Srimad Bhagavad Gita Guidelines for Ethical Wealth Maximization: An Empirical Study on its Impact on Business Stakeholders

B .Chandra Mohan Patnaik; Ipseeta Satpathy; Chandrabhanu Das

B .Chandra Mohan Patnaik Associate Professor, School of Management, KIIT University, Bhubaneswar, Odisha
Ipseeta Satpathy Professor, School of Management, KIIT University, Bhubaneswar; Odisha
Chandrabhanu Das Research Scholar, School of Management, KIIT University, Bhubaneswar, Odisha

Abstract

The paper attempts to evaluate the inclination of Business Stakeholders towards Ethical Wealth Maximization Practices guided by the teachings of Srimad Bhagavad Gita. Wealth Maximization of Stakeholders being the primary goal for survival in today's business environment, the senior management may be tempted for unethical means to improve the wealth within a short period. When these unethical practices come to knowledge of Regulatory authorities the penalties for these offences are huge loss in Reputation and Stakeholder Confidence leading to erosion of Stakeholders Wealth. The recent scams of Satyam Computers and Bhushan Steel bear evidence to this. Taking a cue from these facts a spiritual learning methodology based on Bhagavad Gita was designed in the form of three pillars of ethical wealth maximization practices. The First pillar discusses about Satvik Personality for Tranquility of Mind and taking prudent usiness decisions. The second pillar teaches one to be Stitha-Pragyna in the face of adverse business conditions accepting change as the law of universe. The Third pillar preaches Karma yoga transforming a person from result oriented to action oriented dedicating the results to God and detaches the Stakeholder's personal interest from the business entity.The Study involved data collection from the four stakeholders' i.e. Investors, Creditors, Customers and Employees from 5 Listed Companies in Eastern India. These stakeholders were designated as four subgroups with 85 respondents selected randomly from a sample of 150 articipants within each subgroup. Questions were assessed using Five point Likert scale before and after the distribution of pamphlets describing these three pillars of Ethical wealth maximization to respondents. Statistical analysis was done in form of t-tests using SPSS to determine the significance of mean differences between the pre-test and post- test for participants assimilating the learning of Bhagavad Gita through this method. Findings emanating from this study confirm a significant self-realization for Ethical Wealth Maximization practices. Based on this research finding it can be concluded that by transformation of thought processes through spiritual learning businesses can be ethically steered towards excellence.