities
o Behaving ethically=beyond staying within lawBehaving ethically=beyond staying within law
11 -11 -3232
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
32. An ethical strategy isAn ethical strategy is
one that does notone that does not
violate the acceptedviolate the accepted
principles.principles.
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33. Ethical Issues in StrategyEthical Issues in Strategy
Self-dealingSelf-dealing
Information manipulationInformation manipulation
Anticompetitive behaviorAnticompetitive behavior
Opportunistic exploitationOpportunistic exploitation
Substandard workingSubstandard working
conditionsconditions
Environmental degradationEnvironmental degradation
CorruptionCorruption
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34. 1.1. Personal ethics code- profound influence onPersonal ethics code- profound influence on
behaviorbehavior
2.2. Don’t realize behaving unethically- failing to ask rightDon’t realize behaving unethically- failing to ask right
questionsquestions
3.3. Organization culture- doesn’t emphasize ethics; onlyOrganization culture- doesn’t emphasize ethics; only
considers economic consequencesconsiders economic consequences
4.4. Unrealistic goals- encourage/legitimize unethicalUnrealistic goals- encourage/legitimize unethical
behaviorbehavior
5.5. Unethical leadership- encourages/tolerates behaviorUnethical leadership- encourages/tolerates behavior
that is ethically suspectthat is ethically suspect
Roots of Unethical BehaviorRoots of Unethical Behavior
Why do some managers behave unethically?Why do some managers behave unethically?
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
35. 1.1. Hire/promote people with sense of personal ethics.Hire/promote people with sense of personal ethics.
2.2. Place high value on ethical behavior and ingrain inPlace high value on ethical behavior and ingrain in
the organizational culture.the organizational culture.
3.3. Ensure leaders articulate and act in ethical manner.Ensure leaders articulate and act in ethical manner.
4.4. Require that ethics be part of decision-makingRequire that ethics be part of decision-making
process.process.
5.5. Use ethics officers.Use ethics officers.
6.6. Enforce strong corporate governance processes.Enforce strong corporate governance processes.
7.7. Act with moral courage- encourage others to do so.Act with moral courage- encourage others to do so.
To make sure ethical issues are considered in businessTo make sure ethical issues are considered in business
decisions, managers should:decisions, managers should:
Behaving EthicallyBehaving Ethically
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
36. ““Conscience is the inner voiceConscience is the inner voice
that warns us somebody maythat warns us somebody may
be looking.”be looking.” - H. L. Mencken- H. L. Mencken
““A company’s ethical conduct isA company’s ethical conduct is
something like a big flywheel. It mightsomething like a big flywheel. It might
have a lot of momentum, but it willhave a lot of momentum, but it will
eventually slow down and stop unlesseventually slow down and stop unless
you add energy.”you add energy.” - William Adams- William Adams
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.