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Corporations now face the oftentimes daunting task of integrating the interests of multiple stakeholders. The general intent behind this multiple stakeholder focus has been to ensure that corporations operate for the benefit of society as a whole, with corporate governance in the oversight role for all activities. Our research suggests doing business in an emerging economy is confounded by the fact that rules, regulations, and marketplace expectations of the home market do not apply. Due to their evolving nature, the environments in emerging economies are uncertain and complex. Governance is not just an oversight issue related to making the most appropriate decisions. Instead, responsible governance in emerging markets entails governing bodies understanding the characteristics of the unsettled environment in which the company is, or will be, operating. Four major characteristics (demographic trends, technological development, natural resources, and political/legal unease) of emerging economies have led to significant challenges and stormy passage with respect to governance. The continual evolution and understanding of these factors must, of necessity, shape a company's governance process in the developing marketplace.

Inefficient state-owned enterprises in China were compelled to restructure to remain competitive, which resulted in phenomenal economic growth. While economically successful, China did not initially have any indigenous laws to regulate companies or control this growth, so Chinese lawmakers had to transplant corporate laws from developed Western countries. However, this transplantation process did not occur without problems, and certain domestic attributes had to be supplemented in corporate legislation to correspond with Chinese socialistic objectives and cultural values. This article analyzes the key attributes of Chinese corporate governance and regulations concerning shareholders' rights and, in the process, highlights provisions that are peculiar and characterized as uniquely Chinese, ultimately raising more questions than answers for shareholder

Gerry Pasciucco was appointed to lead American International Group's Financial Products (AIGFP) group after the government bailout of AIG in 2008 and charged with the task of shutting down the division while minimizing the government's losses. AIGFP's failed trades had threatened to bring down the entire company, and the government had responded by loaning AIG $182 billion in exchange for 79.9% of the company, because it feared that AIG's failure could trigger the collapse of the entire global financial system. Several months into his tenure, the division paid large retention bonuses to all of its professionals according to a contract negotiated before he joined AIGFP. These bonuses were seen by the public as going to the very people whose mistakes resulted in the need for a bailout in the first place and resulted in an unprecedented storm of public outrage, culminating in a Congressional hearing in which AIG's CEO, Ed Liddy, was repeatedly attacked for making the bonus payments. Liddy responded by asking people who had received the largest payments to return the money to the company. Now Pasciucco has to decide how to lead his team through this crisis while grappling with the larger issues of the justice of the retention payments.

In 1985, M.C. Mehta, a lawyer and head of his own environmental NGO, filed a public interest litigation (PIL) in the Supreme Court of India to enforce the 1981 Air (Prevention and Control of Pollution) Act in the environs of India's National Capital Region (NCR). In 1988, World Bank experts had advised the Indian government that given the extent to which air pollution in the National Capital Region came from an increasingly large fleet of passenger vehicles, an effective policy would be to mandate relatively clean compressed natural gas (CNG) in public transportation vehicles. Although the government had actively considered a series of policies, it had failed to implement any. By the early 1990s, New Delhi was the fourth-most polluted city in the world. By June 1998, the sub-particulate matter concentration in Delhi's air was three times higher than the standards set by India's Central Pollution Control Board. This case follows India's Supreme Court ruling in 1998 that all buses, taxis, and auto-rickshaws in Delhi be switched to clean fuels by March 31, 2001. Public transportation operators, the regional government, and Delhi residents all had interests at stake and were not necessarily supportive of the changes. The case is divided into 3 parts-A, B, and C-and sets up an analysis of how the Supreme Court ultimately achieved its mandate.

In April 2011, Sony's PlayStation and Qriocity services were attacked by an illegal and unauthorized intrusion into the company network, compromising user account information. For five days, the corporation turned off both its PlayStation Network and Qriocity services while it conducted a full and complete investigation with the help of an external security firm. Although brief statements about the issue were posted on the PlayStation blog, Sony did not publicly disclose the full extent of the security breach or the expected date when network services might return to normal, leaving many people speculating if personal or financial information had been illegally obtained. The timing was complicated by the imminent announcement of the launch of Sony's first tablet computer. With its public statement, Sony intended to communicate key points of information about, explanations of and solutions to the network interruption. With over 70 million PlayStation Network and Qriocity services user accounts worldwide, customers, industry analysts, investors, consumer protection groups and government officials were all waiting for answers.

Despite its success in the social-networking space, Facebook Inc.'s May 2012 IPO was largely considered a failure. Facebook faced multiple lawsuits and its share price had dropped significantly. Adversaries contended that Facebook had misled investors and violated securities laws. Were the allegations legitimate, and did the litigation pose a serious threat to Facebook's share price?

