Financial Development and Corporate Governance Efficiency: An Overview of MENA

Abstract

This section discusses financial development and corporate governance efficiency in the Middle East and North Africa (MENA) region. Macroeconomic soundness is essential for developing financial sector services, and corporate governance is a substantial factor in determining firm performance. Insufficient corporate governance can harm shareholders’ interests and lead to undesirable results such as business insolvency. In addition, firms face many business risks and challenges related to regulation, competition, market and customer trends, technology shifts, supply chains, cost management, financing, performance monitoring, business rescue from insolvency, and total value optimization. Therefore, we discuss the nature and level of financial development and corporate governance in the MENA region, the problems faced by institutions in the MENA region that hinder financial development, the adoption of best practices in terms of corporate governance, and the role of efficient corporate governance as a key to overcoming some of these challenges and achieving continuous improvement using the data envelopment analysis (DEA) approach.

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