Financial Crisis

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1 Introduction
The latest global financial crisis was exploded in 2008. This was the most serious financial crisis since the economic depression which occurred in 1930s and it severely impacted the global financial market. Lots of corporations collapsed during the 2008 financial recession which was caused by breakage of capital chain. Although some companies did not bankrupt during that period, they also had suffered huge loss.

The 2008 global financial crisis began from America. American financial crisis came from the prosperity of real estate. Before the 2008 global financial crisis, a large number of financial derivatives were generated and financial bubble became more and more serious. Finally, American sub-prime crisis occurred
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Nevertheless, Ghoshal disagrees this view and approves of the stewardship theory, because it can effectively give consideration to the profit of 'customers, employees, shareholders ' and their 'communities ' (Davis, Schoorman and Donaldson, 1997, citied in Ghoshal, 2005: 81).

2.3 Background of financial crisis
The 2008 global financial recession has been described a 'once in a century credit tsunami ' (Earle, 2009: 785). This is a disastrous blow to global financial community. Bullard (et al, 2009, citied in Hu et at, 2012) points out that many economists regarded the global financial crisis as the most serious global finance disaster since 1930s. Compared with only 11 banks was bankruptcy during 2003 to 2007, at least 160 American banks went broke in 2008 and 2009 (Fdic, 2011, citied in Hu et al, 2012). From this statistics, it is not difficult to know how strong influence brought by this financial crisis.

There is a close link between the 2008 global financial crisis and sub-prime crisis. Bernake (2007, citied in Hlenzerjr and Zhao, 2012) asserts that 'sub-prime mortgages are loans made to borrowers who are perceived to have a high credit risk, often because they lack a strong credit history or have other characteristics that are associated with high probabilities of default '. Furthermore, during 1990 to 2000, because of the IT

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