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Corporate governance and social norms during financial crisis: evidence from France and Saudi Arabia

Journal of management and governance, 2018-09, Vol.22 (3), p.707-748 [Peer Reviewed Journal]

Springer Science+Business Media, LLC, part of Springer Nature 2017 ;Journal of Management & Governance is a copyright of Springer, (2017). All Rights Reserved. ;ISSN: 1385-3457 ;EISSN: 1572-963X ;DOI: 10.1007/s10997-017-9400-x

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  • Title:
    Corporate governance and social norms during financial crisis: evidence from France and Saudi Arabia
  • Author: Ezzine, Hanene
  • Subjects: Accounting/Auditing ; Audit committees ; Audits ; Boards of directors ; Business and Management ; Committees ; Compliance ; Corporate governance ; Economic crisis ; Economic shock ; Industrial Organization ; Management ; Norms ; Resistance ; Social norms ; Social responsibility ; Sociology ; Volatility
  • Is Part Of: Journal of management and governance, 2018-09, Vol.22 (3), p.707-748
  • Description: The resistance to financial crisis and compliance with social norms and effectiveness of corporate governance mechanisms is considered recently as a good matter of concern. Focusing on differences between French and Saudi firms, we examine the effect of (1) board of directors, (2) audit committee, (3) compliance with Corporate Social Responsibility activities, (4) compliance with Shariah principles on financial volatility during subprime crisis of 2007. We find that larger boards, larger audit committees, independent members on boards and audit committees are related negatively to financial volatility. The result supports corporate governance theory which suggests that corporate governance variables outlined provide effective of monitoring of the management thereby enhancing firm’s resistance to financial crisis. In addition, we find that compliance with CSR alone does not explain the financial volatility. Its concert with corporate governance variables is necessary. This result supports stakeholder theory which argues that companies compliant with CSR activities in their business strategy and have larger boards and audit committees, and independent directors on boards and audit committees resist more financial downturns and any economic shock. Furthermore, we find that compliance with Shariah norms plays a significant role in protecting shareholder interests, improving functioning of corporate governance mechanisms and affect positively the resistance of Saudi firms to financial crisis.
  • Publisher: New York: Springer US
  • Language: English
  • Identifier: ISSN: 1385-3457
    EISSN: 1572-963X
    DOI: 10.1007/s10997-017-9400-x
  • Source: ProQuest Central
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