International Journal of Innovation, Management and Technology, Vol. 5, No.

5, October 2014

Globalization and Corporate Governance

Alseddig Ahmed Almadani

 II. COMPETITION
Abstract—Globalization is a leading concept which has Globalisation leads to increased competition and therefore
become the main factor in business life during the last few
decades. This phenomenon affects the economy, business life,
increased competition is a consequence of globalisation. This
society and environment in different ways, and almost all competition can be related to product and service cost and
corporations have been affected by these changes. We can see price, target market, technological adaptation, quick response
these changes mostly related with increasing competition and and quick production by companies, in addition to such
the rapid changing of technology and information transfer. This things as quality and customer satisfaction.
issue makes corporations more profit oriented than a long term When a company produces with less cost and sells cheaper,
and sustainable company. However, corporations are a vital
part of society which needs to be organised properly. Therefore
it will be able to increase its market share. Customers have
we need some social norms, rules and principles in society and too many choices in the market and they want to acquire
business life; this is the role of governance. goods and services quickly and in a more efficient way. Also
they are expecting high quality and a cheap price which they
Index Terms—About competition, corporative governance, are willing to pay 2.
business, globalization. All these expectations need a response from the company,
otherwise the sales of the company will decrease and they
will lose profit and market share. A company must be always
I. INTRODUCTION ready for price competitions for product and service and for
Globalisation can be defined as the free movement of changes in customer preferences because all of these are
goods, services and capital. Definition does not cover all the global market requirements.
aspects of globalisation or global changing.
Globalisation also should be a process which integrates
world economies, culture, technology and governance. III. EXCHANGE OF TECHNOLOGY
This is because globalisation also involves the transfer of One of the most striking manifestations of globalization is
information between developed countries and developing the use of new technologies by entrepreneurial and
countries. internationally oriented firms to exploit new business
Moreover globalisation has religious, environmental and opportunities. Internet and e-commerce procedures hold
social dimensions. In order to encompass this broad impact particular potential for SME’s seeking to broaden their
area globalisation covers all dimensions of the world involvement into new international markets.
economy, environment and society. Moreover, it is apparent Technology is also one of the main tools of competition
all over the world and the world is changing dramatically. and for enhancing the quality of goods and services. On the
Every government has a responsibility to protect all of other hand it necessitates quite a lot of cost for the company.
their economy and domestic market from this rapid changing The company has to use the latest technology for
1. The question is how a company will adapt to this increasing their sales and product quality. Globalisation has
changing. First of all, companies have to know different increased the speed of technology transfer and technological
effects of globalisation. Globalisation has some opportunities improvement. Customer expectations are directing markets.
and threats. A company might have learnt how to protect Mostly companies in capital intensive markets are at risk
itself from some negative effects and how to get and that is why they need rapid adapting concerning
opportunities from this situation. customer and market expectations. These companies have to
Globalization affects the economy, business life, society have efficient technology management and efficient R&D
and environment in different ways: management.
• Increasing competition,
• Technological development, A. Knowledge/Information Transfer
• Knowledge/Information transfer, Information is a most expensive and valuable production
• Portfolio investment, factor in the current environment. Information can be easily
• Regulation/deregulation, International standards, transferred and exchanged from one country to another.
• Market integration, If a company has a chance to use knowledge and
• Intellectual capital mobility, information then it means that it can adapt to this global
• Financial crisis-contagion effect-global crisis. changing. This issue is similar with the technology transfer
issue in global markets. The rapid changing of the market
Manuscript received March 10, 2014; revised Spetember 27, 2014. requires also quick transfer of knowledge and efficient using
Alseddig Ahmed Almadani is with the Department of Accountancy,
of that knowledge and information 3.
School of Business Studies, Megatrend University, Belgrade, Serbia (e-mail:
almadani_2022@yahoo.com).

