• Nie Znaleziono Wyników

The Signs of Organizational Pathology in Companies Wholly Owned by the State Treasury – The Identification and the Analysis of the Causes of the Phenomenon Studied

N/A
N/A
Protected

Academic year: 2021

Share "The Signs of Organizational Pathology in Companies Wholly Owned by the State Treasury – The Identification and the Analysis of the Causes of the Phenomenon Studied"

Copied!
15
0
0

Pełen tekst

(1)

vv

THE SIGNS OF ORGANIZATIONAL

PATHOLOGY IN COMPANIES WHOLLY

2:1('%<7+(67$7(75($685<u7+(

IDENTIFICATION AND THE ANALYSIS OF THE

CAUSES OF THE PHENOMENON STUDIED

Jerzy Choroszczak*

Abstract

7KLV SDSHU GLVFXVVHV WKH LGHQWLILFDWLRQ DQG DQDO\VLV RI WKH SDWKRORJLFDO phenomena in fairly specific organizations, namely companies wholly owned E\ WKH 6WDWH 7UHDVXU\ 7KH ORQJWHUP DQG GLYHUVH G\VIXQFWLRQV WKDW DIIHFW these organizations more often than private enterprises cause a considerable wastage of organizational resources of companies wholly owned by the State 7UHDVXU\7KHUHVXOWRIGHYHORSPHQWRIRUJDQL]DWLRQDOSDWKRORJLHVLQYROYHV difficulties in the functioning and growth of companies wholly owned by the 6WDWH7UHDVXU\DVZHOODVWKHGHFUHDVHRIFRPSHWLWLYHQHVVZKHQFRPSDUHGWR private enterprises.

7KLVSDSHULGHQWLILHVVXFKRUJDQL]DWLRQDOSDWKRORJLHVGHYHORSHGLQFRPSDQLHV ZKROO\RZQHGE\WKH6WDWH7UHDVXU\DVQHJDWLYHHPSRZHUPHQWUHVLVWDQFHWR the change syndrome, identification with object of possession or management resulting in the lack of delegation of authorities, organizational attention GHILFLW V\QGURPH UHVSRQVLELOLW\ GHFOLQH V\QGURPH WKHIW RI FRPSDQ\qV property, hackwork combined with mental incapacitation of employees and making a series of irrational decisions by the executives, often to the detriment of the company.

.H\ZRUGV organizational pathology, state treasury, causes, companies. 1. Introduction

'HVSLWHWKHSULYDWL]DWLRQSURFHVVHVRQJRLQJIRU\HDUVWKHSXEOLFVHFWRUVWLOO KDV D JUHDW LPSRUWDQFH IRU WKH QDWLRQDO HFRQRP\ DV HYLGHQFHG E\ WKH IDFW WKDWLWSURGXFHVDERXWRI*'32YHUHFRQRPLFHQWLWLHVVWLOOEHORQJ SDUWLDOO\RUFRPSOHWHO\WRWKH6WDWH7UHDVXU\0RUHWKDQFRPSDQLHVDUH ZKROO\RZQHGE\WKH6WDWH7UHDVXU\ *  3K'$VLVVWDQW3URIHVVRU'HSDUWDPHQWRI0DQDJHPHQW)DFXOW\RI6RFLDO6FLHQFHVDQG,QIRUPDWLFV:\ĔV]D6]NRäD %L]QHVX1DWLRQDO/RXLV8QLYHUVLW\XO=LHORQD1RZ\6ñF]HPDLOMFKRURV]#ZVEQOXHGXSO ,%86,1(66$1'121352),725*$1,=$7,216$67+(2%-(&762)5(6($5&+

(2)

vv

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

7KHHVVHQFHRIRUJDQL]DWLRQDOSDWKRORJ\

7KH WHUP SDWKRORJ\ GHULYHV IURP WKH *UHHN ODQJXDJH ZKHUH pathos PHDQV VXIIHULQJ DQG UHIHUV WR WKH VFLHQFH RI GLVHDVH FRQGLWLRQV DQG LQ D EURDGHU VHQVH GUDZEDFNV RI WKH SKHQRPHQRQ RU DFWLYLW\ 2UJDQL]DWLRQDO SDWKRORJ\ LV XQGHUVWRRG DV D VWDWH RI SURORQJHG DQG VLJQLILFDQW G\VIXQFWLRQ DV ZHOO DV DEQRUPDOLW\ LQ RSHUDWLRQ RI WKH RUJDQL]DWLRQ WKDW KDV VWURQJ GHVWUXFWLYH LQIOXHQFHRQWKHIXQFWLRQLQJRIWKHRUJDQL]DWLRQDQGSUHYHQWVWKHRUJDQL]DWLRQ IURPLPSOHPHQWLQJLWVREMHFWLYHV.LHĔXQ S GHILQHVDQRUJDQL]DWLRQDO SDWKRORJ\ DV UHODWLYHO\ SHUPDQHQW LQFDSDFLW\ RI WKH RUJDQL]DWLRQ ZKLFK UHVXOWVLQWKHZDVWDJHH[FHHGLQJWKHOLPLWVRIVRFLDOWROHUDQFH,QWKLVUHVSHFW WKH SDWKRORJ\ LV WKH RSSRVLWH RI HIILFLHQF\ RI SHUIRUPDQFH XQGHUVWRRG DV PLQLPL]LQJWKHZDVWDJH'HILQLWLRQTXRWHGDERYHHPSKDVL]HVWKHFDXVHDQG HIIHFW UHODWLRQVKLS RI WKH SDWKRORJ\ QDPHO\ FRQVLGHUDEOH PLVPDQDJHPHQW FDXVHGE\WKHFRQVWDQWDQGFRQWLQXLQJIRURYHUDORQJSHULRGLQFDSDFLW\RIWKH RUJDQL]DWLRQSHUIRUPDQFH

