Economic Theory Essays (Examples)
Study Document
Theory Practice Of Business Psychology In Johnson & Johnson Company
theory and Practice of Business Psychology
Table of Contents
1 Introduction 3
2 Motivators in the Workplace 3
2.1 Herzberg’s Two-Factor theory of Workplace Motivation 3
2.2 Vroom’s Expectancy theory 5
2.3 Maslow’s Hierarchy of Needs theory 7
2.3.1 Primary Motivators in the Workplace 8
2.3.2 Secondary Motivators in the Workplace 10
2.4 Extent of the Impact of Primary Motivators … organizational goals and objectives. Some theories can illustrate a few aspects of motivation and how it relates to the workplace setting.
Herzberg’s Two-Factor theory of Workplace Motivation
Fredrick Herzberg analyzed the concept of motivation from a distinctive point of view. By making inquisitions to persons specifically regarding … that is peaceful, ideal, and encouraging at all times. Ultimately, the company has a proper work-home balance (Johnson & Johnson, 2020).
Vroom’s Expectancy theory
This motivation theory was conceptualized by Victor Vroom in 1964, indicated the link between an individual’s motivation……
References
References
Asim, M., 2013. Impact of Motivation on Employee Performance with effect of training: Specific to Education Sector of Pakistan. International Journal of Scientific and Research Publications, 3(9), 1-9.
Heneman, H. G., & Schwab, D. P., 1972. Evaluation of research on expectancy theory predictions of employee performance. Psychological Bulletin, 78(1), 1.
Herzberg, F., 1987. One More Time: How Do You Motivate Employees? Harvard Business Review, 65, 5.
Herzberg, F., Mausner, B. & Snyderman, B. 1959. The motivation to work. New York. John Wiley.
Hilgert, R. L., Leonard, E. C., 2001. Supervision: Concepts and practices of management. New York: South-Western College Publication.
Johnson & Johnson., 2020. Wellness 360: 9 Innovative Johnson & Johnson Employee Benefits for Mind, Body, and Budget. Retrieved 25 February 2020 from https://www.jnj.com/health-and-wellness/innovative-employee-benefits-and-wellness-programs-from-johnson-johnson
Johnson & Johnson., 2020. Careers: Healthiest Finances. Retrieved 25 February 2020 from https://www.careers.jnj.com/employee-benefits/financial-benefits .
Johnson & Johnson. , 2018. 2018 Health for Humanity Report: Creating Unique Career Opportunities. Retrieved 25 February 2020 from https://healthforhumanityreport.jnj.com/our-people/creating-unique-career-opportunities
Study Document
Utility Maximization Theory And Economics
Is the theory of Utility Maximization Reliable for Rational Consumers to Make Decisions?
The article by Rothman about Johnson’s book focuses on the topic of how … not know how to quantify the pros or cons of this or that decision. Thus, it is much more difficult to apply the theory of utility maximization, which stipulates that people spend their money trying to maximize the value of every dollar they spend. The reality is … spent in the Middle East and there is no return on this investment. Thus, his decision is rational and based on value maximization theory.
Should the argument developed in the Rothman article cause us to reject standard economic theories about consumer behaviour? Not at all. Just as no two people are the same, no one theory can perfectly explain the behavior of people. Multiple theories should always be considered when attempting to explain consumer behavior.……
References
Works Cited
Rothman, Joshua. “The Art of Decision Making.” The New Yorker, 2019.
https://www.newyorker.com/magazine/2019/01/21/the-art-of-decision-making
Study Document
Agency Theory
Introduction
Agency theory is a theory explicating the relationship between the shareholders, who act as the principals, and the managers, who act as the agents. Within this relationship, the … results of the company (Tearney and Dodd, 2009).
As a result, this could give rise to agency problems for the reason that this theory encompasses the costs incurred in solving conflicts between the company principals and agents and ensuring that the interests of these two parties are … in alignment (Ballwieser et al., 2012).
