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New PDF release: Building Respected Companies: Rethinking Business Leadership

By Jordi Canals

The present monetary concern has deep macroeconomic roots, however the dominant view of the enterprise has made the obstacle deeper and extra devastating. during the last few many years, maximizing shareholder price has develop into the most target of the enterprise. leader executives were a fan of this target simply because their fiscal incentives were essentially linked to inventory marketplace functionality. regrettably, this has pushed many CEOs to make bad judgements according to short-termism and greed. during this method, the enterprise has turn into the article of anger, feedback and cynicism. In construction revered businesses, Jordi Canals argues that we needs to deal with this challenge via constructing businesses that serve society, not only their shareholders. This calls for a brand new point of view of what a company is, what the aim of the enterprise in society may be and what the function of the board of administrators and senior executives can be

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Additional info for Building Respected Companies: Rethinking Business Leadership and the Purpose of the Firm

Sample text

Good leadership and governance are key engines that drive the development of successful fi rms. But governance goes well beyond regulation and requires a more holistic approach that includes the functions of both the board of directors and the top management team. They are like the company’s lungs: a company cannot operate effectively in the long run if one of its two lungs is not working at full capacity. That is why good corporate governance cannot be limited to the structure of the board of directors, or the measures taken to ensure that shareholders’ meetings work properly.

In formulating their models and recommendations, management scholars have borrowed many notions and concepts from economics and, to a lesser extent, from psychology and sociology. But, as we will see, modelling management as if it were a science like physics is a big mistake. In economics, the fi rm is presented and treated in a simple way. Some authors treat it as a black box, in which certain production mechanisms transform certain inputs into fi nal products or services. The owner or entrepreneur has the ideas, organizes the work, coordinates the employees, raises funds and appropriates any profit or loss generated in this process.

If this hypothesis about company behaviour is widely accepted, it is not because it is supported by much empirical evidence as to 3 Argandoña (2006) and Fox (2009) offer an excellent discussion of this argument. The firm’s mission and purpose 43 how companies behave in the real world. 4 However, saying that this is the fi rm’s purpose, or that maximizing economic efficiency is the fi rm’s purpose, is an oversimplification. We all value economic efficiency, but we also value other dimensions that are unrelated to economic efficiency but tremendously important to us.

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