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Foundations Of International Macroeconomics

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Question:

Discuss about the Foundations of International Macroeconomics.
 
 

Answer:

Introduction

According to Tamang (2013), moral leadership happens to be a very different yet distinct type of direction in the aspect of corporate governance. Instead of wanting to be followed, as a moral leader, one is required to be of service to others. In the process of serving people, we have an obligation to develop the ability to improve leadership skills of others by improving their self-esteem. This kind of leadership has nothing to do with rank since anyone, regardless of the position one is holding, can be a moral leader (tamang, 2013). However, these leaders are characterized by possessing an extensive understanding of ethics and are motivated by their pursuit of higher purposes. Policy formulation, on the contrary, entails deciding what course of action is suitable for achieving objectives of an organization. The steps towards achieving policy formulation are, therefore, important for achieving purposes of an organization (Pirtea, Nicolescu, & Botoc, 2009). Strategy implementation or rather enforcement policies entail the process of making plans or ensuring that an organization's policies are put into action.

It is as a result of the publication of the first King report that the corporations of South Africa have ensured that they maintain a prudent tradition of corporate governance. The fourth iteration of the same King report is the King IV, and it describes the principles, philosophy, outcomes, and even practices that are the sport-light for measuring corporate governance in RSA (Ramalho, 2016). There is a part II of the same iteration that has the core concepts and philosophy that King IV bases its concepts. According to the ideas laid in the fourth iteration, we can describe corporate governance as a process of ensuring efficient and ethical leadership exercise towards the achievement of core outcomes of governance which would include the promotion of an ethical culture within an organization, increased business performance, effective business control (strategic business management), and increased legitimacy (Ramalho, 2016).

 

The Aspect of Moral (Ethical) Leadership

Ethical leaders are associated with possessing skills that pertain to moral uplift, and they also know in which way they would best manage themselves. Such management includes the understanding of their ways of regulating temper, egos, and what way to act with nobility. Such a leader is visionary and has an enormous amount of influence on personal change. They also have a developed sense regarding emotional intelligence. They can overcome obstacles and are very skilled when it comes to providing consultative services. Behind the term moral, is the meaning that dictates what is wrong or right (tamang, 2013). However, the definition of what is right and wrong has somehow proved to be elusive considering the issue of competing needs. For instance, in case one has no trust for a leader, he wouldn’t understand the direction of the programs of such a person. Leadership that is effective must, therefore, set a good example (tamang, 2013).

Strategic management is all about being able to define strategies of an organization. It also entails stating the choice made by managers in setting strategies straight for their organizations. Such policies are geared towards enabling the organizations to realize better performance. Also, strategic management can be described as a process that is continuous and has the capability of appraising industries and businesses that are involved in trade activities with the organization in question (Pirtea, Nicolescu, & Botoc, 2009). Strategic management has four main steps which include environmental scanning, strategy formulation and implementation, and lastly strategy evaluation. 

Environmental scanning is all about collecting and scrutinizing the pieces of information that are used in the strategic purposes. This stage is crucial in analyzing both the internal and the external organizational factors of influence within an organization (Pirtea, Nicolescu, & Botoc, 2009). Once execution of the process of analysis is done, evaluation by the management should, therefore, be done. The stage of analysis includes structural design of the organization, resource distribution, decision making process development, and human resources management (Pirtea, Nicolescu, & Botoc, 2009). Strategy evaluation is the last step, and it entails the core assessment activities like:

  1. Internal and external factors appraisal
  2. Measuring performance
  3. Taking remedial and corrective actions.

Evaluation ensures that the strategies of organizations and implementation hit the requirements and objectives of the organization (Kader, 2017). All the steps highlighted above are performed in a sequential manner.

Internal and External Strategic Analysis

Internal analysis entails processes that identify and evaluate the organization's resources and core competencies. Under this process, issues about the organization's mission, strategic objectives, and strategies are discussed. Internal analyses are geared towards identifying an organization’s strengths and weaknesses. To ensure a proper internal analysis of an organization, the analyzers need to gather and analysis relevant data concerning the organization. The data should include the organization’s environment, its staff, and operations. With the obtained pieces of information, conclusions regarding the environment of the body need to be formulated. Also, feasible alternatives need to be determined and appraised. The next step is to weigh risks and then perform the selection of the most viable alternative. Last, implementation of the appropriate option is done. The results are then monitored. External Analysis, on the contrary, involves studies performed on the threats and opportunities within the environment of an organization. O of the essential tasks in this process is to differentiate strengths and weaknesses from opportunities and threats. Opportunities in external analysis happen to be conditions that favor the environment of an organization. Such an environment can produce good rewards if properly leveraged. Threats should, therefore, be eliminated since they are barriers which prevent organizations from achieving their desired objectives.

