Governance and Accountability Leading to an Organization's Competitive Advantage
ATTACHED ARE "Signature assignment instructions", "week 5-8 discussions, week 1-4 discussions (you can use these in writing the paper)', and "paper writing guidelines by the professor". -----------------------------------------------------------------------------------------------
Compose a 8 – 10 paper that proposes a plan to address governance and accountability that lends to a competitive advantage for the organization. In your plan, include the following:
1. Detailed analysis and recommended application of Corporate Governance Theory/theories and model.
2. Proposed strategic goals, resources (personnel, training, and associated costs) and proposed timelines
3. Specific recommendations on how to overcome the main challenges/barriers for Corporate Governance and Accountability.
4. Specific policy changes and organizational culture changes that may be required to foster best ethical practices (including shareholders, board members, and C-level executives).
5. Determine Best Practices in Governance and Accountability Recommendations to implement the practices
6. Discuss any other additional issues pertinent to your plan.
7. In your conclusion, write a few sentences on your assessment of how governance and accountability theories and models are relevant to your organization (local and/or global). --------------------------------------------------------------------------------- Writing Guidelines: - Running head and pagination. • The length of this paper should be between 8-10 pages (not including the title page, table of contents, reference page and Appendices page). • APA style formatting (7th edition), double spaced, with 1-inch margins and 12 point Times New Roman font. • The paper must have an EXECUTIVE SUMMARY (including THESIS statement), INTRODUCTION and CONCLUSION paragraphs. • Please include TITLE PAGE, TABLE OF CONTENTS PAGE, REFERENCE PAGE, and any APPENDICES. • Please submit in a word document and NOT pdf version. • Please use HEADINGS AND SUBHEADINGS to organize your paper. • Use at least 12 journal (NOT TEXTBOOK), library trade publications, scholarly or professional practitioner sources, and minimum 32 in-text CITATIONS are required. • You must cite and reference all texts used, including page numbers as applicable to avoid plagiarism. • Please provide verifiable links/web address for each academic reference used. • Paper should be proofread for spelling and grammar mistakes. • Write your paper in an integrated fashion, weaving theory and application. In other words, do not merely respond to each bullet above as a checklist. ------------------------------------------------------------------------------------------- Professor’s Additional instructions – Signature assignment -
Please: - Use third person in writing. - Do not use quotes. - Use APA formatting (7TH Edition) of references and in text citations is required. - the following resources are NOT ACCEPTABLE as citations for this paper: • Wikipedia.com • Ehow.com • Dictionary.com • About.com • Smallbusiness.chron.com • Diffen.com • Yourbusiness.azcentral.com • Tjmarino.com • Investopedia.com • Boundless.com and Lumen • Chegg.com • Difference between • Answers.com • Any student essay website . • DO NOT USE TEXTBOOK AS A REFERENCE----------------------------------------------------------------------------------------------------------------------------------------- .
Thank you,
CORPORATE GOVERNANCE THEORIES AND MODEL
Student Name
Instructors Name
Course Title
Date of Submission
Executive summary
History has shown that corporate governance theories and models are always evolving. One of the reasons for this is that social consciousness has been reduced to the background in favor of business. Companies throughout the world are attempting to implement a sense of corporate governance. As a result of capitalism's rise in power, corporatism became stronger when governments around the globe succumbed to its manipulations and influence. As a result, this essay looks at many different ideas about how corporations should be run.
Plan
Proposed theory
* Corporate governance theory has tended to look to this theory to guide the board of directors’ decisions in curbing excessive executive power in the hands of management.
* Research-based view theory
Recommendations
* Make certain there is openness.
* Members with appropriate expertise should be nominated.
* If the company is serious about doing business ethically, it should adopt a code of conduct. The management’s job is to ensure that the company has a good culture for everyone.
