Corporate governance Literature review Example | Topics and Well Written Essays - 1500 words

Corporate governance - Literature review Example A comparison of different perspectives will also be discussed in this paper. Corporate Governance, in broader terms, can be defined as regulations, legislation and the procedures, which govern, standardize and control the whole business operations. Corporate Governance encompasses internal elements, such as managers, executives, shareholders, or organizational structure, and the external elements, such as customers, suppliers and government laws. The purpose of defining the corporate governance is to generate the well-organized and prescribed structure of the organization in a way that operates in the best manner for all organizational members. It guarantees that the corporation has implemented the prescribed rules, moral duties, and best practices. That is why, organizations have developed their operations effectively at local level, state level, and also global level. Within contemporary years, the concept of corporate governance has been attending much focus, as there has emerged eminent outrages, such as misuse of corporate authority and purported illega l actions taken by corporate managers. The establishment of â€Å"civil and criminal suits†, against the people who misuse the name of the corporation to fulfill their illegal interests, is a vital part of corporate governance (Rouse, 2008). Corporate Governance is basically the established structures, codes, and procedures, which controls the corporations. It establishes guiding principles which help in providing direction and managing the organization in order to achieve organizational objectives in the most effective way. Such established systems enhance the organizational value and are fruitful for all members in the long run. Organizational members include all stakeholders which are affected by such system, such as directors, stockholders, suppliers, managers, employees, and general people. The organizational management undertakes themselves