CHALLENGES OF CORPORATE GOVERNANCE: A STAKEHOLDER PERSPECTIVE IN THE EMERGING ECONOMY

Hiranya Dissanayake, Anuradha Iddagoda and Hmum Abesiriwardhana
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Hiranya Dissanayake: Wayamba University of Sri Lanka
Anuradha Iddagoda: University of Sri Jayewardenepura, Sri Lanka
Hmum Abesiriwardhana: Wayamba University of Sri Lanka

Journal of Financial and Monetary Economics, 2022, vol. 10, issue 1, 131-138

Abstract: Compliance with Corporate Governance is imperative to achieve a higher level of sustainability in an economy. A dearth of studies has examined the challenges of achieving corporate governance from a stakeholder perspective in emerging economies. Accordingly, this study examines the challenges of corporate governance in Sri Lanka, an emerging economy currently facing an unembellished bankruptcy situation. Adopting a quantitative approach, using a questionnaire survey, this study found the significant challenges highlighted by stakeholders as insider trading, conflicts of interest of directors, political influences on regulatory authorities and lack of investor protection and confidence. This study is essential to the stakeholder theory and has implications for the policymakers in emerging economies by identifying challenges and overcoming them to achieve higher sustainable development.

Keywords: Corporate Governance; Sustainable Development; Emerging Economy; Stakeholder Theory (search for similar items in EconPapers)
JEL-codes: G19 G30 G39 (search for similar items in EconPapers)
Date: 2022
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