Innovative Systems Structure for Real Corporate Governance

All around the world, trends of globalization and industrialization have been experienced both in the development of large corporations and conglomerates. These larges firms contribute enormously to the socio-economic development of countries. Adopting a systematic literature review method with in-depth content analysis, the paper explores the concept of corporate governance holistically from systems lens and proposes an innovative systems structure-based framework namely Cultural Legal Oriented Value Embedded (CLOVE) for corporate governance to enable better decision making. In this paper, the structure proposed refers to components of culture, legal, orientation, value embeddedness that may be internal or external to the firm and these components are those, which will have a role in undertaking effective corporate governance and wealth creation for shareholders and the firm.