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Corporate Governance Enforcement in the Middle East and North Africa: Evidence and Priorities

Author

Listed:
  • Alissa Amico

    (OECD)

Abstract

Corporate governance frameworks in the Middle East and North Africa region have undergone a substantial evolution in the past decade. Better enforcement of corporate governance rules and regulations has in the past three years emerged as both a policy challenge and a priority for the region. This emphasis on better enforcement reflects a number of trends including political changes in some countries of the region, the global call for better surveillance of the adoption of governance rules as well as low investor engagement in the region. This paper examines key developments in public and private corporate governance enforcement in the region. It highlights the growing level of public enforcement as expertise within the securities regulators is growing. The paper provides policy recommendations on specific aspects of governance frameworks such as the treatment of related party transactions and board member responsibilities which - if better regulated - could result in more effective governance enforcement in the region.

Suggested Citation

  • Alissa Amico, 2014. "Corporate Governance Enforcement in the Middle East and North Africa: Evidence and Priorities," OECD Corporate Governance Working Papers 15, OECD Publishing.
    • Handle: RePEc:oec:dafaae:15-en
    DOI: 10.1787/5jxws6scxg7c-en
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    Citations

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    Cited by:

    1. Abed Al‐Nasser Abdallah & Wissam Abdallah & Mohsen Saad, 2020. "Institutional characteristics, investment sensitivity to cash flow and Tobin's q: Evidence from the Middle East and North Africa region," International Finance, Wiley Blackwell, vol. 23(2), pages 324-339, August.
    2. Moumen, Néjia & Ben Othman, Hakim & Hussainey, Khaled, 2016. "Board structure and the informativeness of risk disclosure: Evidence from MENA emerging markets," Advances in accounting, Elsevier, vol. 35(C), pages 82-97.
    3. Ahmed A. Elamer & Collins G. Ntim & Hussein A. Abdou & Alaa Mansour Zalata & Mohamed Elmagrhi, 2019. "The impact of multi-layer governance on bank risk disclosure in emerging markets: the case of Middle East and North Africa," Accounting Forum, Taylor & Francis Journals, vol. 43(2), pages 246-281, April.
    4. Mertzanis, Charilaos & Basuony, Mohamed A.K. & Mohamed, Ehab K.A., 2019. "Social institutions, corporate governance and firm-performance in the MENA region," Research in International Business and Finance, Elsevier, vol. 48(C), pages 75-96.
    5. Ahmed A. Elamer & Collins G. Ntim & Hussein A. Abdou & Andrews Owusu & Mohamed Elmagrhi & Awad Elsayed Awad Ibrahim, 2021. "Are bank risk disclosures informative? Evidence from debt markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 1270-1298, January.
    6. Abdallah, Abed Al-Nasser & Ismail, Ahmad K., 2017. "Corporate governance practices, ownership structure, and corporate performance in the GCC countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 46(C), pages 98-115.
    7. Ghosh, Saibal, 2018. "Governance reforms and performance of MENA banks: Are disclosures effective?," Global Finance Journal, Elsevier, vol. 36(C), pages 78-95.

    More about this item

    Keywords

    board appointment; commercial courts; company law; corporate governance; enforcement; investor engagement; listing requirements; Middle East and North Africa; minority shareholder; redress; securities regulator; shareholder rights; stock exchange;
    All these keywords.

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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