DOI: 10.7763/IJIMT.2014.V5.547 394

 International Journal of Innovation, Management and Technology, Vol. 5, No. 5, October 2014

B. Portfolio Investment (Financial Fund Flows) E. Qualitative Intellectual Capital Mobility

Globalisation encourages increased international portfolio Another effect of globalisation is human capital mobility
investment. Additionally, financial markets have become through knowledge and information transfers.
increasingly open to international capital flows. One of the reasons is that international/multinational
For this reason, portfolio investment is one of the major companies have subsidiaries, partners and agencies in
problems of developing economies. It is almost the only way different countries. They need skilled and experienced
to increase liquidity of the markets and economies for international employees and rotation from country to country
emerging countries through attracting foreign funds. to provide appropriate international business practice.
Significantly, this short term investment can dramatically This changing also requires more skilled, well educated
impact on the financial markets. and movable employees who can adapt quickly to different
When the emerging economies have some problem in their market conditions.
country or investors make enough profit from their
F. Financial Crisis-Contagion Effect-Global Crisis
investment then these investors might leave the market.
This would mean that market liquidity decreased and Financial crises are mostly determined through
globalisation and as a result of the globalisation impact.
financial markets indicators plummet immediately.
The financial world has witnessed a number of crises in
C. Regulation/Deregulation and International Standards recent years. Generally financial crises come out from
Globalisation needs more regulation of the markets and international funds/capital flows (portfolio investments), lack
economy. There are many new and complicated financial of proper regulations and standards, complex financial
instruments and methods in the market and such instruments instruments, rapid development of financial markets,
easily transfer and trade in other countries because of the asymmetric information and information transfers.
globalisation effect 4, 5. One country crisis can turn into a global crisis with
Every new system, instrument or tool requires new rules systemic risk effect 4. Systemic risk refers to a spreading
and regulations to determine its impact area. financial crisis from one country to another country.
These regulations are also necessary to protect countries In some cases, crises spread even between countries which
against global risks and crises. When the crisis comes out of do not appear to have any common economic
one country then it influences other countries with trade fundamentals/problems. Previous global crises have also
channels and fund transfers, which we call the contagion shown that one of the reasons for the crisis is unregulated
effect. On the other hand, during globalisation the shares of markets.
big companies are trading in international stock markets and
these companies have shareholders and stakeholders in many
IV. THE CONCEPT OF GLOBAL GOVERNANCE
different countries. International rules and regulations offer
protection particularly to small investors against the big All systems of governance are concerned primarily with
scandals and other problems in companies, examples of managing the governing of associations and therefore with
which we have seen during the recent financial crisis. political authority, institutions, and, ultimately, control.
International standards also regulate markets and Governance in this particular sense denotes formal political
economies by means of international principles and rules institutions that aim to coordinate and control interdependent
social relations and that have the ability to enforce decisions.
such as international accounting standards, international
Increasingly however, in a globalised world, the concept of
auditing standards. These aim to make corporate reporting
governance is being used to describe the regulation of
standardised and comparable. So that is why the globalised
interdependent relations in the absence of overarching
world has more rules and more regulations and international
political authority, such as in the international system.
standards than before 6.
Thus, global governance can be considered as the
D. Market Integration management of global processes in the absence of any form
In fact globalisation leads to the conversion of many of global government. There are some international bodies
markets and economies into one market and economy. which seek to address these issues and prominent among
The aim of international standards and regulations is also these are the United Nations and the World Trade
to deregulate all these markets. The economy needs financial Organisation 7.
structures capable of handling the higher level of risk in the Each of these has met with mixed success in instituting
new economy. For this reason financial markets must be some form of governance in international relations but is part
broad, deep, and liquid and at present only the U.S. financial of recognition of the problem and an attempt to address
markets are large enough to provide this financial structure in worldwide problems that go beyond the capacity of
the world market. individual states to solve.
Global stock market projection and Pan-European stock To use the term global governance is not of course to imply
that such a system actually exists, let alone to consider the
market projection are part of this changing.
effectiveness of its operations. It is merely to recognise that
There are many similar examples in the current situation
in this increasingly globalised world there is a need for some
for market integration which are also the result of increasing
form of governance to deal with multinational and global
competition in the economy. Integration examples are
issues. The term global governance therefore is a descriptive
prominent in company mergers and acquisitions as well.
term, recognising the issue and referring to concrete