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u ZURQJ DQG KDUPIXOIRUWKHRUJDQL]DWLRQLQWHQWLRQDORUQRW:KDWLVYHU\FKDUDFWHULVWLFLQ

(3)

vv

WKHFDVHRIWKHSDWKRORJ\LVWKHIDFWWKDWWKHRUJDQL]DWLRQRIWHQGRHVQRWUHDOL]H WKDW LW LV EHLQJrGLJHVWHG E\ GLVHDVHG FRQGLWLRQs -XVW DV LQ WKH FDVH RI WKH GLVHDVHWKDWRIWHQKDVQRH[WHUQDOV\PSWRPVVRLQWKHFDVHRIWKHRUJDQL]DWLRQ DIIHFWHG E\ SDWKRORJLFDO SKHQRPHQD WKHUH DUH RIWHQ QR GLUHFW V\PSWRPV RI PDOIXQFWLRQLQJ,WLVRQO\DIWHUVRPHWLPHWKDWWKHFULVLVRFFXUVZKLFKLVRIWHQ DOUHDG\DGYDQFHGDQGFRQVHTXHQWO\LVGLIILFXOWWREHEURXJKWXQGHUFRQWURO

7KH SDWKRORJ\ XQGHUVWRRG LQ VXFK D ZD\ ZKRVH PDLQ V\PSWRP LV D FRQVLGHUDEOH ZDVWDJH RI UHVRXUFHV LV LQ FRQWUDGLFWLRQ ZLWK WKH JXLGLQJ SULQFLSOH RI WKH RUJDQL]DWLRQ RSHUDWLRQ ZKLFK LV WR PD[LPL]H SURILWV DQG PLQLPL]H FRVWV 7KH SDWKRORJ\ SHUVLVWLQJ IRU D ORQJ WLPH u OLNH XQWUHDWHG GLVHDVHZLOOLQHYLWDEO\OHDGWRZHDNHQLQJDQGGHVWUXFWLRQRIWKHRUJDQL]DWLRQ IURPWKHLQVLGHDQGXOWLPDWHO\WRLWVEDQNUXSWF\

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uGHVWUXFWLYHSURFHVVHVPD\JUDGXDOO\LQFUHDVHDFFXPXODWHDQGHYHQUHVXOW LQ WKH VHOIGHVWUXFWLRQ RI WKH RUJDQL]DWLRQ DQG PRUHRYHU OHDG RWKHU ZHOO IXQFWLRQLQJV\VWHPVLQWRWKHFULVLV

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

7KH RUJDQL]DWLRQ DIIHFWHG E\ WKH SDWKRORJ\ LV D sick RUJDQL]DWLRQ WKDW FDQQRWIXOO\H[SORLWLWVSRWHQWLDOVWUHQJWKVDQGRSSRUWXQLWLHVLQKHUHQWLQWKH HQYLURQPHQW,QDQHUDRIILHUFHFRPSHWLWLRQLQWKHPDUNHWVXFKVLWXDWLRQVRRQHU

(4)

vv RUODWHUZLOOOHDGDZHDNHQHGRUJDQL]DWLRQWRLWVFROODSVH3ULYDWHFRPSDQLHV IRUZKLFKWKHPDLQGHWHUPLQDQWRIJRRGFRQGLWLRQDQGhealthLVWKHDPRXQWRI SURILWVDQGWKHOHYHORIFRVWVZKLOHWKHYHULILHURIXVHIXOQHVVLVWKHFOLHQWDQG FRPSHWLWLRQFDQQRWDIIRUGWRGHYHORSSDWKRORJLFDOSKHQRPHQD 7KHVLWXDWLRQLVVOLJKWO\GLIIHUHQWZKHQLWFRPHVWRVWDWHRZQHGHQWHUSULVHV ZKLFK LQ DGGLWLRQ WR HFRQRPLF JRDOV DOVR DFKLHYH SROLWLFDO DQG VRFLDO REMHFWLYHVDQGIRUZKLFKWKHHQYLURQPHQWLVPRUHIULHQGO\LQFRPSDULVRQWR SULYDWHHQWHUSULVHV

