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Assessment 1: Reflective Journal

Article 1:

Author: David C Tesher

Website title: COVID-19 Impact: Key Takeaways From Our Articles

URL: https://www.spglobal.com/ratings/en/research/articles/200204-coronavirus-impact-key-
takeaways-from-our-articles-11337257

Summary:

The ongoing phase of globalization has fully recovered from the systematic shop given by GFC.
The spread of the COVID-19 pandemic presents a challenge of a different magnitude. Over the
past three decades, globalization has dominated the world's economic order. Trade without tariff
international travel without Visa capital flow with few impediments cross border pipeline and
energy grids, and seamless global communication in real-time approach to be the goals towards
which the world was moving. Don going stage of globalization hasn't fully recovered from
systematic shocks given by GFC however the spread of COVID-19 presents a challenge of
different magnitude. The problem faced by emerging and developing economies that rely on
export-led growth will now be shrivel impacted as the global economy contracts and the world
opts protectionism policies. The COVID-19 crisis is having devastating for cooperation and
business that have benefited from economic interdependence supported by cross-border supply
chains.

Reflection:

This article indicates how coronavirus has been impacted by various aspects of economics
and businesses. The situation as the COVID-19 progression is taking place: Now this situation
has impacted in the long term as there is no clear visibility when the situation will improve and
how long this situation is going to prevail. It has impacted the business so badly that the
company has taken up stern measures like pay cut and furlough. The company is considering
closing all the financially risky pilots and focus on online streaming business as during the crisis
phase there is a huge surge in subscription of the online streaming business. The impact of
COVID-19 situation seems to be having a long term impact on the health of the company and it
will be challenging for the management of the company to sail through these challenging times.
Due to the current situation company has already incurred huge financial losses which cannot be
compensated shortly. The company must think on to focus the alternative channels of
entertainment which are agnostic to current challenges like online streaming of contents. To
global COVID-19 pandemic has brought the world market down on their knees as global
lockdown continues and nobody is sure for how long this lockdown will continue. This
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lockdown and fear amongst the crisis have led the countries into economic slowdown which in
case if continued further will contribute to the rise of recession.

Article 2:

Authors: Henrik Cronqvist, Angie Low, and Mattias Nilsson

Website title: Does Corporate Culture Matter for Firm Policies?

URL: http://www.econ.yale.edu/~shiller/behfin/2007_03/cronqvist.pdf

Summary

Economic theories recommend that an association's corporate culture matters for its
arrangement decisions. Building a parent-side project firm board dataset that permits to
distinguish culture impacts in firm approaches from conduct that is acquired by a project firm
from its parent after the organizations split up. Considering the positive and critical relations
between spinoff firms' and their parents' decisions of venture, budgetary, and operational
strategies. Steady with expectations from monetary hypotheses of corporate culture, we find that
the way of life impacts are long haul and more grounded for developed specialty units and more
established firms. The authors in this article present the thought of corporate culture in a formal
analysis of firm strategies and execution.

Reflection:

For me, this article has a good analysis of the relationship between corporate culture in
regards to firm policies. Corporate culture has been a part of every business in today's market
conditions. Many companies are adopting this culture and training their employees to get
adjusted to this environment. It has many advantages where employees of different cultures get
along and work together in a pleasant working environment, global atmosphere develops in the
company which is very important for global companies. There are some disadvantages like
employees getting adjusted to the culture, stress levels increasing, etc., These will give a firm the
advantages of leading in the competition and the disadvantage of employees going to depression
resulting in the firm lagging the competition. Besides, corporate culture typically includes forms
of arranging work and power, how people are compensated and regulated, as well as
organizational features such as protocols, tabulations, company symbols, heroes, and social
practices. For the most part, organizational structure and corporate culture intertwine with the
architecture primarily to decide how authority is distributed amongst employees. Corporate
culture is nothing but the shared beliefs, values, and attitudes of the employees in an
organization. The root of corporate culture is based on the goals and strategies of the firm.
Corporate culture plays a major role in strategy implementation. If an organization is
contemplating implementing a new strategy then they should also consider how it impacts the
corporate culture of the business.
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Article 3:

Authors: Tony Ike Nwanji and Kerry E. Howell

Website title: The Stakeholder Theory in the Modern Global Business Environment

URL: https://www.managementjournals.com/journals/ig/vol1/21-1-1-1.pdf

Summary:

According to this article, stakeholder theory in business ethics is that theory that promotes equal

rights for the stakeholders and not just the shareholders by creating or establishing the

interpersonal relationships with the customers, suppliers, stakeholders, shareholders, and many

other constituencies that are impacted by the working of the organization. Therefore the

stakeholder theory states that there should be an equivalent ride available for the stakeholders to

maintain their interest in the organization and make sure that they work efficiently and

effectively. Stakeholders have the minimum interest in the company therefore whenever the

unavoidably hazardous product gets made in the organization the responsibility directly goes

towards the stakeholders as he holds the main interest in the company.

