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Article Title:
Reviewing the Implications of Corporate Governance, Corporate Social Responsibility on Corporate Failure in the Literature: Developing Countries
by Ibtehal Orabi Awad and Ibrahim Raslan Hegazy

Abstract:
This study seeks to examine the implications of Corporate Social Responsibility (CSR) and Corporate Governance (CG) measures on Corporate Failure. The paper reviews the literature considering accounting variables such as firm size, leverage, liquidity, and profitability. In addition, it reviews the literature on the relationship between CG measures, CSR, and corporate failure. In addition, there has been an ongoing debate and conflict on whether the existence CSR and CG together enhance company performance and reduce its like hood to fail. Therefore, from one hand this study aims to survey the accounting literature concluding whether accounting variables, CSR, impact CG and from the other hand, the effects of CSR and CG on corporate failure. The analysis of literature finds a significant association between the accounting variables (i.e. firm size, leverage, liquidity, and profitability) and CG. The results indicate that there is a significant relationship between accounting variables and CSR. However, the review of literature found the relationship between CSR and CG to be contradictory; some studies found a significant association and other studies found no relationship. Finally, the paper finds a gap in the literature examining CSR, CG and corporate failure; which is the lack of researches studying the effect of accounting variables, CG measures, and CSR on corporate failure. To the best of the authors' knowledge, this is the first study to look at this issue for developing countries. The findings from this paper may provide a critical analysis of the practices of CSR with CG on firm value especially for developing countries concerning the needed amendments of CG and CSR guidelines to be more effective.

Keywords: corporate governance, accounting variables, corporate social responsibility, corporate failure and developing countries.

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