The purpose of this review has been to identify and review the major empirical research studies on the effects of corporate governance on firm and/or market return performance with a view to establishing first, evidence of association (correlation) and second, causation (and the direction thereof) between corporate governance and firm financial and/or market returns performance.
Much has been written about the beneficial effects of corporate governance and the assumed reflection of implementing best practice corporate governance processes and improved firm financial performance and shareholder returns. The veracity of this assumption is clearly fundamental to the promotion of corporate governance representing a set of policies, processes and practices that have a positive result on the performance of firms and the conduct and performance of equity markets.
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