2011
DOI: 10.1108/14720701111176984
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The relationship between corporate governance, global governance, and sustainable profits: lessons learned from BP

Abstract: PurposeThe recent oil spill disaster in the Gulf of Mexico as well as a multitude of other corporate scandals repeatedly draw attention to the importance of good corporate governance. This paper seeks to explain the possible reasons for violations of principles of good corporate governance in corporate practice.Design/methodology/approachThe paper opens with a brief illustration of the Deepwater Horizon case by relating BP's corporate governance rules to its actual decision making in the context of offshore dr… Show more

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Cited by 39 publications
(17 citation statements)
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“…Of course, their benefits can be both economic (profit, revenue) and social (to appear trustworthy to others). The presence of ethics in organizations is associated with sustainable success [94]. Normally, those companies that put a strong emphasis on organizational ethics often have clear direction with regards to achieving sustainable development goals.…”
Section: Discussionmentioning
confidence: 99%
“…Of course, their benefits can be both economic (profit, revenue) and social (to appear trustworthy to others). The presence of ethics in organizations is associated with sustainable success [94]. Normally, those companies that put a strong emphasis on organizational ethics often have clear direction with regards to achieving sustainable development goals.…”
Section: Discussionmentioning
confidence: 99%
“…Time and again, this leads to accidents which endanger the health of the employees or trigger environmental disasters. In particular, the combination of a variety of different cost saving measures can lead to incidents or severe accidents, as demonstrated by the oil spill disaster in the Gulf of Mexico (Lin‐Hi and Blumberg, 2011).…”
Section: Positive and Negative Effects Of Self‐interest In Realitymentioning
confidence: 99%
“…The abdication from irresponsible behavior can be seen as an investment in long‐term success, but it also implies the abdication from today's profits. The urgency of short‐term needs (Luhmann, 1971) of everyday entrepreneurial life leads to the fact that short‐term benefits are sometimes given a higher weight than long‐term success (Lin‐Hi and Blumberg, 2011). Corporations operate under cost, time, and competitive pressures which, time and again, force managers to focus on short‐term objectives.…”
Section: Irresponsible Behavior and Short‐term Orientationmentioning
confidence: 99%
“…The end of 1990s and the beginning of the 21st century saw a number of corporate accounting scandals across the United States (US) and Europe, such as HealthSouth, Tyco, Enron, Parmalat, WorldCom and Xerox [1]. These financial crises show the need for effective audit committees (ACs) to ensure high corporate sustainability (CS) [2].…”
Section: Introductionmentioning
confidence: 99%