The effect of corporate governance on internationalisation, globalisation and the performance of the

`The effect of corporate governance on internationalization,
globalization and the performance of the firm: A case study on Emirates
airline

ACKNOWLEDGEMENT
I am thankful to all those friends and relatives who give me full guidance and support in
completing my dissertation on corporate governance they always encouraged for completing
dissertation in best possible way. In addition to this I also appreciate my mentor for giving me
full guidance in preparing a dissertation. It was his support and experience due to which I was in
position to complete dissertation in a right manner. Finally, I want to accept that everyone give
lots of efforts in helping me in completing my dissertation

ABSTRACT
Corporate governance is a word on which today most of the companies are giving due
importance. In order to understand importance of corporate governance in context of business
firms a dissertation in done. In this regard, Emirate an airline company is taken in the
dissertation. For preparing a dissertation on corporate governance lots of secondary data were
reviewed. This information’s were taken from books and journals etc. On the basis of evaluation
of theories literature review is prepared. After that sample is taken and employees of Emirate
were taken in sample. In research sample of 20 employees were taken that comes in top, middle
and lower level of management. In research primary research was conducted under which
questionnaire was distributed among the respondents. In questionnaire an attempt is made to
understand various aspects of the corporate governance. After collection of entire data analysis
of same is done and reasons behind respondents specific response is identified. These reasons are
mentioned in the analysis section of each theme. In research it has been find out that corporate
governance has a significant importance for the firms. By using corporate governance firms can
curb corruption in an organization. Moreover, they can easily enter in to strategic partnership
with any other company in foreign market. Thus, corporate governance is giving lots of benefits
to the firms and they must try to improve their corporate governance system time to time.

Table of Contents
CHAPTER 1: INTRODUCTION....................................................................................................1
1.1 Overview................................................................................................................................1
1.2 Research aims and objectives................................................................................................4
1.3 Rational of research...............................................................................................................4
1.4 Significance of research.........................................................................................................5
CHAPTER 2: LITERATURE REVIEW.........................................................................................7
2.1 Introduction............................................................................................................................7
2.2 Meaning of corporate governance.........................................................................................7
2.4 Benefits of corporate governance..........................................................................................8
2.5 Significance of corporate governance...................................................................................9
2.6 CSR in the multinational companies...................................................................................10
2.7 Benefits of corporate governance on market performance of the firm................................11
2.8 Ways in which globalization and internationalization affects CSR of an organization......12
2.9 Ways in which Corporate governance promotes globalization and Internationalization of
the Company..............................................................................................................................14
2.10 Ways in which concept of CSR can be used to improve market performance..................14
2. 11 Ways in which corporate governance can help in increasing market performance..........15
CHAPTER 3- RESEARCH METHODOLOGY...........................................................................18
3.1 Overview..............................................................................................................................18
3.2 Research type.......................................................................................................................18
3.3 Research design...................................................................................................................19
3.4 Research approach...............................................................................................................19
3.5 Research philosophy............................................................................................................20
3.6 Data collection methods......................................................................................................20

3.7 Data analysis........................................................................................................................21
3.8 Validity and reliability.........................................................................................................21
3.9 Ethical consideration...........................................................................................................22
3.10 Limitation of study............................................................................................................23
CHAPTER 4: DATA ANALYSIS................................................................................................24
4.1 Introduction..........................................................................................................................24
4.2 Demographic data................................................................................................................24
4.3 Meaning and significance of corporate governance and CSR in context of multinational
companies..................................................................................................................................28
4.4 Implications of corporate governance in relation to company market performance...........34
4.5 Corporate governance promotes globalization and Internationalization.............................40
CHAPTER 5: CONCLUSION AND RECOMMENDATIONS...................................................45
5.1 Conclusion...........................................................................................................................45
5.2 Recommendations................................................................................................................47
REFLECTIVE...............................................................................................................................49
REFERNCES.................................................................................................................................50
APPENDIX....................................................................................................................................54
Questionnaire.............................................................................................................................54

CHAPTER 1: INTRODUCTION
1.1 Overview
Background of research
Corporate governance is a widely used word that tells a lot of thinks about an
organization. Across the globe, there are many large sized companies that are known for their
high level of corporate governance. This term refers to rules and regulations that are followed in
entire organization while conducting its day-to-day operations. Moreover, corporate governance
also helps in satisfying needs of all stakeholders whether they are internal or external in balanced
manner. There are many components of corporate governance and one of the most important
components is accountability. This component of corporate governance states that leaders of an
organization must understand their accountability towards an organization. The top management
must guide their subordinates and ensure that each and every activity in an organization is
performed in appropriate manner as per the rules of corporate governance (Harford, Mansi and
Maxwell, 2012). Transparent and open leadership is an important component of corporate
governance. According to this component, leaders or company top management must made all
disclosures regarding company operations time to time. Such disclosures must be correct and
misrepresentation by using fake numbers must not be done. In order to follow corporate
governance, companies’ top management is required to make a good relationship with their
stakeholders. These stakeholders are employees, shareholders and creditors etc. A good
corporate governance in an organization ensures that all stakeholders will be treated equally and
management will give them due importance. If management treats employees in a systematic
manner then they get satisfied and give their full effort in achievement of an organizational goal.
Hence, corporate governance plays an important role in growth of an organization. In order to
make good corporate governance, directors that are operating an organization from top must be
given full independence to take necessary action (Larcker, Richardson and Tuna, 2007). If this
will not happen then main owners of an organization will have full grip over company
management and they will fulfil their own needs to achieve desired goals. On contrary to this, if
directors are working independently then they will improve company rules and regulations and
will also make them strict in order to prevent occurrence of any scam with in a company. Hence,
independence of directors is a first step towards making strong corporate governance within an
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organization. In this research an attempt is made in order to understand impact of corporate
governance on an organization. In other words, attempt is made in order to understand the
positive impact of corporate governance on company. Corporate social responsibility that is also
known as CSR is an integral part of corporate governance because in today era firms are using
CSR a way to shine their brand image. It is part of corporate business practice. Hence, corporate
governance and CSR are interlinked to each other.
Under CSR companies are implementing numerous activities like opening orphanages,
helping handicapped people and reducing carbon emission to protect environment. Companies
are using it as an instrument in order to create a positive brand image. Firms are using their CSR
activities in institutional advertising in order to show that are giving significant contribution in
welfare of an organization. In many nations, CSR becomes an integral part of corporate business
practice (Bebchuk, Cohen and Ferrell, 2009). Today, the most common problem that business
organizations are facing is low retention value of the customers. In simple words, it can be said
that companies are not able to create a loyal customer base. On other hand, stiff or fierce
competition is going on between companies in every sector. In such a situation, it becomes
necessary for firms to build loyal customer base. Due to mentioned reasons every company is
attempting to work out on this plan in its own way. Firms are adopting ways which helps them in
creating their special image in the eyes of customers. By doing this, they can increase employees
retention value or can build loyal customer base. CSR is a unique and best way to achieve
objective of building loyal customer base. By undertaking lots of social service activities,
companies are trying to establish special image of their brand name. Companies like Microsoft
are allocating millions of amount for CSR for conducting social service activities in countries
like India (Farber, 2005.). In this way, they are popularizing their name in foreign countries not
only on the base of their product but also on the basis of the corporate social responsibility
activities.
This research is conducted in order to reveal the impact of corporate governance on
internationalization, globalization and performance of Emirates Airline. In this research,
correlation between CSR and corporate governance will be developed. This will be done in order
to show the extent to which mentioned company effectively utilizes CSR and corporate
governance for its benefit.
Background of Emirates
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An emirate is the largest airline company of UAE which is also known as united Arab
emirate. It is state owned airline Sheikh Mohamed bin rashid Al Makotoum who is ruler of UK is
its president. It is world largest international airline and in fiscal year 2014-15, it carried 49.3
million passengers which were 11% more than previous year. In same fiscal year, it carry 2.4
million ton of cargo which was 6% higher than previous year. In mentioned fiscal year it also
increases its capacity by 9%. This reflects that company is on track of growth and since its
inception it is growing rapidly and becomes world largest international airline. Currently, it has
presence in 144 cities over 6 continents. This means that it has geographical presence all over the
world (Agrawal and Chadha, 2005). Company is steadily investing on its developing its fleet size
and initiating its services on new routes. Emirates understand that customers or travellers are an
important stakeholders and their satisfaction from its services will play a decisive role in the
company success. Hence, Emirates following concept of CSR and it is providing quality food to
its customers. Emirates are providing food facility in collaboration with Dnata an international
company that is providing in-flight catering services. Emirates ensure that food that is provided
to the travellers is of high quality. In other words, it is ensuring that their traveller does not find
any sort of problem in terms of food while travelling on its airline. In alliance with Dnata,
company is aimed at providing full safety to its travellers. In respect to this, it is investing heavy
amount of AED 70 million in order to ensure full safety of life of those who travel in its airline.
In respect to this, it initiate safety program in order to train its employees. Under this program,
850 of its staff members were trained as observers and in respect to this 24,000 observations are
carried out till the date (The Emirates group. 2015). After observation, feedback is collected in
order to identify weak points. Further, on the basis of these weak points measures are prepared
and implemented that ensures safety of passengers at its airline. Along with this, it also values its
employees and it assumed that they are its valuable assets and organization cannot grow without
their support. Hence, it is giving full support to its employees. Along with this, it is also
committed towards protecting an environment and in respect to this is adopt several pollution
control measures. Emirates understand that there is a lack of resources and due to this reason it
aims at utilizing its resources in efficient and effective manner. Emirates do not stops here and it
is also carrying out corporate social responsibility activities in respect to conservation of flora
and fauna at desert. It is involved in Dubai Desert Conservation Reserve under which it initiates
efforts to preserve natural and cultural heritage the desert land. Hence, company is carrying out
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CSR activities in several areas and in this way it is popularizing its brand name (Fan, J Wong
and Zhang, 2007).
1.2 Research aims and objectives
Main objectives as per the aim of the research are-
 To access the meaning and significance of corporate governance and CSR in the
multinational companies.
 To examine the implications of corporate governance on the market performance of the
firm.
 To identify the ways in which Corporate governance promotes globalization and
Internationalization of the Company. To recommend the ways in which concepts of CSR and corporate governance can be
used in order to boost the market performance of Emirates Airlines.
Research questions
 What is the meaning and significance of corporate governance and CSR in context of
multinational companies?
 What are the implications of corporate governance in relation to company market
performance?
 In what ways Corporate Governance promotes globalization and internationalization of
the firm?
 What are the ways in terms of CSR and corporate governance that can be used to speed
up market performance of Emirate airlines?
1.3 Rational of research
Running a business is a very difficult task and organization top and middle management
have to look after so many activities in order to ensure continue growth of an organization.
Corporate governance is simply a set of rules and regulations that an organization follows in
order to run day to day business. It also refers to procedures that an organization is following in
order to complete specific task. Corporate governance also plays an important role in
maintaining transparency in an organization. Due to lack of transparency fraud comes in
existence within an organization even it is not in culture of an organization. As a result, image of
the company gets tarnished in the eyes of the customers (Dittmar and Mahrt-Smith, 2007).
4

