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Size Matters: Why Managers Should Pursue Corporate Growth, Even at the Expense of Shareholder Value 规模很重要:为什么管理者应该追求公司成长,即使牺牲股东价值
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ200423315
J. Dobson
The fact that managers pursue corporate growth and diversification as a primary objective, and that this objective might be contrary to other corporate goals, is well established. For example, Adams and Brock in The Bigness Complex note that “America’s corporate giants have not performed well over the last fifteen years...Bigness has not delivered the goods, and thus fact is no longer a secret” (1986, p. xi). Recent evidence to support this claim is provided in an extensive empirical study by Ramezani, Soenen, and Jung who analyze several thousand firms over a period of eleven years from 1990 through 2000. They define corporate growth in terms of the growth rate in sales, and shareholder value in terms of both economic value added (EVA) and abnormal stock-market returns. (These definitions of corporate growth and shareholder value are used throughout this paper.) They conclude that “although the corporate profitability measures generally rise with earnings and sales growth, an optimal point exists beyond which further growth and sales growth, an optimal point exists beyond which further growth destroys shareholder value...” (2002, p. 56). They note that many firms go beyond this optimal point and conclude that “corporate managers need to abandon the habit of blindly increasing company size” (p. 65).
管理者把追求公司增长和多样化作为首要目标,而这一目标可能与公司的其他目标相反,这一事实是众所周知的。例如,亚当斯和布洛克在《大情结》中指出,“美国的企业巨头在过去15年里表现不佳……大并没有交付货物,因此事实不再是秘密”(1986年,第xi页)。支持这一说法的最新证据来自Ramezani、Soenen和Jung的一项广泛的实证研究,他们在1990年至2000年的11年间分析了数千家公司。他们用销售增长率来定义公司成长,用经济增加值(EVA)和股市异常回报来定义股东价值。(这些公司成长和股东价值的定义在本文中使用。)他们得出结论:“尽管企业盈利能力指标通常随着盈利和销售增长而上升,但存在一个最优点,超过这个点,进一步的增长和销售增长将会破坏股东价值……(2002年,第56页)。他们指出,许多公司超越了这个最佳点,并得出结论:“公司管理者需要放弃盲目扩大公司规模的习惯”(第65页)。
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引用次数: 3
Teaching Moral Responsibility within Organizations: Are We Doing What We Should? 在组织中教授道德责任:我们在做我们应该做的吗?
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ200423317
Michael Davis
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引用次数: 0
Reflections on Consumerism in a Global Era 全球化时代对消费主义的思考
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ20042343
M. Stackhouse
The day that Martha Stewart, the stylist of classy consumption for the masses, was found guilty, her company lost twenty-three percent of its value on the stock market. It even lost more before it made its surprising recovery. Corporations are like churches; they are hard to kill (although they can be bought out more easily). Now, after her release, sales of her household goods continue to flourish, television shows sponsored by the corporation are developing further the kinds of products she offers, and she has become the pop-heroine of entrepreneurial capitalism. In the long run, people want what she offers: a sense of style in the ordinary things of life?food, home d?cor, gardening, entertaining, and business opportunity. Now here is a question: Did her corporation create that desire by ad vertising, or did she build her fame and fortune by serving the unarticulated wants of the general population? Advertising can help define new wants and articulate new desires; but as I understand it, advertising campaigns do not always work. They have to connect with a latent range of desires already present among the populace. Think of Christmas as a time of massive buying. It was not always the case that purchases were so high for that holiday that they equaled another fiscal month for merchants, so that the overall earnings for the season determined whether profits for the year went up or down. There are studies of these things. Leigh Eric Schmitt, in his
大众高雅消费的设计师玛莎·斯图尔特被判有罪的那天,她的公司在股票市场上损失了23%的价值。在令人惊讶的复苏之前,它甚至损失了更多。公司就像教堂;他们很难被杀死(尽管他们可以更容易地被买断)。现在,在她被释放后,她的家庭用品的销售继续蓬勃发展,公司赞助的电视节目正在进一步开发她提供的各种产品,她已经成为创业资本主义的流行女英雄。从长远来看,人们想要的是她所提供的:在日常生活中找到一种时尚感?食物,家?Cor,园艺,娱乐和商业机会。现在有一个问题:她的公司是通过广告创造了这种欲望,还是她通过满足普通大众的需求而建立了自己的名声和财富?广告可以帮助定义新的需求和表达新的欲望;但据我所知,广告活动并不总是奏效。它们必须与民众中已经存在的潜在欲望联系起来。把圣诞节想象成一个大量购物的季节。节日期间的购买量并不总是如此之高,相当于商家的另一个财政月,因此该季节的总体收益决定了全年利润的上升或下降。有关于这些的研究。利·埃里克·施密特,在他的
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引用次数: 0
Lasting Success for the Christian in Business 基督徒在商界的持久成功
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ20042344
L. Nash
In the early 1990s I began interviewing evangelical CEOs for my book Believers in Business (Nashville, TN: Thomas Nelson, 1994).1 This was the first time I had researched religion and business ethics, and my question then was simple: "Is there a connection between evangelical belief and running a for-profit corporation? How does Christian faith influence busi ness leadership?" I recall that most academicians thought my question to be either a radical criticism or a totally clueless inquiry, on the identical assumption that the answer was already obvious: "not at all." The general thinking was that business had no ethics, or if it did, that modern economic life had secularized all that was once sacred in the business worldview and American culture. The latter view had, of course, been notably articulated by Harvey Cox in his book, The Secular City (New York: Macmillan, 1965), an assertion that had caused Time magazine to declare God was dead. In 1967 my colleague Peter Berger made the famous observation that the sacred canopy once protecting and governing American public life had been torn in two. The dominant modern worldview of sheer rationality had led to a "disenchantment of the world" (The Sacred Canopy, Garden City, NY: Doubleday, 1967). Many managers and business professors felt that this was as it should be. Presumably, there would be less possibility of irrationality (read, unprofitability) or intolerance (read, end of Protestant establishment) in decision-making, which would presumably result in better economics and better ethics in business.
