An Empirical Analysis for Jordanian Firms â€Myassignmenthelp.Com

Question: An Empirical Analysis for Jordanian Firms? Answer: Introduction During the last couple of decades, the process of corporate governance gained aimmense attention from the researchers and from the entrepreneurs from all over the globe due to the downfall of the large industries like the Adelphi, Enron, Maxwell and Tyaco from various countries like England, USA and from other parts of the world. In order to answer the massive collapse, in the year 2002, after which the Sarbanes Oxley Act was introduced with an objective to develop the corporate governance technique providing all the investors are defended with the help of developing the corporate disclosures authenticity and precisions that are with respect to the securities law and purposes that can go even further. With respect to the Organization for Economic Development and Cooperation, accurate corporate governance consists of the norms and the processes that monitor and control the association among the shareholders related to the firms and the managers as well as the stakeholders like the creditors and the employees. It even contributes to the expansion and the financial balance by reinforcing integrity of the financial market, efficiency of the economy and gaining the market confidence (Aanuet al., 2014). However, there are investors, who are always on a look out for a company that has an effective corporate governance technique. With respect to this context, there have many analysts who have explained that a firm that possesses improved corporate governance excellencehas the ability to lift the investmentamount at a lower cost. Al MamunBadir (2014) suggested that 15% of the European investors have made a suggestion that investors look for corporate governance to be more significant than the issues of finance like the performance of the profit or the potential for growth. Markets that are growing play a significant position in the international economy, as they have an elevated development of economics along with expansion outlooks offered a striking opening for the stakeholders. Nevertheless, the stakeholders even faced risks that are mutifaceted in the growing markets and therefore are need of a better knowledge of the factors of firm level governance. The word emerging market was implemented in the year 1980 to differentiate the markets that were constructed lower than US, Japan and the Europe that were thought to be in the process of massive urbanization and growth.These markets were even thought to be very risky due to restricted foreign direct access, controls of currency, custody and lucidity. There are no doubts that the growing economies have domination all over the world with respect to the population size, geographic with respect to researches based on fianc, wealth is the focus in the countries that are developed. However, the rise in the markets is smooth along with the enhancement of dissimilarabnormal economy. The analysts have taken more attention towards the budding markets and in those that possess developed market. The procedure of impactful corporate governance is indispensable for the firms in an economy that is growing (Al-Aaliet al., 2014). Corporate governance is indispensable for reducing the vulnerability during the financial crisis, reinforcement of the property rights, and fall in the transactions costs along with reduction in the cost of capital and progress of the capital market. However, frameworks of corporate governance that are weak decrease the confidence of the investors and thereby discourage the foreign investments. Indeed, the level to which the corporate governance effects on the act of a firm is generally granted by the governments and the researchers. Alipour (2013) have explained that many of the experiential researches on the governance tools that are and the routine of the organizations has been achieved from the information from the countries like US and the UK, who have various resemblance in the institutions. This has led to the inconsistent and contradictory experimental proof. On the other hand, for the organizations that are present in the growing markets with the institutional structures that are distinguishing, very few data are accessible. The process of corporate governance within the growing marketplace has been in limelight by the researchers very recently. In this spirit, Al-Matariet al.,(2013) have made an argument that MENA regions has been one of the most developing markets that is accepted however there are room for further researches on various issues and channels. The literature Al-Matariet al., (2012) has argued that since developing countries have a structure that is different from each other, thus the corp orate governance for each country has to be evaluated unconnectedly. This quarrel is still in the process with Amba(2014) who have shown that the Arab World economies are structures, geographic locations and various types of institutions and governance. It is seen that economic development policiesamong the countries that manufacture oil such as United Arab EmiratesandSaudi Arabia and the countries like Tunisia and Jordan who do not manufacture oil. As a consequence, this paper makes an effort to bridge the gap that isseen in various literature pieces as this paperlaunches the relation among corporate governance techniques that are internal, namely, mass of audit committee, mass of board, quantity of memberswho are female availablewithin the board, CEO duality, sonata board and presentation in the production companies in Jordan. Jordan is considered as a better illustration forminorbudding market with countries with various non-manufacturing companiesdue to the various causes: 1) Jordan is in the 10 countries within theindices of the Emerging Markets Equityduring the time when it was established in the year 1988 2) Jordan was the first Arabian countries where the establishment ofcypher of corporate governance to the shareholding organizations occurring in 2007. 