Revistes Catalanes amb Accés Obert (RACO)


Ana Beatriz Hernández-Lara, Markus Stiglbauer


Corporate governance (CG) has gained relevance in recent decades in the wake of corporate scandals and the failure of big companies. The recent financial and economic crisis has led to a loss of trust in the quality of CG and the balance of the global financial market and it is not clear if the reform measures undertaken worldwide are sufficient to motivate managers to act in the best interest of companies and society. This loss of trust means that corporate social responsibility (CSR) is increasingly being regarded as a part of mainstream CG because it is recognised that a company cannot operate in isolation from society and the environment. From this point of view, the social responsibility of business is not only to increase profit and the social welfare is not maximized when each firm in an economy maximizes its total market value, as Milton Friedman and Michael C. Jensen stated. Thus, CSR might be considered to be a remedy to current and future CG problems.

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