 

King IV Objectives

By ensuring that businesses organize the appropriate practices as required by the role of governance, King IV has therefore been applied in such organizations as a model in which any particular area about management within a corporation ought to be approached. The objectives of the fourth iteration are:

  1. To ensure that corporate governance becomes an important aspect of running a business organization and that the fundamental principles and philosophical aspects of leadership such as legitimacy, effective control, ethical culture, and good business performance are met at all times.
  2. To ensure that the King IV principles are accepted within business organizations and thus hasten the implementation of policies in various sectors of an organization.
  • To ensure that the aspect of corporate governance is accepted and reinforced as interrelated forms of agreements geared towards getting understood and implemented in a way that is integrated.
  1. To ensure that meaningful report making and transparency are encouraged.

Integrated thinking is one particular aspect of corporate governance that King IV upholds very much. Integrated thinking takes into account the aspects of interdependencies and connectivity in some factors that are likely to influence an organization's capability to be able to create value with respect to time. There are distinguishing features of King IV that need to be understood as long as corporate governance in concerned (Ramalho, 2016). The very first is that King IV is different from its predecessors in the fact that it advocates for the outcome-based approach geared towards the achievement of the ultimate principles of corporate governance. Another feature is that the iteration has a clear difference made between the practices and the principles of good governance. Also, the philosophy has been designed to ensure that many business leaders can access it and to make sure that they can reinforce holistic leadership within their organizations. King IV also provides elaborated guidelines on which way the recommended practices should be applied within an organization bearing in mind the size of the organization and the available resources (Ramalho, 2016).

 

Elements of Corporate Governance in the J.S.E. Listing Requirements

The core functions of the JSE to ensure that facilities are provided for securities listing. Companies that are already listed will enjoy a marketplace that is orderly and suitable for trading because of the securities and the regulated market made possible by the JSE (Nexis, 2011). In the listing requirements are rules governing the actions of all corporations and also the obligations that are handed to the companies that are in the listing. The rules also ensure that the JSE business is performed in line with the interest of the public.

It would appear rather unrealistic and impracticable for the requirements of JSE alongside its procedures to try to govern the circumstances likely to arise in corporate governance. The Listings Requirements of JSE, therefore, has two categories which are:

General principles that have to be observed in every corporate action and the listed securities submissions; and

The body of Listings Requirements that is made up of sections and practice notes.

The Listings Requirement’s main body is obtained from the interpretation and application of the Principles stated in the JSE. According to the principles, JSE can modify the requirement of an application within the main body in case the circumstances are exceptional. The Listings Requirements users have to, therefore, adhere to the spirit and the precise wording in the main body. In the case of any forms of doubt within the Listings Requirements, organizations can consult the JSE (Nexis, 2011).

Any business organization with the need to have its securities kept at par needs to apply for the JSE listing. However, such a company needs to be compliant to the JSE requirements before achieving such listing. The JSE Board has ensured that its authority is delegated about the Listings Requirements. In case the matter of listings gets considered for a particular business organization by the JSE, advisers are likely to accompany relevant stakeholders of that particular business organization (Nexis, 2011).

The Public Finance Management Act, on the contrary, is important for corporations because it regulates financial management aspects within RSA’s national and provincial governments. It also makes sure that the revenue, assets, expenditure and liabilities of the two named parties are managed effectively and efficiently (NATIONAL TREASURY, 2000). The Public Finance Management Act also provides the responsibilities for one who is entrusted with ensuring financial aspects of management in the national and provincial governments. Lastly, the Public Finance Management Act provides solutions for matters associated with corporate governance (NATIONAL TREASURY, 2000). The Implications of the Sarbane-Oxley Act on the Activities of Corporations Wishing for USA Listing.

For all the corporations that are likely to wish to obtain the USA listing, they are required to meet the demands of the Sarbanes-Oxley Act. The companies would also incur extra costs that are attributed directly to the American legislation. Such initial costs are related to the Sarbanes-Oxley Act and comprise of annual audits expense that is passed on to clients by such public accounting corporations. There are also accounting companies that incur extra liability costs as a result of mismanaged time and increased due diligence for the completion of the audits (Slaughter, 2017). Due to the broadened audits scope as a result of Section 404 inclusion, these public companies will ensure that the pay high audits prices and also ensure that they purchase internal control software (Slaughter, 2017).

 

Conclusion

In summary, strategic management happens to be crucial for both small scale and large businesses. On the contrary, strategic management happens to be tough to achieve if there are no set goals for the organization. Understanding what core competencies mean is a proper standpoint in which organizational strengths and weaknesses are recognized. Such is also important in ensuring that areas that require improvement are identified. The identification is to make sure that set goals and objectives are strategically placed to tackle the organization’s weaknesses (Management, 2017). Strategic management is all about being able to define strategies of an organization. It also entails stating the choice made by managers in setting strategies straight for their organizations. Strategic management has four main steps:

Strategic management is also a platform that enables decision-making and priority setting (Kader, 2017). This management process also helps in:

According to the concepts laid in the fourth iteration, we can describe corporate governance as a process of ensuring efficient and ethical leadership exercise towards the achievement of core outcomes of governance which would include the promotion of an ethical culture within an organization, increased business performance, effective business control (strategic business management), and increased legitimacy.

 

Reference

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