)RU WKH SXUSRVH RI WKLV DUWLFOH WKH IROORZLQJ DXWKRUV GHILQLWLRQ RI RUJDQL]DWLRQDOSDWKRORJ\ZDVDGRSWHGLWLVDORQJWHUPVLWXDWLRQODWHQWRI WKHFULVLVLQFOXGLQJKLJKO\KDUPIXOQRWDFFHSWHGE\WKHHQYLURQPHQWDFWLRQV LQWHQGHG WR LPSOHPHQW WKH SDUWLFXODU LQWHUHVWV RI FHUWDLQ JURXSV RI LQWHUQDO VWDNHKROGHUVKDUPIXOIURPWKHSRLQWRIYLHZRIWKHGHYHORSPHQWREMHFWLYHVRI WKHRUJDQL]DWLRQ

2UJDQL]DWLRQDOSDWKRORJ\YVhealthy organization

,Q RUGHU WR IXOO\ XQGHUVWDQG WKH HVVHQFH RI RUJDQL]DWLRQDO SDWKRORJ\ LW LV DOVRFUXFLDOWRDQDO\VHWKHFRQFHSWRIrKHDOWK\RUJDQL]DWLRQs)URPWKHSRLQW RISUD[HRORJLFDOYLHZLWFDQEHVWDWHGWKDWDKHDOWK\RUJDQL]DWLRQLVWKHRQH ZKRVHFRPSRQHQWVFRQWULEXWHWRWKHVXFFHVVRIDZLGHUZKROHDVZHOODVWKHUH LVFRPSOHWHKDUPRQ\RILQWHJUDWLRQDQGFRRSHUDWLRQEHWZHHQDOOFRPSRQHQWV RIWKHRUJDQL]DWLRQ7KHUHIRUHHDFKRIWKHVHSDUDWHXQLWVRIWKHRUJDQL]DWLRQ PXVWUHPDLQLQFORVHFRQQHFWLRQZLWKWKHRWKHU

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

(5)

vv

HQYLURQPHQWDQGPDNHVWKHXVHRIRSSRUWXQLWLHVRIIHUHGE\WKLVHQYLURQPHQW 7KH EDVLF IRUP RI HIILFLHQF\ LV HIIHFWLYHQHVV ZKLFK PHDQV WKDW KHDOWK\ RUJDQL]DWLRQLVWKHRUJDQL]DWLRQHIIHFWLYHO\VWULYLQJWRDFKLHYHLWVREMHFWLYHV

%HFNKDUG S LQGLFDWHGDPRQJRWKHUVWKHIROORZLQJIHDWXUHV RIKHDOWK\RUJDQL]DWLRQ

v LW KDV D FOHDU VHQVH RI SXUSRVH ZKLOH PDQDJHPHQW LV EDVHG RQ D YLVLRQRIWKHIXWXUH v LWKDVDQHIIHFWLYHV\VWHPRILGHQWLILFDWLRQXVHGIRUREWDLQLQJXSWR GDWHLQIRUPDWLRQ v LWHQVXUHVZLGHLQWHUQDODFFHVVWRLQIRUPDWLRQ v FRPPXQLFDWLRQLVFKDUDFWHUL]HGE\RSHQQHVV v WHDPPDQDJHPHQWLVDSSOLHGDVDGRPLQDQWPRGHRIZRUN v LWUHVSHFWVFXVWRPHUVHUYLFH ERWKLQWHUQDODQGH[WHUQDO 

v SD\PHQW V\VWHPV DUH FRUUHODWHG ZLWK ZRUN DQG VXSSRUW LQGLYLGXDO GHYHORSPHQW

v HPSOR\HHV DUH HYDOXDWHG DFFRUGLQJ WR WKHLU SHUIRUPDQFH DQG LPSOHPHQWDWLRQRIREMHFWLYHVLQUHVSHFWWRLPSURYHPHQWRIHIILFLHQF\ v LWH[SUHVVHVYLVLEOHUHFRJQLWLRQIRULQQRYDWLRQDQGFUHDWLYLW\DVZHOO

DV KDV KLJK WROHUDQFH IRU YDULRXV WKLQNLQJ VW\OHV DQG DPELJXLW\ RI GLIIHUHQWWKLQJV v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uSULYDWHRQHV7KHVRXUFHRIVSHFLILFFKDUDFWHULVWLFVRIVXFKFRPSDQLHVLVWKH VKDUHKROGHU u WKH 6WDWH 7UHDVXU\ ,Q FRPSDQLHV ZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\WKH6WDWHRZQVRIWKHVKDUHVDQGKDVIXOOFRQWURORYHUWKHP