3)The mainsection of research was undertaken in launching the association among the corporate governance tools and presentation of organizations with respect to a huge developing market, e.g., Taiwan,, Pakistan, India, Russia, Thailand and Malaysia, Malaysia (YusoffAlhaji, 2012).There were other researches that were undertaken in the Arabian oil-producing countries context, there were only two empirical researches that were undertaken in Jordan. The first is Bart McQueen (2016); and this research did not concentrate on techniques of corporate governance likearrangement of ownership, duality of the CEO, compensation of the board, board size, board subcommittees, etc. The next research was made by TomarBino (2012) concentrated on financial organizations, especially the banks of Jordan. 4) The World Bank claims Jordan to be a country with an income group of upper middle. The Heritage Foundation established an Economic Freedom Index with respect to which Jordan provides the 4thfreest economy in the North African and Middle East region and globally Jordan is the 39th freest economic environment (The Heritage Foundation, 2014). In the year 2014 Global Competitiveness Index (GCI), revealed that the country is positioned 64th of the 144 countries and has been positioned as the 42ndbestcreations in the world. Jordan was graded 42nd in the year 2013 by the Global Retail Development Index, that constructs a list of all the retail market globally that are mostly popular. Literature Review and Hypothesis Development Corporate Governance and Performance of the Firm The works of Berle and Means 1932, there have been development of different theories on corporate governance concentrating its significance and nature, like stewardship theory, agency theory and theory of the stakeholders, outof which agency theory has gained themostcredit (Fanta et al., 2013). Agency theory recommends prospective behavior, which is, the goal of managers to maximizetheir individual anticipated attentions and they containadequate suppliesto do the same. Tornyeva Wereko (2012) explained that the stakeholders have money to spend, but due to certain limitations, like lack of expertise to control the investment, they recruit managers to do same to gain their profit.Therefore, a conflict arises among the managers and the stakeholders due to existence of common interest (Chaghadari, 2011). It is seen that one of the most hypothetical standards that explain the corporate governance challenges is the conjecture of agency established by those results from the division of contr ol and ownership (Kawira 2012). According to Tornyeva Wereko (2012), the definition of supposition of agency focuses on resolving and analyzing the issues that take place in the association among the owner and the management. Accordingly, agency theory recommends to the fact that introducinga suitable governance frameworkwiththe adoption of tools of corporate governance mightlead to a fall in the disagreements with the help ofevaluating the performance of managers and coating up the objectives of the stakeholders objectives with the compliant of the management (Waweru, 2014). There are different corporate governance definitions that have been recommended in present literature review Basilicoet al., (2014) in their paper recommended the description of corporate governance to be like aprocess in which financial contractors to thefirms guarantee their own of earning a return on investment. Bouaziz (2012) made an argument ascorporate governance are the standards, ruleshelping in describing the affiliation between stakeholders and management of the companythat are related with an organization like the bondholders, suppliers, lenders, consumers, shareholders, employees, and creditors. The vast explanation of the governance is described with the help of the reports of Dallas (2012). With respect to their definition corporate governance acts as the process of regulations, institutions, laws, policies, markets, contracts and procedures; and such processes are inclusive of the policy manuals, budgets, and internal control system, which directly have an impact on th e deeds of the management in the company at the top level. As discussed by the OECD (2004): corporate governance is considered as a position with respect to the dealings among the management of a firm, its shareholders, stakeholders and its board. Corporate governance even aids the structure through which the aims of a firm are constructed, and the process of gaining these goals and supervising the performance are generated. An accuratecorporate governance requires tooffergood remunerationsto the management and the boardfor following the goals that are in relation to the interests of the firms and stakeholders and should smooth the progress ofeffectualsupervision, that results to the capital cost getting reduced and companies gets motivated to utilize the resources more professionally, as a result laying the keystone for growth (Danget al., 2013). It is seen that, Yusoff Alhaji (2012) explained that requirements for effectivesupremacy is highlighted in the the standards and the transformations constructed at the country structure but even in the international level like (for example Code of OECD, the Sarbanes-Oxley Act in USA, and the Combined Code in UK). As a whole, every explanations stressed on the importance of corporate governance individually are for those who control and those who own the business (Dickson 2013). Furthermore, the universal wellbeing of the society is uplifted by proper corporate governance: therefore, are