The purpose of this paper is to carry out an independent review of the literature on agency theory as it applies to decision-making in accounting, describing and explaining three important ways in which agency theory might impact decisions made in a company in relation to the recording and presentation of financial information.
Agency theory & Decision-Making in Accounting
There are important ways in which agency theory……
References
References
Ballwieser, W., Bamberg, G., Beckmann, M. J., Bester, H., Blickle, M., Ewert, R., ... & Gaynor, M. (2012). Agency theory, information, and incentives. Springer Science & Business Media.
Bou?ková, M. (2015). Management accounting and agency theory. Procedia Economics and Finance, 25, 5-13.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74.
Healy, P. M. (2005). Financial Reporting Problems at Molex, Inc.(A). Harvard Business School.
Larcker, D. F., & Tayan, B. (2007). Executive Compensation at Nabors Industries: Too Much, Too Little, or Just Right?. Rock Center for Corporate Governance at Stanford University Case Teaching No. CG-05.
Mitnick, B. M. (2015). Agency theory. Wiley encyclopedia of management, 1-6.
Scott, W. R., & O\\\\\\'Brien, P. C. (2003). Financial accounting theory (Vol. 3). Toronto: Prentice Hall.
Tearney, M. G., & Dodd, J. (2009). Accounting theory. H. I. Wolk (Ed.). New York: Sage.
Study Document
Strengths And Weaknesses Of Various Organizational Behavior Theories
… definition of organizational behavior together with a statement of three prominent theories of organizational behavior, French and Raven's Five Bases of Power, Complexity theory and Resource Dependence theory. An explanation concerning the fundamental concepts of each of these three theories is followed by an analysis of their respective importance to a … and three of these theories are discussed below.
Three theories of organizational behavior
French and Raven's Five Bases of Power
The organizational behavior theory developed by French and Raven (1959) conceptualizes social power within a framework consisting of five discrete bases of power: (a) coercive power (i.e., … and attraction to managers); and (e) expert power (i.e., managers possess unique or specialized skills or knowledge). In other words, this organizational behavior theory focuses on the internal workings of an organization to describe the fashion in which personal and professional dynamics operate on a day-to-day basis … (1959)……
References
References
‘About Air India.’ Air India. [online] available: http://www.airindia.in/about-airindia.htm .
Arena, MJ ‘Understanding Large Group Intervention Processes: A Complexity Theory Perspective.’ Organization Development Journal, 27, no. 1 (Spring 2009): 49-53
Braunstein, JR and Zhang, JJ ‘Dimensions of Athletic Star Power Associated with Generation Y Sports Consumption.’ International Journal of Sports Marketing & Sponsorship, 6, no. 4 (July 2005): 242-245.
Buble, M and Juras, A ‘The Relationship between Managers\\' Leadership Styles and Motivation.’ Management: Journal of Contemporary Management Issues, 19, no. 1 (June 2014): 161-165.
French, JRP & Raven, B ‘Bases of power.’ In D. Cartwright (Ed.), Studies in Social Power (pp. 150-167). Ann Arbor, MI: University of Michigan, 1959.
Gruia, GC and Kavan, M ‘An Off-Line Dual Maximum Resource Bin Packing Model for Solving the Maintenance Problem in the Aviation Industry.’ Global Economic Observer, 1, no. 1 (January 1, 2013): 135-140.
Hillman, AJ, Withers, MC and Collins, BJ ‘Resource dependence theory: A Review.’ Journal of Management, 35, no. 6 (2009): 1404-1427.
Jain, AK ‘Organizational Citizenship Behaviour as a Potential Source of Social Power.’ Indian Journal of Industrial Relations, 45, no. 3 (January 2010): 396-401.
Study Document
Impact Of Agency Theory
Agency theory
Agency theory refers to the relationship with the principle and the agent, where the principle delegates its financial decision making to the agent. In most … the agent and principle both have asymmetric interest, causing any one party to suffer at an extreme case.
