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dissertation topics on corporate governance

Corporate Governance Dissertation Topics (28 Examples) For Research

Mark Aug 21, 2021 Aug 12, 2021 Corporate Governance No Comments

Corporate governance refers to the code of conduct for global business corporations. It is important for businesses to act responsibly and contribute to the betterment of society and people. As the concept of corporate governance has emerged, the scope and area for research have increased. We provide you with a list of corporate governance dissertation […]

The research topics on corporate governance and project topic on corporate governance are listed to help students in selecting a topic for their research and thesis. We have sorted down some of the most interesting corporate governance dissertation topics and can provide you with a brief on the selected topic.

A list Of Corporate Governance Dissertation Topics

A comparison of corporate governance policies and practices in the years 2010 to 2020.

Studying the impact of corporate governance practices on the management and leadership styles.

Identifying the most effective corporate governance strategies and its impact on organizational reputation.

An integrated analysis of the corporate governance practices in developing countries.

To investigate the impact of corporate governance policies and their implementation on the monetary success of large businesses.

Analysing the competence of corporate governance in a state-owned enterprise in the UK.

Comparing the policies of corporate social responsibility and its causes and effects.

Can effective corporate governance contribute to dealing with the global recession?

Studying the role of audit practices in corporate governance.

Evaluation of corporate governance regulations in the US and the UK.

Studying the importance of ethics in corporate governance taking a real-life case example.

A literature review on the corporate governance in a family-based business.

To study the impact of corporate governance on earning management in SMEs.

How does corporate governance affect the financial performance and financial stability of a business?

Studying the board attributes and corporate social responsibility disclosure.

Investigating the relationship between corporate governance and operating cash flow.

How does effective corporate governance help in building and maintaining relationships with the strategic partners?

To study the impact of ownership structure and corporate governance on the success of a business.

Does effective internal audit help in developing corporate governance policies and regulations?

To investigate the effect of accounting conservatism and corporate governance on tax avoidance.

Studying the impact of corporate governance on voluntary risk disclosure in large businesses in the UK.

The relationship between corporate governance and enterprise risks in the banking industry.

The contribution of innovation in enhancing corporate governance in organisations.

The importance of developing a code of conduct to manage organisational behaviour.

A literature review on corporate governance and its growing importance.

Studying and comparing the laws and policies related to corporate governance in the UK and the United States.

What is the role of corporate governance in the case of blockchain technology?

The role of corporate governance in long-term competitiveness based on value-added measures.

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Corporate Governance Research Paper Topics

This guide provides a comprehensive list of corporate governance research paper topics divided into 10 categories, expert advice on choosing a relevant and feasible topic, and tips on how to write a successful corporate governance research paper. Corporate governance is a critical aspect of modern business that has a significant impact on the success of organizations. As a result, students who study corporate governance are often assigned to write research papers that explore various aspects of the topic. In addition, iResearchNet offers custom writing services that provide expert degree-holding writers, customized solutions, and timely delivery. By using this guide and iResearchNet’s writing services, students can ensure that their corporate governance research papers meet the highest academic standards.

Corporate Governance Research

Corporate governance is a critical aspect of modern business that encompasses the practices, processes, and systems by which organizations are directed, controlled, and managed. As a result, students who study corporate governance are often assigned to write research papers that explore various aspects of the topic, ranging from board structures and executive compensation to shareholder activism and stakeholder engagement.

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In this guide, we provide a comprehensive list of corporate governance research paper topics divided into 10 categories, expert advice on how to choose a relevant and feasible topic, and tips on how to write a successful corporate governance research paper. In addition, we offer custom writing services through iResearchNet that provide expert degree-holding writers, customized solutions, and timely delivery.

By using this guide and iResearchNet’s writing services, students can ensure that their corporate governance research papers are well-researched, well-written, and meet the highest academic standards.

100 Corporate Governance Research Paper Topics

Corporate governance is a broad and complex topic that encompasses a wide range of issues and challenges facing modern organizations. To help students choose a relevant and feasible corporate governance research paper topic, we have divided our comprehensive list of topics into 10 categories, each with 10 topics.

Board of Directors

Board independence and effectiveness
Board diversity and gender equality
CEO duality and separation of roles
Board composition and characteristics
Board oversight and accountability
Board nominations and elections
Board leadership and culture
Board committees and responsibilities
Board evaluation and performance
Board compensation and incentives

Executive Compensation

Executive pay and performance
Executive pay and firm performance
Pay-for-performance and pay-for-skill
CEO pay ratios and pay equity
Stock options and equity-based compensation
Executive severance and golden parachutes
Executive perquisites and benefits
Executive retirement and pensions
Say-on-pay and shareholder activism
Institutional investors and executive pay

Shareholder Activism

Shareholder rights and activism
Shareholder proposals and proxy access
Shareholder engagement and communication
Shareholder activism and corporate social responsibility
Institutional investors and shareholder activism
Hedge funds and shareholder activism
Shareholder activism and executive compensation
Shareholder activism and board independence
Shareholder activism and corporate governance reforms
Shareholder activism and CEO turnover

Stakeholder Engagement

Stakeholder identification and analysis
Stakeholder mapping and prioritization
Stakeholder communication and dialogue
Stakeholder participation and empowerment
Stakeholder consultation and feedback
Stakeholder engagement and corporate social responsibility
Stakeholder engagement and sustainability reporting
Stakeholder engagement and risk management
Stakeholder engagement and corporate reputation
Stakeholder engagement and value creation

Corporate Culture and Ethics

Corporate values and ethics
Ethical leadership and decision-making
Corporate social responsibility and sustainability
Business ethics and compliance
Corporate citizenship and philanthropy
Corporate culture and values alignment
Corporate culture and employee behavior
Corporate culture and organizational performance
Corporate culture and innovation
Corporate culture and risk management

Board-Shareholder Relations

Board-shareholder communication and engagement
Board-shareholder conflict resolution
Board-shareholder cooperation and collaboration
Board-shareholder activism and response
Board-shareholder rights and responsibilities
Board-shareholder agreements and charters
Board-shareholder engagement and corporate social responsibility
Board-shareholder relations and institutional investors
Board-shareholder relations and minority shareholders
Board-shareholder relations and corporate governance reforms

Regulatory and Legal Environment

Corporate governance regulations and compliance
Corporate governance laws and policies
Corporate governance codes and standards
Corporate governance enforcement and penalties
Corporate governance and public policy
Corporate governance and the role of regulators
Corporate governance and antitrust laws
Corporate governance and securities laws
Corporate governance and data privacy laws
Corporate governance and intellectual property laws

Risk Management and Disclosure

Enterprise risk management and oversight
Risk management and strategic planning
Risk management and financial reporting
Risk management and sustainability reporting
Risk management and cybersecurity
Risk management and climate change
Risk management and supply chain management
Risk management and crisis management
Risk management and stakeholder engagement
Risk management and disclosure requirements

International Corporate Governance

Cross-border mergers and acquisitions and corporate governance
Corporate governance and foreign direct investment
Corporate governance and multinational corporations
Corporate governance and global supply chains
Corporate governance and global financial markets
Corporate governance and emerging markets
Corporate governance and corruption
Corporate governance and cultural diversity
Corporate governance and the United Nations Sustainable Development Goals
Corporate governance and global challenges

Corporate Governance Reform

Corporate governance failures and scandals
Corporate governance reforms and their impact
Corporate governance and shareholder activism
Corporate governance and executive compensation reform
Corporate governance and board independence reform
Corporate governance and stakeholder engagement reform
Corporate governance and diversity and inclusion reform
Corporate governance and sustainability reform
Corporate governance and regulatory reform
Corporate governance and future trends

By organizing the corporate governance research paper topics into categories, students can easily identify areas of interest and develop research questions that align with their academic goals and interests. The categories cover a wide range of issues and challenges facing modern organizations, from board structures and executive compensation to stakeholder engagement and international corporate governance.

Choosing a Topic in Corporate Governance

Choosing a relevant and feasible corporate governance research paper topic is critical for success in academia. The following are expert tips on how to choose a corporate governance research paper topic:

Consider your interests : Choose a topic that you are interested in and passionate about. Your enthusiasm for the topic will help you stay motivated throughout the research and writing process.
Identify a research gap : Choose a topic that fills a research gap or addresses a new research question. This will help you contribute new knowledge to the field and make a meaningful contribution to academic scholarship.
Consult with your instructor : Discuss potential topics with your instructor and seek feedback on your ideas. Your instructor can help you refine your research question and suggest relevant literature and sources.
Conduct a literature review : Conduct a literature review to identify gaps and areas of interest within the field. This will help you develop research questions and identify key concepts and themes.
Consider feasibility : Choose a topic that is feasible given the time and resources available to you. Be realistic about your research scope and the data sources that are available to you.
Stay current : Choose a topic that is current and relevant to the field. This will help you stay up-to-date on the latest trends and developments in corporate governance.
Identify a manageable scope : Choose a topic that has a manageable scope. Narrow down your research question to a specific aspect of corporate governance that can be explored in-depth within the scope of a research paper.
Brainstorm potential topics : Brainstorm a list of potential topics based on your interests, literature review, and discussions with your instructor. Evaluate each topic based on its relevance, feasibility, and potential impact.

By following these expert tips, students can choose a relevant and feasible corporate governance research paper topic that aligns with their academic interests and goals. In the next section, we provide tips on how to write a successful corporate governance research paper.

How to Write a Corporate Governance Research Paper

Writing a successful corporate governance research paper requires careful planning and attention to detail. The following are expert tips on how to write a corporate governance research paper:

Develop a clear research question : Develop a clear and concise research question that addresses a gap or new research question within the field of corporate governance. The research question should be specific and focused to ensure a manageable scope for the research paper.
Conduct a literature review : Conduct a comprehensive literature review to identify key concepts and themes within the field of corporate governance. This will help you develop a theoretical framework and provide a foundation for your research paper.
Select appropriate research methods : Select appropriate research methods that align with your research question and objectives. This may include qualitative, quantitative, or mixed-methods research approaches.
Collect and analyze data : Collect and analyze data using appropriate research methods. This may include conducting interviews, surveys, or analyzing financial data. Ensure that your data collection and analysis is rigorous and aligns with the research question and objectives.
Develop a clear and structured outline : Develop a clear and structured outline for your research paper. This will help you organize your thoughts and ideas and ensure a logical flow of information.
Write a clear and concise introduction : Write a clear and concise introduction that provides background information and context for the research question. The introduction should also clearly state the research question and objectives.
Develop a comprehensive literature review : Develop a comprehensive literature review that provides a theoretical framework for the research question. The literature review should be organized thematically and include key concepts and themes within the field of corporate governance.
Analyze and interpret findings : Analyze and interpret the findings of the research. Ensure that your analysis and interpretation aligns with the research question and objectives.
Develop a clear and concise conclusion : Develop a clear and concise conclusion that summarizes the key findings of the research and provides implications for practice and future research.
Ensure proper formatting and citation : Ensure that your research paper is properly formatted and cited. Follow the guidelines of the citation style required by your instructor, such as APA, MLA, or Chicago.

