Unit 8 Scholarly ldrsh
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53jEFF IMMELT
be easier for human beings to recognize how similar we
are; to understand that we all basically want the same
things; that we all hope for the chance to live out our
lives with some measure of happiness and fulfillment for
ourselves and our families.
And yet, given the dizzying pace of globalization, and
the cultural leveling of modernity, it should come as no
surprise that people fear the loss of what they cherish
about their particular identitiestheir race, their tribe, and
perhaps most powerfully their religion. In some places, this
fear has led to conflict. At times, it even feels like we are
moving backwards. We see it in Middle East, as the conflict
between Arabs and Jews seems to harden. We see it in na-
tions that are torn asunder by tribal lines.
Most dangerously, we see it in the way that religion
is used to justify the murder of innocents by those who
have distorted and defiled the great religion of Islam,
and who attacked my country from Afghanistan. These
extremists are not the first to kill in the name of God; the
cruelties of the Crusades are amply recorded. But they
remind us that no Holy War can ever be a just war. For
if you truly believe that you are carrying out divine will,
then there is no need for restraintno need to spare the
pregnant mother, or the medic, or even a person of ones
own faith. Such a warped view of religion is not just in-
compatible with the concept of peace, but the purpose of
faithfor the one rule that lies at the heart of every ma-
jor religion is that we do unto others as we would have
them do unto us.
Adhering to this law of love has always been the core
struggle of human nature. We are fallible. We make mis-
takes, and fall victim to the temptations of pride, and
power, and sometimes evil. Even those of us with the best
intentions will at times fail to right the wrongs before us.
But we do not have to think that human nature is per-
fect for us to still believe that the human condition can be
perfected. We do not have to live in an idealized world to
still reach for those ideals that will make it a better place.
The non-violence practiced by men like Gandhi and King
may not have been practical or possible in every circum-
stance, but the love that they preachedtheir faith in hu-
man progressmust always be the North Star that guides
us on our journey.
For if we lose that faithif we dismiss it as silly or na-
ve; if we divorce it from the decisions that we make on
issues of war and peacethen we lose what is best about
humanity. We lose our sense of possibility. We lose our
moral compass.
Like generations have before us, we must reject that
future. As Dr. King said at this occasion so many years
ago, I refuse to accept despair as the final response to the
ambiguities of history. I refuse to accept the idea that the
isness of mans present nature makes him morally inca-
pable of reaching up for the eternal oughtness that forever
confronts him.
So let us reach for the world that ought to bethat
spark of the divine that still stirs within each of our souls.
Somewhere today, in the here and now, a soldier sees hes
outgunned but stands firm to keep the peace. Somewhere
today, in this world, a young protestor awaits the brutal-
ity of her government, but has the courage to march on.
Somewhere today, a mother facing punishing poverty still
takes the time to teach her child, who believes that a cruel
world still has a place for his dreams.
Let us live by their example. We can acknowledge that
oppression will always be with us, and still strive for jus-
tice. We can admit the intractability of depravation, and
still strive for dignity. We can understand that there will
be war, and still strive for peace. We can do thatfor that
is the story of human progress; that is the hope of all the
world; and at this moment of challenge, that must be our
work here on Earth.
Renewing American Leadership
A CEOS VISION FOR AMERICAN RENEWAL
Address by JEFF IMMELT, Chairman and CEO, General Electric
Delivered at the United States Military Academy, West Point, N.Y., Dec. 9, 2009
First and foremost, let me tell you how honored I am to be here with you today. Ive always been an admirer of
West Point, and the character and accomplishments of its
graduates. Im awed by their heroism and self-sacrifice in
the wars theyve fought and the peace theyve kept.
I realize this is Army-Navy weekend and that you are
the underdog. I was a football player in college, so I dont
have any eligibility left. I could give you a diesel locomo-
tive to open a few holes.
West Point graduates are responsible for some of the
worlds greatest engineering feats. Theyve led some of the
most important advances in aviation and medicine and in-
formation technology. Theyve founded colleges and busi-
ness and charities.
We have 11,000 veterans working at General Electric;
238 West Point graduates, and nearly 600 from all the
service academies. We actively recruit from the military
because we have learned that the values you bring to our
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54 VITAL SPEECHES OF THE DAY
company are essential to our success.
Three West Point graduates from GE join me today.
