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The Relationship of Organizational Scandals, Strategy and Performance

Yıl 2018, Sayı: 31, 275 - 296, 30.06.2018

Öz



The main subject of this is article is the
phenomenon of corporate scandals, their impacts and causes. With the aim of elucidating
processes that facilitate these scandals, a true entity’s strategy paper is
detailed to reveal the story of its scandal, and the literature about other
scandals and corporate governance is reviewed. In addition, material findings
of regulatory authorities on these issues are also utilized. In conclusion, this
study finds that top managers and other powerful stakeholders would rather
prefer performance based corporate strategies even when it is imbalanced. As
for opinion about corporate strategy formulation and implementation, some
ideas, based on scrupulous consideration of the structure of risk and
benefit among stakeholders, are suggested.

Kaynakça

  • AFL-CIO. (2014). Mutual Funds and CEO Pay. Retrieved September 30, 2015, from AFL-CIO: http://www.aflcio.org/Corporate-Watch/Paywatch-2014/Mutual-Funds-and-CEO-Pay
  • BBC. (2012, December 11). HSBC Money Loundering Report: Key findings. Retrieved from BBC Business: http://www.bbc.com/news/business-18880269
  • Bowen. (2010, April 7). Testimony of Richard M. Bowen, III. Retrieved August 9, 2015, from Financial Crisis Inquiry Commission: http://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2010-0407-Bowen.pdf
  • CNN. (2017, September 29). Volkswagen's diesel scandal costs hit $30 billion . Retrieved from CNN: http://money.cnn.com/2017/09/29/investing/volkswagen-diesel-cost-30-billion/index.html
  • Delmas, M. A., & Burbano, V. C. (2011, Fall). The Drivers of Greenwashing. California Management Review, pp. 64-87.
  • Der Spiegel. (2013, February 13). Interview with Volkswagen CEO: 'European Auto Crisis Is an Endurance Test'. Retrieved October 1, 2015, from Der Spiegel: http://www.spiegel.de/international/business/interview-with-volkswagen-ceo-martin-winterkorn-a-882918.html
  • Devoe, S. E., Pfeffer, J., & Lee, B. Y. (2012, December 14). The Effect of Income on the Importance of Money: Survey and Experimental Evidence. Rotman School of Management Working Paper No. 2188645. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2188645
  • Donaldson, T. (2011). Three Ethical Roots of the Economic Crisis. The Journal of Business Ethics, 5-8.
  • EPI. (2017, July 20). CEO pay remains high relative to the pay of typical workers and hig wage earners. Retrieved from Economic Policy Institute: http://www.epi.org/files/pdf/130354.pdf
  • Eurosif; ACCA. (2013). What do investors expect from non-financial reporting. Retrieved August 8, 2015, from http://www.accaglobal.com/content/dam/acca/global/PDF-technical/sustainability-reporting/tech-tp-wdir.pdf
  • FCIC. (2010). Fannie Mae Strategic Plan 2007-2011. Retrieved August 7, 2015, from FCIC: http://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2010-0409-fannie-mae-strategic-plan.pdf
  • FCIC. (2011). Get the Report. Retrieved August 5, 2015, from Financial Crisis Inquiry Commission: http://fcic.law.stanford.edu/report
  • FSB. (2016). 2016 list of global systemically important banks. Retrieved from http://www.fsb.org/wp-content/uploads/2016-list-of-global-systemically-important-banks-G-SIBs.pdf
