THE INFLUENCE OF THE USE OF POWER IN CORPORATE GOVERNANCE ON THE SOCIALLY RESPONSIBLE POLICIES OF A COMPETING COMPANY

Aleksandra Stoilkovska, Sashko Gramatnikovski and Gordana Serafimovic
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Aleksandra Stoilkovska: University of Tourism and Management in Skopje, North Macedonia
Sashko Gramatnikovski: University of Tourism and Management in Skopje, North Macedonia
Gordana Serafimovic: University of Tourism and Management in Skopje, North Macedonia

UTMS Journal of Economics, 2019, vol. 10, issue 1, 77-84

Abstract: This paper is an action research conducted to demonstrate the connection between the use of power by members of the Board of directors and the social responsibility of the company that reflects the building of the corporate image of the company, which is crucial for increasing its efficiency. International corporate governance standards are rigorous about the rules of ethics in the operation and decision-making with respect to improving the work of the company. North Macedonian companies have accepted these international standards and are trying to implement highly professional work at all levels of the organization, including the top management body of the company i.e. the board of directors. The introduction of social responsibility in strategic and other types of planning that emanates from it clearly demonstrates the role of social responsibility in the creation of organizational development policies. The research is conducted in a socially responsible company that applies the international corporate governance standards within the Board of Directors. This paper has proven the assumption of a general hypothesis about the connection between the use of the power of the Board of directors in favour of creating and maintaining a socially responsible company.

Keywords: commitment; board; strategy; planning; social responsibility (search for similar items in EconPapers)
JEL-codes: L21 M14 (search for similar items in EconPapers)
Date: 2019
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