Stringent rules and regulations help management of an organization in ensuring full transparency
in an organization. This also helps in preventing irregularities in an organization. Hence,
corporate governance plays a significant role in growth of an organization. Every organization
has large number of stakeholders and it has to maintain a balance between these entities. Many
times an organization due to unclear rules and regulations and good leadership failed to satisfy
interests of all its stakeholders. In such a situation company requires good corporate governance
(Black, Jang and Kim, 2006). Hence, corporate governance is a soul of an organization and in its
absence an organization can survive in a highly competitive industry.
Corporate governance is a term, on which most of the people talk about. In today
environment many new frauds comes in existence which are done by large firms which have
good reputation among general public. As a result, people are losing confidence on these firms
and they are also not loyal towards single firm product. Moreover, any bad news about company
product creates a fear among public. Hence, fortnightly, firm customer base get reduced to large
extent. This is observed several times. Hence, this make strengthening of corporate governance
in an organization inevitable (Carney, 2005). Strong rules and regulation helps in preventing
origination of any irregularities in company operations or accounts. This also makes procedure of
performance of any activity efficient and trustworthy. Today, corporate governance is a term
which is considered by large sized investors before making investment in a single or multiple
firms. Many large and medium sized firms are manipulating their accounts and bribe is given to
auditors in order to conceal real facts for stakeholders and regulatory authorities. This questioned
companies claim to their reliability and transparency in their financial and non financial
operations (Bhagat and Bolton, 2008). As a result, corporate governance is an important issue in
business and investment streets.
1.4 Significance of research
There are a lot of benefits of making corporate governance stronger. This research will
help companies in understanding the importance of corporate governance in expansion of
business. Good corporate governance acts as a trademark of company reliability and its loyalty
towards fulfillment of interests of its stakeholders (Masulis, Wang and Xie, 2007). This research
will help Emirates in understanding importance of corporate governance deeply. Further, results
of research will also help company in improving its corporate governance. Research on corporate
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governance is also helping researcher in understanding broad understanding on importance of
corporate governance.
Structure of report Introduction- This research is carried out on corporate governance and in this research an
attempt is made in order to understand its impact on an organization. In this report CSR is
also used to understand impact of corporate governance on an organization. Literature review- Literature review is conducted in order to understand past scenario
regarding impact of corporate governance on an organization. In respect to this, various
author literature are analyzed. Finding of review of this literature is made available in this
segment of research report. Research methodology- In this part of report suitable techniques for the purpose of
analysis has been identified. It provides guidance for completion of research into
consideration. Data analysis- In this part of report data collected in primary research is analyzed
through adoption of various tools and techniques.
 Conclusion and Recommendations- This is last part of the report in which conclusion is
derived through the analysis of data. Moreover, effective course of action to the business
into consideration is recommended through this section.
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CHAPTER 2: LITERATURE REVIEW
2.1 Introduction
After the introduction section another part of dissertation is literature review. It is assumed
literature review is an integral component of the dissertation. In this part of dissertation opinions
of research scholar and intellectual people are discussed in detail and their opinions are
correlated and contradicted with each other statements. Secondary data is collected with an
objective of understanding topic of dissertation in proper manner. This creates a base which is
used for conducting a primary research. By doing review of literature gap between current and
past scenario can easily be identified. In this part of literature review, critical evaluation of
various scholars’ opinions is done. Literature review would encompass the significance of
corporate governance and other issues related to the corporate governance. In today age
companies are increasingly expanding their operations on foreign land and they are consistently
increasing their business in multiple nations. As a result, their social responsibility is also
increasing because firms are using resources that belong to foreign nations. Hence, it is its
responsibility to perform CSR activities in all those nations in which it is operating its business.
Thus, in literature review, impact of globalization and internationalisation on CSR activities of
the companies is discussed in detail. Moreover, in this section of dissertation ways in which
globalization and internationalization affects CSR of the company is also discussed in detail.
2.2 Meaning of corporate governance
Corporate governance plays an important role in success or failure of an organization
because this is a centre from which all core business activities of organizations are directed
towards achievement of an organization objective. Corporate governance is like an instrument
through which companies build healthy relationship with their stakeholders like customers and
employees etc. In the absence of strong corporate governance relationships with stakeholders
become poor. Hence, most of the companies are paying due attention on strengthening their
corporate governance. According to Harford, Mansi and Maxwell, (2012) corporate governance
is a set of rules, process and practices through which company is controlled and directed in a
specific direction. In other words, it can also be said that corporate governance is bundle of rules
and process that company board of directors and managers follow to operate an organization. In
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many companies there is a rule that in every quarter at least one meeting of board of directors
will happen. It is an example of corporate governance. In these meetings business decisions are
taken and ways are identified in which an organization can be run in proper manner. As per
Aguilera and et.al, (2006) corporate governance is a mechanism which is used to satisfy needs of
all the stakeholders. By using this mechanism interest of all stakeholders are served in a balance.
These stakeholders may be employees, debtors, creditors and government etc. Berger and et.al,
(2005) asserts that success of an organization to large extent depends of support that it receives
from its stakeholders. If employees will not work properly then organization will not be able to
achieve its target in an efficient and effective manner. In same way, if debt will not be paid on
time then business friends will not give loan for next time to the business firm. Hence, success of
any firm depends on support that it receives from its stakeholders. Similarly, Berger, (2005)
states that stakeholders are supporting drivers for an organization and it needs to make its rules
and procedures in such a way that helps company in fulfilling obligations towards stakeholders
in proper manner and on time. As per views of Lindgreen and en, (2010) corporate governance
helps in implementing internal control measures and due to this reason corporate governance as a
mechanism is assumed as an effective measurement to prevent scandals in an organization. Over
few years, it has been seen that investors before making investment in a company like to know
about corporate governance of an organization through its annual report. Hence, in today era,
corporate governance as a topic of research is gaining wide popularity among research scholars
and intellectual people.
2.4 Benefits of corporate governance
Accountability is what helps people to take important decisions and this accountability
can be developed easily by using corporate governance as identified by Minow, (2004). There
are various benefits of implying good corporate governance in order to boost its performance in
the most appropriate manner.
Lowering of risk- According to Solomonb, (2004) it is one of the most important aspects
of corporate governance as it helps companies to mitigate the amount of risk that is involved in
the company. By using effective corporate governance, different scandals, fraud and criminal
liability can be avoided easily as this aspect keeps check on every aspect of business and notifies
managers if anything is found wrong. By using corporate governance, everyone is held to a
8

specific standard and communication is also made much easier by establishing a hierarchy and
roles that everyone in the company will follow in an appropriate manner.
Public Acceptance- As identified by Welford, (2007) this particular concept of corporate
governance is widely accepted by all domestic as well as international organizations. This
happens because of idea of disclosure and ability of people who work in the firm to get
information as well as general people by creating a big level of trust. It is also a fact that because
of use of this corporate governance, there is very less chance of fraud and wide criminal activity
in the organization as it helps in gaining trust of people.
Public image- There are many corporations who held a very high level of corporate
governance all because a corporation has to maintain public image in suitable manner as stated
by Colley (2003). Implying corporate governance makes companies more accountable for
responsibilities and actions it takes by keeping a tab on activities that are going in company.
2.5 Significance of corporate governance
Corporate governance is a heart of an organization and it plays a decisive role in success
and failure of an organization in any aspect of business. No business can survive without
cooperation of its stakeholders specially creditors. Here, corporate governance plays an
important role and helps an organization in making its relationship with the stakeholders very
strong. According to Ferreira and Laux, (2007) changing ownership structure helps in governing
an organization in proper manner. If board of directors is doing anything wrong in an
organization then with change in ownership these malpractices can be stopped by new board of
directors. Currently, mutual fund companies are making heavy investment in the large capital
companies and owned substantial portion in a single company. In this way they force board of
directors to do corporate governance in a proper manner. Earlier, majority of stake remains with
company owners and due to this reason corporate governance was not implemented effectively.
Hence, change in ownership structure is helping in implementing corporate governance in
effective manner. However, in contrast to this Haniffa and Hudaib, (2000) states that it is not
necessary that change in ownership structure always helps in preventing scandals and
manipulation of money in an organization. Newly, elected board of directors may also involve in
illegal activities in an organization. According to Beiner, (2006) corporate governance helps in
protecting interest of all stakeholders whether they are customers, employees or creditors etc.
Thus, everyone is putting a lot of stress on quality of corporate governance in an organization.
9

