Corporate governance in India: A systematic review and synthesis for future research

Figures & data

Table 1. Corporate governance studies based on primary data and indices

No	Studies	Results
1	Bachmann and Pereira (2014)	It discusses the evolving concept of corporate human rights responsibility under international law
2	Marques et al. (2018)	The corporate governance quality of the issuer tends to contribute to the fulfillment of its obligations.
3	Klapper and Love (2004)	Governance is associated with the extent of the asymmetric information and contracting imperfections that firms face.
4	Haldar and Raithatha (2017)	The quality of governance practices particularly, the composition of audit committee significantly enhances financial disclosure practices of the firm.
5	Chauhan et al. (2016)	A positive association between corporate governance and firm performance
6	Almaskati et al. (2020)	A large variation between country-level governance factors and firm-level governance factors
7	Singareddy et al. (2018)	Corporate governance score and firm-specific financial data for the period 2010–2017 for 626 from China, India, Indonesia, Japan, South Korea and Thailand are studied.
8	Arora and Bhandari (2017)	Firms have improved governance and CSR framework provides an impetus for firms and regulators to further improve CG practices and firm’s value gradually.
9	Mishra and Mohanty (2018)	Corporate governance is positively related to financial performance
10	Bajpai and Mehta (2014)	Lack of disclosures regarding the lead independent directors in the annual reports.
11	Chatterjee (2011)	Although disclose information regarding corporate governance reporting, the disclosure is still inconclusive and the variation within the companies is also high.
12	Abraham et al. (2015)	Indian companies are highly compliant with governance disclosure requirements of Clause 49. Government controlled firms disclose significantly less than privately owned firms
13	Kandukuri et al. (2015)	Firms with better corporate governance practices perform better in financial terms as well.
14	Srivastava et al. (2019)	A negative significant relationship between the overall corporate governance and the cost of equity. A well-governed firm enjoys ease of access to equity finance.
15	Goel (2018)	There is a significant improvement in corporate governance structures however, board independence is less after the reforms. Corporate governance reforms do not impact financial linkages in the Indian market.
16	Goel and Mciver (2015)	Stock market development is associated with lower gearing, while improvements in the quality of development of India’s institutions are associated with higher gearing.
17	Puri and Kumar (2018)	“VCGP of Indian firms is significantly affected by their size, financial leverage, ownership concentration, industry type, the effectiveness of their audit committees, foreign listing status and type of external auditors”.
18	Iqbal et al. (2019)	Results confirm the endogenous nature of corporate governance and financial performance
19	Kang and Nanda (2017)	The presence of remuneration committee is significantly related to the disclosure and compliance index of managerial remuneration.
20	Kohli and Saha (2008)	Strong significant relationship between CG and market value of a firm.
21	Morey et al. (2009)	There is a significant improvement in corporate governance
22	N. Das and Pattanayak (2016)	“Higher Educational Institutions in India may be more likely to exhibit a hybrid of both stewardship and stakeholder models of governance”
23	Heinberg et al. (2018)	Corporate image is a more effective signal in China than in India
24	Shikha (2017)	The regulatory structure of corporate governance in India and its effectiveness in given market structure in the context family ownership is studied.
25	Rani et al. (2014)	“A positive relationship between corporate governance standards and the performance of the acquiring firms in short-run as well as long-run”.
26	Kansil and Singh (2018)	“Five key governance issues have been identified in this study based on fuzzy set theory namely, Ownership structure of the companies, Code of best practices of corporate governance, Regulatory framework including monitoring institutions of the country, Untrue independence of independent directors in decision-making and Judiciary system”.
27	Subramanian and Reddy (2012)	Firms gain competitiveness in international markets when they voluntarily disclose more about their board practices, but ownership-related disclosures reduce market share.
28	Singla and Singh (2018)	The responsiveness of the public sector firms is significantly lower than the private sector firms to incorporate the regulatory requirements related to corporate governance
29	Srivastava et al. (2018)	“The findings suggest that board size, female independence, and female directors have a negative impact on the COE, in the other hand, only board independence and female involvement have a significant positive association with the ROA”.
30	Jacoby et al. (2019)	Companies with stronger governance mechanisms tend to adopt an external control strategy to mitigate conflicts between owners/owners agencies.
31	Shahid (2019)	Good corporate governance practices improve the investment level in the firms as well as the board members’ monitoring function
32	Al‐Mudhaki and Joshi (2004)	There is a lack of independence in their representation and composition. The frequency of AC meetings has an important effect on the internal control
33	Gulati et al. (2019)	An aggregated six distinct dimensional indices were constructed to capture dimensions of corporate governance, namely board effectiveness, audit function, risk management, remuneration, shareholder rights and information, and disclosure and transparency.
34	Qurashi (2018)	Pakistani (issued by BEI) CG code has approximately 77 percent convergence, Indian CG code has 50 percent convergence while the Bangladeshi (issued by BSEC) CG code has approximately 41 percent convergence to CG guide of UN.
35	Amaladoss et al. (2011)	TCS is not using its website with advanced content and design (Web 2.0) features.
36	P. Gupta and Sharma (2014)	Corporate governance practices have a limited impact on both the share prices of the companies as well as on their financial performance.

