1) Need to revise the “Manuscript and References” Current issues are described as follows; Points to be improved 1: There is no theoretical development of formal hypotheses and the theoretical foundations and cases presented in the manuscript do not provide new insights. Points to be improved 2: It is not clear how the narratives on the subjected company could bring new insights on our understanding of the interrelationship between corporate governance and business ethics. Points to be improved 3: From discussions and narratives presented in the article, there are several theories (institutional theory, corporate reputation, agency theory and corporate governance theory) but they are not explicitly discussed how these theories could provide us with a better understanding on how corporate governance and business ethics can create value to the shareholders. The latest relevant information/resources can be provided. Points to be improved 4: Most of discussions on the subjected company are facts from public sources. Existing literature on corporate governance, business ethics and firm performance (firm value) have been well-developed, both theoretically and empirically. Points to be improved 5: it is required to conduct deeper literature review to understand what have been done and formulate more meaningful narratives based on solid theoretical foundations and describe the qualitative analyses based on a case study more carefully such that this study provides significant contributions to the article. Points to be improved 6: The case study about the subjected company has been analysed ad infinitum in the world. The contribution of the case studies about the company gave much emphasis to governance frameworks such as changes in the US Sentencing Guidelines, SOX, etc. 2) The title page should include: A concise and informative title (limit 15 words) 3) Need to revise “Abstract section” accordingly Please provide an abstract of 250 words. The abstract should not contain any undefined abbreviations or unspecified references. Regarding the abstract section, could you please provide a structured abstract in the submission? Purpose (mandatory) Design/methodology/approach (mandatory) Findings (mandatory) Research limitations/implications (if applicable) Practical implications (mandatory) Social implications (if applicable) Originality/value (mandatory) Maximum is 250 words in total. Abbreviation cannot be used. Please provide an abstract of 250 words. The abstract should not contain any undefined abbreviations or unspecified references. These five sub-headings and their accompanying explanations must always be included: “Purpose”:In one or two sentences, summarize the focus of the study. “Design/methodology/approach” “Findings”:In one to four sentences, please identify what the author considers to be the most important, useful, new, or counterintuitive findings and insights of the study. “Practical Implications”: In one to four sentences, please identify what the author considers to be the most important practical implications of the study. Why do you want to emphasis about it? How can the idea be applied today? “Originality/value” : What is the central idea of the manuscript. The following two sub-headings are optional and can be included, if applicable: “Research limitations” “Social Implications”: In one to four sentences, please discuss what the author consider to be the most important practitioner and/or policy maker implications of the study. 4) Need to revise “Keywords” accordingly Please provide 4 to 6 keywords which can be used for indexing purposes.