Corporate governance and culture: a systematic review

Abstract

The primary aim of this paper is to provide a systematic review of literature on corporate governance and cultural diversity. The systematic review is conducted using qualitative and quantitative articles published in Scopus and web of science. This study is being undertaken in the recent period, i.e., 2016 to 2020. The initial sample comprised 247 papers from Scopus and web and science. After the screening, the sample thus obtained includes 45 studies for the analysis. The result highlights that the cultural diversity of the board is an essential component for improving governance. The fruits of cultural diversity can be obtained in multiple ways; therefore, management of the company and the managers need to be particularly careful while diversifying their corporate boards. Furthermore, the results show that culture is equally important for developed, developing, and emerging economies.