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Drivers of convergence/divergence of corporate governance codes of MENA countries.

Uyar, A., Elbardan, H. and Yam, A., 2019. Drivers of convergence/divergence of corporate governance codes of MENA countries. International Journal of Business Governance and Ethics, 13 (3), 217-243.

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DOI: 10.1504/IJBGE.2019.099367


This study aims to fill an existing gap in the regional corporate governance research by investigating the extent of and the drivers behind the convergence/divergence of the corporate governance codes among Middle Eastern and North African (MENA) countries comparing to the globally known Organization for Economic Cooperation and Development (OECD) principles of corporate governance. The results of the study revealed that the convergence level of the codes among the countries and compared to OECD principles significantly varies among countries, ranging from 31% to 73%. The results show that the adopted governance principles in the codes are ‘decoupled’ from legitimation concerns and focus on efficiency goals. The macroeconomic factors of MENA countries do not consistently reflect the convergence score of the codes with the OECD principles. The institutional quality factors of MENA countries are not aligned with their codes. The study provides several important implications for regulators, firms and other stakeholders.

Item Type:Article
Uncontrolled Keywords:Corporate governance codes; Convergence/Divergence; MENA countries; Institutional theory
Group:Bournemouth University Business School
ID Code:31729
Deposited By: Symplectic RT2
Deposited On:05 Feb 2019 09:16
Last Modified:14 Mar 2022 14:14


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