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The Interrelationships among Governance, Strategic Management, and Decisionmaking
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Journal Article
The Interrelationships among Governance, Strategic Management, and Decisionmaking
2022
Overview
The purpose of this article is to confirm the interrelationships among strategic management, corporate governance, and decision-making. The article uses a qualitative approach, where a systematic literature review has been done through the internet and most reputable sites using the main keywords. Then after screening and selecting the suitable previous related literature, the researcher has analyzed them to come up with a suitable synthesis and recommendations. A systematic literature review revealed that there is a strong interrelationship among governance, strategic management, and decision-making, and are closely interrelated to each other as a vicious circle (triangle). The article uses a qualitative research approach to investigate the interrelationships among governance, strategic management, and decision-making, therefore empirical studies are needed to test and prove the interrelationships. Moreover, the article recommends that organizations should have separate functions for both strategic thinking and strategic planning. Practical Implications: Organizations should select a good governance board that can develop suitable strategies and makes wise decisions. Governance board composition variety and participation are very important for strategy development and decision making, which enable the board and other managers to make a suitable decision in time. Finally, during strategy development, the governance board should consider corporate social responsibility and other legal and ethical issues.
Publisher
اتحاد الجامعات العربية - الأمانة العامة
