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The Corporate Governance Practices: Evidence from MENA Countries

This study investigates the level of compliance and disclosure of corporate governance mechanisms in Middle East and North Africa countries. The study uses a panel data of 250 companies from MENA countries between 2009 and 2016. The ordinary least square multiple regression analysis technique is used to examine the relationships. Additionally, to alleviate the concern of potential endogeneity, we use fixed effect regression, two-stage least squares using instrumental variables. The results show that the level of voluntary compliance with and disclosure of corporate governance mechanisms among MENA countries varies substantially across countries and is low. The result is consistent with the neo-institutional theory. Future research could investigate more sets of firm-level internal CG mechanisms and country-level variables and use of weighted index. This study extends, as well as contributes to the extant CG literature by offering new evidence on the effect of corporate governance mechanisms among listed firms in ten different MENA countries within a neo-institutional theoretical perspective. The findings will help regulators and policy makers in their countries to pursue reforms to improve national governance quality.