Table 2. Corporate governance studies based on secondary data

No	Studies	Results
1	Chen et al. (2009)	“Institutional investors are willing to pay a higher premium for shares in firms with good corporate governance, especially when the firms are in countries where the legal protection of investors is weak”.
2	Mitton (2004)	Firms with stronger corporate governance have higher dividend payouts.
3	Prasanna and Menon (2012)	Higher promoter holdings reduce stock liquidity.
4	Esqueda and Connor (2020)	Listing-level decision is a better predictor of corporate governance quality than corporate life cycle.
5	Kayalvizhi and Thenmozhi (2018)	“Better the country governance, the greater the impact of technology, innovation, corporate governance and culture in inwarding FDI”
6	Katarachia et al. (2018)	There is a low level of corporate governance disclosures by Indian companies.
7	Balasubramanian et al. (2010)	“Cross-sectional evidence of a positive relationship between firm market value and an overall governance index, as well as a sub index covering shareholder rights”
8	Prasanna (2014)	There is a positive evidence of the impact of recent corporate governance reforms introduced in India.
9	Singh and Kansil (2017)	“Foreign investors can be instrumental in strengthening corporate governance framework of the firm’s they have invested in by exerting the ownership rights which revolves around the type of investment and its time horizon”.
10	Al-ahdal et al. (2020)	Indian firms are better than Gulf countries in terms of corporate governance practices and financial performance.
11	Sayed and Chawla (2017)	“Analysts working in countries with better corporate governance standards have higher boldness with target price forecasts reflecting higher confidence in a more transparent environment”.
12	Sayari and Marcum (2018)	“Enhanced governance standards are associated with risk reductions among US domiciled firms, cross-listed American Depository Receipt companies and non-cross listed emerging market firms”.
13	Koirala et al. (2018)	Board independence members and CEO duality more helpful for growth strategies through domestic ventures or new investment
14	Prasad et al. (2019)	Some characteristics of corporate governance are important in explaining the Working Capital Management
15	Ashfaq and Rui (2019)	Board & audit committee characteristics and ownership by government have positive significant effect on internal control disclosure.
16	Bansal and Sharma (2016)	“Positive association of board size and CEO Chairman dual role with firm performance but no effect of audit committee independence and its meeting frequency on the financial performance of Indian firms”.
17	Narayanaswamy et al. (2015)	Satyam failure had a limited effect on Indian audit committees.
18	Mishra (2016)	“There is a significant impact of audit committee size, multiple directorships of audit committee members and frequency of audit committee meetings on earnings quality”.
19	Sarkar et al. (2012)	A strong correlation between the Corporate Governance Index and the market performance.
20	Yameen et al. (2019)	“Corporate governance practices in the hotel industry need a huge effort to be improved in order to be considered as a good practitioner of corporate governance”.
21	Hundal (2016)	A lower (higher) level of busyness of audit committee members enhances (deteriorates) financial reporting quality of firms.
22	Kota and Tomar (2010)	Non-executive independent directors have failed in their monitoring role.
23	Bhatt and Bhattacharya (2015)	“Larger board size had a positive impact on firm performance but independent directors and board diligence have no impact. Family firms showed better performance compared to non-family firms”.
24	Kumari and Pattanayak (2017)	“Corporate governance practices (such as board characteristics, audit practices, and performance-based remuneration) basically work as restricting variables for earnings management practices”.
25	Islam (2016)	A positive relationship has been found to be existing between the CGP and financial performance of the firm.
26	Kiranmai and Mishra (2019)	There is no direct effect of CG variables on the firm performance of companies.
27	Kaur and Singh (2018)	Board size and ownership pattern influence the assessment of a company’s reputation.
28	Jackling and Johl (2009)	“Larger board size has a positive impact on performance. While frequency of board meetings is not associated with performance, outside directors with multiple appointments have a negative effect on performance”.
29	Mohapatra (2016)	Board independence has a positive impact on firm value. The study found no direct impact of board independence on operating performance.
30	Zulkafli et al. (2010)	It is evidenced that only CEO Duality is positively significant with market-based corporate performance.
31	S. S. K. Jaiswall and Bhattacharyya (2016)	“CEO compensation attributed to ownership characteristics in the private sector is positively related to future firm performance, whereas remuneration attributed to board and CEO characteristics in both private and public sectors are not”.
32	Dwivedi and Jain (2005)	“Higher proportion of foreign shareholding is associated with increase in market value of the firm but institutional shareholders is not associated. Board size has a positive but weak relationship with firm value”.
33	Francis et al. (2013)	“Better corporate governance lowers the dependence of emerging market firms on internally generated cash flows, and reduces financing constraints that would otherwise distort efficient allocation of investment and destroy firm value”.
34	Jameson et al. (2014)	“Controlling shareholder board membership has a significant negative association with Tobin’s Q. Higher board independence, higher institutional ownership does not appear to mitigate this relationship”.
35	Vig and Datta (2018)	Quality of corporate governance has a positive but insignificant relationship with value creation.
36	Switzer et al. (2017)	“Higher institutional ownership and greater board independence are shown to reduce firms’ default probabilities. Insider ownership, CEO duality, and board size are positively related to default probabilities”.
37	Roy (2018)	The quality of firm-level CG has important implications in deciding corporate cash holdings.
38	Saravanan et al. (2017)	“There is a significant positive impact of the average executive compensation on performance of the family and non-family firms. Significant negative effect of the board size on average executive compensation of the family and non-family firms”.
39	Kutubi et al. (2018)	“Inside directors’ busyness has a significant effect on bank performance and risk-taking whereas independent directors’ busyness does not have a significant effect on performance and risk-taking”.
40	Aggarwal et al. (2019)	Board demographic diversity is positively associated with the firm performance (Tobin’s Q) of standalone firms, but this association is negative for group-affiliated firms.
41	M. Jaiswall and Firth (2009)	There is a positive relation between pay and a firm’s performance.
42	Black and Khanna (2007)	Large firms gain 4.5 percent on average, relative to small firms, over a three-trading day event window beginning on the announcement date.
43	Mishra and Kapil (2018)	Positive association between board independence, busyness directors, size of the board, firm performance.
44	Singla and Singh (2019)	“A significant negative relationship of board independence but a positive relationship of AC independence with firm value. Product market competition negatively moderates the effectiveness of AC independence in enhancing the firm value but it does not moderate the effectiveness of board monitoring”.
45	Haldar et al. (2018)	The independent board directors do not significantly affect the corporate performance in Indian context.
46	Palaniappan (2017)	An inverse association between board characteristics and the firms’ performance and negative significant relationship between board size and Tobin’s Q, as well as, ROA and ROE.
47	Kapoor and Goel (2019)	Independent directors’ diligence and auditor committee have a significant impact on earning management practices. They found to improve the quality of financial reports.
48	Sanan (2016)	Independent women directors have a significant impact on firm performance.
49	Bhatt and Bhattacharya (2017)	“A negative effect of board structure is found on firm performance in family firms compared to non-family firms. Higher proportion of independent directors, larger board size or an independent chairman does not appear to improve the insignificant relationship between family firms and firm performance”.
50	Kagzi and Guha (2018)	A positive relationship between the overall board demographic diversity index (board gender, age, tenure, and education) and corporate performance.
51	Mishra and Kapil (2018)	Market-based measure is affected more on corporate governance than accounting-based measure.
52	Kumar and Singh (2013)	A negative relationship was found between board size and firm value and a positive association of promoter ownership level and corporate performance.
53	Muttakin and Subramaniam (2015)	“Corporate social responsibility disclosure is associated positively with government ownership, foreign ownership, and board independence and negatively associated with CEO duality”.
54	Khosa (2017)	“There is a reverse relationship between board independence and firm value of group-affiliated firms in India which shows that foreign monitoring directors are largely influenced by the institutional setting and ownership structure”.
55	Mayur and Saravanan (2017)	An increase in board size is correlated with better firm performance. An insignificant relationship between composition and frequency of board meetings with firm performance.
56	Prasad et al. (2019)	“A positive association is found between the proportion of gray directors on the board and executive compensation with a higher sensitivity of executive compensation to gray directors among family-controlled firms. CEOs directors who belong to controlling shareholder got higher pay compare to professional CEOs”.
57	Kaur (2017)	Board independence reduces violations of SEBI but size of the board and its meetings have no relationship.
58	Kavitha et al. (2018)	Discretionary disclosures is positively influenced by independent directors but negatively by boards with duality and the busyness of the director
59	Chauhan and Kumar (2017)	Female directors face more attendance problems compared to male directors, and are less likely to be employed in monitoring-related committees.
60	Shaw et al. (2016)	Independent directors’, social capital and industry-level expertise improved the firm performance
61	Aggarwal and Ghosh (2015)	There is no significant association between the director’s remuneration and firm’s performance
62	Helmers et al. (2017)	Both R&D and patenting affected by board interlocks
63	Narwal and Pathneja (2016)	A weak relationship is observed between individual governance variables and performance variables
64	Sidhu and Kaur (2019)	Active audit committee will result in better monitoring of financial reporting mechanisms and hence higher stock market liquidity
65	Patibandla (2006)	The study investigate the effects of foreign institutional investors and government financial institutions on corporate governance
66	Saravanan et al. (2016a)	Board size, CEO duality and proportion of NEDs on the board have significant impact on the nonexecutive compensation
67	Mishra and Kapil (2018)	There is a significant positive association between board size and firm performance. Separation of chief executive officer and chairman of the board is found to be value-creating, and overburdened directors affect firm performance adversely.
68	Haldar et al. (2016)	Flexibility in corporate governance significantly affects International Competitiveness.
69	Arora and Sharma (2016)	Larger boards are associated with a greater depth of intellectual knowledge. Return on equity and profitability is not related to corporate governance indicators. CEO duality is not related to any firm performance.
70	Saggar and Singh (2017)	“Board size and gender diversity have a positively significant effect on risk disclosure, identity of the largest shareholder having ownership concentration negatively affects disclosure of risk information in the case of Indian promoter body corporate, foreign promoter body corporate and non-institutions in comparison to family ownership”.
71	Mishra and Mohanty (2014)	The board and the proactive indicators influence the firm performance significantly whereas legal compliance indicator does not do so. The CG measure is a good predictor of firm performance.
72	Palaniappan (2017)	“A significant negative relationship between board size and performance. Board independence and meetings moderate the relationship between ROE and ROA by enhancing these measures among CG mechanisms”.
73	Chahal and Kumari (2013)	Boardroom characteristics have an insignificant impact on business performance, while audit committee and ownership structure have a significant impact on business performance.
74	Buvanendra et al. (2017)	“Firms in both countries partly adjust to an optimum capital structure over time. Furthermore, there are international differences existing in the significant determinants of capital structure adjustments between Sri Lanka and India”.
75	Prasanna (2013)	“The corporate governance legislation through Clause 49 had a significant impact on the Indian stock market volatility. There has been substantial reduction in market volatility in the post-governance act period”.
76	Fruin and Dossani (2012)	Private-equity funded firms display higher standards of corporate governance than firms that do not receive such funding due to the application of developed country standards of CG arising from the investors that own the private equity funds.
77	Subramanian (2017)	There are significant differences in the proportion of “Vote Against” recommendations based on the type of “controlling ownership” of the firms.
78	Mishra and Kapil (2017)	“Market-based measure is more impacted by corporate governance than accounting-based measure. There is significant positive association between promoter ownership and firm performance. Board size is found to be positively related to ROA; however, board independence is not found to be related to any of the performance measures”.
79	Kang and Nanda (2017)	Managerial remuneration increases as the accounting performance of companies improves, foreign institutional shareholding is significantly and positively related with managerial remuneration.
80	Kamath (2019)	CG characteristics influence the IC performance of only large-cap firms in India.
81	Sarkar and Sarkar (2000)	Blockholdings by directors to increase company value after a certain level of holdings, no evidence that institutional investors, typically mutual funds, are active in\governance
82	Connor et al. (2013)	Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance.
83	Sarkar and Sarkar (2009)	Multiple directorships by independent directors has a significant positive association with firm value.
84	Braga-alves and Morey (2012)	Firm governance is better in countries with lower political risk but firms are more likely to improve their governance in countries with higher political risk.
85	Gill (2013)	Non-compliance with the corporate governance provisions with regards to the required number of independent directors on the board did not have any concomitant effect on their performance.
86	A. Das and Dey (2016)	Board involvement and board diversity positively influence firm performance, while CEO duality, board compensation, and promoters’ presence do not have an influence on firm performance.
87	Bell et al. (2012)	Board independence and country of origin effects are powerful signals.
88	Masud et al. (2018)	Environmental sustainability reporting performance has a positive association with foreign and institutional ownership, board independence, and board size
89	De Jonge (2014)	State-owned firms do comparatively better in India than in China, possibly reflecting the fact that women’s political empowerment in India is more advanced than in China, and much more advanced than women’s economic participation in India.
90	Adnan et al. (2018)	Corporate social responsibility reporting is enhanced by corporate governance in the form of social responsibility board committees, while government ownership influences the reporting quality of corporate social responsibility reporting.
91	Col and Sen (2017)	Emerging market firms’ bond to higher corporate governance standards of the developed markets through cross-border acquisitions.
92	Nagar and Raithatha (2016)	Cash flow manipulation is likely to increase with an increase in the controlling ownership. Further, board diligence and better audit fail to curb such manipulation.