By following these expert tips, students can write a successful corporate governance research paper that contributes new knowledge to the field and makes a meaningful contribution to academic scholarship. In the next section, we provide information on how students can benefit from the iResearchNet writing services for corporate governance research papers.

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Writing a successful corporate governance research paper requires careful planning and attention to detail. By choosing a relevant and feasible research paper topic, conducting a comprehensive literature review, and following the tips outlined in this article, students can produce high-quality research papers that make meaningful contributions to the field of corporate governance. Additionally, iResearchNet writing services offer students a valuable resource for producing high-quality research papers that meet the academic standards of their instructors. With expert degree-holding writers, customized solutions, and a range of support features, iResearchNet can help students achieve academic success and excel in their studies. Contact us today to learn more about our writing services and how we can assist you in your corporate governance research paper writing needs.

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Home » Blog » Dissertation » Topics » Business » Corporate Governance » 80 Corporate Governance Research Topics

80 Corporate Governance Research Topics

FacebookXEmailWhatsAppRedditPinterestLinkedInWelcome researchers to a world of intrigue and innovation in corporate governance. If you’re searching for thought-provoking research topics in corporate governance to sculpt your academic journey – whether at the undergraduate, master’s, or doctoral level – look no further. Our meticulously crafted list of corporate governance research topics is designed to ignite your curiosity […]

Welcome researchers to a world of intrigue and innovation in corporate governance. If you’re searching for thought-provoking research topics in corporate governance to sculpt your academic journey – whether at the undergraduate, master’s, or doctoral level – look no further.

Our meticulously crafted list of corporate governance research topics is designed to ignite your curiosity and fuel your scholarly pursuit. From dissecting board structures to unraveling ethical dilemmas, these topics offer a gateway to understanding the intricate fabric that holds modern organizations together. Embark on this intellectual adventure with us and let the realm of corporate governance unveil its secrets, inspiring your thesis or dissertation to leave an indelible mark in the academic landscape.

A List Of Potential Research Topics In Corporate Governance:

Shareholder engagement in the digital age: exploring the impact of virtual platforms and corporate governance.
The influence of ownership structure on corporate governance practices and performance.
Corporate governance and environmental sustainability: examining the relationship and impact.
Investor protection, legal frameworks, and corporate governance: a global perspective.
The effectiveness of board evaluations in improving corporate governance practices.
Board effectiveness and its impact on firm innovation and competitive advantage.
Institutional investors and corporate governance: a comprehensive analysis of global research.
Corporate governance challenges in state-owned enterprises: lessons from around the world.
CEO duality and its influence on corporate governance and performance outcomes.
The role of institutional investors in shaping corporate governance norms: a UK perspective.
Corporate governance and cybersecurity: assessing board responsibility and oversight.
Corporate governance and operations management : strategies for enhancing efficiency, quality, and sustainability.
Corporate governance challenges and responses in UK public sector organizations.
The role of the institutional context in shaping corporate governance norms and practices.
ESG integration and reporting in UK listed companies: a corporate governance analysis.
Corporate governance reforms in response to financial scandals: a cross-country study.
Executive compensation amid crisis : a study of corporate governance mechanisms in aligning incentives.
Board independence and its effect on corporate governance practices and financial performance.
The effectiveness of whistleblower mechanisms in enhancing corporate governance practices.
Regulatory reforms and corporate governance evolution: a study of the UK experience.
UK corporate governance code revisions impact board effectiveness and firm performance.
The effectiveness of corporate governance codes in shaping ethical business practices.
Corporate governance and CEO turnover: analyzing factors and implications.
Comparative analysis of corporate governance practices in developed vs. Developing economies.
The role of regulatory codes in enhancing corporate governance practices: a comparative review.
Board diversity quotas and their effectiveness in promoting gender and ethnic diversity.
The influence of cultural factors on corporate governance practices in multinational companies.
Corporate governance and shareholder activism: case studies and implications.
CEO-board dynamics and firm strategy: a review of research on corporate governance relationships.
Risk oversight and crisis preparedness: the evolution of board responsibility in the face of uncertainty.
Regulatory impact on corporate governance practices: case studies from different jurisdictions.
Board interlocks and their influence on corporate decision-making and performance.
Crisis communication and transparency: analyzing the role of corporate governance in maintaining trust.
The role of corporate governance in mitigating corporate fraud and corruption.
The influence of shareholder activism on UK corporate governance practices and decision-making.
Integrating risk management into corporate governance structures: enhancing resilience and decision-making.
Corporate governance in financial institutions: lessons from the global financial crisis.
Board dynamics and firm performance: an empirical analysis of the CEO-chair separation.
Board diversity and innovation: exploring the linkage and its organizational impacts.
The role of non-executive directors in enhancing corporate governance and accountability.
Project governance: aligning project management and corporate governance for successful project delivery.
The effect of corporate governance reforms on firm performance: case studies and analysis.
Corporate governance in emerging markets: a literature review of challenges and innovations.
Virtual board meetings and digital transformation: implications for corporate governance effectiveness.
The impact of gender diversity on corporate board effectiveness and financial performance.
Shareholder vs. Stakeholder models of corporate governance: a critical comparative study.
Corporate governance and firm innovation: exploring the link and mechanisms.
The role of audit committees in enhancing corporate governance and financial reporting.
The impact of technology on corporate governance: a review of digital transformation trends.
The role of board committees in enhancing corporate governance effectiveness.
Corporate governance and corporate social responsibility reporting: a cross-country analysis.
Gender diversity on UK boards: assessing progress, barriers, and implications for governance.
The role of independent directors in enhancing corporate governance and accountability.
Board size and its implications for corporate governance and decision-making.
Environmental, social, and governance (ESG) metrics and their integration into board decision-making.
Board tenure and its impact on board effectiveness and firm performance.
Stakeholder engagement and its impact on corporate governance practices and stakeholder interests.
Blockchain technology and its potential to transform corporate governance practices.
CEO succession planning and its implications for board dynamics and organizational performance.
Ethical leadership and its influence on corporate governance culture and practices.
The influence of board characteristics on corporate governance effectiveness and firm value.
Corporate governance models and theoretical frameworks: a comprehensive literature review.
Crisis management and board accountability: analyzing the role of corporate governance in navigating organizational crises.
Corporate governance in non-profit organizations: a comparative analysis with for-profit entities.
Corporate governance and firm liquidity: an empirical analysis of cash holdings and management.
Corporate governance mechanisms and financial reporting quality in UK banks.
Change management and board oversight: exploring governance mechanisms for effective organizational change.
Corporate governance and financial reporting quality: a review of empirical studies.
CEO power and its implications for corporate governance and organizational performance.
Corporate governance and risk management: examining the board’s role in risk oversight.
Corporate social responsibility and its nexus with board composition and performance.
Resilience and adaptability: assessing the role of corporate governance in navigating crisis and recovery.
Corporate governance and intellectual property rights protection: case studies and insights.
The influence of institutional investors on corporate governance and firm performance.
Board diversity and remote decision-making: examining the impact of virtual governance structures.
The role of corporate governance in mergers and acquisitions: case studies and analysis.
Corporate governance practices and sustainability reporting: a nexus of transparency.
The role of proxy advisors in influencing corporate governance practices and shareholder voting.
Shareholder activism and corporate governance reforms: a systematic review of empirical evidence.
Corporate governance reforms post-covid: evaluating regulatory responses and implications.

Embarking on corporate governance research offers rewarding possibilities for students at all degree levels. The diverse topics presented here are a stepping stone into the intricate world of corporate governance. From regulatory impacts to board dynamics, these topics provide a rich tapestry for your research. As you dive in, remember corporate governance shapes business strategies, ethics, and performance. Your exploration contributes to academia and real-world practices. Be it undergraduate, master’s, or doctoral studies, these topics drive a more profound understanding and enrich the corporate governance landscape.

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62 Corporate Governance Dissertation Topics Ideas & Samples

Investigation of the different aspects of the code of conduct in business practices and corporations on a global level constitutes the basis of corporate governance dissertation topics for business students. Different types of topics are included in this area. For example, corporate governance research topics may range from financial principles to environmental principles and many others as well.

Depending on the degree program and level of expertise being taught, MBA dissertation topics in corporate governance may vary a lot. Corporate governance has been a very popular business area since its arrival at the surface. Especially international business practices and corporations have put a huge emphasis on this domain.

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Corporate Governance Dissertation Topics Ideas

Dissertation topics in corporate governance have been divided into some interesting areas as follows for your reference:

The role of corporate governance in ensuring ethical behavior within organizations.
Comparative analysis of corporate governance practices across different industries.
The impact of board diversity on corporate governance and firm performance.
Corporate governance mechanisms and their influence on shareholder activism.
The role of institutional investors in shaping corporate governance practices.
Corporate governance and risk management: A comparative study.
The effectiveness of corporate governance codes in different countries.
The role of independent directors in corporate governance.
Corporate governance and corporate social responsibility: Interactions and implications.
The impact of CEO duality on corporate governance and firm performance.
Corporate governance and financial performance: A systematic review.
The influence of corporate governance on mergers and acquisitions.
Corporate governance and executive compensation: Linkages and controversies.
The role of audit committees in corporate governance effectiveness.
Corporate governance and shareholder rights: A cross-country analysis.
Corporate governance and innovation: Exploring the relationship.
The impact of corporate governance on firm value: Evidence from emerging markets.
Corporate governance and information transparency: The role of disclosure practices.
The effectiveness of corporate governance reforms in post-financial crisis scenarios.
The role of corporate governance in mitigating agency problems.
Corporate governance and firm performance during economic downturns.
The impact of corporate governance on firm internationalization.
The role of corporate governance in managing corporate crises.
Corporate governance and sustainability: Examining environmental and social dimensions.
The influence of ownership structure on corporate governance practices.
Corporate governance and the role of whistle-blowers in organizational transparency.
The impact of corporate governance on the adoption of technology and digital transformation.
Corporate governance and strategic decision-making: A study of board involvement.
The role of corporate governance in managing conflicts of interest.
Corporate governance and corporate fraud: Identifying preventive measures.
Market capitalization and intellectual capital disclosure: the importance of corporate governance.
Impacts of corporate governance on the performance of banks: comparison between China and India.
Corporate governance and developing economies of the world: what the future holds?
Relationship between corporate governance and cash holding in family-controlled firms.
Importance of corporate governance in financial performances: focus on insurance companies of UK.
Investigating the relationship between corporate governance and competitive credibility.
Relationship between corporate governance, earnings restatements, and growth opportunities in firms.
Corporate governance codes and business practices: a case study based on Hungary.
Impacts of corporate governance on corporate bond liquidity: a systematic analysis.
Studying the relationship between corporate governance boundary, investment efficiency, and debt constraints: a quantitative approach.
Impacts of corporate governance codes on the transition economies: focus on self-regulatory approaches.
Relationship between corporate governance and economic complexity in the UK.
Comparative analysis of corporate governance between the developed and developing economies of the world.
What are the effects of local corporate governance on entrepreneurial conditions? A study based on X country.
The moderating role of corporate governance: focusing on the influential factors involved.
Investigating the role played by corporate governance on loan qualities in cases of banks.
Corporate governance in Pakistan versus India: a comparative analysis.
The role played by corporate governance in business performance, business venturing, and absorptive capacity.
Impacts of corporate governance on disclosure quality: a review of the literature.
Understanding the association between corporate governance, firm value and risk aversion: a quantitative research study.
Corporate governance in China: a historical analysis of development.
The role played by relative strength in corporate governance on the improvements in corporate performances.
Studying the relationship between corporate governance, earnings management, and stock options: a descriptive study.
Effects of corporate governance structure on the domain of product market competition.
Developing a theoretical framework on the relationship between corporate governance, firm performance, and economic growth of transition economies.
Corporate governance and corporate entrepreneurship: a descriptive analysis.
Effects of corporate governance on the sustainability performance of firms.
Enforcing corporate governance codes: strategies involved.
Corporate governance and microfinance institutions: practices involved.
Corporate governance strength: a comparison between crisis and non-crisis times.

