IDENTIFICATION AND PRIORITIZATION OF THE CHARACTERISTICS OF CORPORATE GOVERNANCE PRACTICES FOR SAUDI JOINT STOCKLISTED COMPANIES
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Published
Apr 10, 2025
Ibrahim M. Haidoub
Rafikul Islam
Siddique E Azam
https://orcid.org/0000-0003-3977-8955
Siddique E Azam
Abstract
Aligned with the Saudi Vision 2030, which underscores the importance of effective corporate governance in achieving economic development goals, this study aims to identify and prioritize specific characteristics that are crucial for bolstering corporate governance practices in Saudi joint stock listed companies. To achieve this goal, the study employs a quantitative approach and leverages the Analytic Hierarchy Process (AHP) to solicit and analyze expert opinions on the relative importance of various characteristics associated with effective corporate governance with a focus on Saudi joint stock listed companies. The findings highlight board independence as the most pivotal characteristic followed by audit committee independence, separation of position, and then seven other characteristics. Ownership structure was found to be the least influential characteristic. The scope of the research is confined to Saudi joint stock listed companies, and the applicability of the findings to other business contexts may require further exploration. In terms of the practical implications of the study, resources can be allocated to enhance effectiveness of corporate governance practices, especially focusing on the characteristics that are deemed critical based on the priorities. Additionally, corporate policies and governance frameworks can be refined to align with the prioritized characteristics, fostering a governance structure that resonates with international best practices. This research offers a unique perspective on the characteristics that can significantly impact corporate governance practices in the Saudi Arabian context. The developed model holds practical value for corporate leaders, executives, and policymakers, providing a roadmap for the implementation of effective corporate governance practices aligned with the goals of the Saudi Vision 2030.
How to Cite
Haidoub, I. M., Islam, R., & Azam, S. E. (2025). IDENTIFICATION AND PRIORITIZATION OF THE CHARACTERISTICS OF CORPORATE GOVERNANCE PRACTICES FOR SAUDI JOINT STOCKLISTED COMPANIES. International Journal of the Analytic Hierarchy Process, 17(1). https://doi.org/10.13033/ijahp.v17i1.1241
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Keywords
Corporate Governance, Board Composition, Board Independence, Ownership Structure, Saudi Arabia, Analytic Hierarchy Process
References
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Aluchna, M. and Tomczyk, E. (2019), “Compliance with Corporate Governance Best Practices. The Perspective of Ownership Structure”, Journal of Management and Financial Sciences, 32, 9-26.
Al-Zahrani, Y.A. (2013b). The Corporate Governance in Saudi listed companies. International Journal of Humanities and Management Sciences (IJHMS), 1(4), 243-254.
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Al Ahmary, H. (2018), “Does Saudi Corporate Governance Attain International Standards Using the UK Best Practices as an Exemplar”, Unpublished Doctoral Thesis, City, University of London.
Al-Daoud, K. I, Saidin, S. Z and Abidin, S. (2016), “Board Meeting and Firm Performance: Evidence from the Amman Stock Exchange”, Corporate Board Role, Duties of Composition, 12(2), 6-11.
Al Faryan, M. A. S. (2020), “Corporate Governance in Saudi Arabia: An Overview of its Evolution and Recent Trends”, Risk Governance and Control: Financial Markets and Institutions. 10(1), 23-36.
Al Hares, A., Dominic, G. and Al Abed, R. (2019), “Corporate Governance Practices: Evidence from MENA Countries”, Theoretical Economics Letters, 9(4), 999-1019.
Al-Janadi, Y. (2013) “Corporate Governance Mechanisms and Voluntary Disclosure in Saudi Arabia”, Research Journal of Finance and Accounting, 4(4), 25-35. Retrieved from http:// www.researchgate.net.
Almarayeh, T., Aibar-Guzman, B. and Suárez-Fernández, Ó. (2024), "Does the board of directors play a role in mitigating real and accrual-based earnings management in the MENA context?", Corporate Governance, ahead-of-print. https://doi.org/10.1108/CG-04-2022-0192
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Aluchna, M. and Tomczyk, E. (2019), “Compliance with Corporate Governance Best Practices. The Perspective of Ownership Structure”, Journal of Management and Financial Sciences, 32, 9-26.
Al-Zahrani, Y.A. (2013b). The Corporate Governance in Saudi listed companies. International Journal of Humanities and Management Sciences (IJHMS), 1(4), 243-254.
Al-Zuhair, M.M., (2008), “Privatization programs, ownership structures, and market development: The role of country characteristics on defining corporate governance standards” (Doctoral dissertation, The George Washington University).
Ammer, A. A. andAhmad-Zaluki, N. A. (2017), “The role of the gender diversity of audit committees in modelling the quality of management earnings forecasts of initial public”, Gender in Management: An International Journal, 32(6), 420-440.
