Corporate governance became crucial for success from "summary" of A Business History of India by Tirthankar Roy
During the period of economic liberalization in India, corporate governance emerged as a critical factor in determining the success of businesses. This was a significant shift from previous times when business success was largely dependent on factors such as access to resources and government connections. The changing economic landscape in India brought about by liberalization meant that companies now had to operate in a more competitive environment where good governance became essential for long-term sustainability and growth. Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It encompasses the relationships between a company's management, its board of directors, its shareholders, and other stakeholders. By establishing a framework for accountability, transparency, and ethical conduct, corporate governance helps in building trust among investors and stakeholders, which is crucial for attracting investment and mainta...
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