LITERATURE REVIEW
Although the concept of corporate governance has been in practice for several decades, it gained worldwide popularity and significance since the collapse of a number of corporate giants and bank chains in the United States in the early 2000s. The idea of corporate governance is the major factor that links stakeholder interests with the objectives of the organization. As Solms and Solms point out, corporate governance could be defined as “the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled” (Solms & Solms, 2008, p.2). In the current business context, shareholders, ...