Conclusion
The review on the effect of corporate governance on firm performance, while investigating issues like firm size, ownership structure, leadership structure, accounting control and pay, have shown varied results. The studies related to management accounting and control proved corporate governance to be a function of firms' environmental and organizational attributes, such as competition, strategy, and size. But these studies have been done on the developed Western economy and need to be tested in the developing economies before generalizing. Management accounting and control can always be used as an enhanced and effective method of control. Firm size and management support have been proved to have significant and positive links to the use of this practice followed by competition and activism of corporate governance participants. Studies also reveal that there is an effect of CEO compensation and corporate governance of a firm. The review hence indicates the absence of a consensus in the corporate governance issues investigated by various authors. The existence of such debate and difference in views regarding the effect of corporate governance on firm performance builds a roadmap for further research.