The efficient and effective corporate governance ensures that an organization will take care of
interest of all its stakeholders. This also increases reliability of an organization in the eyes of the
stakeholders.
In today era scams are widely takes place in the business organizations. Along with
it, it has been find out that companies are concealing important facts from its shareholders and
other stakeholders. Large companies are also involved in such kind of unethical practices. As a
result, large size companies with strong financial position also lose their reliability in the eyes of
investors. Council, (2010) asserts that corporate governance is only a tool that can be used to
control scams and fraud in an organization. This is because it is a set of rules and regulation that
can make audit of company financial and operations in proper manner. Hence, only and only
corporate governance can stop scams in an organization. However, contrary to this, Hoitash,
Hoitash and Bedard, (2009) states that it is human being that develops corporate governance. If
top officials of an organization are involved in scams then they will never remove loopholes
from corporate governance. Hence, scams will be identified too late. Hence, it is not necessary
that corporate governance prevent scams in an organization. If any company since its inception is
committed towards developing effective corporate governance then it is possible to prevent
occurrence of scams in an organization.
As per views of John, Litov and Yeung, (2008) today is era of globalization and in order
to start a business in foreign nation companies have to follow many rules and regulations. If
company corporate governance is ineffective then it cannot comply with all these rules properly.
Hence, delay may occur in starting a business on foreign land. Similarly, Giroud and Mueller,
(2010) also stated that companies requires to develop their corporate governance in such a
manner that they can easily run their business smoothly in any situation.
2.6 CSR in the multinational companies
CSR stands for corporate social responsibility and it comes in corporate governance. In
today era, most of multinational companies are coming forward and actively participating in
CSR activities. Among these large size corporations, there are many companies that are helping
respective governments in protecting country natural environment. In other words it can also be
said that these MNC'S are helping governments in implementing their environment protection
measures are the large scale. As mentioned above that there are many stakeholders of the
company and it is responsibility of the firm to take care of their well being. Through these
10

activities companies protect natural environment and help needy people and eliminate problems
that society face in their day to day life. According to Kotler and Lee, (2005) business firms must
do CSR in order to do institutional advertising. CSR not only serve interest of society but it is
also beneficial for an organization. Hence, it is beneficial for the both companies and society. By
doing CSR activities at large scale and organization can initiate its word of mouth marketing.
Similarly, Lindgreen and en, (2010) also states that CSR is not only a part of corporate
governance but it is also a part of marketing, in this way CSR helps companies in achieving
multiple objectives in a single attempt. According to Crowther and Aras, (2008)
multinational companies must conduct CSR activities time to time because they are present
globally and use resources of several nations. Due to this reason, it is their responsibility that
does something for various nations of the world. Hence, they must conduct CSR activities time
to time in various nations of the world.
2.7 Benefits of corporate governance on market performance of the firm
Corporate governance is playing a prominent role increasing market performance of the
firms. By making corporate governance strong companies are building valuable relationship with
the stakeholders. By effectively complying with rules and regulations as well as policies
companies are able to bring transparency in their operations. Moreover, they also determine
accountability of the employees for failure of business operations. Transparency in operations
creates a reliable image of the company in the eyes of stakeholders whether they are customers,
employees and creditors. As a result, companies are getting a lot of benefits in their business
operations. As per views of Erkens, Hung and Matos, (2012) corporate governance is a system
of controlling and operating a firm in order to achieve long term goals in order to satisfy needs of
stakeholders. By satisfying needs of stakeholders like business friends company can improve its
business terms with them and can elevate its profitability. Relationship plays an important role in
growth of an organization and relationship become stronger when business friends believe in
company. Corporate governance is a tool by using which company can expand its business.
Likewise, Klein, Shapiro and Young, (2005) also states that good corporate governance refers to
transparency, accountability and responsibility that an organization have towards its
stakeholders. He states that if n organization will be transparent towards its employees and
business friends then it will be able to develop its reliability in the eyes of its important
stakeholders. Hence, due to this company will receive full support from its stakeholders. In this
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way corporate governance helps firms in improving their market performance. According to
good corporate governance helps firms in building their reputed image. Those firms that have
good image easily get finance from external sources even economic conditions of the company
are not too good. But on basis of reclaimable image companies get a fully fledged support from
its stakeholders. Hence, corporate governance plays a decisive role in growth of an organization.
Similarly, Farrar, (2008) also support this fact and states that firms must give due attention on
developing their corporate governance even they are small in size. There are many firms that
grow very rapidly in short span of time due to their product uniqueness. But this was not a single
factor that was responsible for their growth. Corporate governance was also second most
important factor that plays a prominent role in growth of any organization. There are many
companies that by using corporate governance as a mechanism direct their operations in perfect
direction. Along with this, they also perform control function in proper manner. By strictly
following corporate governance these companies perform their business activities in a systematic
manner. Due to this reason many of the small sized organizations managed to grow at a rapid
pace in short span of time. Wintoki, Linck and Netter, (2012) States that preparation of
rules and policies is not sufficient and organization is also required to ensure that its corporate
governance structure will be helpful to an organization. In other words it can also be said that
work of management does not stop merely by preparing and implementing corporate governance
in the organization. It is also required to ensure that rules and policies are easy to understand and
are not in technical terms. Along with this it must also be ensured that ambiguous words will not
be used in rules and policies of an organization. If same will not be done then lot of confusion
will be created among the employees and problems may be created in an organization. Hence, it
is very important that rules must be simple in nature, so that everyone can understand and
implement it in easy way at the workplace
2.8 Ways in which globalization and internationalization affects CSR of an organization
Globalization of CSR indicates that term has been globalized and in most of the nations
of the world corporate social responsibility activities are conducted. With the internalization of
the firm CSR activities of an organization also gets changes. With passage of time companies are
performing CSR activities not only in their country but they are performing these activities in
foreign nations also. According to Portney, (2005) globalization affects CSR affects activities of
an organization. This is because in many nations respective governments are actively taking an
12

action in order to ensure that their nation natural environment will remain safe. By looking at
these nations, other nations also initiate formulation and implementation of environment
protection measures on their land. Hence, companies operating in any part of the world have to
start CSR activities. The term CRM is now globalized and companies have to perform CSR
activities in their domestic land and in foreign country. Due to entire above mentioned scenario
burden of doing CSR activities on the companies is increased now a days. Ten years earlier
scenario was different and at that time there was little burden of performing CSR activities on an
organization. As per views of multinational corporations understands their importance towards
people and environment and due to this reason they are actively participating in CSR activities
both on their home land and foreign country. Companies like Microsoft are best example of this
above mentioned statement. According to Bassen, Jastram and Meyer, (2005) firms understand
their responsibility and accountability and they will initiate their CSR activities without any push
form government. He thinks that CSR activities also benefit an organization and due to this
reason they are actively participating in conducting CSR activities on domestic country and
foreign country. In other words it can also be said that thinks that governments does not need to
put pressure on companies for performance of CSR activities. Companies will solely initiate
CSR activities because it also benefits them. In contrary to this, Garriga and Melé, (2013)
thinks that there are few organizations that will do CSR activities at their own discretion and
governments requires to put pressure on companies for performing CSR activities. Normally, it
has been seen that large sized firms whose names are known to everyone comes forward to help
government in implementation of environment protection measures like reduction of carbon
emission from the facility. This makes perception that companies are actively participating in
CSR activities. But this does not reflect that most of the companies are actively participating in
CSR activities.
As per views of Kahan and Rock, (2007) internationalization also affects CSR activities
of an organization. With internalization of a company its CSR activities also get increased. In
other words, it can also be said that when any company start its operations in foreign country
then it use that country resource. Hence, company that initiates its operations in foreign country
is responsible to start CSR activities because it is using that country natural or human resources.
According to Dhaliwal, (2011) in many nations like India performing CSR activities is
necessary and whether an organization is small or medium in size it has to perform mentioned
13

activities. When companies start operation in such kind of nation’s burden of performing CSR
activities increased on these companies. Hence, internationalization to large extent affects CSR
activities of the firms. Countries like UK are preparing to bring reforms that will make it
mandatory to perform CSR activities for the firms. Hence, in upcoming time period burden of
CSR activities on the firm will increase. In accordance with views of Dahlsrud, (2008) in
Europe is focusing on controlling and reducing carbon emissions and due to this reason all those
firm that are operating plants in UK will require to use technology in their facility that emit less
carbon. In alternative to this, companies may also require implement such a technology at the
plant that helps in controlling carbon emission from the facility. Hence, in upcoming years
burden of CSR activities will be increased on companies due to internalization of business and
globalization of an idea of CSR.
2.9 Ways in which Corporate governance promotes globalization and Internationalization of the
Company
Corporate governance helps firms in globalizing their business. When any firm wants to
enter in to any foreign nation it needs to join hands with other companies in order to get already
prepared distribution infrastructure. Other nation company look so many factors before joining
hands with other firm. Here corporate governance plays a crucial role for the firm. If company
corporate governance is good then it means that it takes care of its stakeholders. This also
reflects that there are strict rules and regulations in the company which curb wrong practices in
the firm. According to Mallin, (2004) good corporate governance indicates that a firm is
maintaining a transparency in its operations. If there will be transparency in an organization then
there will be less chances of manipulation in accounts. Thus, it can be said that if corporate
governance of the firm will be good then other firms will rely on the firm and then will be
prepared to enter in to strategic alliance with the other firm. Hence, it can be said that corporate
governance helps firms in globalizing its business. Minow, (2004) agree with the statement and
he also state that firms must improve their corporate governance in order to create their good
image across the globe. If this will happen then they will be able to create a strategic alliance in
order to give stiff competition to their competitors.
14