,QLWLDOO\WKHOHJDOIRUPRIWKHFRPSDQ\ZKROO\RZQHGE\WKH6WDWH7UHDVXU\ ZDV VXSSRVHG WR EH D WUDQVLWLRQDO IRUP RI WKH RUJDQL]DWLRQ SUHSDULQJ VWDWH RZQHGHQWHUSULVHVIRUSULYDWL]DWLRQ7KHXQOLPLWHGWLPHRIWKHIXQFWLRQLQJRI FRPSDQLHVZKROO\RZQHGE\WKH6WDWH7UHDVXU\ZDVHVWDEOLVKHGRQWKHEDVLV RIWKHSDVVHGDFWRQFRPPHUFLDOL]DWLRQ &]HUZLþVNDS 

7KH 6XSUHPH &RXUW ZKLFK KDV UHSHDWHGO\ FRPPHQWHG LQ RQH RI LWV UHVROXWLRQVRQFRPSDQLHVZKROO\RZQHGE\WKH6WDWH7UHDVXU\ ,QWKHUHVROXWLRQ RI0D\,,,&=3 261&31RLWHP VWDWHGWKDWWKH

(6)

vv WUDQVIRUPDWLRQRIVWDWHRZQHGHQWHUSULVHLQWRMRLQWVWRFNFRPSDQ\RUSULYDWH OLPLWHGFRPSDQ\LVLQWKH3ROLVKOHJDOV\VWHPWKHWUDQVIRUPDWLRQRIVWDWHOHJDO HQWLW\JRYHUQHGE\VSHFLDOSURYLVLRQV7KLVWUDQVIRUPDWLRQLVFKDUDFWHUL]HG E\WKHIDFWWKDW v WKHUHLVQRLQFRUSRUDWLRQRIWKHFRPSDQ\EXWWKHWUDQVIRUPDWLRQRI WKHVWDWHHQWHUSULVHDVOHJDOHQWLW\LQWRDQRWKHUOHJDOHQWLW\WKDWLVWKH FRPSDQ\ZKROO\RZQHGE\WKH6WDWH7UHDVXU\ v WKHUHLVQRFKDQJHRIWKHRZQHURIWKHHQWHUSULVHDQGRZQHURIWKH FDSLWDO7KHRQO\HQWLW\LVWKH6WDWH7UHDVXU\ v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

(7)

vv

RI FRPSDQLHV ZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\ 1RWHZRUWK\ LV DOVR WKH JUDGXDOO\GHFOLQLQJQHWILQDQFLDOUHVXOWRIFRPSDQLHVZKROO\RZQHGE\WKH6WDWH 7UHDVXU\DQGGHFOLQLQJVDOHVUHYHQXHVDVZHOODVQHJDWLYHUHVXOWVIURPWKHVDOHV &RPSDQLHVZLWKWKHKLJKHVWWRWDOUHYHQXHVLQWKHJURXSRIFRPSDQLHVZKROO\ RZQHGE\WKH6WDWH7UHDVXU\LQZHUH3KDUPDFHXWLFDO&HQWUH&()$50 7KH 3ROLVK %DOWLF 6KLSSLQJ &RPSDQ\ 6$ &RQVWUXFWLRQ ,QGXVWU\ &RPSDQ\ &+(02%8'2:$.5$.±:6$ 0LQLVWU\RI6WDWH7UHDVXU\S 

&RPSDQLHV ZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\ SUHVHQW WKHPVHOYHV QHJDWLYHO\LQFRPSDULVRQZLWKWKHVHFWRURIHQWHUSULVHVLQWHUPVRIQHWSURILW PDUJLQ LQ ,QQHWSURILWPDUJLQIRUFRPSDQLHVZKROO\RZQHGE\WKH 6WDWH7UHDVXU\DPRXQWHGWRZKHUHDVWKDWIRUWKHVHFWRURIHQWHUSULVHV ZDVDWWKHOHYHORI 0LQLVWU\RI6WDWH7UHDVXU\S

