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In commerce, supply chain management (SCM) deals with a system of procurement, operations management, logistics and marketing channels, through which raw materials can be developed into finished products and delivered to their end customers. A more narrow definition of supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally". This can include the movement and storage of raw materials, work-in-process inventory, finished goods, and end to end order fulfilment from the point of origin to the point of consumption. Interconnected, interrelated or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain.
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931, and Oliver E. Williamson's Transaction Cost Economics article, published in 2008, popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs, boost economic growth.
Corporate governance are mechanisms, processes and relations by which corporations are controlled and operated ("governed").
Porter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness of an industry in terms of its profitability. An "unattractive" industry is one in which the effect of these five forces reduces overall profitability. The most unattractive industry would be one approaching "pure competition", in which available profits for all firms are driven to normal profit levels. The five-forces perspective is associated with its originator, Michael E. Porter of Harvard University. This framework was first published in Harvard Business Review in 1979.
From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties.
Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in, with, or supporting professional service volunteering through pro bono programs, community development, administering monetary grants to non-profit organizations for the public benefit, or to conduct ethically oriented business and investment practices. While once it was possible to describe CSR as an internal organizational policy or a corporate ethic strategy similar to what is now known today as Environmental, Social, Governance (ESG); that time has passed as various companies have pledged to go beyond that or have been mandated or incentivized by governments to have a better impact on the surrounding community. In addition national and international standards, laws, and business models have been developed to facilitate and incentivize this phenomenon. Various organizations have used their authority to push it beyond individual or even industry-wide initiatives. In contrast, it has been considered a form of corporate self-regulation for some time, over the last decade or so it has moved considerably from voluntary decisions at the level of individual organizations to mandatory schemes at regional, national, and international levels. Moreover, scholars and firms are using the term "creating shared value", an extension of corporate social responsibility, to explain ways of doing business in a socially responsible way while making profits.
Governance is the process of making and enforcing decisions within an organization or society. It is the process of interactions through the laws, social norms, power or language as structured in communication of an organized society over a social system. It is done by the government of a state, by a market, or by a network. It is the process of choosing the right course among the actors involved in a collective problem that leads to the creation, reinforcement, or reproduction of acceptable conduct and social order". In lay terms, it could be described as the processes that exist in and between formal institutions.
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards. Organisational structure, incentives, employee productivity, and information all influence the successful operation of a firm in the economy and within itself. As such major economic theories such as Transaction cost theory, Managerial economics and Behavioural theory of the firm will allow for an in-depth analysis on various firm and management types.
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk.
Social finance is a category of financial services which aims to leverage private capital to address challenges in areas of social and environmental need. Having gained popularity in the aftermath of the 2008 Global Financial Crisis, it is notable for its public benefit focus. Mechanisms of creating shared social value are not new, however, social finance is conceptually unique as an approach to solving social problems while simultaneously creating economic value. Unlike philanthropy, which has a similar mission-motive, social finance secures its own sustainability by being profitable for investors. Capital providers lend to social enterprises who in turn, by investing borrowed funds in socially beneficial initiatives, deliver investors measurable social returns in addition to traditional financial returns on their investment.
Culture change is a term used in public policy making that emphasizes the influence of cultural capital on individual and community behavior. It has been sometimes called repositioning of culture, which means the reconstruction of the cultural concept of a society. It places stress on the social and cultural capital determinants of decision making and the manner in which these interact with other factors like the availability of information or the financial incentives facing individuals to drive behavior.
Management is a type of labor with a special role of coordinating the activities of inputs and carrying out the contracts agreed among inputs, all of which can be characterized as "decision making". Managers usually face disciplinary forces by making themselves irreplaceable in a way that the company would lose without them. A manager has an incentive to invest the firm's resources in assets whose value is higher under him than under the best alternative manager, even when such investments are not value-maximizing.
Network governance is "interfirm coordination that is characterized by organic or informal social system, in contrast to bureaucratic structures within firms and formal relationships between them. The concepts of privatization, public private partnership, and contracting are defined in this context." Network governance constitutes a "distinct form of coordinating economic activity" which contrasts and competes with markets and hierarchies.
Environmental governance (EG) consist of a system of laws, norms, rules, policies and practices that dictate how the board members of an environment related regulatory body should manage and oversee the affairs of any environment related regulatory body which is responsible for ensuring sustainability (sustainable development) and manage all human activities—political, social and economic. Environmental governance includes government, business and civil society, and emphasizes whole system management. To capture this diverse range of elements, environmental governance often employs alternative systems of governance, for example watershed-based management.
In political ecology and environmental policy, climate governance is the diplomacy, mechanisms and response measures "aimed at steering social systems towards preventing, mitigating or adapting to the risks posed by climate change". A definitive interpretation is complicated by the wide range of political and social science traditions that are engaged in conceiving and analysing climate governance at different levels and across different arenas. In academia, climate governance has become the concern of geographers, anthropologists, economists and business studies scholars.
Environmental, social, and corporate governance (ESG) is a set of aspects considered when investing in companies, that recommends taking environmental issues, social issues and corporate governance issues into account.
Transition management is a governance approach that aims to facilitate and accelerate sustainability transitions through a participatory process of visioning, learning and experimenting. In its application, transition management seeks to bring together multiple viewpoints and multiple approaches in a 'transition arena'. Participants are invited to structure their shared problems with the current system and develop shared visions and goals which are then tested for practicality through the use of experimentation, learning and reflexivity. The model is often discussed in reference to sustainable development and the possible use of the model as a method for change.
A social-ecological system consists of 'a bio-geo-physical' unit and its associated social actors and institutions. Social-ecological systems are complex and adaptive and delimited by spatial or functional boundaries surrounding particular ecosystems and their context problems.
Sustainable markets are defined as systems or institutions where the exchange of goods and services occurs with a sustainable, ethical, and environmentalist mindset. Sustainable markets differ from traditional economic markets as they aim to diminish the effects of natural resource degradation, environmental pollution, and promote safe labor practices.
Governance frameworks are the structure of a government and reflect the interrelated relationships, factors, and other influences upon the institution. Governance structure is often used interchangeably with governance framework as they both refer to the structure of the governance of the organization. Governance frameworks structure and delineate power and the governing or management roles in an organization. They also set rules, procedures, and other informational guidelines. In addition, governance frameworks define, guide, and provide for enforcement of these processes. These frameworks are shaped by the goals, strategic mandates, financial incentives, and established power structures and processes of the organization.
References
- ↑ Proceedings of the 50th Hawaii International Conference on System Sciences. "Collaborative Distance: Multi-level Analysis Framework for Recommending Collaboration Structure and Safeguards" (PDF).
- ↑ "Informality and market governance in wood and charcoal value chains" (PDF).
- ↑ "Trust and Tracing game".
- ↑ "An organizational architecture of T-form: Silicon Valley clustering and its institutional coherence".
- ↑ , Baysinger, B. and Butler, H. 1985. The role of corporate law in the theory of the firm. The University of Chicago.
- ↑ [ permanent dead link ], Amaeshi, K., Osuji, O., Doh., J. (undated) Corporate Social Responsibility as a Market Governance Mechanism: Any implications for Corporate Governance in Emerging Economies? University of Edinburgh.
- ↑ Blackmore, Emma (May 2011). "Shaping Sustainable Markets: Research Prospectus" (PDF). International Institute for Environment and Development. Retrieved 2012-03-09.
- ↑ "Shaping sustainable markets" (PDF).
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