2.10 Ways in which concept of CSR can be used to improve market performance
In today era, CSR is using as a measure to popularize company brand name among the
customers. As a result, on large scale basis many companies are performing CSR activities in
their countries. Some of the companies successfully use this tool to create their good image in
the eyes of the customers. CSR is not just a social activity but is a source of earning profit
indirectly and to some extent directly depends on product of the company. According to
modern empirical analysis clearly states that CSR helps an organization and in current time
period companies are strategically involved in CSR activities. This is done by the firms in order
to increase their business profit directly or indirectly. As per the views of McWilliams, Siegel
and Wright, (2006) if companies perform CSR activities, then stakeholders’ values the firm
social efforts and an organization successfully create a special image in the eyes of the
customers. Hence, memory retention value of the firm product also increases among the
customers. Thus, CSR activities may possibly increase company profitability. According to
customers are important stakeholders of the companies and if firms guarantees safety of its
customers then also it can create a loyalty among its customers. Companies like Emirates are
making every effort in order to ensure that life of its passengers is safe while travelling in its
airlines. This is also a part of CSR activities and Emirates by using this CSR activity is earning
substantial profit every year. In contrast to this Campbell, (2007) states that it is not necessary
that CSR play an important role in elevating profitability of an organization. This is because in a
year many companies perform CSR activities but most of people do not know anything about
their social efforts. Hence, it is not necessary that performance of CSR activities will increase the
firm profitability. In relation to this Dhaliwal, (2011) asserts that an organization must advertise
its CSR activities at a wide level so that general public comes to know about whatever work
companies had done for them. If this will not be done then entire money spend on CSR will be
worthless and company will not get any sort of benefit from its CSR activities.
In accordance with views of Pagano and Volpin, (2005) whatever CSR Activity
Company is doing must have some level. In other words, it can be said that company must
perform such kind of activities under CSR program that people feels is beneficial for them to
large extent. People must feel that CSR activity of the company is solving their big problem. If
such kind of activities will be performed under CSR program then people will value company
social efforts. By doing this company can increase its profitability and can its investment in CSR
15

can be considered worthwhile. As per views of Kotler and Lee, (2005) advertisement of CSR
activities will play a decisive role in word of mouth marketing of an organization. Thus, CSR
helps companies in increasing profitability but support that people receives from these activities
and proper advertisement of social efforts will play a decisive role in success of CSR efforts.
2. 11 Ways in which corporate governance can help in increasing market performance
Corporate governance plays a crucial role in increasing business performance. Corporate
governance is not only an instrument for controlling internal business operations but it is also a
tool that is used for increasing firm market performance. By using corporate governance
companies make a strong relationship with their stakeholders. Thus, it receives full cooperation
from its stakeholders in business operations. Consequently, market performance of the company
gets improved. According to Morck, (2007) preparing a rules and regulation is not sufficient. An
organization always requires a good leadership. In absence of strong leadership corporate
governance is simply a book that covers a rules and regulations as well as policies. This is
because leaders are those people that ensure that corporate governance will be implemented
strictly. If they are not providing good leadership then corporate governance will not be
implemented perfectly. Similarly, Liu and Lu, (2007) also states that leadership is a heart of
corporate governance and in its absence governance of an organization will be poor.
As per the views of Huse, (2007) board of directors of an organization must have
appropriate mix of skill sets and experience. As it is already mentioned above that corporate
governance cannot be implemented effectively in the absence of good leadership. If leaders of an
organization will have lack of knowledge and they will have lack of ability to take strong
decision in tough situation. Then they will not be able to implement rules and regulations in
efficient and effective manner. Similarly, Brown and Caylor, (2006) also states that if leaders
have less knowledge and their leadership is also weak then company cannot maintain sound
relationship with the stakeholders like employees and business friends. Hence, corporate
governance of the company will automatically become weak. But on other hand, if leaders are
giving strong leadership and maintaining sound relationships with stakeholders then profitability
of the firm can be increased. Hence, corporate governance plays a decisive role in increasing
business performance.
According to Boubakri, Cosset and Guedhami, (2005) corporate governance helps in
ensuring that money manipulation will not be happened in an organization. In other words it can
16

also be said that good corporate governance prevent occurrence of any illegal activity in an
organization. Thus, corporate governance helps in boosting market performance. If any scandal
happens in an organization then image of the company gets tarnished and bitterness comes in its
business relations. As a result, company does not get help from any business friends. On contrary
to this, if company corporate governance is very strong then it will be able to create its reliable
image among its business friends or trading partners. Hence, this strong relationship will provide
lots of support to an organization. Thus, market performance of the firm will get increased.
In accordance with views of Doidge, Karolyi and Stulz, (2007) in order to effectively
implement corporate governance companies must form several committees like audit,
compensation, and finance and quality committee. This effort will ensure that all policies and
rules as well as regulations related to specific thing will be strictly followed. This will ensure
effective implementation of the corporate governance in an organization. Hence, good
relationship will be maintained with all stakeholders through guidance that board of directors
will receive from these committees. Due to correct guidance form committees’ board of directors
are able to maintain sound relations with the stakeholders. This will boost company market
performance. On the basis of above literature review it can be said that corporate governance and
CSR activities both benefits an organization. Firms need to use both in systematic manner in
order to run their business in efficient and effective manner and to create good image of the
company in the eyes of general public.
17

CHAPTER 3- RESEARCH METHODOLOGY
3.1 Overview
In research large number of data is collected from various sources. For conducting a
research various sample designs are evaluated and best of them is selected for the research. Data
collection methods are used for collecting primary and secondary data. For collecting a
secondary data publications are used and for conducting a primary research questionnaire issued
by the researcher (Sample Dissertation Methodology, 2013). This questionnaire is distributed
among the employees of the Emirates. Validity and reliability issues are addressed properly
while collecting a data. Hence, it can be said that reliable data is collected in the research and it
is producing proper results.
3.2 Research type
Research plays a key role in identifying a solution to the problem. From this lots of
information's are required that can be taken from the various sources. Hence, it becomes a very
difficult task to identify information that a researcher needs to conduct a research. In order to
simplify this problem sources of information are divided in to two parts. There are two ways of
conducting a research one is primary and second is secondary research. In primary research data
is collected for the first time (Jackson, 2010). Means that data used in primary research is
collected by the researcher at his own level and it is not taken from any source of published data
like newspaper etc. On the other hand, secondary research is a research in which data is collected
from the sources like newspapers, magazines, books and journals. This means that in a secondary
research data which is used is already published on any of the aforementioned publication
sources. There is importance of both kinds of research. Before conducting a research it is
necessary to understand a research topic. Along with it is also important to understand past trend
in the research topic. In order to identify these trends secondary research is inevitable. This
creates a broad understanding among researchers about the research topic. This understanding is
used to prepare a questionnaire which will be used to conduct a primary research. By conducting
a primary research a researcher comes to know about the current trends in the research topic.
Hence, both sort of research have a great importance for the researcher (Sullivan, 2011). Thus, in
research we use both primary and secondary sources. In research I use a secondary source to
18

prepare literature review. On other hand, primary research is used to collect recent information
about the corporate governance.
3.3 Research design
In order to start a research a starting point is required. Many times a researcher has little
knowledge about the research topic. But sometimes he has vast knowledge about the research
topic. In order to give a proper start to the research designs regarding same is prepared. It is a
technique that is used to determine a way in which data will collect from the various sources.
There are three kinds of research designs namely exploratory, descriptive and experimental
research design. These research designs are used in different situations (Goddard and Melville,
2004). Descriptive research design is sued when researcher has lots of knowledge about the
research topic and he requires limited information about the research topic for conducting a
research. Whereas, exploratory research design is used when researcher has a very limited
knowledge about the product and he wants to gather knowledge about the product. On the other
hand, there is an experimental research design and in case of this research design by conducting
some research experiments data is collected by the researcher. In research literature review is
done and due to this reason broad understanding of research topic is created. Hence, as per
research requirement descriptive research design will be applied in the research (Flick, 2015).
3.4 Research approach
In order to do anything an approach is required because it provides guidance about the
way in which a specific task can be performed. Without approach a task can be performed in
wrong way and it is impossible to achieve objectives in that situation. Same thing apply in case
of research and for this also approaches are designed that need to be followed while conducting a
research. Research approach indicates the way in which research will be done. In the research
there are two approached inductive and deductive (Saunders, M. and et. al, 2007). These two
names are sufficient to reflect lots of things. Inductive approach indicates that for conducting
research firs to all observation will be done. Observation technique can be selected as per
research requirements. On the basis of research data will be collected. Collected data may be
qualitative or quantitative in nature. Nature of data collected will be determined on the basis of
research topic. After collection of data pattern is identified. This pattern indicate the trends or
direction in which particular thing is moving. After identifying a trend of the specific variable a
19

