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GOOD CORPORATE GOVERNANCE AS A CORRELATE TO ORGANIZATIONAL PERFORMANCE AND NATIONAL DEVELOPMENT

INTRODUCTION

Good governance manifest itself in all facets of society and the economy development cannot take place in an atmosphere of insecurity and unstable political system (Ogbu, 2012). It is in view of this that the World Bank has said that lack of development is a direct consequence of bad governance; emphasizing that under bad governance the economy cannot grow or develop.

According to the World Bank (1992):

Bad governance has many features, among which are, failure to make a clear separation between what is public and what is private gain; failure to establish a predictable framework for law and government behavior in a manner that is conducive to development; or arbitrariness in the application of rules and law; excessive rules, regulations, licensing requirements, etc which impede the functioning of markets, and encourage rent-seeking; priorities that are inconsistent with development, thus resulting in a misallocation of resources and excessive narrow base for, or non-transparencies, decision making. Read more>>

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