Corporate Governance Crisis Caused by Lack of Business Ethics

Organizational Behavior Analysis of LIBOR Scandal

DOI

10.2991/aebmr.k.211117.003How to use a DOI?

Keywords

Fraud prevention; LIBOR scandal; morality; leadership; responsibility

Abstract

Firstly, based on the fraud of Barclays Bank in the LIBOR manipulation incident, this paper analyzes the role of behavioral and psychological factors such as morality, the principle of reciprocity, conformity and obedience to authority in misconduct. Secondly, it analyzes the internal culture of commercial banks and the external culture of the overall financial industry under the background of the event, as well as the role of social structure and informal social relations in LIBOR fraud at that time. Finally, according to the personal point of view, this paper puts forward the responsibilities of individuals, organizations and governments in preventing fraud, and puts forward measures to prevent fraud such as LIBOR manipulation from these three levels.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

Download article (PDF)

TY  - CONF
AU  - Haoran Xu
PY  - 2021
DA  - 2021/11/30
TI  - Corporate Governance Crisis Caused by Lack of Business Ethics
BT  - Proceedings of the  International Conference on Management, Business, and Technology (ICOMBEST 2021)
PB  - Atlantis Press
SP  - 17
EP  - 25
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.211117.003
DO  - 10.2991/aebmr.k.211117.003
ID  - Xu2021
ER  -