Thursday, January 30, 2020

MBA Corporate Governance And Responsibility Essay Example for Free

MBA Corporate Governance And Responsibility Essay Why did it take 10 years to bring Harshad Mehta to justice? What weaknesses in the financial markets allowed such abuse to succeed? Harshad Mehta’s scam was one which involved huge magnitudes, which is why it probably came into light in the first place.[1] Scams of smaller magnitude are happening almost everyday at the Bombay Stock Exchange but not coming to light. There are many reasons for this. Some of the major reasons are briefly discussed below. The Indian businesses have traditionally being family owned. Owing to concentration of money in a few hands, most people have concentrated on survival and security due to which the risking loving entrepreneurial skill has not developed much. Being family owned businesses, a lot of insider and sensitive information is often available to the owners and their relatives even though the company is technically a separate legal entity. Given this insider information and the relatively weak legal machinery, it is easy for the insiders to manipulate prices of stocks by large buying or selling. The reason outlined above also gives rise to the herd mentality i.e. if bulk activity is seen on a stock on a particular day in a particular reaction; people seem to trust it quickly believing that some one with insider and reliable information is acting upon it. This is what helped Harshad Mehta in pulling off the scam. Further, there are hardly any checks and balances on the end use of loans given by banks and other financial institutions. They seem to be satisfied by the reputation of the borrower and once they are convinced that he can return the money, the end use of the same whether for speculation or any other activity is hardly looked into. It took as long as ten years to bring Harshad Mehta to justice due to the combination of many systemic failures and procedural lacuna. Firstly, it is difficult to pin point in such a huge market as to where the first default or breach of law took place. Further, there are many procedural approvals that must be taken before the regulator can take any concrete action. The country’s civil procedure process is quite slow too, with many appeals available before an offender is finally convicted. Therefore, even high profile cases such as these often take several years before finally being disposed off. How can ethics in the boardroom be monitored and controlled? Ethics, in the first place, is a rather complicated and complex issue. There is no straightjacket formula as different situations would demand different measures. In the boardroom, where money is at stake, and everyone has their own business to mind, it is probably even more difficult. This has been a subject of considerable debate, and there are certain measures which companies should generally apply, with specific variations in accordance with the particular situation at hand. Some of these general principles are briefly discussed below.[2]   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Firstly, there has to be strict avoidance of concentration of important powers and functions in a few hands. As can be seen from the Maxwell Affair of 1991, too many responsibilities in different areas of management are likely to be fatal to the company. Further, the delegation of power must not be absolute. Power corrupts, and absolute power corrupts absolutely. There should be checks and balances right upto the top level. At the top most level, where it is difficult to have checks and balances in a vertical hierarchy, the same should be had using a horizontal structure.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Strong ethical base and principles must come in from the top and trickle down to the bottom. It is important that these principles are insisted upon, no matter how bad a situation a company is in. They should be introduced as non-negotiable to every new employee who joins, so that when he climbs the ranks in the corporate ladder, he is equally insistent about such principles. Gradually, a strong ethical culture is built. Is there a discernible difference between Enron’s fraud and Madoff’s appeal to elite investors? There is quite a discernible difference between Enron’s fraud and Madoff’s appeal to elite investors.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Enron’s fraud was a clear case of lack of watchful auditing and poor accounting practices. The profits were terribly overstated and the accounts were shown to pose a rosy picture of the state of affairs of the company. The true state of affairs was not revealed to the shareholders and other stakeholders in the company. The auditors were cleverly deceived, and they too didn’t do any follow up action.[3]   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Madoff’s case is a much more complex one than Enron. Madoff’s case has largely been seen as one which could never be expected, and therefore no laws are in place to remedy such a situation. Unlike Enron’s case, which can be foreseen, Madoff’s case was completely unique and innovative. Enron’s case has been foreseen by the law makers, due to which many laws are in place to keep in check of the same. Firstly, there are accounting standards and conventions which must be adhered to by all companies. Second, all companies are statutorily required to get their accounts audited so as to doubly ensure that they reflect a true and fair view of the affairs of the company. Although it has been said in a landmark decision, that an auditor is a watchdog and not a bloodhound, it can be said that the auditors failed to do an upto-the mark job in Enron and hence the scandal.[4]   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   However, in complete contrast, Madoff’s case is so unexpected that there are no laws which effectively deal with such a situation. He used his reputation of being an expert at the Wall Street and a continued promise to offer secured and steady returns to swindle many high net worth individuals of millions of dollars. Such an exercise of personal confidence is difficult for the law to stop. Now, in retrospect, of course there are laws which mandate certain disclosures in case of any broker or person dealing on another’s behalf in the stock market. Further, there are investor awareness and know-your-rights campaigns by the regulator.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Thus, another importance difference between the two scandals which essentially flows from the main difference is the solutions that they demand are very different from each other. What steps would you take as an independent director on the board of a company where you had reason to believe that fraudulent or unethical activities were being carried out by the high-profile company leader? First of all, being an independent director, there is a great amount of responsibility on my shoulder to ensure that such policies are pushed for, which make it near to impossible for fraudulent or unethical activities to be carried out by any individual in the company. However, if this was to happen, there would be a series of measures I would attempt to take. Firstly, it would be important to get the whole Board of Directors, or as far as it may be practicable, into confidence so as to ensure that the top level management is not divided on such an important issue. Once this is done, it is important to have an internal conference with the suspected offender about his objectionable activities. It is important at this stage to consider all possible solutions to the problem, as open action against such a person should be the last resort, given that such information is particularly sensitive, and it would adversely affect the reputation of the company, if it were to get leaked. Therefore, it is also important that only so many people are made aware of such a situation as are required. It is essential that the matter not be lingered, and damage control be the top most priority.   Again, every possible option should be explored including plea bargaining and settlement through mediation or negotiation.[5] The suspected offender should also be taken into confidence that full disclosure would be in his best interests too. No threat or action should be immediately taken against him, as then he might attempt to conceal the substance of the matter, which would be eventually then take a long time to be fathomed. Any severe action contemplated should be taken only once the issue has been fully resolved. Finally, once the issue has been resolved, there should be a fall back to see why such an event happened, and what can the company do in future to prevent it. The offender should not be let off lightly, as this may go on to set a bad example. At the same time, the best interests of the company in the long run must be kept in mind. REFERENCES Anonymous, â€Å"Harshad Mehta: A Scandal to Remember† f. www.casestudy.co.in (Last Visited 25 July, 2010). Anonymous, â€Å"Key Biscayne Connection in Madoff Scandal†, Key Biscayne Times, 23 July, 2010. Cathy Thomas, â€Å"Behind the Enron Scandal†, TIME Magazine, June 2002. Kevin MacDonald, â€Å"Is the Madoff Scandal Problematic?†, Occidental Quarterly Online, July 2010. Stephanie Maier, â€Å"How global is good corporate governance?†, EIRIS Report, Aug 2005. [1] Anonymous, â€Å"Harshad Mehta: A Scandal to Remember† c.f. www.casestudy.co.in (Last Visited 25 July, 2010). [2] Stephanie Maier, â€Å"How global is good corporate governance?†, EIRIS Report, Aug 2005. [3] Cathy Thomas, â€Å"Behind the Enron Scandal†, TIME Magazine, June 2002. [4] Kevin MacDonald, â€Å"Is the Madoff Scandal Problematic?†, Occidental Quarterly Online, July 2010. [5] Anonymous, â€Å"Key Biscayne Connection in Madoff Scandal†, Key Biscayne Times, 23 July, 2010.