of an attention to the stakeholders. This section where (Hassan Halbouni, 2013) argue that well-monitored companies improve the organizational performance in both emerging and developed markets. This is inclusive of the resources assigned in a proper way, with enhanced investments sets, decreased capital cost, increased financial presentation, like higher investment on return, volatility price of sha re reduction, increased revenue and developed value additional economics. Nonetheless, a general view are the corporate governance techniques that completely has an effect on the functions of a company (Katragadda, 2013), but there are no agreement about this statement, because previous researches revealed discrepancies among the outcomes in both emerging and developed markets. For example, earlier researches e.g. Tornyeva Wereko, (2012) have published positive relationships betweenthe technique of performance of organizations and corporate governance. There have been few other researches e.g.,Onakoyaet al.,(2012) that have showed a relationship that is negative. On the other hand, different papers could not discover any relationship among the two variables (e.g., Lamportet al., 2012). Performance of the Firm and Board Size The boards of directors participate to an important role as observing and checking the roles and functions of the managers with respect to the problems related to the agencies are important for proper functioning of an organization (Nyamongo Temesgen, 2013).The empirical signal reveals that directors participate fora vital position in the management of an organization and activities associated with it. However, no agreement is discovered with respect to the size of the board or to discover which board size is better: namely larger or smaller (Husseiny 2012). However, the literature review has given two various opinions with respect to the type of relationship discovered between the dimension of board and act of the organization. The initial and vastly trustedoutlook is that a restricted board dimension enhances the act of the firm (Nyamongo Temesgen, 2013). It is suggested by Gama, Rodrigues (2013) that the paper in consideration develops the performance of a firm by finding out th e suitable volume of board ranges among seven to nine people. This certifies improved accountability and coordination thereby reducing the problems that are riding freely, and enables swifter decision process (Tornyeva Wereko, 2012).With respect to Gill Obradovich(2013), organizations with a board size massive tends to be less efficient. Therefore, it is good to contain a small board size aslarge boards may be unfertile and in that case the board chairman may dominate (Horvth Spirollari 2012). Various empirical researches aid this opinion, in both emerging and developed markets, which showed that board size and performance of firm are associated negatively (e.g., VoPhan, 2013). The second opinion reveals that the bigger boards may be profitable for some companies in various ways, by provided that different kinds of people, that helps in decreasing uncertainties regarding the environment and ensuring serious resources (Kawira 2012). A differentiated series of expertise were discov ered in larger boards, which helps in supervising the actions of the management effectively (Waweru2014). Kalezi? (2012) was against the opinion that huge boards decrease the agency costs that is an effect of the low performance of the management and this leads in attaining upgraded financial outcomes. The following hypothesis is examined, with respect to the discussion that has been undertaken above: Relation among the board size and the performance of the organization is negative. CEODuality This process has been established based on the agency perspective and the responsibilities of the CEO should be segregated from that of the roles of the Chairman, which is a vital process of internal governance. It is seen that in time of no disintegration; a condition named as duality of CEO arises, due to increased problems with respect to the agency, as the CEO will distribute commands to the employees who are accountable for analyzing and checking their performance (Kowalewski 2012). It is seen that by relying on the theory of agency, there exists a differentiation that can support the decrease in the dominance of the management above the board and reinforce the board, that helps them to supervise over the administration efficiently (Hassan Halbouni, 2013).Therefore, it is suggested with the help of the theory of agency that CEO duality and both the organizations performance and development of the organizational value are related negatively (Krafftet al., 2014). Conversely, the e mpirical researches provide a result that is mixed with respect to this issue of duality of CEO and its relation with the performance of an organization. For instance, various researches like Kumar (2012) reveal a relationship that is positive. There are various other papers (e.g., Chaghadari, 2011) that have shown a relationship that is negative. Researches undertaken by Nyamongo Temesgen (2013) did not reveal any relationship. The hypothesis is examined below, with respect to the theories discussed above: The connection between duality of CEO and enactment of organizations are negative. Audit Committee Size and Its Association with the Performance of Firm The audit committee volume is seen to be a vital technique with respect to the corporate governance. With respect to Al-Matariet al., (2012), a committee for audit is a group of peopleanswerableforsupervising financial broadcastings and announcementin theorganization.The main aim of the audit committee requiresreviewing theevidence of financegiven to the stakeholders and shareholders, the process of internal control, which the directors