Enhancing Corporate Governance in Multinational Companies through Legal Compliance Measures
Keywords:
Corporate Governance, Legal Compliance, Multinational Companies (MNCs), Compliance Strategies, Regulatory ChallengesAbstract
This review paper explores the critical role of legal compliance in enhancing corporate governance within multinational companies (MNCs). It begins by examining the essential relationship between legal compliance and corporate governance, highlighting how adherence to legal frameworks influences governance structures and practices. The paper then delves into the unique challenges MNCs face in implementing compliance measures across diverse legal environments, including jurisdictional differences and cultural, political, and economic factors. Furthermore, the review outlines strategies for integrating legal compliance into corporate governance frameworks, emphasizing the importance of leadership, transparency, and accountability. The role of corporate governance codes, international standards, and technology in promoting compliance is also discussed. Finally, the paper looks ahead to the future of corporate governance and legal compliance, considering emerging trends, the impact of technological innovation, and the evolving regulatory landscape. Through continuous improvement and adaptation, MNCs can enhance their governance practices and maintain legal compliance, securing long-term success in the global market.
📊 Article Downloads
References
Abbott, F. M., Cottier, T., Gurry, F., Abbott, R. B., Burri, M., Ruse-Khan, H. G., & McCann, M. (2024). International Intellectual Property in an Integrated World Economy:[Connected EBook]: Aspen Publishing.
Abbott, K. W., & Snidal, D. (2021). The governance triangle: Regulatory standards institutions and the shadow of the state. In The spectrum of international institutions (pp. 52-91): Routledge.
Adams, D., Adams, K., Attah-Boakye, R., Ullah, S., Rodgers, W., & Kimani, D. (2022). Social and environmental practices and corporate financial performance of multinational corporations in emerging markets: Evidence from 20 oil-rich African countries. Resources Policy, 78, 102756.
Agu, E. E., Idemudia, C., & Obeng, S. (2024). The revolutionary role of digital transformation in financing Small and Medium Enterprises (SMEs). International Journal of Management & Entrepreneurship Research, 6(8), 2476-2487.
Aluchna, M., & Kuszewski, T. (2020). Does corporate governance compliance increase company value? Evidence from the best practice of the board. Journal of Risk and Financial Management, 13(10), 242.
Ameyaw, M. N., Idemudia, C., & Iyelolu, T. V. (2024). Financial compliance as a pillar of corporate integrity: A thorough analysis of fraud prevention. Finance & Accounting Research Journal, 6(7), 1157-1177.
Banda, M. (2023). Corporate Governance: A Conceptual Analysis. Corporate Governance, 14(17).
Bruner, C. M. (2021). Corporate governance reform and the sustainability imperative. Yale LJ, 131, 1217.
Castrillón, M. A. G. (2021). The concept of corporate governance. Revista Científica" Visión de Futuro", 25(2), 178-194.
Chen, H. (2022). The use and measurement of compliance programs in the legal and regulatory domains. Measuring compliance–Assessing corporate crime and misconduct, 25-54.
Chukwurah, N., Ige, A. B., Adebayo, V. I., & Eyieyien, O. G. (2024). Frameworks for effective data governance: best practices, challenges, and implementation strategies across industries. Computer Science & IT Research Journal, 5(7), 1666-1679.
Cody, S. (2020). Dark law: legalistic autocrats, judicial deference, and the global transformation of national security. U. Pa. JL & Pub. Aff., 6, 643.
Coglianese, C., & Nash, J. (2020). Compliance management systems: Do they make a difference? Cambridge Handbook of Compliance (D. Daniel Sokol & Benjamin van Rooij eds., Cambridge University Press, Forthcoming), U of Penn, Inst for Law & Econ Research Paper(20-35).
Das, S. C. (2022). Corporate governance: Codes, systems, standards and practices: PHI Learning Pvt. Ltd.
Dau, L. A., Moore, E. M., Doh, J. P., & Soto, M. A. (2022). Does global integration stimulate corporate citizenship? The effect of international trade agreements and regulatory quality on state and private firm adoption of CSR standards. Journal of International Business Policy, 5(3), 328.
Evans, J. W., & Gabel, A. L. (2020). Legal Entrepreneurship and the Strategic Virtues of Legal Uncertainty. American Business Law Journal, 57(3), 593-646.
Findley, M., Nielson, D., & Sharman, J. (2020). Anti-corruption measures. In: FACTI Panel Background Paper. United Nations High Level Panel on Financial ….
Fracarolli Nunes, M., Lee Park, C., & Paiva, E. L. (2020). Can we have it all? Sustainability trade-offs and cross-insurance mechanisms in supply chains. International Journal of Operations & Production Management, 40(9), 1339-1366.
Garzón Castrillón, M. A. (2021). The concept of corporate governance.
