A Conceptual Review on Corporate Governance and its Effect on Firm's Performance: Bangladesh Perspective
Homayara Latifa Ahmed
Md. Jahangir Alam
Saeed Alamgir Jafar
Sawlat Hilmi Zaman
Corporate governance - a concept referring to the ideal mode of ensuring firm's accountability to its stakeholders, has ascended to its current level of importance owing to corporate level scandals in the large economies of the world; experience gained from which has brought some positive changes in the less developed economies - changes that are proactive and are aimed at enhancing corporate responsibility and performance. The objective of this study has been to review this concept as is being practised, the problems being faced, the schools of thought, its implication on firm valuation and performance and lastly, to see its relevance in the context of Bangladesh, where the listed firms are mostly owned and managed by family members. Suggestions to improve corporate governance and accountability, also in line with SEC guidelines, is to have an active board with well proportioned executive vs non-executive members, along with representatives from all groups of shareholders/stakeholders; separation of the role of CEO and the chairperson; creation of board committees; changing audit firms periodically etc, to name a few.
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