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Value of good corporate governance

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Why it's Important to have good corporate governance?  Shuchi. P. Nahar Corporate failures prompted interest in the link between corporate governance and  firm performance. The relation between corporate governance and firm performance has been  the subject for many extensive studies in the last decade.  Corporate governance term has many theoretical and empirical definitions in the  literature. There is no universally accepted definition of corporate governance since it can be  seen as a narrow or broad subject (Solomon, 2004).  Need of Corporate Governance: The need for corporate governance has arisen because of the increasing concern about the non-compliance of standards of financial reporting and accountability by boards of directors and management of corporate inflicting heavy losses on investors. The collapse of international giants likes Enron, World Com of the US and Xerox of Japan are said to be due to the absence of good corporate governance and corrupt