This paper wades through the extant corporate governance literature and identifies the existence of four different governance models in practice. Though market‐centric and relationship‐based models have been widely discussed in corporate governance literature, a dearth of two other governance models viz., transition and emerging governance models have not been extensively covered. This paper tries to identify the existence of the transition governance model and also a new governance model that is emerging in some developing countries. An attempt has been made to narrate the way all the four governance models function in different economies, and assumes that understanding the governance quadrilateral would be a pre‐requisite for understanding global corporate governance.
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