Is Religion an Influential Factor in the Managerial Decision Taken at the Level of Corporate Governance Structures?

Although the current economic crisis seems far from being over, economist's preliminary conclusion is that it has been triggered by the lack of morality of large financial institutions in developed countries that have infested the world public finance with toxic financial products. This lack of morality of the business environment seems to be a consequence of the suboptimal action of large financial companies that have put their short-term business interest above the general interests of the society they were part of, triggering the current world economic situation. However, this lack of morality found in the action of corporate governance policies was unequally triggered and driven worldwide. The present article seeks to assess if perhaps religion, as the most effective means of imposing social morality has had an impact on the corporate governance decisions of corporations in countries with different religions. To this end, we have used the macroeconomic indicator GDP and its growth rate as a measure of (corporations') managerial policies collective action. Those policies are/can be more or less influenced by the major religious precepts in the society where they act. Using these relationships we have attempted to give an assessment of the religious phenomenon impact (as an element imposing a moral conduct in the society) on the macroeconomic outcomes in different countries of the World (as a measure of managerial decision). The contributions of the paper reveal the role that religion still have in the society in the way its creating order and equilibrium. In this purpose as the more as religion inculcates actively by its own action means in social life a more dedicated attitude to the society (in other words more moral) the more beneficial the impact of the economic crisis on the economies of respective countries and so the outcome of managerial policy actions - of corporate governance - have been for the respective countries' economy. The limitations of the study are related to the measure of the corporate governance's policies efficiency in an economy as GDP of the country was acting those companies. Article's conclusion is that one of the efficient "law enforcement" ways is accepting religion in the social-economic space, so that the managerial decision in any corporate governance system will also have a moral component, meant to censor the immoral or antisocial decisions of managers.