$SRVLWLYHPDQLIHVWDWLRQRIWKHHFRQRPLFVLWXDWLRQRIFRPSDQLHVZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\ FRPSDUHG WR JHQHUDOO\ QHJDWLYH WHQGHQF\ LQ ILQDQFHVRIWKHVHHQWLWLHVLVWKHLQFUHDVHRIHTXLW\ZKLFKZDVUHSRUWHGLQ FRPSDQLHVZKROO\RZQHGE\WKH6WDWH7UHDVXU\LQFOXGLQJWKHODUJHVWJURZWK LQWKHFRPSDQ\6SD.U\QLFDēHJLHVWÑZ6$GXHWRWKHLQFUHDVHRIWKHVKDUH FDSLWDOE\DSSUR[ 6XPPDU\RIWKHPDLQHFRQRPLFDQGILQDQFLDOLQGLFDWRUVLVSUHVHQWHGLQ WKHWDEOHEHORZ Table 1.%DVLFHFRQRPLFDQGILQDQFLDOLQGLFDWRUVRIFRPSDQLHVZKROO\RZQHG E\WKH6WDWH7UHDVXU\ (FRQRPLFDQGILQDQFLDOLQGLFDWRUV\HDU 2013 2012 2011 2010 1HWUHYHQXHVIURPVDOHV LQPLOOLRQ3/1      1HWILQDQFLDOUHVXOW LQPLOOLRQ3/1   127  1608 7RWDODVVHWV LQPLOOLRQ3/1      (TXLW\ LQPLOOLRQ3/1  1985 5225   7RWDODPRXQWRIOLDELOLWLHV LQPLOOLRQ3/1      6DOHVUHVXOW LQPLOOLRQ3/1      2SHUDWLQJFDVKIORZ LQPLOOLRQ3/1  79   286 (PSOR\PHQW 12800   61987 1XPEHURIFRPSDQLHVZKROO\RZQHGE\WKH 6WDWH7UHDVXU\ 102  168  6RXUFH,QIRUPDWLRQRQWKHHFRQRPLFDQGILQDQFLDOVLWXDWLRQRIFRPSDQLHVVXSHUYLVHGE\WKH0LQLVWU\RI 6WDWH7UHDVXU\LQDQG 6\PSWRPVRIWKHSDWKRORJ\LQFRPSDQLHVZKROO\RZQHGE\WKH6WDWH 7UHDVXU\uDQDO\VLVRIWKHSKHQRPHQRQ 4XLWHGLIILFXOWILQDQFLDODQGHFRQRPLFVLWXDWLRQRIFRPSDQLHVZKROO\RZQHG E\ WKH 6WDWH 7UHDVXU\ LV LQ PRVW FDVHV GHWHUPLQHG ODUJHO\ E\ WKH LQQHU

(8)

vv

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ĔXQ VWDWHG .LHĔXQ  S   WKDW QHJDWLYHHPSRZHUPHQWFRQVLVWVLQFKDQJLQJWKHPDLQREMHFWLYHRIWKH RUJDQL]DWLRQWRWKHVLGHREMHFWLYHDQGDOVRPHDQVVXFKDFKDQJHRI REMHFWLYHVWKDWWKHPLGGOHREMHFWLYHEHFRPHVWKHPDLQREMHFWLYHLILWDOO OHDGVWRZDVWDJHRIUHVRXUFHVLQWKHVRFLDOVFDOHH[FHHGLQJWKHOLPLWV RIDFFHSWDEOHWROHUDQFH1HJDWLYHHPSRZHUPHQWLQFDVHRIFRPSDQLHV ZKROO\RZQHGE\WKH6WDWH7UHDVXU\FRQFHUQHGWKHIROORZLQJVLWXDWLRQV v WKHRUJDQL]DWLRQGRHVQRWLPSOHPHQWIXQFWLRQVIRXQGHGLQWKHVRFLDO GLYLVLRQIRFXVLQJVROHO\RQDFWLYLWLHVSURILWDEOHRQO\IURPWKHSRLQW RIYLHZRILWVSDUWLFXODULQWHUHVW v WKHUHLVDWHQGHQF\WRUHGXFHWKHVSDQRIFRQWUROLQWKHRUJDQL]DWLRQ WKXVLQFUHDVLQJWKHQXPEHURIH[HFXWLYHSRVLWLRQV

v WKH LPSOHPHQWDWLRQ RI WDVNV LQ WKH RUJDQL]DWLRQ ZKLFK GR QRW FRQWULEXWHGLUHFWO\WRDFKLHYLQJREMHFWLYHVRUPDLQREMHFWLYHV7KH\ PD\EHLQDGHTXDWHWRWKHLQWHQGHGREMHFWLYHVDQGJREH\RQGWKHVH REMHFWLYHVRUPD\HYHQEHFRQWUDU\WRWKHP

v XQMXVWLILHG H[FHVVLYH JURZWK RI DX[LOLDU\ XQLWV VHUYLFH DGYLVRU\  DQGUHJXODWRU\ VXSHULRU LQWKHRUJDQL]DWLRQ

v LPEDODQFH EHWZHHQ WKH SULPDU\ DQG VHFRQGDU\ IXQFWLRQV RI WKH HQWHUSULVHYDOXHFKDLQH[FHVVLYHJURZWKRIWKHVHFRQGDU\IXQFWLRQV DWWKHH[SHQVHRIWKHSULPDU\IXQFWLRQV

v DFWLYLWLHV RI WKH FRPSDQ\ EHFRPH PRUH DQG PRUH alienated DQG VHOIRULHQWHG UHPDLQLQJ GHWDFKHG IURP WKH UHDOLW\ DQG WUHQGV LQ WKH HQYLURQPHQW LQ ZKLFK WKLV RUJDQL]DWLRQ RSHUDWHV 7KHUH LV DQ LQFUHDVLQJ JDS EHWZHHQ H[SHFWDWLRQV RI WKH HQYLURQPHQW DQG REMHFWLYHVRIWKHHQWHUSULVH

v IRUPDWLRQ RI lofty DQG FRQVHUYDWLYH DWWLWXGHV DPRQJ HPSOR\HHV RI UHJXODWRU\DQGH[HFXWLYHXQLWV

v H[FHVVLYHHPSKDVLVRQVWUHVVLQJIRUPDODXWKRULW\RIWKHSRZHU v HPSRZHUPHQWRIVXFKIRUPVRIWKHRUJDQL]DWLRQRSHUDWLRQDVFRQWURO

DQG FRXQFLO &DUU\LQJ RXW WKH FRQWURO EHFRPHV DUW IRU DUWqV VDNH 2QFH WKH FRQWURO LV FRPSOHWHG FRQFOXVLRQV FRQFHUQLQJ FRUUHFWLYH DFWLRQVLQWKHRUJDQL]DWLRQDUHRIWHQQRWGUDZQRUVLPSO\LJQRUHG