Dave Ferguson, Class of 1990; Alonzo Ford, Class of 1998;
and Steve Mumm, Class of 2002.
Dave leads all of GEs military recruiting. Dave served
as a Scout Platoon Leader, a Tank Platoon Leader, as a Bat-
talion Supply Officer, a Company Commander and as a
Major, with his last duty as a Battalion Executive Officer.
Alonzo has been with GE four years and served as an ar-
mored cavalryman for seven. After being promoted to Cap-
tain, Alonzo served in combat with 3rd Brigade, 3rd Infantry
Division in the initial attack on Baghdad in 2003.
Steve is now a project manager at GEs Oil and Gas busi-
ness in Houston. Steve spent five years as a combat engi-
neer officer and deployed to Tikrit, Iraq to support combat
and reconstruction efforts throughout the province.
Dave, Alonzo, Steve and all our other Academy graduates
learned something profound and rare in their education
here by the Hudson River. It is their commitment to the val-
ues of Duty, Honor, and Country. And my point today is to
tell you: its something every person in the United States
from business and from governmentcan learn from.
A recent Gallup poll asked Americans: Who do you ad-
mire? It will please you to know that the military finished
first, with a 77 percent approval rating. Conversely, big
business and congress received approval from only 20 per-
cent of our fellow citizens. People have lost faith in many
big institutions.
We sit in a very unique moment in the history of our
country. We are at war. I know that the President was
here last week to commit more troops to Afghanistan.
Please know that you have the respect and prayers of a
grateful nation.
At the same time, there is economic and social unrest
inside our country. Unemployment is at 10%; we have en-
dured the worst financial crisis since 1940; trillions have
been lost in financial assets and housing prices. People are
angry and frustrated.
The world is being reset. But, I know that our future
will be better than the past. I am convinced that American
leaders will come together to solve our problems.
Importantly I want you to know that I am as committed
to take care of you in the future, as you are to take care of
me right now.
To realize a better economic future, our country must
change how we compete. In order to change, we must
have: an understanding of what happened; a plan to win;
and leaders who have the courage to change themselves
and others.
So what happened?
Throughout my career, America has seen so much eco-
nomic growth that it was easy to take it as a given. But,
we started to forget the fundamentals, and lost sight of the
core competencies of a successful modern economy. Many
bought into the idea that America could go from a technol-
ogy-based, export-oriented powerhouse to a services-led,
consumption-based economyand somehow still expect
to prosper.
While some of Americas competitors were throttling up
on manufacturing and R&D, we deemphasized technology.
Our economy tilted instead toward the quicker profits of
financial services.
Our country was built on great undertakings that
brought out the best in government and business alike. But
that kind of economic vision, that kind of focus on essen-
tial national goals, has been missing.
We need a new strategy for this economy. We should
clear away any arrogance, false assumptions that things
will be ok if we stick to the status quo. Rather, we should
dedicate ourselves again to be the most competitive coun-
try in the world.
This is our vision for the American renewal. We need to
invest more in innovation. We need to target this innova-
tion toward fulfilling big needs like clean energy. We need
to make products here and have the self-confidence to sell
them around the world. And we need business and gov-
ernment to work together instead of arguing while other
countries win.
This begins with a significant increase in research and
development. The only way to sustain a real competitive
advantage is to invest in the needs of tomorrow.
The federal government has always been an important
contributor to innovation. Similarly, businesses need to
invest more in technology and take more risks. Engi-
neering has been underemphasized in this country for a
generation. If were going to be serious about innovation,
then weve got to do a much better job training the next
generation of innovators.
Technology is what makes people and countries feel
wealthy. Technology is also the source of competitive ad-
vantage. An American renewal will be built on technology.
America should apply our innovation toward addressing
the biggest global opportunityclean and affordable energy.
For decades now, the most vital of commodities has
been largely left to the control of others. The price for
these commodities will rise due to increased consump-
tion in emerging markets. Were in for terrible risks if we
follow this path of increased dependency. Its essential
that we create a position of affordable, clean and secure
energy for America.
We can lead this energy technology renaissance. We
should rebuild our nuclear power infrastructure; be a
leader in natural gas exploration and usage; find ways to
produce energy with clean coal; develop more cost efficient
renewables; deliver the next generation of transportation,
using hybrid technology. Leadership in Energy will insure
our global competitiveness and security.
