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The theoretical framework presented above will be used to develop the testable hypothesis for this study. The basis of the hypothesis is that the introduction of corporate governance best practice namely board leadership structure and board composition will be reflected in firm performance in the hospitality industry scenario. However the board structures in the global hospitality industry vary in firms and countries. Therefore, the hypothesis presented in this study will be tested to investigate the effect of corporate governance codes on firm performance in the global hospitality industry.

Capital markets attract investor confidence for which good corporate governance is an essential. For good corporate governance to occur the board should effectively monitor the managers for their accountability to shareholders. The monitoring mechanisms of Board leadership (Ha) and Board Composition (Hb) are represented to investigate the accountability to shareholders through firm performance.

2.4 a. Board leadership

Based on the above literary argument, it can be said that leadership structure of the firm will have an important impact on performance, because board leadership structure is a device that is implemented to monitor the activities of the CEO. Therefore in this study a monitoring leadership structure is considered important in affecting firm performance.

Examination of empirical research in the above chapters has provided important insights into the relationship between leadership structure and firm performance. Therefore as suggested by the agency theory, the conceptual framework considers the importance of separating the roles of chairman and CEO in the affecting firm performance. To test the above argument in the global hospitality industry scenario the following hypotheses is suggested.

H0a- Separate leadership structure is not…...

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