Gittfried, N., Lienke, G., Seiferlein, F., Leiendecker, J., & Gehra, B. (2022). Non-financial risk management in the financial industry: A target operating model for compliance and ESG risks: Frankfurt School Verlag.
Halkos, G. E., & Nomikos, S. N. (2021). Reviewing the status of corporate social responsibility (CSR) legal framework. Management of Environmental Quality: An International Journal, 32(4), 700-716.
Hamad, S., Draz, M. U., & Lai, F.-W. (2020). The impact of corporate governance and sustainability reporting on integrated reporting: A conceptual framework. Sage Open, 10(2), 2158244020927431.
Hossain, M. Z., Hasan, L., & Hasan, M. H. (2024). Corporate Governance as a Global Phenomenon: Evolution, Theoretical Foundations, and Practical Implications. Journal of Financial Risk Management, 13(2), 342-375.
Huising, R., & Silbey, S. S. (2021). Accountability infrastructures: Pragmatic compliance inside organizations. Regulation & Governance, 15, S40-S62.
Juliao-Rossi, J., Losada-Otalora, M., & Católico-Segura, D. F. (2023). MNEs’ corporate governance disclosure: a strategic response to corrupt environments. Corporate Governance: The International Journal of Business in Society, 23(1), 72-108.
Kastiel, K., & Nili, Y. (2021). The corporate governance gap. Yale LJ, 131, 782.
Katelouzou, D., & Zumbansen, P. C. (2020). Transnational corporate governance: The state of the art and twenty-first century challenges. TLI Think.
Knapp, V. (2021). Sustainable corporate governance: a way forward? European Company and Financial Law Review, 18(2), 218-243.
Konadu, R., Ahinful, G. S., & Owusu-Agyei, S. (2021). Corporate governance pillars and business sustainability: does stakeholder engagement matter? International Journal of Disclosure and Governance, 18(3), 269-289.
Martinez, V. R. (2020). Complex compliance investigations. Columbia Law Review, 120(2), 249-308.
Mbamalu, K. U. (2021). INTEGRITY, TRANSPARENCY AND ACCOUNTABILITY IN GOVERNANCE–PATHWAY TO SUSTAINABLE GROWTH AND DEVELOPMENT IN NIGERIA. Sapientia Foundation Journal of Education, Sciences and Gender Studies, 3(1).
Obeng, S., Iyelolu, T. V., Akinsulire, A. A., & Idemudia, C. (2024). The role of financial literacy and risk management in venture capital accessibility for minority entrepreneurs. International Journal of Management & Entrepreneurship Research, 6(7), 2342-2352.
Park, B. I., Hong, S. J., & Xiao, S. S. (2021). Institutional pressure and MNC compliance to prevent bribery: Empirical examinations in South Korea and China. Asian Business & Management, 1-34.
Sarma, G. D., Choudhury, S., Bharadwaj, P., & Sarma, M. (2024). Navigating Corporate Governance And Ethics: The Cornerstones Of Sustainable Business Practices. Educational Administration: Theory and Practice, 30(5), 5442-5454.
Solomon, J. (2020). Corporate governance and accountability: John Wiley & Sons.
Sun, P., Doh, J. P., Rajwani, T., & Siegel, D. (2021). Navigating cross-border institutional complexity: A review and assessment of multinational nonmarket strategy research. Journal of International Business Studies, 52(9), 1818.
Suresh, M. N., Varalakshmi, T., & Chand, M. S. (2024). IT governance framework ensuring effective management and compliance. International Research Journal on Advanced Engineering and Management (IRJAEM), 2(05), 1627-1632.
Temouri, Y., Budhwar, P., Jones, C., Ylönen, M., Pereira, V., & Cobham, A. (2022). Tax havens and international business: A conceptual framework of accountability‐avoiding foreign direct investment. International journal of management reviews, 24(3), 309-332.
Vargas, A. M. (2020). Applying labour law to micro, small and medium-sized enterprises: a comparative study of 16 countries: ILO Working Paper.
Wang, R., Zhou, S., & Wang, T. (2020). Corporate governance, integrated reporting and the use of credibility-enhancing mechanisms on integrated reports. European Accounting Review, 29(4), 631-663.
Yoshikawa, T., Nippa, M., & Chua, G. (2021). Global shift towards stakeholder-oriented corporate governance? Evidence from the scholarly literature and future research opportunities. Multinational Business Review, 29(3), 321-347.
Zhu, Y., & Sardana, D. (2020). Multinational enterprises’ risk mitigation strategies in emerging markets: A political coalition perspective. Journal of World Business, 55(2), 101044.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 International Journal of Scientific Research in Computer Science, Engineering and Information Technology
This work is licensed under a Creative Commons Attribution 4.0 International License.
