Context Of Corporate Governance Research Articles

ENVIRONMENTALLY FRIENDLY CORPORATE GOVERNANCE DESIGN IN MSMEs: A SYSTEMATIC LITERATURE REVIEW

Companies are seen as a critical factor in overcoming the challenge of global warming. A balance between economic growth and the environment is guarded in Green governance. The context of green corporate governance is complex and generally linked to the country. Corporate governance shapes and determines the established order in which a business operates. This systematic literature review aims to analyze how implementing environmentally friendly corporate governance can affects the sustainable performance, obstacles, and practices of MSMEs. Systematic literature review using data obtained from online data. The articles obtained from EMERALD, MPDI, Taylor and Francis, SPRINGER, JIE, AMBR, SSRN, JDA, ETHICONOMI, ACCRUAL, Journal of Proceedings, JAM, and there are 41 selected articles by using the keyword search "environmentally friendly corporate governance/green corporate governance." The results of the analysis show that (1) environmentally friendly corporate governance from articles have a positive effect on the sustainable performance of MSMEs, (2)The lack of attention regarding the implementation of environmentally friendly corporate governance in MSMEs. They are seen as still having limitations in terms of internal resources and recommend that limited research related to environmentally friendly corporate governance on the sustainability performance of MSMEs be an agenda for future research.

The relationship between accounting-based relative performance evaluation (RPE) and CEO compensation

This paper explores the relationship between Accounting-Based Relative Performance Evaluation (RPE) and CEO compensation within the context of corporate governance. The theoretical foundations for RPE are agency theory, economic theory, and stakeholder theory, and the study explores the complexities of CEO compensation, incorporating frameworks like agency theory, tournament theory, and human capital theory. Employing a qualitative descriptive approach, the paper analyzes existing literature to unravel the applications, benefits, and challenges of RPE in CEO compensation. The results and discussion section scrutinizes the RPE process, emphasizing peer benchmarking, defining performance metrics, quantifying relative performance, adjusting for external factors, and incorporating risk and effort sharing. Accounting-Based RPE emerges as a critical subset, offering financial alignment, objective performance metrics, and a shareholder value focus. The paper acknowledges challenges, including data accuracy, comparability issues, and concerns about short-termism. Furthermore, it underscores the integral role of corporate governance in shaping the impact of RPE on CEO compensation.

INTERNAL AUDIT AND WHISTLEBLOWING RELATIONSHIP IN THE CONTEXT OF CORPORATE GOVERNANCE

Bir kişinin ya da kuruluşun, yasa dışı veya etik dışı faaliyetler ile birlikte yanlış uygulamaları da yetkililere veya kamuoyuna açıklaması olarak ifade edebileceğimiz bilgi ifşası (whistleblowing), şirketlerin daha hesap verebilir ve etik bir şekilde iş yapmalarını teşvik etmesinin yanı sıra, genellikle toplumun çıkarlarına ve kamu yararına hizmet etme noktasında katkı sağlaması açısından oldukça önemlidir. Bu çalışmada kurumsal yönetim bağlamında iç denetim ve bilgi ifşası arasındaki ilişkinin incelenmesi amaçlanmaktadır. İç denetim süreçlerinin, kurumsal yönetim uygulamalarının etkinliği üzerindeki etkisi ve bilgi ifşasının bu süreçlere sağlayabileceği katkının önemi incelenmektedir. Bununla birlikte, iç denetim ve bilgi ifşası arasındaki sinerjiyi vurgulayarak, bu sinerjinin işletmelerin daha şeffaf, hesap verebilir ve güvenilir bir şekilde yönetilmesine nasıl katkı sağlayabileceği üzerinde durulmaktadır. Sonuç olarak kurumsal yönetim, iç denetim ve bilgi ifşası arasındaki önemli ilişkiler ortaya konularak, işletmelerin bu alanlardaki uygulamalarını iyileştirmelerine yardımcı olabilecek teorik bir çerçeve sunulmaktadır.