of the board and the managementdidrecognize, within the process of audit (Lamportet al.,2012). Consequently, the committee of audit plays a significant function in the trustworthiness of financial data created by the organization and to escalate confidence of the public in the declarations with respect to finance (Tornyeva Wereko, 2012). The theories reveal for Lckerath-Rovers (2013) and Anderson, Mishra Mohanty (2014), that with a massive committee of audit and as the figures of members rise, more specialists are obtainable to supervise over the int ernal controls of the accounting and financial mechanisms, providing better clearness to shareholders and the creditors, definitelyhaving an impact on the financial performance of organization (Mukhopadhyay et al., 2004).Even though, pragmaticresearches, in association to the size of the committee of audit and acting relationship of the organization, have revealed combined outcomes there are issues. With respect to this spirit, an optimistic affiliation is shown in various experimental researches, e.g., the Ghana insurance industry (Tornyeva Wereko, 2012); organizations in Kuwait (Al-Matari et al., 2012); organizations from various parts of Africa, South Africa to be exact, and in countries like Nigeria, Ghana and Kenya (Nadal 2013). Other papersrevealed a pessimistic relationship, example Italian banking groups (Romanoetet al., 2012). The theory that has been discussed is useful in framing a proper hypothesis. The association among the volume of the audit committee and the organizational routine is unhelpful. Board Composition The relation with respect to the non-executive directors who are self-governing within the board who does not have any association, for determining the inspection of the administration is mentioned to by the board arrangement technique (Najjar 2013). The huge numerals of external directors arepresent with the resolution of determining that the executives are accountable to the shareholders, who wants toimprove theact, to gain controlon the managers who are self-dependent and to lessen anydeceptionrelated to finance and defend the shareholders attention (Waweru, 2014). In this kernel, it is even contended that the proportion of the external directors within the board has a brunt on the presentation of organization (Onakoyaet al., 2012). Furthermore, Romano et al., (2012) explained that actual nursing by external directors who are not executives results to developed recital of the company. The assumption of agency explains that more operative observing is done by external directors wit h respect to the actions of the management as they are not associated with the managers of the company. Nonetheless, the previous researches that have been undertaken in order to discover what connotation is there among the board composition and performance of the organization provides conclusions that are mixed. For example, some researches like the Romano, Guerrini (2012), described a relationship that is negative. Various other papers (e.g., Tomar Bino, 2012) recognized that the there exists a positive and there has been no relationshipthat have been discovered by various other researches (e.g. Sorour 2014). The hypothesis testing is undertaken by looking at the theory. A connection among the board composition and the routine of firm is positive. Performance of Firm and Female Board Members The corporate boards having female member reveals gender diversity within the organization and reproduces features that are differentiated from the board, which is regarded as a mechanism that develops the variation of the committee of a firm (The Heritage Foundation, 2014). This diversity enables the evaluation and development of explanations to the compounded issues, because it comprises of a variety of knowledge base (Tornyeva Wereko, 2012). However, this diversity will provide companies with external resources that are more valuable (Virtanen, 2012). It is seen that women possessvitalpotentials, which isrequired for proper governance, as women are usuallyscrupulous, dressed during the process of decision-making that ispolished in finance and accounting and hazard opposing (Azmi Barrett, 2013). It is detected by Vo Phan (2013) that an exclusive set of information is spawned by diversification of the gender within the board and leads toimproved corporate governance. Virtanen (20 12) is with the confidence that women being a part of the boards, there are scarcer issues related to attendance; added vigorous checking and they revealed more energetic involvement and utilized more power in comparison to their male colleagues. Waweru (2014) explain that there are three motives for the significance of females in a board of a firm. Initially, board directors who are female are capable to gain knowledge about the marketplace more precisely than the boards of directors who are male, which resulted to enhanced acquaintance and provide decisions that, are of superior quality. Secondly, if the board has better variations in the gender would be respectable for the communal reputation of the organization and this will result to enhanced act of the firm. Thirdly,the female board members are recruitedforspecific positions for executives, this will have a positive impact on the ecological consciousness among the members of the board. The paper written by Bart and McQueen (20 13) suggests that female board members suggestively are healthier than the male with respect to the process of decision-making due to their compounded ethical reasoning capabilities. It is eveneven auxiliary that Complex Moral Reasoning includes considering and acknowledging the rights of others who are insearch of justice by using social collaboration and agreement construction method, which is steadily smeared in a non-subjective style (Bouaziz, 2012). The melodramatic significance of the highlighted one deliberates the functions of the directors are exclusive to undertake judgments and more exactly, to aid the panel to undertake results. There is hypothetical arrangement between the scholars, which supports females in the board that underwrites for enhanced performance of the firm (Dang et al.,, 2013). Nevertheless, with respect to the diversification of gender in the panel members and the recital of company the outcome given by pragmatic researches are unpredictable. The other papers reveal there are no connection amid the female board percentage and theroutine of the company, e.g., Germany (Rose et al., 2013). However, various papers even reveal undesirable affiliation. For instance, the firms that are non-financial of Norway were examined by Yasser (2012); the outcome was that gender assortment in panel members and act of the organization is knowingly negatively associated. A paper by Yurtoglu (2012), on the same perspective on firms in USA, also revealed that fraction of females within thepanel and enactment of the organization are harmfully linked. The theory is examined by looking at the discussions from above: The connection among the quantity of feminine associates on board and presentation of organizations is optimistic. Dependent Variable (Presentation of the firm) The variables that are dependent taken for the study is the enactment of an organization and the computation are prepared making use of the return on assets and Q Ratio of Tobin. There were two actions that were used for the determination of the past literatures. Accounting that are based on the ability of the asset of the firm of obtaining profits is the ROA and is considered to be a consistent ratio of profitability (Hussin Othman, 2012). A measure that is based on the market, Q Ratio prepared by Tobin provides a decent estimate for valuing of the assets that areintangible, for example goodwill, quality assurance managers, development and market controland opportunities. Control Variables The study of Yusoff Alhaji (2012) reveals that firms with larger scope, in common, can have extra human resources and finance, which allows to efficiently introducing high-degree of corporate governance tools. Companies that have a huge size have expanded competences, with greater ability to crop internal funds, that leads to economies of scale and have a wider possibility, and act of the company is absolutely effected. The papers of Waweru (2014) revealed that among the financial performance and the size of the firm a relationship is existent and the corporate governance quality is definitely affected. There are various experimental researches, like Sheikh et al., (2013) that stated thatfirm size and financial presentation are associated completely. Nevertheless, conflicting to the paper of Sorour (2012) testified a connection amid them that is negative. Leverage As the debt of a firm has an impact on the financial performance, it becomes essential to utilize leverage as a tool for variable control (Al-Matari et al., 2012). With respect to Sheikh et al., (2013), a vital motive for the acceptance of corporate governance process for firms with high quality, is they require exterior investing. Undertaking cash advance so as to capitalize in securities and funds, irrespective of it shareholders donate is the leverage. Positive connection was discovered by Rose et al. (2013) among corporate governance quality and leverage. Nevertheless, conflicting to the fact, Al-Matari et al., (2012) recognized that routine of the company and leverage are unenthusiastically connected each other. Methodology Sample With the idea to examine the corporate governancetechniques, it has an impact on the enactment of the organization, it is an aim that has to be discovered in this paper. With the purpose of achieving this, the manufacturing companies of Jordan who are a portion of the Amman Stock Exchangetherefore, it was chosen for the analysisof the sample (Amba, 2014).. It is owing to thisevidence that were missing and the inadequate numbers, it is necessary to undertake the research with 66 companies and 69 firms, which is 95.6% of the manufacturing companies of Jordan and these firms were taken for analysis in the study. The financial statements as well as the annual reports were constructed every year by every firm that was utilized to gather the data for the analysis of the paper. The period that is taken is for five years ranging from 2008 to 2012. Therefore, the data was undertaken for 66 manufacturing organizations for the period of five years that accounted to 330 observations. The firms r elated to the sample are associated to eleven industries that include industries from the paper and cartons, chemical, pharmaceutical, tobacco and cigarettes electrical, mining and extraction, printing and packaging, construction and engineering, leather industryglass and ceramics and food and beverages. The table 1 below reveals the frequency statistics of duality of the CEO and Table 2 reveals the audit committee, external board members and the means of the board size. It is essential to make to notify that only four females are shown in the board of the directors in the sample of analysis. Statistical Analysis With the purpose of examining thehypotheses of the research that were constructed in the section above, technique of analysis of regression was implemented. The analysis of regression tool is a significant statistical method that is useful for approximating the associations among the numerous autonomous or forecaster variables that includes share of the feminine members of board, configuration of the board, dimension of audit committee, volume of the board and duality of CEO and a reliant on or standard capricious that