在20世纪90年代初,我开始为我的书《商业信徒》(田纳西州纳什维尔:托马斯·纳尔逊出版社,1994年)采访福音派首席执行官这是我第一次研究宗教和商业道德,当时我的问题很简单:“福音派信仰和经营营利性公司之间有联系吗?”基督教信仰如何影响商业领导力?”我记得当时大多数学者都认为我的问题要么是一种激进的批评,要么是一种毫无头绪的探究,他们都认为答案是显而易见的:“一点也不。”人们普遍认为商业没有道德规范,或者即使有,现代经济生活也将商业世界观和美国文化中曾经神圣的东西世俗化了。当然,后一种观点在哈维·考克斯(Harvey Cox)的书《世俗城市》(The Secular City,纽约:麦克米伦出版社,1965年)中得到了明显的阐述,这一主张导致《时代》杂志宣布上帝已死。1967年,我的同事彼得•伯杰(Peter Berger)发表了著名的观察:曾经保护和支配美国公共生活的神圣天篷已被撕成两半。占主导地位的纯粹理性的现代世界观导致了“世界的觉醒”(The Sacred Canopy, Garden City, NY: Doubleday, 1967)。许多管理人员和商业教授认为这是理所当然的。据推测,在决策过程中出现非理性(阅读,无利可图)或不宽容(阅读,新教建制的终结)的可能性会降低,这可能会带来更好的经济效益和商业道德。
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引用次数: 5
Executives, Professionals, and the Morality of Single-Sex Clubs 高管、专业人士和单性俱乐部的道德
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ200423318
J. Taylor
In recent years private single-sex clubs have been subjected to a great deal of moral criticism. They have been condemned as sexist, as illegitimately withholding social and professional benefits from the sex that they exclude, and (in their masculine form) as the remnants of a morally bankrupt patri archal system that should finally be swept away. Unfortunately for such clubs, the sound and fury that is currently directed at them signifies some thing rather than nothing. In Britain, legal steps have been taken to require that if such clubs admit persons of the excluded sex as Associate members, then the Associate members must receive the same club benefits as the Full members.1 More drastically, Lord Watson of Invergowrie, the Scottish Tourism, Culture, and Sport Minister, proposed that single-sex golf clubs be disbarred from hosting the British Open, while the all-male Augusta Nation al Golf Club in the United States has been subject to considerable public pressure to admit female members.2,3 Even single-sex clubs that are not so clearly in the public eye have been subjected to pressure to change. For ex ample, the all-male Kate Kennedy Club of St. Andrews University (dedi cated to maintaining the traditions of the university and the town, improving town-gown relations, and raising money for charity) has been criticized in the Scottish Parliament for its "discriminatory" membership policies.4 Moreover, the moral disapproval of such clubs is not only restricted to their traditional opponents on the political left. In 2001, for example, Iain Dun can Smith, the then leader of the Conservative Party, refused an invitation toj?in the all-male Car lton Club on the grounds that the membership of this
近年来,私人单一性别的俱乐部受到了大量的道德批评。他们被谴责为性别歧视者,被认为非法地剥夺了他们所排斥的性别的社会和职业利益,并且(以男性的形式)被认为是道德败坏的父权制度的残余,最终应该被扫除。不幸的是,对于这些俱乐部来说,目前针对他们的声音和愤怒意味着一些东西,而不是没有。在英国,已经采取了法律措施,要求如果这些俱乐部接纳被排除在外的性别的人作为准会员,那么准会员必须享受与正式会员相同的俱乐部福利更为激进的是,苏格兰旅游、文化和体育部长、因弗高里的沃森勋爵(Lord Watson of Invergowrie)提议取消单一性别高尔夫俱乐部举办英国公开赛的资格,而美国全男性的奥古斯塔国家高尔夫俱乐部(Augusta national golf Club)一直受到相当大的公众压力,要求其接纳女性会员。即使是在公众视野中不那么明显的单身男女俱乐部也受到了改变的压力。例如,圣安德鲁斯大学的凯特·肯尼迪俱乐部(致力于维护大学和城镇的传统,改善城镇与学生之间的关系,并为慈善事业筹集资金)因其“歧视性”的会员政策而受到苏格兰议会的批评此外,对这些俱乐部的道德反对不仅限于它们在政治上的传统对手。例如,2001年,当时的保守党领袖伊恩·邓·史密斯(Iain Dun can Smith)拒绝了一项邀请。在全是男性的卡尔顿俱乐部的理由是,这个会员
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引用次数: 0
A stakeholder approach to ethical human resource management 利益相关者道德人力资源管理方法
