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37
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The Effects of Financial Management Practices and Their Role in Economical Development and Organizational Performance
Document Type : Review Article
Authors
M.Sc. Students of financial Management, Faculty of Humanities Science, Sirjan Branch, Islamic Azad University, Sirjan, Iran
Abstract
This study investigates the effects of financial management practices and their role in economical development and organizational performance. Economic environment is changing rapidly and this change is characterised by such phenomena as the globalization, changing customer and investor demands, ever-increasing product-market competition. To compete successfully in this environment organizations continually need to improve their performance by reducing costs, innovating products and processes and improving quality, productivity and speed to market. The impact of talent management on organizational performance is a problem especially where only strategic staffs is treated as talents of the firm. Positive development is easier to achieve when everyone is on a common path in the organization. It is viewed in this particular study that strong organizational culture is very helpful for the new employees to adopt the organizational culture and to get the competitive advantage under the particular conditions. On the behalf of previous studies it is bring into being that employee’s commitment and group efficiency plays very crucial role to adopt the value and beliefs of the organization and enhancing the performance of the organization. Organizational culture has a deep impact on the performance of employees that can cause to improve in the productivity and enhance the organizational performance
Keywords
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Arestis, P. and P. Demetriades (1996). Finance and Growth: Institutional Aspects and Causality. University of East London Economic Working Papers, No.5, May.
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Kerr, J. & Slocum, J.W. (2005). Managing corporate culture through reward systems. Academy of Management Executive, 19, 130–138.
Kotter, J.P. & Heskett, J.L. (1992). Corporate culture and performance. New York: Free Press.
Lim, B. (1995). Examining the organizational culture and organizational performance link. Leadership & Organization Development Journal, 16(5).
Lok, P. Westwood, R. & Crawford, J. (2005). Perceptions of organizational subculture and their significance for organizational commitment. Applied Psychology: An International Review, 54, 490–514.
Nadler, A. and Tushman, M.L. (1999). Beyond the charismatic leader: leadership and organizational Change. California Management Review, 32 (2), pp. 77-97.
Reichers, A. and Schneider, B. (1990). Climate and culture: an evolution of constructs, in Schneider, B. (Ed.), Organizational Climate and Culture. Jossey-Bass, San Francisco, CA, 5-39.
Rousseau, D. (1991). Quantitative assessment of organizational culture. Group and Organizations Studies, 15(4), 448-460.
Saa-Pere, Petra De and Garcia-Falcon, Juan Manuel (2002). A resource-based view of human resource management and organizational capabilities development. Int. Journal of Human Resource Management, 13(1), 123-140.
Saffold, G.S. (1998). Culture Traits, Strength, and Organizational Performance: Moving beyond Strong Culture. The Academy of Management Review, Vol. 13, 546-558.
Schein, E. H. (1990). Organizational culture. American Psychologist, 43 (2), 109-119.
Teymouri, M. and Kharazmi, Z., (2013). The effectiveness of macroeconomic variables on foreign exchange market. International journal of Advanced Biological and Biomedical Research. 1, 5: 563-571.
Waddell, D. and Sohal, A.S. (1998) Resistance: a constructive tool for change management, Management Decision, 36 (8), pp. 543-548.
Arestis, P. and P. Demetriades (1996). Finance and Growth: Institutional Aspects and Causality. University of East London Economic Working Papers, No.5, May.
Armstrong, Michael, (2008). Strategic Human Resource Management: A Guide to Action, 4th Edition, Kogan Page, London, p.11.
Denison, D.R. (1984). Bringing corporate culture to the bottom line. Organizational Dynamics, 13(2), 5-22.
Denison, D.R. (1990). Corporate Culture and Organisational Effectiveness. New York: Wiley.
Fernandez, D and Galetovic, A (1994). Schumpeter Might Be Right – But Why? Explaining the Relation between Finance, Development and Growth. Johns Hopkins University Working Paper in International Economics No. 96-01.
Gebelein, S. (2006). talent management: Today’s HR departments do much more than just hiring and firing. Personnel decisions international (PDI). Minnesota Business Magazine.
Hofstede, G. Bond, M.H. (1998). The Confucius Connection: from Cultural Roots to Economic Growth. Organ Dyn, pp. 5-21.
Kerr, J. & Slocum, J.W. (2005). Managing corporate culture through reward systems. Academy of Management Executive, 19, 130–138.
Kotter, J.P. & Heskett, J.L. (1992). Corporate culture and performance. New York: Free Press.
Lim, B. (1995). Examining the organizational culture and organizational performance link. Leadership & Organization Development Journal, 16(5).
Lok, P. Westwood, R. & Crawford, J. (2005). Perceptions of organizational subculture and their significance for organizational commitment. Applied Psychology: An International Review, 54, 490–514.
Nadler, A. and Tushman, M.L. (1999). Beyond the charismatic leader: leadership and organizational Change. California Management Review, 32 (2), pp. 77-97.
Reichers, A. and Schneider, B. (1990). Climate and culture: an evolution of constructs, in Schneider, B. (Ed.), Organizational Climate and Culture. Jossey-Bass, San Francisco, CA, 5-39.
Rousseau, D. (1991). Quantitative assessment of organizational culture. Group and Organizations Studies, 15(4), 448-460.
Saa-Pere, Petra De and Garcia-Falcon, Juan Manuel (2002). A resource-based view of human resource management and organizational capabilities development. Int. Journal of Human Resource Management, 13(1), 123-140.
Saffold, G.S. (1998). Culture Traits, Strength, and Organizational Performance: Moving beyond Strong Culture. The Academy of Management Review, Vol. 13, 546-558.
Schein, E. H. (1990). Organizational culture. American Psychologist, 43 (2), 109-119.
Teymouri, M. and Kharazmi, Z., (2013). The effectiveness of macroeconomic variables on foreign exchange market. International journal of Advanced Biological and Biomedical Research. 1, 5: 563-571.
Waddell, D. and Sohal, A.S. (1998) Resistance: a constructive tool for change management, Management Decision, 36 (8), pp. 543-548.
Volume 1, Issue 6 - Serial Number 6
May and June 2013Pages 578-582
- Receive Date 17 August 2014
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