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cooperative problem-solving arrangements. protection, human rights and social principles. Participation
These may be formal, taking the shape of laws or formally is entirely voluntary, and there is no enforcement of the
constituted institutions to manage collective affairs by a principles by an outside regulatory body.
variety of actors – including states, intergovernmental Companies adhere to these practices both because they
organisations, non-governmental organisations (NGOs), make economic sense, and because their stakeholders,
other civil society actors, private sector organisations, including their shareholders (most individuals and
pressure groups and individuals. The system also includes of institutional investors) are concerned with these issues and
course informal (as in the case of practices or guidelines) or this provides a mechanism whereby they can monitor the
temporary units (as in the case of coalitions). compliance of companies easily. Mechanisms such as the
Thus global governance can be considered to be the Global Compact can improve the ability of individuals and
complex of formal and informal institutions, mechanisms, local communities to hold companies accountable.
relationships, and processes between and among states, As stated previously, good governance is of course
markets, citizens and organizations, both inter- and essential for good corporate performance and one view of
non-governmental, through which collective interests on the good corporate performance is that of stewardship.
global plane are articulated, rights and obligations are Good governance is of course important in every sphere of
established, and differences are mediated 7, 8. the society whether it be the corporate environment or
Global governance is not of course the same thing as world general society or the political environment 9.
government: indeed it can be argued that such a system
would not actually be necessary if there was such a thing as a
world government 8. V. HOW GLOBALISATION AFFECTS GOVERNANCE
Currently however the various state governments have a The question might be how globalisation affects
legitimate monopoly on the use of force – on the power of governance. But the answer to this question is not only
enforcement. Global governance therefore refers to the related to the last quarter of the 20th century but also related
political interaction that is required to solve problems that to previous centuries. John Maynard Keynes calculated that
affect more than one state or region when there is no power of the standard of living had increased 100 percent over four
enforcing compliance. thousand years. Adam Smith had a seminal idea about the
Improved global problem - solving need not of course wealth of communities and in 1776. He described conditions
require the establishing of more powerful formal global which would lead to increasing income and prosperity.
institutions, but it would involve the creation of a consensus Similarly, there is much evidence from economic history to
on norms and practices to be applied. demonstrate the benefit of moral behaviour; for example,
Robert Owen in New Lanark, and Jedediah Strutt in
Derbyshire – both in the UK – showed the economic benefits
of caring for stakeholders.
More recently, Friedman has paid attention to the moral
impact of the economic growth and development of society.
It is clear that there is nothing new about economic growth,
development and globalisation. Economic growth generally
brings out some consequences for the community.
This is becoming a world phenomenon.
One of the most important reasons is that we are not taking
into account the moral, ethical and social aspects of this
process. Some theorists indicated the effect of this rapid
changing more than a hundred years ago. Economic growth
and economic development might not be without social and
moral consequences and implications.
Fig. 1. Model of corporate governance. Another question is who is responsible for this ongoing
process and for ensuring the wellbeing of people and
Steps are of course underway to establish these norms and safeguarding their prosperity.
one example that is currently being established is the creation Is this the responsibility of governments, the business
and improvement of global accountability mechanisms. world, consumers, shareholders, or of all people?
In this respect, for example, the United Nations Global Government is part of the system and the regulator of
Compact1 – described as the world’s largest voluntary markets and lawmakers. Managers, businessmen and the
corporate responsibility initiative2 – brings together business world take actions concerning the market structure,
companies, national and international agencies, trades unions consumer behaviour or commercial conditions.
and other labour organisations and various organs of civil Moreover, they are responsible to the shareholders for
society in order to support universal environmental making more profit to keep their interest long term in the
company. Therefore they are taking risk for their
1
benefit/profit. This risk is not opposed to the social or
See www.unglobalcompact.org
2
Possibly the newly introduced ISO 26000 will become bigger and more moral/ethical principles which they have to apply in the
important in this respect. company. There are many reasons for ethical and socially

