There are 1 documents upload with 2 classmate on this document that I need a response for. Each response is a 100 words. Please read the guide response for the requirement. You have to response to each person on each on the document not just one. 
Week 1 Classmate Discussion 1 Response

Guided Response: Respond to at least two of your fellow students’ or instructor posts in a substantive manner and provide information or concepts that they may not have considered. Each response should have a minimum of 100 words and be respectful of others’ opinions and beliefs that differ from your own. Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum. Continue to monitor the discussion forum until Day 7 and respond with robust dialogue to anyone who replies to your initial post.

Below are two of my classmate with the week 1 of their discussion that I need response to their name are Jamie Choate and Deanna Cohen
Deanna Cohen
As the population gets older and millennials become a larger portion of the market companies have to take into consideration and adapt to their consumer preferences in order to remain successful. “Millennials prefer to do business with corporations and brands with pro-social messages, sustainable manufacturing methods and ethical business standards,” (Landrum, 2017).

Personal ethics is often tied to agency theory which is essentially the relationship between owners and management and how effectively management pursues the best interst of stockholders (Block, Hirt & Danielsen, 2019). When thinking of an example of unethical personal business practices, the first situation that came to mind was the Wells Fargo fake account scandal. In 2016 the company fired 5,300 people and replaced their CEO among other responses to discovering due to unrealistic sales goals their employees were operating extremely unethically. “Beyond opening as many as 3.5 million unauthorized bank and credit card accounts, Wells Fargo has admitted to charging customers for mortgage fees they didn’t deserve and forcing them into car insurance they didn’t need. Some people even had their cars repossessed as a result” (Egan, 2018). These practices have damaged the company reputation and ultimately lowered its value. “There’s no question that Wells Fargo’s scandals are responsible for seriously eroding shareholder value,” (Egan, 2018). Wells Fargo should have been examining their sales goals and their attainability to ensure they were incentivizing the proper ethical actions from their employees. I believe that Wells Fargo learned the value of ethical practices in terms of their reputation which took years to build and one scandal to destroy. I personally would never use Wells Fargo because my distrust in the organization gives other banks a competitive advantage.

As mentioned earlier, with millennials becoming a larger portion of the market corporate social responsibility (CSR) is increasingly important for a sustainable business model encouraging firms to invest in improving their social, economic and environmental context to create value for consumers (Green and Peloza, 2011). CSR has the ability to have a short-term impact, by encouraging purchase intentions, and a long-term effect, by helping to develop the firm’s reputational capital, which can provide a competitive advantage (Bianchi, Bruno, & Sarabia-Sanchez, 2019). One example of positive CSR in the financial industry is the decision made by BNP Paribas to no longer finance coal mining. The bank has been surveilling producers since 2017 in the hope that they would begin investing in renewable forms of energy, but after two years later they found no evidence to support that companies changed their strategies leading the bank to no longer finance those businesses (Laidlaw, 2019). In this case, I don’t believe anything needed to be done differently. One thing they could learn from this situation and put in place moving forward is a certain requirement for companies they finance to have environmentally conscious energy sources. That being said, each investment and their operations would likely need individual reviews.

The Sarbanes-Oxley Act (SOX) is a law created to protect investors from fraudulent financial reporting by mandating strict reforms to existing securities regulations and imposing harsh penalties on those who break the law. The most controversial portion of the SOX is section 404 which “requires that companies document, test, and assess procedures for monitoring their internal systems; that managers file a special ‘management report,’ in which they evaluate the firm’s internal control system on financial reporting; and that the outside auditor attest to the management’s assessment of the companies controls” (Albuquerque & Zhu, 2019). The enactment of this law does promote ethical behavior because requirements create transparency and accountability for those who do not make ethical business decisions. Other ways to ensure strong ethical business decisions is to create incentive programs for employees that specifically reward ethical decisions. Making the awards attainable & significant while acknowledging these employees frequently will encourage the desired behavior throughout the company.