Table 3. Conceptual and review corporate governance studies in India

No	Studies	Results
1	Srivastava et al. (2018)	There is a dearth of literature studying the relation between corporate governance and cost of capital in India.
2	Bhaumik et al. (2019)	Foreign investments by emerging economy firms led to upgrade of their governance capabilities. These firms also became advocates for home-country policy reforms that mandated the development of similar capabilities for local firms.
3	Oehmichen (2018)	The study developed a research agenda that AEM corporate governance research extend agency theory
4	Oliveira et al. (2016)	“China has 49 practices required by own national law in face of 52 recommended by UNCTAD/International Financial Reporting Standards (IFRS) followed by South Africa with 44, Russia with 33, Brazil with 28 and India with 24”.
5	Diallo (2017)	The study investigated corporate governance and economic growth
6	Balasubramanian and George (2012)	The study discussed the key internal mechanisms of corporate governance, their institutional context, board structure and their assigned role.
7	Shikha and Mishra (2019)	It suggested a fresh regulatory measure that could catalyze the process of effective governance.
8	Kavitha and Nandagopal (2013)	Convergence towards the Anglo-American model of CG may not suit the Indian circumstances. Corporate governance model followed in a country should be specific to its micro and macro environment.
9	Chakrabarti et al. (2008)	“Indian corporate governance has taken major steps toward becoming a system capable of inspiring confidence among institutional and, increasingly, foreign investors”.
10	Rajablu (2016)	“The Asian experience of imposing Western CG models is more of a simplification of tasks based on political, cultural and globalization needs rather than the regions’ economic, financial and social development reality”.
11	Claessens and Yurtoglu (2013)	Better corporate governance benefit firms through greater access to financing, lower cost of capital, better performance, and more favorable treatment of all stakeholders.
12	Shikha (2017)	There is a growing dialogue on how corporate governance should evolve to cope with the increasingly dynamic and global nature of capital market.
13	Machold and Vasudevan (2004)	The study discussed the governance reforms and developing countries
14	Uzma (2018)	A theoretical review of the various CG codes and regulations enacted in the Indian paradigm with special reference to the Indian Companies Act 2013 (cited as Act 2013).
15	Rajagopalan and Zhang (2008)	The study discussed theatrically corporate governance reforms in China and India: Challenges and opportunities
16	Reed (2002)	The study discussed theoretically corporate Governance Reforms in India
17	Lakhani (2012)	The study discussed theoretically the legal requirements for corporate governance in China and India
18	Koirala et al. (2018)	The study discussed theoretically corporate governance reforms
19	Bose (2009)	“Amendments to Clause 49 are introduced for greater transparency. They include more independent directors on boards, a code of conduct for board members; a larger role for AC; mandatory risk assessments”
20	Guha et al. (2019)	Change in shareholder primacy corporate governance has little effect on financial market growth in India.
21	Gupta and Singh (2018)	The major challenge to the corporate governance in India is the power of the dominant shareholders that are able to exercise influence over the political system of the country.
22	Khanna and Palepu (2004)	The globalization of product and talent markets has affected corporate governance of firms in the Indian software industry.
23	Gollakota and Gupta (2006)	Shifts in values resulted in shifts in institutional and legislative frameworks, which, in turn, gave rise to different forms of business ownership.
24	Sehgal and Mulraj (2008)	This paper has argued, both at the macro level of the regulatory framework and at the micro level of corporate compliance, India has to cross several milestones.
25	Muniapan and Shaikh (2007)	There are many concepts from Kautilya’s Arthashastra, which are still applicable in today’s corporate management.
26	Dash (2012)	There is no attempt to gauge the influence of media reports on corporate governance in India.
27	Patra (2013)	Infosys has set new and effective standards in communicating with shareholders, stock exchanges, and general public at large.
28	Ravi (2012)	Weaknesses of Indian corporate governance practices were identified and recommended strategic change measures necessary for harmonizing the Indian corporate governance practices with those of the USA.
29	Singh et al. (2011)	“Analyses the issues and challenges posed in the era after independence and post-liberalisation regime and examines the development of CG during these periods to address these issues with a focus on the Companies Act, 1956 and Clause 49 of the Listing Agreement”.
30	Estrin and Prevezer (2011)	“China and some states of India, “substitutive” informal institutions, whereby informal institutions substitute for and replace ineffective formal institutions, are critical in creating corporate governance leading to enhanced domestic and foreign investment”.
31	Gopinath (2008)	“It is noted that the Indian Banking Industry has a checkered but fairly stable history with no major financial crises that have threatened the foundations of the financial and real economy super structures”.
32	Kimber et al. (2005)	“There is a strong need for HRM practitioners to take the lead in shaping, communicating and representing the firm’s values and behaviours, internally and externally, to reinforce ethical behaviour and business integrity”.

Figure 1. Steps of Systematic Review [Source: Ahmad and Omar (2016), extracted from Tranfield et al. (2003), adopted from NHS Centre for Reviews and Dissemination (2001)].

Table 4. Boolean search

Concept	Keywords and strings	Boolean Operators
Corporate governance	Corporate AND governance (mechanisms OR attributes)	AND, OR, “ Exact Phrase,” “adj,” Snowballing and Limits (Publication date, publication types. Language, country).
Board of directors	Corporate AND governance AND board of directors (mechanisms OR attributes)	AND, OR, TRAUNCATION (director*), “ Exact Phrase,” “adj,” Snowballing, and Limits (Publication date, publication types. Language, country).
Audit committee	Corporate AND governance AND audit committee (mechanisms OR attributes)	AND, OR, TRAUNCATION (audit* and committee*), “ Exact Phrase,” “adj,” Snowballing, and Limits (Publication date, publication types. Language, country).
Ownership	Corporate AND governance (family ownership OR government ownership OR promoters ownership OR institutional ownership)	AND, OR, TRAUNCATION (owner*), WILDCARDS (organization), “ Exact Phrase,” “adj,” Snowballing and Limits (Publication date, publication types. Language, country).

Figure 2. The process of selecting the search studies.

Table 5. Publishers’ Outlets and Top 10 Journals by No. of published papers

Studies by Publishers
Emerald	Elsevier	Inderscience	Springer	SAGE	Wiley	Tylor and Francis	Routledge	Palgrave	Other Publishers
46	46	29	16	4	2	1	2	4	11
Total No. of Citations
658	4336	173	852	32	1051	8	19	306	1006
Top 10 Journals by No. of published papers
Journal name	No. of studies	Publisher
Int. J. Corporate Governance	9	Inderscience
Int. J. Indian Culture and Business Management	6
Int. J. Business Governance and Ethics	5
International Journal of Law and Management	6	Emerald
Emerging Markets Review	6	Elsevier
Research in International Business and Finance	5
Journal of Corporate Finance	5
International Journal of Disclosure and Governance	5	Springer