Solutions to Corporate Governance in Improving the Existing Business Model in Luckin Coffee

Luckin Coffee has dedicated to becoming a leading coffee brand in China but has kept a negative profitability growth rate for years before it was delisted and has lost stockholders faith in it. There are corporate governance issues within the company. Through the variable interest entity or VIE structures, Luckin obtained billions of dollars from US investors, but giving no equity shares in actual operation. However, two years after the delisting, Luckin Coffee obtained a new boom in national profitability inland. This paper aims to analyze what the organizational issue is for Luckin Coffee and how it should solve the problem within a corporate governance context. Both quantitative method and comparative analysis are used to compare Luckin Coffee with other competitor such as Starbucks. The research conclusion is that an improved VIE structure is needed for both Luckin Coffee and other Chinese companies that go listing overseas, and more attention needs to be paid to the method of corporate governance instead of financial performance.

The Impact of Corporate Governance Capacity on Share Price

Efficient Markets Hypothesis, one of the main theories of traditional finance, states that markets are efficient and investors do not have the opportunity to obtain abnormal profits. Behavioral finance, which argues that individuals do not always behave rationally and that psychological factors have an effect on investor behavior, is against the Efficient Markets Hypothesis and accepts that the investor has the opportunity to gain extra income by being influenced by many factors. Corporate governance, which started to exist in the face of increased management challenges and asymmetric information with globalization, is a system in which business operations are managed and controlled. Companies with a corporate governance rating score of at least seven are traded in the Borsa Istanbul Corporate Governance Index, which first originated within the context of corporate governance and is becoming more significant every day. In this regard, the purpose of the research is to expose the possible consequences of the fixed (unchanging), upward (increasing) and downward (decreasing) movements of the corporate governance rating scores of the companies included in the Corporate Governance Index throughout the years, on the share price. At this point, the prediction that not only the effect of being included in the index, but also the differences in the ratings of the companies in the index can be taken into account by the market participants, reveals both the motivation of this study and the contribution it will provide to the literature. In line with the purpose of the research, the corporate governance rating of the companies traded in the Borsa Istanbul Corporate Governance Index has been analyzed with the Case Study, taking into account the increasing 508, decreasing 58 and unchanged 21 events compared to the previous period. It is found that the market, whose corporate governance score consists of shares that are fixed, increasing, or decreasing over time, gives participants the chance to earn returns above average.

Book review. The Internal Audit in the Corporate Governance Context

Book review. The Internal Audit in the Corporate Governance Context

INTERNAL AUDIT FUNCTION, MANAGEMENT SUPPORT AND CORPORATE GOVERNANCE IN PUBLIC SECTOR

Having strong corporate governance (CG) in public sectors is very imperative. An effective CG may, to some extent, prevent mismanagement of public monies. Internal audit function might be a significant contributor to achieve this. However, little attention was given on the role of internal audit function within public sector’s CG subject. As such, this paper presents a conceptual discussion on the potential effects of internal audit function attributes on the Malaysian public sector’s CG, and the potential moderating effect of management support on this relationship. Institutional and agency theories were employed to synthesise relevant literature on internal audit function, management support, and CG in public sector setting. Subsequently, a conceptual framework was developed and ten propositions were established. The originality of this paper was in its comprehensive arguments on the possible association of internal audit function attributes on CG of the Malaysian public sector. Moreover, this paper attempted to examine the role of management support in this association. Additionally, the use of the institutional and agency theories offered essential insights pertaining to internal audit function attributes and management support subjects within the context of CG of the public sector. This study is timely in that it offers insights into how the internal audit function may improve the management of public financial resources.

Impact of corporate governance and institutional context on multilatinas’ reporting quality

PurposeThis study aims to identify the impacts of corporate governance (CG) and institutional context on multilatinas’ corporate reporting quality (CRQ). CG and institutional context facilitate the reduction of agency problems and the existence of accountability processes that minimize information asymmetries.Design/methodology/approachA panel data model was developed from a sample of 77 multilatinas studied during the 2014–2020 period. Different estimations were carried out through the panel data model to identify the impact of CG and institutional context on CRQ.FindingsIt is evidenced that appropriate CG structure has a positive impact on multilatinas’ CRQ. In addition, each country’s regulatory quality is confirmed to have a positive effect on firms to produce higher-quality reports.Practical implicationsThis research provides empirical support to what is put forward by agency and stakeholder theory regarding the role that CG and institutional context play in reducing information asymmetries and improving accountability processes to all stakeholders in the Latin American context.Originality/valueThis study contributes original results to the existing literature. Unlike previous works, the present research analyzed multilatinas facing social and political contexts that differ from those of multinationals from developed countries. Different ways of reporting were also covered, going beyond traditional ways of evaluating CRQ – which generally take the sustainability report as a basis.