  • High Pay Center. (2015, August 16). The State of Pay: High Pay Centre briefing on executive pay. Retrieved September 21, 2015, from High Pay Center: http://highpaycentre.org/files/State_of_Pay_Aug_2015.pdf
  • Hilb, M. (2010, February 4). Redesigning corporate governance: lessons learnt from the global financial crisis. . Journal of Management & Governance, pp. 533-538.
  • HM Treasury;BE;FCA. (2015, June). Fair and Effective Markets Review, 5.3.3.1 Firm-level governance, page 71. Retrieved September 07, 2015, from Bank of England: http://www.bankofengland.co.uk/markets/Documents/femrjun15.pdf
  • HPC. (2017, August 3). CIPD/High Pay Centre survey of FTSE100 CEO pay packages 2016. Retrieved from High Pay Center: http://highpaycentre.org/pubs/cipd-high-pay-centre-survey-of-ftse100-ceo-pay-packages-2016
  • HSGAC. (2012). HSBC Exposed U.S. Financial System to Money Laundering, Drug, Terrorist Financing Risks. Retrieved from https://www.hsgac.senate.gov/subcommittees/investigations/media/hsbc-exposed-us-finacial-system-to-money-laundering-drug-terrorist-financing-risks
  • IFAC. (2012, December). POLICY POSITION 7:Effective Governance, Risk Management, and Internal Control. Retrieved September 3, 2015, from https://www.ifac.org/system/files/publications/files/PPP7-Effective-Governance-Risk-Management-and-Internal-Control_0.pdf
  • J. C. de Swaan;Neil W. C. Harper. (2003, February). Retrieved from McKinsey Quarterly: https://www.mckinsey.com/global-themes/leadership/getting-what-you-pay-for-with-stock-options
  • Jeb, B. (2015, April 20). As Petrobras scandal spreads, economic toll mounts for Brazil. Retrieved from Reuters: http://www.reuters.com/article/us-brazil-petrobras-impact/as-petrobras-scandal-spreads-economic-toll-mounts-for-brazil-idUSKBN0NB1QD20150420
  • King 3. (2009). King Report on Governance for South Africa, page 22. Retrieved August 8, 2015, from The Institute of Directors in Southern Africa and the King Committee on governance: http://www.library.up.ac.za/law/docs/king111report.pdf
  • Lafley, A., Martin, R., Rivkin, J. W., & Siggelkow, N. (2012, September). Bringing Science to the Art of Strategy. Retrieved August 8, 2015, from Harvard Business Review: https://hbr.org/2012/09/bringing-science-to-the-art-of-strategy&cm_sp=Article-_-Links-_-Top%20of%20Page%20Recirculation
  • Marquis, C., & Toffel, M. W. (2012, December 20). When Do Firms Greenwash? Retrieved August 7, 2015, from Harvard Business School: http://people.hbs.edu/cmarquis/global_reporting_12-20-12.pdf
  • Martin, R. (2011). Fixing the Game. Boston: Harvard Business School Printing.
  • Martin, R. (2014, October). Harvard Business Review. Retrieved September 18, 2015, from Harvard Business Review: https://hbr.org/2014/10/the-rise-and-likely-fall-of-the-talent-economy#
  • Martin, R. L. (2011). Recasting Executive Compensation: From Gamesmanship to Authenticity. Rotman International Journal of Pension Management, 6-10.
  • McBride, J., Alessi, C., & Sergie, M. A. (2016, October 12). Understanding the Libor Scandal. Retrieved August 4, 2015, from Council on Foreign Relations: https://www.cfr.org/backgrounder/understanding-libor-scandal
  • Myers, T. A. (2013, Vol.6 No.1-2). Accountability and Transparency in the Financial Services Sector:Advancing Sustainable Finance. Journal of International Business Ethics, pp. 71-77.