Reflection:

Reading this article made me realized that stakeholders holds an important role in the any

organization or company. Knowing that the ability of an organization or a firm to be maintained

at a certain level and continue the rate of functioning is called sustainability. Stakeholder theory

gives a complete picture of those who would be effected by the activities of the organization

which relates to social responsibility which states how responsible the organization is towards its

surroundings and environment. Both tell the organization about the effect it has on others. The

importance of connecting with different stakeholders by managers, increases the chances of

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project success. This helps to brief stakeholders well in advance and letting them know about the

risks associated, dependencies and any type of assumption associated with the project. This also

helps in establishing the trust with the stakeholders so that in future the desired support can be

expected to resolve unseen issues. This article also help us understand that the connecting to

stakeholders have lots of benefits. It makes the project realization easy and helps in successful

project initiation till closure. In case this does not happen then it becomes difficult to manage the

projects without stakeholders involvement. For example, stakeholders may demand certain scope

changes in the project which may not be worthwhile with respect to the cost, time and the overall

schedule. The stakeholders for the non-profit organizations consists of donors, individual who

are being served, different trustees, board members, individuals who gives grants to the non-

profits.

Article 4:

Authors: Farida Saleem

Website title: Impact of Corporate Ethical Values on Employees' Behaviour: Mediating Role of
Organizational Commitment

URL:
https://www.researchgate.net/publication/303766510_Impact_of_Corporate_Ethical_Values_on_
Employees'_Behaviour_Mediating_Role_of_Organizational_Commitment

Summary:

corporate ethical
values and organizational citizenship
behavior (OCB
This article is all about the exploration of corporate ethical values and organizational
citizenship behavior (OCB). Traits of a transformational leader are the way of style of
exchanging agreement and implementing goals have some similarities among world class
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leaders. Their extra ordinary effect in supporting subordinates and co coordinating things.
Dimensions of transformational leaders like individual influence where they have the capability
to motivate each and every person and individual consideration, then inspirational motivation.
They always posses high intelligence quotient where they could able to make quick decision
making and have good forecast sensing of things. They have the ability to manage and control
emotions like fear anger anxiety involved in work and personal life. Organizational citizenship
behavior includes altruism (voluntary action like helping others), Courtesy, sportsmanship,
Consciousness and Civic virtue , a constructive involvement in political process. Detailed
analysis of the behaviors and factors affecting for these behaviors are studied through sample
methodological study.

Reflection:

After reading this article, I learned that organizational citizenship behaviors are the personal
commitments for the organization and these commitment are always volunteers. These
commitments are not the part employments contract. Self emotional attachment, physiological
motives and a respect towards the organization. Organizational culture, beliefs, respect ,
emotional attachment and commitment which are always generating and empowering the
organization value and organizations cultural environment. These factors give the organization a
fresh work environment that foster the organization life. Employees personal commitments
towards the organization increase the productivity and performance. he concept of power refers
to the capacity that a person has to influence the behavior of another person. The influencing
person influences another person to make them act in accordance with the influencing persons’
wishes. So, power and influence has close relationship with each other in an organization. A
manager has power like Referent power, expert power, legitimacy power, reward power,
coercive power. they use these power to influence their employees so following are three
examples to match influence tactic with what base of power. A manager wants to discipline the
action of an employee who always come late for work and use time on personal matters at work
while less time give to work. then Manager warns that employee that if he continues this action
then manager either suspend the employee or cut down his salary for his action and termination
at last resort.