Wells Fargo: Did KPMG perform its duties? An auditing case about consumer fraud

This article describes the implementation of a case study that uses as its setting the role of KPMG in the Wells Fargo consumer fraud scandal as a way for students to learn about what can happen during an audit failure and what should be done to prevent audit failure. As the case details illustrate, it features the only recent significant Big 4 audit failure that is still being resolved, the audit failure includes many aspects of an auditor’s job, including some that typically are not covered in traditional course textbooks, and it highlights the auditor’s role within the broader context of corporate governance. This case study exposes students to several auditing standards and laws related to 1) consumer fraud; 2) contingent liabilities; 3) materiality; 4) illegal acts; 5) audit evidence; 6) audit opinions; 7) auditor independence and mandatory rotation; 8) auditor liability under the Securities Act of 1933; and 9) auditor liability under the Securities Exchange Act of 1934. The case was used in two undergraduate auditing classes and a graduate auditing class. Student opinion surveys were used to ascertain the learning outcomes of the case study. The survey results suggest strong student engagement and support for learning in groups while collaborating on the case study. The case results also show particularly strong knowledge enhancement with regard to understanding the auditor’s duty to disclose illegal acts, understanding consumer fraud, understanding audit evidence, understanding materiality, and understanding contingent liabilities.

Corporate governance practices and the pandemic crisis: UK evidence

PurposeThis paper aims to investigate the impact of the COVID-19 pandemic on the corporate governance practices in the UK. The authors adopt a case study approach and use content analysis, using internal and external media releases as well as annual reports to analyse the impact of the pandemic on governance practices.Design/methodology/approachThe research design is qualitative in nature and adopts a case study approach. HSBC, an international bank, is used as the case study and a content analysis of internal and external information released after the COVID-19 outbreak is used. Themes arising from the analysis are discussed and recommendations are made.FindingsResults from the thematic analysis show that firms must be resilient in difficult times, follow sustainable practices and are attentive to the well-being of their employees. Firms must address the adequacy of IT Infrastructure and assess the IT related risks during these times.Practical implicationsThe pandemic crisis triggered unprecedented changes in the manner the firms are governed and managed. The recommendations made by the study have practical implications for firms who can adopt them to be make the business resilient and sustainable.Originality/valueTo the best of the authors’ knowledge, this is the first study to explore the impact of the pandemic and analyse firms’ responses to the crisis in the corporate governance context. This study contributes to the corporate governance literature by providing insights of the impact of the COVID-19 pandemic.

Gender Diversity in Corporate Boards: A Comparative Study of Pakistan and Norway

With the increased attention given to corporate governance, there has been more focus on the lack of gender diversity in corporate boards. Within the context of corporate governance, this research focuses on the gender diversity in the boardrooms and to evaluate how the percentage of female directors on a company’s board affects the firm’s performance. For this purpose, Gender diversity in both Norway and in the Pakistan are studied, but this study more focuses on the Pakistan’s board gender diversity, legislations, implementation and its impact on company’s performance, this study also focuses on Norwegian experience and the impact of the Norwegian gender diversity rule. This study is conducted by a qualitative research and a socio-legal research methodology due to library based and its mixed nature of being legal and corporate respectively. This study is also based on primary as well as secondary sources. The results of this study show that there is observable performance benefit to adding more females to the board of directors. Companies found a significant and positive relationship between the percentage of women on the board and performance. These results suggest that if Pakistan decides to adopt strong legislation for corporations in relation to gender diversity and implement them; it will observe significant improvement in firm performance.

Multiple Large Shareholders and Audit Pricing: Evidence from Chinese Family Companies

