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Transnational Business and Its Role in Contemporary Society - Article Example

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This is a reflective paper “Transnational Business and Its Role in Contemporary Society” which summarises the author’s learning experience gained through the entire model describing each of the sessions undertaken by me all through the course…
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Transnational Business and Its Role in Contemporary Society
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Download file to see previous pages The concept of corporate governance and the problems related to the agency theory was an interesting topic discussed in this session. Agency theory is one of the corporate governance theories which have marked significant importance in recent years. Jensen and Meckling (1976) are commonly associated with the term agency theory as found in most of the existing literature. The journal named “A Survey of Corporate Governance” by Shleifer and Vishny (1997) helped me to know more about the issues related to corporate governance systems followed by different business organizations worldwide. It also helped to have knowledge about the concept of ownership concentration found in business concerns. Enron can be cited as one of the many examples related to an organization which restored to unethical accounting practices because of the existing agency problems associated with the company. It is recorded as one of the major accounting scandals which have ultimately led to the downfall of Enron (Arnold, & Lange, 2004). Session 2: Transnational business and its role in contemporary society This session were aimed at having knowledge about the various roles played by transnational companies (TNCs) and how they have contributed to global trade. This session helped me to learn about the impacts of TNCs on the global trading environment, different types of internationalization strategies followed by organizations, costs, and benefits associated with free trade mechanism, and role of General Agreement on Tariffs and Trade (GATT) and World Trade Organisation (WTO). Different types of internationalization strategies followed by TNCs and other global organizations were of particular interest to me. Internationalization is a process which is followed by organizations to expand their business outside their national boundaries and it can be achieved through various strategies followed by different firms. The journal named "Internationalization strategies for services" by Gronroos (1999) speaks about five types of internationalization strategies that are followed by service organizations with their motives to establish their business abroad.  ...Download file to see next pagesRead More
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