These are Corporate Governance Dissertation Topics Ideas also check our related posts for Business Studies Dissertation Topics and International Development Dissertation Topics.

The impact of corporate governance on financial performance: a cross-sector study

Original Article
Published: 30 May 2023
Volume 20 , pages 374–394, ( 2023 )

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Wajdi Affes ORCID: orcid.org/0000-0001-5261-8935 1 &
Anis Jarboui 2

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Corporate governance remains the focus of current research and a concept that continues to evolve to meet the needs of business managers. Faced with the need for companies to cope with a world characterized by perpetual change and successive economic crises (Prowse in Revue d'économie financière 31:119–158, 1994), the identification of the results of the implementation of good governance mechanisms in the structure of the management of companies on financial performance remains a necessity that helps managers and researchers specialized in management sciences and financial accounting to have a better visibility on the importance of corporate governance. It should be mentioned that the economic environment and the characteristics of the sectors of activity of the companies remain a relevant criterion in the study of the relation between the governance of the companies and their financial performance. In this sense, we have tried through this research work to study the impact of the implementation of effective corporate governance on the financial performance of 160 companies in the UK between 2005 and 2018 while taking into account the specificity of the business sectors. Through our study, we used multivariate regressions based on FGLS models while dividing our sample to several clusters. As a result, we found that the implementation of good corporate governance leads to the improvement of the financial performance of companies measured by the return on equity. As a motivation, it must be said that this study can be of major importance for future studies that want to make comparisons on the sectoral and temporal level. Indeed, this study gives the possibility for future research work to make comparative studies based on comparisons for different sectors of activity in the UK before and after the Brexit and also after the COVID 19 period.

Implications of corporate governance on financial performance: an analytical review of governance and social reporting reforms in India

Puneeta Goel

Does corporate governance characteristics influence firm performance in India? Empirical evidence using dynamic panel data analysis

Aswini Kumar Mishra, Shikhar Jain & R. L. Manogna

Impact of Corporate Governance on Financial Performance: Empirical Evidence of the Selected Telecommunication Companies of GCC

Avoid common mistakes on your manuscript.

Introduction

There has been much research on the relationship between corporate governance and financial performance. Referring to the literature on the role of corporate governance, we can cite the work of Shleifer and Vishny ( 1997 ) who consider corporate governance as the set of mechanisms by which capital providers guarantee shareholder profitability. Denis and McConnell ( 2003 ) have emphasized the importance of distinguishing between the notion of internal and external mechanisms of governance and their importance for the providers of funds on all points of value creation.

The study of the relationship between governance expressed by the corporate governance score and the improvement of the performance of the latter remains a vast field of study and research that has inspired researchers in the field of accounting, finance, and taxation (Louizi 2007 ).

The existence of such a relationship has led us to wonder about the factors that can impact this relationship in a direct or indirect way. Considering this fact, we note that managers who behave in a discretionary manner will exert a major influence on the fate of the accounting and tax manipulation of companies and will try to increase their discretionary power.

Within this framework, agency theory has explained this behavior by focusing on the interests of the funders and decision makers in a way that reflects the interest of each party (Jensen and Meckling 1976 ).

From an accounting perspective, the manager often has the power to manipulate earnings while using the accounting estimates and manipulation techniques available to him (Ahadiat and Hefzi 2013 ).

The practices of corporate governance have not stopped evolving. This is presented via the succession of guides to good governance practices that seek to counter the failures detected over time and which manifest themselves at the level of financial scandals, sometimes inducing a harmful imbalance for the global economic fabric. Based on the "FTSE 350 corporate governance review (2013), for the UK, the evolution of good governance guidelines as well as institutions in the field of corporate governance has developed to respond to the panoply of problems that may be directly related to corporate governance.

In the same context, it is important to emphasize that the study of corporate governance must take into account the specificity of each sector of activity since each sector has its own regulations, key success factors, and compliance rules. In our research paper, as our focus is on UK companies, we have chosen to use the 2 digit ICB industry code, which is relevant to the context of our study. In addition, it should be noted that previous research has studied the relationship between corporate governance and financial performance while focusing only on a particular governance mechanism or a particular specificity related to the strengthening of these mechanisms. Again, it must be emphasized that the majority of research studies have examined the relationship between corporate governance and financial performance without giving much importance to the sectoral specificity of the companies studied.

To give a clearer idea of the orientation of our research work and based on previous developments, we can form the following research question:

What relationship can exist between the governance score and financial performance, taking into account the characteristics of the different business sectors in the United Kingdom economy?

It follows that the objective of the research is to examine the relationship between governance score and financial performance while taking into account the characteristics of the business sectors.

This research paper contributes to the existing literature on several levels. Indeed, it consolidates previous research that tried to show the importance of corporate governance in improving financial performance. Moreover, it focuses on the effect of changes in the business sectors of UK firms so that we can identify the effect of the quality of corporate governance on the performance of firms related to a particular business sector.

This research paper allows us to study the impact of corporate governance on the financial performance sought by shareholders while basing ourselves on the FGLS method, which allowed us to eliminate the various sources of bias identified when using different regressors, namely the generalized least squares method, the regression with the consideration of the presence of the fixed effect as well as the persistence of the autocorrelation problem.

We will try through this research work to emphasize the possible relations between corporate governance and financial performance which is mainly based on the agency theory. It should also be added that the study of the previous relationship by taking into consideration the sectoral characteristics will lead us to turn to the foundations of the institutional theory. The latter theory emphasizes that an institution is constrained by its social, political, economic, legal and technological environment, which it conforms to in order to guarantee its legitimacy and durability.

In order to achieve our research objective, we will not use a simple governance mechanism to reflect the importance of corporate governance on financial performance, but we will opt for a governance score that better reflects all managerial, strategic and CSR characteristics. To achieve the objective of this research work, the remainder of the paper is arranged as follows. First, in “ Review and development of hypotheses ” section, we briefly discuss previous literature and the development of hypotheses. In “ Research methodology ” section, the research design and methodology are discussed including data, variables description. “ Empirical approach to the analysis of the relationship between corporate governance and financial performance ” section summarizes the empirical results, the discussions of the findings and their implications, including the focus on the difference in industry specifications using different regressors. Finally, in the last section, we conclude the study and provide the implications of our findings and the recommendations for future research.

Review and development of hypotheses

Agency theory and corporate governance.

Corporate governance has always played a fundamental role in monitoring and controlling the proper functioning of business processes transparently. By referring to the various research works, we can see that the agency theory is at the heart of the studies on corporate governance. The work of Ross ( 1973 ) and subsequently Jensen and Meckling ( 1976 ) has indicated that the agency theory is the most appropriate sphere to study corporate governance.

This theory can lead us to reflect on the way in which managers can behave. We can cite the case of companies that offer their managers variable remuneration depending on the growth of turnover. In the same sense, it must be said that internal control efficiency and internal audit within companies can play an important role in strengthening the governance structure of companies. It represents one of the guarantors of the proper functioning of business processes in a controlled environment to ensure the improvement of financial performance (Nyakundi et al. 2014 ).

To further develop the role of agency theory in the governance-performance relationship, we can say that agency theory is an analytical framework for understanding the relationships between a firm's stakeholders, including shareholders and management. According to this theory, shareholders have different objectives from those of managers, which can lead to conflicts of interest. Managers seek to maximize their own wealth and power, while shareholders seek to maximize the value of their shares. To align the interests of stakeholders and improve the financial performance of the firm, agency theory advocates the establishment of an effective governance system. Good corporate governance involves putting in place control and oversight mechanisms to ensure that management acts in the best interests of shareholders. This can include the appointment of an independent board of directors, executive compensation linked to company performance, financial transparency and disclosure of relevant information to shareholders. By establishing appropriate incentives and controls, corporate governance can help reduce conflicts of interest and improve the company's financial performance by increasing the value of the company and the return on investment for shareholders. The importance of corporate governance mechanism and its impact on the financial performance was studied by Yermack ( 1996 ), en plus Shleifer and Vishny ( 1997 ) reviewed the state of corporate governance research using a review of the existing literature. The authors concluded that agency theory is an important framework for understanding the relationship between corporate governance and financial performance, and that it can be used to develop effective governance mechanisms for firms.

Consider a publicly traded company whose shareholders are concerned with maximizing the value of their shares. The company's managers, on the other hand, may have different objectives, such as maximizing their own compensation or maintaining their power within the company. This divergence of interests can lead to strategic decisions that are not optimal for the company or its shareholders. In this case, agency theory suggests that strong corporate governance can help align stakeholder interests and improve the firm's financial performance. For example, the appointment of an independent and competent board of directors can help monitor the activities of executives and make strategic decisions in the interests of shareholders. Similarly, compensating executives based on company performance can provide an incentive to work hard to increase the value of the company.

In summary, agency theory shows that corporate governance is essential for aligning stakeholder interests and improving the financial performance of the firm. By putting in place appropriate control and oversight mechanisms, corporate governance can help reduce conflicts of interest and improve shareholder value.

