Selflessness in Business

Edited by Dominika Ochnik, University of Opole, Poland

The book deals with a controversial and seemingly paradoxical relationship between selflessness and business. It depicts the primary and lasting controversy between the selfish (egoistic, competitive) and selfless (pro-social, co-operative) behavior in view of social, organizational and individual benefits. Therefore, it takes a step towards finding a solution to some of the challenges of the twenty-first century, particularly sustainable growth. The miscellaneous and transatlantic background of the Authors origins (USA, Colombia, Germany, Poland, UK, Spain) and their various perspectives (psychological, economic or philosophical) guarantee multi-voiced argumentation for strong relationships between selflessness and business. Selflessness is understood from a social perspective as related to self-transcendence and connectedness to others. This perspective can be helpful in providing a deeper understanding of pro-social behavior in organizations and its implications for productivity and effectiveness. The manifestations of this approach can be found in acts such as organizational altruism, loyalty, quantum leadership, or pro-social vocational interests. One can make an in-depth analysis of selflessness’s manifestations on a social, organizational and individual level. The ensuing question is how to achieve self-regulation in order to maintain sustainable growth, and selflessness turns out to be the answer. This book offers strong evidence for high organizational and individual benefits stemming from selfless behavior. Therefore, it is not selfish behavior that enables and encourages productivity and effectiveness but rather selfless behavior. The book also tackles gender issues in business, especially regarding the social female role as being traditionally related to selflessness. The authors aim to reveal possible solutions to present and future challenges and enhance the meaning of positive outcomes of selfless behavior in business and work environments, which seems to be crucial and indispensable for future growth. The book will be useful not only for academic and business specialists but also for everyone interested in a broader perspective at contemporary challenges of business and organizational psychology.

Spoilt for Choice: How senior managers select professional advisors

Wienke Seeger

How do senior executives, such as CEOs and CFOs, interact, select and appoint professional advisors? Based on a successful PhD project, the research in this book explores the interactions between advisors of large professional service firms and senior executive clients on an evidence-based academic level. The research journey and the author’s reflections are charted step-by-step, providing an example of how to analyse unstructured qualitative data, reach theoretical saturation and capture emerging substantive theories. Moreover, by taking a unique holistic and inductive approach, this study offers a series of practical insights on how to combine and apply Kathy Charmaz’ constructivist grounded theory with an auto-ethnographic stance. Divided into eight chapters, the author uses empirical data and rigorous analysis to uncover two distinct decision-making processes, namely (a) the client’s decision to develop and maintain a relationship with the advisor and (b) to select and appoint the advisor for a particular project or services. Mapping these to one common conceptual framework a second complementary model emerges - a type of decision-making matrix with the foci ’competitiveness, skills and merit’, ‘continuity and embeddedness’, ‘control and manage’ and ‘trust and empathy’ - which offers the reader an alternative perspective of client decision-making. This book will be useful for practitioners and researchers alike who have an interest in understanding either naturalistic decision-making processes, the complexities of relationship development and procurement dynamics, as well as applied qualitative research methods.

Spoilt for Choice: How senior managers select professional advisors

Wienke Seeger

How do senior executives, such as CEOs and CFOs, interact, select and appoint professional advisors? Based on a successful PhD project, the research in this book explores the interactions between advisors of large professional service firms and senior executive clients on an evidence-based academic level. The research journey and the author’s reflections are charted step-by-step, providing an example of how to analyse unstructured qualitative data, reach theoretical saturation and capture emerging substantive theories. Moreover, by taking a unique holistic and inductive approach, this study offers a series of practical insights on how to combine and apply Kathy Charmaz’ constructivist grounded theory with an auto-ethnographic stance. Divided into eight chapters, the author uses empirical data and rigorous analysis to uncover two distinct decision-making processes, namely (a) the client’s decision to develop and maintain a relationship with the advisor and (b) to select and appoint the advisor for a particular project or services. Mapping these to one common conceptual framework a second complementary model emerges - a type of decision-making matrix with the foci ’competitiveness, skills and merit’, ‘continuity and embeddedness’, ‘control and manage’ and ‘trust and empathy’ - which offers the reader an alternative perspective of client decision-making. This book will be useful for practitioners and researchers alike who have an interest in understanding either naturalistic decision-making processes, the complexities of relationship development and procurement dynamics, as well as applied qualitative research methods.

Currency Risk Management

Selected Research Papers

Edited by M.S.V. Prasad, GITAM Institute of Management, India and G. V. Satya Sekhar, Gitam University, India

Currency Risk Management (CRM) is vital for any business engaging in international trade. Fluctuations and uncertainty within currency markets mean that businesses must seek to effectively manage and anticipate potential risks when striking international deals. In a rapidly changing and volatile global business environment, CRM is now more than ever of critical importance. However, what risks should businesses hedge – and how? With so many viable strategies for hedging currency exchange risk, it is crucial that businesses either outsource or have a specialized team to ensure effective and efficient management of currency exchange risks. But how does CRM operate in an emerging market? And what are the key factors that influence the chosen CRM strategies? Organized in association with Indian Bank, GITAM’s national conference on CRM sought to highlight the trends, problems, and prospects of CRM in India. Taken from the conference proceedings, this book presents 9 innovative research papers that consider differing CRM practices. From a comparative study of India and China to an assessment of CRM strategies used by commercial Indian banks, this book offers an invaluable insight into CRM from the perspective of an emerging market. As a whole, this book addresses India’s shift to a market-determined exchange rate regime and the inevitable problems caused the by the high volatility of exchange rates. Aimed at students enrolled in commerce and management courses, this collection of research papers will also be of interest to researchers in international finance.

Financial Innovation: Theories, Models and Regulation

G. V. Satya Sekhar, Gitam University, India

Financial innovation is a regular feature of the global financial system. Financial innovation results in greater economic efficiency over time. In the process of creating a new financial product, besides basic theory of financial management, a financial engineer needs to acquire knowledge of optimization and financial modeling techniques. Modern financial innovation is underpinned by a rich literature including the seminal studies by Levich (1985), Smith, Smithson, and Wilford (1990), Verghese (1990), Merton (1992), Levine (1997), John D Finnerty (2002), Tufano (2003) and Draghi (2008), among many others. This book corresponds to the need to provide an integrated study on financial innovation and the economic regulatory mechanism. A key part of financial innovation covered in the book is the process of creating innovative financial securities and derivative pricing that offers new pay-offs to investors. The book also covers a selection of empirical studies corroborating financial innovation theories. It also exposes myths surrounding performance evaluation models. This book is presented in six chapters. The first chapter outlines important considerations on the application of financial innovation theories. The second chapter presents the theories that underpin financial innovation practice. The third chapter focuses on use of technology for financial modeling. The fourth chapter identifies the relationship between financial innovation and the wider economic system. The fifth chapter discusses the place of financial innovation in the global financial system. The sixth and final chapter presents a comparative analysis of India and the United States.