The chief executive officer of Mission Hills, a Chinese golf course operator, is thinking about how to expand his resort operations into Hainan Island, a few hundred kilometres away. He is wondering what his organization needs, from a human resources standpoint, to be able to develop another five-star resort. Mission Hills is a top golf course brand in China employing 7,000 people in its Shenzhen and Dongguan facilities. The expansion to Hainan Island is part of a larger plan to establish Mission Hills resorts around China.

Capitec Bank was a new bank established at the end of apartheid to offer banking services and loans to the large numbers of low-income potential customers newly opened to economic progress and aspiration by the end of the discriminatory system. The banking context was dominated by four major and long-established banks characterized by conservative legacy practices. Capitec planned to create an innovative offering to serve the low-income market and to migrate this offering into higher income groups. At the same time, the competitive context began to change, as other banks sought to attract lower-income clients as well. The case examines Capitec's strategic options for survival and expansion in this context.

CBM Pte Ltd (CBM) originated as a subsidiary developed to support the facilities management (FM) needs of its property development parent, Singapore-based City Developments Ltd. Viewed as an industry, FM comprised a surprisingly large component of the GDP in mature markets such as Europe and North America, and was beginning to grow rapidly in emerging markets such as Asia and the Middle East. With the Singapore market approaching saturation, and new opportunities arising in overseas markets to which the recently reorganised firm had good access, CBM had achieved several years of double-digit growth. However, the FM market was evolving as large players began to expand their overseas networks and integrate their services to follow multinational clients around the globe. Was the trend toward service integration and environmental sustainability an opportunity for CBM, or a threat? How could they sustain their profitable growth?

The three-case series is about how a medium-sized Taiwanese company approached competition with 3M in global markets. The series covers a 14-year period. The A case starts in 1994, when 3M decides to launch a lawsuit against companies (including Hopax) selling repositionable notes that compete with 3M's highly successful Post-It notes in the United States. How should Hopax respond? The B case explains that, unlike the other players, Hopax decides to fight in court. Staples, Hopax's largest customer in the United States, decides to cancel its contract. What should Hopax do now? The C case recounts the events that follow until 2008 and explains how the company applies principles of judo strategy to become the second largest supplier of repositionable notes in the world. The series allows students to explore options to smaller innovative companies as they try to compete in global markets with large, resource-rich, players who do not hesitate to use courts to try to eliminate their smaller competitors.

This supplement to Hopax (A), product number 9B10M004, explains that, unlike the other players, Hopax decides to fight in court after Staples, Hopax's largest customer in the United States, decides to cancel its contract.

As U.S. Secretary of State, Hillary Rodham Clinton acted on a long-standing interest in public-private partnerships to elevate and activate an Office of Global Partnerships reporting directly to her. One major initiative that also addressed her interest in women's empowerment was to create an alliance for clean cookstoves, a significant environmental and public health issue in developing countries. This case examines the change process within the State Department and across the federal government as well as the process of developing partnerships, and looks at what happens on the ground to deploy resources. It raises the question of whether the alliances will be sustainable when Sec. Clinton leaves office.

For 10 years the president of the University of Pennsylvania--the first female president of an Ivy League university--Rodin has been president of the Rockefeller Foundation since 2005. When she joined the foundation, the trustees were already focused on its 100th anniversary, in 2013. An anniversary inspires a sense of pride and unity, Rodin says, making it an ideal time to ask people to think together about why their work matters and how it should move forward. A way to begin that process is to trace the historical trends that have affected the organization and project how they might continue.

A visual representation analyzes the 12,000 articles HBR has published over the past 90 years--a detailed time line of the most influential ideas that have shaped management thinking over the years.

A strong reputation is widely acknowledged to be the most valuable asset of a firm, and sustainability has become an important component of corporate reputation. Many stakeholders, from customers to investors to employees to purchasing managers, report that sustainability is an important factor in their decision-making processes. However, sustainability messages have become ubiquitous-almost table stakes-for most large firms. In such an active marketplace, especially for firms who have not pursued leadership positions, it is difficult for companies to use sustainability to create meaningful differentiation from competitors and thus benefit from their investments. There is often a major gap between stakeholder perceptions and firm performance. Firms that integrate sustainability into their culture and business practices are better able to integrate sustainability messaging into mainstream communications

