The discussion questions to follow cover the key learning points of this chapter. Reading of some of the additional reference material will enhance the depth of students' knowledge and understanding of these areas. 1. Critically discuss the main theories that have influenced the development of corporate governance. 2. Do you think that different theories are more appropriate to different types of ownership structure? 3. What are the main problems that may arise in a principal-agent relationship and how might these be dealt with? 4. What links might there be between a country's legal system and capital market developments, and the impact of the theories underlying corporate governance? 5. Critically discuss the potential impact of the global financial crisis on the likelihood of convergence of corporate governance systems. 6. Critically discuss the role of corporate culture in helping ensure an ethical corporate environment and how it may encourage directors and other employees to act with integrity