CORPORATE GOVERNANCE AND ITS IMPORTANCE IN THE STARTUP WORLD
The Management Accountant|December 2019
Abstract Corporate Governance research in the context of emerging economies has received increasing attention in recent years. Most of the big companies have already started following the standard protocols of Corporate Governance. However, the world of startup is not generally included when the importance of Corporate Governance is discussed. This attitude has led to a lot of early stage startup closure and undervalued acquisitions. Startups need to rope in a number of Corporate Governance guidelines so that these can contribute towards the growth of the organisation, as well as minimize failure and risk.
CORPORATE GOVERNANCE AND ITS IMPORTANCE IN THE STARTUP WORLD

Brief Introduction

Corporate Governance constitute a bunch of rules by which various companies are managed internally and monitored by the Board of Directors, entrusted to protect the interest of corporate shareholders. It balances the distribution of rights and responsibilities among different participants in the corporation such as the board members, employees, shareholders, debtors and creditors. It is a set of rules and frameworks that allow the corporation to increase transparency minimize mis-utilization of resources and increase productivity in the day to day work culture.

Most of the big companies have already started following the standard protocols of Corporate Governance. SEBI has time and again constructed various committees headed by industry leaders who have expressed their viewpoints on the subject.

Corporate Governance research in the context of emerging economies has received increasing attention in recent years. Corporate scandals and executive failures continue despite the growing emphasis on governance reforms around the world and the increasing activism of shareholders, governments and other corporate shareholders.

Startup Culture in India

For the last one decade, India has seen a massive number of startups coming up from various parts of the country. Bangalore, Mumbai and Gurugram are the major startup hubs in India. Over the last 10-12 years, companies such as Flipkart, Byju’s, Snapdeal, Myntra, PayTm, Freecharge and Drivezy have started as small startups and now are valued at multimillion dollars.

Flipkart has been acquired by Walmart for a valuation of 20 bn USD. PayTm and Byju’s have also gained the status of Unicorn Companies as they are valued over 1 bn USD.

This story is from the December 2019 edition of The Management Accountant.

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