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Chosen by Library Journal as one of the Best Business Books of 2002
"Lynn Paine has an optimistic analysis of the need for--and the value of--bringing ethical values into business decisionmaking."--Paul A. Volcker
"This book presents a way of broadening the role of the corporation in our society, an interesting and exciting role." --John C. Whitehead, former chairman, Goldman Sachs
- Sales Rank: #2034331 in Books
- Published on: 2003-09-29
- Original language: English
- Number of items: 1
- Dimensions: 8.70" h x .91" w x 5.60" l,
- Binding: Paperback
- 304 pages
From Publishers Weekly
Harvard Business School professor Lynn Sharp Paine had been studying corporate malfeasance long before the Enron debacle. In her forthcoming book, Value Shift: Why Companies Must Merge Social and Financial Imperatives to Achieve Superior Performance, she attempts to introduce readers to an "emerging new standard of corporate performance one that encompasses both moral and financial dimensions." Based on her researching, teaching and consulting experiences over the past 20 years, Paine has amassed an in-depth understanding of corporate values. She uses examples culled from these experiences to explain the growing emphasis on values, why this changing attitude is important and what the shift means for managers. She ends the book with advice for managers on setting up an organizational infrastructure, hiring employees whose views align with a company's value system and more. This is an important book for ethics-minded managers.
Copyright 2002 Reed Business Information, Inc.
Review
"Lynn Paine has an optimistic analysis of the need for--and the value of--bringing ethical values into business decision-making." -- Paul A. Volcker; June 2002
"This book presents a way of broadening the role of the corporation in our society [and is] a good read." -- John C. Whitehead, former Chairman of Goldman Sachs; June 2002
From the Back Cover
Do values and social responsibility have any place in the profit-driven corporate world? Just ask the employees and stockholders of Enron. Even before the Enron disaster, however, the business sections of newspapers were filled with stories about companies such as Bridgestone, Sotheby's, and Microsoft, whose reckless or irresponsible practices and standards had jeopardized both their profits and their futures.
In Value Shift, renowned Harvard Business School Professor Lynn Sharp Paine reveals that corporate social responsibility makes for more than good public relations; it is a powerful tool for achieving superior performance and generating greater profits. She takes a realistic look at the new role that private industry will play in public service in the years ahead and explores the increasing importance of corporate values in maintaining the long-term profitability of companies.
Professor Paine describes how, recent news reports notwithstanding, many companies in the United States and around the world have already placed increased emphasis on values and corporate citizenship. She explains the motivations behind this turn to values, analyzes its impact on management practice, and presents guidelines for developing a "corporate conscience."
The most striking feature of this eye-opening exposé is its hardheaded appraisal of the growing body of evidence showing that a values-based orientation is very good for business. It also offers pointers on how managers can anticipate and avoid "gray area" dilemmas, formulate conscientious responses to incidents that will also serve the organization's goals and interests, and take a more active role in strengthening their company's public image.
Companies that adhere to basic values benefit from more effective risk management, more efficient organizational functioning, increased market attractiveness, and greater investor confidence. Value Shift provides the tools and techniques needed to instill the values that create more responsible, more accountable, and more profitable organizations. It is the ultimate resource for corporate managers who want their companies to do well while doing good.
"Lynn Paine has an optimistic analysis of the need for--and the value of--bringing ethical values into business decision-making. The 'meltdown' of so many high-flyers reecntly suggests that lesson had been lost on too many companies during the boom years. The time has come to take account of what she writes."--Paul A. Volcker
"This book presents a way of broadening the role of the corporation in our society, an interesting and exciting role. It's a good read for young leaders in all walks of life."--John C. Whitehead, former Chairman, Goldman Sachs
"Value Shift provides a timely and compelling argument for why companies must incorporate values into their strategies--that no one in business can afford to ignore."--Daniel Vasella, Chairman + CEO /Novartis AG
A breakthrough look at the new value of values
To survive and thrive, the modern corporation must be more than a profit machine. A growing body of evidence indicates that corporate citizenship, responsibility, and accountability are becoming as vital to the bottom line as an effective business model. Value Shift makes a strong case for the financial merits of social responsibility and explores the increasing importance of corporate values in maintaining the long-term profitability of companies. It also offers strategies for implementing an enterprise-wide value system and demonstrates ways in which a value-positive corporate culture can actually increase profits through better risk management, improved organizational functioning, increased shareholder confidence, and an enhanced public image.
Most helpful customer reviews
2 of 2 people found the following review helpful.
A careful analysis of ethical stances and their consequences
By Bill Godfrey
The Enron affair has produced a flood of books on business ethics. Far too few of them engage fully with the real issues. This one does. The author has produced a definitive guide to the factors that make attention to organizational ethics an imperative in business thinking and to sound practical approaches to dealing with ethical issues.