  • Neate, R. (2015, January 5). German Executive Pay Overtakes Britain's for first time. Retrieved from The Guardian: https://www.theguardian.com/business/2015/jan/05/german-executive-pay-overtakes-britain-first-time
  • OECD. (2009, June). Corporate Governance and the Financial Crisis: Key Findings and Main Mesages. (pp. 8-9). Paris: OECD.
  • Orrell, D. (2012). Economyths, . London: Icon Books Ltd,.
  • Paulson, H. M. (2008). Remarks by Secretary Henry M. Paulson. Retrieved August 8, 2015, from U.S. Department of the Treasury: http://www.treasury.gov/press-center/press-releases/Pages/hp1285.aspx
  • Philp, C. (2016). Restoring Responsible Ownership, High Pay Center. http://highpaycentre.org/files/Restoring_Responsible_Ownership_-_Chris_Philp_HPC_copy.pdf. http://highpaycentre.org/files/Restoring_Responsible_Ownership_-_Chris_Philp_HPC_copy.pdf adresinden alınmıştır
  • R. Wartzman. (2011, February 17). Retrieved from The Drucker Institute: http://www.druckerinstitute.com/wp-content/uploads/2011/02/SECcomment.pdf
  • Ronda, & Pupo. (2011). Dynamics of the Evolution of the Strategy. Strategic Management Journal.
  • Rushe, D., & Treanor, J. (2012, December 11). Banking. Retrieved August 5, 2015, from The Guardian: http://www.theguardian.com/business/2012/dec/11/hsbc-fine-prosecution-money-laundering
  • SEC. (2011, December). Press. Retrieved August 7, 2015, from U.S. Securities and Exchange Commission: https://www.sec.gov/news/press/2011/2011-267.htm
  • SEC. (2015, August 5). SEC Adopts Rule for Pay Ratio Disclosure . Retrieved from The Securities and Exchange Commission: https://www.sec.gov/news/pressrelease/2015-160.html
  • SEC. (2016, October 7). Enforcement Actions. Retrieved August 17, 2015, from U.S. Securities and Exchange Commission: https://www.sec.gov/spotlight/enf-actions-fc.shtml
  • Snider, J., Hill, R. P., & Martin, D. (2003). Corporate Social Responsibility in the 21st Century. Journal of Business Ethics, pp. 175-187. Retrieved from http://www.globalsepri.org/UploadPhotos/2008912193522208.pdf
  • Taleb, N. N. (2012). Antifragile:Things That Gain from Disorder. London: Penguin Books Ltd.
  • UNGC. (2017, August 28). The Ten Principles of the UN Global Compact. Retrieved from UN Global Compact: https://www.unglobalcompact.org/what-is-gc/mission/principles
  • UNGCa. (2017, 09 15). Petroleo Brasileiro SA - Petrobras. Retrieved from UN Global Compact: https://www.unglobalcompact.org/what-is-gc/participants/7358-Petroleo-Brasileiro-SA-Petrobras#cop
  • USDJ. (2013, November 19). Justice News. Retrieved August 5, 2015, from U.S. Department of Justice: http://www.justice.gov/opa/pr/justice-department-federal-and-state-partners-secure-record-13-billion-global-settlement
  • VW. (2002). Sustainability at the Volkswagen Group. Retrieved October 1, 2015, from Sustainability Report 2014 Volkswagen: http://sustainabilityreport2014.volkswagenag.com/sites/default/files/dd_online_link/en/08_Model_of_%20Sustainable_Development.pdf
  • Woody, C. (2016, March 24). The consequences of Brazil’s corruption scandal may be more than political. Retrieved from Business Insider UK: http://uk.businessinsider.com/r-un-worried-about-brazil-as-poverty-seen-rising-in-latin-america-2016-3
  • Zona, F., Minoja, M., & Coda, V. (2012, April 10). Antecedents of Corporate Scandals: CEOs' Personal Traits, Stakeholders' Cohesion, Managerial Fraud, and Imbalanced Corporate Strategy. Journal of Business Ethics, s. 265-283.