Table 6. Journals’ Outlets and Frequency of Studies by Years

		Journals Outlets			Number of published studies by Years
No.	Author	Publisher	Journal	Citations	Upto 2000	2000-2005	2006-2009	2010-2014	2015-2020
1	Chakrabarti et al. (2008)	A Morgan Stanley	Journal of Applied Corporate Finance	276					1
2	Al-mudhaki and Joshi (2004)		International Journal of Auditing	58		1
3	Sarkar and Sarkar (2000)	Blackwell	International Review of Finance	460	1
4	Kota and Tomar (2010)	Cambridge University Press	Journal of Management and Organization	75					1
5	Bansal and Sharma (2016)	Canadian Centre of Science and Education	International Journal of Economics and Finance	66					1
6	Yameen et al. (2019)	Centre of Sociological Research in co-operation with University of Szczecin Poland)	Journal of International Studies	5					1
7	Oehmichen (2018)	Elsevier	International Business Review	14					1
8	Heinberg et al. (2018)		Journal of Business Research	46					1
9	Aggarwal et al. (2019)		International Business Review	5					1
10	Sayari and Marcum (2018)		Cuadernos de Economía y Dirección de la Empresa	4					1
11	Al-ahdal et al. (2020)		Research in International Business and Finance	8					1
12	Balasubramanian et al. (2010)		Emerging Markets Review	243				1
13	Bell et al. (2012)		Journal of Business Venturing	88				1
14	Chauhan and Kumar (2017)		Journal of Multinational Financial Management	10					1
15	Switzer et al. (2017)		Journal of International Financial Markets, Institutions and Money	22					1
16	Mitton (2004)		Emerging Markets Review	413		1
17	Francis et al. (2013)		Emerging Markets Review	98				1
18	Patibandla (2006)		Journal of Economic Behavior and Organization	112			1
19	Jonge (2014)		Women’s Studies International Forum	37				1
20	Adnan et al. (2018)		Journal of Cleaner Production	31					1
21	Annamalai and Ranjan (2018)		Data in Brief	99					1
22	Buvanendra et al. (2017)		IIMB Management Review	23					1
23	Aparna and Mehta (2014)		Procedia Economics and Finance	4				1
24	Klapper and Love (2004)		Journal of Corporate Finance	715		1
25	Jaiswall & Bhattacharyya (2016)		Journal of Contemporary Accounting and Economics	25					1
26	Chauhan et al. (2016)		Journal of Contemporary Accounting and Economics	33					1
27	Claessens and Yurtoglu (2013)		Emerging Markets Review	784				1
28	Shahid (2019)		Journal of Economics and Business	4					1
29	Koirala et al. (2018)		Journal of Corporate Finance	17					1
30	Bhaumik et al. (2019)		Journal of World Business	12					1
31	Almaskati et al. (2020)		Research in International Business and Finance	1					1
32	Jacoby et al. (2019)		Journal of International Financial Markets, Institutions and Money	7					1
33	Braga-alves and Morey (2012)		Journal of International Money and Finance	25				1
34	Morey et al. (2009)		Journal of Banking and Finance	135			1
35	Connor et al. (2013)		International Review of Economics and Finance	15				1
36	Chen et al. (2009)		Journal of Corporate Finance	555			1
37	Helmers et al. (2017)		Journal of Banking and Finance	39					1
38	Gulati et al. (2019)		Socio-Economic Planning Sciences	1					1
39	Kutubi et al. (2017)		Pacific-Basin Finance Journal	9					1
40	Col and Sen (2017)		Journal of Corporate Finance	8					1
41	Marques et al. (2018)		Research in International Business and Finance	13					1
42	Sarkar and Sarkar (2009)		Pacific-Basin Finance Journal	242			1
43	Iqbal et al. (2019)		Journal of Asian Economics	15					1
44	Diallo (2017)		Emerging Markets Review	12					1
45	Esqueda and Connor (2020)		Research in International Business and Finance	5					1
46	Jameson et al. (2014)		Journal of Corporate Finance	73				1
47	Gupta and Sharma (2014)		Procedia - Social and Behavioral Sciences	95				1
48	Balasubramanian and George (2012)		IIMB Management Review	19				1
49	Rajagopalan and Zhang (2008)		Business Horizons	186			1
50	Kayalvizhi and Thenmozhi (2018)		Emerging Markets Review	17					1
51	Narwal and Pathneja (2016)	Emerald	International Journal of Productivity and Performance Management	17					1
52	Abraham et al. (2015)		Journal of Applied Accounting Research	26					1
53	Bose (2009)		Social Responsibility Journal	14			1
54	Dash (2012)		Corporate Governance: The international journal of business in society	10				1
55	Mishra and Kapil (2017)		South Asian Journal of Business Studies	9					1
56	Bhatt and Bhattacharya (2017)		International Journal of Law and Management	14					1
57	Saravanan et al. (2016a)		Social Responsibility Journal	10					1
58	Oliveira et al. (2016)		The International Journal of Business in Society	7					1
59	Gill (2013)		The international journal of business in society	13				1
60	Haldar et al. (2018)		International Journal of Organizational Analysis	9					1
61	Saggar and Singh (2017)		Managerial Auditing Journal	35					1
62	Kapoor and Goel (2019)		Asian Journal of Accounting Research	-					1
63	Palaniappan (2017)		European Journal of Management and Business Economics	30					1
64	Mishra and Kapil (2018)		Corporate Governance: The International Journal of Business in Society	32					1
65	Chahal and Kumari (2013)		Corporate Governance	11				1
66	Mishra and Kapil (2018)		Journal of Indian Business Research	11					1
67	Kumari and Pattanayak (2017)		Journal of Financial Crime	12					1
68	Guha et al. (2019)		Corporate Governance: The International Journal of Business in Society	Nil					1
69	Katarachia et al. (2018)		International Journal of Law and Management	5					1
70	Palaniappan (2017)		European Journal of Management and Business Economics	30					1
71	Arora and Sharma (2016)		Corporate Governance	170					1
72	Qurashi (2018)		International Journal of Law and Management	-					1
73	Gollakota and Gupta (2006)		Journal of Management History	50			1
74	Singla and Singh (2019)		International Journal of Organizational Analysis	5					1
75	Nagar and Raithatha (2016)		Managerial Finance	1					1
76	Subramanian (2017)		Journal of Indian Business Research	2					1
77	Kandukuri et al. (2015)		Overlaps of Private Sector with Public Sector around the Globe Research in Finance)	9					1
78	Fruin and Dossani (2012)		Journal of Asia Business Studies	10				1
79	Srivastava et al. (2019)		Managerial Auditing Journal	7					1
80	Kansil and Singh (2018)		World Journal of Science, Technology and Sustainable Development	1					1
81	Bepari (2015)		International Journal of Commerce and Management	8					1
82	Srivastava et al. (2018)		Management Decision	5					1
83	Muttakin and Subramaniam (2015)		Sustainability Accounting, Management and Policy Journal	3					1
84	Kaur (2017)		Journal of Financial Regulation and Compliance	6					1
85	Mayur and Saravanan (2017)		Corporate Governance : The International Journal of Business in Society	18					1
86	Khosa (2017)		International Journal of Accounting and Information Management	20					1
87	Haldar and Raithatha (2017)		International Journal of Organizational Analysis	8					1
88	Kagzi and Guha (2018)		Benchmarking: An International Journal	14					1
89	Prasad and Sankaran (2017)		European Journal of Management and Business Economics	Nil					1
90	Rajablu (2016)		International Journal of Law and Management	5					1
91	Kang and Nanda (2017)		Journal of Accounting in Emerging Economies	3					1
92	Kang and Nanda (2015)		Journal of Financial Reporting and Accounting	3					1
93	Srivastava et al. (2016)		International Journal of Law and Management	9					1
94	Ashfaq and Rui (2019)		Journal of Financial Reporting and Accounting	6					1
95	Uzma (2018)		Qualitative Research in Financial Markets	Nil					1
96	Kavitha et al. (2018)		International Journal of Law and Management	NIL					1
97	Patra (2013)	Indersceince	Int. J. Indian Culture and Business Management	3				1
98	Singh et al. (2011)		Int. J. Indian Culture and Business Management	6				1
99	Muniapan and Shaikh (2007)		World Review of Entrepreneurship, Management and Sust. Development	30			1
100	Kavitha and Nandagopal (2013)		Int. J. Indian Culture and Business Management	4				1
101	Vig and Datta (2018)		Int. J. Indian Culture and Business Management	5					1
102	Sayed and Chawla (2017)		Int. J. Indian Culture and Business Management	-					1
103	Puri and Kumar (2018)		Int. J. Corporate Governance	-					1
104	Jaiswall and Firth (2009)		Int. J. Corporate Governance	15			1
105	Prasanna and Menon (2012)		Int. J. Behavioural Accounting and Finance	18				1
106	Islam (2016)		Int. J. Corporate Governance	3					1
107	Hundal (2016)		Int. J. Business Governance and Ethics	3					1
108	Amaladoss et al. (2011)		Int. J. Business Governance and Ethics	10				1
109	Machold and Vasudevan (2004)		Int. J. Business Governance and Ethics	17		1
110	Zulkafli et al. (2010)		Int. J. Business Governance and Ethics	12				1
111	Road (2016)		Int. J. Management Practice	2					1
112	Prasanna (2014)		Int. J. Corporate Governance	8				1
113	Lakhani (2012)		Int. J. Private Law	1				1
114	Saravanan et al. (2016b)		Int. J. Corporate Governance	2					1
115	Mishra and Mohanty (2018)		Int. J. Corporate Governance	2					1
116	Das and Pattanayak (2016)		Int. J. Management in Education	2					1
117	Arora and Bhandari (2017)		Int. J. Corporate Governance	4					1
118	Prasad et al. (2019)		Int. J. Corporate Governance	2					1
119	Ravi (2012)		Int. J. Strategic Change Management	Nil				1
120	Singh and Kansil (2017)		Int. J. Business and Globalisation	3					1
121	Shikha (2017)		Int. J. Corporate Governance,	2					1
122	Mishra (2016)		International Journal of Accounting and Financial Reporting	10					1
123	Bachmann and Pereira (2014)		Int. J. Business Governance and Ethics	6				1
124	Shankar and Cordeiro (2016)	Macmillan Publishers	Asian Business and Management	11					1
125	Prasanna (2013)	Palgrave	International Journal of Disclosure and Governance	14				1
126	Gopinath (2008)		International Journal of Disclosure and Governance	15			1
127	Sehgal and Mulraj (2008)		International Journal of Disclosure and Governance	22			1
128	Khanna and Palepu (2004)		Journal of International Business Studies	255		1
129	Akbar and Khan (2008)	Routledge	Journal of Asia-Pacific Business	11			1
130	Lakshman and Akhter (2013)		Labour and Industry: a journal of the social and economic relations of work	8				1
131	Kiranmai and Mishra (2019)	Sage	Indian Journal of Corporate Governance	Nil					1
132	Narayanaswamy et al. (2015)		Journal of Accounting, Auditing and Finance	11					1
133	Kaur and Singh (2018)		Indian Journal of Corporate Governance	2					1
134	Kimber et al. (2005)		Asia Pacific Journal of Human Resources	19		1
135	Das and Dey (2016)	Springer	Asian J Bus Ethics	5					1
136	Masud et al. (2018)		Asian Journal of Sustainability and Social Responsibility	15					1
137	Chatterjee (2011)		Corporate Reputation Review	13				1
138	Dwivedi and Jain (2005)		Employee Responsibilities and Rights Journal	282		1
139	Goel (2018)		Goel Asian Journal of Sustainability and Social Responsibility	4					1
140	Sanan (2016)		Asian J Bus Ethics	16					1
141	Estrin and Prevezer (2011)		Asia Pac J Manag	332				1
142	Subramanian and Reddy (2012)		Asian Business and Management	38				1
143	Kohli and Saha (2008)		International Journal of Disclosure and Governance	20			1
144	Singla and Singh (2018)		Global Journal of Flexible Systems Management	8					1
145	Reed (2002)		Journal of Business Ethics	85		1
146	Kamath (2019)		International Journal of Disclosure and Governance	3					1
147	Rani et al. (2014)		Decision	14				1
148	Sidhu and Kaur (2019)		Decision	Nil					1
149	Haldar et al. (2016)		Global Journal of Flexible Systems Managemen	17					1
150	Roy (2018)		Advances in Finance and Applied Economics						1
151	Jackling and Johl (2009)	Wiley	Corporate Governance: An International Review	785			1
152	Black and Khanna (2007)		Journal of Emprical Legal Studies	266			1
153	Shikha and Mishra (2019)	Other Publishers	Int. J. Corporate Governance	2					1
154	Gupta and Shallu (2014)		Juridical Tribune/Tribuna Juridica	3			1
155	Sarkar et al. (2012)		Pace University Accounting Research Paper	45				1
156	Goel and Mciver (2015)		Delhi Business Review	5					1
Total					1	8	16	35	101

Figure 3. Corporate Governance Issues Investigated.

Table 7. Sampling data and statistical tools (Frequencies)

Panel A: Sampling Units by Industry-Wise Studies
Particulars	Quantitative	Qualitative Index and Score	Quantitative score	Qualitative Questionnaire	Conceptual and review	Total
Non-Financial	17	2	5			24
Review and Conceptual					27	27
Service Except Financial	6	3	1		3	13
Financial	8	2	1		2	13
Manufacturing	8	1	1			10
Different Industries	35	15	3	9	2	64
Unidentified	9	5	7			21
Panel B: Sampling Units by Sector-Wise Studies
Unidentified	13	7	14		16	50
Private	12	4			2	18
Public	6					6
Public and Private	54	16	3	9	5	87
Panel C: Studies by Data Type
Secondary data	84	22	15		30	151
Primary data				10		10
Panel D: Studies by Statistical Tools
Regression	45	14	12	2		73
Panel Analysis	19		2			21
Descriptive	7	5		1	1	14
Other	6	1	3	7	1	18
Nonparametric	3					3
GMM	2					2

Table 8. Description of sampling size and time frame of prior research of corporate governance in India

Panel A: Frequencies of Sample size by categories
Sample size	Below 10 firms	11 up to 30 firms	31 up to 70 firms	71 up to 100 firms	101 up to 200 firms	201 up to 400 firms	401 up to 1000 firms	1001 up to 2000 firms	More than 2000 firms
No. of studies that utilize this sample	8	8	14	17	33	31	11	7	3
Panel B: Frequencies of Sampled counties that India has been compared with
No. of Countries	2:10			11:20			More than20
No. of studies that made a comparison	20			7			8
Panel C: Sampling period (Time frame) of prior studies starts from
Sample starts before2000		2000–2005		2006–2010		2011–2015		2016 onwards
14		42		46		22		4
Panel D: Sampling period (Time frame) of prior studies ended in
Ending before 2000		2000–2005		2006–2010		2011–2015		2016 onwards
1		15		20		74		9

Note: Panel A shows the frequencies of sample size by categories that have been employed by prior studies. The sample size is categorized into different categories which starts with a sample size of less than 10 firms and ended by a sample size of more than 2000 firms. The frequency of studies that employed these samples are given accordingly.

Panel B illustrates that there are some studies that compared India with some other countries or investigated some Indian firms as a part of the sample from different countries. It shows the number of countries investigated and the frequency of studies that have compared these countries.