It will also create jobs. There will be 10 million clean
energy jobs created in the next five years. Many will be in
the United States if we act now.
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55jEFF IMMELT
To that end, we must make a serious commitment to
manufacturing and exports. Ive had people tell me that
America has seen a natural evolution from farming to man-
ufacturing to services. But there is nothing predestined or
inevitable about the industrial decline of the United States,
if we are prepared to reverse it.
To win, we must compete globally. Your generation must
succeed by selling products to the billions of new consumers
in China, India, Brazil, Africa every corner of the world.
The United States ranks last among major manufactur-
ers in export intensity. If we exported at the world average,
we would eliminate the trade deficit and create new jobs.
To achieve these, we should welcome the government as
a catalyst for leadership and change.
I believe in the endless possibilities of individual choice
and private initiative. But this isnt the first time that busi-
ness and government have had to work together for na-
tional ends. We should work together again today, setting
goals for productivity, job creation and exports.
Theres a long history in this country of government
spending that prepares the way for new industries that thrive
for generations. Think of the Department of Defense, and all
the commercial innovations that came out of military invest-
mentsfrom computing to transportation to healthcare.
Through a real public-private partnership, we can
dramatically improve Americas competitiveness. Today,
people in this country want to see business and govern-
ment work together.
An American renewal will be shaped by the public and
private sectors, andmore than everby a willingness to
act boldly for the good of the country.
GE will lead this change.
I am proud to work at GE, a great American company
since the 1800s. Since I joined the company in 1982, GE has
earned $230 billionmore than any enterprise in the world.
We are the oldest remaining company in the Dow Jones
Industrial Average. This is not because we are a perfect
company. We, too, had issues in financial services. But,
through the years, we have adapted while remaining pro-
ductive and competitive. We have globalized the company,
while investing massive amounts in technology, products
and services.
GE has never forgotten the importance of R&D. Each
year, we put 6 percent of our industrial revenue back into
technologyso much that more than half of the products
we sell today didnt even exist a decade ago.
Weve made a business decision to focus all the innova-
tive powers of GE to solving the problems of energy use and
environmental stewardship.
Weve brought to market 90 new products to help our
customers benefit from renewable technology through serious
reductions in the cost and use of energy. In only four years
time, our revenues from environmentally friendly technology
have grown to close to $20 billion.
We know how to make things in the United States and
sell them globally. Nearly 60 percent of our revenue is out-
side the U.S. We are the countrys biggest exporter. We are
adding jobs in places where we have invested in technolo-
gy and all of us are selling aggressively to fill our factories.
I joined President Obamas economic recovery advisory
board. He can count on my openness and honesty. More
importantly, he can count on GEs support to drive com-
petitiveness and innovation that will improve the economy.
We want to be a part of the solution.
So, we have an understanding of what happened. We
know what it takes to win. But the real question in all this
is who will lead us? This is what I really want to talk with
you about today. Nothing of consequence is accomplished
without leadership.
You are being taught leadership here at the USMA. Lead-
ership is the essence of what you will do when you graduate.
We must build a new generation of leaders to create a
different future. We have been spending some time at GE
trying to understand what attributes of leadership will
make an impact with the challenges of the 21st century.
Take a look at the first decade of this century the
terrorist attacks of 9/11, corporate scandals, globaliza-
tion, technology changes, the recession, wars in Iraq and
Afghanistan what we know is that the environment in
which leaders are operating is significantly more compli-
cated, and less predictable than in the past.
Certainly there are attributes of leadership that stand the
test of timebut the agenda for our country and complex-
ity of our challenges requires us to rethink what aspects of
leadership we need to emphasize.
We have found ourselves discussing this topic with a variety
of people. We wanted broad insight and perspective so we have
engaged in dialogue with other companies, and with an eclectic
group of thought leaders, academics, historians, futurists.
It takes courage to rethink your leadership paradigm.
But I recognized that if I wanted the company to change,
that I would have to change myself. And, a good leader is
never too old to learn.
By analyzing the best practices of others, we have com-
piled traits that I need to improve on, and you might want
to develop.
First, we have to be better listeners. This sounds simple
but are we really listening? Do we really engage with people
who have different opinions; are we ready and willing to ac-
cept critical inputs?
I recently read a book on D-Day, by Antony Beevor. I have
read extensively about WW II. Eisenhower was a fascinating
leader because he was a great listener. He didnt shut any voice
out, but was still able to make the tough decisions.