(9)

vv

  5HVLVWDQFH WR FKDQJH V\QGURPH 7KH LPSOHPHQWDWLRQ RI GHHSHU FKDQJHVYHU\RIWHQHQFRXQWHUVVWURQJUHVLVWDQFHLQFRPSDQLHVZKROO\ RZQHGE\WKH6WDWH7UHDVXU\2UJDQL]DWLRQDOFKDQJHHVSHFLDOO\LQD ODUJHVFDOHLVWUHDWHGDVDrQHFHVVDU\HYLOs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rFDPDULOODsKDYLQJDFFHVVWRWKHGHFLVLRQPDNHU

(10)

vv

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

  7KHIW RI FRPSDQ\q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

  +DFNZRUN FRPELQHG ZLWK PHQWDO LQFDSDFLWDWLRQ RI HPSOR\HHV 8QIRUWXQDWHO\ LQ FRPSDQLHV ZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\ UHWDLQLQJHPSOR\HHVLQWKHVDPHSRVLWLRQVIRUPDQ\\HDUVGRHVRFFXU ZKLFK IRVWHUV PHQWDO LQFDSDFLWDWLRQ RI HPSOR\HHV LQ DFFRUGDQFH ZLWK WKH SULQFLSOH RQO\ H[HFXWLYHV FDQ WKLQN HPSOR\HHV GR QRW XQGHUVWDQG WKH SRLQW RI WKHLU ZRUN WKRXJKW SDWWHUQV LQKHULWDQFH FRQIXVLQJWUDGLWLRQZLWKIRUPHUSHULRGRIJORU\

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qVZKROO\RZQHGE\WKH

(11)

vv 6WDWH7UHDVXU\ZKHUHWKHFRQWUDFWUHTXLUHGWKHFRPSDQ\WRSD\DODZ ILUPDPRQWKO\OXPSVXPVWDQGE\DOVRLQVLWXDWLRQVZKHUHQRDFWLRQV ZHUHFDUULHGRXW7KHIHHVDPRXQWHGWR3/1 $VLPLODUFRQWUDFWZDVFRQFOXGHGE\WKHVDPHFRPSDQ\ZLWKDQRWKHUODZ ILUPEDVHGLQ:DUVDZZKHUHDPRQWKO\OXPSVXPIRUVWDQGLQJE\DPRXQWHG WR3/1SD\PHQWVDPRXQWLQJDSSUR[WR3/1ZHUHUHDOL]HG WRGDWH:KHQGHVFULELQJWKLVVLWXDWLRQLWVKRXOGEHSRLQWHGRXWWKDWWKURXJKRXW WKHGXUDWLRQRIWKHFRQWUDFWWKHFRPSDQ\SURYLGHGIXOOWLPHHPSOR\PHQWIRU WKH HQWLUH VWDII WKUHH H[SHULHQFHG OHJDO FRXQVHOV DQG HLJKW RWKHU ODZ\HUV LQFOXGLQJWKUHHZLWKFRPSOHWHGOHJDOWUDLQHHVKLS $QRWKHUH[DPSOHRILUUDWLRQDOGHFLVLRQVLQFRUUHFWO\WDNHQPDQ\WLPHVLQ FRPSDQLHVZKROO\RZQHGE\WKH6WDWH7UHDVXU\FDQEHGHFLVLRQVFRQFHUQLQJ SD\PHQWRIDQQLYHUVDU\SUL]HVDQGDQXPEHURIGRQDWLRQVRIYHU\ODUJHVXPV RIPRQH\LQWKHVLWXDWLRQZKHQFRPSDQLHVQRWHGLQFUHDVLQJORVVHV $VSUHYLRXVO\PHQWLRQHGWKHGUDZEDFNRIFRPSDQLHVZKROO\RZQHGE\ WKH6WDWH7UHDVXU\ZDVWDNLQJLUUDWLRQDOGHFLVLRQVFRQFHUQLQJFRQWUDFWVZKRVH YDOXHZDVVLJQLILFDQWO\GLIIHUHQWIURPWKHPDUNHWUDWHVIRUVLPLODUVHUYLFHV )RUH[DPSOHWKHVDPHQDWXUDOSHUVRQUHFHLYHGUHVSHFWLYHO\3/1DQG 3/1IRUWZRWUDLQLQJVHVVLRQVRQDFFRXQWLQJSROLF\KHOGLQDFHUWDLQ FRPSDQ\ZKROO\RZQHGE\WKH6WDWH7UHDVXU\7KHFRQWUDFWLQWKHDPRXQWRI 3/1ZDVFRQFOXGHGZLWKDQ+5FRQVXOWLQJFRPSDQ\IRUWKHUHFUXLWPHQW RI WKH SUHVLGHQW RI WKH PDQDJHPHQW ERDUG LQ RQH RI WKH VXEVLGLDULHV 7KH SUHVLGHQWDSSRLQWHGZLWKWKHUHFRPPHQGDWLRQRIWKLVFRPSDQ\ZDVGLVPLVVHG DIWHUWKUHHPRQWKVRIZRUN

