# Highly Recommended《Bran-New + Oxford University Press Hardcover Edition + How Successful Firms That Encourages "Constructive Dialogue. " 》Thomas H. Stanton - WHY SOME FIRMS THRIVE WHILE OTHERS FAIL: Governance and Management Lessons from the Crisis
This highly acclaimed International Bestseller in Oxford University Press hardcover edition is a bran-new book and still wrapped with new-book plastic wrapper. The original new book is sold at usual price RM184.70 (Hardcover). Now here Only at RM40. Why did some firms weather the financial crisis and others not? This book builds on the author's interviews and access to internal documents from over a dozen major financial companies, investigates their workings, reveals what went wrong and discovers a remedy. A critical difference between successful and unsuccessful firms is a culture that encourages respectful challenge, what the book calls "constructive dialogue. " At successful firms top management engaged in constructive dialogue with the board, a strong management team, and the chief risk officer, among others, in making a decision; firms that failed often featured overbearing (or distracted) CEOs or unit heads, supine boards, incapable management, ineffective risk officers, and poor communications both across silos and up the hierarchy. They often lacked ability to manage the firm as an integrated organization. The financial crisis revealed fundamental shortcomings in both public and private American institutions. While the firms that were successful each found their own way to weather the crisis, unsuccessful firms were remarkably alike in their inability to cope and in the mistakes they made. There are 3 kinds of people in this world: ● People who never learn; ● People who learn from their own mistakes; and ● People who learn from other people’s mistakes. The point is to become someone capable of learning from other people’s mistakes. Learning behavior determines personal success; it also determines the success of firms. Combing through the wreckage, Thomas H. Stanton examines which financial firms survived the crisis and which ones failed. He analyzes how differences in governance, organization, and management between these firms led to their success or failure, and how government supervision and regulation failed to prevent the crisis. Companies need good management, and not only good risk management, to stay out of trouble. Successful companies operated with strong information systems and a culture of good communications that brought issues promptly to top management so the company could adjust its operations accordingly. Successful managers had discipline to ask simple questions and pursue answers until they understood the risk-reward tradeoffs in their activities. Based on interviews that the Financial Crisis Inquiry Commission conducted with CEOs, risk officers, traders, and others at major financial firms, Stanton systematically outlines how successful firms, like JP Morgan Chase, Goldman Sachs, Wells Fargo, and others used a multitude of approaches to distinguish themselves in operational competence and intelligent discipline, while unsuccessful firms, like Fannie Mae, Freddie Mac, and Countrywide, and others uniformly failed to prepare for possible low-probability, high-impact events. Stanton concludes by issuing a call for strengthening organizational design, governance, and risk management, by identifying clear attributes that distinguish successful firms from the others. Thomas Stanton’s book, Why Some Firms Thrive While Others Fail, also examines firm learning behavior in the context of financial stress: the Great Recession. He is in a position to know a lot about this subject both because of his long tenure in financial law practice in Washington and because he served as a researcher on the Financial Crisis Inquiry Commission in 2010-2011, a commission established by Congress. As a researcher, he personally interviewed many of the major players in the financial crisis and the federal regulators. New theory: After spending a year at the Commission and months writing this book, the author finally figured out the fundamental difference between firms that failed and those that weathered the crisis. Successful firms had leaders who solicited feedback and engaged in a process of "constructive dialogue " to ensure that they heard many points of view before making decisions. They also had access to high quality information. Constructive dialogue is the essential ingredient for good management, and not merely good risk management. This is something that financial regulators should insist upon in their examination of financial institutions. The book also looks at nonfinancial firms (BP's Gulf oil spill, Massey Mining Co's mine explosion, PG&E's San Bruno gas pipeline explosion, etc.) and finds the same pattern of company management that makes bad judgments because of lack of constructive dialogue in decisionmaking. Stanton writes Why Some Firms Thrive While Others Fail in 10 chapters, including: ➽ ① Repairing Our Public and Private Institutions: A National Imperative; ➽ ② Dynamics of the Financial Crisis; ➽ ③ Coping with the Crisis; ➽ ④ Company Governance and the Financial Crisis; ➽ ⑤ Risk Management and the Financial Crisis; ➽ ⑥ Company Organization, Business Models, and the Crisis; ➽ ⑦ Supervision and Regulation of Financial Firms; ➽ ⑧ Hyman Minsky: Will It Happen Again? ➽ ⑨ Governance and Management: Lessons Learned; and ➽ ⑩vGovernance and Management: Beyond the Financial Crisis. This book shows fundamental weakness in both private firms and government agencies, with flawed incentives that are likely to repeat themselves unless we strengthen organizational culture in both the public and private sectors to include regular processes of "constructive dialogue. " The book argues that the regulated companies have a stake in promoting the quality and capability of their regulators so that regulators become a source of useful feedback. Why Some Firms Thrive While Others Fail is an invaluable resource for company officials and policymakers on the development of a risk-sensitive, more-successful culture. It also provides an essential foundation on culture and governance for students of business and public policy, practitioners within the public and private financial institutions at the center of the recent financial crisis, and those at risk of playing roles in possible future crises. Regulators too made mistakes. They didn't feel empowered to rein in companies that - at least before the crisis - seemed so profitable. Instead of waiting for a company to take losses, the book recommends that they use "constructive dialogue " as a test of good management and that supervisors require evidence that major business decisions result from a robust process rather than merely the will of a powerful CEO or heads of revenue-producing units. Companies in turn should use their regulator as a potential source of useful feedback. The book concludes by looking at major firms in other industries and finds that its conclusions apply to these companies too. About the Author Thomas H. Stanton is a fellow of the Center for the Study of American Government at the Johns Hopkins University. He is the author of A State of Risk: Will Government Sponsored Enterprises be the Next Financial Crisis? and Making Government Manageable: Executive Organization and Management in the Twenty-First Century.
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