Article 5:

Authors: Ante Glavas

Website title: Corporate Social Responsibility and Employee Engagement: Enabling Employees
to Employ More of Their Whole Selves at Work
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URL: https://www.frontiersin.org/articles/10.3389/fpsyg.2016.00796/full

Summary:

According to this article, organizations monitor their activities and compare them socially ,
ethically and legally and make sure that some benefit is done to the society or at least no benefit
is snatched from the environment due to their work and this is called corporate social
responsibility. There are many benefits of this where the society will be benefitted like
environment safety and pollution free society. CSR is a self-regulating business model which
enables the organization to be socially responsible towards the community and ensure that their
decisions and actions are for the good of the society and not alone for the business. Thus, the
business must be socially accountable towards their stakeholders, employees, suppliers,
customers, and the general public. Employment relations are the multidisciplinary scholastic
field that reviews the business relationship; that is, the mind-boggling interrelations among
managers and representatives, work/exchange associations, boss associations, and the state.

Reflection:

Employees are important stakeholders of an organization and hence form a very specific and
crucial social element of an organization's social environment. This is why focusing on the
betterment of employees, providing employees with perks and benefits, empowering employees
are some of the examples that perfectly fit the CSR description. Many companies focus on
improving the state of their employees as a part of their CSR because it helps the companies to
improve the morale of their employees as well as having strong CSR presence. This in return
helps the organization with higher employee productivity. Hence, the ROI of CSR activities by
investing into betterment of the employees has a higher ROI than any other CSR activity.
Corporate social responsibility or the CSR report is one of the most important report in any
business industry. It is really built to determine the overall sustainability of the specific company
using the greener resources. Creating a sustainability report in itself is an opportunity for a
company to provide its image to the Marketplace about its sustaining goals. By having a
sustainable brand image into the market company can increase its ethical position in the market
and can provide better support to the company's organization as well as management.

Article 6:

Authors: Chanoksuda Sudsakorn and Vichayanan Rattanawiboonsoom

Website title: Ethical Business Culture and its Impact on Unethical Behaviors in the Workplace:
Conceptual Implications

URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3226468

Summary:
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This article indicates that there is an impact of having ethical business culture towards the ethical
behaviors. Although, ethical leadership and behavior has several advantages but conversely it
can negatively impact the bottom line of the organization as it reduces the capacity of company
to maximize its profits. For instance, a MNC moves its manufacturing facility to developing
country so as to reduce cost. Practices acceptable in these countries are child labor, poor health
and safety, poor working conditions, but an ethical company will not tolerate these and thereby
ethics sometimes negatively impact the bottom line of the organization. The position of the
leader on ethics impacts the culture of the organization because his ethical behavior comprise of
honesty, fairness, integrity and concern of others and in a particular situation if the leader engage
in these behaviors it will definitely motivate others to behave ethically and thus, the leader will
be able to establish the ethical culture across the organization.

Reflection:

As what this article emphasized, having a good ethical behavior are highly encouraged and also
supported. We had a situation recently – one of our clients is completely frustrated because of one
employee on his behavior and an individual having the good ethics – handled the entire situation like –
he apologized to the client, tried to explain the scenario in a polite manner and regained the client
confidence towards the company again. Yes, everyone in the workplace appreciated him for his
enthusiasm, supportiveness towards his co-workers and he gained a lot of appraisals from his
managers on this situation and also that positive attitude with good ethical values, helps to grow
individually and also it leads to achieving the organizational goals. The Ethical dilemma
illustrates the decision making on this situation, here the decision making has been made by the
client whether to accept this scenario or not and also this behavior helps an employee to grow.
To believe the moral imperatives of an employee helped the entire situation to be normal again.
An example of good ethical behavior at workplace is showing accountability when one is
entrusted with a role or responsibility. Being accountable shows that one cares about the ethics of
the company and is serious about the job. An example of poor ethical behavior at workplace is
developing a habit of absenteeism. This shows that employee is not serious about taking
responsibilities and has an adverse effect on the overall morale of the team.

Article 7:

Authors: Gregory Mankiw, Matthew Weinzierl, and Danny Yagan

Website title: Optimal Taxation in Theory and Practice

URL: https://scholar.harvard.edu/files/mankiw/files/optimal_taxation_in_theory.pdf

Summary
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Australia is a Commonwealth of six (6) states. These six states were originally six colonies
which joined together to form a Federation in the year 1901. These states ceded some of their
powers to the newly formed Commonwealth Parliament. Section 51 of the Constitution of
Australia establishes the legislative powers which is granted to the Federal Parliament. In other
words, Section 51 of the Australian Constitution grants powers to the Federal Parliament to enact
laws. The optimal taxation theory suggests achieving desired revenue and income distribution
with its least inefficiency and less interference with market participants and driving Pareto
optimality by making both better-off.

