Corporate Governance Compliance by Medium Scale Enterprises (SMEs): Global Review Perspective

This study reviewed selected studies on corporate governance and medium scale enterprises (MSEs) under different perspectives: in Ghana, the rest of African, Asia, Europe, and international perspective. The study adopted a literature review approach; and identified the following existing gaps in literature: the effect of corporate governance compliance on medium scale enterprises success (financial growth and expansion) should be further studied; studies on corporate governance of medium scale enterprises in Africa and the rest of the world generally lack clearly defined theoretical framework; and the impacts of social, cultural, legal, economic, and political factors on Medium Scale Enterprises compliance with corporate governance codes should be investigated. The review revealed that corporate governance compliance can greatly assist SMEs by infusing better management practices, stronger internal auditing, and greater opportunities for growth in Ghana and other countries of the world. The study recommends as follows: corporate governance awareness among SMEs in Ghana should be taken as a priority in order for them to adopt the principles of corporate governance best practices; and governments should set up unique corporate governance code for medium scale enterprises in Ghana in order to address their peculiar structure and needs.