Pub Date : 2007-10-30DOI: 10.1108/03055720710838533
Samy Garas, V. Ribière
Purpose – The purpose of this paper is to define and explore the concepts and relationships between intellectual capital, knowledge, wisdom and corporate responsibility in the context of the corporate governance of Islamic financial institutions.Design/methodology/approach – This paper presents an adaptation of the Nicholson and Kiel intellectual capital model of the board of directors including the role of the Shari'a Supervisory Board (SSB). It is driven by the following research questions: how does the SSB add value to the corporate governance model of IFIs through their intellectual capital? Is there any value in replicating the IFIs structure in western conventional banks and, if yes, how could it be done without the religious and cultural impacts?Findings – It was only recently that one entered the knowledge economic era and organizations are slowly realizing the need and the benefits not only of managing knowledge better, but also of managing it in a wiser way. The concepts and values carried by Is...
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Pub Date : 2007-03-22DOI: 10.1108/14720700810879169
Melsa Ararat
This paper takes a snapshot of the role of economy, state and societal culture in shaping society's attitude toward business. It attempts to explore how cultural characteristics of the society may be related to the significance of the role stakeholders play in driving corporate behaviour. The paper is based on review of existing research on the cultural dimensions and attitudes of society, surveys on corporate disclosures, interviews and cumulative knowledge on the dynamics of economic and social development. The emergence of CSR discourse in emerging markets is heavily driven by external factors. Exemplified in the case of Turkey, economic fundamentals, and cultural dimensions of power distance and low individuality combined with strong collectivism do not relate to a strong societal influence on corporate behavior. We conclude that the drivers for CSR in Turkey and in countries with similar cultural characteristics and economic fundamentals will be exogenous and institutional rather than endogenous and cultural. The paper implies a stronger role for regulation and enforcement in driving corporate accountability and social performance as well as highlighting the importance of international community in rewarding or punishing social performance. The originality of the paper is in exhibiting the role of societal culture in shaping expectations from business and providing support for a stronger role on public enforcement and international monitoring. The paper would have value for regulators and international agencies.
{"title":"A development perspective for 'corporate social responsibility': Case of Turkey","authors":"Melsa Ararat","doi":"10.1108/14720700810879169","DOIUrl":"https://doi.org/10.1108/14720700810879169","url":null,"abstract":"This paper takes a snapshot of the role of economy, state and societal culture in shaping society's attitude toward business. It attempts to explore how cultural characteristics of the society may be related to the significance of the role stakeholders play in driving corporate behaviour. The paper is based on review of existing research on the cultural dimensions and attitudes of society, surveys on corporate disclosures, interviews and cumulative knowledge on the dynamics of economic and social development. The emergence of CSR discourse in emerging markets is heavily driven by external factors. Exemplified in the case of Turkey, economic fundamentals, and cultural dimensions of power distance and low individuality combined with strong collectivism do not relate to a strong societal influence on corporate behavior. We conclude that the drivers for CSR in Turkey and in countries with similar cultural characteristics and economic fundamentals will be exogenous and institutional rather than endogenous and cultural. The paper implies a stronger role for regulation and enforcement in driving corporate accountability and social performance as well as highlighting the importance of international community in rewarding or punishing social performance. The originality of the paper is in exhibiting the role of societal culture in shaping expectations from business and providing support for a stronger role on public enforcement and international monitoring. The paper would have value for regulators and international agencies.","PeriodicalId":22151,"journal":{"name":"SRPN: Corporate Governance (Topic)","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82185679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Much of the traditional Company Law doctrine considers that Corporations must be managed to promote, above all, shareholders’ rights. Activities in favour of non-shareholder constituencies such as suppliers, consumers, employees or the Community at large can be perceived as a means of Management to increase its power and personal prestige. Stakeholders’ interests can be interpreted as opposing Shareholders rights to obtain fair revenue for their investment. In this paper, we argue that Shareholders and Stakeholders interests are compatible and both contribute to corporate long term efficiency and progress. It is further argued that it is essential to achieve a wide consensus on how to control Management actions in support of Stakeholders interests.
{"title":"Corporate Governance: Shareholders' Interests and Other Stakeholders' Interests","authors":"Elena Pérez Carrillo","doi":"10.2139/ssrn.2302532","DOIUrl":"https://doi.org/10.2139/ssrn.2302532","url":null,"abstract":"Much of the traditional Company Law doctrine considers that Corporations must be managed to promote, above all, shareholders’ rights. Activities in favour of non-shareholder constituencies such as suppliers, consumers, employees or the Community at large can be perceived as a means of Management to increase its power and personal prestige. Stakeholders’ interests can be interpreted as opposing Shareholders rights to obtain fair revenue for their investment. In this paper, we argue that Shareholders and Stakeholders interests are compatible and both contribute to corporate long term efficiency and progress. It is further argued that it is essential to achieve a wide consensus on how to control Management actions in support of Stakeholders interests.","PeriodicalId":22151,"journal":{"name":"SRPN: Corporate Governance (Topic)","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81458660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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