Corporate governance in developing economies Perspective from the banking sector in Bangladesh

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联合利华内部资料大全(英文版)

Unilever Internal Resources Compendium

Introduction:

Unilever is a global consumer goods company with a wide range

of products including food, beverages, cleaning agents, and

personal care products. With a rich history dating back to the 19th

century, Unilever operates in over 190 countries and has a

portfolio of well-known and trusted brands. In this comprehensive

internal resources compendium, we provide an overview of

Unilever's key internal resources and capabilities that support its

growth and competitiveness.

1. Research and Development:

Unilever places great importance on research and development

(R&D) to drive innovation and product development. With a

network of R&D centers worldwide, Unilever invests heavily in

developing new technologies, formulations, and products. The

expertise of its scientists and engineers enables the company to

微型金融的社会福利影响和社会绩效评估吸引无数学者的兴趣，福利主义代表Johnson 和Rogaly[2]（1997）研究微型金融和扶贫的关系；Khandker 和Shahid[3（] 2001）利用调查数据，分析小额信贷对家庭消费和降低贫困的影响，发现小额信贷提高人们的消费水平和生活水平；Hulme[4（] 2002）分析微型金融产生的社会影响，阐述传统的小额信贷影响链条和类型，并提出评估社会绩效的方法；Zeller[5] (2003)则提出小额信贷机构社会绩效的SPI 框架，较为全面地分析小额信贷的社会影响和各个层次影响的评估指标；James Copesetake[6（]

2007）认为，社会绩效管理是实现其社会扶贫目标的重要保证，但是行业内还缺乏社会绩效评估的标准，这造成微型金融社会发展目标的失败。因此提出从目标设定、战略规划、后续研究和定期审查等方法对微型金融的社会绩效进行管理的观点。总的来看，国外学者对微型金融的社会福利和社会绩效的研究不少，但由于其复杂性，现在尚不存在统一的评估标准有待于进一步的研究。杜晓山[7（] 2004）总结我国农村小额信贷的实践，认为我国农村小额信贷的生命力初步显现，但大中型项目还没有出现，各种类型的小额信贷也存在着各自的问题，他提出了发挥小额信贷扶贫功能、加强规范和监管及利率市场化等等原则性的政策建议，并提出在我国建立可持续发展的农村普惠金融体系的建议。孙若梅[8（] 2002）通过对中国小额信贷的组织和制度、方法和基本假设的梳理，勾勒出中国小额信贷发展的基本轮廓，认为目前中国小额信贷发展面临最主要的因素是组织制度，尽管同时也需要技术创新和改善管理。制度的制约，使得我国的农村的小额信贷供给仍然停留在供给驱动发展，不能满足市场的实际需求。在可持续性和覆盖率方面，汪三贵[9（] 2000）从外部障碍和内部障碍两个角度分我国小额信贷的困境，提出小额信贷机构的分化和正规金融的介入是实现小额信贷可持续性展的出路。李明贤等[10]（2008）则从广度和深度两个方面分析和研究中国农村金融服务的覆面，认为中国贷款服务的覆盖广度很低，深度也不高，农村金融不能满足广大农户的信贷需求。

IM-1 CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRM SUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONS QUESTIONS 1. Why is it important to study international financial management? Answer: We are now living in a world where all the major economic functions, i.e., consumption, production, and investment, are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time, most professors customarily (and safely, to some extent) ignored international aspects of finance. This mode of operation has become untenable since then. 2. How is international financial management different from domestic financial management? Answer: There are three major dimensions that set apart international finance from domestic finance. They are: 1. foreign exchange and political risks, 2. market imperfections, and 3. expanded opportunity set. 3. Discuss the three major trends that have prevailed in international business during the last two decades. Answer: The 1980s brought a rapid integration of international capital and financial markets. Impetus for globalized financial markets initially came from the governments of major countries that had begun to deregulate their foreign exchange and capital markets. The economic integration and globalization that began in the eighties is picking up speed in the 1990s via privatization. Privatization is the process by which a country divests itself of the ownership and operation of a business venture by turning it over to the free market system. Lastly, trade liberalization and economic integration continued to proceed at both the regional and global levels. IM-2 4. How is a country’s economic well-being enhanced through free international trade in goods and services? Answer: According to David Ricardo, with free international trade, it is mutually beneficial for two countries to each specialize in the production of the goods that it can produce relatively most efficiently and then trade those goods. By doing so, the two countries can increase their combined production, which allows both countries to consume more of both goods. This argument remains valid even if a country can produce both goods more efficiently than the other country. International trade is not a ‘zero-sum’ game in which one country benefits at the expense of another country. Rather, international trade could be an ‘increasing-sum’ game at which all players become winners. 5. What considerations might limit the extent to which the theory of comparative advantage is realistic? Answer: The theory of comparative advantage was originally advanced by the nineteenth century economist David Ricardo as an explanation for why nations trade with one another. The theory claims that economic well-being is enhanced if each country’s citizens produce what they have a comparative advantage in producing relative to the citizens of other countries, and then trade products. Underlying the theory are the assumptions of free trade between nations and that the factors of production (land, buildings, labor, technology, and capital) are relatively immobile. To the extent that these assumptions do not hold, the theory of comparative advantage will not realistically describe international trade. 6. What are multinational corporations (MNCs) and what economic roles do they play? Answer: A multinational corporation (MNC) can be defined as a business firm incorporated in one country that has production and sales operations in several other countries. Indeed, some MNCs have operations in dozens of different countries. MNCs obtain financing from major money centers around the world in many different currencies to finance their operations. Global operations force the treasurer’s office to establish international banking relationships, to place short-term funds in several currency denominations, and to effectively manage foreign exchange risk. IM-3 7. Mr. Ross Perot, a former Presidential candidate of the Reform Party, which is a third political party in the United States, had strongly objected to the creation of the North American Trade Agreement (NAFTA), which nonetheless was inaugurated in 1994, for the fear of losing American jobs to Mexico where it is much cheaper to hire workers. What are the merits and demerits of Mr. Perot’s position on NAFTA? Considering the recent economic developments in North America, how would you assess Mr. Perot’s position on NAFTA? Answer: Since the inception of NAFTA, many American companies indeed have invested heavily in Mexico, sometimes relocating production from the United States to Mexico. Although this might have temporarily caused unemployment of some American workers, they were eventually rehired by other industries often for higher wages. Currently, the unemployment rate in the U.S. is quite low by historical standard. At the same time, Mexico has been experiencing a major economic boom. It seems clear that both Mexico and the U.S. have benefited from NAFTA. Mr. Perot’s concern appears to have been ill founded. 8. In 1995, a working group of French chief executive officers was set up by the Confederation of French Industry (CNPF) and the French Association of Private Companies (AFEP) to study the French corporate governance structure. The group reported the following, among other things “The board of directors should not simply aim at maximizing share values as in the U.K. and the U.S. Rather, its goal should be to serve the company, whose interests should be clearly distinguished from those of its shareholders, employees, creditors, suppliers and clients but still equated with their general common interest, which is to safeguard the prosperity and continuity of the company”. Evaluate the above recommendation of the working group. Answer: The recommendations of the French working group clearly show that shareholder wealth maximization is not a universally accepted goal of corporate management, especially outside the United States and possibly a few other Anglo-Saxon countries including the United Kingdom and Canada. To some extent, this may reflect the fact that share ownership is not wide spread in most other countries. In France, about 15% of households own shares.