Multiple large shareholders （MLS） are a general ownership phenomenon in the global capital market. In the traditional context of corporate governance, non-controlling large shareholders are the key guardians of the interests of small and medium shareholders. They can not only supervise the controlling shareholders, but also enhance the value of companies. However, in recent years, the events that MLS of family companies unite to infringe the interests of small and medium investors are increasing. Therefore, in the special case of the typical nepotism of MLS in family companies, it is worth further testing whether the supervision and balance function of large shareholders still exists. Audit pricing has always been the focus of the audit theory and practice. The principal-agent problem between internal large shareholders and external investors has a crucial impact on audit pricing. Audit pricing also provides a good external perspective for us to explore whether there is any collusion motivation between large shareholders of family companies or not. Under the special circumstances of typical nepotism among the major shareholders of family companies, this paper examines whether the supervision and balance function of MLS still exists from the perspective of audit pricing. Based on the data of Shanghai and Shenzhen A-share family listed companies from 2007 to 2017, we find that the existence of MLS stimulates a significant increase in audit fees. This phenomenon exists only when the controlling shareholders of family companies pledge their shares and the market is undeveloped. Moreover, the equity pledge will significantly enhance the promotion effect of MLS on audit fees in undeveloped areas. The channel effect test shows that MLS stimulates the stock price through earnings management, stock dividends and strategic stock change. These three ways can lead to the increase of audit risk and auditing institutions always choose to charge a premium to compensate the risk. This paper scrutinizes the possible collusion motivation of MLS in family companies from the perspective of audit pricing, which provides a new “puzzle” for the research of economic consequences of MLS. It also provides some empirical evidence for understanding auditors’ dereliction of duty regarding the encroachment on the interests of small and medium shareholders in the capital market. And through the research of whether MLS in family companies contribute to higher audit fees, this paper also provides a supplement for the risk compensation theory of the audit pricing theory. The policy suggestions of this paper are mainly reflected as follows: （1） As for the collusion among MLS in family companies, investors should strengthen the relevant protection consciousness. （2） In China’s capital market, there are so many accidents that large shareholders of family companies empty the wealth of small shareholders. The external independent auditor is indeed responsible for dereliction of duty. The research has certain enlightenment for the regulatory authorities to regulate the professional ethics of auditing institutions and protect the interests of external investors.

Review of differences between listed and unlisted family business research trends: a corporate governance context

PurposeThis review assesses state of knowledge by critically comparing empirical literature on relationships between corporate governance and performance with regards to listed and unlisted family business.Design/methodology/approachThe study applies a systematic review approach to assess 159 corporate governance and performance studies on family business published in peer-reviewed journals between 2000 and 2016.FindingsResults from the review demonstrate heterogeneity in definition of family business, limited study of indicators of ownership and board dimensions of corporate governance in unlisted family businesses and over concentration on financial measures by listed family business studies. Possible solution was offered for potential research gaps.Originality/valueThis is the first review that comprehensively compares studies in listed and unlisted family business from the perspectives of corporate governance. Findings from this review may contribute to promoting research in corporate governance in the context of listed and unlisted family businesses.

Foreign and Russian Studies of Share Buyback Practices: A View from the Corporate Governance Perspective

The paper discusses the mechanism of shares buyback and its implementation in foreign countries and in Russia. The publication purpose is to study the practice of buybacks in the aspect of corporate governance, satisfaction of stakeholders interests being in the new economic realities by the impact of sanctions and the COVID-19 pandemic. The authors use the method of content analysis of publications by Russian and foreign researchers based on Google Scholar since 1990 to 2020, considering buyback programs in relation to corporate governance and influence on stakeholders. Also, the authors analyze the state of the Russian stock market by capitalization, by the number of issuers of shares on the MICEX-RTS from 2013 to 2020. There are analyzed programs for repurchase of shares of Russian companies for the period 2018–2020. There have been put forward and tested three hypotheses related to the impact of sanctions and the coronavirus pandemic on the policy of implementing buyback deals by the companies. The “share buyback” is usually considered to a greater extent from the point of view of corporate finance in the Russian business field, outside the context of corporate governance and even more so outside of relations with stakeholders. There is a dominant approach to buybacks from the point of view of shareholders rather than from the point of view of stakeholders in Russian business practice. There is no discussion about the negative impact of buybacks on their interests in the public opinion and in the expert environment, due to the relative weakness of the positions of Russian stakeholders. The future research may focus on assessing the impact of share buyback programs on the risks system and benefits for financial and non-financial stakeholders. Also, there should be emphasized on studying the impact of share buybacks on the corporate governance quality and on studying their impact on top management remuneration, being assessed the effectiveness and efficiency of programs buybacks.

