Business Administration PDF Books for CSS & PMS 2020

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Business Administration PDF Books

Introduction

In 1776, Adam Smith described how an “invisible hand” guides companies as they strive for profits; and that hand leads them to decisions that benefit society. Smith’s insights led him to conclude that profit maximization is the right goal for a business and that the free enterprise system is best for society. But the world has changed since 1776.

Firms today are much larger, they operate globally, they have thousands of employees, and they are owned by millions of stockholders. This makes us wonder if the “invisible hand” still provides reliable guidance. Should companies still try to maximize profits; or should they take a broader view and take more balanced actions designed to benefit customers, employees, suppliers, and society as a whole? Most academics today subscribe to the following modified version of Adam Smith’s theory:

l A firm’s principal goal should be to maximize the wealth of its stockholders, which means maximizing the value of its stock.

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Business Administration PDF Books

l Free enterprise is still the best economic system for the country as a whole. l However, some constraints are needed—firms should not be allowed to pollute the air and water, engage in unfair employment practices, or create monopolies that exploit consumers.

Profits depend on sales; and sales require that firms develop desirable products and services, produce them efficiently, and sell them at competitive prices, all of which benefit society. So the view today is that management should try to maximize stock prices, but their actions should be subject to government-imposed constraints.

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Business Administration PDF Books

Still, some argue that the constrained maximization theory is inadequate. For example, GE believes that just obeying the law is not enough. GE is the world’s most valuable company, and it has an excellent reputation.1 Immelt argues that value and reputation go hand in hand and that having a good reputation with customers, suppliers, employees, and regulators is essential if value is to be maximized.

According to Immelt, “The reason people come to work for GE is that they want to be part of something bigger than themselves. They want to work hard, win promotions, and be well compensated, but they also want to work for a company that makes a difference, a company that’s doing great things in the world. 

It’s up to GE to be a good citizen. Not only is that a nice thing to do, it’s good for business and thus the price of our stock.” GE is by no means alone. An increasing number of companies see their mission as more than just making money for their shareholders. Google Inc.’s well-known corporate motto is “Don’t Be Evil.” Taking things a step

Business Administration PDF Books

further, the company recently announced that it was setting aside another $30 million to be used for philanthropic ventures worldwide. The company’s in-house foundation now has assets in excess of $2 billion. Days later Microsoft Corporation’s chairperson, Bill Gates, gave a speech to the World Economic Forum in which he made the case for a “creative capitalism.” Gates stated that, “Such a system would have a twin mission: making profits and also improving lives for those who don’t fully benefit from market forces.” Gates has certainly been true to his word. In 2000, he and his wife established the Bill & Melinda Gates Foundation.

Today the fund has assets totaling $37.6 billion. It received a notable boost in 2006 when famed investor Warren Buffett announced that he would donate a huge share of his fortune to the Foundation. To date, Buffett has contributed more than $3 billion; and over time, he is scheduled to contribute additional shares of stock that are now worth in excess of $40 million. These efforts show that while there is more to life than money, it often takes money to do good things.

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