Why do corporations accept voluntary codes on corporate governance and why is the acceptance so rapid among the corporations? A theoretical explanation

Implementation of principles of the Codes on Corporate Governance (CCG) is aimed at minimizing agency conflicts and corporate governance problems in the listed firms but we see them emerging over and over again despite the rapid implementation of CCG by listed firms, motivate us to develop this theoretical framework to understand why do the firms accept the voluntary principles and what type of behaviours could be expected among and between the top management personnel.