To remove the problem, the theory states that the goals of managers and the shareholders should be aligned and certain frameworks and practices should be adopted to overlook the … as this relationship is exploited in self-interest. Some have argued that the scandals and agency risk exist primarily due the awareness of this theory which shouldn’t be thought in the first place. This education encourages an agency mindset where the whole firm sometimes act in corrupt and … creating conflicts on critical decision making of the firm.
Just like most other firms, Wells Fargo’s decision making is impacted due to Agency theory in many……
References
References
Demsetz, R. S. (1997). Agency Problems and Risk Taking at Banks.
Heath, J. (n.d.). Uses and Abuses of Agency Theory. Business Ethics Quarterly.
Kuypers, A. (2011). How is dealt with the agency problem and what is the role of the board of directors in it?
Lumen. (n.d.). Agency and Conflicts of Interests. Lumen. Retrieved from https://courses.lumenlearning.com/boundless-finance/chapter/agency-and-conflicts-of-interest/
Murray, I. (2016, September ). Wells Fargo and the Principle Agent Problem. Competitive Enterprise Institute.
Palia, D. (2007). “Agency Theory in Banking: An Empirical Analysis of Moral Hazard and the Agency Costs of Equity. Banks and Banks System.
Pennsylvania, W. U. (2017, August 08). Wells Fargo: What It Will Take to Clean Up the Mess. Wharton University of Pensylvannia.
Study Document
Shareholder Vs Stakeholder Theory
Introduction
Milton Friedman’s quote gets to the heart of the conflict between shareholder theory vs. stakeholder theory. Shareholder theory posits that a corporation’s sole responsibility is to maximize the return on investment (ROI) for shareholders. Stakeholder theory posits, on the other hand, that a company owes a duty to all stakeholders (not just shareholders)—members of the community, workers, consumers; in … the four major sources of ethical values in business: Law, Culture, Philosophy, and Religion. It will show that in today’s business environment, stakeholder theory needs to be pursued instead of shareholder theory, and it will explain why starting with Friedman’s own words.
Without Deception or Fraud
Friedman believed that if a corporation is doing right … rest will take care of itself. The problem is that times have changed since Friedman made that statement. When Friedman argued for shareholder theory, corporate share buybacks were still illegal. It was not……
References
References
Augustine. (n.d.). Commentaries on Sermon on the Mount. http://www.newadvent.org/fathers/16011.htm
Chen, J. (2019). Market Milestones as the Bull Market Turns 10. Retrieved from https://www.investopedia.com/market-milestones-as-the-bull-market-turns-10-4588903
Egan, M. (2018). Tax cut triggers $437 billion explosion of stock buybacks. Retrieved from https://money.cnn.com/2018/07/10/investing/stock-buybacks-record-tax-cuts/index.html
Henrich, S. (2019). Unholy alliance. Retrieved from https://northmantrader.com/2019/11/30/unholy-alliance/
Laux, C., & Leuz, C. (2010). Did fair-value accounting contribute to the financial crisis?. Journal of economic perspectives, 24(1), 93-118.
Light, L. (2019). More than Half of All Stock Buybacks are Now Financed by Debt. Here’s Why That’s a Problem. Retrieved from https://fortune.com/2019/08/20/stock-buybacks-debt-financed/
Mullen, C. (2019). People want to buy \\\\\\'local\\\\\\' food, but they\\\\\\'re not sure what it means. Retrieved from https://www.bizjournals.com/bizwomen/news/latest-news/2019/05/people-want-to-buy-local-food-but-theyre-not-sure.html?page=all
Putka, G. (2019). Insiders are selling. Retrieved from https://www.washingtonpost.com/business/economy/company-insiders-are-selling-stock-during-buyback-programs-and-making-additional-profits-when-stock-prices-jump-and-its-legal/2019/11/06/fc592f58-e493-11e9-a331-2df12d56a80b_story.html
Study Document
The Phillips Cure And Unemployment
… consistent with a stable rate of inflation; however, the data shows that the relationship tends to be more complicated in reality than in theory (Stiglitz, 1997). An assessment, analysis and evaluation of the 20-year U.S. unemployment and inflation data will show this complexity. The relationship between unemployment ……
References
References
Amadeo, K. (2019). Unemployment rate by year since 1929 compared to inflation and GDP. Retrieved from https://www.thebalance.com/unemployment-rate-by-year-3305506
FRED. (2019). FRED Graph. Retrieved from https://fred.stlouisfed.org/series/LNU04000024#0
Friedman, M. (1977). Nobel lecture: inflation and unemployment. Journal of political economy, 85(3), 451-472.