Effect of governance score on performance

In studies that have introduced corporate governance as a main variable, two main areas have been examined. The first seeks to address governance from a shareholder and capital structure perspective, the second seeks to address the composition of boards of directors and the improvement of the quality of governance mechanisms to improve financial performance. Among the research that has emphasized the importance of capital structure, we can cite McConnell and Servaes ( 1990 ), Nesbitt ( 1994 ), Smith ( 1996 ), Del Guercio and Hawkins ( 1999 ), and Hartzell and Starks ( 2003 ), who found that the presence of institutional shareholders positively affects management behavior. Regarding the research that has dealt with the functioning of boards of directors, we can cite Brickley et al. ( 1994 ), Lee et al. ( 1999 ) who have emphasized the importance of independent or outside directors in improving the level of governance quality. In addition, Jensen ( 1993 ) has shown that dual directorships increase the discretion of the director so that the director can influence the financial outcome. For Dechow and Sloan ( 1991 ), the introduction of the CEO's age as a variable makes it possible to reflect the difference between executives and their behaviors throughout their career and especially in the last year of service. During the last two decades, institutional theory has contributed greatly to the understanding of the behavioral aspect and the explanation of the reaction of the different stakeholders toward corporate governance (Aguilera and Jackson 2003 ; Judge et al. 2008 ). It must be said that this theory has contributed enormously to the study of the interaction between the governance mechanism and the institutional framework in which any firm operates. Several studies tried to examine closely the main characteristics of corporate governance to show if there is a possible explanation of the relationship between corporate governance and fiscal management in a perspective of improving financial performance. While Armstrong et al. ( 2015 ) and Seidman and Stomberg ( 2017 ) found a significant relationship between the latter two variables, Blaylock ( 2016 ) did not find any relationship between these two concepts. Before proposing the research hypothesis of the first chapter, it was necessary to first list the results found by researchers who studied the relationship between corporate governance and financial performance based on the governance index or score.

Indeed, La Porta et al. ( 2000 ) have shown that the value of firms is positively associated with minority shareholders' rights. In their research, they emphasized the role of compliance with good governance practices while focusing on the impact of external governance mechanisms such as the level of control of firms in the market.

Indeed, other research works, such as those of Guney et al. ( 2019 ), have shown that the quality of corporate governance measured by Data Stream's ESG ASSET 4 governance score presents a negative and significant association with financial performance for panel data for a sample of 10171 US companies between 2002 and 2014 classified into 10 industries. Indeed, these authors indicated that there are several studies that have given importance to the relationship between corporate governance and its financial performance and whose results of impact or association are mixed while taking into consideration the sectoral characteristics. Other research works have emphasized the importance of internal governance mechanisms while studying factors related to other aspects such as board structure, board function, executive properties of management, and the effect of compensation (Bhagat et al. 2008 ; Guney et al. ( 2019 ); Walsh and Seward 1990 ). In addition and while referring to the work of Guney Guney et al. ( 2019 ), we can say that several research works have tried to investigate the relationship between governance and the performance of companies that seeks to be consistent with the principles of good governance codes. They have used a governance index in particular; the G-INDEX of Gompers et al. ( 2003 ) which focused on the structure and characteristics within American companies to find in conclusion a positive and significant association between their governance index and the value of the companies, their level of profits, their growth in sales and their reduction in capital expenditure.

We also distinguish the E-INDEX index used by Bebchuk et al. ( 2006 , 2002 ). According to Bebchuk et al. ( 2006 ), the E-INDEX derives from an index that consists of 6 attributes related to the IRRC provisions in the USA and that can allow academics to find meaningful results. In fact, these authors divided the Gompers et al. ( 2003 ) index into two indices: the E-INDEX, which is made up of six governance factors, and the O-INDEX, which is made up of the rest of the provisions or attributes used by Gompers et al. ( 2003 ). It should be remembered that this E-INDEX index includes six provisions, which are: the board of directors, limits on changes in shareholder regulations, poison pills, golden parachutes, the requirement of an absolute majority for mergers, and changes in the charter. As a result, they found that increases in the index level are monotonically associated with economically significant reductions in firm valuation and large negative abnormal returns over the period 1990–2003. Regarding the other 18 Investor Responsibility Research Center (IRRC) requirements that formed the O-INDEX, they do not correlate with reductions in firm valuation or with abnormal market returns. Ribando and Bonne ( 2010 ) tried to analyze the relationship between the ASSET4 ESG index of Data Stream and the performance of the company. Indeed, they used the information coefficient (IC) while trying to find possible relationships between ESG characteristics of firms between 2003 and 2009 and future returns. For these characteristics, they found positive and significant associations with all scores except for the corporate governance component. Jun Xie et al. ( 2019 ) found that board independence has a positive and significant association with financial performance as measured by (ROA). On the other hand, there is a negative and significant association between executive compensation, duality, number of audit committee meetings on the one hand, and financial performance on the other hand. Concerning the presence of women on boards of directors, it does not show a significant relationship with ROA. Finally, the control variable, which is research and development expenses, shows a positive and significant association with financial performance. We can notice that the literature on the subject has not ceased to emphasize the relationship between corporate governance and financial performance while missing the importance of the deconstruction of the relationship by taking into account the sectoral characteristics of the firms under study. For this reason, we can say that our work will present an added value to the previous literature because it gives a lot of importance to the sectoral characteristics. As we have seen, the literature on the relationship between corporate governance and financial performance can present mixed results. This leads us to propose the first research hypothesis, which is as follows:

Corporate governance score has a positive and significant association with financial performance.

In our study, we will try to investigate this relationship taking into account the sectoral characteristics of the firms in the UK economy (ICB Code). In the same sense, it is important to underline the importance of taking into account the contribution of institutional theory which has been the basis of several research works on the relationship between corporate governance and financial performance. For example, we can cite the research work of Rachmawati et al. ( 2018 ) who examined the relationship between corporate governance and financial performance in different economic sectors in Indonesia, using institutional theory as a theoretical framework. The authors found that corporate governance had a positive impact on financial performance in all sectors studied, but that the impact was greater in more regulated sectors. In addition, Boubakri et al. ( 2019 ) examined the relationship between corporate governance, institutional environment and financial performance of Russian firms. The authors found that corporate governance had a positive impact on financial performance. Qin et al. ( 2019 ) studied the relationship between corporate governance and financial performance of technology firms in the United States and China. These authors found that corporate governance had a positive impact on financial performance, but that the impact was greater in firms operating in stronger institutional environments. In addition, Muda et al. ( 2018 ) examined the relationship between corporate governance and firm financial performance in different economic sectors in Malaysia, using institutional theory as a theoretical framework. The authors found that corporate governance had a positive impact on financial performance in all the sectors studied, but the impact was greater in the more regulated sectors.

Research methodology

When studying the relationship between corporate governance and financial performance, we must always refer to certain theories that can guide us in establishing our research methodology in order to test our conceptual model. Referring to the governance literature, we can indicate that there is no single pioneering theoretical framework that can be considered as a foundation for governance research. Nevertheless, we can face a particular set of research currents gathered in a paradigm to explain the logic of the relationships in corporate governance. Thus, we can distinguish the research stream focusing on the contractual aspect of the relationship between agents, principals, and creditors. A such relationship can be detailed in the following part of this research paper.

Sample selection

As mentioned at the beginning of this paper, the targeted context is the United Kingdom. Given that we seek to identify the nature of the relationship between corporate governance and financial performance, we first selected all UK-listed companies for which governance characteristics are available from the ASSET4 database, a Thomson Reuters domain, which provides environmental, social, and governance (ESG) information. This initial selection attempts to capture an initial sample of panel data that corresponds to 349 companies that will remain active, between the period of 1998 and 2019, and we will limit ourselves to the period of 2005–2018, i.e., 14 years. This choice is justified by two reasons. The first is the choice of 2005 as the reference year, which corresponds to the year of adoption and application of IFRS by the United Kingdom. The second is the elimination of the year 2019 which does not present complete information when we collected data. In order to obtain a homogeneous sample that allows us to achieve a consistent interpretation, we have eliminated banks and companies that provide financial services, as well as life and non-life insurance (Table 1 ).

This first elimination reduces our sample to 301 companies, obtained as follows:

When processing the panel data that make up our sample, we were obliged to eliminate observations relating to firms whose functional currency does not correspond to the currency of the context of the study, i.e., the pound sterling. These companies number is about 15. In preparing our data, we were obliged to remove the English companies that are not listed on the London Stock Exchange. The number of these companies is 2. We also eliminated 2 other companies that belong to sectors of activity that could cause outliers in our analysis (Financial services according to the ICB classification). This data processing allowed us to obtain a final sample of 282 companies that served as a basis for the study of the relationship between corporate governance and the financial performance of UK companies (Table 2 ). These steps are summarized in the following data processing table:

For a more in-depth study that aims to analyze the impact of governance on financial profitability, we also eliminated firms with missing observations and with a missing value or a very high age of establishment. They are 21 firms. This reduced the number of firms in the sample to 261 firms. We also eliminated 101 firms with outliers in the dependent variable so that the value varies between − 100% and + 200%, which leads us to a final sample of 160 firms with better homogeneity in the dependent variable (ROE). In fact, there is no hard and fast rule for determining an appropriate range for ROE. However, a range of − 100% to + 200% for ROE can be considered as less extreme for our study because we identified more extremum values. We can add that we have tried to refer to other previous works that have tried to present a homogeneous value of financial profitability ROE cite Masood and Ahmad ( 2012 ) who studied the determinants of capital structure of firms in the manufacturing sector in Pakistan. The authors used regression analysis to study the effect of various factors on the capital structure of firms. The authors also used a homogeneous value of ROE by eliminating ROE outliers to reduce the effect of extreme values on the results of the analysis. The results showed that firm size, tax rate, firm growth, and liquidity have a significant influence on the capital structure of firms in the manufacturing sector in Pakistan. We also refer to Almazari and Abuzayed ( 2016 ), who studied the relationship between corporate governance and capital structure in the Gulf Cooperation Council (GCC) countries. The authors used regression analysis to study the effect of corporate governance on firms' capital structure. The authors also used a homogeneous ROE value by eliminating ROE outliers to reduce the effect of extreme values on the results of the analysis (Table 3 ). The results showed that corporate governance has a significant effect on the capital structure of firms in the GCC countries.

In the processing of the data obtained at the level of the variables of the research model, we found some missing observations that could influence the results. To solve this problem, we have resorted to the literature to know how to treat them. In this framework and by reference to Florou and Galarniotis ( 2007 ), missing values (i.e., not disclosed) are treated as an absence of the variable at the study level and thus, the firms constituting the study sample are penalized in the evaluation of the variable studied. Indeed, the missing values were excluded from the analysis. We can add that in the field of corporate governance research, the variables do not present a remarkable change between the following years. For this reason, we preferred to replace the missing values by the weighted average of the existing variables in order not to reduce our sample of panel data further, which remained cylindrical. This choice was made with reference to Rahman et al. ( 2016 ) and White et al. ( 2011 ).