Reflection:

Truly, changes in the Australian taxation framework follows the proposals of optimal taxation
hypothesis that recommends" to accomplish wanted income and salary dispersion with its least
wastefulness and less obstruction with market members and driving Pareto optimality by
improving both off" so this is a major advance towards fortifying framework. The featured zones
are: Change in tax slab will change the example of activity in the market. So the government has
taken this choice to limit the unpredictability regarding change in edge. Here the most significant
part is the CST and GST, the government needs to limit the multifaceted nature. One-off vitality
aide will give a reasonable and new growth to the recipients. Medicare demand limit has been
changed and increased for various gatherings. So these are a portion of the focuses which make
the taxation framework increasingly hopeful essentially. he Requirement of Australian taxation
office for FBT provides information about the exempted FBT and those which are not exempted like
salary of employee etc. It also provide that the employer can claim return on Fringe benefits that it
offers to its employee. FBT is paid by employer for providing benefits to employee, families or any
person in relation to employee. It covers up all employees who have even worked in past, will be
working in future, director or beneficiary of trust. FBT would cover up benefits to employees
like free gym, low rate loans, travel reimbursement etc. A Lot of company do this and provide
the best Fringe benefits to employees. This also helps them to make their office a likable place
for employees to work at. However, employers can claim return on providing these benefits to by
filing return and claim deduction on their income tax. So, changes in the Australian system
follows the recommendations of optimal taxation theory. These are some of the highlighted
areas: Changes in the tax slab will change the pattern of operation in the market. So the
government has taken this decision to minimize the complexity in terms of change in threshold.
One-of energy assistant will give a clear and new growth to the beneficiaries. Medicare levy
threshold has been changed and increased for different groups.

Article 8:

Authors: Avninder Gill

Website title: Activity Based Job Order Costing in Product Storage

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URL: http://ijmas.iraj.in/paper_detail.php?
paper_id=7043&name=Activity_Based_Job_Order_Costing_in_Product_Storage

Summary

A job costing system involves a process of accumulating information about the costs
which are associated with a specific production or service job. These information may be
required in order to submit the cost information to a customer under a contract where costs are
reimbursed. A job costing system records revenues and costs for each job. The job costing
information affect the Managers incentives and decisions in the following: Managers require to
review the actual revenue and costs for each job in order to ascertain if the job profitable.
Managers want to compare the actual costs with the estimated costs throughout a project such
that they can identify unexpected changes as early in the project as possible.

Reflection:

I have lot of learning regarding this article. Since in future, I might have my own
manufacturing business. This would help me decide what type of costing should I prefer. After
reading this article, I think I would have to apply the job costing system. Since, in job cost
system, a separate job number is allocated to an order. All costs incurred for the job are
accumulated there. When the work is over, job cost sheet is closed and profit from the job is
ascertained. Thus job cost system is used to estimate revenues earned from individual jobs, It is
also required to control cost. Past completed job information are also used for estimating cost of
similar order received in future. ob costing is generally used to determine the per unit cost for a
unique product or a particular project. These type of cost allocate all the normal and specific cost
to the unique product or the particular project. This method is generally used by construction
companies, as the for those companies it is important to allocate all the cost to a particular
project and ascertain accurate profit and loss for that particular project. It is used by those
companies which manufacture a customized product for a particular contract. Here it is important
to note that the base product is being customized so all the costs related in manufacturing such
customized product are charged to such job work and accurate per unit cost is ascertained. A
construction company undertakes contract to build a bridge and a building. In this case job
costing will be used to ascertain costs related to bridge and building individually. 2.A Ltd.
electric company that manufactures transformers, B Ltd asks A Ltd. to provide a customized
transformers. A Ltd agrees for the same and supply such customized product. A Ltd should
record the cost related to customized transformers using the job costing method so as to ascertain
the accurate cost for such customized transformers. Since each job is separate and independent
more managerial control and attention is required for production. When different jobs are
assigned to different production managers, the outcome of the job decides the incentive to be
paid to the managers in charge and hence, efficient job order costing for each job taken up and
the manner in which the job assigned is carried out decides the incentives to the managers.
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Article 9:

Authors: Avninder Gill

Website title: Activity Based Job Order Costing in Product Storage

URL: http://ijmas.iraj.in/paper_detail.php?
paper_id=7043&name=Activity_Based_Job_Order_Costing_in_Product_Storage

Summary

A company that is engaged in production of similar/identical products would use process costing.
Such a company would not use job order costing system because the cost of production of each
unit remains the same whereas under job order costing system, the total cost associated with a
job may vary. Process costing would be used because the company is processing multiple units
of the same item at the same time resulting in same production cost per unit. There is no
difference in the nature/quality of units produced by such a company. The products are more or
less standardized/homogenous and would mostly have the same price structure resulting in same
level of profit per unit. Customization of products is not undertaken by such a company and the
production is generally undertaken on a mass scale and not at an individual level.