Heller, R. (2017). Monetary mischief and the debt trap. Cato Journal, 37(2), 247-261.
Lucas, R. E., & Rapping, L. A. (1969). Price expectations and the Phillips curve. The American Economic Review, 59(3), 342-350.
Stiglitz, J. (1997). Reflections on the natural rate hypothesis. Journal of Economic Perspectives, 11(1), 3-10.
Wulwick, N. J. (1987). The Phillips curve: which? whose? to do what? how?. Southern Economic Journal, 834-857.
Study Document
Culture Analysis At A Software Company
… the organization’s biggest challenges. This paper will outline the culture at K via primary sources, supplemented with secondary source material on organizational culture theory.
Primary research consisting of several employee interviews revealed some challenges, especially the domains of underlying assumptions and values. There is a lack of ……
References
References
Chambers, K. & Honeycutt, A. (2009) Telecommunications mega-mergers: Impact on employee morale and turnover intention. Journal of Business & Economics Research. Vol. 7 (2) 43-52.
Dencker, J., Joshi, A, & Martocchio, J. (2007) Employee benefits as context for intergenerational conflict Human Resource Management Review. Vol. 17 (2) 208-220.
Lund, D. (2003) Organizational culture and job satisfaction. Journal of Business and Industrial Marketing. Vol. 18 (3) 219-236.
North, M. & Fiske, S. (2015) Intergenerational resource tensions in the workplace and beyond: Individual, interpersonal, institutional and international. Research in Organizational Behavior. Vol. 35 (2015) 159-179.
Yamanoi, J. & Sayama, H. (2013). Post-merger cultural integration from a social network perspective: A computational modeling approach. Computational and Mathematical Organization Theory Vol. 19 (2013) 516-537.
Study Document
Recruitment Of Talented Employees
...Economic theory Recruiting and Attracting Talent:
Using HR to Improve Company Performance
A commonly cited cliché is that an organization is as only good as its people; in other words, that talent and organizational performance go hand-in-hand. This is even truer today than it has been in past eras, as companies must strive to differentiate themselves from other organizations with a similar price point. Service is key, which demands recruiting and attracting top talent. It also means retaining such talent with the right balance of extrinsic and intrinsic rewards. According to the McKinsey consulting firm’s senior partners Scott Keller and Mary Meaney, the evidence suggests that the very best people do the majority of the work at most organizations, thus hiring and keeping the right people can result in productivity gains as well as cost savings due to retention. Keller & Meaney (2017) estimate that high performers are 400% more productive than……
References
References
Bajic, E. (2013). The 6 steps for retaining good employees. Forbes. Retrieved from:
https://www.forbes.com/sites/elenabajic/2013/07/15/the-6-steps-for-retaining-good- employees/#63a92aa5721f
Fallon, N. (2016). 6 steps for learning how to recruit the best talent. Business News Daily.
Retrieved from: https://www.businessnewsdaily.com/6252-tips-for-recruiters.html
Keller, S. & Meaney, (2017). Attracting and retaining the right talent. McKinsey. Retrieved
from: https://www.mckinsey.com/business-functions/organization/our-insights/attracting - and-retaining-the-right-talent
Williams, D. & Scott, M. (2012). Five ways to retain employees forever. Harvard Business
Review Retrieved from: https://hbr.org/2012/11/five-ways-to-retain-employees
Improve your studying and writing skills
We have over 150,000+ study documents to help you.
Sign Up for FREE
