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Challenges Of Corporate Governance: A Stakeholder Perspective In The Emerging Economy

Author

Listed:
  • DISSANAYAKE, Hiranya

    (Wayamba University of Sri Lanka)

  • IDDAGODA, Anuradha

    (University of Sri Jayewardenepura, Sri Lanka)

  • ABESIRIWARDHANA, Hmum

    (Wayamba University of Sri Lanka)

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.

Suggested Citation

  • DISSANAYAKE, Hiranya & IDDAGODA, Anuradha & ABESIRIWARDHANA, Hmum, 2022. "Challenges Of Corporate Governance: A Stakeholder Perspective In The Emerging Economy," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 10(1), pages 131-138, October.
    • Handle: RePEc:vls:rojfme:v:10:y:2022:i:1:p:131-138
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    More about this item

    Keywords

    Corporate Governance; Sustainable Development; Emerging Economy; Stakeholder Theory;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • G19 - Financial Economics - - General Financial Markets - - - Other

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