I decided that I needed to be a better listener coming out of
the crisis. I felt like I should have done more to anticipate the
radical changes that occurred. To that end, about twice each
month, I invite one of our Top 25 leaders to a Saturday session
where we talk about the company, the future and each other. At
that session, we are two friends talking. I encourage an open
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56 VITAL SPEECHES OF THE DAY
critique of each other. Listening in this way has built trust
and commitment. My top leaders want to be in a company
where their voice is heard.
21st Century leaders listen. They use external inputs as a
catalyst. They put their ego in check. They ask more questions
than they answer. They welcome dissent and debate, and are
constantly seeking more intelligence. As leaders, a big part of
your job will be telling people what to do. But remember that
real intelligence comes more from the ask then the tell.
Second, leaders must become systems thinkers who are
comfortable with ambiguity. I am an applied math major
and an MBA. In school, I loved science. My career has grown
in a linear fashion. There wasnt much ambiguity in my
education. I grew up in a simpler world, both economically
and geopolitically.
The future world is more complex, for both you and me.
Success requires problem solving, and connecting the dots.
This requires intellectual breadth and tactical depth. We must
understand technology, globalization, politics, economics,
human resources. We must understand how government,
community, the environment, business, academics all con-
nect. And we must apply this to solving problems.
Let me share a story about systems thinking. And it is one
you can relate to. GE is helping to rebuild the electricity grid
in Iraq. This is important for the peace process and it is also
an opportunity to create jobs in the United States. We need to
be successful at this. To be successful we must: have high tech
products that can handle the heavy fuel found in the country;
work with local contractors to get processes on line; train a
new GE team and keep them safe in Iraq; coordinate with the
military and state departments; and figure out how to get paid
by the Iraqi Government! It certainly isnt boring!
Bill Gates, the founder of Microsoft is my friend. I have
been amazed at the impact Bill is having by applying systems
thinking to philanthropy. Big problems can get solved
problems like reducing malaria in Africa or improving public
schools in the United Statesby apply systems thinking.
I didnt learn any of this stuff in school. I have learned it
through experience and getting comfortable with ambiguity.
I dont know all the answers, I often dont know how things
are going to turn out. What I do know is that 21st century
leaders must be systems thinkers; they must be good at solv-
ing problems.
Third, leaders must build competency and move with
speed. GE is a big organization, like the Army. The problem
with size is that it can be too slow.
At GE, we must push decision-making down in the organi-
zation and we must delegate more. But delegation, in a risky
world, is tough. It isnt natural to give authority away, but
that is what a 21st century leader needs to do. They have to
empower others, and they have to develop the kind of follow-
ers who will make a call when it is the right thing to do.
At the top of a big organization, speed requires trust. GE is
a believer in rules; but in point of fact, we work on trust.
Think about General Petraeus and the surge in Iraq. He
is a great leader and he moved with speed and certainty
because he had the trust of the nation. His actions forever
changed the shape of that conflict.
In the fall of 2008, in the peak of the financial crisis, it
seemed like the world was going to end every weekend. I had
weekly board calls, making frequent decisions, and doing
things I never thought I would have to do. I am sure that my
board and investors frequently wondered what in the heck
I was doing. I had to act without perfect knowledge; I had
to act faster than my ability to communicate or explain my
actions. I could do this because we had built trust. And we
kept GE safe because we moved fast.
Similarly, I have learned that speed is important as we
globalize. I have been frustrated by our growth in India. We
have missed opportunities because of our bureaucracy. So I
moved one of our most talented leaders to create a mini-GE
in India. I am giving him complete delegation of authority
to pick up the pace.
But trust can only be built on competency. We are try-
ing to build competency in to our junior leaders even more
quickly, so they will be prepared for the complex situations
and decisions that lie ahead.
To that end, we are launching a new Corporate Leader-
ship Staff. These will be the best and brightest of our 22-30
year olds. We will give them accelerated experiences and
training. The goal is to have them ready to run a big busi-
ness by age 30.
We know this works. We have taken some of our best
talent and given them intense and accelerated experience.
It is the way you train in the military, and we know that in-
tensive training and complex real experiences are the best
tools for creating future leaders.
Speed means delegation; delegation requires competence.