Determinants of Islamic Social Responsibility Disclosure the Case of Islamic Bank: Cross Country Analysis

Introduction to The Problem: The rapid growth of Islamic financial institutions around the world attracts a lot of attention, but its growing is not supported by adequate accountability. Several evidence show that accountability of Islamic banks is still very low. The lack of accountability may causes low public trust, so it is important to study the determinant of Islamic Social Responsibility Disclosure by Islamic Bank.Objective Study: This study intends to examine the determinants of Islamic Social Responsibility disclosure (ISR). So practitioners and academics can get a clear view of Islamic Bank's accountability through ISR disclosure.Methodology: This paper applies some theories such as stakeholder theories, agency theory, and legitimacy theory to developed hypotheses linking ISR disclosure and its determinants (internationality, Islamic Corporate Governance, and Socio-Political Context). This paper uses the content analysis method to assess the ISR disclosure of Islamic banks from 13 countries spanning from 2014 to 2016. The ISR index consists of 72 items developed based on AAOIFI. Finally, OLS Regression Analysis is used to test the hypotheses.Findings: The paper find that the level of ISR disclosure is still very low (44%). From the internationality aspect, we found that the proportion of foreign ownership and the status of the multinational corporation influenced the level of ISR disclosure, but we did not find evidence that the CEO's overseas experience affected the level of disclosure. This paper also confirm that Islamic Corporate Governance and Socio-Political context are the main determinant of ISR disclosure by Islamic Bank.

Reconsidering the Evolutionary Erosion Account of Corporate Fiduciary Law

This Article reconsiders the dominant account of corporate law’s duty of loyalty, which asserts that the courts have steadily relaxed standards of fiduciary scrutiny applied to self-dealing by corporate managers across more than a century of history—to the great detriment of the shareholder interest. The account originated in Harold Marsh, Jr.’s foundational article, Are Directors Trustees? Conflicts of Interest and Corporate Morality, published in The Business Lawyer in 1966. Marsh’s showing of historical lassitude has been successfully challenged in a recent book by Professor David Kershaw. This Article takes Professor Kershaw’s critique a step further, asking whether the evolutionary erosion account continues to exert normative power in today’s corporate governance context. The answer is that it does not, a result that obtains even though erosion of the standards that courts apply to management self-dealing has continued unabated ever since Marsh published in 1966, and even though there is no reason to think that management self-dealing benefits the shareholder interest. The result follows from the operation of the corporate governance system, which has assimilated and redeployed the erosion account’s motivating insight that officer and director self-dealing transactions do not make cost-benefit sense from the shareholder point of view. Regulation backs up the norm of aversion. Disclosure rules make self-dealing transparent to shareholders, who have no reason to like self-dealing and who now stand ready and able to register their preferences regarding such matters in corporate boardrooms. At the same time, the requirement of a majority independent board makes self-dealing transactions by board members highly inconvenient, because self-dealing undercuts independence. The practice reflects all of this, as shown by reference to hand-collected datasets of self-dealing transactions at publicly-traded companies and of litigation in respect of self-dealing transactions in the Delaware Chancery Court. The classic self-dealing transaction, although still a focal point of academic discourse on corporate fiduciary law, does not matter all that much in real world companies with dispersed shareholders. It is no longer an unsolved problem stemming from separated ownership and control.

Conexões entre o julgamento moral e determinantes biológicos do comportamento na governança corporativa

O presente artigo analisa os comportamentos antissociais ou antiéticos no contexto da Governança Corporativa, pautado pela necessidade de se acompanhar com instrumentos próprios seus efeitos, à luz dos avanços neste campo de conhecimento. Ao preconizar a sua validação adequada, postula-se a necessidade de considerar os diferentes aspectos do comportamento humano quanto aos processos de julgamento. Neste sentido, objetiva-se identificar as conexões teóricas entre o julgamento moral e o comportamento ético organizacional, notando-se uma lacuna em relação às normativas existentes. A metodologia do estudo é descritiva de natureza exploratória, utilizando a abordagem mista – qualitativa e quantitativa, iniciando-se com uma pesquisa bibliométrica para identificação de estudos anteriores e da revisão da literatura pertinente ao julgamento moral à luz do comportamento organizacional. Identifica-se na literatura que o julgamento moral do indivíduo é influenciado por fatores genéticos, socioambientais e biossociais, que influenciam o comportamento por meio do julgamento moral. Foram coletados dados utilizando uma escala validada de mensuração desenvolvida por outros autores e adaptada ao contexto local. Não foi possível concluir a respeito das possíveis diferenças de julgamento moral utilitarista no comportamento de profissionais da área comercial. Já em relação à idade, foi confirmada uma tendência ao comportamento deontológico para a amostra de maior idade e uma tendência utilitarista para a amostra masculino. A partir destas evidências, sugerem-se novas hipóteses que são relevantes para o desenvolvimento da teoria neste campo de conhecimento, além de evidenciar a necessidade por parte da Governança Corporativa em criar os seus próprios métodos de validação e políticas adequadas.

