GOOD CORPORATE GOVERNANCE AS A CORRELATE TO ORGANIZATIONAL
PERFORMANCE AND NATIONAL DEVELOPMENT
Kabuoh Margret Nma
Department of Business Administration and Marketing
Bubcock University, Ilishan-Remo- Ogun State, Nigeria.
E’mail;iheanetu2000@yahoo.com
ABSTRACT
The world Economic meltdown, financial scandals and recent collapse of major corporate institutions such as Leman Brothers, Lever Brothers Nigeria Plc (Unilever,) Oceanic bank & Intercontinental, XL Holdings etc are all typical cases of corporate governance crisis. Good governance and development are dividends of democracy which are of great interest to the democratic world. All of these call for urgent attention. This paper examined how good corporate governance relates to organizational performance and national development.
Various literatures revealed that organizational performance and national development are all products of good governance and could be improved if properly managed. The paper recommended that all organizations should imbibe good corporate governance culture. There should be routine checks on the activities of the top and lower management staff by the governing body.
Democracy and all its practices should be upheld in both organizations and societies. Capacity building efforts to be embarked upon by institutions of governance to perform their roles effectively.
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.
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PERFORMANCE AND NATIONAL DEVELOPMENT
Kabuoh Margret Nma
Department of Business Administration and Marketing
Bubcock University, Ilishan-Remo- Ogun State, Nigeria.
E’mail;iheanetu2000@yahoo.com
ABSTRACT
The world Economic meltdown, financial scandals and recent collapse of major corporate institutions such as Leman Brothers, Lever Brothers Nigeria Plc (Unilever,) Oceanic bank & Intercontinental, XL Holdings etc are all typical cases of corporate governance crisis. Good governance and development are dividends of democracy which are of great interest to the democratic world. All of these call for urgent attention. This paper examined how good corporate governance relates to organizational performance and national development.
Various literatures revealed that organizational performance and national development are all products of good governance and could be improved if properly managed. The paper recommended that all organizations should imbibe good corporate governance culture. There should be routine checks on the activities of the top and lower management staff by the governing body.
Democracy and all its practices should be upheld in both organizations and societies. Capacity building efforts to be embarked upon by institutions of governance to perform their roles effectively.
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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