hypothesis is prepared and same is tested whether it is right or not. After this on the basis of right
hypothesis a theory is prepared. On other hand there is a deductive approach. This approach is
inverse of inductive approach. According to this approach first of all theory related to the
research topic is identified and then by formulating a hypothesis this theory is tested. This means
that it is identified that theory is applied in current business situation or not (Pickard, 2012).
After this data is collected related to the research topic. Data collected is analyses by applying an
analysis techniques or statistical tools. On the basis of analyzed data hypothesis is confirmed.
Mean that on the basis of analysis of data it is identified that hypothesis determined by the
searcher were accurate or not. Hence, both techniques are important bur both methods cannot be
used in single research. Hence, researcher needs to select an appropriate research approach for
conducting a research. In research quantitative data will be collected a due to this reason
inductive approach is selected by the researcher for the research.
3.5 Research philosophy
The research philosophy provides guidance to the researcher for conducting a research.
The collection of data may be based on interpretative or positivism philosophy and selection of
research philosophy depend on the characteristic of the work (Gast and Ledford, 2014). Through
research philosophy researcher indicate the sources of data collection. It is inevitable for the
researcher to select appropriate research philosophy so that he can select appropriate methods. It
can be said philosophy used in research work provide guidance to researcher to implement the
research activity. The positivism philosophy is used when scientific data is collected by the
researcher for conducting a research. In this facts and figures are calculated by using various
sorts of techniques. Interpretivism philosophy collects data by using simple methods like
distribution of questionnaire or collecting data from books and journals etc. In research
interpretative philosophy is applied because in research non-scientific data is collected by the
researcher. So, it can be said that Interpretivism philosophy is appropriate for the research
(Smith, V. and et.al, 2011).
3.6 Data collection methods
For conducting a research there are many data collection methods. Researcher can use an
appropriate data collection method for conducting a research. For selecting a data collection
method it is necessary to determine that primary sources are selected for the research or
20

secondary sources are used for data collection. There will be different techniques for both
sources of data collection. In case of primary source of data collection observation technique can
be used for collecting a data. Under this a researcher observes sample units while they're are
doing a specific work (Vaismoradi, Turunenand Bondas, 2013). On the basis of observation data
is collected by the researcher. In case of secondary research data can be collected from books,
journals and magazines. Internet is another source from which data can be collected related to the
research. On the web sites there are lots of data related to the research topic that are similar to
the given set of format (Joffe, 2011). From these archives a large amount of facts and figures can
be taken by the researcher related to the research topic. In our research both primary and
secondary data is collected. Secondary data is collected from books and journals. From these
sources various articles related to the research topic are reviewed by the researcher. On other
hand, in order to collect primary data questionnaire is prepared and data is collected by
distributing same among the employees of the Emirates. Hence, in this way data collection
methods are used in the research for collecting varied data.
3.7 Data analysis
Researcher cannot arrive at a specific conclusion merely by looking at the values of data.
In order to derive accurate information from huge set of data it is necessary to analyze a data. In
this regard data analysis technique is used by the researcher for research. It refers to the analysis
of data that is collected from the various sources of information. In order to analyze a data in
research thematic analysis technique is used. This method of data analysis is employed when
collected data is qualitative in nature. Under this method of data analysis several themes are
prepared on the basis of questionnaire. On the basis of collected data related to the specific
theme interpretations are made related to individual theme. For each theme a table is prepared
and below it chart is prepared. After preparation of chart interpretation is done in which it is
indicated that what sort of response respondents gives on a specific theme (Goddard and
Melville, 2004). After that analysis is done in which reasons due to which respondents gives a
specific answer is also explained in detail. Hence, it can be said that this method of data analysis
divide entire collected data in to various parts and also indicate the response that is given by the
specific number of respondents out of sample size. Moreover, in this research a researcher also
makes an attempt the reason due to which they gives a positive and negative response to a
21

specific question. Hence, conclusion is that a deep understanding of the research topic is created
among the researcher.
3.8 Validity and reliability
In order to conduct a research an individual that is conducting a research needs to
consider lots of factors. By keeping in mind these factors research can be done in proper manner.
In other words, it can be said that by keeping mind these factors a research can be conducted in
such a way that reliable results can be derived from data analysis. Validity and reliability are an
important aspect of a research. Every researcher makes an attempt to make sure that collected
data is valid and reliable in nature (Smith and et.al, 2011). Validity refers to the fact that
information collected for the research purpose must be authentic in nature. This means that such
kind of information must be taken from the reliable sources. Moreover collected information
must be reliable in nature. This means that same fact must be collected from the multiple sources
in order to make sure that collected data is accurate. Many times on single information different
data is given on different sources of information. In that case if wrong information is collected
by the researcher then research will produce false results. Hence, on the basis of research wrong
conclusions will be derived by the researcher. In order to prevent this situation it is responsibility
of the researcher to make sure that data collected is hundred percent authentic and reliable in
nature (Flick, 2015). Due, to this reason every researcher gives a lots of importance to the
validity and reliability of the information.
3.9 Ethical consideration
In every field of business ethics are applied. In same way ethics are also applied in case
of research. As a researcher an individual have some responsibilities like we see in case of every
type of profession. A researcher must follow all aspects of ethics while conducting a research. It
is ethical responsibility of the researcher to conduce a research in the proper manner. When any
one conducts a research he reviews previous research paper that was prepared by the other
people. If research paper will produce wrong results then researcher will also direct his research
in the wrong direction. Thus, it is ethical responsibility of the researcher to conduct research in a
right way. This is because other person will prepare its research by reviewing researcher research
paper. For this researcher needs to make sure that he collect data from reliable sources and data
collected from these sources are hundred percent reliable in nature (Pickard, 2012). On other
22

hand, it is also ethical responsibility of the researcher to make sure that personal information of
the researcher will be kept secret. For this researcher must take some steps that makes sure that
personal information will not be accessible to the other people. In research data is collected from
the people that are working in the Emirates. Hence, if they give negative information about the
company and it is disclosed in front of the management. Then there will be high probability that
managers will take a strict action against the respondents that gives a negative response. Hence,
it is ethical responsibility of the researcher to make sure that personal information of the
respondents will not disclosed any entity.
3.10 Limitation of study
Every research has some limitation and these factors cannot be controlled fully. Improper
sample size is one of the main limitations of the research. In a research sample of twenty
respondents is taken. So there is a very high possibility that accurate data will not be collected.
But in order to remove this loophole sample units are taken from the different depart tents of the
Emirates. This will ensure that data collected from the respondents will be highly reliable in
nature. Due to distribution of sample units among different department bias factors in data
collection removes completely (Vaismoradi, Turunenand Bondas, 2013). Availability of limited
resources is one the limitation of the research. Due to limited availability of resources limited
data is collected from the secondary sources of data collection. However, data was collected
from the reliable secondary sources and an attempt is made to cover almost each and every
factors of corporate governance. Due to this reason this limitation will not largely affect research
results. While conducting research lots of information is collected. During this research many
unnecessary information is collected and sometimes it is very difficult to differentiate between
relevant and irrelevant information. Hence, it is possible that in research some irrelevant data
may be considered for data analysis. But an attempt is made to make sure that most of the
collected data is reliable in nature. Hence, results of data will be reliable in nature (Gast and
Ledford, 2014).
23

CHAPTER 4: DATA ANALYSIS
4.1 Introduction
Data analysis in the research project is one of the most significant aspects however, it
assist researcher in generating findings on the basis of which suitable conclusion and
recommendations can be presented. The main purpose behind carrying out findings and analysis
chapter is that, it helps in evaluating and analysing the gathered information through different
sources. Considering the nature of present study, qualitative approach has been used by the
investigator. Rationale of electing the approach is that is helps in analysing each and every aspect
of collected information in reliable and suitable manner. In this regard, questionnaire has been
distributed to 20 employees of Emirates so that accurate and reliable information can be
gathered. Along with this, thematic approach has been employed so that collected information
can be presented in attractive and suitable manner.
4.2 Demographic data
Table 1: In which age groups do you fall?
Below 20 years 1
20-45 years 10
35-50 years 5
Above 50 years 4
24

Interpretation
For research twenty employees of Emirates are taken as sample. On the basis of chart if
sample is divided then it can be seen that in entire sample there is a one employee who is below
20 ages. 10 employees are in age of 20-45 years followed by 5 employees who are in age of 30-
50 year. In a sample only 4 employees are in age of above 50.
Analysis
In research most of the sample units are taken from age group of 20-45 years because
these are those employees that learn many new things in an organization and well aware with the
current trends of corporate governance. After that priority is given to the people that fall in age
category of 30-50 and above 50 ages.
How many years of experience you have in Airline industry?
Table 1: Year of experience respondents have on airline industry
Below 2 year 1
2-5 Year 2
5-10 year 7
More than ten years 10
25

Interpretation:
Out of sample of 20 respondents only one sample unit is taken which have below 2 year
of experience. Whereas, there are two respondents that have 2-5 year of experience in the Airline
industry followed by 7 respondents that are working in the mentioned industry since 5-10 years.
Majority of samples are taken from the employees that have more than ten year of experience in
the Airline industry.
Analysis:
While conducting a research reliability factor is keeping in mind and due to this reason
most of the sample units are taken that have more than ten years of experience in the Airline
industry. After that 7 respondents are taken that have 5-10 year of experience in the relevant
industry followed by 2 and 1 respondent that 2-5 and below 2 year work experience.
Theme 3: How many years of experience you have in the Emirates
Experience you have in the Emirates Frequency Percentage (%)
Below 2 year 2 10
2-5 Year 4 20
5-10 year 6 30
More than ten years 8 40
26

