41 Discuss in detail how good corporate governance practice is beneficial for firms, its stakeholders, and the whole economy. (20 marks) QUESTION FOUR (20 Marks) It is well established that good corporate governance practice is beneficial for firms, its stakeholders and whole economy. Furthermore, saving rates, investment decisions, technological progress and consequently economic growth are encouraged as financial systems reduce market frictions. Consequently, developing countries require reforms to stimulate financial system for revival of an economy.nd 8 -Dg. 72