Ownership concentration, innovation and firm performance: empirical study in Indian technology SME context

PurposeThis study aims to understand the influence of R&D intensity and ownership concentration on performance of Indian technology SMEs, at the intersection of “value creation” perspective of corporate governance and country cultural context in innovation.Design/methodology/approachCross-sectional data of 264 Indian technology SMEs have been employed to probe the impact of ownership and R&D intensity on market performance of the technology SMEs.FindingsThis study does not find support of individual influence of R&D intensity on SME performance. The authors find support for the “value creation” hypothesis of corporate governance in Indian technology SME context. This study finds that interaction of promoter's ownership concentration and R&D intensity has a positive influence on the performance of Indian technology SMEs.Research limitations/implicationsThis study has deployed cross-sectional data. Future studies can examine the “value creation” hypothesis based on panel data for a long-run understanding. Ownership can be further segregated into different categories of ownership in future studies.Practical implicationsThis study underscores on distinct necessity in the concentrated ownership in the context of Indian technology SMEs. The findings of the study may encourage policymakers to focus on the “value creation” of the technology SMEs than “value protection.”Originality/valueThis study aims to understand the market value of R&D practice of SMEs. The findings of this study establish that R&D intensity individually may not have any significant influence on SME performance. R&D intensity coupled with concentrated ownership can significantly increase SME performance. Thus, this study identifies factors that can help in SME innovation and growth options. Additionally, this study advocates for the fact concentrated ownership in technology SMEs of India by establishing the link with SME performance.

Corporate Governance in Winding Up — Statutory Derivative Actions and Professional Liquidators

Events in Singapore have shone a spotlight on the rarely discussed issue of corporate governance in a members’ voluntary winding up and the related question of corporate governance in insolvent liquidation. First, a series of related litigation concerning the liquidator’s conduct and the right of minority shareholder/creditor led to the question of whether the statutory derivative action is available in a winding up. The Singapore Court of Appeal concluded that it is not. Second, the recently passed Insolvency, Restructuring and Dissolution Act 2018 continued with the old policy of excluding members’ voluntary winding up from the requirement that the liquidator must be a licensed insolvency professional. This article discusses the two questions within the broader context of corporate governance in winding up. Through analysing the governance structures in winding up and comparing that with governance structures in going concerns, this article supports the Court of Appeal’s decision beyond the specific reasons given in the judgment, and argues that sound governance in members’ voluntary winding up is seriously undermined by allowing non-professionals to act as liquidators.

Singapore’s Puzzling Embrace of Shareholder Stewardship: A Successful Secret

In the wake of the 2008 Global Financial Crisis, the UK created the first stewardship code which was designed to transform its rationally passive institutional investors into actively engaged shareholders. In the UK corporate governance context, this idea made sense. Institutional investors collectively own a sizable majority of the shares in most of the UK’s listed companies. In turn, if the UK stewardship code could incentivize them to effectively monitor management – to act as “good shareholder stewards” – the managerial short-termism and excessive risk-taking, which were identified as contributors to the GFC, could be avoided. The UK’s idea to adopt a stewardship code sparked a global shareholder stewardship movement. Unsurprisingly, Singapore as a corporate governance leader in Asia, adopted a stewardship code. Based on a superficial textual analysis, the Singapore Code appears to be a near carbon-copy of the UK Code. However, this article, which provides the first in-depth comparative analysis of stewardship in Singapore, demonstrates how Singapore has turned the UK model of stewardship on its head. Rather than enhancing the shareholder voice of institutional investors, shareholder stewardship has been used in Singapore as a mechanism for entrenching its successful state-controlled and family-controlled system of corporate governance. This development has been entirely overlooked by prominent international observers and would be beyond the wildest imaginations of the original architects of the UK Code. Viewed through an Anglo-American lens, this use of “stewardship” may suggest that Singapore has engaged in a corporate governance sham. However, we argue the opposite: it appears to be a secret to Singapore’s continued corporate governance success and provides a much-needed Asian (as opposed to Anglo-American) model of good corporate governance for Asia.