Biculturalism involves the fusion of two distinct cultures and belief towards a common objective. On the other hand, the stakeholder model describes the operation of the company and how it relates to the environment surrounding it. Businesses should, therefore, strike a balance between the internal and external shareholders and have strategies in place to ensure that both the objective of the firm and that of shareholders are met. The presentation, therefore, focuses on the influence of biculturalism and the stakeholder model on the operation of the business by looking at the Maori, the original inhabitants of New Zealand.
To improve business management, the company needs to understand the region in terms of its demography which entails the communities that are in the region. For instance, in New Zealand, the Maori who inhabited the area initially conducted their businesses and also made the various business operations to be dependent on their consumption patterns. This, therefore, indicates the importance of the community to the development of business within the region. The cultural interactions and business conducted by the Maori also resulted in various business activities. The Maori chiefs and the British signed a treaty known as "The Treaty of Waitangi." The Maori had successful small scale businesses that made them distinct and have an influence on the business activities in the region. It is therefore essential to understand the need for leadership to be based on the implementation of the shareholder model people (Fisher, 2013; Seth Mydans, 1988).
The stakeholder model is crucial in the management of the various stakeholders and enhances the achievement of the business objectives and goals leading to the increased growth, profitability and sustainability. Various stakeholders who have the influence and are in a position to influence the business activities include the community where the business operates, customers, suppliers, government and the internal company employees. The stakeholders are key to the company when it is formulating policies as they form part of the company's decisions and this clearly explains the reason why they are essential in the value maximization of the company. Besides, value maximization has emerged to be a critical consideration in enhancing leadership effectiveness to ensure that the profitability of the firm is not compromised in any way. Besides, product and service quality should not be tampered with while reducing the cost. This explains the need to satisfy both the community as a whole including the customers and at the same time meeting the objectives of the company in which it is set to achieve and will be used to measure its success (Jensen, 2010; Deng, Kang, & Low, 2013).
Deng, X., Kang, J. K., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109
Fisher, M. (2013). Treaty of Waitangi Settlements. The Journal of New Zealand Studies, (16).
Jensen, M. C. (2010). Value maximization, stakeholder theory, and the corporate objective function. Journal of applied corporate finance, 22(1), 32-42.
Seth Mydans and Special to the New York Times. (1988, February 14). An 1840 Pact Again Haunts New Zealand. Retrieved from https://www.nytimes.com/1988/02/14/world/an-1840-pact-again-haunts-new-zealand.html
The Treaty of Waitangi: An Introduction [Video file]. (2018, March 20). Retrieved from https://www.youtube.com/watch?v=qNyfSPm1jYU
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