“…Given Bangladesh’s political, cultural and economic forces, the market offers little protection to minority shareholders (Solaiman, 2006), challenging the efficacy of the Anglo-American-style CG Guidelines (Li and Harrison, 2008; Haxhi and van Ees, 2010). An undeveloped capital market, together with a high reliance on bank financing, limited monitoring, a poor legal framework (Siddiqui, 2010) and weak insider trading legislation and enforcement (Biswas, 2012), means that CG monitoring and enforcement mechanisms are weak, allowing many wrongdoers to go undetected (Uddin and Choudhury, 2008; World Bank, 2009). These tensions are further complicated by the prevalence of corruption in Bangladesh, which is one of the “most important determinants of social and environmental performance” in emerging markets (Claessens and Yurtoglu, 2013, p. 19)[5].…”