Below 2 year 2-5 Year 5-10 year More than ten years
0
1
2
3
4
5
6
7
8
2
4
6
8
Experience you have in the Emirates
Figure 1: Experience you have in the Emirates
Interpretation:
It can be seen in research that 8 respondents are taken in the research that are working in
Emirates for more than 8 years. On other hand, 6 respondents are taken that are working for 5-10
years in Emirates followed by 4 employees that have experience of 2-5 years in the mentioned
firm. In research only 2 respondents are taken that have below 2 year of experience in the
Emirates.
Analysis:
On analysis of data it can be seen that most of the respondents are taken that have good
experience in the mentioned company. This is done in order to make sure that accurate data
about the corporate governance can be collected from the employees. Hence, there is a high
reliability of data collected from the research.
Theme 4: Designation in the company
Top level management 8
Middle level management 7
Operational level of management 5
27

Interpretation:
From chart it can be seen that most of the respondents are taken as a sample unit that are
working in top and middle level of management. On other hand, only, 5 respondents are taken as
a sample in research.
Analysis:
Most of the respondents are taken from the top and middle level of management because
they are actively participating in day to day management of the company. On other hand, lower
level of employees have less role in the management of the firm and due to this reason their
proportion in sample is low.
4.3 Meaning and significance of corporate governance and CSR in context of multinational
companies
Under this theme, researcher aims at evaluating significance of corporate governance for
a multinational company. Further, researcher will highlight about the importance of adopting
CSR strategies for Emirates and the main reason due to which companies operating in present
competitive corporate environment of Airline industry.
Theme 1: Emirate Airlines follow corporate governance legislation
Emirate Airlines follow corporate governance legislation Frequency Percentage (%)
Yes 14 70
28

No 2 10
Maybe 4 20
Yes No Maybe
0
2
4
6
8
10
12
14
14
2
4
Emi r at e f o l l o w c or po r at e g ov e r n an c e
l e g i s l ati o n
Figure 2: Emirate Airlines follow corporate governance legislation
Interpretation:
On the basis of above illustrated graph it has been evaluated that, 70% of the respondents
are in the favour that Emirates Airlines abide corporate governance legislation. While
contradicting to this, only 10% of the respondents are not the favour of this fact and strongly
argue that company is not abiding the regulations of corporate governance. Apart from all, there
are some respondents who are unaware of this fact that, Emirates employ legislations or not.
Analysis:
On the basis of above findings it has been analyzed that, in order to maintain competitive
position across the globe, Emirates Airlines abide corporate legislations. However, in doing so
senior authority of cited firm is required to make good relationship with their stakeholders such
as employees, shareholders and creditors etc. However, suitable corporate governance in Emirate
ensures that all stakeholders will be treated equally and management will give them due
importance and carry out operations in a manner that all the expectations are met in suitable and
reliable manner. The main purpose of cited firm to abide corporate governance is that it assist in
carrying out the day to day operations as well as it plays important role in maintaining
transparency in the company.
29

Theme 2: Employees agree that corporate governance has significance for Emirates
Employees agree that corporate governance has significance for
Emirates
Frequency Percentage (%)
Strongly Agree 5 25
Agree 9 45
Somewhat agree 4 20
Disagree 2 10
Highly disagree 0 0
25%
45%
20%
10%
Employees agree that corporate governance has
significance for Emirates
Strongly Agree Agree Somewhat agree
Disagree Highly disagree
Figure 3: Employees agree that corporate governance has significance for Emirates
Interpretation:
On the basis of above pie chart varied results has been identified when asked to the
respondents about the significance of corporate governance for Emirates Airlines. However,
most of the employees (45%) were in the favour and agreed to the fact that it has great
importance for the company. Supporting to this, (25%) of respondents strongly agreed and states
that it is the need of Emirates in maintaining competitive position within the market. Only (10%)
were not in the favour and disagreeing to this fact.
Analysis:
Through the means of above study it has been evaluated that, corporate governance is set
of rules and regulations that assist an organization to carry out its operations in such a manner
that it assist itself as well as the society as whole. However, multinational corporations like
30

Emirates, Microsoft etc. understands their importance towards people and environment and due
to this reason they are actively following rules and regulations of corporate governance on their
home land and foreign country operations. The main purpose of top level management of
Emirates behind employing corporate governance is that it ensure meeting of expectations of
each stakeholder. Furthermore, corporate governance helps in protecting interest of all
stakeholders whether they are internal or external stakeholders. However, this is the reason
regarding which Emirates as a whole organisation pays great attention on the quality of corporate
governance. In this regards, efficient and effective corporate governance ensures that cited firm
will take care of expectations and needs of all the stakeholders associated with it so to enhance
the reliability of business functioning in the eyes of the stakeholders.
Theme 3: Emirates adopts CSR strategies
Emirates adopts CSR strategies Frequency Percentage (%)
Yes 16 80
No 4 20
80%
20%
Emirates adopts CSR strategies
Yes No
Figure 4: Emirates adopts CSR strategies
Interpretation:
Expected results have been achieved when asked to the employees of Emirates about the
fact that company adopts any CSR strategies. However, 80% of the selected respondent said yes
that, company in order to enhance its brand image within the market adopts various CSR
activities. While on the other hand, only 20% of respondents were denying this fact and states
31

company does not adopt any CSR strategies for the betterment of society or environment where
they operate.
Analysis:
From the above study it has been identified that, CSR helps the organizations and in
current time period companies are strategically involved in CSR activities. This is done by the
firms in order to increase their business profit directly or indirectly. Considering the significance
of corporate social responsibility, Emirates following concept of CSR and it is providing quality
food to its customers. Emirates are providing food facility in collaboration with Dnata an
international company that is providing in-flight catering services. Emirates ensure that food that
is provided to the travellers is of high quality this how company employ social responsibility in
its functioning.
Theme 4: Varied reasons has been identified regarding importance of CSR for Emirates
Airlines
Varied reasons has been identified regarding importance of CSR for
Emirates Airlines
Frequency Percentage (%)
Improvement in company image among people 5 25
Good Corporate Citizen 8 40
Better Goodwill (Society, financial stability, long term sustainability) 5 25
Brand Image (Services) 2 10
32

Improvement in company image among people
Good Corporate Citizen
Better Goodwill
Brand Image
0 1 2 3 4 5 6 7 8
5
8
5
2
Reasons Behind CSR
Figure 5: Reasons Behind CSR
Interpretation:
From the above bar graph varied results has been identified when respondents were asked
regarding the reason behind importance of CSR in Emirates Airlines. However, 8 out of 20
respondents agreed to that fact that, through the means of CSR, company is attaining good
corporate image. Whereas, 10 of the employee states that it is important because it enhances
goodwill of the Emirates as well as creates better image within the minds of target audience
around the globe. While remaining 2 respondents were in the favour of reason that, CSR leads to
enhance the brand image of different portfolios of the company.
Analysis:
For every organisation corporate social responsibility is one of the major tasks that need
to be carried out in effective and efficient manner. However, it is the duty of senior managers to
make sure that they employ suitable and reliable strategies related to CSR so that different
aspects can be covered. The main reason behind carrying out CSR activities is that it helps in
develop good corporate citizen in such a competitive environment of airline industry. Along with
this, better goodwill in the society where Emirates operates which can influence and encourage
people to use the services of Airline Company and enhance the business volume. Operating in
such a competitive environment and being the leading organisation in the sector it is important
for Emirates Airline to indulge CSR activities constantly so that it can attain long term
sustainability.
33

4.4 Implications of corporate governance in relation to company market performance
Theme 1: Corporate governance is gaining significant advantage within the Airline industry
Agree 7
Strongly agree 5
Somewhat agree 1
Disagree 4
Highly disagree 3
Interpretation
From chart it can be seen that 13 respondents agree in statement that corporate
governance is gaining advantage in the airline industry. It can be break down in three parts. Out
0f 13 are agree with this statement followed by 5 and 1 respondent who are agree and somewhat
agree with this statement. On other hand, only 4 are disagreeing and highly disagree with this
statement.
Analysis
On analysis of data it can be seen that respondents give a mixed response. However,
majority of respondents assume that corporate governance has significance for airline industry
because it helps in bringing transparency in the firm operations. Which create a good image of
the firm among the people? However, some of the people think that corporate governance is not
34

getting importance in the Airline industry because companies operating in this industry are
mainly focusing on increasing their customer base rather than improving corporate governance.
Theme 2: Corporate governance helps in curbing corruption in the firm
Yes 15
No 5
Interpretation:
Out of 20 respondents 15 people agree with the fact that good corporate governance
practices helps in curbing corruption in the company. Whereas, only 5 respondents assume that
corporate governance is not playing any role in controlling corruption in the firm.
Analysis
On analysis of data it has been find out that most of respondents believe that corporate
governance is plying a very important role in controlling corruption in an organization. They
think so because under corporate governance practices board members are change in fixed time
period. Hence, even any member of BOD is involved in any corrupt practice then newly selected
board of director will not continue that practice and will bring corruption in light of the other
Board of directors. Due to this reason most of the respondents think that it is an effective tool
35

that helps in controlling corruption in an organization. On other hand, some of the respondents
think that corporate governance does not play any role in controlling corruption because it is
possible then majority of members are involved in the corruption. This was seen in case of
Toshiba where many top management officers resign from their posts after scandal news comes
in media. Due to such kind of cases some of the respondents think that corporate governance
does not play any role in controlling corruption.
Theme 3: Corporate governance helps firm in internalizing its business easily
Yes 13
No 7
Interpretation:
From graph it can be seen that out of 20 respondents 13 believes that corporate
governance plays a supplementary role in internationalization of the firm business. Whereas, 7
respondents think that corporate governance does not at all play any role in globalization of the
firm business.
Analysis:
On analysis of data it has been seen that most of the respondents think that corporate
governance is playing crucial role in internationalizing the firm business. This is because in
36

