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The Corporate Declaration Versus Corporate Practice: The Financial Crisis Perspective

In: Corporate Social Responsibility in the Global Business World

Author

Listed:
  • Maria Aluchna

    (Warsaw School of Economics)

Abstract

The commencement of the global financial crisis started with the credit crunch on the American sub-prime mortgage market and was followed by the sovereign debt of majority of developed economies which raised a number of questions on its reasons and causes. The scope of the systemic problems as well as the depth of the economic slowdown did post crucial doubts on the regulatory and governance standards on financial markets. This paper proposes an analysis of structural and governance failures which led to the outbreak and development of the credit crunch related to unethical and irresponsible behavior on the part of executives as well as poor corporate governance in listed companies and financial institutions. Pointing at the ethical crisis, it confronts the corporate declaration outlined in the code of conduct/ethics and corporate governance guidelines against the corporate practice. Using the example of investment banks such as Bear Stearns, Lehman Brothers and Goldman Sachs as well as listed companies as AIG and General Motors, the paper traces the most problematic areas of ethics and corporate governance in modern organizations.

Suggested Citation

  • Maria Aluchna, 2014. "The Corporate Declaration Versus Corporate Practice: The Financial Crisis Perspective," Springer Books, in: Asli Yüksel Mermod & Samuel O.Idowu (ed.), Corporate Social Responsibility in the Global Business World, edition 127, chapter 0, pages 115-133, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-37620-7_6
    DOI: 10.1007/978-3-642-37620-7_6
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