Wednesday, January 22, 2020

Premature Infants Essay -- Health, NICU

Thousands of infants are born prematurely on an annual basis, and it is a challenge in the neonatal intensive care unit (NICU) to facilitate parent-child attachment while still providing the safest clinical environment for the infant. One significant area of research where premature infants are concerned is the effect of early skin to skin contact (SSC), or kangaroo care, between the parent(s) and child during their stay in the NICU. Although it has been found that early and frequent SSC promotes positive physiological responses in preterm infants, there is mostly speculative data regarding the long-term psychosocial effects where parent-infant bonding is concerned. An important question for the clinician working in this specialty area to find a quantifiable answer for is, â€Å"Do parents who are permitted to touch and/or hold their infant in the NICU bond with their infant better than those who are not able to do this?† This type of question is structured in the PICO mod el, which is one of the most common models used in evidenced-based practice (EBP). The question is structured in a way that the patient population and practice or intervention are clearly identified, making it easier for the researcher to find relevant research data using the internet and databases. More specifically, PICO can be broken down into: P (patient population or condition of interest), I (intervention of interest), C (comparison of interest), and O (outcome of interest). (Schmidt & Brown, 2012) For the question at hand, the P (population) was parents of infants in the NICU, the I (intervention of interest) considered was the ability to touch and/or hold their infant, C (comparison) was parents who were not permitted physical contact with their infant,... ...es have to realize that they are not just caring for a premature infant, but also a new family. It is also important for the nurse to understand that the mothers’ and fathers’ approach to touching and bonding with their infant may differ. Although quantitative data from Chiu and Anderson (2009) did not reveal significant differences between the control group and the SSC group at 18 months, the data from Latva et al. (2008) showed significant behavioral differences at six years old when infants were touched as newborns and formed a secure attachment. Therefore, for the health and well-being of both parents and child, time and opportunity to have SSC and bonding experiences must be priorities in the plan of care for infants in the NICU. As one mother stated, â€Å"I need to be allowed to feel that he is mine.† (Fegran, Helseth, & Fagermoen, 2007, pg. 813)