KURUMSAL SKANDAL, STRATEJİ VE PERFORMANS İLİŞKİSİ

Yıl 2018, Sayı: 31, 275 - 296, 30.06.2018

Öz

Bu çalışmanın konusu, son
yıllarda yurt dışında sıkça ortaya çıkan kurumsal skandal olgusu, etkileri ve
nedenleridir. Bazı kurumlarda skandala yol açan süreçlerin aslına uygun olarak
tespit edilmesine katkı sağlayabilmek için gerçek bir skandal örneği, kurumun
strateji belgesinin yardımıyla incelenmiş, ayrıca, diğer büyük skandallar ve
kurumsal yönetişime ilişkin yurt dışı yayınlar taranmış ve düzenleyici
kurumların önemli bulguları kullanılmıştır. Sonuç olarak, performans odaklı kurumsal
stratejilerin dengesiz olduğu halde dahi yöneticiler ve güçlü paydaşlar için
çok cazip olabildiği ortaya konulmuştur. Stratejilerde paydaşlar arası
risk-fayda dengesinin gözetilmesine ilişkin öneriler yapılmıştır.

Kaynakça

  • AFL-CIO. (2014). Mutual Funds and CEO Pay. Retrieved September 30, 2015, from AFL-CIO: http://www.aflcio.org/Corporate-Watch/Paywatch-2014/Mutual-Funds-and-CEO-Pay
  • BBC. (2012, December 11). HSBC Money Loundering Report: Key findings. Retrieved from BBC Business: http://www.bbc.com/news/business-18880269
  • Bowen. (2010, April 7). Testimony of Richard M. Bowen, III. Retrieved August 9, 2015, from Financial Crisis Inquiry Commission: http://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2010-0407-Bowen.pdf
  • CNN. (2017, September 29). Volkswagen's diesel scandal costs hit $30 billion . Retrieved from CNN: http://money.cnn.com/2017/09/29/investing/volkswagen-diesel-cost-30-billion/index.html
  • Delmas, M. A., & Burbano, V. C. (2011, Fall). The Drivers of Greenwashing. California Management Review, pp. 64-87.
  • Der Spiegel. (2013, February 13). Interview with Volkswagen CEO: 'European Auto Crisis Is an Endurance Test'. Retrieved October 1, 2015, from Der Spiegel: http://www.spiegel.de/international/business/interview-with-volkswagen-ceo-martin-winterkorn-a-882918.html
  • Devoe, S. E., Pfeffer, J., & Lee, B. Y. (2012, December 14). The Effect of Income on the Importance of Money: Survey and Experimental Evidence. Rotman School of Management Working Paper No. 2188645. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2188645
  • Donaldson, T. (2011). Three Ethical Roots of the Economic Crisis. The Journal of Business Ethics, 5-8.
  • EPI. (2017, July 20). CEO pay remains high relative to the pay of typical workers and hig wage earners. Retrieved from Economic Policy Institute: http://www.epi.org/files/pdf/130354.pdf
  • Eurosif; ACCA. (2013). What do investors expect from non-financial reporting. Retrieved August 8, 2015, from http://www.accaglobal.com/content/dam/acca/global/PDF-technical/sustainability-reporting/tech-tp-wdir.pdf
  • FCIC. (2010). Fannie Mae Strategic Plan 2007-2011. Retrieved August 7, 2015, from FCIC: http://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2010-0409-fannie-mae-strategic-plan.pdf
  • FCIC. (2011). Get the Report. Retrieved August 5, 2015, from Financial Crisis Inquiry Commission: http://fcic.law.stanford.edu/report
  • FSB. (2016). 2016 list of global systemically important banks. Retrieved from http://www.fsb.org/wp-content/uploads/2016-list-of-global-systemically-important-banks-G-SIBs.pdf
  • High Pay Center. (2015, August 16). The State of Pay: High Pay Centre briefing on executive pay. Retrieved September 21, 2015, from High Pay Center: http://highpaycentre.org/files/State_of_Pay_Aug_2015.pdf
