Mitigating the Threat of Corruption in the Private Sector: The Role of Business Principles

Peter Nikolaevich Kobets, Kristina Aleksandrovna Krasnova, Mátyás Szabolcs, Andrei Viktorovich Borisov

2021

Abstract

The relevance of the study is propelled by the fact that corruption remains a pressing problem in international business. Bribery can only be effectively prevented and eliminated if private sector firms implement anti-corruption management controls. The purpose of this study is to offer insight into the global business principles of combating corruption, as well as to provide a detailed analysis of the impact of corruption on business processes by testing the hypothesis about the negative impact of corrupt practices on the company's reputation and by assessing the reliability of the assumption that the implementation of internationally developed business anti-bribery principles help maintain the company's reputation of integrity. Methods: The authors present a systematic review of Russian and international literature that investigates corruption, identifying the factors of corruption in business and other economic activities. To search for relevant studies, we used Scimagojr, Research Gate, Science Direct, Google Scholar, and Sage Open. Results and novelty: Certain international organizations recognize that corruption and bribery are detrimental to business integrity. Bribery can only be effectively prevented and eliminated if companies and the private sector in general implement anti-corruption management controls as a necessary and essential part of their day-to-day governance on the same basis as economic security controls. Conclusions. Based on an in-depth review of international anti-bribery business principles, the authors conclude that incorporating anti-corruption principles into their daily operations enables them to compete and trade fairly around the world, supporting investment and economic growth, and helping to fight corruption crime at the national and international levels.

Paper Citation

in Harvard Style

Kobets P., Krasnova K., Szabolcs M. and Borisov A. (2021). Mitigating the Threat of Corruption in the Private Sector: The Role of Business Principles. In Proceedings of the VII International Scientific-Practical Conference “Criminal Law and Operative Search Activities: Problems of Legislation, Science and Practice” - Volume 1: CLOSA, ISBN 978-989-758-532-6, pages 415-419. DOI: 10.5220/0010645700003152

in Bibtex Style

@conference{closa21,
author={Peter Nikolaevich Kobets and Kristina Aleksandrovna Krasnova and Mátyás Szabolcs and Andrei Viktorovich Borisov},
title={Mitigating the Threat of Corruption in the Private Sector: The Role of Business Principles},
booktitle={Proceedings of the VII International Scientific-Practical Conference “Criminal Law and Operative Search Activities: Problems of Legislation, Science and Practice” - Volume 1: CLOSA,},
year={2021},
pages={415-419},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010645700003152},
isbn={978-989-758-532-6},
}

in EndNote Style

TY - CONF

JO - Proceedings of the VII International Scientific-Practical Conference “Criminal Law and Operative Search Activities: Problems of Legislation, Science and Practice” - Volume 1: CLOSA,
TI - Mitigating the Threat of Corruption in the Private Sector: The Role of Business Principles
SN - 978-989-758-532-6
AU - Kobets P.
AU - Krasnova K.
AU - Szabolcs M.
AU - Borisov A.
PY - 2021
SP - 415
EP - 419
DO - 10.5220/0010645700003152