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Corporate governance can be defined as an art of management for the business environment in the financial markets and it has recently been used as a key management strategy by both developed and developing countries. In particular, after some financial scandals, such as Enron or Parmalat, it has become an important issue in the financial markets. One question that needs to be asked, however, is whether it is really a curve for the main problems of financial markets. Corporate governance, in itself, is a controversial subject in terms of its definition or interest problem of its main participants. This is because; the corporate governance system can indicate some differences in the financial markets due to different historic, cultural and academic backgrounds. In other words, a ‘one size fits all’ corporate governance model cannot be created for all corporations in the financial markets. Therefore, in order to understand the main role of corporate governance, it seems to be essential to focus on the common interest of corporations by considering the sectorial differences between corporations in the financial markets. In the corporate governance theory, there is an urgent need to address two main problems: “the value maximisation of shareholders and the role of stakeholders in the management system of corporations”. These two problems constitute the fundamental problems of corporate governance and are defined as ‘the agency theory and the stakeholder theory’ in the literature. In this respect, the main purposes of this investigation are to explore; what defines good corporate governance, what are the main corporate governance models in the financial markets, what are the fundamental problems of corporate governance, and how these problems should be addressed, by creating a theoretical framework for the importance of corporate governance in the financial markets.

A Theoretical Aspect on Corporate Governance and Its Fundamental Problems: Is It a Cure or Another Problem in the Financial Markets?