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Risk management - Research Paper Example

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Summary

Date: Impact of Corporate Governance and Ethics on Firm’s Financial Performance Introduction The concern of corporate governance and ethics has increased exponentially among researchers in the past decade. More than fifty percent of companies included in Fortune 1000 publish corporate social responsibility reports…

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Risk management

Demand for transparency has increased and expectations are rising for companies to evaluate report and improve their environmental, social, and economic performance. Corporate Social Responsibility (CSR) does not have intricate definition. According to McWilliams and Siegel (2001) “actions that appear to further some social good, beyond the interest of the firm and that which is required by law” (McWilliams and Siegel, 2001, p. 117). CSR is more than compliance with the law. Frooman (1997) exemplifies CSR as “An action by a firm, which the firm chooses to take, that substantially affects an identifiable social stakeholder’s welfare” (Frooman, 1997 p.227). In the light of these definitions, CSR can be viewed as a comprehensive set of rules, practices, programs, and policies that are incorporated into supply chain, business operations, and decision-making processes of the company. CSR usually include community investment, business ethics, governance, environmental concerns, human rights, workplace, as well as the market place. When it comes to Business performance, this is an area where companies pay great deal of attention since it provides integral information about the success and position of the company as well as development and future standpoint. ...
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