In recent decades, corporate governance and ethical practices have taken the business environment by storm. The term ‘corporate governance’ can be defined as the set of policies and practices that guide a business undertaking to conduct its operational activities. The ethical principles make sure that a concern manages its activities and processes after taking into consideration the requirements and needs of its stakeholders (BusinessDictionary.com, 2018). The dissertation has been designed in order to understand the role of corporate social responsibility and ethics in the business management context.
The main aim of the dissertation is to comprehend the relevance of corporate governance and ethical practices in the business setting and determine the role of ethical practices that helps business plans to move forward in the dynamic environment. In order to get a better view of the practices that can enhance the business management process, the major focus is on the stakeholders and their expectations from a business undertaking. The objective is to assess the various policies and regulations that motivate business concerns to follow the ethical and constructive path in the uncertain organizational setting. Both the theoretical framework and the practical implementation of the corporate governance principles have been covered in the dissertation.
The business management topic is pretty extensive in nature as it encompasses a broad range of elements such as corporate governance, strategic models, sustainable growth and development and technological innovation. This dissertation focuses fundamentally on the corporate governance component. Nowadays the customers have the power to assess the policies that are followed by business organizations to carry out their day-to-day operations. Thus a robust corporate governance model is a basic necessity for organizations because it can help them to have a sustainable existence and create a constructive relationship with their target audience. The range of the dissertation is thus limited to the role of the corporate governance model and the ethical principles that are adopted in the business management setting.
The role and importance of corporate governance in the currently progressive and aggressive business environment cannot be negated. As per the study “Corporate Governance and Business Performance: Evidence for the Romanian Economy” by Monica Violeta Achim and Sorin Nicolae Borlea the adoption of proper corporate governance practices has a direct impact on the way in which a business organization performs (Achim, Borlea & Mare, 2016). There seems to be a positive relationship between business performance and corporate governance. In the Romanian economic setting, the firms that follow the updated corporate governance model are able to generate a healthy rate of return on their investment as compared to the organizations that have a walk and ineffective corporate governance model.
In order to carry out the dissertation process, both the primary set of data and the second set of data would be used for the purpose of getting a holistic picture of the corporate governance model that is used by various business organizations that function at the global organizational setting (Sen, Bhattacharya & Korschun, 2006). The former research studies and published articles have been used in order to strengthen and support the first-hand research process. The data and information from various sources would help to understand the relevance of corporate governance and ethical practices in the business management context. The data collection process would be one of the critical processes relating to the dissertation because it would help to design the relevant and effective corporate governance models that can help business organizations to have a sustainable existence in the highly demanding and unpredictable organizational context (Sen, Bhattacharya & Korschun, 2006).
The quantitative research process would be adopted in the process by using the online survey model in the selected organization. This process would be a must in order to understand how business entities design their corporate governance model by taking into consideration all of their key stakeholders. This cost-effective research process would play a key role to identify the main areas of corporate governance that can be further strengthened to strengthen the business management model (Shleifer & Robert, 1997).
One of the major limitations of the dissertation is that the focus of the paper is only on corporate social responsibility and the ethical aspects. The other elements that are of high relevance in the business management context have not been taken into consideration here. Similarly, the limited availability of time has restricted the assessment process. The corporate governance model is known to be a huge subject that encompasses various elements and sub-elements in it (Shleifer & Robert, 1997). These elements help a business organization carry out operational activities on a daily basis. The corporate governance model could differ based on nationality and culture. The intricate elements that govern business organizations in different nations have not been minutely considered in the process because it would be extremely time-consuming and complex at the same time.
The study on the topic “the role of corporate social responsibility and ethics in business management” would help to identify the core elements of the corporate governance that come into play and guide a business concern to adopt the most ethical and professional practices. It would help to make the most suitable recommendations that business concerns can bring about so that their corporate governance model can be used as a core asset for it. In the dynamic business management context, the dissertation on the critical topic could add value for the currently operational organizations and they could implement better and improved corporate governance principles in the business setting.
In the 21st century, the sustainability and existence of business organizations do not depend on their offerings alone but it also depends on the ethical principles and corporate governance model that governs their operational actions. Thus the recommendations would basically encourage business organizations to take into account all of the major stakeholders including the customers, employees, suppliers, environmental agencies, community, government and partners while making business decisions. The corporate governance mechanisms that focus on the business and its major stakeholder would help firms to strengthen their market presence.
Achim, M.V., Borlea, S.N. and Mare, C., 2016. Corporate governance and business performance: Evidence for the Romanian economy. Journal of Business Economics and Management, 17(3), pp.458-474.
BusinessDictionary.com. 2018. Why is Corporate Governance Important?. [online] Available at: http://www.businessdictionary.com/article/618/why-is-corporate-governance-important/ [Accessed 7 Apr. 2018].
Sen, S., Bhattacharya, C.B. and Korschun, D., 2006. The role of corporate social responsibility in strengthening multiple stakeholder relationships: A field experiment. Journal of the Academy of Marketing Science, 34(2), pp.158-166.
Shleifer, Andrei, and Robert W. Vishny. 1997. A Survey of Corporate Governance. The Journal of Finance 52, no. 2: 737–783. Portico. doi:10.1111/j.1540-6261.1997.tb04820.xOrder Now