Also, businesses should be open to the idea of changing the way these relationships are formed and maintained to make way for the changing business environment. "Changing the prevailing relationship a firm has with its stakeholders offers an opportunity for innovation and the economic rewards that accompany such innovation" (Harting, Harmeling & Venkataraman, 2006, p.44).
Conclusion
In short, different stakeholder groups have a big impact on the performance of a company. Their influence spreads across all aspects of the business including its financial performance. Good relationship with these stakeholder group are vital for the success of the company and the benefits of maintaining such good relations far outweigh the drawbacks that come with it.
References
Friedman, Andrew; Miles, Samantha. (2006). Stakeholders: Theory and...
environmental, social and governance (ESG) performance and financial performance of companies Investors are increasingly recognizing the fact that ESG (environmental, social, corporate governance) elements can substantially affect companies' security rates and financial performance. The aforementioned components' contribution to financial markets has been growing with the rise in number of ESG opportunities and risks within the contemporary international economy. Timely and improved organizational policy-related data access and the effect of organizational
Employee Relations Financial Crisis Managing Employee Relations in the Event of a Financial Crisis A Look into Management can Effectively Navigate through Adverse Conditions Austerity Protests (Dowling, 2012) Employee relations can often be a difficult aspect of maintaining the overall health of an organization. In general, employee relations often refer to the act of fostering productivity, motivation, and employee morale in an organizations human resources pool. However, there are some circumstances in which it
Factors that Affect the Relationship between Corporate Social Responsibility and Corporate Financial Performance: Customer-FocusedExecutive summaryEstablishing the link between financial performance and social responsibility is a research topic worth exploring. This paper seeks to examine the factors that influence how corporate social responsibility and corporate financial performance correlate. Such factors include i. the image of the corporate, ii. The satisfaction of customers, iii. how consumers identify with a company, iv. Competitive
A survey will be developed as a part of implementation of the BSC system in this hospital to track customer satisfaction with the services that they receive here. A positive image of the organization translates into repeat business and a more positive reputation in the neighborhood, Patient satisfaction translates into increased future revenues. It also has some positive impact on risk assessment as well. The more satisfied the customer is,
Financial Scandals and Management Financial Management Management Financial Actions, Controls, and Decisions Financial Scandals and Management Following the rise of financial scandals in the recent past, external and internal audits are carried out to review the management's financial controls and actions, and keep tab of the outside and internal auditors. However, despite the best efforts, accounting scandals like the Cendant Corporation's $300 million bogus revenue indicate that external auditors and managers are not doing
But these changes, materialized in increased sales and consequently revenues, improved quality of the products and services offered as well as the technologies used in the manufacturing process have supported the development of the corporation. From a financial point-of-view, they created the image of a strong and reliable company. The reasons why this change has financial implications is a simple one: a stronger company is better perceived by the market
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now