Anderson, R.C., Mansi S.A and Reeb D.M., (2004). “Board characteristics, accounting report integrity and the cost of debt", Journal of accounting and economics, 37, 315-342.
Anwar, W., Hasan, A. and Nakpodia, F. (2024), "Beyond the bottom line: exploring the role of governance mechanisms in promoting corporate tax responsibility", Corporate Governance, ahead-of-print. https://doi.org/10.1108/CG-09-2023-0392
Ashari, S. and Krismiaji, K. (2020), “Audit Committee Characteristics and Financial Performance: Indonesian Evidence”, Equity, 22(2), 139-152. http://dx.doi.org/10.1016/j.jfbs.2010.02.001
Bartholomeusz, S. and Tanewski, G. A. (2006), “The relation between family firms and corporate governance”, Journal of Small Business Management, 44(2), 245–267.
Bedard, J. and Gendron, Y. (2010), “Strengthening the Financial Reporting System: Can Audit Committees Deliver?”, International Journal of Auditing, Vol 14(2), 174-210.
Botelho, M. (2022). Analyzing Priority Vectors: Going Beyond Inconsistency Indexes. International Journal of the Analytic Hierarchy Process, 14(2), 1-19. https://doi.org/10.13033/ijahp.v14i2.922
Carrott, G. T. (2013), “The real work and worth of board committees”, Directors & Boards, 38(1), 26-29.
Charreaux, G. (2004), “Corporate Governance Theories: From Micro Theories to National System Theories”, (Working Paper of Fargo (1041202). Research Centre of Finance, Architecture and Governance for Organizations.
Chatjuthamard, P., Treepongkaruna, S., Jiraporn, P. and Park, K.J. (2023), "Estimating the effect of board independence on innovation efficiency using research quotient: a quasi-natural experiment", Corporate Governance, 23(7), 1670-1689. https://doi.org/10.1108/CG-12-2022-0487
Chung, R., Firth, M. and Kim, J. B. (2005), “Earning management, surplus free cash flow and external monitoring”, Journal of Business Research, 58(6), 766–776.
CMA (2015). About Capital Market Authority. Available at: http://www.cma.org.sa
CMA (2017). Capital Market Authority: Corporate Governance Regulations. Available at: http://www.cma.org.sa
Cooray, T. and Senaratne, S. (2020), “Does Corporate Governance Affect the Quality of Integrated Reporting?”, Sustainability, 12(10), 4262.
Coles, J. L., Daniel, N. D. and Naveen, L. (2008), “Boards: Does One Size Fit All”, Journal of Financial Economics, 87(2), 329-356.
Deliotte (2016), “Good Governance Driving Corporate Performance”, A Meta-analysis of Academic research & invitation to engage in the dialogue. UK.
De Villiers, C. and Dimes, R. (2020), “Determinants, Mechanisms and Consequences of Corporate Governance Reporting: A research framework”, Journal of Management and Governance, 25, 7-26.
Diligent, (2018). What is the history of corporate governance and how has it changed? [Online] Available at https://www.diligent.com/resources/blog/what-is-the-history-of-corporate-governance-and-how-has-it-changed.
Drishti (2020, February 24). Good Governance. Available at http:// www.drishtiias.com.
Endrikat, J., De Villiers, C., Guenther, T. and Guenther, E. (2020), “Board characteristics and corporate social responsibility: A meta-analytic investigation”, Business & Society, 60(8), 2099-2135. DOI: https://doi.org/10.1177/0007650320930638
Fan, Y., Jiang, Y., Zhang, X. and Zhou, Y. (2019), “Women on boards and bank earnings management: from zero to hero”, Journal of Banking and Finance, 107 (October, 105607). doi: 10.1016/j.jbankfin.2019.105607.
Ginesti, G., Drago, C., Macchioni, R. and Sannino, G. (2018), “Female board participation and annual report readability in firms with boardroom connections”, Gender in Management: An International Journal, 33(4), 296-314.
Gordon, J. (2021). Compensation Committee Definition [Online]. Available at https://thebusinessprofessor.com.
Gouiaa, R. (2018), “Analysis of the Effect of Corporate Governance Attributes on Risk Management Practices”, Risk Governance and Control: Financial Markets and Institutions, 8(1), 14-23.
Habbash, M., Hussainey, K. and Ibrahim, A. (2019), “Corporate Governance and Risk Disclosure: Evidence from Saudi Arabia”, International Journal of Accounting, Auditing and Performance Evaluation, 15(1), 89-111.
Haidar, M. (2019), “Does Corporate Governance Moderate the Relationship Between Capital Structure & Firm Performance? Evidence from the Netherlands”, Unpublished Master Thesis, University of Twente.
Hammad. F. (2019), “The Vision 2030: Corporate Governance Perspective in Saudi Arabia”, Journal of System and Management Sciences, 9(1), 48-68.
