Business Governance and Society: Analyzing Shifts, Conflicts, and Challenges

464 Pages·2019·4.58 MB·English

by  Rajagopal

EDITED BY
RAJAGOPAL AND RAMESH BEHL
B U S I N E S S
G O V E R N A N C E
A N D S O C I E T Y
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Business Governance and Society
Rajagopal • Ramesh Behl
Editors
Business Governance
and Society
Analyzing Shifts, Conflicts, and Challenges
Editors
Rajagopal Ramesh Behl
EGADE Business School International Management Institute
Mexico City, Mexico Bhubaneswar, India
ISBN 978-3-319-94612-2 ISBN 978-3-319-94613-9 (eBook)
https://doi.org/10.1007/978-3-319-94613-9
Library of Congress Control Number: 2018951120
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P
reface
Shifts in the global economic and political order significantly affect the
business patterns across the market taxonomy spread over the developed,
developing, and emerging markets. Reversal of political ideologies from
liberal to protectionist business frameworks are disrupting the trade flows
that were rooted in the international economy since the mid-twentieth
century. Organizational changes initiated by governments have a huge
bearing on the governance and effectiveness of the private and public sec-
tor corporations. The recent public diplomacies about the protectionist
thrust in American business and the referendum of Brexit revealed major
signals of trade and economy disruption in the global marketplace. Society
today is largely founded on the business environment, which determines
the societal values from international to Bottom of the Pyramid (BOP)
geo-demographic segments. The changes in the international business
governance not only affect the societal and economic development of the
region, but also wobble the mindsets and behaviors of emerging entrepre-
neurs, collaborators, and stakeholders.
New trends in manufacturing, financial management, marketing, and
supply chain management in the twenty-first century have made a drastic
drift in business practices across the global and local markets. Production
sharing, reverse innovation, and blockchain technologies are being used
today to grow cost-effective, transparent, and cyber secure businesses.
Blockchain technology has appeared as a cost-effective tool to create effi-
ciency improvements in supply chains, so that the market ends up with
dynamic demand chains instead of rigid supply chains resulting in more
efficient resource use for all. Nevertheless, challenges lie in the development
v
vi PREFACE
and governance of the technology. Besides the emergence of these new
business trends, digital business practices have increased manifold upon
liberating the use of information technology among the enterprises. The
use of digital applications in business has raised ethical dilemmas in refer-
ence to display of contents, advertising and communication, and digital
piracy. Digital literacy plays a significant role in imparting education to
people about the use of digital technology and ethical norms associated to
adopt digital practices. New public policies for integrating digital literacies
and digital ethics into societal sustainability are emerging in many devel-
oping countries. This involves widening of digital space for evolving sus-
tainability in ethical awareness and digital skills in managing business and
society. It also entails understanding how digital space can influence the
biased, polarized thinking and unethical practices in business. Hence, the
governance in business through public policies intervention has become
very significant in the global marketplace today.
Business governance today is gradually shifting from market orientation
to societal patronage as most companies are focusing on corporate social
responsibility as a tool for outreach to consumers, society, and geo-
demographic segments. The philosophy of the governance in business is
more inclined towards addressing sustainability, gender, and societal
causes and effects than the market competition in particular. Companies
like General Electric, Nestlé, Proctor & Gamble, Pfizer, and Toyota have
set examples for serving social causes. The shifts in the governance pat-
terns are also affected by the business diplomacy across the countries and
the associated public policies. However, the multinational companies are
not penetrating deep into the social concerns and are engaged largely in
accessing a dynamic global technology base. Though the political differ-
ences remain a steep hurdle in the way of creating a corporate strategy,
they might not be able to undermine the society over the competitive
leverages. The globalization has benefitted goods, and people move freely
across borders and companies to compete on boundaryless business plat-
forms. However, the power play of developed countries is bouncing back
to the trade protectionist philosophy and restricting the leverage of free
trade and economy in the 2020s.
In a noticeable development, more governments at federal and local
levels are recognizing the strategy map to shape social and economic goals.
Few efforts have been made through public- and private-sector gover-
nance in East Asia, which exhibits remarkable transformation on various
social concerns like consumption of green energy, organic cultivation,
PREFAC E vii
