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Corporate governance is necessary to avoid corporate scams, frauds and irregularities. Major scams like Harshad Mehta`s, Satyam`s, Ketan Parekh`s have shaken the confidence of public in corporate investment. This requires a thorough review of corporate management. There is need, thus, to study various concepts of corporate governance to understand the corporate health and its relationship with investors. Every company should look after interest of its stakeholders, which includes the environment in which the business operates.
Governance implies voluntary and legal enforcement for a company to manage and control its affairs in the best interest of the public. This ensures both short run and long run survival of the business.
Governance ensures ehtics in corporate management. Business is part of the society and has to work for social upgradation. Ethics constitutes the value and social system for organisations. It promotes an orderly corporate life and a disciplined society. Ethics and values are deep rooted in our traditional heritage of culture and beliefs. However, the contemporary business and society seems to be deviating from the ethical precepts in their lust for maximizing personal gains. Corruptions, scandals, black-marketing, hoarding, tax evasion, cut throat competition have become rampant and are easily observed in modern business societies. There is need to reshape the business culture to mould it towards an ethical base where ethics becomes the basis of all business activities.
Study of ethics goes a long way in shaping the culture of the individual, firm, industry, nation and the world at the macro level.
Our ancient scriptures provide a strong background for using ethical business practices and our managers have to draw lessons from them to attain long-run sustainability of their business. Only profit maximisation will lead to short-term success of the business but maximisation of stakeholders` interests ensures its long-term survival, growth and goodwill.
This book is a modest attempt to draw various concepts of ethics and values and analyze their relevance in the fields of business management and organisation behaviour. It has extensive coverage of various concepts of ethics used in business along with relevant case studies. It follows a student-friendly approach and presents the business concepts in a self explanatory manner. Self taught students can also understand it easily. Each chapter begins with an introductory paragraph and states its objectives. Every paragraph is distinctly numbered for easy reference and understading. It begins with an introductory comment that clear its objective and relates it to the text at relevant places.
Though best attempts have been made to present the book in simple and understandable language, errors may have crept in. Errors are deeply regretted and suggestions for improvement are welcome..
ISBN-9788171946938
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