Hanine, Y., Tkiouat, M., & Lahrichi, Y. (2021). An Alternative Framework for Socially Responsible Portfolios Optimization Applied to the Moroccan Stock Exchange. International Journal of the Analytic Hierarchy Process, 13(1), 107-146. https://doi.org/10.13033/ijahp.v13i1.831
Hashim, H. A. and Devi, S. (2008), “Board Characteristics, Ownership Structure, and Earnings Quality: Malaysian Evidence”, Research in Accounting in Emerging Economies, 8(1), 97-123.
Hill, B., M. Lunn, W. Morrison, Mueller, J. and Robertson, C. (2015), “Saudi Arabia: An overview of executive compensation, board structure, and sustainability”, Drake Management Review, 4(1/2), 20-33.
Javed, M., Mehmood, K., Ghafoor, A. and Parveen, A. (2024), "Board structure and risk-taking behavior: evidence from the financial sector of Pakistan", Corporate Governance, ahead-of-print. https://doi.org/10.1108/CG-03-2023-0101
Khan, S. and Kamal, Y. (2024), "Corporate board, audit committee and earnings manipulation: does the corporate regulation matter? An emerging economy perspective", Corporate Governance, 24(4), 831-864. https://doi.org/10.1108/CG-01-2023-0013
Kipkoech, S. R. and Rono, L. (2016). Audit Committee Size, Experience and Firm Financial Performance. Evidence Nairobi Securities Exchange. Research Journal of Finance and Accounting, 7(15), 87-95.
Krishnan, D., Islam, R. and Sarif, S.M. (2020), “A hierarchical model to enhance financial and strategic performance of an oil and gas company in Malaysia”, International Journal of Energy Sector Management, 14(2), 482-503.
Kyere, M. and Ausloos, M. (2020), “Corporate Governance and Firm Financial Performance”, International Journal of Finance & Economics, 26, 1871-1885.
Lisboa, I., Guilherme, M. C. and Teixeira, N. (2020). Corporate Governance Practices in Portugal. Corporate Law & Governance Review, 2(1), 42-54.
Mallat, C. (2022). 'Companies and Corporate Governance' in The Normalization of Saudi Law. online edn, Oxford Academic press, New York, 2022. DOI: 10.1093/oso/9780190092757.003.0012
Masud, M. A., Bae. S. M., Manazanares, J. and Kim, J. (2019). Board Directors’ Expertise and Corporate Corruption Disclosure: The Moderating Role of Political Connections. Sustainability, 11, 4491.
Mertzanis, C., Nobanee, H., Basuony, M.A.K. and Mohamed, E.K.A. (2023), "Enforcement, corporate governance, and financial decisions", Corporate Governance, 23(5), 1175-1216. https://doi.org/10.1108/CG-11-2021-0435
Meteb, A. M. (2015). The Importance of Corporate Governance in Saudi Arabia Economy. Journal of WEI Business and Economics, 4(1), 14-27.
Moon, C. (2021), “The Evolution of Corporate Governance”, [Online]. Available at http:// www.praxonomy.com.
Naif, A. T. and Ali, H. M. (2019), “Saudi Arabia Regulations on Corporate Governance”, International Journal of Asian Social Science, 9(2), 150-167.
Ntim, C.G., Lindop, S. and Thomas, D.A. (2013), “Corporate Governance and risk reporting in South Africa: a study of corporate risk disclosures in the pre-and post-2007/2008 global financial crisis periods”, International Review of Financial Analysis, 30(1), 363–383.
Nuanpradit, S. (2024), "Investment efficiency of targeted S-curve industries: the roles of CEO duality and financial reporting quality", Journal of Asia Business Studies, 18(3), 565-592. https://doi.org/10.1108/JABS-04-2023-0131
Oussii, A.A. and Klibi, M.F. (2024), "The impact of CEO power on corporate tax avoidance: the moderating role of institutional ownership", Corporate Governance, 24(4), 725-742. https://doi.org/10.1108/CG-02-2023-0067
Raweh, N. A. M., Abdullah, A. A. H., Kamardin, H. and Malek, M. (2021), “Industry Expertise on Audit Committee and audit Report Timeliness”, Cognet Business and Management, 8(1), 1-29.
Reguera-Alvarado, N. and Bravo, F. (2017), “The effect of independent directors’ characteristics on firm performance: Tenure and multiple directorships”, Research in International Business and Finance, 41(October), 590-599. doi.org/10.1016/j.ribaf.2017.04.045
Saaty, T. L. (2008), “Decision making with the analytic hierarchy process. International journal of services sciences, 1(1), 83-98. DOI: https://doi.org/10.1504/IJSSCI.2008.017590
Salawu, M. O., Okpanachi, J., Yahya, O. A. and Dikki, A. (2017), “European Journal of Accounting, Auditing and Finance Research”, 5(10), 61-79.
Sarbah, A. and Xiao, W. (2015), “Good Corporate Governance Structure: A must for Family Businesses”, Open Journal for Business and Management, 3, 40-57.
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