WorldCom's strategy was to display revenues and profits in extremely positive basket; for which the company had to make false misstatements in their accounting records. I think, it was the social and ethical responsibility of WorldCom to avoid misinterpretations in their financial statements and to show clear picture of the company to its stakeholders.
This strategy resulted in expansion of WorldCom through acquisitions and the expansion became so huge that the management of WorldCom was unable to handle the business. The debt of the company touched $41billion with $11billion of accounting frauds and misinterpretations. These all were the fruits of strategies implemented by Ebber just to display a very sound and positive picture of the company to its stakeholders. Another element which contributed towards failure of WorldCom was distribution of personal loans by the company. (Crawford 2005)
WorldCom should have made its internal controls strong through proper implementation of corporate governance. All the decisions were made by Ebber and his so called management. This was a question mark on the integrity of corporate decisions. (Crawford 2005) Thus instead...
This has lead to a greater corporate awareness of their impact in the multitude of regions they work and sell in. It has lead the concept of Corporate Social Responsibility to become a highlighted feature in the nature of global business today. There are numerous examples of successful implementations of Corporate Social Responsibility in today's marketplace. Take one for example, the Caremark Corporation which is typically known to Americans as
Corporate Social Responsibility Literature Review a topic-Corporate Social Responsibility The term 'corporate social responsibility' is a social word that has often taken the world by a storm at its mention. Noya and Clarence (2007) in their book "The social economy: building inclusive economies" offers a succinct description and understanding of what normally takes place and get exemplified at the mention of this term in the business world. Many writers of business journals
Corporate Social Responsibility There are various definitions aiming to explain what Corporate Social Responsibility (CSR) signifies. Because of the many ways in which this concept is interpreted by the millions of companies around this country, and the world, there is no consensus as to what CSR could truly mean. In other words, definitions vary depending upon the field examined, and the impact of a business' actions. Yet CSR is of vital
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Corporate Social Responsibility (CSR) is a legal and ethical mechanism, which businesses adopt to effect positive changes on social issues such as environment, health, economic conditions and others. This is primarily a philanthropic function of a business entity that empowers the community through various activities. Many organizations use community based initiatives aimed at sustainable development for local residents. It has become imperative for businesses to develop CSR initiatives in the
Corporate Social Responsibility (Sony) Corporate social responsibility (CSR) is no longer a tenable option to just be silent. Companies have to take responsibilities of their actions as a result of the impacts their businesses causes to the community and their stakeholders. For example during the recent oil spill of the British Petroleum Company (BP), at the coast of United States, the U.S. government did not remain silent on the issue but
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