Contemporary Issues of Management by Values in Emerging Markets: The Russian Case
The Management by Values (MBV) approach has been growing in popularity in countries with developed economies since the late 1990s. Considered to be a strategic management tool, this approach seeks to increase the company's market value by enhancing interconnections among employees. Until recently, this model of firm management and HR management in particular, has been used on a very limited scale in emerging markets. This paper presents the results of the research of contemporary management issues in Russia with a particular focus on the MBV approach. The logic of the paper is based on five main research tasks, namely: the analysis of global organizational tendencies with respect to internal and external environments; a survey of the evolution of the major management concepts; analysis of main characteristics of management approaches MBI, MBO and MBV; research of core management values underlining business behavior and corporate culture in Russian companies, as well as study of limits for the application of MBV approach in Russia.