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responsible behaviour of the company 9, 10. However, have increased attention to the role of business ethics.
there are many cases of misbehaviour and some illegal Managers and CEOs of these companies must be considered
operations of some companies. responsible for all of these failures and these are cases of
Increasing competition makes business more difficult than ―corporate irresponsibility‖. Many people have the opinion
before in the globalised world. The good news and our that if corporations were to behave responsibly, most
expectations are that competition will not have any longer probably corporate scandals would stop.
bad influence on company behaviour. Corporate governance protects firms against some long
According to international norms, (practice) and term loss. When corporations have social responsibilities,
expectations, companies have to take into account social, they calculate their risk and the cost of failure.
ethical and environmental issues more than during the last Firstly, a company has to have responsibility to
two decades. One of the reasons is more competition and not shareholders and also all stakeholders which means that it has
always more profit; another reason is consumer expectation responsibility to all society. Corporate failures have an
is not only related to the cost of products but also related to important impact on all society also. In particular, big
quality, proper production process and environmental scandals such as Enron have sharply affected the market and
sensitivity. the economy. Various stakeholders as well as shareholders
Moreover shareholders are more interested in long term and regulators of the firm have a responsibility to ensure
benefit and profit from the company. The key word of this good performance.
concept is long term which represents also a sustainable Therefore, corporate governance is not only related to
firms but also related to all society. So changing the role of
company. Shareholders want to get long term benefit with a
corporate responsibility shifts the focus from the real
sustainable company instead of only short term profit.
problem that society needs to address. One of the reasons for
This is not only related to the company profit but also
this result is increasing competition between the company
related to the social and environmental performance of the
and the market. Managers tend to become much more
company. Thus, managers have to make strategic plans for
ambitious than before in their behaviour and status in the
the company concerning all stakeholder expectations which
globalised world.
are sustainable and provide long term benefit for the
The question is how to behave as a socially responsible
companies with their investments 10. manager and how to solve this vital problem in business life
However, Sustainability can be seen as including the and in society. In the business world there are always some
requirement that whatever justice is about – fair distribution rules, principles and norms as well as regulations and some
of goods, fair procedures, respect for rights and social justice, legal requirements.
and is capable of being sustained into the future indefinitely. However, to be socially responsible one must be more than
Globalisation has had a very sharp effect on company simply being a law abiding person who has to be capable of
behaviour and still we can see many problems particularly in acting and being held accountable for decisions and actions.
developing countries. This is one of the realities of the The problem is the implication for all of these directions for
globalisation process. However, we are hoping to see some company and managerial behaviour.
different approaches and improvements to this process with On the other hand, one perspective is that a corporation is a
some of them naturally related to some international ―legal person‖ and has the rights and duties that go with that
principles, rules and norms. But, most of them are related to status—including social responsibility.
the end of this flawed system and the problems of In the case of Enron, managers were aware of all
capitalisation. regulations, even though they have known all irresponsible
The challenge of governance in a globalizing world is to and unethical problems in the company management; they
engage in a process of political deliberation which aims at did not change their approach and behaviour.
setting and resetting the standards of global business The conclusion is that it is not always possible to control
behaviour. behaviour and corporate activity with regulations, rules and
While stakeholder management deals with the idea of norms. So another question arises in this situation, that if
internalising the demands, values and interests of those actors people do not know their responsibility and socially
that affect or are affected by corporate decision-making, responsible things to do and if they do not behave socially
Scherer & Palazzo, 2000, argue that political CSR3 can be responsibly then, who will control this problem in business
understood as a movement of the corporation into life and in the market.
environmental and social challenges such as human rights, The concern is that the social responsibility implication of
global warming, or deforestation. the company cannot be controlled through legal means.
This is the only social contract between mangers and
A. Globalisation, Corporate Failures and Corporate
Governance society and stakeholders of the company and for responsible
and accountable behaviour 8, 9. Firms will consciously
Enron, WorldCom, Parmalat, and various other failures of
need to focus on creating value not only in financial terms,
global corporations bring out some governance issues and
but also in ecological and social terms.
The challenge facing the business sector is how to set
3
Corporate social responsibility - CSR, also called corporate conscience, about meeting these expectations. Firms will need to change
corporate citizenship, social performance, or sustainable responsible
business. Responsible Business is a form of corporate self-regulation
not only in themselves, but also in the way they interact with
integrated into a business model. their environment.

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VI. DEVELOPMENT OF CODES OF GOVERNANCE AND • More or higher credibility

