ACCTG 1 Lecture Notes - Lecture 28: Information Asymmetry, Socalled, Social Economy

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12 Oct 2020
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The new age has also seen companies face new social pressures: corporate scandals led to improves corporate governance, boardroom accountability and corporate social responsibility. For entrepreneurs change presents opportunities: csr e. g. is an opportunity to be ethical and to improve competiveness by differentiating themselves from competitors. Customers increasingly expect firms to address their particular needs: market niches become slimmer and markets more competitive better served by smaller firms that can get close to their customers. Social trend: people want to control their own destiny more self-employment. Managing change and uncertainty: mcmillan characterized what she called the traditional, classical, mechanistic view of change as abnormal, potentially calamitous, an incremental linear event that is disruptive that can be controlled. Traditional management practices focus on efficiency and effectiveness rather than creativity and innovation control rather than empowerment. Small, growing firms create jobs from which the rest of society benefits. Entrepreneurial management has become a highly-valued skill to be nurtured, developed and encouraged.

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