The Transformation of Governance System: A Decade Long Experience of Corporate Governance Using Meta-analysis

The survival and competitiveness of the business are virtually dependent on the governance system, reputation and laws of the country. Irrespective of the efforts for building a flexible and responsive governance system in India, the rigid rules and improper implementation of regulations had resulted in the drastic failure of many business giants. Also, the incremental increase in the literature on various aspects in this dimension realized an emergent need to synthesize the literature. The purpose of this study is to explore from the extant literature, the progress of corporate governance by performing a meta-analysis on 115 studies by segregating them into seven categories during the time horizon of 2008–2018. The findings indicate that the board, CEO, and family firm characteristics are found to be directly correlated with firm performance. However, financial expertise and super director have a positive influence but are the rarely studied variables, merits the attention of researchers. Whereas board size, CEO turnover, foreign director, political connections are impacting the firm’s performance negatively. The findings reveal that more perspectives need to be included to derive innovative solutions for developing a flexible system of governance. © 2020, Global Institute of Flexible Systems Management.