Reflection:

Process Costing- Process costing is used where the product undergoes a series of process.
Process costing enables to identify the cost incurred in manufacturing a product at different
levels and stages. This can be used where identical products are manufactured through a
streamlined process. For example- A Ltd sugar from sugarcanes this involves a series of
processes so the cost related to each and every process will be recognized using process costing.
The use of Job costing and Process costing depends upon the nature and purpose of the product
and project. Both the method are accurate in ascertaining the per unit cost. In process costing, the
direct costs are accumulated and traced to products and the indirect costs are allocated to
products. The assignment of costs occurs in a batch which can also include the entire month's
production. The ultimate goal is to assign cost to each unit. The assignment of cost to each
product is done on an average basis. The type of products which would use process costing are
homogenous products which are produced in large quantities. Since the costing is done on an
average basis, the costs of the product will more or less be the same. Thus, the processes
deployed to manufacture the product and the cost of each product should be the same. In this
system, the costs are compiled at every process in the given accounting period. The unit cost of
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the process is determined by some of the techniques like FIFO or weighted average cost. It is
suitable for industries that require mass production on a large scale basis. Product identity is
changed and completely new products emerge as a whole. Process Costing is when you begin
manufacturing the same deck over and over. Each deck is identical, and they pop out of the end
of your production process at regular intervals. Process Costing is an in-depth look at the
expenses incurred in producing one deck off of your production line.

Article 10:

Authors: Avninder Gill

Website title: Activity Based Job Order Costing in Product Storage

URL: http://ijmas.iraj.in/paper_detail.php?
paper_id=7043&name=Activity_Based_Job_Order_Costing_in_Product_Storage

Summary

Decision-making is an indispensable piece of current administration. Basically, Rational or

trustworthy decision making is taken as essential capacity of the board. Each chief takes
hundreds and several decisions subliminally or deliberately making it as the key segment in the
job of a director. Decisions assume significant jobs as they decide both hierarchical and
administrative exercises. A decision can be characterized as a strategy intentionally browsed a lot
of choices to accomplish authoritative or administrative destinations or objectives. Decision
making process is persistent and crucial segment of dealing with any association or business
exercises. Decisions are made to support the exercises of all business exercises and authoritative
working. Decisions are made at each degree of the executives to guarantee authoritative or
business objectives are accomplished. Further, the decisions make up one of center utilitarian
qualities that each association receives and executes to guarantee ideal development and
drivability as far as administrations or potentially items advertised.

Reflection

Decision-making is an indispensable piece of current administration. Basically, Rational or

trustworthy decision making is taken as essential capacity of the board. Each chief takes
hundreds and several decisions subliminally or deliberately making it as the key segment in the
job of a director. Decisions assume significant jobs as they decide both hierarchical and
administrative exercises. A decision can be characterized as a strategy intentionally browsed a lot
of choices to accomplish authoritative or administrative destinations or objectives. It is
considered that the management accounting of any organization is the most important part of the
organization. Any Organization without the management accounting cannot work. Management
accounting is considered as essential as all the major decision making and planning comes from
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this part of the organization. Management accounting is the backbone of any organization,
though it works in the background of the organization but all the major decisions of the
organization come from this part only. Senior most executives depends upon the data represented
by the management department. Management Accounting helps in effective planning and
decision making as; Data collected by the management accounting department are very accurate
and reliable. Management Accountants are experts in their field and create internal analysis of
the organization to guide the overall business strategy. Management Accountants prepare such
business strategies, prepares financial reports which helps in business decision making process
for achieving short and long-term goals. They conduct the relevant cost analysis of the
organization to determine the activities which are expensive and activities which are profitable
and give suggestions for the future activities. Management Accountants analyses the product
production and cost related to such production. After this day compares the production with the
sales requirement and provides relevant reports to the senior executives which further helps in
Planning and decision making. Management Accounting also determines which production unit
is profitable and which unit should be shut down or whether the company should produce item
internally or buy them directly from the manufacturers.