Search results

Public-interest entities – among which are listed companies – are obliged to publish nonfinancial disclosure in some countries and regions. The European Commission established mandatory nonfinancial disclosure by Directive 2014/95/EU. While a large body of literature was developed on sustainability reporting quality (SRQ) in voluntary context, evidence about the effect of mandatory nonfinancial disclosure on SRQ is controversial and previous experiences worldwide did not make clear if obligatoriness improves SRQ. This chapter aims to bridge the gap of empirical evidence about this phenomenon in European countries, focusing on first implementation of new legislation by Italian and German companies. The research has an explorative character and it adopts content analysis methods performed on sustainability reporting practices of companies listed in FTSE-MIB and DAX 30. The analysis aims to understand if obligatoriness affects SRQ, causes some changes in reporting practices such as harmonizing Italian and German ones by performing a cross-country comparison. The findings suggest that obligatoriness improves reporting quality and, above all, it fills the gap between different countries by fostering the adoption of international guidelines and the consequent introduction of some content, such as materiality analysis and quantitative measures of social and environmental performance.

The purpose of this paper is to discuss how management education in India can benefit from applying a Vedic Learning style. It argues that transformational learning, a key to transforming mindset, also increases the importance of ethical behavior in management education.

The paper is based on a literature review of Vedic education principles and transformational learning. It focusses on how to apply it in the management education.

It presents an analysis of Vedic Learning, the Indian mindset and the role of transformational learning in Indian management education. While there is a decline in practicing Vedic Learning in India, in fact, it carries a huge potential for all-round development which would transform management education. The paper proposes ingredients for management education following Vedic Learning in terms of philosophy, designing programs, teacher's role, teaching environment and by integrating different types of skills for management.

It implies that management education can be designed in a Vedic Learning style for revitalizing practical wisdom for facing the challenges of modern society, both in India and other parts of the world.

It strengthens the relevance of the concept of Vedic Learning and shows its similarities with transformational learning.

The purpose of this paper is to critically evaluate consumer society through various perspectives. In addition, it applies Buddhist economics as an exemplary model which helps managing consumer society.

The study started by comparing and contrasting the management of consumption between Mainstream and Buddhist economic. In addition, various perspectives such as Marxian economics, Frankfurt School, sociology as well as social critics are added to comprehend consumer society. Finally, it proposed the practices of Buddhist economics as an exemplary model for managing consumer society.

The study found that while Mainstream economics focusses on increasing the amount of goods and services, Buddhist economics focusses on converting the insatiable to satiable desires. There are two viewpoints of the interconnected spheres of consumption and production through the evolution of consumerism; a producer-led approach and a consumer-led approach. This polarization presents the debate in a very well-established tension between structure and agency.

This paper proposed an exemplary model for managing consumer society by applying the dialectical relationship of both structure and agency.

The purpose of this paper is to highlight how the new transdiscipline of ecological economics (EE) provides a very useful supporting scientific base for Buddhist traditions and their provision of practical wisdom for economics and management.

The key relevant theoretical and methodological features of EE are explained and related to the Buddhist world view. The strong consistencies between the two perspectives are highlighted. The complementary nature of the practical philosophy of Buddhism and the guiding paradigm of EE can contribute to change in contemporary management approaches aligned with sustainable and welfare-enhancing economic systems.

EE provides a very appropriate scientific base to complement and broaden the positive contribution of Buddhist traditions to sustainable economic systems and consistent management practices.

Despite some very clear parallels and complementarities, the mutual benefits of integrating and strengthening the cross-over between Buddhism and the influential new “sustainability science” of EE are yet to be realised. This paper is focused on this goal. The potential interplay promises significant benefits for both perspectives – EE needs more development of its sustainability ethical basis, and Buddhist perspectives would be enhanced by support from a highly consistent and influential scientific paradigm in a world where secular market economics continues to prevail.

The purpose of this paper is to propose a theoretical model that leverages the practical wisdom of the Panch-Kosa framework of yogic philosophy to develop an awareness of spirituality in the organization. It also provides quasi-quantitative empirical evidence to demonstrate its potential application.

A survey was designed and administered in four different organizations. Correlation, ANOVA and χ2 analysis were conducted to explore the applicability of the proposed framework.

The results indicate that values, as reflected in the physical aspects of an organization such as its logo, symbols and organizational elements characterized as “practice of Fair Governance” and “HR Effectiveness”, influence employee-related outcomes. Further, the study found that when there is a perfect “alignment” between an organization's intent to honor values and its corresponding actions, employees perceive the highest levels of holistic engagement.

This study has an implication on how to leverage practical wisdom from Hindu philosophy to enable individuals and organizations to transform to a higher level of consciousness.

The paper has ventured into an uncharted territory of integrating the yogic framework of Panch-Kosa to the organizational elements and has provided preliminary support for its applicability in organizations. Moreover, it operationalizes the notion of alignment between organization's value-centric strategy and actions and its impact on employee-related outcomes.

The purpose of this paper is to seek to propose that spiritual traditions of India have enormous wisdom to provide a wholesome spiritual foundation to the modern day management. It can also play a significant role in facilitating the dimensions of workplace spirituality as conceptualized by the western counterparts. The paper does not intend to reinvent the wheel but to present an integrated framework for facilitating workplace spirituality that incorporates the western and the Indian views.

