Articlediamond2012

Corporate governance and firm performance and value in Saudi Arabia

136 citations0/0 files storedAFRICAN JOURNAL OF BUSINESS MANAGEMENT

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Corporate Finance and Governance Financial Reporting and Valuation Research Corporate Governance and Financial Management

Abstract

This study investigates the relationship between corporate governance characteristics and firm performance and value of Saudi-listed firms using an index intended to capture the combined effect of firms’ corporate governance characteristics. Saudi Arabia's importance as an international market for investment is growing. Influenced by the recency of governance initiatives and large percentages of insider ownership, among other things, we predict and found that corporate governance and firm performance (measured as return on assets) are unrelated, but corporate governance and firm value (measured as Tobin’s Q and market value of equity) are positively related. Key words: Corporate governance, Saudi Arabia, governance index, performance, value.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1988Management ownership and market valuation 1996Higher market valuation of companies with a small board of directors 1995Earnings, Book Values, and Dividends in Equity Valuation*1991Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns 1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders 1994A Simple Approximation of Tobin's q

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