Panel C demonstrates the time frame of the samples i.e. it shows the starting years of the samples

Panel D shows the last and recent years of the samples

Table 9. Panel E: Studies by Areas Linked and Studied with Corporate Governance Attributes (Frequencies)

Particulars	Quantitative	Qualitative Index and Score	Quantitative score	Qualitative Questionnaire	Conceptual and review	Total
Firm Performance	39	5	5	2		51
CG Issues	6	3	3	3	30	45
Stock performance	4	2	2			8
Conceptual and Review						0
Earning Management	3					3
Remuneration	5	1				6
CSR	2		1			3
Cash flow	2					2
Dividend	1		1			2
Other	17	7	4	5		33
Disclosures	3	3	1			7

Bachmann, S., & Pereira, V. (2014). Corporate human rights responsibility and multinationality in emerging markets – A legal perspective for corporate governance and responsibility. International Journal of Business Governance and Ethics, 9(1), 52–67. https://doi.org/10.1504/IJBGE.2014.062770

 Google Scholar

Marques, T. A., De Sousa Ribeiro, K. C., & Barboza, F. (2018). Corporate governance and debt securities issued in Brazil and India: A multi-case study. Research in International Business and Finance, 45(October2018), 257–270. https://doi.org/10.1016/j.ribaf.2017.07.156

 Web of Science ®Google Scholar

Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703–728. https://doi.org/10.1016/S0929-1199(03)00046-4

 Web of Science ®Google Scholar

Haldar, A., & Raithatha, M. (2017). Do compositions of board and audit committee improve financial disclosures? International Journal of Organizational Analysis, 25(2), 1–31. https://doi.org/10.1108/IJOA-05-2016-1030

 Web of Science ®Google Scholar

Chauhan, Y., Lakshmi, K. R., & Dey, D. K. (2016). Journal of contemporary accounting & economics corporate governance practices, self-dealings, and firm performance : Evidence from India. Journal of Contemporary Accounting & Economics, 12(3), 274–289. https://doi.org/10.1016/j.jcae.2016.10.002

 Web of Science ®Google Scholar

Almaskati, N., Bird, R., & Lu, Y. (2020). Corporate governance, institutions, markets, and social factors. Research in International Business and Finance, 51(2020101089), 1–20. https://doi.org/org/10.1016/j.ribaf.2019.101089

 Google Scholar

Singareddy, R. R., Chandrasekaran, S., Annamalai, B., & Ranjan, P. (2018). Corporate governance data of 6 Asian economies (2010–2017). Data in Brief, 20(October 2018), 53–56. https://doi.org/10.1016/j.dib.2018.07.048

 PubMed Web of Science ®Google Scholar

Arora, A., & Bhandari, V. (2017). Do firm-level variables affect corporate governance quality and performance? Evidence from India. International Journal of Corporate Governance, 8(1), 1–24. https://doi.org/10.1504/IJCG.2017.085230

 Google Scholar

Mishra, S., & Mohanty, P. (2018). Does good governance lead to better financial performance? International Journal of Corporate Governance, 9(4), 462–480. https://doi.org/10.1504/IJCG.2018.096276

 Google Scholar

Bajpai, A., & Mehta, M. (2014). Empirical study of board and corporate governance practices in Indian corporate sector: Analysis of CG practices of ITC and ONGC. Procedia Economics and Finance, 11(2014), 42–48. https://doi.org/10.1016/S2212-5671(14)00174-9

 Google Scholar

Chatterjee, D. (2011). A content analysis study on corporate governance reporting by Indian Companies. Corporate Reputation Review, 14(3), 234–246. https://doi.org/org/10.1057/crr.2011.13

 Google Scholar

Abraham, S., Marston, C., & Jones, E. (2015). Disclosure by Indian companies following corporate governance reform. Journal of Applied Accounting Research, 16(1), 114–56. https://doi.org/10.1108/JAAR-05-2012-0042

 Web of Science ®Google Scholar

Kandukuri, R. L., Memdani, L., & Babu, P. R. (2015). Effect of corporate governance on firm performance? A study of selected Indian listed companies. In Kensinger, J. W. (Ed.), Overlaps of private sector with public sector around the globe (Research in Finance, Vol. 31) (pp. 47–64). Emerald Group Publishing Limited. https://doi.org/10.1108/S0196-382120150000031010

 Google Scholar

Srivastava, V., Das, N., & Pattanayak, J. K. (2019). Impact of corporate governance attributes on cost of equity Evidence from an emerging economy. Managerial Auditing Journal, 34(2), 142–161. https://doi.org/10.1108/MAJ-01-2018-1770

 Web of Science ®Google Scholar

Goel, P. (2018). Implications of corporate governance on financial performance : An analytical review of governance and social reporting reforms in India. Goel Asian Journal of Sustainability and Social Responsibility, 3(4), 1–21. https://doi.org/10.1186/s41180-018-0020-4

 Google Scholar

Goel, K., & Mciver, R. (2015). India’s corporate governance reforms and listed corporations’ capital structures. Delhi Business Review, 16(2), 7–19. https://www.indianjournals.com/ijor.aspx?target=ijor:dbr&volume=16&issue=2&article=002

 Google Scholar

Puri, V., & Kumar, M. (2018). Factors influencing adoption and disclosure of voluntary corporate governance practices by the Indian listed firms. International Journal of Corporate Governance, 9(1), 91–126. https://doi.org/10.1504/IJCG.2018.090621

 Google Scholar

Iqbal, S., Nawaz, A., & Ehsan, S. (2019). Financial performance and corporate governance in micro fi nance : Evidence from Asia $. Journal of Asian Economics, 60(February 2019), 1–13. https://doi.org/10.1016/j.asieco.2018.10.002

 Web of Science ®Google Scholar

Kang, L. S., & Nanda, P. (2017). Journal of accounting in emerging economies how is managerial remuneration determined in India? Journal of Accounting in Emerging Economies, 7(2), 154–172. https://doi.org/10.1108/JAEE-03-2015-0017

 Web of Science ®Google Scholar

Kohli, N., & Saha, G. C. (2008). Corporate governance and valuations : Evidence from selected Indian companies. International Journal of Disclosure and Governance, 5(3), 236–251. https://doi.org/10.1057/jdg.2008.10

 Google Scholar

Morey, M., Gottesman, A., Baker, E., & Godridge, B. (2009). Does better corporate governance result in higher valuations in emerging markets? Another examination using a new data set. Journal of Banking and Finance, 33(2), 254–262. https://doi.org/10.1016/j.jbankfin.2008.07.017

 Web of Science ®Google Scholar

Das, N., & Pattanayak, J. K. (2016). Corporate governance mechanism for academic institutions imparting higher education in India. International Journal of Management Education, 10(2), 204–217. https://doi.org/10.1504/IJMIE.2016.075561

 Google Scholar

Heinberg, M., Ozkaya, H. E., & Taube, M. (2018). Do corporate image and reputation drive brand equity in India and China? - Similarities and differences. Journal of Business Research, 86(September 2016), 259–268. https://doi.org/http://dx.doi.10.1016/j.jbusres.2017.09.018

 Web of Science ®Google Scholar

Shikha, N. (2017). Corporate governance in India - the paradigm shift. International Journal of Corporate Governance, 8(2), 81–105. https://doi.org/10.1504/IJCG.2017.087359

 Google Scholar

Rani, N., Yadav, S. S., & Jain, P. K. (2014). Impact of corporate governance score on abnormal returns and financial performance of mergers and acquisitions. Decision, 41(December), 371–398. https://doi.org/10.1007/s40622-014-0067-8

 Google Scholar

Kansil, R., & Singh, A. (2018). Sustainability enhancement of corporate governance regime in India. World Journal of Science, Technology and Sustainable Development, 15(2), 186–199. https://doi.org/10.1108/WJSTSD-08-2017-0026

 Web of Science ®Google Scholar

Subramanian, S., & Reddy, V. N. (2012). Corporate governance disclosures and international competitiveness: A study of Indian firms. Asian Business & Management, 11(2), 195–218. https://doi.org/10.1057/abm.2012.1

 Web of Science ®Google Scholar

Singla, M., & Singh, S. (2018). Impact of institutional set-up on the responsiveness to change in a firm’s governance structure: A comparative study of public and private sector enterprises in India. Global Journal of Flexible Systems Management, 19(2), 159–172. https://doi.org/10.1007/s40171-018-0185-9

 Google Scholar

Srivastava, V., Das, N., & Pattanayak, J. K. (2018). Women on boards in India : A need or tokenism? Management Decision, 56(8), 1769–1786. https://doi.org/10.1108/MD-07-2017-0690

 Web of Science ®Google Scholar

Jacoby, G., Liu, M., Wang, Y., Wu, Z., & Zhang, Y. (2019). Corporate governance, external control, and environmental information transparency: Evidence from emerging markets. Journal of International Financial Markets, Institutions & Money, 58(2019), 269–283. https://doi.org/10.1016/j.intfin.2018.11.015

 Web of Science ®Google Scholar

Shahid, M. (2019). Does corporate governance play any role in investor confidence, corporate investment decisions relationship? Evidence from Pakistan and India. Journal of Economics and Business, 105(September–October 2019), 1–11. https://doi.org/10.1016/j.jeconbus.2019.03.003

 Google Scholar

Al‐Mudhaki, J., & Joshi, P. L. (2004). The role and functions of audit committees in the Indian corporate governance: Empirical findings. International Journal of Auditing, 8(1), 33–47. https://doi.org/10.1111/j.1099-1123.2004.00215.x

 Google Scholar

Gulati, R., Kattumuri, R., & Kumar, S. (2019). A non-parametric index of corporate governance in the banking industry: An application to Indian data. Socio-economic Planning Sciences, 70(June 2020), 100702, 1–13. https://doi.org/10.1016/j.seps.2019.03.008

 Google Scholar

Qurashi, M. H. (2018). Corporate governance code comparison for South Asian emerging economies Mubashir. International Journal of Law and Management, 60(2), 250–266. https://doi.org/10.1108/IJLMA-05-2017-0115

 Web of Science ®Google Scholar

Amaladoss, M. X., Manohar, H. L., & Jacob, F. (2011). Communicating corporate governance through websites : A case study from India. International Journal of Business Governance and Ethics, 6(4), 311–339. https://doi.org/10.1504/IJBGE.2011.044734

 Google Scholar

Gupta, P., & Sharma, A. M. (2014). A study of the impact of corporate governance practices on firm performance in Indian and South Korean companies. Procedia - Social and Behavioral Sciences, 133(2014), 4–11. https://doi.org/10.1016/j.sbspro.2014.04.163