Measures of variables

The study of the relationship between corporate governance and financial performance requires particular attention in the choice of variables of the model to be used. Indeed, we can refer to the work of Alodat et al. ( 2022a ), who assessed the effect of the board of directors and the audit committee attributes and ownership structure on firm performance. They stated that better governance leads to better financial performance. Mansour et al. ( 2022 ) investigated the relationship between corporate governance quality, capital structure and firm performance for Jordanian non-financial firms listed on the Amman Stock Exchange from 2014 to 2019. The results show that good corporate governance practices have a positive impact on firm performance, and that capital structure can strengthen this relationship. The variables reported that summarizes our model are in the form of dependent variables reflecting the financial performance of firms and independent explanatory variables reflecting the quality of corporate governance as well as other control variables relating to the characteristics of UK firms and reflecting size, debt, and age. Our choice of variables was the result of several investigations of the prior research literature on the relationship between corporate governance and financial performance. Alodat et al. ( 2022a , 2022b ) studied ESG disclosure in Jordanian industrial firms. ESG disclosure is low but improving due to stakeholder pressure. Board size and meetings have an impact on ESG performance, but other corporate governance mechanisms do not. The study provides recent evidence from the literature on disclosure in emerging markets. Other research has attempted to study the mediating role of sustainability disclosure in the relationship between corporate governance and firm performance (Alodat et al. 2022a , 2022b ).

In this sense, we will try to detail the measures of the variables used in our research work starting with the dependent variable, the independent variable and then control variables.

Dependent variable

Previous studies used variables reflecting the financial performance while taking into account the effect of governance (Cornett et al. 2008 ). The latter used EBIT (earnings before interest and taxes) divided by total asset value to measure financial performance. Indeed, the use of EBIT or operating profits divided by total asset value has been used by a range of research studies (Eberhart et al. 2004 ; Denis and Denis 1995 ; Hotchkiss 1995 ; Huson et al. 2004 ; Cohen et al. 2005 ). Also, Cornett et al. ( 2008 ) provide another measure of performance which is profitability, not subject to result management. This is the financial profitability with neutralization of the effect of discretionary accruals which is detailed as follows:

While referring to the research on corporate finance, we can see that several researchers have adopted accounting and non-accounting evaluations to arrive at the quantification of this variable. In our study, we will measure the financial performance as follow (measure proposed by data stream):

It reflects the variation of ROE that adjusts for the effect of preferred dividends. We have opted for the ROE because our objective is to measure the company's performance in terms of shareholder return, ROE measures the return on shareholder investment by comparing the company's net income to the value of its equity. It measures the company's ability to generate profits from the funds invested by shareholders. We will thus consider that this measure of the dependent variable is the most adequate for our analysis which remains adaptable.

Independent variable

Corporate governance practices have not stopped evolving. This is presented through the succession of good governance practice guides that seek to counter the failures detected over time and which manifest themselves in financial scandals, sometimes inducing a harmful imbalance in the global economic fabric. Based on the "FTSE 350 corporate governance review (2013)" elaborated by Grant Thornton (auditing and consulting firm), especially for the UK, the evolution of good governance guides, as well as institutions in the field of corporate governance, have developed to respond to the panoply of problems that may be directly related to corporate governance.

Zahra and Pearce ( 1989 ) have identified several studies that have attempted to investigate the effect of corporate governance characteristics on financial performance. We cite the research work of Zahra and Stanton ( 1988 ) who studied the relationship between the size of the board of directors and the financial performance of companies by measuring it based on the variable (ROE), the gross sales margin, the ratio of revenues net of capital, the earnings per share (EPS), and the log of revenues. Based on a sample of 100 Fortune, 500 companies in the USA between 1980 and 1983 found that board size and the ratio reflecting the proportion of outsiders on boards are not associated with financial performance. Schmidt ( 1977 ), taking into account the US context, focused on the external affiliation of outsiders while measuring financial performance by ROE in 156 industrial firms. Schmidt found no relationship between these two variables. Kesner ( 1987 ) studied the effect of the proportion of insiders at the board level and the percentage of equity held by board members while aiming to explain their effects on gross margin, (ROE), (ROA), earnings per share (EPS), stock price and (ROI). Based on a sample of 250 Fortune 500 companies across 27 industries, he found a positive association between the percentage of board members' ownership and the cited financial performance. In addition, Baysinger and Bulter ( 1985 ) studied the impact of outsiders on the financial profitability (ROE) of 266 companies between 1970 and 1980 and found that the presence of a significant number of outsiders on the board of directors improved their financial performance. Pearce ( 1983 ) studied the effect of directors' skills and attitudes on the financial performance of firms measured by several variables including (ROE). He found, based on the responses of 137 respondents in 8 banks, that there is a strong association between the attitude of directors and the financial performance of their company. Referring to the above, we can say that previous studies have tried to examine the relationship between the different governance mechanisms and financial performance while quantifying the latter by using different variables and financial ratios. Among these variables, it is important for us to focus on the financial profitability of shareholders, namely the ROE, which will be used as the dependent variable for our research. Regarding the variables that measure governance mechanisms, we can distinguish variables that were proposed by Cornett et al. ( 2008 ).

After having exposed these research works, we can see that previous research has used particular measures of governance mechanisms to reflect the quality of corporate governance we allow ourselves to indicate that in our research work we are going to use the governance score (CGVS: Corporate Governance Score) which encompasses a significant number of governance mechanisms, and this one manifests itself as the governance score that we have obtained from the database (Data Stream) for the companies that make a disclosure according to ASSET 4. The latter measures a company's governance systems and processes, ensuring that its board members and executives act in the best interests of shareholders over the long term. It reflects a company's ability, through its use of best management practices, to direct and control its rights and responsibilities through the creation of incentives and control mechanisms to generate long-term value for shareholders. Its value is presented as a percentage so that it can be used to detect the effectiveness of companies in terms of governance. Based on the Thomson Reuters ESG Scores calculation guide (February 2019), we can see that the governance score we will use as an independent variable in our analysis plays an important role in determining the governance component of the ESG score.

Control variables

Control variables refer to the characteristics of UK firms and reflect size, leverage and age. The selection of variables is based on a review of some of the previous research literature on the relationship between corporate governance and financial performance.

LNTA: It is the total assets of the company; in our research work, we will use as recommended in the literature the Log of TA as a control variable for our research model.

leverage = ((short-term debt and a current portion of long-term debt + long-term debt)) /(total assets).

AGE: the age of the company

Empirical approach to the analysis of the relationship between corporate governance and financial performance

For the study of the relationship between corporate governance and financial performance, we have tried to respect the scientific approach that ensures a quality analysis of the data that have been initially collected. It is a matter of following a positivist epistemological posture according to a hypothetical-deductive approach. Indeed, when analyzing panel data, there is a very specific approach to follow and a set of econometric tests that will allow us to obtain the research model that leads us to the realization of the necessary predictions. First, when we use cylindrical panel data, we must verify the necessary conditions that give us the assurance of the reliability of the database studied. The verification of such conditions allows us to have the best unbiased predictor that ensures an efficient interpretation of the associations that may exist between the variables. Then, we must analyze the influence of the fixed effect and the random effect of the observations, which will guide us toward the path of analysis to follow. It should be added that the results of the preliminary tests will give us a better idea of which regressor to use so that we can ensure that all sources of bias in the results are eliminated. Among these preliminary tests, we can mention the homoscedasticity test, the autocorrelation test, the multicollinearity test. In our research approach, we made sure to verify these preliminary tests in order to be able to move on to the analysis of associations via the execution of adequate regression models.

At this level, it should be noted that the estimation of panel data can be carried out through 3 possible estimators depending on the behavior of the data. In this respect, we mention 3 methods, which are the Pooled OLS regression (pooled OLS) which can lead us to the use of the GLS method which eliminates estimation bias problems. As an illustration, it is relevant to mention that the GLS method allows us to overcome the heteroscedasticity problem and the first-order autocorrelation problem. The second method is the fixed effect model (or within model): This model is characterized by the existence of a particular characteristic or behavior for a well-defined set of individuals or the firms in the sample. In our analysis, we are going to move directly toward an approach that targets the verification of the fixed effect while taking into consideration the specific characteristics related to each sector of activity (ICB industry code).

Finally, the third method is the random effect model. In this last case, the individuals understudy can also be influenced by both factors at the same time ( i and t ).

In the context of the analysis of the association that may exist between the governance score and the financial performance of the company and while taking into account a significance level of 5% for the interpretation of the results, we will run the model based on the sample of UK companies that we have specified. This will allow us to verify the strength of the link between the endogenous and exogenous variable which is manifested through an approach that can test the existence of the fixed and random effects. The execution of the model via the command "xtreg" on STATA, which implements the method of generalized least squares (GLS: generalized least square), remains effective for the study of panel type databases. For a more refined analysis and in order to use a more accurate estimator, we will show the results found by the execution of the GLS command which allows finding a better estimate allowing to reduce the bias effect caused by the presence of heteroscedasticity and the first-order autocorrelation. This is the Feasible GLS (FGLS) method. (Feasible Generalized Least Squares).

In our research work, we will first try to have a global vision of our research sample, which consists of 282 companies listed on the London Stock Exchange and which make disclosures according to ASSET 4 as already mentioned (Table 4 ). For this reason, we will expose the descriptive statistics that are manifested as follows:

These descriptive statistics tell us that the sample of 282 firms obtained displays numerous observations, namely 3948 observations.

Regarding the dependent variable, we note that the (ROE) shows a mean of -0.16 which reflects in a global but not precise way that all the companies studied operate in an unstable environment that can be considered unfavorable given the circumstances through which the United Kingdom is passing such as the effect of the repercussions of the global financial crisis of 2008 and the BREXIT. The dependent variable shows a maximum value of 72.06 which is considered an extremely high value in relation to the measure of financial profitability (ROE). The same remark can be made regarding the minimum value of the dependent variable, which is equal to 563.32. It should be noted that these outliers led us to reduce our sample. Concerning the independent variable (CGVS) which is the governance score proposed by Data Stream. This shows an average of 0.67, which indicates that all the companies in our sample give importance to governance and its mechanisms for creating value and improving financial profitability. This governance score has a maximum value of 0.98 and a minimum value of 0.02. These values indicate that there are two types of companies, those that give importance to governance and its mechanisms and those that do not. Moving on to the control variables, we can see that the variable (LNTA), which reflects the size of the company according to the current literature, has an average of 14.03. For the variable (LVERAGE), we have an average of 0.25, which indicates the level of indebtedness of the companies in the sample. Regarding the last control variable, which is the (AGE), it indicates that the average age of the companies studied is equal to 64 years. After presenting the descriptive statistics of our sample which is composed of 282 companies, we will try to start the study of the relationship between their governance score and their financial performance in order to know if we are able to confirm the hypothesis providing the existence of a positive and significant relationship between these variables.

