This paper is solely based on review of extant literatures, no empirical evidence was deduced. Based on the
limited amount of time available, it was found that there are very limited empirical investigation on research of
corporate governance of SMEs in developing countries especially Malaysia. Further research should be performed to
gain empirical evidence on whether a separate corporate governance framework is preferred by SMEs in Malaysia.
Probably a quantitative research can be conducted via distribution of survey questionnaires to collect primary data
from samples of SMEs in Malaysia on their opinion with regards to whether a different set of framework is practical.
With the availability of more empirical evidence on researches on governance in SMEs in Malaysia, it may have
profound implications on a number of groups namely, the institutional investors, regulators as well as Government
of Malaysia in the hope that all these parties are aware of the importance of putting more emphasis on developing
SMEs of the developing nation via good governance structure.