Corruption and corporate governance: a literature review on corruption, corporate governance and associated aspects

The purpose of this paper is to review the relevant literature on corruption. Though the review mainly focuses on corruption and governance, the paper also explores the topic in more detail, including related areas such as governance practices of different types of corporations; benefits of corruption; the consequences for companies falling to maintain corporate governance standards; corporate disclosure and governance; failure of audit firms and corporate corruption; corrupt behavior from multinational companies (MNCs); governance requirement for public entities/state owned entities (SOE); democracy; corporate political activity and political corruption; tax administration and its influence on the presence of corruption; the will of political parties and corruption control; the spread of corruption; accountability culture; corruption in the financial system; bribery and politicization culture; anti-corruption campaigns and its overall impacts; and tools to fight against corruption along with governance. Upon analyzing the literature on different aspects of corruption, we find that accountability, political will, and media independence equipped with media literacy are a few key tools to control corruption; and we propose some avenues for future research directions. These findings will potentially contribute to the existing literature and have some policy relevance in controlling corruption, and researchers should explore such areas further.