Sense Making and sustainability in Petroleum industry Dissertation

Sense Making and sustainability in Petroleum industry - Dissertation ExampleThe emergence of globalisation along with a fast information exchange and cross pagan amalgamation has led business dynamics to incorporate several new aspects inwardly it (Weiss et al, 2008, p.377). No doubt, the companies are making new ventures in foreign territories for optimizing their profit port folios, but the social and environmental aspects of international productions form a life-or-death part which forms the main trajectory of several new aspects as stated above. Relying solely on maximizing profits and generating mammoth revenues will fetch only short run gains with dynamic decline. In order to become a dominant player in this globalised market with a goodwill establishment, the companies have to introductory of all become good corporate citizens. They have to incorporate the notion of Corporate Social Responsibility (CSR) with various codes of conduct which will ensure socially responsible business practices inwardly the business and its overseas as well as domestic operations. But applying the attributes of CSR is not at all an easy task. some(prenominal) challenges are faced by the management of companies in its straitlaced implementation and maintaining the proper code of conduct. Geographical, economical, legal, cultural and political barriers act as hindrances in the proper implementation of CSR policies. Adverse conditions like agency problems, moral hazard, corruption and malpractices creep into the system which results in non accordance of the rules and regulation implementation and leads to sub optimal results.... Geographical, economical, legal, cultural and political barriers act as hindrances in the proper implementation of CSR policies. Adverse conditions like agency problems, moral hazard, corruption and malpractices creep into the system which results in non compliance of the rules and regulation implementation and leads to sub optimal results. In c ase of non compliance the initiator will face negative customer sanctions, capital loss, damaged give away values and so on (Pedersen & Andersen, 2006, p. 228). The oil industry bears a historical trend of malpractices, corruption and violent activities (Beri & Sinha, 2009). The prime agenda with oil is that it is generally exactly and the companies have a tendency to explore it wherever it is available. frankincense in the oil companies, there has been a natural trend in participating within a global business paradigm and the emergence of CSR practices becomes a more robust parameter in conducting business in an ethical manner (Spence, 2011, pp.59-60). gamy vulnerability comes in short term and long term ways. In the short term, there may occur natural hazards like that of oil spills as well as improper sewage of excess natural gas and so on. The long term vulnerabilities include social risks like poorly pay labor, inadequately maintained equipment and threat to the indigenous people at stake facing atrocities and negligence and in some cases they are even killed (Multiple uses of the coastal zone, n.d.). Thus the historical evidences backed by this obnoxious phenomenon have urged the oil and gas TNCs (Transnational Corporations) to play a pioneering role in developing strong leadership roles in the development of good corporate practices as well as rules of behavior in the place of work and engagements in diverse