On 9 May 2005, Oriental Land Co, Ltd ("OL") announced changes in the company's top management. They were feeling the heat not only from the humid weather in Tokyo in the rainy season but also as a result of the visitors' numbers that had just come in. The total combined attendance at Tokyo Disneyland Park and Tokyo DisneySea Park for the fiscal year (1 April 2004 to 31 March 2005) amounted to 25.021 million guests, 98.2% of the previous year's attendance. The top management was concerned that this decrease in attendance might be a bad sign of tough times ahead and it was a prime example of a successful foreign investment in Japan now caught in a completely new structural change. The factors that had been critical to its past success were now diminishing. The top management thought that the amusement park and leisure land industry provided little cause for optimism, due to factors such as slackening consumer spending and demographic changes. Under these conditions, the top management felt that a study was needed to determine whether OL could diversify the operating base. They specifically wanted to know whether the current pricing policy was effective under deflation, which the Japanese economy had been suffering for a long time, and how changes in pricing to visitors, if necessary, would affect the company's cash flow in the future. The new pricing strategy would be based on the price elasticity of demand by the visitors to the company's services.The top management asked the planning department to study the possible price changes and use net present value ("NPV") methods to evaluate these alternatives on the effect of the future cash flow. The strategy would also need to incorporate the company's long-term strategies.

In the late 1970s, Walt Disney Corporation sought to expand its enterprise to Japan. Oriental Land Corp, which represented the Japanese side of the negotiations, and Walt Disney had to decide on a licensing arrangement or a joint venture. The objective of this study is to examine the actual determinants, models and data of that investment choice. This case study is of value to governments and multinational enterprises that want to explore an optimal alliance with a foreign partner. Based on the law, the Japanese government intervened in the negotiations between the Oriental Land Corp and Walt Disney as to the form of the arrangement for Tokyo Disneyland. Thirty eight years later, it is worthwhile to examine the validity of their decisions and which arrangement benefited the project and the partners most. This case study presents ex post empirical evidence for this discussion. The efficacy and effectiveness of the law that allows the Japanese government to intervene are also questioned.

After a global bribery investigation that lasted several years, the CEO of Siemens was asked to resign in 2007, and Loscher, then the president of Merck, was brought in to replace him. There was no question that the company needed to change--and quickly. The scandal provided the necessary sense of urgency in the company's ranks, and the new CEO set out to reorganize the top three levels of management, replacing from 40% to 80% of executives in each. To make the process transparent, each of the positions was benchmarked externally. He centralized decision making in the managing board, streamlined board membership, and created a new position for legal counsel and compliance. Then he turned to the country organizations, whose strength was one of Siemens's secrets to success, but whose growing autonomy had created an eclectic collection of local businesses. Loscher made one person accountable for global performance in every business, grouped the country operations into one fifth as many clusters, and established a steering group to oversee the whole. He added an environmental portfolio to the company's strategy and refocused the top managers on customers. And he put two women on the managing board. "If you want to change a big, complex organization like Siemens," he says, "you have to make your agenda known, and you have to communicate in simple terms."

In 1886, addressing the nascent American Society of Mechanical Engineers, Henry R. Towne proposed that "the management of works" be considered a modern art--thereby heralding the Management Century, when management as we know it came into being and shaped the world in which we work. Kiechel, a past editorial director of Harvard Business Publishing, elucidates the three eras that punctuate this period: the years leading up to World War II, during which scientific exactitude gave wings to a new managerial elite; the early postwar decades, managerialism's apogee of self-confidence and a time when wartime principles of strategy were adapted, sometimes ruthlessly, to the running of companies; and the 1980s to the present, years that saw fast-moving changes, disequilibrium, and a servitude to market forces but also ushered in globalism, unprecedented innovation, and heightened expectations about how workers are to be treated. Along the way he examines the contributions of thinkers such as Frederick Taylor, Elton Mayo, Peter Drucker, and Michael Porter. What lies ahead? Perhaps the biggest challenge facing the 21st-century company, Kiechel posits, is to truly free the spark of human imagination from the organization's tidal pull toward the status quo. There's almost always a better way, he concludes--and management will continue to seek it.

HBR's 90th anniversary is a sensible time to revisit a basic question: Are organizations more likely to succeed if they adopt good management practices? The answer may seem obvious to most HBR readers, but these three economists cast their net much wider than that. In a decade-long study of thousands of organizations in 20 countries, they and their interview teams assessed how well manufacturers, schools, and hospitals adhere to three management basics: targets, incentives, and monitoring. They found that huge numbers of companies follow none of those fundamentals, that adopting the basics yields big improvements in outcomes such as productivity and longevity, and that good nuts-and-bolts management at individual firms shapes national performance. At 14 textile manufacturers in India, for example, an intervention--involving free, high-quality advice from a consultant who was on site half-time for five months--cut defects by half, reduced inventory by 20%, and raised output by 10%. A control group saw no such gains. The authors' global data set suggests that implementing good management at schools and hospitals yields change more slowly than at manufacturers--but it does come eventually. And the macroeconomic potential--for incomes, productivity, and delivery of critically needed services--is huge. A call for "better management" may sound prosaic, but given the global payoffs, it's actually quite radical.