For this reason, we will present our correlation matrix for the sample of 282 companies (Table 5 ).

This correlation matrix clearly shows that (CGVS) has a positive and significant correlation at the 5% level with (ROE). This supports the hypothesis of the existence of a relationship. Indeed, the analysis of the correlation remains insufficient to decide on such a relationship. For this reason, we will proceed to the analysis of the regressions necessary to provide a precise vision of the association between these two variables.

It should be noted that the outliers identified in the descriptive statistics forced us to reduce our sample to avoid problems of discordance and observations with outliers as explained in the approach to the selection of our final sample, which reflects the shift from the sample of 282 companies to the sample of 160 companies. In the rest of our analysis, we will limit ourselves to this sample of 160 firms to avoid being influenced by the high values of financial profitability. During our analysis, we will even try to perform robust regression to validate our results.

It must be said that in our analysis we have based ourselves on the book by William Greene ( 2011 ). Our research approach will be based on the identification of biases that can affect the quality and the level of convergence of the estimator to be used. Indeed, we will check the effect of the individuals studied which merit the use of an approach that takes into account the individual effect of each sector of activity for the analysis of the results. For the random effect and while basing ourselves on William Greene ( 2011 ), we can say that the most adequate estimator is the generalized least square as well as the quasi-generalized least square estimator (feasible) which presents a better level of correction of possible sources of bias (Table 6 ). Indeed, we will start by exposing the descriptive statistics of the 160 companies as follows:

The descriptive statistics mentioned above indicate that the value of the dependent variable which is financial profitability measured by (ROE) has an average of 16.9%, which could lead to an increase in results management. In the same framework, the governance score indicates that it varies between 2 and 98%, with an average of 68.5%. In fact, for companies with a low governance score, we can say that the security of shareholders can be negatively affected. Regarding the control variables, we find that (LNTA) displays an average of 14.152. For the level of debt that is presented through (LEVERAGE), it shows that the companies in our sample display leverage equivalent to 24.5%, and the average age of the companies studied is equal to 68 (Table 7 ). In fact, we did not limit ourselves to the presentation of descriptive statistics according to the companies which are the object of our global sample only but also we used descriptive statistics by sector according to the criterion ICB industry which is summarized as follows:

Moving forward in our analysis of the results, we present the correlation matrix for our sample of 160 listed companies that are characterized by the disclosure of governance characteristics according to ASSET4 (Table 8 ).

This correlation matrix indicates the absence of correlation at the 5% level between (ROE) and (CGVS). However, we can estimate that there is a correlation at the 15% level, which means that in 85% of the situations we distinguish a positive and significant correlation between the financial performance and the governance score. Despite a weak correlation, there is a possible link between the dependent and independent variables. Moreover, and concerning the control variables, we can notice the existence of a negative and significant correlation at the 5% level between (LEVERAGE) and (ROE) which reflects the negative effect of debt on English companies. Similarly, LNTA shows a negative and significant correlation with the financial performance of firms, which is explained by an unfavorable effect of the growth of the political visibility of firms in the UK. In order to unravel and further analyze such a relationship, it is necessary to conduct a correlation analysis by sector to identify those that may imply a correlation. Indeed, the present research work will be based essentially on the study of the relationship between governance and financial performance which has been widely studied by most researchers. Thus, OLS regression will allow us to approach this analysis as presented in Table 9 :

Indeed, it remains clear that the OLS regression presents a positive and a significant association at the 5% level between the governance of firms and their financial performance, measured on the basis of the ROE. But at this level, we cannot admit such results for the analysis of the mentioned relationship due to the fact that the data we are analyzing is panel data that require the absence of heteroscedasticity and autocorrelation problems (Table 10 ). Thus, we can present the preliminary tests in question. We start with heteroscedasticity, which presents a remarkable problem in the data. This manifests itself through the Breusch–Pagan test, which is displayed as follows:

This test is based on a null hypothesis predicting the equality of the variance of the residuals. However, as indicated, it follows that we will reject this hypothesis and accept the alternative hypothesis which reflects the existence of a heteroscedasticity problem (Table 11 ).

Still, within the framework of the reliability of the data quality, we used the Woodridge autocorrelation test which shows the following results:

This test includes a null hypothesis that considers the absence of an autocorrelation problem. However, we find that such a hypothesis can only be rejected. This indicates the presence of a first-order autocorrelation problem, which will be corrected.

We also tested the multicollinearity problem by computing the VIF (Table 12 ). We found that such a problem does not taint the processed data. The multicollinearity test is displayed as follows:

After checking the quality of the data, we proceed to the use of a second estimator namely, the GLS, which is an efficient and unbiased estimator of the parameters of the model with a lower variance. The use of such an estimator presents the following results:

Table 13 shows a P value < 5%. This means that the model is significant in its entirety. Furthermore, it remains clear that the governance score has a positive and significant relationship at the 5% level with financial profitability.

Regarding the control variables, we find that they also show a significant association with the dependent variable. For example, the debt ratio has a negative and significant association at the 5% level with financial performance. This is due to the fact that excessive debt can damage the financial performance of the firm. Regarding age, we find that it does not show a significant association with the dependent variable. These results can only reinforce the confirmation of the basic hypothesis predicting the existence of the positive and significant association between governance and financial performance.

An analysis of the GLS regression by sector for the study of the relationship between corporate governance and financial performance remains essential (Table 14 ). This regression will be presented in this synthetic table, which is displayed as follows:

This table indicates that with the use of GLSs we obtain a positive and significant association at the 5% level between (ROE) and (CGVS) this is in line with the confirmation of our research hypothesis at the level of ICB10, 40, and 50 namely the technology sector, the sector of non-essential discretionary consumption and industrial (Table 15 ). To determine whether the fixed or random effect is the effect that influences the research data, we referred to the Hausman test which indicates a P value = 0.0000 < 0.05, this leads us to reject the null hypothesis predicting the existence of the random effect. The last test is as follows:

To refine the quality of the analysis, we will, in the following, analyze the presence of the fixed effect which will allow us to reinforce the expected result (Table 16 ).

Indeed, the regression of the data taking into account the existence of a fixed effect is as follows:

It remains clear that taking the fixed effect into consideration can only confirm the previous results regarding the association between the governance score and financial performance at the 5% level.

In order to analyze this association by sector, we performed the sectoral GLS regression, taking into account the presence of the fixed effect. In fact, based on the results obtained we can say that we found a positive and significant relationship at the 5% level between corporate governance and financial performance in the ICB 15 40 50 and 60 sectors. However, it should be noted that the association found in ICB 15 will not be taken into account because the model is not significant in its entirety for the companies in this last sector (Table 17 ). To summarize our results, we can present the table of results found, by sector according to the regressor that takes into account the fixed effect which is presented as follows:

In the following, we will try to take into account the autocorrelation problem identified by the fact that the fixed effect estimator is consistent (Table 18 ). Indeed, the regression in the presence of a fixed-effect by correcting the effect of autocorrelation can be presented as follows:

Taking into account the correction of the first-order, autocorrelation leads us to the same finding, which predicts the existence of a positive and significant association at the 5% level between governance and financial performance. An analysis by sector based on the sectoral regression with the presence of the fixed effect, with correction of the autocorrelation for the study of the relationship between governance and the financial performance of the company remains adequate to detail our results. This regression is presented in Table 19 . This analysis by sector, with the correction of the autocorrelation problem of order 1, indicates that we have a positive and significant association at the 5% level between the two main variables studied at the level of ICB35, 40, and 50. It is true that we had found a significant relationship at the level of ICB 15, but such an association will not be taken into account because Fisher test for this sector indicates that there is no overall significance of the model.

To summarize these results, we present the following table, which presents the fixed effect regression correcting for the effect of the first-order autoregressive autocorrelation.

Still, in the context of supporting the confirmation of our initial hypothesis, we will, in the following, try to develop our analysis by seeking the resolution of the problem of heteroscedasticity and autocorrelation that have been detected. It must be said that the econometric tools of "STATA" have made it possible to find solutions to such problems by using the Feasible Generalized Least Squares (FGLS) method which can make the GLS estimation feasible by correcting the autocorrelation and heteroscedasticity problem (Table 20 ). The use of such a regressor gives us the following results:

By analyzing this FGLS regression, we can see that this model is generally significant in its entirety because the P value < 5%. Thus, there is at least one explanatory variable that can analyze the variable to be explained.

The results found indicate that we have a positive and significant association at the 5% level for the 160 firms in our study. In addition, to identify the effect of sectors of activity, we propose the FGLS regression by sector for the study of the relationship between corporate governance and financial performance which is presented in Table 21 . The results obtained can be summarized as follow:

These results indicate that when correcting for the statistical problems identified, we were able to obtain in almost all the sectors of activity studied a positive and significant association at the 5% level between the governance index and financial performance in fact for ICB 10,20,40,45,50 and 55, we were able to obtain a very significant association at the 5% level. It must be said that with the correction of inconsistencies, we can confirm our H1 hypothesis in almost all sectors of activity. This leads us to emphasize the importance of governance in improving the financial performance of firms.

To further summarize our results, we can present the following summary table that analyzes, by sector and by regressor used, the type of association between governance and financial performance (Table 22 ).

As part of the validation of our results, we used robust regression to ensure that our results remained free of bias.

Indeed, we performed robustness checks on the overall sample of 160 companies as well as by sector of activity studied (Table 23 ).

For the overall sample we found these results:

The results obtained after the verification of the robustness of our model validate the results obtained previously indicating the fact that corporate governance presents a positive and significant association with financial performance which further confirms our research hypothesis (Table 24 ).

In addition, we performed robustness checks on the detailed results by sector and obtained the following results:

The results of the robustness checks lead us to validate the previous results obtained mainly in the ICB40 (Consumer Discretionary) and ICB50 (Industrials) sectors.

Comparing the validation results with the previous results, we can see that for the sector ICB 10 (Technology), ICB 35 (Real Estate), ICB 45 (Consumer Staples) and ICB 60 (Energy) we could visualize a positive association between ROE and CGVS (Table 25 ).