In the process, she demolishes the sloppy thinking that has surrounded much of the discussion of business ethics, in particular the view that an organization is and should be an amoral entity and the related view that the only ethical duty that a corporation owes is that to maximize the wealth of its stockholders.
More important, she establishes clearly that ethical commitment and economic advantage are separate domains, with a degree of overlap that depends on context and timescale. The ethical dimension cannot be absorbed into the financial dimension with the cosy, but often untrue, assertion that 'ethics pays'. There is an area of activity within which ethical and economic considerations run together, but there are areas of activity where they are opposed. If one wants a simplistic assertion to support ethical behaviour, the author suggests that it should be 'ethics counts' rather than 'ethics pays'. The advantage of this formulation is that it establishes the ethical domain as existing in its own right. The author suggests that the two domains are different but complementary and need to be recognized as such.
What are the circumstances in which ethical behaviour and profitable behaviour are most likely to coincide? As a broad rule, the longer the time frame being considered and the more closely the corporation adheres to the standards of ethical behaviour accepted in first world countries, the more likely it is that ethical practice will coincide with profitable practice. The author discusses both the principle and some of the difficult and perplexing departures from it. There is no pretence that decision-making is easy where ethics and profitability do not run together, but there is guidance, in two chapters entitled 'A Compass for Decision Making' and 'The Center-Driven Company'.
In the course of the book, there is an excellent brief history of views of the corporation and its capacity to be a moral entity and an overview of the current situation, in which the full range of theories and behaviour from high to non-existent ethics can be found, but there is a discernible trend toward recognition of the importance of ethical behaviour. This is driven by community expectations, greater access to information (and greater difficulty of concealing unethical behaviour), and slow but progressive shifts in the law, as well as by the expectations and standards of managers and employees. The move is complicated by globalization, because increasingly the large corporations are operating in countries with a wide range of cultural frameworks where issues of corruption, near-slavery conditions for workers and so on may be endemic. There is a good discussion of the temptation to adopt local standards or to hide behind the practices of an 'arm's length' contractor and some of the longer term consequences of doing so.
This is not a 'preaching' book. It is a cool analysis of the various ethical stances possible and of the probable consequences of each, in the context of a slow but continuing trend for the community to demand ethical behaviour. It also provides an extremely well-argued case for a stance that recognizes ethical standards as standing in their own right as a co-equal consideration with the demands of economic operation. In this sense, it is complementary to the best of the literature on the 'triple bottom line'.
6 of 6 people found the following review helpful.
Good on framing issue but not actionable or practical
By Clinton P. Gary
I give great credit to Lynn Paine for framing the importance to organizations on making "social/ethical" issues a top priority. I loved the first chapter. However, she stays at a high level. When it comes time to provide action steps for companies to act ethically and develop and manage an ethical culture, she falls short by only providing a few questions relevant to executives by which, if ask and answered honestly, would provide a leader a "moral compass."
As we have seen in the press, it is not always the senior executives who perform ethical misconduct. Quite often it is the managers and employees of an organization that make unethical decisions that put the organization in harms way. So my disappoitment is in that she did not provide practical (and I stress practical) strategies, processes and tools for an organization to provide its workforce to adress the dozens of potentiallly unethical situations managers and employees face everyday that provide the same risk, if not more, than a few bad decisions by executives. The questions that she provides for executives are not practical for managers. I doubt a manager at a manufacturing plant will take the time to "reflect" on the thought-proviking questions provided by her to help make good decisions. She offers several examples of companies that she considers are making progress, but these steps are still at a very high level.
I offer an insight. There is a reason why the books "Execution" by Larry Bossidy and "Good to Great" are best sellers. Executives are asking for more actionable and practical guidelines to execute strategies in companies that already have established processes and cultures.
It is obvious that Lynn Paine has great insight and vast experience. I would like to have seen actual steps (i.e., training, communications, proceses, standards) by which a current organization, with an established culture, can leverage to shape their culture to fit this new ethical standard.
I hope she writes a "how to." I will be the first to buy it.
1 of 1 people found the following review helpful.
A New Yardstick
By Craig L. Howe
There is an emerging standard of corporate performance that encompasses moral and financial dimensions.
Lynn Sharp Paine, a lawyer and professor at the Harvard Business School, argues companies are being rated as if they were human beings; they are being asked to provide more than profits to their shareholders. The market demands that corporations respect their employees, be reliable to their customers and communities and be transparent with their investors.
The author argues "ethics counts" provides corporations with value-added in the truth, loyalty, gratitude and reciprocal respect it engender among its stakeholders. The new bottom line: a corporation's success comes down to the quality of its decision making. Moral scrutiny is becoming as important as financial performance in stakeholders' evaluations.
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