An effort to establish effective corporate governance practice, impacts on corruption, and sustainable development in developing countries: a case of Mongolia

Mongolia has been experiencing evolving socio-economic challenges since its economic reform in the 1990s due to a lack of transparency and insufficient accountability. The spread of corruption and its effects directly depends on transparency and accountability. Grand, optimum and public sector corruption are endemic in Mongolia. Thus, this research aims to define alternative ways for improving and strengthening transparency and accountability as an effort to establish effective corporate governance practice, impacts on corruption and sustainable development in Mongolia.Qualitative archival research alongside observation were conducted based in Mongolia to determine these practical approaches. Data were collected through archival research and analysed through a weighted scoring model, whereas the observed information was analysed through grounded theory analysis. Findings of the weighted scoring model were compared with those of the grounded theory analysis. Results introduced an integrity restoration framework consisting of five fundamental processes: the practice of cooperation, decentralisation of controlling power, enhancement of inclusiveness, accomplishments and sustainable development. Each process involves further practical approaches.These findings imply that a successful implementation of practical approaches likely improves and strengthens the overall transparency and accountability practices. As a result, a normative layout of isomorphic institutionalpressure is formed to combat corruption, thus further contributing to sustainable development.