A Comparative Study on Interdependent Role of Control Mechanisms in Corporate Governance and Financial Reporting Quality in USA, UK, South Africa, and Pakistan

  • Naheed Sultan

Student thesis: Doctoral ThesisDoctor of Philosophy


To what extent do different countries exhibit different corporate governance mechanisms? Is there any best corporate governance system? If yes, why it does not seem to be that effective in other countries? How do differences in internal and external corporate governance control mechanisms determine the effectiveness of corporate governance? These issues have been the focal point for varying legal and financial research for the past few decades. The results of such research have provided a strong foundation for policymakers globally. This thesis aimed to conduct a legal comparative study investigating the interdependent role of control mechanisms in corporate governance and financial reporting quality in the USA, UK, South Africa and Pakistan. To attain the main objective of this study – suggesting an efficient and effective corporate governance system in Pakistan – the internal and external control mechanisms of corporate governance were analysed and evaluated. The roles of the board of directors and of corporate ownership and control were considered internal control mechanisms, whereas enforcement was considered an external control mechanism. For this purpose, four main factors were analysed: the enforcement mechanism (public versus private); the role of the board of directors (conformance versus performance) and its impact on the promotion of effective corporate governance; the impact of ownership structure (dispersed versus concentrated) on corporate governance; and the effect of financial reporting quality on corporate governance mechanisms (BODs, ownership structure, audit processes and financial reporting regulations). This thesis ultimately provides suggestions for regulatory and legislative reforms to meet the specific corporate governance challenges in Pakistan.
Date of Award2022
Original languageEnglish
Awarding Institution
  • Aberystwyth University
SupervisorRyszard Piotrowicz (Supervisor) & David Poyton (Supervisor)

Cite this