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

(12)

vv

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

6. Conclusion

1XPHURXV RUJDQL]DWLRQDO SDWKRORJLHV DUH SUHVHQW LQ FRPSDQLHV ZKROO\ RZQHGE\WKH6WDWH7UHDVXU\WKDWZLOOKLQGHURUJDQL]DWLRQDOIXQFWLRQLQJDQG UHVXOW LQ VLJQLILFDQW DQG ORQJODVWLQJ ZDVWDJH RI RUJDQL]DWLRQDO UHVRXUFHV 2UJDQL]DWLRQDOSDWKRORJLHVLQFRPSDQLHVZKROO\RZQHGE\WKH6WDWH7UHDVXU\ YHU\RIWHQKDYHFRPSOH[V\VWHPLFDQGGLYHUVHQDWXUH

7KHIROORZLQJUHDVRQVIRUWKLVVWDWHRIDIIDLUVFDQEHSRLQWHGRXW

v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v ZHDNDQGQRWYHU\DFWLYHRZQHUVKLSVXSHUYLVLRQ$VFRQILUPHGE\

WKH DXGLW FDUULHG RXW E\ WKH 6XSUHPH $XGLW 2IILFH 1,.  S   LQ FRPSDQLHV FRQWUROOHG E\ WKH 6WDWH 7UHDVXU\ WKHLU HFRQRPLF DQG ILQDQFLDO VLWXDWLRQ ZDV QRW PRQLWRUHG DQG DQDO\VHG UHJXODUO\

(13)

vv

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

v VWURQJ RIWHQ RSSRUWXQLVWLF LQIOXHQFH RI QXPHURXV WUDGH XQLRQV LQ UHODWLRQ WR H[HFXWLYHV RI FRPSDQLHV ZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\7UDGHXQLRQVLQFRPSDQLHVRIWKH6WDWH7UHDVXU\KDYHD VWURQJLQIOXHQFHDQGVXSSRUWZKLFKWKH\XVHPRUHRIWHQWRPDLQWDLQ WKHVWDWXVTXRLQWKHRUJDQL]DWLRQUDWKHUWKDQWRVXSSRUWRUJDQL]DWLRQDO FKDQJHVSDUWLFXODUO\RIWKHUHVWUXFWXULQJQDWXUHZKLFKUHVXOWLQWKH UHGXFWLRQRIIXOOWLPHHPSOR\PHQWV

v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

v WKH ODFN RI D FOHDU ORQJWHUP RZQHUVKLS SROLF\ RI WKH 0LQLVWU\ RI 6WDWH7UHDVXU\LQUHODWLRQWRFRPSDQLHVXQGHULWVVXSHUYLVLRQ ,W VHHPV WKDW WKH PDLQ ZD\ WR FRPEDW RUJDQL]DWLRQDO SDWKRORJLHV LQ FRPSDQLHV ZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\ LV VLPSO\ WR FDUU\ RXW WKH SULYDWL]DWLRQRIWKHVHHQWLWLHV7KHOHVVSROLWLFDOGHWHUPLQDQWVLQWKHIXQFWLRQLQJ RI FRPSDQLHV ZKROO\ RZQHG E\ WKH 6WDWH 7UHDVXU\ WKH PRUH HIIHFWLYH

(14)

vv

ILJKW DJDLQVW RUJDQL]DWLRQDO SDWKRORJLHV $QRWKHU LPSRUWDQW ZD\ WR FRPEDW RUJDQL]DWLRQDO SDWKRORJLHV LV WR LQFUHDVH DFWLYLW\ RI WKH VXSHUYLVRU\ ERDUGV ZKLFKVKRXOGEHVWURQJEDVHVXSSRUWLQJPHPEHUVRIWKHPDQDJHPHQWERDUGLQ WKHILJKWDJDLQVWRUJDQL]DWLRQDOSDWKRORJLHV References %HFNDUG5  Zdrowa organizacja,Q)+HVVHOEDLQ0*ROGVPLWK 5%HFNDUG (GV 2UJDQL]DFMDSU]\V]äRĈFL:DUV]DZD%XVVLQHV3UHVV &RRSHU&/&DUWZULJKW6  +HDOWK\PLQG+HDOWK\RUJDQL]DWLRQu$ SURDFWLYHDSSURDFKWRRFFXSDWLRQDOVWUHVVHuman Relations4   &]HUZLþVND (   -HGQRVRERZH VSÑäNL VNDUEX SDþVWZD :DUV]DZD