For this study, the authors maintained an open approach. The authors first reviewed the extant literature on workplace spirituality to explore its dimensions. Thereafter, the authors searched for Indian spiritual traditions that can be suggested to have some similarity with the dimensions of workplace spirituality and can further help in facilitating those dimensions at the workplace.

The paper presents an integrated framework that suggests that doctrine of Karma Yoga, tradition of Loksangrah, Guna theory, daivi sampat and Pancha Kosha model can help in facilitating the five dimensions of workplace spirituality specified in the study.

The study proposes five dimensions of workplace spirituality which is not an exhaustive list. These dimensions may be facilitated by a variety of Indian spiritual traditions but this study includes only five specific Indian traditions.

The authors have creatively integrated the eastern and the western knowledge to come up with a framework that enriches the concept of workplace spirituality facilitation.

The purpose of this paper is to explore how practical wisdom rooted in Buddhism can help modern managers make decisions in contemporary business organizations.

The paper suggests a model explaining how individual level Buddhist beliefs in Dependent Origination are reflected in behavior of individual through mindfulness, compassion and expansion of self. The model also explores the consequences of above mentioned behavior in terms of individual, group and organizational level decision making, respectively.

The paper develops propositions which demonstrate the possibility of applying the practical wisdom of Buddhism into the individual, group and organizational decision-making processes. The paper proposes an integrative model and suggests initiatives that can be taken in business organizations and business schools for applying the practical wisdom gleaned from the Buddhist traditions.

The paper brought the core concepts of Buddhism as the main point of application in the decision-making process in management. However, this approach is perhaps difficult to grasp for the readers who may not be as conversant with that tradition.

Rich eastern traditions have remained underexplored in contemporary business literature. This paper examines the potential contributions from the Buddhist heritage in the crucial decision-making domain in management.

The purpose of this paper is to help leaders to reflect on how to make difficult decisions by developing practical wisdom based on Indian traditions. In complex scenarios, when leaders are is crisis, they often tend to rush into decisions without proper reflection, rely too heavily on data and analytics, and demonstrate an inability to decide based on subtle, intangible and often very important elements like emotion, intuition and spiritual discernment. In this paper, the author discusses what it means to make wise decisions based on the Hindu concept of discrimination (viveka) – that is, the ability to perceive and make fine distinctions and also to notice and value quality which is very important part of spiritual discernment.

This paper uses four decision-making scenarios from an Indian epic Mahabharata to cast light on dilemmas that seem to trip up so many twenty-first century leaders. The author draws lessons from the four stories and highlight key challenges in decision making – developing spiritual discernment to support logic based and emotion-laden decision making.

Allowing crisis to drive decisions, failing to recognize and account for the biases and attachments, and not developing good role clarity keep leaders from making the decisions they need to, from a place of ethical clarity. The subtle but essential spirit of ethical decision making is discernment and quality of discernment increases when leaders develop “viveka” or discrimination capability and use it regularly.

It is important to remember that developing skills in using viveka in discernment suggested in this paper requires “unlearning” some of the beliefs and practices that served leaders in the past. This framework might be thought provoking and rich conceptually but only action and practice using this framework with awareness makes managers wise leaders.

This paper proposes a framework for making difficult decisions and has implications for developing managers and leaders who can make decisions with discernment. Especially in these days of complexity and turbulence, we need to develop people to resolve dilemmas wisely and effectively. The framework for developing discernment by using intuition, instinct and emotions along with data effectively can help leader using this framework make wise decisions. The stories of leadership success and failure in the Mahabharata serve to remind us that reactive or unreflective decision making are not the answer to rapid change and uncertainty. Yet, leaders need to be able to make sound decisions rapidly in a complex and changeable context by paying attention to both explicit and tacit factors. Stories open up other paths to cultivating this ability of paying attention to viveka that is at the root of spiritual discernment. With clear engagement with the role of leader; the will to detach from desired outcomes; and a stance of courage, humility and ethical clarity, we have the tools we need to manage accelerating complexity, whatever its source.

Decision-making process is examined holistically – by bringing in recent developments in brain research along with stories and lessons from an ancient epic from India to recognize that making decisions is complex and important element that distinguishes wise leaders from smart leaders. This paper could help smart leaders gain ethical clarity by developing discernment integrating fine qualities of discrimination.

The purpose of this paper is to argue that mainstream economic theory leads to a diminishment of human happiness and well-being. Alternatively, Buddhist wisdom, applied to economic decision making, offers the opportunity for a well-lived life of purpose and meaning.

The paper begins with an examination of the foundational elements of Buddhism and economics, then contrasts the paths (or models) constructed from these bases and the associated implications for happiness and well-being.

The assumptions of Buddhism and economics regarding incessant wants, method of analytical inquiry, assignation of primary agency, and promotion of individual freedom, all bear striking similarities. Yet, despite these commonalities, the paths they undertake could not be more different. Specifically, their views and beliefs regarding consumption, work, and self-interest lead to radically different implications for how to live a well-lived life and how to organize economic society.

Business leaders should develop alternative business models that incorporate a broader range of values and ideals than those associated with traditional economic modeling. Explicit inclusion of a firm's social responsibilities can be implemented via social accounting procedures and its mission statement. Responding to consumer demand for goods that are produced fairly, humanely, and sustainably will allow firms to do well by doing good.

Significant and detrimental consequences arise from the adherence to the mainstream economic model. Buddhist wisdom, on the other hand, provides a path that offers an alternative vision of economic society, one that would likely lead to greater human fulfillment.