Rating agencies and their excessive power: Why are they so powerful? By Nadezhda Peneva American University in Bulgaria, EMBA, Cohort 13 NIP147@aubg.bg March 21, 2014 Abstract The paper is set out to find out the influence of credit rating agencies on the business and the national policies as well as to elaborate on how powerful are they for the society and why. Over 100 years rating agencies demonstrate excessive power, but is this just an assumption or it could be a strong
Words: 4707 - Pages: 19
13-Antonakis.qxd 11/26/03 5:38 PM Page 302 CHAPTER 13 Ethics and Leadership Effectiveness Joanne B. Ciulla T he moral triumphs and failures of leaders carry a greater weight and volume than those of nonleaders (Ciulla, 2003b). In leadership we see morality magnified, and that is why the study of ethics is fundamental to our understanding of leadership. The study of ethics is about human relationships. It is about what we should do and what we should be like as human beings
Words: 13956 - Pages: 56
13-Antonakis.qxd 11/26/03 5:38 PM Page 302 CHAPTER 13 Ethics and Leadership Effectiveness Joanne B. Ciulla T he moral triumphs and failures of leaders carry a greater weight and volume than those of nonleaders (Ciulla, 2003b). In leadership we see morality magnified, and that is why the study of ethics is fundamental to our understanding of leadership. The study of ethics is about human relationships. It is about what we should do and what we should be like as human beings
Words: 13956 - Pages: 56
Fourth Edition Reframing Organizations Artistry, Choice, and Leadership LEE G. BOLMAN TERRENCE E. DEAL B est- se l l i n g a u t h o rs of LEADING WITH SOUL FOURTH EDITION Reframing Organizations Artistry, Choice, and Leadership Lee G. Bolman • Terrence E. Deal Copyright © 2008 by John Wiley & Sons, Inc. All rights reserved. Published by Jossey-Bass A Wiley Imprint 989 Market Street, San Francisco, CA 94103-1741—www.josseybass.com No part of this publication may be reproduced
Words: 193447 - Pages: 774
Chapter Four Professional Accounting in the Public Interest, Post-Enron Purpose of the Chapter When the Enron, Arthur Andersen, and WorldCom debacles triggered the Sarbanes-Oxley Act of 2002 (SOX), a new era of stakeholder expectations was crystallized for the business world and particularly for the professional accountants that serve in it. The drift away from the professional accountant’s role as a fiduciary to that of a businessperson was called into question and reversed. The principles
Words: 62999 - Pages: 252
Corporate governance: Ireland must learn the lessons of recent corporate governance failures in Ireland and Irish-listed companies must meet evolving international market expectations if they are to attract international investment, the Chief Executive of the Irish Stock Exchange, Deirdre Somers has said. Somers (pictured) made her comments at a special conference on corporate governance hosted by the Irish Stock Exchange in Dublin today. “Companies must consider whether their historical practices
Words: 4476 - Pages: 18
6/21/06 5:18 PM Page 214 CHAPTER 8 ETHICAL PROBLEMS OF ORGANIZATIONS INTRODUCTION In the third quarter of 2002, the Brookings Institution, a Washington, D.C., think tank, estimated that the corporate scandals that began with the Enron debacle in late 2000 would cost the U.S. economy $35 billion. That is the equivalent of a $10 increase per barrel of oil.1 It is, in a word, staggering. And we may not have seen the end of it. Long before Enron’s collapse, a number of business ethicists
Words: 20980 - Pages: 84
own concepts of right and wrong. Managers sometimes pressure employees into questionable activities. However, business ethics becomes more transparent once an organization establishes codes of ethics, as well as compliance requirements and ethical leadership. The objective of this chapter is to provide some essential strategies for integrating business ethics into business courses. The authors examine the role of stakeholders, implications of the global financial crisis, and important issues in teaching
Words: 7020 - Pages: 29
celebrity persona such as Steve Jobs, Bill Gates, and Jack Welch. The fact of the matter is their pay is driven by market forces. You don't really hear of athletes being scrutinized like CEOs. However, since the collapse of companies such as Enron, WorldCom, and Tyco, their exposure has put them in the forefront of our society. CEOs are not unique. Other industries with similar backgrounds have earned just as well in the last decade. This includes top lawyers, athletes and top financial
Words: 1987 - Pages: 8
Corporate Governance and Guidelines for Multinational Enterprises are two essential instruments for ensuring that this contract is honoured. T he recent spate of US corporate failures and breakdowns in truthful accounting has undermined people’s faith in financial reporting, corporate leadership, and the integrity of markets the world over. The fact that the wave of scandals has come hot on the heels of a collapse in the high-tech bubble has a sharp ironic flavour. Both events
Words: 2369 - Pages: 10