.DQFHODULD6HMPXu%LXURVWXGLÑZLHNVSHUW\]

'\RQL]LDN56äDERþ$  3DWRORJLDĔ\FLDJRVSRGDUF]HJR.UDNÑZ $NDGHPLD(NRQRPLF]QDZ.UDNRZLH

.LHĔXQ:  6SUDZQH]DU]ñG]DQLHRUJDQL]DFMDPL:DUV]DZD6*+ .LHĔXQ :   Patologia transformacji :DUV]DZD :\GDZQLFWZR

3ROWH[WVS]RR

.R]DN 6   3DWRORJLH Z ĈURGRZLVNX SUDF\ =DSRELHJDQLH L OHF]HQLH :DUV]DZD'LIILQ

/DV]F]DN 0   Patologie w organizacji. Mechanizmy powstawania.

Zwalczanie. Zapobieganie. .UDNÑZ :\GDZQLFWZR 3URIHVMRQDOQHM 6]NRä\%L]QHVX 6WRFNL5  3DWRORJLHRUJDQL]DF\MQHuGLDJQR]DLLQWHUZHQFMD.UDNÑZ 2ILF\QD(NRQRPLF]QD Others 8VWDZD]VLHUSQLDURNRPHUFMDOL]DFMLLSU\ZDW\]DFML ']8 MW]SÑĒQ]P 

1DMZ\ĔV]D,]ED.RQWUROL  Informacja o wynikach kontroli sprawowania

QDG]RUXZäDĈFLFLHOVNLHJRZVSÑäNDFK]ZLöNV]RĈFLRZ\PXG]LDäHP6NDUEX

3DþVWZD:DUV]DZD

0LQLVWU\ RI 6WDWH 7UHDVXU\   Informacja o sytuacji w wybranych

VSÑäNDFKVNDUEXSDþVWZDLSU]HGVLöELRUVWZDFKSDþVWZRZ\FK:DUV]DZD

0LQLVWU\ RI 6WDWH 7UHDVXU\   ,QIRUPDFMD R V\WXDFML HNRQRPLF]QR

ILQDQVRZHM VSÑäHN QDG]RURZDQ\FK SU]H] PLQLVWUD VNDUEX SDþVWZD Z 2010 r:DUV]DZD

0LQLVWU\ RI 6WDWH 7UHDVXU\   ,QIRUPDFMD R V\WXDFML HNRQRPLF]QR

ILQDQVRZHM VSÑäHN QDG]RURZDQ\FK SU]H] PLQLVWUD VNDUEX SDþVWZD Z 2011 r.:DUV]DZD

(15)

vv

0LQLVWU\ RI 6WDWH 7UHDVXU\   ,QIRUPDFMD R V\WXDFML HNRQRPLF]QR

ILQDQVRZHM VSÑäHN QDG]RURZDQ\FK SU]H] PLQLVWUD VNDUEX SDþVWZD Z 2012 r.:DUV]DZD

0LQLVWU\ RI 6WDWH 7UHDVXU\   ,QIRUPDFMD R V\WXDFML HNRQRPLF]QR

ILQDQVRZHM VSÑäHN QDG]RURZDQ\FK SU]H] PLQLVWUD VNDUEX SDþVWZD Z 2013 r.:DUV]DZD

Cytaty

Powiązane dokumenty

Figure 1 presents the most important factors influencing organizational performance and their 1 relationships. An example of a relationship between factors influencing

g run tów roln yc h obliczono dla tran sakcji z przedziału cenowego do 50 tys... Metody anali zy rynku ni

37 W nowej rzeczywistości politycznej ich autorzy w ten sposób starali się usunąć z pamięci współ­ czesnych kompromitujące świadectwa swej służalczości wobec

W kontroli zakażeń związanych z opieką zdrowotną (HAIs) duże znaczenie ma dobór właściwych metod laboratoryjnych, optymalne skrócenie czasu badania oraz pełna identyfika-

Inną z cnót mistrza jest jego postawa odpowiedzialności (Olbrycht 2007, s. Chodzi tutaj głównie o  psychopedagogiczną oraz moralną odpo- wiedzialność tworzenia więzi z 

Po pierwsze, podkreśla się, iż rzeczywista i pełna realizacja prawa do uczestnictwa społecznego dzieci opiera się na wprowadzeniu całej gamy warunków legislacyjnych, politycznych

„Najbardziej fascynującym zjawiskiem z punktu widzenia pedagogiki jest reorientacja i  kształtowanie się postaw społecznych wobec tych fenomenów transformacji globalnej,

Szukając odpowiedzi na pytanie dotyczące miejsc owego ukrycia moż- na odnieść się do poglądów R. Autor opisując szkołę jako przestrzeń nawiedzoną przez duchy: