revise the essay according to the following instructionRECOMMENDATIONS AND STRATEGIES FOR IMPROVEMENTFOCUS/STATEMENT OF PURPOSE:The directions for this statement require one sentence, consider revisin

Running head: ANNOTATED BIBLIOGRAPHY 1

Annotated Bibliography

Yirou Xiao

Northeastern University

ENG3107: Writing for Prof

Professor Baker

June 28, 2020

Working Title of Recommendation Report

Employing financial consultants to avoid poor financial management.

Broad Subject

One of the most common causes of business failures is poor financial management. Very many businesses fail because they lack financial viability or poor financial accounting. Some business managers and CEOs have little or no knowledge of economic and financial concepts and the best financial strategies, and yet they prefer making financial decisions without the help of a financial consultant. Most of them end up going bankrupt, and to solve this problem, businesses should consider hiring financial consultants even if not on a full-time basis.

Working Statement of Purpose

The CEO of Alma company has good leadership attributes and has been working hard to see the firm move to the top. However, he is less good at things such as financing, cost reduction, profit margins, cash flow, etcetera. As much as the company might not need to employ a full-time CFO, it would do be appropriate that they get a financial consultant who will step into the role as required.

Annotated Bibliography

Hastings, J., & Mitchell, O. S. (2020). How financial literacy and impatience shape retirement wealth and investment behaviours. Journal of Pension Economics & Finance, 19(1), 1-20.

The book talks about the reason as to why consumers tend to have trouble when making financial decisions. Some of the reasons highlighted by the book include financial illiteracy since most of them lack simple economic concepts and that most people practice impatience or what can be termed as present-bias. The source connects to my essay in that it explains how poor financial management is not only in business but also affects other people and needs a solution. Apart from that, the source supports my statement purpose because just like most people, the CEO of Alma lacks economic concepts and since he cannot do everything by himself, he needs to seek help from a financial consultant or else the company may even run bankrupt because of poor financial decisions. The source is credible mainly because it is not biased in any way whatsoever, and it's also accurate in that, after verifying the information I know against that in the source, I have found it to be accurate. I plan to use the source to elaborate to the CEO why he needs a financial consultant and why most people, even those not in business, also do need one.

Yu, I. H. (2017). Investigating the poor financial performance of Disneyland Paris.

The article talks of the reasons behind Disneyland Paris has not been successful financially and has had to be bailed out a couple of times. The article employs both qualitative and quantitative research to comprehend the underlying reasons behind the financial issues experienced at the above-mentioned park. According to the article, poor management, as well as poor financial strategies, are the reasons behind the park not being profitable. The article connects to my essay in that it showcases that poor management of a company can lead it into financial problems. If at all, Alma fails to get help on the management of their finances, then they are likely to end up like Disneyland Paris. It also supports my statement purpose in that; the consultant will give the company the right financial strategies that they should employ to avoid going bankrupt and be profitable. The source's publisher is reputable, and the article is up to date, and therefore it is credible. To attain my essay goals, I will use the source to elaborate to the Alma CEO of how big companies can also run into financial problems if at all, they are not well managed.

Vukotić, S., Aničić, J., & Vukotić, R. (2017). The importance of consulting in contemporary business management. Journal of Process Management. New Technologies, 5(3), 69-78.

The journal discusses how modern businesses are characterized by both uncertainty and risks and that the decisions made by managers are responsible for reflecting such an environment. One of the most significant inventions in the last fifty years in management consulting. The core topic of consideration in the paper is the significance and the correlation amid management and consulting in firms that conduct business based on modern principles. This journal is linked to my essay and supports my statement purpose in different ways. First is that it indicates the benefits of management consulting in business, and since the above-mentioned CEO is not well-versed with financial management in the company, it will be prudent that he gets a financial consultant after he understands why management consulting is significant in the running of a business. The source is quality in that it has extensive coverage, and the authors are renowned. Via the journal, I will illustrate to the CEO how the company does not only need good leadership skills but good financial management, as well as consulting, is also vital for its success.

Manzaneque, M., Priego, A. M., & Merino, E. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista de Contabilidad, 19(1), 111-121.

The journal looks into the corporate governance of some Spanish companies and the impact they might have on the companies’ financial distress. Bankruptcy has often been associated with the failure of most businesses, and according to the journal, the proportion of independent directors and the impact of board ownership on business failure possibility are the same as those that get exerted during extreme conditions in difficult situations prior to bankruptcy. The journal links to both my essay and my statement purpose in that, if Alma runs bankrupt, the company's shareholders will be greatly affected, and the CEO might be held accountable if at all he decided to make the company's financial decisions alone without a financial consultant yet he lacks enough knowledge on the same. The source is both credible and of high quality because the author is trustworthy, and the publisher is renowned. The journal will be of use in attaining my essay goals as I will employ it in elaborating how and why shareholders have a role to play and will likely be most affected in case the company goes bankrupt.

Xu, J., & Wang, B. (2018). Intellectual capital, financial performance, and companies' sustainable growth: Evidence from the Korean manufacturing industry. Sustainability, 10(12), 4651.

The paper looks into the effects of intellectual capital on sustainable growth as well as financial performance in the Korean manufacturing sector/industry. According to the research, intellectual capital has a positive impact not only on the sustainable growth of a company but also on its financial performance. Some of the things that are positively associated with the sustainable growth and financial performance of a company include relational capital, human, and physical capital. The article relates to my statement purpose, and my essay in that Alma CEO should consider investing in intellectual capital in order to have good financial performance. Getting a financial consultant will be a good way to invest in intellectual capital. This will not impact positively only on the financial performance of the company, but also on its sustainable growth. The source is of high quality and credibility as it has exercised accuracy and has been researched by other reliable sources. The paper will aid me in attaining my essay goals as I will employ it in giving real-life examples of how intellectual capital is vital for every business.

Malikova, Dilrabo. "Consulting services market of Uzbekistan." World Scientific News 145 (2020): 168-179.

The paper looks into the theoretical aspects and essence of consulting. It also indicates the types and approaches to consulting services. Apart from that, it also examines the conditions under which managers sought consulting services and the role as well as the significance of these particular services. The paper directly links to my essay, and my purpose statement in that Alma CEO needs to know when he should seek financial consulting services. Since he is not well-versed with economic and financial concepts, this should be the time that he should seek the help of a financial consultant rather than risking to make poor financial decisions that might result in the company's downfall. The source has exercised accuracy and is not biased in any way; therefore, it is a credible and reliable source. The paper will aid me in attaining my essay goals as it will provide me with a background on when and why Alma CEO should seek consulting services.

References

Hastings, J., & Mitchell, O. S. (2020). How financial literacy and impatience shape retirement wealth and investment behaviors. Journal of Pension Economics & Finance, 19(1), 1-20.

Malikova, Dilrabo. "Consulting services market of Uzbekistan." World Scientific News 145 (2020): 168-179.

Manzaneque, M., Priego, A. M., & Merino, E. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista de Contabilidad, 19(1), 111-121.

Vukotić, S., Aničić, J., & Vukotić, R. (2017). The importance of consulting in contemporary business management. Journal of Process Management. New Technologies, 5(3), 69-78.

Xu, J., & Wang, B. (2018). Intellectual capital, financial performance, and companies' sustainable growth: Evidence from the Korean manufacturing industry. Sustainability, 10(12), 4651.

Yu, I. H. (2017). Investigating the poor financial performance of Disneyland Paris.