Affirmation of Principles and Improved Corporate Governance in Serbia - Business Ethics and Corporate Social Responsibility

The aim of this chapter is to examine whether corporate governance in Serbia is based on affirmation of responsible and ethical conduct. The concept of corporate governance refers to the system by which companies are managed and controlled in order to generate long term economic value for its shareholders, while respecting the interests of stakeholders and society as a whole. Companies’ responsibility towards their stakeholders is recognized as a principle of good corporate governance. In this chapter, we present results of the poll on the managers’ attitudes towards business ethics and corporate social responsibility in Serbian business environment. We found out that managers are uniformed in the belief that companies have responsibilities towards their stakeholders: employees, business partners, suppliers, customers, community and environment. In addition, they are of the opinion that ethical behaviour and business success could go along, and also that immoral conduct is not justified in business. Nevertheless, most of examined managers see current business environment in Serbia as an uncompromising struggle. We can conclude that while managers’ attitudes towards business form a solid basis for the affirmation of principles and improved corporate governance, the perception of business environment as an uncompromising struggle indicate that current business practice in Serbia, in fact, hinder ethical and responsible conduct and reflect its opposite.