Corporate Governance Reforms: A Critical Review

Abstract

After the slew of reforms introduced during the 1990s, not much could be done as the corporate scams and scandals still continued.
However, the financial crisis of 2008 and the Satyam scandal came as an eye-opener for the government, only after which there were
numerous reforms undertaken. “Minimum Government, Maximum Governance” is the philosophy that has shaped the policies and
reforms on corporate governance in India in recent times. The issue of corporate governance policies and disclosure requirements that
could lead to good corporate governance has always been hotly debated. Schools of studies have been conducted to bring out the impact of
reforms and policies on the firms, yet it still remains one of the widely studied areas and this paper itself is one such addition to the existing
literature. The disclosure requirements have changed tremendously in the era of corporate governance reforms. This study is an effort to
critically evaluate the major reforms undertaken in India over the years in the field after the 2008 Financial Crisis and the changes that
have occurred to develop a more robust and transparent disclosure of corporates’ financial position.