Term
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Definition
| Managerial decisions and actions that determines the long run performance of a corporation. |
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Term
Basic Elements
Environmental Scanning |
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Definition
The monitoring, evaluating and disseminating of information from the external and internal environments.
(External and Internal Factors) |
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Term
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Definition
| The development of long range plans for effective management of environmental opportunities and threats in light of organizational strengths and weaknesses. |
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Term
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Definition
The process by which strategies and policies are put into action through the development of
Programs, Budgets, Procedures |
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Definition
| The process in which corporate activities and performance results are monitored so that actual performance can be compared to desired performance. |
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Term
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Definition
| Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of the many stakeholders in a company - these include its shareholders, management, customers, suppliers, financiers, government and the community. Since corporate governance also provides the framework for attaining a company's objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure. |
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Term
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Definition
| Stewardship theory is a theory that managers, left on their own, will indeed act as responsible stewards of the assets they control. This theory is an alternative view of agency theory, in which managers are assumed to act in their own self interests at the expense of shareholders. |
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Term
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Definition
| The agency theory is a supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving problems that can exist in agency relationships; that is, between principals (such as shareholders) and agents of the principals (for example, company executives). |
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Term
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Definition
| Social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems. |
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