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Fostering
Business the Bharatiya Way
- - G S Srirangarajan and Onkar Joshi
The
true purpose of business can be derived from Dharma of man.
The Dharma of man is to realize the Divinity within everything
and to serve the Divine by serving His creation. Hence, running
a business can be seen as an opportunity to serve the Divine
by serving society. Business cannot be run in isolation as
it depends on several stakeholders in the society for smooth
functioning. Therefore, the Dharma of Business should be Stakeholder
Welfare Maximization. In this context, the new business philosophy
can be: "Business should not only work for bringing quality
initiatives for customer satisfaction alone but also for adding
value to the stakeholders, so as to have a balanced and quality
give and take." The general argument put forth
by businessmen isone cannot satisfy all stakeholders equally.
The solution for this is: Business should follow principles
of Dharma in its course of operation. To achieve this, the
organization must focus predominantly on one stakeholderthe
employees. If every employee of the organization follows his
Dharma, it would lead to overall satisfaction of all the stakeholders.
Ancient Bharatiya culture always stressed on business following
the Atma Dharma which is universal and eternal. This would
lead to long-term sustainable growth of business.
©
2005 IUP. All Rights Reserved.
Values
and Money: A
Research Practitioner's Perspective on Values for Money
- - Peter D Kinder
In
social investing's infancy, critics claimed that its goal
was to affect stock prices. They then hooted at the notion
social investors could or would ever do so. This argument
never entirely died away. It has now reappeared in a perverse
form. The argument now runs that the only valid social investment
criteria are those "value drivers" that affect stock
price. Hence, social investment researchers should redirect
their efforts towards identifying criteria material to share
price, since institutional investors are or will be demanding
research of this type. "Socially Responsible Investment"
is the incorporation of social or ethical criteria in the
investment decision-making process. Those criteria may or
may not have some correlation to the share price. Indeed,
social investors have insisted successfully on issue areas
as different asapartheid and environmentthat they have the
right to apply the criteria that lack such correlations or
even have negative correlations. "Social Investment Research"
consists of information on how corporations perform on issues
that investors consider in the investment processin deciding
whether to buy, sell or hold securities or in engaging with
companies. Investors and stakeholders define the "materiality"
of social research, and research organizations respond with
data and analysis. To date, "materiality" in this
context has centered on assuring consistency of corporate
performance with stakeholder values. The application of a
"materiality" standard for social research framedsolely
or even primarilyin terms of share price would not serve social
investors, the broader classes of stakeholders or the institutions
that do business or interact with them. Further, it would
put social research organizations in a position to compete
as stock pickers with the money managers who now buy their
research. Social research organizations will continue to focus
on what their constituents regard as material.
©
2004 KLD Research and Analytics, Inc. (www.kld.com). All Rights
Reserved. Reprinted with permission.
Ethical
Functions of the Executive and Governance: The Ethical Environment
in the Public and Private Domains
- -
Esa
Käyhkö
The
basic idea of this paper is to examine preconditions for ethical
conduct and content in different public and private organizations,
and to conceptualize the ethical functions that the executive
and governance have. The basic elements of the discussion
about ethical environment in public and private domains are
in relation to the organization, the powers and the ethics
of a public and private authority. Formal organization of
accountability, such as a hierarchical organizational structure
and legal responsibility, does not, however, constitute a
sufficiently solid basis for the realization of ethical environment
and conduct. In addition, we need accountability and ethics
as a virtue, which in turn is a more comprehensive conceptual
entity than that referred to by ethical accountability, for
example. In practice, this means a transfer from passive accountability,
such as control-oriented activity and actors, to a proactive
and predictive aspect of accountability. Active accountability
may be realized in the framework of a hierarchical organizational
structure and management system and, therefore, it is more
appropriate to talk about ethical virtues. This paper, consists
of conceptual discussion about the system of authority, ethics
of virtue and legitimacy. Legitimacy is one of the core concepts
when conceptualizing the public and private ethics. The author
also introduces his forthcoming empirical study for the years
2005-07 that will proceed to three verifying questions: 1)
What type of similarities and differences can be found between
private and public ethics according to empirical literature?
Is it possible to develop the concept of ethics infrastructure?
2) What sort of examples can be found in a case study of Finnish
organizations? Can we verify empirically the ethical functions
of the executive and governance? 3) What type of global similarities
and anomalies can be found regarding public and business ethics?
What is the art of global and sustainable ethics? In order
to study the ethical perceptions and expectations of the executive
and governance, a questionnaire will be sent to about 100
public and private organizations in Finland. In addition,
the researcher will interview the top management of these
organizations personally.
©
2004 Esa Käyhkö (http://www.fernuni-hagen.de). Reprinted
with permission.
Beyond
the Financials: Fraud Management and Corporate Culture
- - Patrick
Low Kim Cheng
This
paper through literature review, focus group sessions and
in depth interviews with several Singapore corporate leaders,
discusses fraud management and its key preventive measures.
While several preventive measures are highlighted, the emphasis
here is on creating a strong culture with the leader, the
torchbearer and setting the undertone. In short, the "heart-ware"
perspectives of fraud prevention are given a special focus.
©
2005 IUP. All Rights Reserved.
Impact
of TQM on Business Performance in Indian Manufacturing Companies:
An Empirical Study
- - Usha
Devi N
This
paper reports the main findings based on the survey of ISO-9000
certified manufacturing companies, established in and around
Bangalore (India), practicing TQM for the last five years.
The study aims to investigate the impact of TQM on business
performance in respondent companies. The results indicate
that the quality of work life alone influenced the business
performance to the extent of 30% and the overall impact of
TQM practices on business performance is 79%, which confirms
the expectation that good Quality System supported and supplemented
by excellent HR practices enhances business performance.
©
2005 IUP. All Rights Reserved.
Case
Study
Smart
Medical Assistance and Remedial Transactions: Community Health
Management (Pharmacy Assist Module-PAM)
- - Raghu Guda and Neeraja Guda
This
case study identifies how in a SMART SOCIETY setup outbreak
of disease in the local communities can be detected early
and contained efficiently with Pharmacy Assistance Modules
(PAM). This case study also emphazies on how to execute Smart
Medical Assistance and Remedial Transactions on an integrative
platform, leveraging the connected systems of different medical
facilities, pharmaceuticals and governing bodies to create
a Smart Community Health Management System.
©
2005 IUP. All Rights Reserved.
Research
Summary
Entrepreneurship
in Post-Socialist Economies
©
2004 West Viriginia University (www.be.wvu.edu). All Rights
Reserved. IUP holds the copyright for
the research summary. |
