Does governance system prevent unethical practices in sustainable citizens firms?

The objective of this research is to check if sustainable social status is an explanatory framework or a constraint for the development of opportunistic strategies. Based on a specific sample, which is sustainable citizen companies along the period 2002-2007, we examine - in panel and comparative studies - financial, governance and social characteristic of these firms. Our findings identify several important facts. First, our results show inefficient governance to curb managerial discretionary. Second the earning management can be a strategic tool to get a sustainable ranking on the list of the "100 best citizens corporate ". Finally we discover a new type of entrenchment which is social entrenchment on social top lists. These findings highlight the opportunistic practices even in ideal companies.