 Google Scholar

Chen, K. C. W., Chen, Z., & Wei, K. C. J. (2009). Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance, 15(3), 273–289. https://doi.org/10.1016/j.jcorpfin.2009.01.001

 Web of Science ®Google Scholar

Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(2004), 409–426. https://doi.org/10.1016/j.ememar.2004.05.003

 Google Scholar

Prasanna, P. K., & Menon, A. S. (2012). Corporate governance and stock market liquidity in India. International Journal of Behavioural Accounting and Finance, 3(1/2), 24–45. https://doi.org/10.1504/IJBAF.2012.047358

 Google Scholar

Esqueda, O. A., & Connor, T. O. (2020). Research in international business and finance corporate governance and life cycles in emerging markets. Research in International Business and Finance, 51(January–101077), 1–24. https://doi.org/10.1016/j.ribaf.2019.101077

 Google Scholar

Kayalvizhi, P. N., & Thenmozhi, M. (2018). Does quality of innovation, culture and governance drive FDI? : Evidence from emerging markets. Emerging Markets Review, 34(March2018), 175–191. https://doi.org/10.1016/j.ememar.2017.11.007

 Web of Science ®Google Scholar

Katarachia, A., Pitoska, E., Giannarakis, G., & Poutoglidou, E. (2018). The drivers of corporate governance disclosure: The case of Nifty 500 Index. International Journal of Law and Management, 60(2), 681–700. https://doi.org/10.1108/IJLMA-02-2017-0020

 Web of Science ®Google Scholar

Balasubramanian, N., Black, B. S., & Khanna, V. (2010). The relation between firm-level corporate governance and market value : A case study of India. Emerging Markets Review, 11(4), 319–340. https://doi.org/10.1016/j.ememar.2010.05.001

 Web of Science ®Google Scholar

Prasanna, P. K. (2014). Firm-level governance quality and dividend decisions: Evidence from India. International Journal of Corporate Governance, 5(3/4), 197–222. https://doi.org/10.1504/IJCG.2014.064726

 Google Scholar

Singh, A., & Kansil, R. (2017). Impact of foreign shareholdings on corporate governance score : Evidence from Bombay Stock Exchange, India. International Journal of Business and Globalisation, 19(1), 93–110. https://doi.org/10.1504/IJBG.2017.085116

 Google Scholar

Al-ahdal, W. M., Alsamhi, M. H., Tabash, M. I., & Farhan, N. H. S. (2020). Research in international business and finance the impact of corporate governance on fi nancial performance of Indian and GCC listed fi rms : An empirical investigation. Research in International Business and Finance, 51(August2019), 101083. https://doi.org/10.1016/j.ribaf.2019.101083

 Web of Science ®Google Scholar

Sayed, S. A., & Chawla, D. (2017). The impact of country-level corporate governance on analyst boldness and performance with target price forecasts. International Journal of Indian Culture and Business Management, 14(2), 237–255. https://doi.org/10.1504/IJICBM.2017.081976

 Web of Science ®Google Scholar

Sayari, N., & Marcum, B. (2018). Does enhancing corporate governance work? Cuadernos de Economía y Dirección de La Empresa, 21(2), 124–139. https://doi.org/10.1016/j.brq.2018.01.002

 Google Scholar

Koirala, S., Marshall, A., & Neupane, S. (2018). Corporate governance reform and risk-taking: Evidence from a quasi-natural experiment in an emerging market. Journal of Corporate Finance, 1–75. https://doi.org/10.1016/j.jcorpfin.2018.08.007

 Web of Science ®Google Scholar

Prasad, P., Sivasankaran, N., Saravanan, P., & Kannadhasan, M. (2019). Does corporate governance influence the working capital management of firms: Evidence from India. International Journal of Corporate Governance, 10(1), 42–80. https://doi.org/10.1504/IJCG.2019.098039

 Google Scholar

Ashfaq, K., & Rui, Z. (2019). The effect of board & audit committee effectiveness on internal control disclosure under different regulatory environments in South Asia. Journal of Financial Reporting and Accounting, 17(2), 170–200. https://doi.org/10.1108/JFRA-09-2017-0086

 Web of Science ®Google Scholar

Bansal, N., & Sharma, A. K. (2016). Audit committee, corporate governance and firm performance : Empirical evidence from India. International Journal of Economics and Finance, 8(3), 103–116. https://doi.org/org/10.5539/ijef.v8n3p103

 Google Scholar

Narayanaswamy, R., Raghunandan, K., & Rama, D. V. (2015). Satyam failure and changes in Indian audit committees. Journal of Accounting, Auditing & Finance, 30(4), 529–540. https://doi.org/10.1177/0148558X15584124

 Web of Science ®Google Scholar

Mishra, M. (2016). Audit committee characteristics and earnings management: Evidence from India. International Journal of Accounting and Financial Reporting, 6(2), 247–273. https://doi.org/10.5296/ijafr.v6i2.10008

 Google Scholar

Sarkar, J., Sarkar, S., & Marg, A. K. V. (2012). A corporate governance index for large listed companies in India. Pace University Accounting Research Paper No. 2012/08. https://ssrn.com/abstract=2055091

 Google Scholar

Yameen, M., Farhan, N. H., & Tabash, M. I. (2019). The impact of corporate governance practices on firm ’ s performance: An empirical evidence from Indian tourism sector. Journal of International Studies, 12(1), 208–228. https://doi.org/10.14254/2071-8330.2019/12-1/14

 Google Scholar

Hundal, S. (2016). Busyness of audit committee directors and quality of financial information in India. International Journal of Business Governance and Ethics, 11(4), 335–363. https://doi.org/10.1504/IJBGE.2016.082606

 Google Scholar

Kota, H. B., & Tomar, S. (2010). Corporate governance practices in Indian firms. Journal of Management & Organization, 16(2), 266–279. https://doi.org/10.1017/S1833367200002170

 Web of Science ®Google Scholar

Bhatt, R. R., & Bhattacharya, S. (2015). Board structure and firm performance in Indian IT firms. Journal of Advances in Management Research, 12(3), 232–248. https://doi.org/10.1108/JAMR-07-2014-0042

 Web of Science ®Google Scholar

Kumari, P., & Pattanayak, J. K. (2017). Linking earnings management practices and corporate governance systems with a firms ’ financial performance : A study of Indian Commercial Banks. Journal of Financial Crime, 4(2), 223–241. https://doi.org/10.1108/JFC-03-2016-0020

 Google Scholar

Islam, A. U. (2016). Corporate governance performance of publicly listed companies in India : A cross-sectional industry analysis of BSE 200. International Journal of Corporate Governance, 7(4), 306–324. https://doi.org/10.1504/IJCG.2016.082348

 Google Scholar

Kiranmai, J., & Mishra, R. K. (2019). Corporate governance practices in listed enterprises in India : An empirical research. Indian Journal of Corporate Governance, 12(1), 91–121. https://doi.org/10.1177/0974686219849760

 Google Scholar

Kaur, A., & Singh, B. (2018). Corporate reputation: Do board characteristics matter? Indian evidence. Indian Journal of Corporate Governance, 11(2), 122–134. https://doi.org/10.1177/0974686218797758

 Google Scholar

Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India ’ s Top companies. Corporate Governance: An International Review, 17(4), 492–509. https://doi.org/10.1111/j.1467-8683.2009.00760.x

 Web of Science ®Google Scholar

Mohapatra, P. (2016). Board independence and firm performance in India. International Journal of Management Practice, 9(3), 317–332.

 Google Scholar

Zulkafli, A. H., Amran, A., & Samad, M. F. A. (2010). Board structure and firm value: A study on listed banking firms in the Asian emerging markets. International Journal of Business Governance and Ethics, 5(3), 157–177. https://doi.org/10.1504/IJBGE.2010.033344

 Google Scholar

Jaiswall, S. S. K., & Bhattacharyya, A. K. (2016). Corporate governance and CEO compensation in Indian firms. Journal of Contemporary Accounting & Economics, 12(2), 159–175. https://doi.org/10.1016/j.jcae.2016.06.001

 Web of Science ®Google Scholar

Dwivedi, N., & Jain, A. K. (2005). Corporate governance and performance of Indian firms : The effect of board size and ownership. Employee Responsibilities and Rights Journal, 17(3), 161–172. https://doi.org/10.1007/s10672-005-6939-5

 Google Scholar

Francis, B., Hasan, I., Song, L., & Waisman, M. (2013). Corporate governance and investment-cash fl ow sensitivity : Evidence from emerging markets. Emerging Markets Review, 15(June 2013), 57–71. https://doi.org/10.1016/j.ememar.2012.08.002

 Web of Science ®Google Scholar

Jameson, M., Prevost, A., & Puthenpurackal, J. (2014). Controlling shareholders, board structure, and fi rm performance : Evidence from India ☆. Journal of Corporate Finance, 27(2014), 1–20. https://doi.org/10.1016/j.jcorpfin.2014.04.003

 Web of Science ®Google Scholar

Vig, S., & Datta, M. (2018). Corporate governance and value creation: A study of selected Indian companies. International Journal of Indian Culture and Business Management, 17(3), 259–282. https://doi.org/10.1504/IJICBM.2018.094582

 Web of Science ®Google Scholar

Switzer, L. N., Tu, Q., & Wang, J. (2017). Corporate governance and default risk in financial firms over the post-financial crisis period: International evidence q. Journal of International Financial Markets, Institutions & Money, 1–15. https://doi.org/10.1016/j.intfin.2017.09.023

 Web of Science ®Google Scholar

Roy, A. (2018). Corporate Governance and Cash Holdings: An Empirical Investigation. Advances in Finance & Applied Economics, 255–280. https://doi.org/10.1007/978-981-13-1696-8

 Google Scholar

Saravanan, P., Sivasankaran, N., Srikanth, M., & Shaw, T. (2017). Enhancing shareholder value through efficient working capital management: An empirical evidence from India. Finance India, 31(3), 851–871. https://www.financeindia.org/data/2017/FI313/FI-313-Art05.pdf

 Google Scholar

Kutubi, S. S., Ahmed, K., & Khan, H. (2018). Bank performance and risk-taking—Does directors’ busyness matter? Pacific-Basin Finance Journal, 50(September2018), 184–199. https://doi.org/10.1016/j.pacfin.2017.02.002

