* Where is the cover page and its contents? Had it been there I might have commented on ur full title. * Long paragraphs are observed. Pls put different ideas in different paragraphs. * Be consistent in the use of terms for your variables.
* I read three critical sections in the interest of time: Methodology, Problem statement and objective. The purpose of such partial reading is not to stop ur progress. U can collect data, analyze it and write the whole thesis. I will read the other sections later when I get sufficient time…..Before I start to follow such partial reading strategy, I read and commented your background of the study. * I see many irrelevant materials in your methodology section. * You have a significant problem of not quoting source for information taken from the literature. Avoid this behavior when you are a researcher. * You seems confused on which theory of CG you will follow i.e. shareholders vs. stakeholders theory. * I see much literature in the methodology section. Especially you discussed the relationship between each of your IV and DV in the methodology section. But this should have finished in LR section. Why u make your writing redundant? * You better add many other board characteristics variables as IVs in your model. Besides add other internal governance mechanisms like CEO compensation, debt policy, management ownership etc as IVs…..In general read more literature and add many IVs to have real contribution beyond simple studies that use small number of IVs. * Don’t use the words I, my, we, our etc because they make it personal witting. What is needed is professional writing whereby the researcher is detached from the research work. This is sensible in quantitative studies like yours. * If you see three dots enclosed by white box at the end a comment (as in Comment No T-9 in the problem statement etc), you click the box and then you will get additional comment at the left side of MS-Word. * Since there is no special section for “Gap in Literature” according to different formats, I can’t read it. Some put it in the introduction part, others at the end of Literature Review (LR) and still others in Significance of the study. But I want to know about this issue because it is very critical. Many examiners ask you the contribution of your study to the literature…..If there is no gap in literature and you are repeating what is already known; there is no need for your study totally….Believe me this! So please think seriously about this issue and please show to the readers the gap in literature and how you are going to fill that gap. You can find gap in literature if there is some form deficiency in different literatures (International, Ethiopian, or ANRS specific literatures). *
1.1 Background of the Study
Corporate governance has become a prominent topic in Ethiopia in last couple of decades due to reforms which brought market economy, privatization of state-owned enterprises and openings in the financial system. The term ‘governance’ derives from the Latin gubernare, meaning ‘to steer’, usually applying to the steering of a ship, which implies that corporate governance involves the function of direction rather than control (Solomon and Solomon, 2004: 1). the term “corporate governance” derives from an analogy between the government of cities, nations or states and the governance of corporations (Becht, Bolton and Röell, 2005 pp.2).
There is no single, accepted definition of corporate governance (Solomon and Solomon, 2004 pp.12). There are significant differences in definition according to the country considered. Some of the definitions are narrower or shareholder-oriented approach emphasizing only to the basic role of corporate governance of aligning the interest of shareholders with the interest of mangers. Some other are broader or stakeholder-oriented approach in that corporate governance...