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Summary lectures 2021 | Contemporary Theories on B&M
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lOMoAR cPSD| 233498Contents
Lecture 1 Continuous Improvement Approaches ................................................................................... 2
Lecture 2 Corporate social responsibility .............................................................................................. 14
Lecture 3 Internaional Corporate Governance ..................................................................................... 21
Lecture 4 – Corporate Governance ....................................................................................................... 30
, lOMoAR cPSD| 233498
Contemporary theories on B&M
4 themes
1. Continuous Improvement Approaches -> Change Management
2. Corporate Social Responsibility -> Strategic Management
3. Internaional Corporate Governance -> Strateic Management
4. Opportunity Recogniion -> Entrepreneurship
Lecture 1 Continuous Improvement Approaches
Everyone has theories – they are about how we perceive reality, and we try to make common sense
of these experiences.
- Interpretaion of reality
- Is what everybody is doing
- Everybody has theories
We test our theory to see how it works in reality and based
on the feedback we receive; we make abstraction again and
apply it to our common sense as to how we see the reality.
However
• Any good social scientist knows that the facts do not speak for themselves Theoretical
structures are critical.
• Why do things happen in the way they do, theoretical concepts are critical.
Reality
- Is one thing, but what it means, does not speak for itself -> many interpretations
Here they say: theory is critical to understand it
To understand it particular: the why of an observed
o Why question is critical to scientist
o If we understand the why, we can influence the outcome
• Theories consider Concepts
Concepts -> abstracts or generic ideas -generalized from particular instances-> lead us to
theories
Generalized from paricular instances
From concepts to theories
When does something becomes a theory?
Theory:
Belongs to the family of words that includes guess, speculation, supposition, conjecture, proposition,
hypothesis, conception, explanation, model.
- If everything from a ‘guess’ to a general falsifiable explanation has an Inge of theory to it, it
becomes more difficult to separate what Is theory from what isn’t.
- Behind every idea you can see a theory, so if everything becomes a theory, what is than so
special about theories? What are we interested in?
, lOMoAR cPSD| 233498
From common sense to science Common sense:
- Can be based on simple ideas to interpret reality.
Science:
- Is doing the same thing but trying to interpret
reality on the basis to sound theoretical
inside.
Theoretical or scientific models help us perceive
the reality/ theories.
• We apply these models to understand the
reality and from reality we go back to
abstraction (research methods &
modeling techniques)
• From here, we go back to science to help us understand the reality.
So, in science, we do the same that we normally do but in a more strict manner.
• How? By using existing theories and knowledge or models in order to understand what we
observe.
• However, In order to do this properly: we need good theory.
4 key criteria for good theory:
o Explicit -> how the relationships are expected.
o Measurable
o Generalizable -> should have a larger meaning.
o Falsifiable -> should be testable, in principle it should be possible.
Theory
System of statements targeted at describing, explaining, and predicting a real world
phenomenon.
o Consists of constructs (concepts- What) and propositions (relationships between
constructs)
o That collectively present a logical, systematic, and coherent explanation of the real world
phenomenon within certain boundaries (different context like time settings).
Example:
Transaction cost theory stipulates that high transaction costs encourage firms to insource the
making of a product or service.
- They help us understand when the costs are too high and that we should produce in
house.
o Transaction costs depend on Asset Specificity, Uncertainty or Frequency.
Game theory: Concerns analyzing strategies to deal with competitive actions.
Theory is used in science to understand what is happening in the real world.
, lOMoAR cPSD| 233498
Theory is about abstraction from the observable
More abstract way:
Theoretical Plane
- In reality you observe many simple things
- Analyze theories, at the theoretical level.
Empirical Plane ->
• Testing of theoretical insights: cause -> effect ->
consequence
For example: some very intelligent students in classroom,
we observe they get on average higher grade point averages,
the consequence is better class performance, effect is
perhaps the result from higher grades
- In empirical plane we see something happening, a
cause and a consequence.
- Call the cause: the independent variable.
Outcome: dependent variable
Variable
• Observable (Manifest)
• Measurable
• representation of an abstract construct
Example:
Independent variable -> intelligence -> is observable (can see in classroom), is measurable.
(IQ), representation of an abstract construct (Yes, you can say you represent intelligence)
• Scientific thinking -> on the empirical plane
o We use variables -> very important in our analysis.
A hypothesis:
- States (expected) relationships between variables
- Is empirically testable
- Is stated in a falsifiable form.
A hypothesis specifies the expected relationship between IQ score and grade point avg.
• IQ score and grade point averages are operations measures of intelligence and academic
achievement.
Example:
- Relationship here expected between IQ & grade point average.
- Sill the empirical plane
o The ride from what we observe in the real world.
o Understand the relationship -> understand the why? Why is this happening.
o Than we need theories -> & than we need constructs?
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