Impact of Corruption on Corporate Governance - An Overview Under the Context of Policy Framework Against Corporate Corruption

Corporate governance is the set of arrangements through which organizations account to their stakeholders. Corporate governance and development are strongly related. Research has consistently shown that sound corporate governance supports economic development by promoting the efficient use of resources and by creating conditions that attract both domestic and foreign investment. Just as good corporate governance contributes to the sustainable development prospects of countries, increased economic sustainability of nations and institutional reforms that come with it provide the necessary basis for improved governance in the public and private sector. Alternatively, corporate governance failures can undermine development efforts by misallocating much needed capital and resources and developmental fallbacks can reinforce weak governance in the private sector and undermine job and wealth creation