includes presentation of an organization, which was designed making use of Q-Ratio and ROA, due to determination of scrutiny of regression known as the control variables of control presented properly. These measurements of the variables will be shown in the next section. Measurement and Variables In this research paper, the variables that are independent are the scopes of the corporate governance. The variable is inclusive of thesize of the board, size of audit committee, feminine associate on panel proportions, and dualityof CEO and arrangement of the panel (TomarBino 2012). The Board magnitude is the overall quantity of associates within the panel. The external director within the board and the overall board directors of companies is the composition of the boards. The female contribution in the board is the feminine associates within the board alienated by the overall board affiliates (Al MamunBadir, 2014). The mass of audit committee is the sum amount of associates who are available in the group of the audit (Bouaziz, 2012). A mannequin changeable is constructed to show the CEO duality, the value of it is 1, and it is seen that the board chairman and CEO are the same, and the value is 0. Tobin-Q computation is undertakenby separating marketworth of the company by additiona l value of the asset of the firm (Gama Rodrigues, 2013). Research Findings By looking at the evaluation of the data, the correlation table is given in the Table 3. The table reveals the relation between the independent variables and dependent ones. In particular, company size reveals a positive r= 0.321 and an essential p= 0.009 and a correlation along with Q ratio and a positive r= 0.258 and a significant p= 0.037 and a correlation with respect to the Return on Asset. The other control variables and leverage has essential correlations with Return on Asset p= 0.041 and r=0.198. The table 4 reveals the results regression with respect to the performance of the organization board size. By looking at the results it is seen that H1 hypothesis is granted with this aspect The analysis of table 5 reveals that H1 hypothesis has been rejected. Table 5: Regression analysis in association to the Q- Ratio With regards to the evaluation of Table 6, it is seen that Hypothesis H2 is accepted with this aspect The analysis of Table 7 provides results that shows that hypothesis H2 will be rejected with respect to the calculation The evaluation of the numerical in Table 8 demonstrates that audit committee size has a direct relationship with the Return on Assets and thus the hypothesis H2 will be rejected. The analysis of table 9 reveals the relation between the performance of the organization and the audit committee size. The evaluation shows that hypothesis H3 will be rejected. Table 9: Consequences of regression carried out for the routine of the company (Tobins Q) on audit committee size and variables that are controllable Table 10 evaluation shows that regression results of Return on Assets and fraction of directors who are non-executive have a direct and positive relationship. Therefore, it is seen that H4 hypothesis is granted within the aspect. The evaluation of the table 11 shows the relationship flanked by the routine of the company with the proportion of the directors who are non-executive by evaluating the Tobins Q ratio and it is seen that hypothesis H4 will be disregarded. Discussion The paper concentrates on finding out the connection between various significant techniques that looks at thepresentation of the firm corporate governance and the. There are a few new proofs that have been discovered from the study with the help of the conclusions of the analysis. The research shows that the larger organizations have additional human resources and finances that lead to increased funds internally and greater capability varieties with more diversification. The paper reveals with respect to the various tables that are discussed in the findings it is seen that duality of CEO and ROI is found to be negative. The performance of the firm with respect to the proportion of females in the panel of directors has anundesirable effect when calculated with the Tobins Q. Without using the Tobins Q, it is discovered, there is aoptimisticinfluence on the enactment of the organization with respect to proportion of the females in the panel. Therefore, it can be said that empirical anal ysis of the manufacturing firms Jordan reveals that small firms can raise lower internal funds with respect to the larger firms. Conclusion The conclusion of the paper reveals that the female members in the panel of directors are lower with admiration to the male members in the composition in the board of directors. It is even seen that the results that have been developed may not be adequate to bring out the adequate results for the problem. There are various restrictions in the research like the industries mightbe incapable to simplify the consequences with respect to the additionalsurroundings of the industry that are inclusive of the service and the financial institutions. Future results can be done to find better outcome of the paper. The findings of the analysis show that various recommendations can be undertaken so that better results can be attained that might bring out results Reference List Aanu,O.,Odianonsen,I.,Foyeke,O.(2014).Effectivenessofauditcommitteeandfirmfinancialperformancein Nigeria: an empirical analysis. Journal of Accounting and Auditing: Research and Practice. https://dx.doi.org/10.5171/2014.301176 Al Mamun, S., Badir, Y. (2014). Convergence of corporate governance in Malaysia and Thailand. Journal of Accounting in Emerging Economies, 4(1), 2-21. https://doi.org/10.1108/JAEE-08-2011-0027 Al-Aali, A., Chang, K, HassabElnaby, H. (2014). 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