Corporate governance and firm performance in the emerging market: A review of the empirical literature

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Isaac Francis Antwi ORCID logo, Carla Carvalho ORCID logo, Cecília Carmo ORCID logo

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After decades of many corporate scandals and financial meltdowns, the quest for effective corporate governance and firm performance has raised the concern of a lot of academicians, practitioners, and researchers regarding articles written on this issue. This study seeks to review corporate governance and firm performance articles written in Ghana under the author’s keywords in order to fulfill the objective. The goal is to identify the research trend and then to suggest the idea of future research directions. The study has conducted a review of corporate governance research by searching at Scopus and Web of Science research databases from 2006 to 2020 to prepare the list of articles. A comprehensive review of recent corporate governance and firm performance literature is essential because it provides a basis for comparing Ghana’s corporate governance research experience with other emerging economies in other continents. The findings reveal that two keywords on corporate governance analysed in this study – board composition and ownership – have many written articles, while compensation has the least number of articles. However, in the future, gender diversity and audit committee may be investigated since it has received global attention.

Keywords: Corporate Governance, Board Composition, Firm Performance, Ghana Regulation

Authors’ individual contribution: Conceptualization – C.C. and C.C.; Methodology – C.C. and C.C.; Investigation - I.F.A.; Writing – Original Draft - I.F.A.; Writing – Review & Editing – C.C. and C.C.; Supervision – C.C. and C.C.; Funding Acquisition – C.C. and C.C.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

Acknowledgements: This work was financially supported by the research unit on Governance, Competitiveness and Public Policy (UIDB/04058/2020) + (UIDP/04058/2020), funded by national funds through FCT - Fundação para a Ciência e a Tecnologia.

JEL Classification: M0, M48, M49, N47

Received: 25.12.2020
Accepted: 22.02.2021
Published online: 24.02.2021

How to cite this paper: Antwi, I. F., Carvalho, C., & Carmo, C. (2021). Corporate governance and firm performance in the emerging market: A review of the empirical literature. Journal of Governance & Regulation, 10(1), 96-111.