Monday, January 13, 2020

A Matter of the heart and Coach Knight Essay

Coach K and Coach Knight both achieved significant success during their college coaching careers. Both coaches possessed the knowledge, skills, and abilities to lead their teams to numerous victories. However, their approaches to this success were very different. Robert Katz and M.D. Mumford identified three skills that leaders should have to ensure their effectiveness and success. Those skills included: technical, human, and conceptual skills. Robert Blake and Jane Mouton developed a leadership grid that indicated behaviors of leaders that were based on people and results. Based on these two leadership models, the coaches were very diverse on the methods exercised to lead their teams. One coach was more concerned with human skills and development of people, while the other coach was more focused on technical skill and results. In employing the Katz and later studies of Mumford’s skills approach, Coach K is dedicated in promoting the development and growth within his team. He utilized his human skills in his ability to work with his team and other coaching staff to accomplish their goals (Northouse, p. 45). He created an environment of trust in where the team had faith in his leadership and each other. Coach K encouraged his team to rely on each other’s ideas and concepts and adapted them into his guidance of the team. He applied his technical and conceptual skills by creating a shared vision for the team and staff; while also using his knowledge and abilities about basketball to enable the team to reach victory. Coach Knight’s skills and how they related to the Katz and Mumford’s approach were slightly different. He utilized his technical skills with his team by providing them with examples of his experience and expertise of the game. Coach Knight conducted specific activities and drills that would ensure the team would be successful. He strongly believed that physical activity or the use of technical skills which involve hands on activity or processes within an organization would guarantee victory (Northouse, p. 44).  Creating a plan and a vision for his team, he pushed his players to strive for excellence. This was an example of his use of conceptual skills. However, Coach Knight lacked human skills. He has been criticized for being unconcerned about the feelings, thoughts, and concerns of others. Most people saw him as a tyrant or dictator. While analyzing the coaches using the Blake Mouton Grid, they are very dissimilar as well. Coach K exhibits the Team leadership results. He is very concerned with results, but is just as concerned about his team and their individual needs. He operates his team with encouragement and motivation for individual and organizational results. The team is driven to produce results and is satisfied or content with his leadership abilities. Yet, Coach Knight identifies with the Authority-compliance management system. He is focused on results by any means necessary. This leadership style is high on results and low on concerns for people. Coach Knight follows a strict system with emphasis on policies and procedures. He has been known to punish or terminate team members for not producing acceptable results. Although both coaches have experienced considerable success, they have two very different leadership styles used to accomplish their goals. While Coach K equally directs his attention to both task oriented and relationship based leadership, Coach Knight centers his leadership approach on only completing tasks and achieving results. Despite the distinctive natures of their leadership proficiencies, both men are respected and highly regarded in the basketball community. References Balancing task- and people –oriented leadership: The Blake Mouton managerial grid. Retrieved from http://www.mindtools.com/pages/article/newLDR_73.html Northouse. P. G. (2013). Leadership theory and practice (6th e.d.). Thousand Oaks, CA: Sage. Snook, S. A., Perlow, L. A., & Delacy, B. J. (2005 December 1). Coach K: A matter of the heart. HBS No 9-406-044. Boston, MA: Harvard Business School Publishing Snook, S. A., Perlow, L. A., & Delacy, B. J. (2005 December 1). Coach Knight: The will to win. HBS No 9-406-043. Boston, MA: Harvard Business School Publishing

Sunday, January 5, 2020

Bio of French Impressionist Painter Boudin

Louis Eugà ¨ne Boudins pint-sized paintings may not enjoy the same reputation as the more ambitious works by his star pupil Claude Monet, but their diminutive dimensions should not diminish their significance. Boudin introduced his fellow Le Havre resident to the pleasures of painting en plein air, which decided the future for talented young Claude. In this respect, and although he was technically a key precursor, we may consider Boudin among the founders of the Impressionist movement. Boudin participated in the first Impressionist exhibition in 1874, and also exhibited in the annual Salon that year. He did not participate in any subsequent Impressionist exhibitions, preferring instead to stick to the Salon system. It was only in his last decade of painting that Boudin experimented with the broken brushwork for which Monet and the rest of the Impressionists were known. Life The son of a sea captain who settled in Le Havre in 1835, Boudin met artists through his fathers stationery and framing shop, which also sold artists supplies. Jean-Baptiste Isabey (1767-1855), Constant Troyon (1810-1865) and Jean-Franà §ois Millet (1814-1875) would come by and offer the young Boudin advice. However, his favorite art hero at the time was the Dutch landscapist Johan Jongkind (1819-1891). In 1850, Boudin received a scholarship to study art in Paris. In 1859, he met Gustave Courbet (1819-1877) and poet/art critic Charles Baudelaire (1821-1867), who took an interest in his work. That year Boudin submitted his work to the Salon for the first time and was accepted. Beginning in 1861, Boudin divided his time between Paris during the winter and the Normandy coast during the summer. His small canvases of tourists on the beach received respectable attention and he often sold these quickly painted compositions to the people who had been captured so effectively. Boudin loved to travel and set out for Brittany, Bordeaux, Belgium, Holland and Venice quite often. In 1889 he won a gold medal at the Exposition Universelle and in 1891 he became a knight of the Là ©gion dhonneur. Late in life Boudin moved to the south of France, but as his health deteriorated he chose to return to Normandy to die in the region that launched his career as one of the maverick plein-air painters of his era. Important Works: On the Beach, Sunset, 1865The Nurse/Nanny on the Beach, 1883-87Trouville, View Taken from the Heights, 1897 Born: July 12, 1824, Trouville, France Died: August 8, 1898, Deauville, France