CORPORATE GOVERNANCE REFORMS: BETWEEN INSTRUMENTALITY AND INSTITUTIONAL DRIVERS

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Abstract

Previous studies suggest that improvement in market confidence through credible signals to appropriate stakeholders is one of the primary motives for corporate governance reforms. Proponents of this view argue that corporate governance reforms, and by extension corporate governance disclosures by firms, is less imperative in a developing economy due to absence of demand for such disclosures and reforms. It seems that these arguments are not general and are only tenable in specific market settings. This study generates further insights on the motives for corporate governance reforms. The study finds that corporate governance reforms in settings with less market incentives such as Swaziland are motivated in ways that are different from documented evidence in existing literature.

Keywords: Corporate Governance Reforms, Motives, Developing Economy, Swaziland

How to cite this paper: Adelopo, I., & Kabir, M. H. (2012). Corporate governance reforms: Between instrumentality and institutional drivers. Corporate Ownership & Control, 10(1-7), 659-674. https://doi.org/10.22495/cocv10i1c7art2