These results can be summarized in the following table:

Benefits and contributions

These results indicate that when correcting for the identified statistical problems, we were able to obtain in almost all the sectors of activity studied a positive and significant association at the 5% level between the governance index and financial performance in fact for ICB 10,20,40,45,50 and 55, we were able to obtain a very significant association at the 5% level. It must be said that with the correction of inconsistencies, we can confirm our H1 hypothesis in almost all sectors of activity. This leads us to emphasize the importance of governance in improving the financial performance of firms active in industries, which gives specific importance to the role of governance. It should be noted that our in-depth investigations and the use of robust regression have shown that the significant association between corporate governance and financial performance is still mainly valid for the ICB10 and ICB40 sectors.

Interpretation of results

At this level, we can see that the results that were found by reference to the different regression methods used, lead us to confirm our first hypothesis H1 predicting the existence of a positive and significant association between the governance score and financial performance. Indeed, in order to have better visibility of the effect of the improvement of the results via the correction of the identified econometric problems and to reflect the approach that led us to adopt the FGLS regressor, we propose the following summary table that shows the corrections of the estimates of the strength of the relationship between corporate governance and financial performance when taking into account the sectoral influences and the correction of the various sources of bias.

In our present research, we have tried to focus on the impact of corporate governance on the financial performance of firms in the United Kingdom. The 160 companies studied between 2005 and 2018 are listed on the London Stock Exchange and are characterized by the achievement of corporate social responsibility disclosures according to ASSET4.

In this chapter, we have tried to clarify the important concepts that are directly related to our study on the relationship between corporate governance score (CGVS) and corporate financial performance (ROE). In this chapter, we have also tried to demonstrate how the adoption of good governance measures can be associated with better firm performance. In this sense, we conducted a sectoral analysis according to the ICB code, which allowed us to identify a positive and significant association in the companies of 6 sectors of activity, which are ICB 10 (Technology), 20 (Health), 40 (Secondary consumption), 45 (Basic consumption), 50 (Industrial) and 55 (Basic material or raw materials). These results led us to observe that companies that are characterized by best practices in governance, as well as those with a favorable structure of their board of directors that are well organized and disciplined, can have better financial profitability through the enhancement of their corporate organizational architecture. It should also be added that the establishment of controls and compensation committees reinforces the role of governance in achieving better financial performance. In addition, the protection of shareholders' interests and the consideration of social and environmental factors at the decision-making level can only improve the financial performance of companies. We must add that the robustness checks we have performed confirm and validate the results obtained mainly in the ICB 40 and 50 sectors, i.e., the Consumer Discretionary sector and the Industrial sector.

Through our study, we have corroborated the findings drawn by a significant number of research works. Nevertheless, the originality of ours, which we consider innovative, consists in focusing attention on the different sectors of activity in the UK (United Kingdom). We have followed an approach advocating achieving a cross-sector benchmark which allows to reflect the ideas proposed by the institutional theory. This paper evinces that despite the variation in the sectors of activity, the corporate governance plays a key role in improving the financial performance of English corporations. This result is consistent with the foundations of agency theory. We also emphasize the prominence of using the clustering technique with a view to targeting the analysis of the relationship between the corporate governance and financial performance. The analytical approach we have used has inspired several previous authors, including Lo and Shekhar ( 2018 ) who examined the impact of corporate governance on the financial performance of companies in Germany. They identified a positive association between strong corporate governance and financial performance in all industries studied. In addition, and for the economy of the UK, we can cite the research of O'Sullivan and Carroll ( 2021 ) which studied the impact of corporate governance on the financial performance of firms in the United Kingdom using a cluster approach to distinguish firms according to their industry. The results found suggest that corporate governance is positively associated with financial performance, but that this relationship varies across industries. This confirms the role of our research in consolidating the results of previous research and highlighting the importance of the use of cluster analysis in the dissection of the phenomena studied.

Moreover, identifying the positive and significant association between the corporate governance in most sectors studied makes us confirm our research hypothesis, which remains well founded by a rich literature (Alodat et al. 2022a , 2022b ; Jia et al. 2021 ; Khan and Hanafi 2021 ; Agyei-Mensah and Gyimah 2020 ; Abdulsalam and Oyewo 2019 ). Previous research has identified mixed results owing to the differences in the measures used to assess the corporate governance quality or to measure the financial performance level.

Through this research work, we have also been able to validate that corporate governance plays a key role in improving the performance of English companies, mainly in the consumer discretionary sector and in the industrial sector. These results reflect the level of detail of our analyses which give a lot of importance to the sectoral characteristics of the firms.

Like any research study, we have found difficulties in the data collection process. Yet, our strength and originality consist in a new empirical approach making us dismantle a particular phenomenon. This latter has been widely studied in the different sectors of activity through analyzing the corporate governance research. This remains substantial from a managerial point of view, and extremely beneficial for advisors and decision-makers at a scale characterized by a more remarkable degree of precision. What is more, it is worth noting that our work has some limitations related to the study period dealing only with the period before Brexit (the withdrawal of the United Kingdom from the European Union). The process of preparing the database has also led us to eliminate several companies, but this is necessary to avoid any source of econometric bias.

To put this into perspective, we suggest carrying out a comparative study of the UK corporations before and after the Brexit period. This period has been characterized by a political and regulatory flow, especially at the European and international levels. Furthermore, the studies on corporate governance mechanisms in times of health crises, such as the COVID-19 pandemic period, are significantly important. In this sense, we have only introduced in our study the health sector, but this may necessitate more detailed investigations in future works.

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Affes, W., Jarboui, A. The impact of corporate governance on financial performance: a cross-sector study. Int J Discl Gov 20 , 374–394 (2023). https://doi.org/10.1057/s41310-023-00182-8

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20 up-to-date dissertation topics on corporate governance.

If you are struggling with your dissertation on corporate governance, you must have chosen a wrong topic. Consider replacing your present topic with something interesting and fresh, and the task will be much easier.

What Is Corporate Governance?

Corporate governance is a broad topic which covers all possible types of business relations and ways to run the company. A wide range of the narrower concepts can be investigated in your dissertation on corporate governance, like the issue of leadership, manager and employee relations, business ethics, corporate strategies, company profitability, and performance, etc.

What Are the Current Dissertation Topics?

The causes of the global recession in your country and the role of corporate governance in the process.
Corporate governance in need of reforms. What areas of the system should be reformed first and how?
Dependence of the company profitability on corporate governance. How are the company profits related to the practices of corporate governance?
The efficiency of corporate governance in state-owned enterprises. Analyze and compare statistical data in a range of state-owned enterprises.
The impact of the existing corporate governance mechanisms on the internal relations between managers and subordinates within the company.
Improving the corporate performance of a specific company: ideas to consider.
Reasons for poor corporate governance in financial institutions. Why do existing mechanisms fail and how can the situation be saved?
Audit practices in corporate governance in the US and Europe. Analyze common and different features.
Corporate social responsibility policy and factors affecting its implementation.
Dependence of popular management styles on the existing corporate governance practices.
Current models of ownership structure and their role in improving the company corporate performance.
Successful implementation of corporate governance mechanisms in banks. What are the causes of the phenomenon? How can the situation develop in the future?
Corporate governance regulations in the US and Europe. How do the rules differ? Which regulations are more effective?
The causes of the international credit crisis and the role of corporate governance in the process.
Corporate strategies in public firms: do they help boost profitability?
The role of the balanced scorecard in the current corporate strategies of legal companies.
Preventing economic crisis: how can corporate governance be helpful?
Business ethics in corporate governance. How are the issues related?
Corporate governance in the family-based firms. How are business relations affected by private ties?
Board of directors as a successful mechanism of corporate governance. What are the roles of executive and non-executive directors in the process?

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LL.M CORPORATE GOVERNANCE AND LAW DISSERTATION

This dissertation examined the question ‘Has section 172 (“s172”) of the UK’s Companies Act (“CA”) 2006 created an effective set of directors’ duties’? Prior to the advent of s172 CA 2006, there was no statutory form of direction concerning directors’ duties and obligations. However, with the intervention of s172, the pressure to take other stakeholders into consideration in the management of corporate affairs is now recognized . Therefore, the essence of this research was to examine whether the law has adequately reflected a shift from the previous common law position, which favored shareholder primacy to a more inclusive approach .

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It is suggested in the paper that section 176 is too compendious in its drafting. A consequence of this is that the declared objectives of the CLR to make the law comprehensible and, therefore, accessible is undermined. It fails to capture the essence of the principles that have emerged from the case law on the no-conflicts rule and the corporate opportunity. Further, the differing approaches towards the determination of liability by the Court of Appeal in Bhullar, on the one hand, and the more open textured approach towards the issue in Pyke, illustrates the dichotomy of the case law surrounding the corporate opportunity doctrine which the language of section 176 fails to resolve.

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Social Science Research Network

Howard Gospel

Since the early 1990s, the UK has been very active in undertaking policy reforms that includes a number of corporate governance codes, expert reports, a high level review of company law, and new regulations and legislation. These policy initiatives need to be monitored and evaluated in terms oftheir success in influencing the key drivers of 'good' corporate governance. This Report undertaken for the DTI has several aims: to identify key drivers of good corporate governance based on a review of social science literature; to describe the content of UK regulatory initiatives with regard to those drivers; and to evaluate gaps in the content and implementation of UK policy regarding corporate governance, using those drivers as benchmarks. In addition, some further implications of this study are discussed for future policy and research on UK corporate governance. The Report defines 'good' corporate governance with regard to the rights and responsibilities of company stakeh...

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Dissertations / Theses on the topic 'Corporate Governance Compliance'

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Tayo-Tiwo, Aderonke Alberta. "Nigerian Banks' Compliance with the Code of Corporate Governance." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5788.

Elmagrhi, Mohamed Husen Ali. "Corporate governance, voluntary compliance, corporate performance and executive pay : evidence from the UK." Thesis, University of Huddersfield, 2016. http://eprints.hud.ac.uk/id/eprint/30301/.

Rashed, Chra, and Georgiana Larsson. "UK pension providers´compliance with corporate governance codes, 2007-2009." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15081.

Krimmer, Peter. "Sarbanes Oxley compliance identifying gains and costs for European companies." Saarbrücken VDM, Müller, 2005. http://deposit.ddb.de/cgi-bin/dokserv?id=2787618&prov=M&dok_var=1&dok_ext=htm.

Persson, Therese, and Helena Karsberg. "Swedish Code of Corporate Governance : A study of the compliance with the code among Swedish listed companies." Thesis, Jönköping University, JIBS, Business Administration, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-90.

After several scandals in the US, the focus on corporate governance has increased rapidly and led to implementations of “codes of best practice” in many countries. In 2002, the Swedish government appointed a committee with the purpose to develop a Swedish Code of Corporate Governance. The purpose with the code is to help the Swedish industry to regain its confidence in order to attract capital after the scandals that have occurred. The code shall be implemented by Swedish com-panies listed on the A-list on the Stockholm stock exchange and companies on the O-list with a market value above 3 billion SEK and shall be implemented by the 1:st of July 2005.

