Corporate Governance
Corporate governance is a system of directions, policies, controls and clearly defined responsibilities to manage the business, overcoming conflicts of interest and enhance corporate accountability (Lanno, 1999). Moreover, it is a process of maintaining good relationship with shareholders and stakeholders (Ruin, 2001). Whereas, the ultimate objective is to realize long term shareholder value and interest of other stakeholders (Pass, 2004). In today’s large number of collapses of well-known companies, the emphasis on corporate governance practices and systems were highly recommended by many governments to ensure assets of the company are used efficiently (Kirkpatrick, 2009). However, the necessity of investigating corporate governance practices in emerging markets is increasing due to vast differentiation of social, cultural and economic factors which are productively contributing on company performance (Flora, 2006). Table 1 , Features of a good corporate governance S...