  • Hilb, M. (2010, February 4). Redesigning corporate governance: lessons learnt from the global financial crisis. . Journal of Management & Governance, pp. 533-538.
  • HM Treasury;BE;FCA. (2015, June). Fair and Effective Markets Review, 5.3.3.1 Firm-level governance, page 71. Retrieved September 07, 2015, from Bank of England: http://www.bankofengland.co.uk/markets/Documents/femrjun15.pdf
  • HPC. (2017, August 3). CIPD/High Pay Centre survey of FTSE100 CEO pay packages 2016. Retrieved from High Pay Center: http://highpaycentre.org/pubs/cipd-high-pay-centre-survey-of-ftse100-ceo-pay-packages-2016
  • HSGAC. (2012). HSBC Exposed U.S. Financial System to Money Laundering, Drug, Terrorist Financing Risks. Retrieved from https://www.hsgac.senate.gov/subcommittees/investigations/media/hsbc-exposed-us-finacial-system-to-money-laundering-drug-terrorist-financing-risks
  • IFAC. (2012, December). POLICY POSITION 7:Effective Governance, Risk Management, and Internal Control. Retrieved September 3, 2015, from https://www.ifac.org/system/files/publications/files/PPP7-Effective-Governance-Risk-Management-and-Internal-Control_0.pdf
  • J. C. de Swaan;Neil W. C. Harper. (2003, February). Retrieved from McKinsey Quarterly: https://www.mckinsey.com/global-themes/leadership/getting-what-you-pay-for-with-stock-options
  • Jeb, B. (2015, April 20). As Petrobras scandal spreads, economic toll mounts for Brazil. Retrieved from Reuters: http://www.reuters.com/article/us-brazil-petrobras-impact/as-petrobras-scandal-spreads-economic-toll-mounts-for-brazil-idUSKBN0NB1QD20150420
  • King 3. (2009). King Report on Governance for South Africa, page 22. Retrieved August 8, 2015, from The Institute of Directors in Southern Africa and the King Committee on governance: http://www.library.up.ac.za/law/docs/king111report.pdf
  • Lafley, A., Martin, R., Rivkin, J. W., & Siggelkow, N. (2012, September). Bringing Science to the Art of Strategy. Retrieved August 8, 2015, from Harvard Business Review: https://hbr.org/2012/09/bringing-science-to-the-art-of-strategy&cm_sp=Article-_-Links-_-Top%20of%20Page%20Recirculation
  • Marquis, C., & Toffel, M. W. (2012, December 20). When Do Firms Greenwash? Retrieved August 7, 2015, from Harvard Business School: http://people.hbs.edu/cmarquis/global_reporting_12-20-12.pdf
  • Martin, R. (2011). Fixing the Game. Boston: Harvard Business School Printing.
  • Martin, R. (2014, October). Harvard Business Review. Retrieved September 18, 2015, from Harvard Business Review: https://hbr.org/2014/10/the-rise-and-likely-fall-of-the-talent-economy#
  • Martin, R. L. (2011). Recasting Executive Compensation: From Gamesmanship to Authenticity. Rotman International Journal of Pension Management, 6-10.
  • McBride, J., Alessi, C., & Sergie, M. A. (2016, October 12). Understanding the Libor Scandal. Retrieved August 4, 2015, from Council on Foreign Relations: https://www.cfr.org/backgrounder/understanding-libor-scandal
  • Myers, T. A. (2013, Vol.6 No.1-2). Accountability and Transparency in the Financial Services Sector:Advancing Sustainable Finance. Journal of International Business Ethics, pp. 71-77.
  • Neate, R. (2015, January 5). German Executive Pay Overtakes Britain's for first time. Retrieved from The Guardian: https://www.theguardian.com/business/2015/jan/05/german-executive-pay-overtakes-britain-first-time
  • OECD. (2009, June). Corporate Governance and the Financial Crisis: Key Findings and Main Mesages. (pp. 8-9). Paris: OECD.
