Essay about Cultural and Financial Management

Essay about Cultural and Financial Management

Length: 1494 words (4.3 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview

This paper will scrutinizes the actual impact of culture on financial management. Before I proceed to what I believe to be not only a factually inept argument of cultural influence on economics but also a grossly delusional and rather prejudiced view as well, I must first set some sort of context to what I am alluding to. The assignment stipulates for me to, address if the framework of financial management can apply to any country or culture. The simple and short answer to this is “no”, financial management is different depending on the country and or culture. For example Germans don’t buy into the same type of capital structure that North Americans do, nor do Muslims have the same type of financial system to that of the west. Simply put various cultures and countries have different financial institutions and or governments, as well as various different values, attitudes and preferences. More broadly the assignment asks me to discuss the role of culture in finance, which I find not to have a true correlation to economics or its financial institutions.
First let me state that I am not alone in my beliefs on this issue. Many economists are reluctant to consider culture because it is too broad and vague to enter the economic discourse with a testable hypothesis (Guiso, Sapienza & Zingales 2006 p.1). This has however not stopped the insurgence of sociologists entering the realm of economics with more powerful measuring tools to back their exaggerated claims of a cause and effect, of culture on economics. Specifically these sociologists and economists dispute Marx’s claim that “The mode of production of material life conditions the social, political and intellectual life process in general” (Marx 1859). In other words economic condi...

... middle of paper ...

...act but the reasons and questionable data provided to support such a hypothesis is not sufficient for a direct correlation to occur, consequently do to such weak and morally questionable arguments.

Reference list
Dar, A.H., & Presley, R.J. (2001) Lack of Profit Loss Sharing in Islamic Banking: Management and Control Imbalances, Loughborough University

Diamond, J. (1997) Guns, Germs and Steel: A short history of everybody for the last 13,000 years, London: Vintage, 2005

Guiso, L., Sapienza, P., & Zingales, L. (2006) DOES CULTURE AFFECT ECONOMIC OUTCOMES?, The Journal of Economic Prospective

GRAY, J.S. (1988) Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally University of Glasgow, Scotland

Marx, Karl (1859) A Contribution to the Critique of Political Economy, International Publishers, New York, 1979,

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Financial Assistance to Pursue Studies in Organizational Management

- The internal strengths of an organization are technical proficiency, management skills, and creative genius but the question is how to implement these techniques all together to maximize enterprise credibility. The sole purpose of business is to make profit and the best way to do so is by studying its past performances and focusing on developing new insights. Studying business operations effectively and efficiently requires the above mentioned skills to be implemented in an organized way in order to deliver maximum profit....   [tags: statement of purpose, career choices]

Powerful Essays
725 words (2.1 pages)

Organizational Change Management Essays

- Organizational Change Management Significant organizational change occurs when an organization changes its overall strategy for success, adds or removes a major section or practice, and/or wants to change the very nature by which it operates. It also occurs when an organization evolves through various life cycles, just like people must successfully evolve through life cycles. For organizations to develop, they often must undergo significant change at various points in their development; hence the topic of organizational change and development has become widespread in communications about business, organizations, leadership and management....   [tags: Business Management ]

Powerful Essays
1996 words (5.7 pages)

Organizational Management Essay

- Normally Organizational change is about the important major changes in an organization such as adding or inclusion of a major new product or services in production as well into the market. It contradicts minor changes within an organization like adoption of new computer software. To make these changes clear, the approach should be made in view from different dimensions. The first type of these changes is the organization-wide verses subsystem change. Organization-wide focuses on major changes in terms organizational structure, collaboration and adjusting to the right size....   [tags: Business Management ]

Powerful Essays
1840 words (5.3 pages)

Strategic Program Management Worksheet Essay

- Strategic Program Management Worksheet IMPLEMENTING ORGANIZATIONAL INITIATIVES The purpose of this assignment is to begin the process of Problem Based Learning. In this step, you will be looking at one or more realistic situations and using them, in the context of this course, to identify the key concepts involved that you will need to understand in order to solve whatever problems you might encounter in those situations. Complete the table below by identifying at least five concepts that you will study from the text on the rEsource page in order to resolve the situations presented; list and briefly describe them in column A....   [tags: Strategic Management]

Powerful Essays
1677 words (4.8 pages)

Benefits Of Strategic Management Essay example

- Competitive Advantage in Strategic Management A business without strategy is a business without direction. A strategy without a competitive advantage is a business without a precondition of success. Managing strategically is to make decisions and implement strategies that allow an organization to develop and maintain competitive advantage. Competitive advantage is a concept that motivates strategists to replicate the strategies that make most successful companies successful. According to this, we can learn that competitive advantage is a very important concept in strategic management....   [tags: Strategic Management]

Free Essays
1206 words (3.4 pages)

Verizon Communications Management and Leadership Essay

- Verizon Communications Management and Leadership When an organization decides that it needs to be the best in the world that organization hunts for the best employees the world has to offer in order to get the job done. The organization knows it will require a good set of guidelines to maintain a high standard of excellence as well as qualified employees that are willing to abide by these guidelines. The organization will need good leadership to help the employees see the vision the organization is setting forth; the leaders will need qualified managers that will encourage the dream....   [tags: Business Management Analysis]

Powerful Essays
1815 words (5.2 pages)

Essay on Cash Management

- Cash Management Introduction Most companies do not want to keep any more cash on hand than what is absolutely necessary. Most companies must keep some cash for transactions, bank payments, and potential emergencies. The opportunity cost of holding an excess of cash rather than reinvesting it into current assets or growing the firm's fixed assets is often significant. There are multiple techniques that a firm can employ to manage its cash. Some of these techniques include float, short-term investments, and international cash management....   [tags: Finance Business Management]

Powerful Essays
1281 words (3.7 pages)

Essay on Performance Management

- Introduction: Using the job description as a base, develop performance standards for this particular position. Specifically you are to create the following: 1. A list of 5-10 performance standards 2. The type of performance assessment technique(s) you will employ and why 3. The controls you have employed to eliminate or reduce errors or bias in assessment 4. Who will perform the assessment and why 5. How the organization should use the assessment results I chose to use the previous job description from unit one and two which was a human resource manager....   [tags: Job Description Performance Management]

Free Essays
1764 words (5 pages)

Change Management Essay

- Change Management Plan No matter which type of industry is discussed – change management is an essential component in today's ever-changing business environment. To better understand this concept it should be recognized that change management is not just a task to be checked off and considered finished – instead, it is a constant process that should be undertaken with a sense of urgency, implemented swiftly, and monitored continuously to ensure a successful transformation. To illustrate the knowledge of the change management process throughout the simulation, the learner is assigned the task of providing the information necessary to build a culture in which to sustain change....   [tags: Management of Organizational Strategy Change]

Powerful Essays
2063 words (5.9 pages)

Knowledge Management Essay

- Knowledge Management Gene One’s goal is in three years to realize 40% growth targets, raise capital, and develop new products in the biotech sector. The leadership team identified these goals in a proposal to the board. The team is trying to make the company a success by succeeding in the public entity. The only issue is no one knows how to implement an IPO bringing the company to try and recruit people in the financial sector whom dealt with IPO’s. The company is also using the knowledge that the team already has and educate themselves on IPO’s, because they have competent operators and they have the free will to apply his or her knowledge in anyway....   [tags: Leadership Management Organization]

Free Essays
1167 words (3.3 pages)