The Business World Of 21st Century - 1488 Words

As Waldkirch (2008) stated the political problem which underlies the discussion of the principles for managing corporations has existed for only about 150 years. Chandler (1977) emphasised that during this period of time, society has witnessed the appearance and the spreading of organisations. In traditional view, the shareholders were the main stakeholders in the company. This traditional view has started to be challenged in the late 20th century. Freeman (2010) stated that ‘the business world of 21st century has undergone dramatic change’. In corporate governance theory, there are mainly two kinds of arguments. The first one is that a firm should focus on the shareholder wealth maximisation, which is called theory of shareholder. This one might be considered as the traditional approach. The other one is that a company should focus on not only the interest of shareholders, but also employees, suppliers, government and local communities, which is called theory of stakeholder. The origins of the ideas shaping shareholder theory might be more than 200 years old, with roots in Adam Smith’s The Wealth of Nations (1776). In general, shareholder theory encompasses the idea that the main purpose of business lies in generating profits and increasing shareholder wealth. According to the theory of shareholder, the main goal might be stated as the ‘the primary responsibility of a company is to maximise the wealth of its shareholders’ (Friedman, 1962). As Zhang (2011) stated that theShow MoreRelatedTraveling Around the Fashion Trends of Women: 20th - 21st Century1428 Words   |  6 PagesThe word fashion trends mean a change of clothing style. The first fashion capital of the world was Paris, France. The ‘Belle Epoque’ was the very first fashion trend. In the early 20th century, women had a conservative figure to concentrate on their body figure. A new style was born in the roaring 20’s, was brought the beginning of modern fa shion. The roaring 20’s was known for the flapper skirts, gathered skirts, pleated skirts, higher hemlines, and low-cut necklines. The era of the Great DepressionRead MoreTo What Extent Is Psychological Contract Applicable in the 21st Century?954 Words   |  4 Pagespsychological contract applicable in the 21st century? Psychological contract, not written compared to legal contract, is mostly accepted by the two parties in the employment. In 21st century, since the nature of work has experienced a great change, psychological contract, which seems to have new content, is paid more attention to than before. It appears that a fair and positive psychological contract may contribute to success of a business. The first session of the essay will defineRead MoreThe Academy Of Business And Entrepreneurship Charter School1408 Words   |  6 PagesI. 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The twenty-first century has been a key period in the alteration of the dimensions of managerial and leadership change throughout the business world. A key development within this sector has been ethical leadership; this essay will examine the dimensions of ethical leadership, the disconnectionsRead MoreThe 21st Century874 Words   |  4 PagesThe 21st has begun and with it will come many changes in today’s modern society. Changes occur daily; taken into view these changes become extremely noticeable. This century is going to change not just the way that we think, but also what we actually think with - our own individual minds. This paper will express personal beliefs on what will occur in the 21st century, such as, technology, medical sector, and living environments. Technology plays an important role in the 21st century. Modern advancements