Strategic Management in the Financial Crisis Essay

Strategic Management in the Financial Crisis - Essay Example The study Strategic Management in the Financial Crisis explores the period of the great credit crisis that first had a toll on the United States’ financial sector before other parts of the globe had its impact. This may have been because of various issues of failure within companies that even made them fail to meet targets before the financial crisis period. With the resource utilization reaching the maximum limits compounded further by a relatively high wage rate, most enterprises were feeling the pinch in the reduction of their rates of return. The widening of international trade and the strengthening of global capital flows have led to a significant rise in cross-border assets and liabilities, as well as to financial linkages across countries and regions. The key implications of such developments have been a wider spread of shocks and stronger co-movements in macroeconomic variables. There are various issues that have been raised and a major one has been that of the failure of corporate governance as shall be discussed in the paper. It is clear that good corporate governance actually operates effectively in two distinct areas which may include measures put in place to guard against opportunistic or conflicted behaviour by financial technocrats with aims of maximizing wealth. According to good management principles, corporate governance best practice is important and essential for the protection of shareholders and other stakeholders against the often conflicting interests of dealers in the financial sector. Blundell-Wignall et al (2009) point out the need to clarify the responsibilities of regulatory institutions and to restore confidence in the integrity of financial institutions. Independent audits of financial statements provide a check against fraud, and a verified overview of financial evolution of the business. Blundell-Wignall et al (2009) also state that considerable flexibility should be envisaged as regards liquidity management. Quantitative measures and indicators should be integrated into the process in proportion to the degree that they are robust and operational. There is an overall bias in many countries' tax systems which work to encourage corporate leverage. The interface between tax, leverage and excess risk taking is complex. Blundell-Wignall et al. note that the US approach shares the risks of buying toxic assets between the taxpayers and investors creates buyer demand and prevents dumping of assets that would prolong the crisis phase, and is an open-market approach. It is important to foster corporate structures that enhance both stability and competition. The complexity of some corporate groups has been identified in both governance and risk control issues. As a

Components of a Healing Hospital and Relationship to Spirituality Essay

Components of a Healing Hospital and Relationship to Spirituality - Essay Example This notion of healing in hospitals was started by Florence Nightingale, whereby she focused on health of her patients both physically and spirituality. In addition, healing hospitals are designed to focus mainly on recovery and return to health well being; physically, emotionally and spiritually and not just curing an ailment for a patient (Young & Koopsen, 2006). Healing hospitals revolution and work are based on three main components as asserted by Eberst (2006). First is the focus on culture and radical care given to patients which is to aid in the recovery process. Moreover, healing hospitals are built and based on a compassion culture from health care providers. The treatment process in these hospitals involves doctors, relatives and well-wishers who are involved in making patients feel better and relax, hence accelerate the healing process. The notion here is that if the patient feels comfortable with his/her care giver, then they shall heal faster (McCormick, 2010). The secon d component is that of a relaxed and patient friendly physical environment, which will aid in making patients relax and heal faster (Eberst, 2006). In addition, the physical environment of the healing hospitals must be cool, quiet and relaxed with cool coloring and fresh air circulating. This is meant to aid patients to relax and sleep comfortably which, in return, accelerates the healing process.... These hospitals also use technology in the treatment procedures to provide effective care and best possible treatment to patients under their care (Eberst, 2006). The concept of spirituality, which is a belief system focuses on intangible elements that impart meaning to life of people, has continued to arise in healing hospitals. Generally, healing hospitals are involved in providing a healing environment to their patients. Spirituality also varies among different patients as it cuts across different cultures and ages. Therefore, patients in hospitals are normally disturbed spiritually with pertaining issues in their health such as infirmity, suffering, loneliness and boredom, despair on not healing and the possibility of facing death (Young & Koopsen, 2006). Healing hospitals components are used to aid in raising spirits of patients and hasten healing. The culture and physical environment of these hospitals provide patients with spiritual healing environments in which patients feel calm and relaxed promoting their health and well-being. Caregivers counsel patients and give them hope and a reason to live and have a purpose in life (McCormick, 2010). Challenges of Creating a Healing Environment in Light of the Barriers and Complexities of the Hospital Environment As Chapman (2003) states in chapter 3 of the book â€Å"Radical Loving Care: Building a Healing Hospital in America†, healing hospitals are faced with some of these challenges. The first challenge is technology application and use of drugs, as he states technology advances dehumanize healing aspects of the healing profession. In addition, he claims that dependence on drugs in healing has reduced the