International business back end model is followed in which firm by making use of the company
resources and distribution channel expand its business on the foreign land. In this model the
other nations firm after looking so many factors prepare to enter in to partnership with the firm
for distributing its product. If corporate governance is good then it means that a firm is taking
care of its stakeholders. This means that a firm is maintaining a good relationship with its
business friends. In this way corporate governance helps firm in internalizing its business
globally. However, some of the respondents think that corporate governance does not play any
role in easy internationalization of the business because corporate governance cannot be
measured in a monetary terms. On other hand, it is not possible to gather information about each
and every firm corporate governance. Hence, relationships are based on mutual understanding of
each other concerns. Due to this reason some of the respondents do not believe that corporate
governance helps firm in internationalizing its business.
Theme 4: Is there any relationship between company performance and corporate governance
Table 1: Respondents response on relationship between corporate governance and company
performance
Yes 17
No 3
Interpretation
37

From chart it can be seen that most of the respondents think that there is a positive
relationship between corporate governance and company performance. Out of 20 respondents 17
agree with the statement that there is a relationship between corporate governance and company
performance. Whereas, 3 respondents think that there is no relationship between both factors.
Analysis
It is a fact that corporate governance affects company performance and this is proved
from respondent’s response. If corporate governance is good then it means that there is a high
level of transparency in an organization and it is fulfilling its obligations towards the
stakeholders on time. This indicates that a firm is paying its creditors on time and making
available products at a fair price. It also indicates that fair treatment is given to the employees
and they are treated in proper manner. Conclusion is that an organization is taking care of all
those that are related to its business. When such kind of firms implements any new strategy in
the market then they get good response from the people due to its good image among them.
Apart from this, in case of business relationship also company gets a good cooperation from the
business friends on various fronts. Hence, all these things positively affect company
performance. Thus, it can be said that good corporate governance help firm in performing better
in the market. In research only three respondents think that there is no relevance of corporate
governance and company performance. They think so because company performance is
depending on various factors like product quality, price and distribution network. Hence, they
believe that these factors primarily affect firm performance. If company corporate governance is
good but its product quality is not good or its product price is too high then its performance will
not be good. Hence, due to this reason they think that there is no relevance between corporate
governance and firm performance.
Theme 5: Corporate governance affects firm performance in long term
Corporate governance affects firm
performance in long term
Frequency
Yes 15
No 2
38

Interpretation:
In previous question only 17 out of 20 respondents agree on fact that there is relevance
between corporate governance and market performance. So only 17 respondents give answer of
this question. From graph it can be seen that 15 respondents think that corporate governance
affects firm performance on long term. Whereas, 2 respondents think that in long run corporate
governance does not affect firm performance.
Analysis:
In research it has been find out that majority respondents think that corporate governance
affects firm performance in long run. They think so because firm performance and corporate
governance are interlinked to each other. If an organization brings any change in its corporate
governance system then its immediate impact cannot be seen on the firm. Gradually, positive
impact of new changes in corporate governance can be observed. Hence, due to this reason they
believe that corporate governance affects firm performance in long run. On other hand, 2
respondents think that in long run corporate governance does not affect an organization
performance. This means that they believe that corporate governance affects firm performance in
short term. They believe so because those who are closely associate with the firm when comes to
know about new changes in the firm corporate governance they will be in position to predict
39

company performance in short term. Due to this reason they assume that corporate governance
affects firm performance in short term.
4.5 Corporate governance promotes globalization and Internationalization
In this theme, researcher focuses on evaluating the benefits of corporate governance that
helps in promoting globalization and internationalization of a company irrespective to its sector.
Further, understanding the platform provided by corporate governance to the company within
international market. Lastly, highlighting the positive brand image generated by company
through corporate governance across the globe.
Theme 1: Employees strongly agreed to the fact that corporate governance assist in expanding
business at global level
Employees strongly agreed to the fact that corporate governance
assist in expanding business at global level
Frequency Percentage (%)
Strongly Agree 4 20
Agree 9 45
Neutral 5 25
Disagree 2 10
Strongly Disagree 0 0
Strongly Agree
Agree
NeutralDisagree
Strongly Disagree
0
5
10
Corporate governance assist in expanding business
at global level
Figure 6: Corporate governance assist in expanding business at global level
Interpretation:
40

With the help of graphical presentation it has been easy to identify the significance of
corporate governance for the Emirates Airlines. However, when asked to employees about the
fact that corporate governance assist in expanding business at global level then, 45% of
respondents agreed to this fact and states that is one of the major tool for business to attain
suitable entry in the foreign market. Similar to this, 20% of respondents strongly agreed to this
fact and corporate governance is playing vital role for the companies at international level. While
25% of selected sample size was neutral and unable to predict whether it is helping expanding
business at international level or not. Whereas, only 10% of the respondents disagreeing to this
fact.
Analysis:
There are several authors and scholars which have stated that, corporate governance is
vital tool for companies in expanding its business operations at global level without any major
issues. However, it assist in developing better image within the market that it leads to create a
suitable and reliable platform for the companies to enter into new market place in suitable and
reliable manner. Furthermore, having better corporate governance clearly indicates that company
is meeting the expectations of its stakeholders in appropriate manner. Furthermore, when
Emirates wants to enter into foreign market it is important for the firm to make strategic alliance
with another company. However, other nation company may look at various factors before
joining hands with other firm. Thus in this case, corporate governance play a crucial role for
Emirates and it is the duty of senior authority of Emirates to ensure suitable corporate
governance background that clearly indicates that firm take care of its stakeholders as well as
reflects that company follows strict rules and regulations to avoid wrong practices.
Theme 2: Corporate governance provide suitable platform for Emirates within international
market
Corporate governance provide suitable platform for Emirates within
international market
Frequency Percentage (%)
Yes 13 65
No 2 10
Maybe 5 25
41

13
2
5
Corporate governance provide suitable platform for
Emirates within international market
Yes
No
Maybe
Figure 7: Corporate governance provide suitable platform for Emirates within international
market
Interpretation:
Mixed results have been generated when respondents were asked about the fact that,
corporate governance provide suitable platform for Emirates within international market.
However, 13 out of 20 respondents states that yes corporate governance creates suitable platform
for the Emirates to enhance its business operations in international market. While on the other
hand, 5 of the employees are unaware about this fact that states that maybe it is helping the
course of company in expanding business operations to international market. While only 2 out of
20 respondents were disagree to this fact and said that no corporate governance is not creating
any platform for Emirates to enhance its business operations in foreign market.
Analysis:
Corporate governance is a system of controlling and operating a firm in order to achieve
long term goals in order to satisfy needs of stakeholders. By satisfying needs of stakeholders like
business friends company can improve its business terms with them and can elevate its
profitability. However, on the basis of above findings it has been analyzed that, there are many
firms in different sectors that are growing at a rapid pace in very short span of time due to their
product uniqueness. But this was not a single factor that was responsible for their growth.
Corporate governance was also second most important factor that plays a prominent role in
42

growth of any organization. There are many companies that by using corporate governance as a
mechanism direct their operations in perfect direction.
Theme 3: Corporate governance creates positive brand image across the globe
Corporate governance creates positive brand image across the globe Frequency Percentage (%)
Strongly Agree 9 45
Agree 7 35
Neutral 3 15
Disagree 1 5
Strongly Disagree 0 0
Strongly Agree Agree Neutral Disagree Strongly
Disagree
0
1
2
3
4
5
6
7
8
9
9
7
3
1
0
Corporate governance creates positive brand image
across the globe
Figure 8: Corporate governance creates positive brand image across the globe
Interpretation:
On the basis of above depicted graph it has been identified that corporate governance is
one of the major for the companies in creating positive image across the globe. In this regard, 9
out of 20 respondents strongly agreed to the fact that corporate governance leads to develop
positive image while supporting to this, 7 respondents agreed to the fact. However, there are
several respondents (4) that are unaware or denying the fact that corporate governance is not the
major tool for creating better image across the globe.
Analysis:
43

Researcher with the help of above study has been able to analyze that, corporate
governance and CSR are the major strategic tool through the means of which business in intense
competitive environment can sustain and enhance its business operations. However, as per the
vies and understanding to different authors it has been evaluated that, corporate governance and
CSR activities helps in developing better image within the target market. In this regard,
multinational companies like Emirates must conduct CSR activities at constant basis because
they are present globally and use resources of several nations. Due to this reason, it is their
responsibility that they take initiatives for betterment of nations of the world. Hence, they must
conduct CSR activities time to time in various nations of the world.
44

