The new corporate governance model that studies have generated illustrates that the corporate legality (external governance - capital market-based performance) and corporate culture (internal governance - firm-based performance) provisions referring to eight essential elements are complementary. In addition to the 89 provisions the inclusion of the G15 and G17 indices based on 32 mandated provisions are required for long-term performance at the national and business levels. In the first study apart from return on equity, return on assets, and Tobin's q, the initial empirical results have confirmed the notion that corporate success favourably involves both internal and external governance performance. The second study demonstrated that enforcing capital market-based regulations and requirements increased the overall mean corporate governance score of firms that led to better leadership and fostered financial innovations in the banking industry. Further study emphasized the value of both the corporate legality elements and corporate culture elements and that the mandated corporate legality provisions (external governance provisions) – the G15 index had a bigger effect on exchange rate risk, international trade, and hedging.