An Effective and Prompt Assessment of Good Corporate Governance on Public Sector Entities- Evaluation of Ideal Best Practices

There are several best practices against which good corporate governance can be assessed based on; however, in a public sector setup it is not feasible to apply all the benchmarks during prompt corporate governance assessments. There is also lack of clarity in literature on specific best practices applicable to the public sector. Thus, the objective of this research is to evaluate the ideal corporate governance best practices in the context of public sector entities. An extensive and critical review of literature has been conducted to evaluate the appropriate best practices. Main source of related information has been journals, prior empirical studies and books. In the process, the value and intricacy of good governance in the context of public entities have been expounded. Accordingly, it was established that good governance has a significant contribution to economic growth, sustainability and investor attraction; public sector governance has also been found out to be intricate due to multiple government arms, bureaucracy, political influence and citizenry involvement. It was concluded that corporate governance for public sector entities is effectively revealed through quality service, transparency, compliance and strategic focus;extent of political influence and ethical conduct of those in charge. It is recommended to apply a standard corporate governance assessment criterion on public sector entities to enhance comparability, effectiveness and promptness.