This publication will provide students, universities, teachers, and practitioners with new perspectives on how corporate governance and corporate social responsibility (CSR) issues have been dramatically changed mainly during COVID-19 in financial and non-financial sectors. A focus on the development of corporate governance and CSR while making financial policies especially for developing countries will be of great value. The presence of a stable and sound financial system is the need of economic growth. Considering the economic challenges faced by the financial and non-financial sectors, an effective corporate governance and CSR are essential for the financial to guarantee sustainable business operations and make beneficial contributions to society. Additionally, the ultimate objective of a business is to identify and mitigate risk for long-term survival. Effective risk management helps maintaining stability of business firms. By identifying and mitigating risk, a firm can avoid financial instability and distress. Therefore, a strong corporate governance and a dedication to CSR strategies improve the business outcomes, risk management strategies, which eventually promote economic growth. In addition, an increase in financial instability of economy, financial markets face increased volatility in stock price, and therefore investors become risk-averse. Furthermore, global market competition, the environment, and the economy provide significant challenges for developing countries during transition.
Moreover, despite the significant contribution of corporate governance and CSR in managing and overseeing risk, the organizations still face challenges of managing risk in developing countries. A weak risk culture in the organization could hinder effective risk management despite the presence of solid corporate governance structures. Staff and upper management might not be as proactive in finding and fixing problems if they lack a focus on managing risks or are unfamiliar with it. There are many developing countries, which are falling behind in adopting and employing effective corporate governance structure and CSR which ultimately leads them to financial distress.
The book is an attempt to explore numerous promising practices from emerging countries regarding implementation of corporate governance and CSR practices to mitigate risk-taking behavior within firms. One aspect that this book takes into consideration is the challenge related to risk management faced by the organizations during COVID-19 which forced many organizations to implement such governance structure which can overcome their financial distress. The book will explore how various aspects of corporate governance and CSR regulations influence risk-taking and financial distress, thus contributing new concepts for future studies. The focus of accepted chapters in the book will be on the role of various mechanisms of corporate governance such as board structure, board diversity, ownership structure, audit quality (not limited to only these mechanisms), and CSR activities in risk-taking and financial distress in developing countries along with considering the COVID-19 era. The purpose of book is to attract global appeal, offering researchers from various countries for contribution of the relevant research area.
The aim of this publication is to seek how corporate governance and CSR practices work in making financial policies, risk management, and financial distress for better financial outcomes while applying advanced statistical techniques. The research area is broad in a way that various aspects of corporate governance, and audit quality may be analyzed to determine risk management practices mainly in financial and non-financial sectors of developing countries. In a broad way, the book will emphasis on corporate social responsibility (CSR), corporate governance, risk-taking behavior, financial distress, and financial outcomes. However, the focus extends beyond these components, addressing thoroughly a comprehension of how governance practices and CSR policies influence various aspects of a business context. Additionally, the publications may also include COVID-19 era which also affected the financial aspects of businesses.
Researchers in the field of finance, corporate governance, CSR, risk-taking, financial distress, financial decisions. Finance and accounting Professor, PhD, and Master level students, financial and non-financial sector organizations in developing countries. Organization management, board of directors, finance managers, financial decision makers, risk-management committees, policy makers, investors, banks, creditors, audit committees, shareholders, various stakeholders having stake in CSR practices of the organizations, financial markets.