مقاله انگلیسی ایجاد یک شاخص حاکمیت شرکتی (JCGI) برای یک بازار نوظهور
Abstract
Introduction
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Methodology and data
Results
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Abstract
A comprehensive corporate governance index (JCGI, 0–100) is constructed to measure the quality of corporate governance practices of the universe of publicly traded Jordanian firms during 2018–2019. We survey all firms' corporate governance practices and manually collect governance data for listed corporations in Amman Stock Exchange to construct the first JCGI, which comprises five sub-indices and 60 elements.The results show that Jordanian companies did not progress in the corporate governance reform during the study period. The overall JCGI mean value is 67.80%. Sub-index results show that governance is weakest in both board procedure and disclosure, with a mean value of 57.36% and 52.43%, respectively. The board procedure subindex shows that most listed firms practice poor governance. Within the board structure sub-index, only 18% of the study sample has the policy to specify the board's professional qualifications and training requirements. Results of shareholders' rights show a rigid and nontransparent environment in the enterprises' control structure.
چکیده
یک شاخص جامع حاکمیت شرکتی (JCGI، 0-100) برای اندازه‌گیری کیفیت شیوه‌های حاکمیت شرکتی در جهان شرکت‌های سهامی عام اردنی طی سال‌های 2018-2019 ساخته شده است. ما تمام شیوه‌های حاکمیت شرکتی شرکتها را بررسی می‌کنیم و به صورت دستی داده‌های حاکمیتی را برای شرکت‌های پذیرفته‌شده در بورس اوراق بهادار عمان جمع‌آوری می‌کنیم تا اولین JCGI را بسازیم، که شامل پنج زیرشاخص و 60 المان است. نتایج نشان می‌دهد که شرکت‌های اردنی در اصلاحات حاکمیت شرکتی در طول دوره مطالعه پیشرفتی نداشته‌اند. مقدار میانگین کلی JCGI 67.80٪ است. نتایج زیرشاخص نشان می دهد که حاکمیت در هر دو رویه هیئت مدیره و افشاگری به ترتیب با میانگین 57.36 درصد و 52.43 درصد ضعیف است،. زیرشاخص رویه هیئت مدیره نشان می‌دهد که اکثر شرکت‌های فهرست‌شده از حاکمیت ضعیف استفاده می‌کنند. در زیرشاخص ساختار هیئت مدیره، تنها 18 درصد از نمونه مورد مطالعه، خط مشی تعیین صلاحیت های حرفه ای و الزامات آموزشی هیئت را دارند. نتایج حقوق سهامداران نشان دهنده فضایی سخت و غیرشفاف در ساختار کنترلی شرکتها است.
Introduction
"Corporate governance, a term that scarcely existed before the 1990s, is now universally invoked wherever business and finance are discussed" (Keasey et al. 2005). Corporate governance has become a global phenomenon. The financial scandals and crises that have hit most countries pave the road for ongoing corporate governance interest. Governments worldwide are continuously developing corporate governance codes and guidelines or refurbishing those in existence (Mallin 2006).
The main sources of corporate governance legislation in Jordan are the Companies Law, the Securities Law, the Banking Law, and several Instructions and Regulations issued by the Jordanian Securities Commission and the Central Bank of Jordan.
The banking sector in Jordan is heavily regulated. Much attention by regulators and market commissioners was directed to this sector, for example, the "Bank Directors Handbook of Corporate Governance" issued in 2004, the "Corporate Governance Code for Banks in Jordan," issued in 2007, and the "Corporate Governance Instructions for Banks" issued in 2014 (Cigna and Sigheartau 2016).
Jordan authorities have developed additional national corporate governance codes for listed companies; the Corporate Governance Code for Shareholding Companies listed on the ASE, issued in 2008. According to this law, companies must comply with its articles based on "comply or explain" principles or on a compulsory basis according to the law's requirements (See, Cigna and Sigheartau 2016 and OECD Investment Policy Reviews: Jordan 2013).