The code is based on the principle “comply or explain” which means that companies do not have to comply with the requirements of the code as long as they explain their reasons why they deviate. The purpose of this thesis is thereby to examine to what extent Swedish companies prepare to comply or are already complying with the requirements of the code and the reasons for possible deviations regarding the level of compliance between the companies. In order to answer the purpose stated, the authors have chosen to use both a quantitative and a qualitative method. The authors have sent surveys to all companies obliged to implement the code in order to find out to what extent the Swedish companies prepare to comply or are already complying with the code today. In order to answer the second research question, why companies prepare to comply, or are complying to different degrees, hypotheses were stated and interviews with five companies listed on the Stockholm stock exchange were made.

The authors found a high compliance rate among Swedish companies, with a mean of 88,49%. The companies on the A-list are complying to a larger extent than the ones on the O-list. Based on the hypotheses, the authors found that companies with higher turnovers are more likely to comply with the code to a larger extent than companies with lower turnovers. Additional reasons to a high degree of compliance rate with the code, are: the need for resources, the impact of media, the culture and personal values within the organization and the fact that the code does not imply any major changes for the organization. Reasons why companies do not prepare to comply or are already complying to a large extent are: the increased devotion of resources that the implementation requires, the high level of details and the complicated requirements of the code. These last-mentioned factors lead to difficulties to interpret the requirements of the code and increased bureaucracy, which thereby lead to a lower level of compliance.

Sobhan, Md Abdus. "Corporate governance reform in a developing country : the case of Bangladesh." Thesis, University of Edinburgh, 2014. http://hdl.handle.net/1842/9935.

Ferdous, Chowdhury Saima. "Compliance with codes of corporate governance in developing economies : the case of Bangladesh." Thesis, University of Birmingham, 2013. http://etheses.bham.ac.uk//id/eprint/3993/.

Jacob, Björktorp, and Robert Källenius. "Comply-or-explain in Sweden : A study on the quality of non-compliance explanations." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-30074.

Akande, Oyebola Bejide. "Corporate Governance Issues in the Nigerian Banking Industry." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2467.

Hempel, Jan Markus Wiemken Florian. "Managerhaftung im Wandel Sarbanes-Oxley und corporate governance in Deutschland ; [IT-Risikomanagement und compliance]." Bremen Salzwasser-Verl, 2006. http://deposit.ddb.de/cgi-bin/dokserv?id=2805246&prov=M&dok_var=1&dok_ext=htm.

Clamer, Roberto. "Avaliação dos sistemas de compliance com a governança corporativa nas organizações da Serra Gaúcha : uma análise nas empresas de capital aberto com ações na BM&F Bovespa." reponame:Repositório Institucional da UCS, 2018. https://repositorio.ucs.br/11338/4158.

Přidal, Martin. "Enhancing the Better Corporate Governance Practice: From Accounting Scandals to Tax Risk Management." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75024.

Erensoy, Mujde. "Corporate Governance Compliance: A Study Of The Publicly Traded Companies On Istanbul Stock Exchange." Thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613939/index.pdf.

Shabbir, Amama. "Does compliance matter? : an investigation of the relationship between compliance with the UK code of corporate governance and firm performance." Thesis, University of Reading, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.493812.

Mutiro, Newton Sly. "The perception of corporate services in a Metropolitan Municipality on King III good governance compliance." Thesis, Cape Peninsula University of Technology, 2013. http://hdl.handle.net/20.500.11838/1000.

LEONEL, Matheus Sabbag. "Programas de Compliance e acionistas: uma an??lise sobre a rela????o entre o perfil do controlador e as pr??ticas de integridade adotadas pelas companhias brasileiras." FECAP, 2017. http://tede.fecap.br:8080/jspui/handle/jspui/748.

Ullah, S., S. Ahmad, Saeed Akbar, D. Kodwani, and J. Frecknall-Hughes. "Governance disclosure quality and market valuation of firms in UK and Germany." Wiley, 2020. http://hdl.handle.net/10454/17933.

Souza, Jane Dias Gomes de. "A importância da função de compliance em instituições financeiras." reponame:Repositório Institucional do BNDES, 2013. https://web.bndes.gov.br/bib/jspui/handle/1408/7025.

Hassaan, Marwa. "Corporate governance and compliance with International Financial Reporting Standards (IFRSs) : evidence from two MENA stock exchanges." Thesis, Aston University, 2012. http://publications.aston.ac.uk/25613/.

Areneke, Geofry. "Comparative study of the impact of compliance with corporate governance regulations & internal governance mechanisms on financial performance of listed firms in Africa." Thesis, Open University, 2018. http://oro.open.ac.uk/55921/.

Silfverskans, Jessica, and Matilda Stakset. "Svensk kod för bolagsstyrning : Efterlevnad och tillämpning ur ett oberoende perspektiv." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-24119.

Ohlhoff, Johannes Hendrik Snyman. "A survey of disclosure of compliance with King II by top listed South African companies : an investigative study of the companies listed on the FTSE/JSE top 40 index." Thesis, Stellenbosch : University of Stellenbosch, 2008. http://hdl.handle.net/10019.1/838.

Pinto, Nathália Regina. "A importância dos marcos regulatórios na prevenção à criminalidade econômica." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/2/2136/tde-24102016-095300/.

Parker, Nazima Begum. "Employee perception of public sector compliance with corporate governance principles : case of the Western Cape Department of Cultural Affairs and Sport, South Africa." Thesis, Cape Peninsula University of Technology, 2009. http://hdl.handle.net/20.500.11838/982.

Smetana, Tais Bastos e. Santos. "Os processos administrativos sancionadores julgados pela CVM e sua relação com Compliance: um estudo com as empresas listadas no índice de governança corporativa." Pontifícia Universidade Católica de São Paulo, 2015. https://tede2.pucsp.br/handle/handle/1612.

Fontana, Karen Hackbart Souza. "Análise das práticas de segurança da informação contábil e sua contribuição para a governança corporativa no requisito de conformidade." Universidade do Vale do Rio dos Sinos, 2017. http://www.repositorio.jesuita.org.br/handle/UNISINOS/7071.

Ruiz, Baltazar Carmen, and Ramírez Walter Palomino. "Incorporation of the autonomous liability of corporate bodies in the opinion on the new Criminal Code: do I need now a criminal compliance?" THĒMIS-Revista de Derecho, 2016. http://repositorio.pucp.edu.pe/index/handle/123456789/107690.

Martins, Adriano de Oliveira. "Gestão de risco de compliance – principais entraves para as empresas brasileiras atingirem maior maturidade." Universidade do Vale do Rio dos Sinos, 2018. http://www.repositorio.jesuita.org.br/handle/UNISINOS/7339.

Daronco, José Máximo. "Análise de processos de controles internos e de TI no requisito de conformidade da governança corporativa: estudo de Caso SESCOOP/RS." Universidade do Vale do Rio dos Sinos, 2013. http://www.repositorio.jesuita.org.br/handle/UNISINOS/3933.

Teh, Chor Tik. "Compliance and impact of corporate governance best practice code on the financial performance of New Zealand listed companies : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Business and Admnistration at Massey University, Auckland campus, New Zealand." Massey University, 2009. http://hdl.handle.net/10179/1004.

Regiani, Tatiana. "A cultura de ética nos fundos de pensão brasileiros: uma análise sobre a percepção interna das fundações." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24130.

O'Rourke, Alan. "Creation and implementation of an IT governance compliant IT asset management framework for Wexford County Council." [Denver, Colo.] : Regis University, 2009. http://adr.coalliance.org/codr/fez/view/codr:42.

Ramos, Telmo Miguel Pereira da Cruz. "Implementação de um sistema de controlo interno na indústria." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19307.

Polidoro, Giovanna. "Le gouvernement du conseil d'administration des sociétés cotées : étude comparée du droit francais et italien des sociétés." Thesis, Paris 2, 2019. http://www.theses.fr/2019PA020038.

Melendy, Sara. "The role of compliance committees in corporate governance." 2005. http://wwwlib.umi.com/dissertations/fullcit/3174297.

Li-ChienLin and 林立千. "The Relationship between Corporate Governance and Law Compliance." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/73kw4p.

Costa, Diego Allo da. "Corporate governance e compliance : uma análise luso-brasileira." Master's thesis, 2021. http://hdl.handle.net/10451/49593.

Hung, Chia-Chung, and 洪嘉鍾. "Compliance of Taiwan Construction Companies with Corporate Governance Best Practice." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/13220220132849834647.

LIU, YU-CHIA, and 劉育嘉. "The Corporate Governance of Banks — Centered on the Legal Compliance." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/2afzca.

Maphetshana, Bukelwa Eunice. "Corporate Governance Compliance at the South African Broadcasting Corporation (SABC)." Thesis, 2016. http://hdl.handle.net/10539/23709.

Wang, Yu-Ju, and 王玉如. "The Impacts of TMT Characters and Corporate Governance on IFRS Compliance." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/47081985775008657469.

KAO, YU-HAN, and 高榆涵. "A Study on Corporate Governance for Banking Industries – From the Perspective of Compliance." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/5zye44.

Mokgatle, Boitumelo. "Enterprise risk management within public sector institutions for improving compliance : a case study into a public sector institution." Diss., 2013. http://hdl.handle.net/2263/40643.

Barclay, Darion Jerome. "A corporate governance framework for Sector Education and Training Authorities (SETAs)." Thesis, 2012. http://hdl.handle.net/10210/5254.

Moreira, Aline Gomes. "GOVERNANÇA CORPORATIVA, COMPLIANCE E LEI DE ANTICORRUPÇÃO NO BRASIL: um novo horizonte de boas intenções?" Master's thesis, 2020. http://hdl.handle.net/10316/92652.

Yang, Tsung-lien, and 楊聰連. "A case study of corporate governance, risk and compliance solutions implementation - the segregation of duties information system." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/13809219389837556701.

Burger, Salmar. "Compliance with best practice governance systems by National Sports Federations of South Africa." Diss., 2004. http://hdl.handle.net/2263/41806.

Benedetto, Davide. "Corporate governance issues in M&A transactions. The case of Fiat-Chrysler." Master's thesis, 2014. http://hdl.handle.net/10362/120287.

Kasch, Ulf Christoph. "Der Einfluss wirksamer Compliance-Überprüfung mit Hilfe sicherer Hinweisgebersysteme auf die Unternehmenskultur." Thesis, 2009. http://hdl.handle.net/11858/00-1735-0000-000D-F1CB-E.

Costa, Luiz Paulo Ribeiro da. "Corporate governance and compliance in brazilian and portuguese state-owned companies: does it really add value to public enterprises?" Master's thesis, 2020. http://hdl.handle.net/1822/71797.

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