Table of Contents Executive Summary2 1.Introduction4 2.Proposed Theory Analysis5 2.1. Competitive advantage Theory5 2.2. Resource-Based View Theory5 3. Overcoming the main Challenges/Barrier to Corporate Governance and Accountability6 4. Changes in Organizational Culture Needed to Foster Ethical Practices………………………..8 4.1 Best Practices in Corporate Accountability……….…………………………………………..9 5. Recommendations …………………………………………………………………………….9 6. Conclusion………………………………………………………………………...…………..9 7. References……………………………………………………………………………………..11
1 Introduction
Corporate Governance deals with the way shareholders ensure they get fair profits from their venture. In corporate governance, there is a patent difference between the responsibilities of the firm owners and the managers when making efficient deliberate decisions. In the current market-oriented economy and with the impact of innovation, the significance of corporate domination is rising. This is because governance is a significant way of guaranteeing intelligibility that ensures the interests of all partners are protected. Nginyo, Ngui, and Ntale (2018) state that good corporate governance boosts a company's competitive edge and gives customers the impression that the company is well-run. A company's competitive edge should be linked to its business plan to improve its overall performance and profitability. Competitors can get an edge by adopting corporate governance pillars that encourage a long-term advantage in the market. As a result, in today's uncertain business world, more should be paid to how well a company can change and adapt to new situations, be creative, embrace change, and learn to be ahead of its competitors.
Researchers say that the focus on corporate governance is shifting from accountability and compliance to performance to gain a competitive edge. Corporate success and the realization of competitive advantages are directly correlated with corporate governance. Adopting sound corporate governance practices is a sign of high performance and a source of competitive advantage (Nginyo, Ngui & Ntale 2018). It’s safe to say that effective corporate governance is an agent solution that helps companies gain a competitive edge. The paper describes the extensiveness of governance and accountability in the rapidly developing field of transparency and management. Corporate governance ideas and approaches from worldwide have been applied to gain a competitive edge.
2 Proposed Theory analysis
1 Competitive advantage theory
The theory of competitive advantage states that competition exists when different organizations seek obligations of time and attention from the same market segments. An organization faces competition when its achievement depends on the behavior of other actors trying to meet similar customer needs. In contrast, the idea holds that to get a competitive edge, a company must examine everything it has, knows, does, and can attain to better serve its consumers than its competitors. Those having a competitive edge use techniques that are different from their rivals, according to Peprah and Ayaa (2022). Wang (2011) states that having several competitors in a single market will enable a business to obtain a competitive edge. This might be linked to a commitment to openness and accountability. Every company must understand the fundamental causes of market competition to develop effective strategies for remaining competitive. According to Peprah and Ayaa (2022), a company's competitive advantage is achieved when its people and financial resources are used to develop distinctive skills. In addition, if the firm's competitors' replacement and imitation capabilities are low, the advantage it gains will be sustained. Creating high-quality goods at reduced prices and providing such goods and services to clients efficiently and at the appropriate time and location through the appropriate channels may also gain competitive advantages. Krakowski, Luger & Raisch (2022). To get an edge in the marketplace, a company must thoroughly examine its resources, capabilities, and knowledge to give consumers more value than its competitors can. This means that enterprises must display openness, fairness, responsibility, and accountability across the board to obtain a competitive edge over their rivals.
2 Resource-based view theory
The resource-based approach is an alternative viewpoint that should be considered to overcome the main challenge. As derived from the theory company's competitive advantage is developed mostly from the effective use of valued resources, both material and intangible (Krakowski, Luger & Raisch, 2022). Resources must be diverse for a company to get a long-term competitive advantage over its current edge. To achieve a greater competitive advantage, the enterprises must adhere to fairness in the workplace by hiring responsible managers and workers and providing transparent services while carrying out their responsibilities. If these requirements are met, the bundle of resources can sustain the company’s above-average profits—similarly, entrepreneurial deaths and organizational talents as resources in RBV theory.
3 Overcoming the main challenges/barriers to Corporate Governance and Accountability
To effectively guide the board on corporate governance challenges, managers must familiarize themselves with the obstacles that current corporate are facing. Managers can decide how to control economic acumen and propose the best way forward. But corporate governance is not fixed. Boards experience inimitable challenges depending on the company’s situation, whether that’s a financial boom. A corporate can create an independent auditing committee to deal with accountability issues. An independent board and audit committee can provide checks and balances, clarify policy development and results commitments, and make them public. A high-profile external audit team can disclose any budgetary misconduct or unchecked practices that can help the company gain a competitive advantage (Henriques et al., 2021). The connection between shareholders, workers, boards of directors, and a sense of responsibility are all aspects of accountability. This corporate governanc...