Basic Concepts of Corporate Governance and Global Movements in Corporate Governance Reforms
Basic Concepts of Corporate Governance and Global Movements in Corporate Governance Reforms
Corporate governance can be defined as the manner of dealing with those who supply finance to corporations to get their return on their investment. In adopting the stakeholder approach, corporate governance encompasses corporate constituencies. Aside from capital investors, these also include customers, employees, suppliers, national governments, and the communities in which the organizations operate. Although there are several approaches to understanding the structures in corporate governance, the common approaches involve looking into the following: the economic model, the historical and political determinants, the cultural and social factors, and the institutional and legal viewpoints. This chapter attempts to look into the twenty-first century reforms in corporate governance, especially in the advent of corporate scandals. Also, focus is given to trends in modern research regarding comparative corporate governance.
Keywords: finance suppliers, return on investment, stakeholder approach, economic model, historical and political determinants, cultural and social factors, institutional and legal viewpoints, reforms, research
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