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...... 2. Beyond the Anglo-American context, corporate governance usually refers to the means by which any of the firm's stakeholders (not just investors) may control managers' decisions. This is what is referred to as welfare capitalism, where executives are influenced mainly not by stock prices and shareholders but by the voice of other stakeholders who are highly committed to the firm and are prepared to contribute formally to its governance.[3]
In many ways, corporate governance practices are directly related to a firms business systems and the definitions for these terms are likewise related According to Pedersen and Thomsen, business systems are particular ways of organizing, controlling and directing enterprises or particular arrangements of hierarchy-market relations which become institutionalized and relatively successful in particular contexts, which is almost exactly equivalent to some of the broader definitions of corporate governance.[4] Taken together, business systems and corporate governance practices can be viewed in the same light, particularly as they regard the important differences that exist among the members of the international community in terms of the relative importance of government regulation and oversight, as well as what role the corporate world is supposed to play in contributing back to the larger society in

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