Which of the following statements is FALSE?

Corporate governance is a system of checks and balances that trades off costs and benefits.

The costs and benefits of a corporate governance system also depends on cultural norms.

It is important to keep in mind that good governance is value enhancing and so$,$ in principle, is something investors in the firm should strive for.

Because good governance is based upon a basic set of principles, one should expect all firms to display similar governance structures.