Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Small and medium enterprises (SMEs) share distinctive challenges that require specific governance practices. This guidebook presents a tailored governance framework with structures, policies, and practices that mitigate the risks and support sustainable growth of business while recognizing the resource constraints typical of SMEs. The objective of this guidebook is to help SME entrepreneurs and their investors develop a highly tailored governance improvement plan to support sustainable growth of their companies. The SME governance methodology in this guidebook represents a governance innovation by tailoring specific recommendations to the evolutionary stages of SME growth: stage one: start-up; stage two: active growth; stage three: organizational development; and stage four: business expansion. This guidebook provides an international perspective - focusing on characteristics that are common to small and midsize businesses in many different countries. Guidebook is structured as follows: chapter one, SME governance: what is it? why is it important? explains what corporate governance is and how it differs for SMEs. Chapter two, SME governance framework defines the stages of growth for SMEs as well as governance-related risks and opportunities associated with each stage. Chapter three, key governance topics and leading practices takes a deep dive into select governance concepts and practices for each of the five governance topics. Appendix, SME governance action planning tool distills the key recommendations of the SME guidebook and presents them in the form of worksheets to help identify high-priority actions appropriate to your SME's stage of growth.

Board of Directors --- Corporate Governance --- Enterprise Development and Reform --- Organizational Management --- Private Sector Development --- Shareholder Protection --- Small and Medium Size Enterprises --- Transparency

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers.

Capital Markets --- Company Behavior --- Corporate Governance --- Corporate Governance Regime --- Corporate Law --- Debt Markets --- Economic Policy, Institutions and Governance --- Emerging Markets --- Exchange --- External Financing --- Finance and Financial Sector Development --- Financial Markets --- Governance --- Governance and Financial Sector --- Governance Indicators --- Governance Measures --- Governance Practice --- Governance Practices --- Institutions and Governance --- Investor --- Investor Protection --- Investors --- Law and Development --- Legal Regime --- Legal Regimes --- Legal Systems --- Macroeconomics and Economic Growth --- Microfinance --- National Governance --- Private Sector Development --- Public Sector Development --- Regulatory Regimes --- Shareholder --- Shareholder Protection --- Shareholders --- Small Scale Enterprises

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers.

Capital Markets --- Company Behavior --- Corporate Governance --- Corporate Governance Regime --- Corporate Law --- Debt Markets --- Economic Policy, Institutions and Governance --- Emerging Markets --- Exchange --- External Financing --- Finance and Financial Sector Development --- Financial Markets --- Governance --- Governance and Financial Sector --- Governance Indicators --- Governance Measures --- Governance Practice --- Governance Practices --- Institutions and Governance --- Investor --- Investor Protection --- Investors --- Law and Development --- Legal Regime --- Legal Regimes --- Legal Systems --- Macroeconomics and Economic Growth --- Microfinance --- National Governance --- Private Sector Development --- Public Sector Development --- Regulatory Regimes --- Shareholder --- Shareholder Protection --- Shareholders --- Small Scale Enterprises

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This report summarizes the experiences of 19 companies from across the region. Each of the case studies highlights the key corporate governance changes made and the positive impacts that resulted, as reported by the company. The companies represent various countries, sectors, types, and sizes. All of the companies featured are former IFC Advisory Services clients. Some are IFC Investment clients as well. IFC conducted an in-depth corporate governance assessment for each of these companies using IFC's Corporate Governance Methodology. The assessments resulted in specific recommendations on ways to improve each company's governance framework and identified implementation plans. The assessments were conducted at various points over the past few years. The time taken to implement changes and realize benefits varied. However, all companies reported that governance changes are continuous and the corresponding benefits manifest themselves in different forms over time. This report provides examples of companies in various stages of change - from recent changes (e.g., Medgulf) to ongoing, longer-term changes (e.g., Bank Audi). This report also includes testimony from three MENA private equity firms (all IFC investment clients). Collectively, these firms have worked with 72 investee companies (past and present funds). Selected based on their association with IFC and their willingness to share their insight and experiences, these firms offer a valuable window into the importance of corporate governance from an investor's perspective. The material in this report is based on feedback gathered through individual interviews with each organization featured, resulting in well-considered responses. The achievements highlighted are all the more notable given that the interviews and information gathering process took place in in late 2009 (first edition) and 2013 (for current edition), when the region was still under the stress of the crisis.

Accountability --- Accounting --- Asset Management --- Audits --- Banking Sector --- Capital --- Collections --- Corporate Governance --- Corporate Governance and Corruption --- Corporate Law --- Corporate Social Responsibility --- Credit --- Debt --- Developing Countries --- Economic Development --- Employment --- Equity --- Finance --- Financial Crisis --- Financial Institutions --- Financial Management --- Financial Services --- Fiscal Year --- Foreign Direct Investment --- Good Governance --- Grants --- Human Capital --- Inflation --- Infrastructure --- Insurance --- Interest Rates --- International Finance --- Job Creation --- Labor Costs --- Land --- Law and Development --- Loans --- Private Sector Development --- Productivity --- Profitability --- Regulators --- Reputation --- Retirement --- Return On Equity --- Risk --- Risk Management --- Shareholder Protection --- Technical Assistance --- Transparency --- Transport

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Good corporate governance ensures that companies use their resources more efficiently, protects minority shareholders, leads to better decision making, and improves relations with workers, creditors, and other stakeholders. It is an important prerequisite for attracting the patient capital needed for sustained long-term economic growth. This report provides an assessment of the Kingdom of Saudi Arabia (KSA) corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in KSA. The corporate governance laws, regulations, and institutions that have been put in place generally reflect international good practice. In the wake of the market correction of 2006, market regulators focused on the need for better corporate governance via legal and institutional reforms. These included passing a Corporate Governance Regulation (CGR) for listed companies (2006), and further strengthening the supervisory functions across the financial sector. However, many of the laws and institutions are still relatively new and untested; awareness of the importance of good corporate governance is low, and implementation by companies in its early stages.

Access to Information --- Accounting --- Arbitration --- Audits --- Banking Sector --- Bonds --- Capacity Building --- Capital Markets --- Civic Participation and Corporate Governance --- Corporate Governance --- Corporate Governance and Corruption --- Corporate Law --- Credibility --- Debt --- Due Diligence --- Economic Development --- Equity Markets --- Expenditures --- Financial Crisis --- Financial Institutions --- Financial Sector --- Foreign Banks --- Insurance --- International Finance --- Investment Banks --- Law and Development --- Legal Framework --- Liberalization --- Limited Liability Companies --- Ownership Rights --- Private Sector Development --- Property Rights --- Public Investment --- Public Policy --- Risk Management --- Rule of Law --- Securities --- Shareholder Protection --- Stock Exchanges --- Telecommunications --- Transaction Costs --- Transparency --- World Development Indicators