ADVANCING CORPORATE GOVERNANCE: MODELS, PRACTICES, AND FUTURE TRENDS

Abstract

Effective corporate governance is essential for ensuring transparency, accountability, and sustainability in today's dynamic business environment. This paper provides a comprehensive review of corporate governance models, principles, mechanisms, effectiveness, challenges, and future trends. It examines the evolution of corporate governance practices, comparing shareholder and stakeholder models and exploring hybrid approaches. Key principles of effective governance, including transparency, accountability, fairness, and risk management, are analyzed alongside mechanisms such as the board of directors, executive compensation, and auditing. Case studies highlight successful governance practices adopted by leading companies, while challenges such as agency conflicts and regulatory complexity are addressed. Emerging trends, including the integration of ESG factors and technology in governance, are discussed, providing insights for practitioners, policymakers, and researchers.