 Web of Science ®Google Scholar

Aggarwal, R., Jindal, V., & Seth, R. (2019). Board diversity and fi rm performance: The role of business group a ffi liation. International Business Review, 28(6), 1–17. https://doi.org/org/10.1016/j.ibusrev.2019.101600

 Web of Science ®Google Scholar

Jaiswall, M., & Firth, M. (2009). CEO pay, firm performance, and corporate governance in India’s listed firms. International Journal of Corporate Governance, 1(3), 227–240. https://doi.org/10.1504/IJCG.2009.029367

 Google Scholar

Black, B. S., & Khanna, V. S. (2007). Can corporate governance reforms increase firm market values? Event study evidence from India. Journal of Empirical Legal Studies, 4(4), 749–796. https://doi.org/10.1111/j.1740-1461.2007.00106.x

 Google Scholar

Mishra, R. K., & Kapil, S. (2018). Board characteristics and fi rm value for Indian companies. Journal of Indian Business Research, 10(1), 2–32. https://doi.org/10.1108/JIBR-07-2016-0074

 Web of Science ®Google Scholar

Singla, M., & Singh, S. (2019). Board monitoring, product market competition and firm performance. International Journal of Organizational Analysis, 27(4), 1036–1052. https://doi.org/10.1108/IJOA-07-2018-1482

 Web of Science ®Google Scholar

Haldar, A., Shah, R., Rao, N., Stokes, P., Demirbas, D., & Dardour, A. (2018). Corporate performance: Does board independence matter? - Indian evidence. International Journal of Organizational Analysis, 26(1), 185–200. https://doi.org/10.1108/IJOA-12-2017-1296

 Web of Science ®Google Scholar

Palaniappan, G. (2017). Determinants of corporate financial performance relating to board characteristics of corporate governance in Indian manufacturing industry: An empirical study. European Journal of Management and Business Economics, 26(1), 67–85. https://doi.org/10.1108/EJMBE-07-2017-005

 Web of Science ®Google Scholar

Kapoor, N., & Goel, S. (2019). Do diligent independent directors restrain earnings management practices? Indian lessons for the global world. Asian Journal of Accounting Research, 4(1), 52–69. https://doi.org/10.1108/AJAR-10-2018-0039

 Google Scholar

Sanan, N. K. (2016). Board gender diversity and firm performance: Evidence from India. Asian Journal of Business Ethics, 5(1–2), 1–18. https://doi.org/10.1007/s13520-016-0050-x

 Web of Science ®Google Scholar

Bhatt, R. R., & Bhattacharya, S. (2017). Family fi rms, board structure and fi rm performance : Evidence from top Indian fi rms. International Journal of Law and Management, 59(5), 699–717. https://doi.org/http://dx.doi.10.1108/IJLMA-02-2016-0013

 Web of Science ®Google Scholar

Kagzi, M., & Guha, M. (2018). Does board demographic diversity influence firm performance? Evidence from Indian Knowledge-Intensive Firms. Benchmarking: An International Journal, 25(3), 1028–1058. https://doi.org/10.1108/BIJ-07-2017-0203

 Web of Science ®Google Scholar

Kumar, N., & Singh, J. P. (2013). Effect of board size and promoter ownership on firm value: Some empirical findings from India. Corporate Governance: The International Journal of Business in Society, 13(1), 88–98. https://doi.org/10.1108/14720701311302431

 Google Scholar

Muttakin, M. B., & Subramaniam, N. (2015). Firm ownership and board characteristics : Do they matter for corporate social responsibility disclosure of Indian companies? Sustainability Accounting, Management and Policy Journal, 6(2), 138–165. https://doi.org/10.1108/SAMPJ-10-2013-0042

 Web of Science ®Google Scholar

Khosa, A. (2017). Independent directors and firm value of group-affiliated firms. International Journal of Accounting & Information Management, 25(2), 217–236. https://doi.org/10.1108/IJAIM-08-2016-0076

 Web of Science ®Google Scholar

Mayur, M., & Saravanan, P. (2017). Performance implications of board size, composition and activity: Empirical evidence from the Indian Banking Sector. Corporate Governance: The International Journal of Business in Society, 17(3), 466–489. https://doi.org/http://dx.doi.10.1108/CG-03-2016-0058

 Web of Science ®Google Scholar

Kaur, G. (2017). The influence of board characteristics on corporate illegality. Journal of Financial Regulation and Compliance, 25(2), 133–148. https://doi.org/10.1108/JFRC-05-2016-0045

 Web of Science ®Google Scholar

Kavitha, D., Nandagopal, R., & Maheswari, B. U. (2018). Impact of the busyness and board independence on the discretionary disclosures of Indian firms. International Journal of Law and Management, 61(1), 250–265. https://doi.org/10.1108/IJLMA-04-2018-0062

 Web of Science ®Google Scholar

Chauhan, Y., & Kumar, D. (2017). Do female directors really add value in Indian firms? Journal of Multinational Financial Management, 42–43(2017), 24–36. https://doi.org/10.1016/j.mulfin.2017.10.005

 Web of Science ®Google Scholar

Shaw, T. S., Cordeiro, J. J., & Saravanan, P. (2016). Director network resources and firm performance: Evidence from Indian corporate governance reforms. Asian Business & Management, 15(3), 165–200. https://doi.org/10.1057/s41291-016-0003-1

 Web of Science ®Google Scholar

Aggarwal, R., & Ghosh, A. (2015). Director’s remuneration and correlation on firm’s performance. International Journal of Law and Management, 57(5), 373–399. https://doi.org/10.1108/IJLMA-08-2011-0006

 Web of Science ®Google Scholar

Helmers, C., Patnam, M., & Rau, P. R. (2017). Do board interlocks increase innovation? Evidence from a corporate governance reform in India. Journal of Banking and Finance, 80(July2017), 51–70. https://doi.org/10.1016/j.jbankfin.2017.04.001

 Web of Science ®Google Scholar

Narwal, K. P., & Pathneja, S. (2016). Effect of Bank-specific and Governance- specific variables on the productivity and profitability of banks. International Journal of Productivity and Performance Management, 65(8), 1057–1074. https://doi.org/http://dx.doi.10.1108/IJPPM-09-2015-0130

 Web of Science ®Google Scholar

Sidhu, M. K., & Kaur, P. (2019). Effect of corporate governance on stock market liquidity: Empirical evidence from Indian companies. DECISION, 46(3), 197–218. https://doi.org/10.1007/s40622-019-00221-w

 Web of Science ®Google Scholar

Patibandla, M. (2006). Equity pattern, corporate governance and performance: A study of India’s corporate sector. Journal of Economic Behavior & Organization, 59(1), 29–44. https://doi.org/10.1016/j.jebo.2004.04.004

 Web of Science ®Google Scholar

Saravanan, P., Srikanth, M., & Avabruth, S. M. (2016a). Compensation of top brass, corporate governance and performance of the Indian family firms – An empirical study. Social Responsibility Journal, 13(3), 529–551. https://doi.org/10.1108/SRJ-03-2016-0048

 Web of Science ®Google Scholar

Haldar, A., Rao, S. N., & Momaya, K. S. (2016). Can flexibility in corporate governance enhance international competitiveness? Evidence from knowledge-based industries in India. Global Journal of Flexible Systems Management, 17(4), 389–402. https://doi.org/10.1007/s40171-016-0135-3

 Google Scholar

Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries : Evidence from India. Corporate Governance, 16(2), 420–436. https://doi.org/10.1108/CG-01-2016-0018

 Web of Science ®Google Scholar

Saggar, R., & Singh, B. (2017). Corporate governance and risk reporting : Indian evidence. Managerial Auditing Journal, 32(4/5), 378–405. https://doi.org/http://dx.doi.10.1108/MAJ-03-2016-1341

 Web of Science ®Google Scholar

Mishra, S., & Mohanty, P. (2014). Corporate governance as a value driver for firm performance : Evidence from India. Corporate Governance, 14(2), 256–280. https://doi.org/10.1108/CG-12-2012-0089

 Google Scholar

Chahal, H., & Kumari, A. (2013). Examining talent management using CG as proxy measure : A case study of State Bank of India. Corporate Governance: The International Journal of Business in Society, 13(2), 198–207. https://doi.org/10.1108/14720701311316670

 Google Scholar

Buvanendra, S., Sridharan, P., & Thiyagarajan, S. (2017). Firm characteristics, corporate governance and capital structure adjustments : A comparative study of listed firms in Sri Lanka and India. IIMB Management Review, 29(4), 245–258. https://doi.org/10.1016/j.iimb.2017.10.002

 Web of Science ®Google Scholar

Prasanna, P. K. (2013). Impact of corporate governance regulations on Indian stock market volatility and efficiency. International Journal of Disclosure and Governance, 10(1), 1–12. https://doi.org/10.1057/jdg.2011.28

 Google Scholar

Fruin, M., & Dossani, R. (2012). Private equity and corporate governance in India. Journal of Asia Business Studies, 6(2), 223–238. https://doi.org/10.1108/15587891211254416

 Google Scholar

Subramanian, S. (2017). Proxy advisory voting recommendations in India – An exploratory study. Journal of Indian Business Research, 9(4), 283–303. https://doi.org/10.1108/JIBR-10-2016-0111

 Web of Science ®Google Scholar

Mishra, R. K., & Kapil, S. (2017). Effect of board characteristics on firm value: Evidence from India. South Asian Journal of Business Studies, 7(1), 41–72. https://doi.org/10.1108/SAJBS-08-2016-0073

 Web of Science ®Google Scholar

Kamath, B. (2019). Impact of corporate governance characteristics on intellectual capital performance of firms in India. International Journal of Disclosure and Governance, 16(1), 20–36. https://doi.org/10.1057/s41310-019-00054-0

 Web of Science ®Google Scholar

Sarkar, J., & Sarkar, S. (2000). Large shareholder activism in corporate governance in developing countries: Evidence from India. International Review of Finance, 1(3), 161–194. https://doi.org/10.1111/1468-2443.00010

 Google Scholar

Connor, T. O., Kinsella, S., & Sullivan, V. O. (2013). Legal protection of investors, corporate governance, and investable premia in emerging markets. International Review of Economics and Finance, 29, 426–439. https://doi.org/10.1016/j.iref.2013.07.003