To develop both, we are focused on the leadership book-
ends. People at the beginning of their careers; and the top
leaders in the company. If our bookends are better and
stronger, then everything in between will improve.
Fourth, leaders must motivate with vision, but win through
execution. This is something we have learned from you at West
Point. We know that you build leaders of character and we
know that you have to execute in extreme situations.
We respect and admire your understanding of leadership
so much so that we have asked Colonel Tom Kolditz and
Colonel Pat Sweeney, instructors here at West Point, to teach
at our leadership institution, Crotonville. We have learned
a ton from you and we are excited by what the West Point
leadership perspective provides to our business managers.
The truth is, people want an emotional connection that
inspires action and commitment. They need charismatic vi-
sion. I want GE people to believe that they can change the
world. But this requires words and action. Our slogan is
Imagination at Work. The work part is quite important.
There is no one style of leadership that you should emulate.
But great leaders always match vision with execution. And lead-
ership in general must welcome both purpose and power.
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57jEFF IMMELT
Let me give you studies in contrast. One of my heroes was
President Reagan. President Reagan was very charismatic.
He could give speeches all day long and you would never be
bored. At the same time, he was responsible for an aggressive
reform agenda that forever changed our country.
On the other side is the Chinese government. Talk about
boring! But they are executing their eleventh five year plan.
They do exactly what they say they will do. They will likely
be the biggest economy in the world someday. Man, these
guys are good!
GE has a vision to transform healthcare, called Healthy-
magination. We want to reduce cost, improve quality and
increase access. It is a great vision. But we are also spending
$6 billion to launch 100 new products; conducting healthcare
delivery experiments around the world; moving ideas from
the United States to China and back again; dedicating our
best human talent; and I am spending about 15 percent of my
time on the initiative. In the end, actions speak loudest.
I believe in mission-based leadership. This requires clar-
ity of communication, transparency of purpose and unity
of team. Change requires incredible determination. You
will always be criticized when you challenge the status
quo. So we want true believers. GE is not the right com-
pany for everybody. We want people who see a purpose
bigger than themselves.
21st century leaders will have the vision and they will
connect with people in a way that enables people to follow.
When the vision connects with actions when the head
connects with the heart drastic changes take place.
Last, leaders must like and respect people. I think we are
at the end of a difficult generation of business leadership,
and maybe leadership in general. Tough-mindedness, a good
traitwas replaced by meanness and greedboth terrible
traits. Rewards became perverted. The richest people made the
most mistakes with the least accountability. In too many situ-
ations, leaders divided us instead of bringing us together.
As a result, the bottom 25% of the American population is
poorer than they were 25 years ago. That is just wrong.
I was recently at an event with some unemployed steel
workers. Their stories are truly sad. They just want to work.
They want to be led.
What is my responsibility? What will your responsibility
be someday? Technically, nothing. Financially, nothing. We
do not have to care. But we should.
It begins by people telling the truth. We do have to com-
pete to be great; we must improve training and education; we
cannot protect everyone in a global economy. In my career, I
have had to deliver difficult news that I believed was in the
best interest of the enterprise.
At the same time, ethically, leaders do share a common
responsibility to narrow the gap between the weak and the
strong. I have taken on the challenge to increase manufactur-
ing jobs in the United States. These are the jobs that have
created the Midwestern middle class for generations. Manu-
facturing jobs paid for college educations, including mine.
They have been cut in half over the past two decades.
Many say this is a fools mission. I dont have all the
answers. What I can bring what GE can bring are
investments, training and operating approaches to help
everyone win.
The residue of the past was a more individualistic win-
lose game. The 21st century is about building bigger and
diverse teams; teams that accomplish tough missions with
a culture of respect.
We are committed to renewing American leadership.
We are developing better listeners; systems thinkers.
We are creating structures that build speed around compe-
tency. We are exciting people with vision and action. And
we plan to bring everyone with us.
This new spirit of American leadershipmuch of which
is derived from this great institutionwill be the founda-
tion of renewal and change. Institutions that endure, like
GE, like West Point and the Army, have three things in
common: A commitment to integrity, a commitment to per-
formance; and a commitment to learn and grow stronger.
In closing, let me end where I began, by expressing my
admiration and gratitude for West Point, for the service
you will give our country, for the service of those who
came before you and for the values you exemplify.
Like all Americans, I read about the sacrifices you
and your colleagues have made in Iraq, Afghanistan, and
around the world. And I am sure that all of you have
friends who have been killed or wounded during the war.