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ200423313
M. Greenwood, J. Simmons
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引用次数: 23
On Moralizing in Business Ethics 论商业伦理的道德化
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ200423319
H. Koppang, Mike W. Martin
"Es kann einer Person offentsichtlich erscheinen, dass Selbst reflexion sie in eine panische emotionale Verfassung bringen w?rde. Gerade dies kann ein bewusster oder unbewusster Grund sein, auf Selbstreflexion zu verzichten" (L?w-Beer. s. 14). (Reflecting on yourself can bring you into emotional panic. This can be a conscious or unconscious reason to avoid self reflection.) Business ethics, as an academic field, seeks to elucidate and critique the moral dimensions of business. We examine "moralizing" as a term for moral critique in business ethics. Textbooks on business ethics usually do not deal with the phenomenon of moralizing, even though it is a widespread phenomenon that should be clarified and cautioned against. The same is true of inappropriate charges of moralizing. With the aim of furthering responsible communication in business, this paper presents a critique of both moralizing and inappropriate charges of moralizing.
他说:“康涅狄格人是一种冒犯人性的人,”他说,“自我反省是一种不自觉的情感,是一种不自觉的情感。”Gerade dies kann ein bewusster der unbewusster Grund sein, auf selbstreflextion zu verzichten (L?w-Beer)。年代。14)。(反思自己会让你陷入情绪恐慌。这可能是避免自我反省的有意识或无意识的原因。)商业伦理作为一个学术领域,试图阐明和批判商业的道德层面。我们研究“道德化”作为商业伦理道德批判的术语。商业伦理教科书通常不涉及道德化现象,尽管这是一个普遍存在的现象,应该加以澄清和警告。同样的道理也适用于不恰当的道德说教。为了促进商业中负责任的沟通,本文对道德化和不恰当的道德化指控进行了批判。
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引用次数: 1
Corporate Social Responsibility in a Globalizing World: What's a Christian Executive to Do? 全球化背景下的企业社会责任:基督徒高管该怎么做?
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ200423410
Steven L. Rundle
Several years ago John Houck and Oliver Williams (1996) produced a book entitled Is the Good Corporation Dead? It was prompted by the question of whether globalization is changing?or worse?eliminating, our modern sense of corporate social responsibility (CSR). As is often the case with edited compilations, there was a range of opinions expressed, both about what defines CSR and what should be done to save it. But if there was a common theme, it was that while the "good" corporation is not dead, it is certainly facing new challenges because of globalization. To this I would add that new opportunities for CSR are emerging as well. Globalization is expanding the reach of even the smallest businesses, and with that comes the capacity to do great harm or great good. The CSR debate more often emphasizes the former; this essay will focus on the latter. Anyone familiar with the CSR debate knows that the only real dif ference between the concerns being raised today?corporate obligations toward employees and other stakeholders, the ethics of outsourcing, down sizing, and so on?and those raised in past decades, is the global nature of today's marketplace. Where once the debate focused on the ethicality of, for example, outsourcing certain stages of the production process to low wage states like South Carolina or Mississippi, now the sharpest criticism is reserved for those who use overseas sources.
