IJIMT 2012 Vol.3(5):619-624 ISSN: 2010-0248
DOI: 10.7763/IJIMT.2012.V3.307

Compliance to Corporate Governance Code by Listed Companies in Egypt and the UAE

Afaf Mubarak

Abstract—The purpose of this study is to examine in some depth the extent to which national corporate governance code(CG) is followed by companies listed in Egyptian Securities Exchange (EGX) and by Securities Exchange in United Arab Emirates (UAE) both in terms of adoption and reporting. Although there is a growing acknowledgment of the importance of corporate governance all over the world and in the Middle East, the region is rarely examined in the literature or introduced or linked with the international academic arena. Data for this paper was collected from the listed companies insecurities exchange of the two countries at the end of 2010.Annual reports and websites and other sources of these companies were checked. Results show more compliance to CG code by UAE companies comparing to Egyptian companies and with more reporting as well. The overall compliance in Egypt was associated with more diversity in industry and to aless degree with having foreign operations while in UAE the compliance was led by banks and financial sector which is tightly regulated from the central bank and even stronger association with having foreign operations. Ownership has no significant influence on compliance to national code of corporate governance in both countries.

Index Terms— Corporate Governance Practice, Code, Egypt, UAE.

Afaf Mubarak is with Al Hosnu University, Abu Dhabi P.O.B 38772,United Arab Emirates, ( tel. +971 2 4070700; fax +971 2 4070599; email:a.mubarak@alhosnu.ae).

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Cite: Afaf Mubarak , " Compliance to Corporate Governance Code by Listed Companies in Egypt and the UAE ," International Journal of Innovation, Management and Technology vol. 3, no. 5, pp. 619-624 , 2012.

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