*2.1. Past Studies Relating to Corporate Governance Disclosure*

Corporate governance has long been a source of concern for scholars. Several scandals have captured headlines in recent years, along with the Enron, Lehman Brothers, and Volkswagen scandals. This instance is frequently mentioned in studies on the necessity of effective corporate governance. In line with the study's findings, transparency, leadership, and organizational culture define strong corporate governance [31]. According to research relating to corporate governance, three clusters exist, first, corporate social responsibility and reporting; second, corporate governance strategies; and third, board composition [32].

If corporate governance is defined as a firm control system that involves a series of relationships between its stakeholders with the goal of boosting economic efficiency [32], [33]. In that case, corporate governance disclosure is described as a tool to reveal corporate governance information. The organization's openness to reveal management practices, financial reporting, and other vital information is an example of transparency that fosters trust among stakeholders. This phenomenon has lately increased studies on corporate governance disclosure. Accountability, honesty, and openness are all enhanced by corporate disclosures. The corporation shares essential information with all its stakeholders through Corporate Disclosures [33]. Corporate disclosure study was conducted using publicly available stock exchange data [34]. Several studies have been conducted to determine what

kinds of data are transparent. The scope of the study varies, involving organizations such as profit companies' businesses, non-profits, and state-owned enterprises, with national or worldwide regions of interest, or comparing nations.

Today's world is familiar with the financial technology business, which is in accordance with the century of technological growth. FinTech signifies the application of technology into financial services corporations' contributions to improve their procedure and supply to customers. This is achievable by unbundling such organizations' contributions and creating new markets for them. This industry is rapidly expanding and is popular among millennials. FinTech, a new business with a significant turnover, is also essential to practice good governance. Unfortunately, certain unfavorable cases hurt the population; thus, testing and in-depth investigations to determine the cause are required. There is still a scarcity of studies on the subject. Several studies on FinTech are related to the topic of business models. Six FinTech business models, including payments, wealth management, crowdfunding, loans, capital market, and insurance services, have been adopted by the expanding number of FinTech start-ups [35].