几年前,约翰·霍克和奥利弗·威廉姆斯(1996)出版了一本名为《好公司死了吗?》它是由全球化是否正在改变的问题引发的?或者更糟?消除了我们现代的企业社会责任(CSR)。就像在编辑汇编中经常出现的情况一样,人们表达了各种各样的观点,包括如何定义CSR以及应该如何拯救它。但如果有一个共同的主题,那就是,虽然“好”公司没有死,但由于全球化,它肯定面临着新的挑战。对此,我想补充的是,企业社会责任的新机遇也正在出现。全球化正在扩大即使是最小的企业的影响范围,随之而来的是造成巨大伤害或巨大好处的能力。关于企业社会责任的争论更多地强调前者;本文将重点讨论后者。熟悉企业社会责任辩论的人都知道,今天提出的问题之间唯一真正的区别是什么?公司对员工和其他利益相关者的义务,外包的道德规范,缩减规模等等?而在过去几十年里提出的问题,是当今市场的全球化本质。曾经的争论集中在道德问题上,例如,将生产过程的某些阶段外包给南卡罗来纳或密西西比等低工资州,现在最尖锐的批评留给了那些使用海外资源的人。
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引用次数: 1
Integration in Christian Ethical Decision-making 基督教伦理决策的整合
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ20042347
S. Jackson
Market complexity, ongoing change, and the effect of postmodern assump tions on capitalism leave organizational leaders to manage a degree of ambiguity historically unknown. In the midst of such ambiguity, leaders must respond to multiple constituents with competing demands (Fama, 1980), operating within structures that minimize the leaders' formal authority (e.g., Miles and Snow, 1986). The leaders' task, therefore, becomes the management of market and value ambiguity without formal influence, or at least with primarily informal influence (Kotter, 1985). It is in this ambiguous context that most organizational leaders are challenged with making and implementing ethical decisions (Donaldson, 2003). Overly simplistic assistance to leaders will not satisfy their complex needs. They require an integrated and appropriately sophisticated model for ethical decision-making. Christian leaders may require more, because they believe they are wrestling with truth in the midst of apparent chaos. Many promising advances are available to assist them, yet organizational efforts continue to strive for a more satisfactory integration. Given the overwhelming breadth and depth of ethical perspectives to date (Stackhouse, 1995), full and satisfactory integration is ultimately attainable only by God. However, we are called to the task of ongoing
市场的复杂性,持续的变化,以及后现代资本主义假设的影响,使得组织领导者需要管理一定程度的历史上未知的模糊性。在这种模棱两可的情况下,领导者必须对具有竞争性需求的多个组成部分做出反应(Fama, 1980),在最小化领导者正式权威的结构中运作(例如Miles和Snow, 1986)。因此,领导者的任务变成了在没有正式影响的情况下管理市场和价值模糊性,或者至少主要是非正式影响(Kotter, 1985)。正是在这种模棱两可的背景下,大多数组织领导者都面临着制定和实施道德决策的挑战(Donaldson, 2003)。对领导人过于简单的帮助无法满足他们复杂的需求。它们需要一个综合的、适当复杂的道德决策模型。基督教领袖可能需要更多,因为他们相信他们是在明显的混乱中与真理搏斗。许多有希望的进展可以帮助他们,但组织努力继续争取更令人满意的整合。鉴于迄今为止压倒性的伦理观点的广度和深度(斯塔克豪斯,1995),完全和令人满意的整合最终只能由上帝实现。然而,我们被要求继续进行这项任务
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引用次数: 6
Confucianism as an Ethical Foundation for Total Quality Management 儒家思想作为全面质量管理的伦理基础
IF 0.4 Q2 Arts and Humanities Pub Date : 2004-11-01 DOI: 10.5840/BPEJ200423314
G. Meirovich, Edward J. Romar
effective implementation of total quality management (hereinafter, TQM). Quality management practices provide a suitable form of materialization for the basic principles of Confucian ethics: the acquisition of knowledge, indi vidual moral preparation, use of rituals and procedures (//), reciprocity and moral leadership by not doing. Several articles published recently highlight the importance of ethics in TQM and the need for more research and scholarship on the ethical aspects of it. For example, Perles (2002) suggests that leadership has a major impact on the effective implementation of total quality management and that TQM has an important ethical dimension. Guillen and Gonzales (2001) define leadership as multifaceted, including an ethical aspect, and suggest that a distinction be made between managerial commitment and leadership while introducing TQM. Raiborn and Payne (1996) argue that the basic principles of TQM are closely related to good business ethics and offer a brief discussion of the applicability of Kantian and Rawlsian philosophies to TQM.
全面质量管理(以下简称TQM)的有效实施。质量管理实践为儒家伦理的基本原则提供了一种合适的具体化形式:知识的获取、个人道德准备、仪式和程序的使用(//)、互惠和无为的道德领导。最近发表的几篇文章强调了伦理在全面质量管理中的重要性,以及对其伦理方面进行更多研究和学术研究的必要性。例如,Perles(2002)认为,领导对全面质量管理的有效实施有重大影响,TQM具有重要的道德维度。Guillen和Gonzales(2001)将领导力定义为多方面的,包括道德方面,并建议在引入TQM时区分管理承诺和领导力。Raiborn和Payne(1996)认为TQM的基本原则与良好的商业道德密切相关,并简要讨论了康德和罗尔斯哲学对TQM的适用性。
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引用次数: 4
期刊
BUSINESS & PROFESSIONAL ETHICS JOURNAL
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