Their example, and the example of every American who
stands in harms way so that we may be secure in our free-
dom to build our businesses and follow our dreams and
improve our lives, is the voice of our national conscience.
Few of us will ever do what many of you will do for
duty, honor and country. But America doesnt expect hero-
ism from all of us. It does expect us to be good citizens of
this country where no ones dreams are too big, a country
that is defended so bravely by others. It expects us to hon-
or the sacrifice made on our behalf by making the best use
of the freedom you protect. Wherever our talents lie, and
whenever our conscience requires, we must all, to the best
of our abilities, help keep America the great face for good it
has long been. We are trying to do that at GE.
America is at a turning point. The U.S. Military defends
our freedom to succeed, and your values will help to direct
our renewal. It has been a great privilege to talk with you.
Copyright of Vital Speeches of the Day is the property of McMurry Inc. and its content may not be copied or
emailed to multiple sites or posted to a listserv without the copyright holder’s express written permission.
However, users may print, download, or email articles for individual use. 751, XXIII, 2020
Business Administration and Management
DOI: 10.15240/tul/001/2020-1-006
Introduction
Sustainability is a theme that has gained interest
among researchers and practitioners due to the
increase of stakeholder awareness regarding
environmental and social issues. In this context,
the purchasing power of a company may turn
out to be an important booster to bring positive
changes to society. Corporations have to use
this power to accomplish a goal and turn their
supply chain in a driver for inclusive growth
THE IMPACT OF SUPPLY CHAIN
LEADERSHIP AND FOLLOWERSHIP ON
CSR: AN EMPIRICAL STUDY ABOUT
A PORTUGUESE ENERGY SUPPLIER
Pedro Fontoura1, Arnaldo Coelho2
1 University of Coimbra, Faculty of Economics, Portugal, ORCID: 0000-0001-7218-6770, [emailprotected];
2 University of Coimbra, Faculty of Economics, Portugal, [emailprotected]
Abstract: Purpose: The aim of this investigation is to identify the impact of the supply chain
leadership (SCL) and followership (SCF) on corporate social responsibility (CSR), considering the
moderator role of the supply chain leadership dependency (SCLD). Additionally, we considered
the mediating effects of information sharing (IS), shared values (SV) and purchasing social
responsibility (PSR), since these variables may help understand the chain of effects that leads to
a sustainable supply chain.
Methodology: This study uses a structured questionnaire to gather data from a cross-sectional
sample of 425 supply chain partners from the biggest Portugueses energy supplier. Structural
Equation Modelling is used to test the proposed hypotheses, and a multi-group analysis is conducted
to nd how suppliers dependency can impact on the suggested relationships.
Findings: SCL has a positive impact on IS, SV and PSR while SCF has a positive impact on IS and
SV. IS, PSR and SV have a positive impact on CSR. SCF has a direct impact on CSR, while SCL
only shows indirect effects throughout the effects of the mediating variables. Dependency appears
to moderate some of the proposed relationships.
Implications/Originality: Better understanding the impacts and the chain of effects between supply
chain leadership and CSR, also considering the role of dependency as moderating variable. The
overall results may support the importance of a truly sustainable business leadership capable to
promote social responsibly along the entire supply chain. It is a new approach of supply chain
management, identifying how a social responsible company may lead their suppliers to adopt and
develop a true and committed social responsible behaviour, and contribute to a better world.
Limitations: The research considers only one company suppliers. The relationships between
variables need to be explored in other practical case studies and longitudinal investigations to
improve the possibility of generalisations.
Keywords: Supply chain leadership, supply chain followership, purchasing social responsibility,
corporate social responsibility, sustainable supply chain management.
JEL Classi cation: M14, L14, L25, L97.
APA Style Citation: Fontoura, P., & Coelho, A. (2020). The Impact of Supply Chain Leadership
and Followership on CSR: An Empirical Study about a Portuguese Energy Supplier. E&M
Ekonomics and Management, 23(1), 7592. https://doi.org/10.15240/tul/001/2020-1-006
EM_1_2020.indd 75 20.3.2020 11:17:26
76 2020, XXIII, 1
Business Administration and Management
(Szegedi & Kerekes, 2012). Consequently,
businesses have become conscious of the
requirement of developing strategies, which
can spread their usual corporate governanc
