Corporate Governance and Audit Features in UK SMEs
The role of the contextual factors is important for the decision making process of the company. the decision making process is completed with the help of the manager of the company and it is required for the manager of the company to take decisions after considering each aspect that may impact the decision making process of the company. There is a number of factors that influence the decision making, but to date, the interface of these factors has not been well defined.
This study is designed to explore the impact of the contextual factors on the decision making process of the manager. This assignment will cover some contextual factors that may impact the decision making process of the company such as organizational structure or governance, Environmental forces, Risks confronting the firm, Organisation and business practices, and the functions of diverse firms. Each contextual factor will be elaborated under this paper with the help of the journal article.
- Organizational structure or governance
The corporate governance is undertaken in this research for the purpose of describing the impact of these contextual factors in the audit features in which the author has selected 4 audit firms within the UK SMEs context. In this research article, the author uses various kind of the regression models to investigate the influence of corporate governance features on audit features and helps cross-sectional time series models along with taking help of the two-stage least squares method.
Moreover, the impact of corporate governance has been examined by the author in whom the use of logit analysis has been considered. It has been found with the help of the article that the author has provided new facts that elaborate the role of the contextual factors in decision making process and managing the operation is huge.
The new findings express that the corporate governance as the contextual factors is integral in deciding the audit fees of the firms. It has been detected by the author that the influence of corporate governance influences the audit meeting, board size, and audit fees. The new findings would be helpful for the manager to take appropriate decision in the favor of the company after analyzing the contextual factor that is organization governance. The decision of the manager would be easy if the manager has efficient knowledge regarding the contextual factors because the role of the corporate governance is huge in the decision making process.
- Environmental forces
The discussion has been made on the environmental factors which are considered as the contextual factors. The main aim of this article is to emphasize the internal as well as external antecedents of open innovation with respect to the small and medium-sized enterprises, in which the company keeps huge importance on the role of the knowledge management capability. The author has critically reviewed the internal factors and its impact on the capability of the knowledge management. It has been found with the help of this article that the influence of the organizational and external factors, namely, environmental dynamism and Knowledge management capability.
It has been found from the above discussion that the information the role of the commitment-based human resource practices and the operations which are related to the technology-supported have a significant impact on the KM capability. In contrast, it has been found that the outcomes of the research article are not able to support the bonding between interdepartmental connectedness and KM capability, while both environmental dynamism and knowledge capability have a direct impact on open innovation.
The Importance of Contextual Factors in Open Innovation
The new findings of this article are that the plenty of a number of organizations is depending on external information and research collaborations to attain the competitive advantages, entailing the small and medium-sized enterprises which should presently compete worldwide. The organizations have become advanced and strive to make collaboration networks with external partners in order to access and advantage from their new skills and technologies. The manager can take a sophisticated decision with the help of new findings in which he can connect the company with external firms to make effective relations internationally.
- Risks confronting the firm
Managing the risk is the major task of the management of any kind of business and it is the contextual factor that can influence the decision making process of the company. The author has mentioned that the risk should be taken by the organization because change is necessary for the growth of the business. The main objective of this research article is to emphasize the techniques to manage the risks in an appropriate manner. Flexibility or resilience is highlighted in this research article. The main focus of the author is on the comfortability of the employee even after implementation of the change within the organization because ultimately the employees’ satisfaction is the major success of the company.
The new findings of this article are suggested that the flexibility of the organization does not rely on the accessibility of the resources but the impact of the organization structure put the huge impact on them. It has been found from the results of the findings of this article that the amendments within the operation of the company are essential which can bring risks for the company. These risks can be managed with the help of the effective risk management and their strategies. It is required for the manager of the company to focus on the strategies that can mitigate the risks within the operation.
- Organisation and business practices
The business practices are the major contextual factors that can influence the entire decision making process of the company. This journal article is reviewed the response rate in business and management research in which the author critically review the current practices and provide the recommendations to the future directions. It has been found from the above research article that the main objective of this report is to measure the efficacy of response rate enhancing strategies, identify the differences in response rate between sub-disciplines and geographical regions.
The survey has been conducted under this research to know more about the viewpoints of the people towards the business practices of the organization. it has been critically analyzed through journal article that the impact of the business practice on the decision making process of the organization is huge.
The new findings of the research show that the current practices of the organization are influenced the response rates. The appraisal is critically evaluated for the purpose of improving the response rates in business and management research. The new findings can suggest the manager take appropriate decisions after considering each strategy that can impact the entire system of the company.
- The functions of diverse firms
The functions of the company are varied from each other because it is not possible that one function works with other companies. The main viewpoint of this article is to elaborate the goal of the companies for which they make strategies and functioning so that they can attain the goal of the company. It has been suggested by this article that the value of the business planning towards new business and small businesses have become the subject matter of debate among researchers. The author explored the practices of the business of multi-firms in the formation of the legitimacy among social enterprises of Australia. The role of the demands of the customer is huge in making the different functions of different companies.
The new findings of this paper show that the functions of the companies are entirely different from each other. However, the goal of every company is to attain the objectives by encouraging the employee within the company but the way of motivation and handling the management is quite differ from each other. It is necessary for the manager of the company to consider all such aspects at the time of making a decision because the functions of one company can affect another company.
Conclusion
It can be concluded from the above discussion that the role of the contextual factors in decision making process of the company is great as it can influence the entire process of the company. the journal articles on some topics such as Organisational structures or governance, Environmental forces, Risks confronting the firm, Organisation and business practices, and the functions of diverse firms have been taken which facilitated in making a better understanding about the contextual factors and their impact on the decision making process.
The first article has emphasized the importance of the corporate governance in which the author has considered the different models. The second article is undertaken on the environmental forces in which the impact of the internal and external forces on open innovation has been mentioned.
The third article has been taken on the risks which described the requirement of the risks for the growth of the business. next article has undertaken on the business practices in which the value of the organizational practice is referred. At last, the fifth article has highlighted the functions of the diverse firm. Along with that, the new findings of each article has been discussed and the impact of them on the managers have also emphasized under this annotated bibliography.
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