 Web of Science ®Google Scholar

Sarkar, J., & Sarkar, S. (2009). Multiple board appointments and firm performance in emerging economies : Evidence from India. Pacific-Basin Finance Journal, 17(2), 271–293. https://doi.org/10.1016/j.pacfin.2008.02.002

 Web of Science ®Google Scholar

Braga-alves, M. V., & Morey, M. (2012). Predicting corporate governance in emerging markets. Journal of International Money and Finance, 31(6), 1414–1439. https://doi.org/10.1016/j.jimonfin.2012.02.009

 Web of Science ®Google Scholar

Gill, S. (2013). Rethinking the primacy of board efficacy for governance : Evidence from India. The International Journal of Business in Society, 13(1), 99–129. https://doi.org/10.1108/14720701311302440

 Google Scholar

Das, A., & Dey, S. (2016). Role of corporate governance on firm performance : A study on large Indian corporations after implementation of Companies ’ Act 2013. Asian Journal of Business Ethics, 5(1–2), 149–164. https://doi.org/10.1007/s13520-016-0061-7

 Web of Science ®Google Scholar

Bell, R. G., Moore, C. B., & Filatotchev, I. (2012). Strategic and institutional effects on foreign IPO performance : Examining the impact of country of origin, corporate governance, and host country effects. Journal of Business Venturing, 27(2), 197–216. https://doi.org/10.1016/j.jbusvent.2010.11.001

 Web of Science ®Google Scholar

Masud, A. K., Nurunnabi, M., & Bae, S. M. (2018). The effects of corporate governance on environmental sustainability reporting : Empirical evidence from South Asian countries. Asian Journal of Sustainability and Social Responsibility, 3(3), 1–26. https://doi.org/10.1186/s41180-018-0019-x

 Google Scholar

De Jonge, A. (2014). The glass ceiling that refuses to break : Women directors on the boards of listed firms in China and India. Women’s Studies International Forum, 47(Part B), 326–338. https://doi.org/10.1016/j.wsif.2014.01.008

 Web of Science ®Google Scholar

Adnan, S. M., Hay, D., & Van Staden, C. J. (2018). The influence of culture and corporate governance on corporate social responsibility disclosure: A cross country analysis. Journal of Cleaner Production, 198, 820–832. https://doi.org/10.1016/j.jclepro.2018.07.057

 Web of Science ®Google Scholar

Col, B., & Sen, K. (2017). The role ofcorporate governance for acquisitions by the emerging market multinationals: Evidence from India. Journal of Corporate Finance, 59, 239–254. https://doi.org/10.1016/j.jcorpfin.2017.09.014

 Web of Science ®Google Scholar

Nagar, N., & Raithatha, M. (2016). Does good corporate governance constrain cash flow manipulation? Evidence from India Evidence from India. Managerial Finance, 42(11), 1034–1053. https://doi.org/10.1108/MF-01–2016-0028

 Web of Science ®Google Scholar

Bhaumik, S., Dri, N., Gaur, A., Mickiewicz, T., & Vaaler, P. (2019). Corporate governance and MNE strategies in emerging economies. Journal of World Business, 54(4), 234–243. https://doi.org/10.1016/j.jwb.2019.03.004

 Web of Science ®Google Scholar

Oehmichen, J. (2018). East meets west — Corporate governance in Asian emerging markets: A literature review and research agenda. International Business Review, 27(2), 465–480. https://doi.org/10.1016/j.ibusrev.2017.09.013

 Web of Science ®Google Scholar

Oliveira, M. C., Ceglia, D., & Filho, F. A. (2016). Analysis of corporate governance disclosure: A study through BRICS countries. The International Journal of Business in Society, 16(5), 923–940. https://doi.org/10.1108/CG-12-2015-0159

 Web of Science ®Google Scholar

Diallo, B. (2017). Corporate governance, bank concentration and economic growth. Emerging Markets Review, 32, 28–37. https://doi.org/10.1016/j.ememar.2017.05.003

 Web of Science ®Google Scholar

Balasubramanian, N., & George, R. (2012). Corporate governance and the Indian institutional context : Emerging mechanisms and challenges In conversation with K. V. Kamath, Chairman, Infosys and ICICI Bank. IIMB Management Review, 24(4), 215–233. https://doi.org/10.1016/j.iimb.2012.10.001

 Google Scholar

Shikha, N., & Mishra, R. (2019). Corporate governance in India – Battle of stakes. International Journal of Corporate Governance, 10(1), 20–41. https://doi.org/10.1504/IJCG.2019.098041

 Google Scholar

Kavitha, D., & Nandagopal, R. (2013). Changing perspectives of corporate governance in India. International Journal of Indian Culture and Business Management, 7(1), 72–89. https://doi.org/10.1504/IJICBM.2013.054818

 Google Scholar

Chakrabarti, R., Megginson, W., & Yadav, P. K. (2008). Corporate governance in India. Journal of Applied Corporate Finance, 20(1), 59–72. https://doi.org/10.1111/j.1745-6622.2008.00169.x

 Google Scholar

Rajablu, M. (2016). Corporate governance: A conscious approach for Asia and emerging economies. International Journal of Law and Management, 58(3), 317–336. https://doi.org/10.1108/IJLMA-04-2015-0017

 Web of Science ®Google Scholar

Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets : A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002

 Web of Science ®Google Scholar

Machold, S., & Vasudevan, A. K. (2004). Corporate governance models in emerging markets : The case of India. International Journal of Business Governance and Ethics, 1(1), 56–77. https://doi.org/10.1504/IJBGE.2004.004897

 Google Scholar

Uzma, S. H. (2018). Corporate governance practices: Global convergence and Indian perspective. Qualitative Research in Financial Markets, 10(3), 285–308. https://doi.org/10.1108/QRFM-12-2016-0049

 Web of Science ®Google Scholar

Rajagopalan, N., & Zhang, Y. (2008). Corporate governance reforms in China and India: Challenges and opportunities. Business Horizons, 51(1), 55–64. https://doi.org/10.1016/j.bushor.2007.09.005

 Web of Science ®Google Scholar

Reed, A. M. (2002). Corporate governance reforms in India. Journal of Business Ethics, 37(3), 249–268. https://doi.org/10.1023/A:1015260208546

 Web of Science ®Google Scholar

Lakhani, A. (2012). Cross-cultural implications on the legal requirements for corporate governance in China and India. International Journal of Private Law, 5(2), 136–156. https://doi.org/10.1504/IJPL.2012.046058

 Google Scholar

Bose, I. (2009). Corporate governance and law-role of independent directors : Theory and practice in India. Social Responsibility Journal, 5(1), 94–111. https://doi.org/10.1108/17471110910940032

 Google Scholar

Guha, S. K., Samanta, N., Majumdar, A., Singh, M., & Bharadwaj, A. (2019). Evolution of corporate governance in India and its impact on the growth of the financial market : An empirical analysis. Corporate Governance: The International Journal of Business in Society, 19(5), 945–984. https://doi.org/10.1108/CG-07-2018-0255

 Web of Science ®Google Scholar

Gupta, P. K., & Singh, S. (2018). Corporate governance structures in transition economies–issues and concerns for India. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 66(6), 1459–1467. https://doi.org/10.11118/actaun201866061459

 Google Scholar

Khanna, T., & Palepu, K. G. (2004). Globalization and convergence in corporate governance: Evidence from Infosys and the Indian software industry. Journal of International Business Studies, 35(6), 484–507. https://doi.org/10.1057/palgrave.jibs.8400103

 Web of Science ®Google Scholar

Gollakota, K., & Gupta, V. (2006). History, ownership forms and corporate governance in India. Journal of Management History, 12(2), 185–198. https://doi.org/10.1108/13552520610654078

 Google Scholar

Sehgal, A., & Mulraj, J. (2008). Corporate governance in India: Moving gradually from a regulatory model to a market-driven model — A survey. International Journal of Disclosure and Governance, 5(3), 205–235. https://doi.org/10.1057/jdg.2008.9

 Google Scholar

Muniapan, B., & Shaikh, J. M. (2007). Lessons in corporate governance from Kautilya’s Arthashastra in ancient India. World Review of Entrepreneurship, Management and Sust. Development, 3(1), 50–61. https://doi.org/10.1504/WREMSD.2007.012130

 Google Scholar

Dash, A. K. (2012). Media impact on corporate governance in India : A research agenda. Corporate Governance: The International Journal of Business in Society, 12(1), 89–100. https://doi.org/10.1108/14720701211191355

 Google Scholar

Patra, K. K. (2013). Opportunities and challenges of corporate governance reforms in India: A study on Infosys Technologies. International Journal of Indian Culture and Business Management, 7(3), 430–440. https://doi.org/10.1504/IJICBM.2013.056218

 Google Scholar

Ravi, S. P. (2012). Strategic change management: Corporate governance failures in India and USA – A tale of two countries. International Journal of Strategic Change Management, 4(3/4), 281–304. https://doi.org/10.1504/IJSCM.2012.051850

 Google Scholar

Singh, J. P., Kumar, N., & Uzma, S. H. (2011). The changing landscape of corporate governance framework in India. International Journal of Indian Culture and Business Management, 4(5), 506–522. https://doi.org/10.1504/IJICBM.2011.042322

 Google Scholar

Estrin, S., & Prevezer, M. (2011). The role of informal institutions in corporate governance: Brazil, Russia, India, and China compared. Asia Pacific Journal of Management, 28(1), 41–67. https://doi.org/10.1007/s10490-010-9229-1

 Web of Science ®Google Scholar

Gopinath, S. (2008). Corporate governance in the Indian banking industry. International Journal of Disclosure and Governance, 5(3), 186–204. https://doi.org/10.1057/jdg.2008.8

 Google Scholar

Kimber, D., Lipton, P., & O’Neill, G. (2005). Corporate governance in the Asia Pacific region: A selective review of developments in Australia, China, India and Singapore. Asia Pacific Journal of Human Resources, 43(2), 180–197. https://doi.org/10.1177/1038411105055057

 Google Scholar

Ahmad, S., & Omar, R. (2016). Basic corporate governance models: A systematic review. International Journal of Law and Management, 58(1), 73–107. https://doi.org/10.1108/IJLMA-10-2014-0057

 Web of Science ®Google Scholar

Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222. https://doi.org/10.1111/1467-8551.00375

 Web of Science ®Google Scholar