Title: An integrated framework for values-based management – Eternal guidelines from Indian ethos

Authors: N. Sivakumar, U.S. Rao

Addresses: Department of Commerce, Sri Sathya Sai University, Brindavan Campus, Kadugodi, Bangalore 560 067, India. ' School of Business Management, Accounting and Finance, Sri Sathya Sai University, Prasanthinilayam Campus, Prasanthinilayam 515 134, India

Abstract: The practice of values-based management requires an integrated framework. The foundation for values-based management is the philosophy or vision of the organisation. Further, the leadership of the firm must adhere to values and the corporate culture must promote ethical behaviour. Values-based management also involves developing welfare-oriented policies towards various stakeholders which aid in values-based decision making. Indian ethos has provided detailed guidelines for all these aspects of values-based management. This paper delineates these guidelines. The scriptures studied include Kautilya|s Arthashastra, Manusmriti, Valmiki Ramayana, Viduraniti and Shanthi Parva of Mahabharatha and literature on economic organisations and educational institutions in ancient India. This paper also integrates the guidelines into a framework for effective values-based management.

Keywords: value-based management; values; business ethics; Indian ethos; integrated frameworks; organisational vision; organisational philosophy; leadership; leaders; corporate culture; ethical behaviour; welfare-oriented policies; stakeholders; decision making; scriptures; Kautilya; Arthashastra; Manusmriti; Hinduism; Hindu religion; Valmiki; Ramayana; Viduraniti; Vidura Niti; Shanthi Parva; Mahabharatha; Mahabharata; economics; education; India; Indian culture; business management.

DOI: 10.1504/IJICBM.2010.034385

International Journal of Indian Culture and Business Management, 2010 Vol.3 No.5, pp.503 - 524

Published online: 02 Aug 2010 *

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