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS
5.1 Conclusion
In conclusion to the above dissertation it has been analyzed that, corporate governance
and CSR activities play significant role for the companies in enhancing their brand image as well
as generating long term sustainability. However, considering the airline industry which is one of
the most competitive sectors around the globe make more essential for the companies operating
in it to encourage CSR activities and employing corporate governance. Furthermore, through the
means of different authors study, investigator evaluated that CSR activities assist in developing
better brand image as well as goodwill in the market. Under CSR Emirates top level management
is planning and executing numerous activities like opening orphanages, helping handicapped
people and reducing carbon emission to protect environment. However, Emirates using CSR as
an instrument in order to create a positive brand image. In addition to this there are several other
firms that are making the use of CSR activities in institutional advertising and positively showing
that they are giving significant contribution in welfare of society and environment.
Furthermore, with the help of data analysis researcher was able to understand
significance of corporate governance for Emirates. However, through the help of corporate
governance, Emirates Airlines was able to carry out its business activities in accordance with
proper rules and regulations as well as in ethical manner so that better image of the company can
be promoted. Along with this, researcher evaluated that there are many components of corporate
governance and one of the most important components is accountability. This component of
corporate governance states that leaders of an organization must understand their accountability
towards an organization. The top management must guide their subordinates and ensure that
each and every activity in an organization is performed in appropriate manner as per the rules of
corporate governance.
Through the means of above entire dissertation it can be said that, Good corporate
governance acts as a trademark of company reliability and its loyalty towards fulfillment of
interests of its stakeholders. Considering the benefits of corporate governance and corporate
social responsibility activities companies are constantly making efforts to improve on these
aspects so that they can enhance their business functioning at local market as well as
international platform. By the means of corporate governance rules and regulations companies
45

are minimizing the rate of fraud and scam in their functioning such as large and medium sized
firms are manipulating their accounts and bribe is given to auditors in order to conceal real facts
for stakeholders and regulatory authorities are being avoided these days due to employment of
corporate governance legislations. On the basis of analysis of data which collected by the
conducting a primary research it is concluded that corporate governance has a significance
advantage to the Airline industry. Thus, by bringing changes in the corporate governance firms
operating in this industry can create their distinct image among their stakeholders.
In research it is also find out that corporate governance helps in curbing corruption in an
organization and due to this reason strong emphasis is laid down on improving corporate
governance system in an organization. Firms can do this by bringing changes in their rules and
regulations. On the basis of data analysis it is also concluded that there is a strong relationship
between corporate governance and company performance. Thus, in order to improve
performance firms must bring n changes in their corporate governance structure. In research it is
also find out that corporate governance affects firm performance in long term. Every company
has a strong ambition to grow business in future at a rapid pace. Hence, corporate governance is
a tool that firms can use to grow their business. However, it does not mean that future growth of
the firm entirely depend on the corporate governance. There are many other factors that play a
crucial role in the firm growth.
Corporate governance is only a way by using which firm can improve its relationships
with the stakeholders that are major drivers of the company growth. On the basis of data analysis
it is also concluded that corporate governance helps firms in expanding their business at global
level. This is because by improving corporate governance firms create their good image among
the stakeholders. Due to this reason it becomes easy for the firm to enter in to strategic alliance
with foreign nation firm. Hence, by building many new partnerships a firm increases its global
presence. In corporate governance rules and regulations are formed and this helps firm in
creating its good brand image. In other words, it can be said that strong rules and regulation
create an image of the firm that it is strictly following all rules and regulations that are formed by
the government in terms of product quality. Hence, this factor motivate propel to believe on the
company product in terms of quality for it is promising in product advertisement. This results in
the creation of the company good brand image in the eyes of general public.
46

5.2 Recommendations
On the basis of literature review and data analysis it is recommend that firms must give a
due importance to the corporate governance. This is because it helps firm in ensuring that its
operations will be performed in proper manner especially those that are related to its
stakeholders. Many times interest of these stakeholders is not met in proper manner and due to
this reason firm relationship with stakeholders gets weak. In order to prevent this situation
Emirates needs to improve its corporate governance system. Only by improving this system firm
can fulfil needs of its stakeholders in a balanced manner. In context of corporate governance in
order to improve relationship with the external entities Emirates must improve its corporate
governance system. If this system will be improved then firm business will expand at a rapid
pace. It is also recommended that Emirates must improve its corporate governance system in
order to keep control on corruption on its workplace. It has been seen that due to weak corporate
governance system top officials of the firm get an opportunity to manipulate accounts. By doing
this they initiate corruption in the company. Sometimes, in order to show good performance top
level managers hide reality from the public and by showing fake transaction they bring change in
accounts which are not genuine. This happens due to loopholes in the firm corporate governance
system. If this system will be improved then such kind of unethical practices will not take place n
the Emirate. Hence, by considering this factor Emirate must bring changes in its corporate
governance system. In Airline industry most of the firms are taking steps in order to improve
their corporate governance system and this create their strong positive image among the general
public and business friends. Hence, if in such a situation Emirate will not bring changes in its
corporate governance then it will send a negative message to the stakeholders. Hence, it is highly
recommended to the firm that it must bring changes in its corporate governance with passage of
time. Some of the changes that Emirate must bring in its corporate governance are as follows. Change in Board of directors- Emirate must keep tenure of its Board of directors in the
company for short time period like two or three year at place of five year. By doing this
probability of corruption in an organization will be reduced to large extent. Due to short
tenure even corruption will take place then it will come in light of the top managers at the
early stage. Emirate must make a rule under which an individual can again selected as a
member of the company Board of director team. Means that on end of tenure
47

performance of broad of director must be evaluated. If he perform well then he must be
again selected in a team of Board of directors.
 Inviting external auditing agency for audit of accounts- In case of Toshiba all top
managers and accountants were involved in the corruption. Due to this reason corruption
takes place and it does not get disclosed easily. In order to prevent this situation Emirates
can invite external auditing agency for verifying its accounts. This must be part of the
company rules and regulations. A rule must be made under which it must be made
necessary to conduct audit by external agency. If this will become a rule then top
management will be compelled to follow such practice every year. Thus, will help in
Emirate in identifying and controlling corruption practices in its organization.
48

REFLECTIVE
As a researcher, I am glad to conduct the research presented herewith. The research has provided
valuable insights in relation to corporate governance. I have learnt interesting facts related to
manner in which corporate social responsibility helps the business unit in gaining positive brand
image. I am glad to know that the business units in present scenario are emphasizing on their
social responsibility. I feel that the increasing focus on corporate social responsibilities is going
to bring a new era in society whereby interests of all individuals will be satisfied. I believe that
researchers are constant learners who gain insights from every aspect of their life. This research
has forced me to believe that every individual has certain set of responsibility towards society.
We as a group of individuals are living together in place that is termed as society.
Henceforth, we all as a group are considered to be responsible for development of society at
whole. The businesses that are operating within a country tend to earn huge level of profits.
Traditionally, profit earning was sole motive of corporate. However, with passage of time
importance of individuals and society is understood. It is through CSR strategies that the
organization is able to provide benefits to the society in which it is operating. As a part of the
research, I have learnt that the country’s government has adopted corporate governance as
legislation. I felt good to learn about manner in which our concerned authorities are working for
the welfare of society. However, I was sad to know that some of the organizations still adopt
fraudulent practices. This in turn negatively impacts their stakeholders. I believe that the
business unit tends to achieve success when its ethical foundation is strong. In present scenario,
everyone around us is aware of his/her rights and duties. The business units that form a
significant part of economy should understand their responsibility and act accordingly. Finally, I
can say emergence of corporate governance as a distinct law and corporate social responsibility
as a distinct department sets a foundation for development of peaceful society.
49

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54

APPENDIX
Questionnaire
Demographic questions
Q.1. In which age groups do you fall?
 Below 20 years
 20- 35 years
 35- 50 years
 Above 50 years
Q.3. How many years of experience you have in Airline industry?
 Below 2 year
 2-5 year
 5-10 year
 More than ten years
Q.2. How many years of experience you have in the Emirates?
 Below 2 year
 2-5 year
 5-10 year
Q4: What is your designation in the company?
 Top level management
 Middle level management
 Operational level management
What is the meaning and significance of corporate governance and CSR in context of
multinational companies?
1) Do your company is abided by corporate governance legislation?
 Yes
 No
 Maybe
2) Corporate governance has a significance for companies. Do you agree?
 Agree
 Strongly agree
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 Somewhat agree
 Disagree
 Highly disagree
3) Do Emirates adopts CSR strategies?
 Yes
 No
4) Do you think that CSR has a great importance for the companies?
 Yes
 No
5) Which of below given reasons you think are the main reason due to which firms give
importance to CSR?
 Improvement in company image among people
 Good Corporate Citizen
 Better Goodwill (Society, financial stability, long term sustainability)
 Brand Image (Services)
What are the Implications of corporate governance in relation to company market
performance?
1) Do you agree to the fact that, corporate governance is gaining significant advantage within the
Airline industry?
 Agree
 Strongly agree
 Somewhat agree
 Disagree
 Highly disagree
2 Do you think that corporate governance helps in curbing corruption in the firm?
 Yes
 No
3 Corporate governance helps firm in internalizing its business easily.
 Yes
 No
4 Is there any relationship between company performance and corporate governance?
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 Yes
 No
5 Do you think that corporate governance affects firm performance in long term?
 Yes
 No
Corporate governance promotes globalization and Internationalization
Ques1: According to you, do corporate governance assist in expanding business at global level?
 Strongly Agree
 Agree
 Neutral
 Disagree
 Strongly Disagree
2 Does CG provide suitable platform for the company within international market?
 Yes
 No
 Maybe
3 Do you think that CG creates positive brand image across the globe?
 Strongly Agree
 Agree
 Neutral
 Disagree
 Strongly Disagree
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