The board of directors operates as the representatives of the firm’s stockholders. Elected by the stockholders, the board has these major responsibilities:
- To elect the company’s top officers, the foremost of whom is the CEO.
- To establish the compensation levels of the top officers, including their salaries and bonuses.
- To determine the amount and timing of the dividends paid to stockholders.
- To sets broad company policy on such matters as labor-management relations, product or service lines of business, and employee benefit package.
- To set company objectives and to authorize managers to implement the long-term strategies that the top officers and the board have found agreeable.
- To mandate company compliance with legal and ethical dictates.
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- Immediate corrective action
Immediate corrective action that addresses problems at once to get performance back on track.
- External environment
The term external environment refers to factors and forces outside the organization that affect the organization’s performance. It includes two
- Stated goals
Official statements of what an organization says-and what it wants its stakeholders to believe-its goals are mean stated goals. However, stated
- Informational roles
The informational roles involve collecting, receiving, and disseminating information. The three informational roles are monitor, disseminator, and spokesperson.
- Making a Resource Valuable
Before proceeding to explain each basis for making resources valuable, we suggest that you keep in mind a simple, useful idea: Resources are most valuable when they meet all four of these guidelines.
- Agile organization
A firm that identifies a set of business capabilities central to high-profitability operations and then builds a virtual organization around those capabilities.
Self-efficacy refers to an individual’s belief that he or she is capable of performing a task. The higher your self-efficacy, the more confidence