European Business Topics

Paper Summary:

This paper explains that the styles of professional managers are impacted by their culture as demonstrated by Euro-managers interest in a historical perspective, unlike the three-five year viewpoint of U.S. managers. The author points out that the Italian Parmalat scandal and the U.S. Enron scandal have highlighted similar national problems regarding the regulation of financing and accounting. The paper relates that the Norwegian consumer is more frugal in his consumption patterns but more willing to endure higher levels of taxation than his or her American counterparts; however, compared with their grandparents, the current generation of Norwegians, now exposed to the E.U. economy, are richer in material terms than their past generation.

Table of Contents
The Euro-Managers
The Italian Parmalat Business Scandal
The Norwegian Consumer as the Euro-Consumer

From the Paper:

"However, as with Enron, questions are flying about what the auditors were doing while such a massive fraud was being perpetrated under their noses and about the banks that advised the company. However, although Deloitte & Touche had been the group auditor since 1999, Italian rules forced a rotation of auditors making it more difficult for auditors to keep a careful eye on corporate inner workings-yet another rule that may be in need of supervision and correction by the government. Greater openness in business, and more scrupulous regulation of 'private' business dealings of long-standing companies (as opposed to the new wealth of Enron) were all highlighted in the scandal."

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• Research Paper # 115154 : "Intercultural Management in Scandinavia"

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