Corporate culture: its impact on financial results and business development
Journal Title: Формування ринкових відносин в Україні. Збірник наукових праць - Year 2019, Vol 2, Issue 2
Abstract
The subject of the research – the features of corporate culture as the basis for creation and implementation of an effective management mechanism between the participants in financial and economic relations of a company. The purpose of the article is to study the economic essence and features of corporate culture, a complex of its parameters, and mechanisms of their influence on the economic efficiency and prospects of business development. Methodology of work – in conditions of intellectualization of production, the most acute question arises about the need to strengthen the role of socio–cultural trends. According to this, there is a radical change in the concept of management, aimed at those processes in the organization, focusing on staff personnel, with its system of values, views, beliefs and traditions. Such a modern concept is becoming a corporate culture that promotes the consolidation of financial standing, leads to increased profits, increases efficiency and pioneer spirit. The results of the work –the relevance of the topic of research is proved, the connection between the corporate culture and financial characteristics of the business is revealed. The mechanism of the influence of corporate culture on the efficiency of entrepreneurial activity is revealed, which manifests itself as a factor for the formation and growth of intangible assets – strategically important resources of the company, which significantly accelerate the growth of the profit and ensure its effective activity. Conclusions – the results of the research allowed to identify the most important structural elements of the corporate culture, that make influence on the financial performances of the business entity, on its investment attractiveness and profitability. Labor motivation, qualification, innovative activity and professionalism of employees; loyalty of clients, partners, investors, ethics of relations with them; working conditions, environmental safety; development of local communities, image, reputation, responsibility belong to their number. The mechanism of the impact of corporate culture on business performance is manifested as a stimulator which ensures the generation and growth of the main components of the company’s intellectual capital: human, knowledge, innovation, partner and social capital.
Authors and Affiliations
N. M. PRITULYAK, A. I. BOYARCHUK
Keywords
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- EP ID EP574460
- DOI 10.5281/zenodo.2616033
- Views 100
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