INTERNATIONAL COMPARISONS • Enhancing flexible borrowing condition/facilities from
financial institutions
A. Corporate Governance Principles • Decreasing credit interest rate and cost of capital
Since corporate governance can be highly influential for • New investment opportunities
firm performance, firms must know what the corporate • Attracting Better personnel / employees
governance principles are and how it will improve strategy to • Reaching new markets
apply these principles. In practice there are four principles of • Enhanced company image
good corporate governance, which are: • Enhanced staff morale
• Transparency,
• Accountability, B. Developing a Framework for Corporate Governance
• Responsibility, The first report which set out a framework for corporate
• Fairness governance was the Cadbury Report which was published in
All these principles are related with the firm’s corporate 1992 in the UK. Since then there have been a succession of
social responsibility. codes on corporate governance each making amendments
Corporate governance principles therefore are important from the previous version.
for a firm but the real issue is concerned with what corporate Currently all companies reporting on the London Stock
governance actually is. Management can be interpreted as Exchange are required to comply with the Combined Code
managing a firm for the purpose of creating and maintaining on Corporate Governance, which came into effect in 2003.
value for shareholders. Corporate governance procedures It was revised in 2006 and became the UK Corporate
determine every aspect of the role for management of the Governance Code in 2010. It might be thought therefore that
firm and try to keep in balance and to develop control a framework for corporate governance has already been
mechanisms in order to increase both shareholder value and developed but the code in the UK has been continually
the satisfaction of other stakeholders 10. revised while problems associated with bad governance have
In other words corporate governance is concerned with not disappeared.
creating a balance between the economic and social goals of a So, clearly a framework has not been established in the UK,
company including such aspects as the efficient use of and an international framework looks even more remote.
resources, accountability in the use of its power, and the One of the problems with developing such a framework is
behaviour of the corporation in its social environment. the continual rules versus principles debate.
The definition and measurement of good corporate The American approach tends to be rules based while the
governance is still subject to debate. European approach is more based on the development of
However, good corporate governance will address all principles – a slower process. In general rules are considered
these main points: to be simpler to follow than principles, demarcating a clear
 Creating sustainable value line between acceptable and unacceptable behaviour 10.
 Ways of achieving the firm’s goals Rules also reduce discretion on the part of individual
 Increasing shareholders’ satisfaction managers or auditors. In practice however rules can be more
 Efcient and effective management complex than principles. They may be ill-equipped to deal
 Increasing credibility with new types of transactions not covered by the code.
 Ensuring efficient risk management Moreover, even if clear rules are followed, one can still find a
 Providing an early warning system against all risk way to circumvent their underlying purpose - this is harder to
 Ensuring a responsive and accountable corporation achieve if one is bound by a broader principle.
 Describing the role of a firm’s units There are of course many different models of corporate
 Developing control and internal auditing governance around the world. These differ according to the
 Keeping a balance between economic and social benefit nature of the system of capitalism in which they are
 Ensuring efficient use of resources embedded. The liberal model that is common in
 Controlling performance Anglo-American countries tends to give priority to the
 Distributing responsibility fairly interests of shareholders. The coordinated model, which is
 Producing all necessary information for stakeholders normally found in Continental Europe and in Japan,
 Keeping the board independent from management recognises in addition the interests of workers, managers,
 Facilitating sustainable performance suppliers, customers, and the community.
All of these issues have many ramifications and ensuring Both models have distinct competitive advantages, but in
their compliance must be thought of as a long term procedure. different ways. The liberal model of corporate governance
However, firms naturally expect some tangible benefit from encourages radical innovation and cost competition, whereas
good governance. So good governance offers some long term the coordinated model of corporate governance facilitates
benefit for firms, such as: incremental innovation and quality competition.
• Increasing the firm’s market value However, there are important differences between the
• Increasing the firm’s rating recent approach to governance issues taken in the USA and
• Increasing competitive power what has happened in the UK.
• Attracting new investors, shareholders and more equity

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C. ISO 26000 organisation is concerned with the stewardship of the