  • Orrell, D. (2012). Economyths, . London: Icon Books Ltd,.
  • Paulson, H. M. (2008). Remarks by Secretary Henry M. Paulson. Retrieved August 8, 2015, from U.S. Department of the Treasury: http://www.treasury.gov/press-center/press-releases/Pages/hp1285.aspx
  • Philp, C. (2016). Restoring Responsible Ownership, High Pay Center. http://highpaycentre.org/files/Restoring_Responsible_Ownership_-_Chris_Philp_HPC_copy.pdf. http://highpaycentre.org/files/Restoring_Responsible_Ownership_-_Chris_Philp_HPC_copy.pdf adresinden alınmıştır
  • R. Wartzman. (2011, February 17). Retrieved from The Drucker Institute: http://www.druckerinstitute.com/wp-content/uploads/2011/02/SECcomment.pdf
  • Ronda, & Pupo. (2011). Dynamics of the Evolution of the Strategy. Strategic Management Journal.
  • Rushe, D., & Treanor, J. (2012, December 11). Banking. Retrieved August 5, 2015, from The Guardian: http://www.theguardian.com/business/2012/dec/11/hsbc-fine-prosecution-money-laundering
  • SEC. (2011, December). Press. Retrieved August 7, 2015, from U.S. Securities and Exchange Commission: https://www.sec.gov/news/press/2011/2011-267.htm
  • SEC. (2015, August 5). SEC Adopts Rule for Pay Ratio Disclosure . Retrieved from The Securities and Exchange Commission: https://www.sec.gov/news/pressrelease/2015-160.html
  • SEC. (2016, October 7). Enforcement Actions. Retrieved August 17, 2015, from U.S. Securities and Exchange Commission: https://www.sec.gov/spotlight/enf-actions-fc.shtml
  • Snider, J., Hill, R. P., & Martin, D. (2003). Corporate Social Responsibility in the 21st Century. Journal of Business Ethics, pp. 175-187. Retrieved from http://www.globalsepri.org/UploadPhotos/2008912193522208.pdf
  • Taleb, N. N. (2012). Antifragile:Things That Gain from Disorder. London: Penguin Books Ltd.
  • UNGC. (2017, August 28). The Ten Principles of the UN Global Compact. Retrieved from UN Global Compact: https://www.unglobalcompact.org/what-is-gc/mission/principles
  • UNGCa. (2017, 09 15). Petroleo Brasileiro SA - Petrobras. Retrieved from UN Global Compact: https://www.unglobalcompact.org/what-is-gc/participants/7358-Petroleo-Brasileiro-SA-Petrobras#cop
  • USDJ. (2013, November 19). Justice News. Retrieved August 5, 2015, from U.S. Department of Justice: http://www.justice.gov/opa/pr/justice-department-federal-and-state-partners-secure-record-13-billion-global-settlement
  • VW. (2002). Sustainability at the Volkswagen Group. Retrieved October 1, 2015, from Sustainability Report 2014 Volkswagen: http://sustainabilityreport2014.volkswagenag.com/sites/default/files/dd_online_link/en/08_Model_of_%20Sustainable_Development.pdf
  • Woody, C. (2016, March 24). The consequences of Brazil’s corruption scandal may be more than political. Retrieved from Business Insider UK: http://uk.businessinsider.com/r-un-worried-about-brazil-as-poverty-seen-rising-in-latin-america-2016-3
  • Zona, F., Minoja, M., & Coda, V. (2012, April 10). Antecedents of Corporate Scandals: CEOs' Personal Traits, Stakeholders' Cohesion, Managerial Fraud, and Imbalanced Corporate Strategy. Journal of Business Ethics, s. 265-283.
Toplam 48 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Kaan Sayın

Yayımlanma Tarihi 30 Haziran 2018
Yayımlandığı Sayı Yıl 2018 Sayı: 31

Kaynak Göster

APA Sayın, K. (2018). KURUMSAL SKANDAL, STRATEJİ VE PERFORMANS İLİŞKİSİ. Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(31), 275-296.

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