International Journal of Social Science & Economic Research
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Title:
BUSINESS, FINANCIAL, AND RISK MANAGEMENT PERSPECTIVES OF BUDDHIST PHILOSOPHY- A REVIEW

Authors:
Dr. A.H.G.K. Karunaratne

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Dr. A.H.G.K. Karunaratne
Department of Accounting, Faculty Management Studies and Commerce University of Sri Jayewardenepura

MLA 8
Karunaratne, Dr. A.H.G.K. "BUSINESS, FINANCIAL, AND RISK MANAGEMENT PERSPECTIVES OF BUDDHIST PHILOSOPHY- A REVIEW." Int. j. of Social Science and Economic Research, vol. 4, no. 12, Dec. 2019, pp. 7236-7247, ijsser.org/more2019.php?id=552. Accessed Dec. 2019.
APA
Karunaratne, D. (2019, December). BUSINESS, FINANCIAL, AND RISK MANAGEMENT PERSPECTIVES OF BUDDHIST PHILOSOPHY- A REVIEW. Int. j. of Social Science and Economic Research, 4(12), 7236-7247. Retrieved from ijsser.org/more2019.php?id=552
Chicago
Karunaratne, Dr. A.H.G.K. "BUSINESS, FINANCIAL, AND RISK MANAGEMENT PERSPECTIVES OF BUDDHIST PHILOSOPHY- A REVIEW." Int. j. of Social Science and Economic Research 4, no. 12 (December 2019), 7236-7247. Accessed December, 2019. ijsser.org/more2019.php?id=552.

References
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Abstract:
The objective of this paper is to explore the Buddhist philosophy with the view of extracting the inspirational thoughts of the Buddha on business, financial and risk management that would be adopted by the today's managers for effective decision making. Through the Review of literature on Buddhism, it was clearly evident that the Buddhist philosophy provides some interesting advises that could be adopted by the today's business managers in the context of business, financial and risk management. As far as setting goals and objective is concerned, Buddhism encourage setting organizational objectives recognizing that the 'happiness is the foremost wealth' as opposed to 'maximizing the shareholders wealth'. Further, when it comes to recognize the organizational stakeholders, Buddhism recognized wider range of stakeholders including both active and passive stakeholders and encourage to protect the interest of them a whole. Buddhist financial management suggests people not to rely on debt capital and advises the adverse consequences of borrowings. Further, Buddhist investment policy discourage investors to invest in certain industries such as weaponry that could create some social and environmental externalities. Modern financial management advices how to maximize wealth of shareholders, but it is silent as to what happen to that wealth at the hands of a crasy shareholder. To the contrary Buddhism suggest people be self-controlled when satisfying their desires and advises to be disciplined and be satisfied with the minimum instead of fighting for maximizing the wealth and satisfaction.