Corporate governance or, as defined in ISO FDIS 260004, financial resources of the organisation so too would
organizational governance is the system by which an management of the organisation be concerned with the
organization makes and implements decisions in pursuit of its stewardship of environmental resources.
objectives. Simply put ―governance‖ means: the process of The difference however is that environmental resources
decision-making and the process by which decisions are are mostly located externally to the organisation.
implemented (or not implemented). Stewardship in this context therefore is concerned with the
And according to ISO FDIS 26000, it is the most crucial resources of society as well as the resources of the
factor in enabling an organization to take responsibility for organisation.
the impacts of its decisions and activities and to integrate As far as stewardship of external environmental resources
social responsibility throughout the organization and its is concerned then the central tenet of such stewardship is that
relationships. of ensuring sustainability.
Communities and their environments are increasingly Sustainability is focused on the future and is concerned
impacted by any kind of organization including small, with ensuring that the choices of resource utilisation in the
medium, large-sized, domestic or multinational, private or future are not constrained by decisions taken in the present.
governmental enterprises. This standard is concerned with This necessarily implies such concepts as generating and
social responsibility and sustainability and offers guidance utilising renewable resources, minimising pollution and
on socially responsible behavior and possible actions; it does using new techniques of manufacture and distribution. It also
not contain requirements and, therefore, in contrast to ISO implies the acceptance of any costs involved in the present as
management system standards, is not certifiable. an investment for the future.
Although this standard by its current concept is just a A great deal of concern has been expressed all over the
collection of previously existed and globally agreed codes world about shortcomings in the systems of corporate
and principles; however there is a hope for its progressive governance in operation, and its organization has been
movement to more specific requirements and procedures for exercising the minds of business managers, academics and
implementation internationally. government officials all over the world.
In this document it is emphasised that effective governance Often companies’ main target is to become global – while
should be based on incorporating the principles of social at the same time remaining sustainable – as a means to get
responsibility where these principles are accountability, competitive power. But the most important question is
transparency, ethical behaviour, respect for stakeholder concerned with what will be a firms’ route to becoming
interests, respect for the rule of law, respect for international global and what will be necessary in order to get global
norms of behaviour and respect for human rights into competitive power. There is more than one answer to this
decision making and implementation. question and there are a variety of routes for a company to
Actually, the Anglo-Saxon model which has led directly to achieve this.
the notion of a free market as a mediating mechanism and the Corporate governance can be considered as an
acceptance of the use of power for one’s own end, in true environment of trust, ethics, moral values and confidence –
utilitarian style, has caused the loss of a sense of community as a synergic effort of all the constituents of society – that is
responsibility which removed any sense of social the stakeholders, including government; the general public;
responsibility from business. professional / service providers – and the corporate sector.
According to a socially responsible code of governance, all Of equal concern is the question of corporate social
organizations should put in place processes, systems, responsibility – what this means and how it can be
structures, or other mechanisms that make it possible to apply operationalised. Although there is an accepted link between
the principles and practices of social responsibility. good corporate governance and corporate social
responsibility the relationship between the two is not clearly
defined and understood.
VII. CONCLUSION Thus many firms consider that their governance is
adequate because they comply with The UK Corporate
Good governance is of course important in every sphere of
Governance Code, which came into effect in 2010. Of course,
society whether it be the corporate environment or general
as we have previously stated, all firms reporting on the
society or the political environment. Good governance can,
London Stock Exchange are required to comply with this
for example, improve public faith and confidence in the
code, and so these firms are doing no more than meeting their
political environment. When the resources are too limited to
regulatory obligations.
meet the minimum expectations of the people, it is a good
Although many companies regard corporate governance as
governance level that can help to promote the welfare of
simply a part of investor relationships, the more enlightened
society. And, of course a concern with governance is at least
recognise that there is a clear link between governance and
as prevalent in the corporate world.
corporate social responsibility and make efforts to link the
Good governance is essential for good corporate
two. Often this is no more than making a claim that good
performance and one view of good corporate performance is
governance is a part of their CSR policy as well as a part of
that of stewardship and thus just as the management of an
their relationship with shareholders. It is recognised that
4
these are issues which are significant in all parts of the world
International Standard on Social Responsibility, The International
Organization for Standardization (ISO), New York, May 27, 2010.
and a lot of attention is devoted to this global understanding.

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Alseddig Ahmed Almadani was born on 14th
regulation just as much as failures in governance. September 1983 in Libya and studied at Hafed Al
Indeed this has been a focus of much attention and some Madani high school ―Bani Walid-Libya‖ (1998-2001).
have argued that the regulators are more culpable even than He has a BA in accounting business from the
University Musrata University in Bani Walid-Libya
the perpetrators and should be sanctioned accordingly. (2002-2006) and master degree at the University
As we can see, globalisation has an enormous effect on Singidunum in Belgrade, Serbia (2011-2012). He
society and business life which can be manifest in a number obtained his second master degree at Belgrade
Banking Academy, Faculty for Banking, Insurance
of different ways. So, business life needs more regulation and and Finance (2012), Belgrade, Serbia.
proper and socially responsible behaviour than before. He worked as an accountant in the Alhajer Almashid company ―Tripoli,
Libya‖ (2010-2011). English language course at Colchester English Study
REFERENCE Center, England, IELTS exam (4.5), 2010.
Mr. Alseddig Ahmed Almadani is currently a PhD student in the
[1] J. Cramer, ―From financial to sustainable profit,‖ Corporate Social Department of Accountancy at Megatrend University, Belgrade, Serbia. The
Responsibility and Environmental Management, vol. 9, pp. 99-106, focus of his research is in audit with a particular focus on the changing
2002. institutional arrangements within professional firms.
[2] N. Dower, ―Global economy, justice and sustainability,‖ Ethical
Theory and Moral Practice, vol. 7, pp. 399-415, 2004.

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