Published Online:April 2026
Product Name:The IUP Journal of Accounting Research & Audit Practices
Product Type:Article
Product Code:IJARAP100226
DOI:10.71329/IUPJARAP/2026.25.2.220-243
Author Name:Priyanka Chugh
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:220-243
The paper seeks to synthesize prior studies to provide a state-of-the-art summary of corporate governance and its impact on the performance of financial institutions. Using the PRISMA framework, the study identifies 116 peer-reviewed articles published in 70 journals between 2009 and 2021. To provide a cohesive review, performance and operational analyses were conducted. The performance analysis examines the top journals, leading countries, and prominent publications within the field of corporate governance. In contrast, the operational analysis identifies the most and least often used indicators of corporate governance and financial performance. The result shows that board structure, CEO qualities, ownership structure, board diversity, and board committees are the major themes of research in this discipline. Furthermore, the statistical methods and samples employed in the previous studies are examined. The study also recognizes the application of agency theory and resource dependency theory in the context of corporate governance and performance relationships. The findings of the study may be beneficial to the government, policymakers, researchers, academics, students, and practitioners.
Corporate governance is a set of rules, principles, and practices by which corporations are directed, controlled, and managed. The concept of corporate governance is not new to the world; it has been evolving over the centuries. However, the term corporate governance gained prominence after 1976, when it first appeared in the official journal of the federal government. The collapse of large corporations such as Enron, WorldCom, Satyam, Lehman Brothers, Freddy Macc, Tyco and many others, in the 20th century, raised questions on the credibility of auditors and corporate practices among the countries (Rajab & Handley-Schachler, 2009).