managing industrial waste, and offering ecological livelihood products and
services. Such shifts have been the outgrowth of public participation with
government and industry in developing countries. On the capital and
financial governance front, one of the major developments has emerged in
defining long-term objectives and reducing risk among small and medium
enterprises. Accordingly, investment in small and medium enterprises is
motivated under the local public governance. Small industry owners today
prefer to set a multiyear time frame for creating value, narrow down the
size of sunk costs due to low performance, and then align their invest-
ments within applied capital engagement and active ownership. Big inves-
tors cultivate relationships with the regional companies to expand their
scope of business by collaborating with them to optimize corporate strat-
egy and governance. Most companies are engaged in restructuring institu-
tional governance to support a long-term approach as well.
This collection of 23 quality chapters addressing the core topics of this
book aims at bringing together the international forum for rich discussion
on reviewing and learning lessons about shifts in business practices, their
governance, and societal values. These contributions enrich knowledge on
the global-local business imperatives, and drive trade and economy com-
petition in the global marketplace. Various chapters in this book critically
analyze the convergence of technology, business practices, public policies,
political ideologies, and societal values for improving business perfor-
mance at the global-local paradigm. This book enriches the knowledge
and skills of contemporary business strategies against conventional wis-
dom of managing companies today. The book contemplates developing
new visions and business perspectives to match with the changing political
ideologies in emerging markets. This book also addresses competitive
business management strategies in local marketplaces to generate cost-
effective business models and create convergence with political and social
values to drive better governance of business.
This book blends global economics and political trends with regional
business prospects and presents regional research studies in reference to
changing political and business trends. The peer-reviewed contributions in
this volume serve as significant reference resources for future research in
international business, contemporary political ideologies, and changing
social values. The collection of chapters addresses recent political ideolo-
gies and corporate business strategies affecting international trade, busi-
ness, and socio-economic values in developing countries in general and in
particular in Asia and Latin America.
viii PREFACE
The chapters in the book cover various research areas, including agri-
culture, business, services, finance, international trade, and corporate
social responsibilities that serve as a think tank for researchers, manage-
ment students, and working managers. This is an inspiring book for entre-
preneurs, market analysts, and business consultants engaged in local-global
business ventures. We hope this book serves as a reference book in general,
and a compendium of research studies in doctoral research programs.
Mexico City, Mexico Rajagopal
Bhubaneswar, India Ramesh Behl
A pril 30, 2018
c
ontents
1 S hifts in Business-Politics Paradigms: Exploring Lessons
and Future Growth 1
Rajagopal
Part I Business Governance and Society: India 15
2 T rends in Agricultural Production and Productivity
Growth in India: Challenges to Sustainability 17
Ramakrushna Panigrahi
3 U nraveling the Power of Talent Analytics: Implications
for Enhancing Business Performance 29
Geeta Rana, Ravinder Sharma, and Alok Kumar Goel
4 T he Impact of Customer Relationship Management
(CRM) Practices on Customer Satisfaction 43
Subhasish Das and Manit Mishra
5 C ustomer Expectations at the Urban Bottom of Pyramid
in India: A Grounded Theory Approach 55
Ritu Srivastava
ix
x CONTENTS
6 A Qualitative Study on Work-Family Conflict, Social
Support and Response Mechanisms of Individuals
Working in Multi-National Corporations 75
Anjni Anand and Veena Vohra
7 Does Corporate Governance Affect the Financial
Performance and Quality of Financial Reporting
of Companies? A Study on Selected Indian Companies 105
Sushil Kalyani, Neeti Mathur, and Prashant Gupta
8 Factors Impacting Purchase of Private Labels in India 127
Richa Sardana, Aarti Duseja, and Pooja Misra
9 Drifts in Banking Business and Deepening Losses Amidst
the Insolvency and Bankruptcy Code, 2016 143
Deepak Tandon and Neelam Tandon
1 0 I mpact of Demographic Variables on the Attitude
Towards Violence and Cooperation with Police: A Study
of Extremist Affected Areas in Odisha, India 161
Bindu Chhabra
1 1 E motional Intelligence in the Workplace: A Comparative
Study of Male and Female Bank Employees in the Public
Sector 175
Megha Sharma and Sourabh Sharma
12 Role of Leadership Style on Corporate Entrepreneurship
and Firm Innovativeness: Learnings from Start-ups
in Emerging Markets 189
Rajeev Verma and Jyoti Verma
1 3 A nalysis of Factors of Advantages and Disadvantages
in the Business Scenario of Northeast India: The
Entrepreneur’s Perspective 207
Analjyoti Basu and Kalyan Adak