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الاطار الفكري لمفهوم حوكمة الشركاتيوجد فقط 14 صفحة متاحة للعرض العام
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المستخلص
Summary 1-Introduction:Corporate governance and represent one of the most prominent topics that took attention, especially since the mid-nineties. This included interest bodies of international economic organizations such as Economic Cooperation and Development and the International Monetary Fund and the World Bank, which is keen to reach to the foundations and principles and elements of governance, it focused also assesses classification of countries in terms of the levels of governance in their financial markets and make that assessment and classification one references when negotiating with the governments of countries on Alqzaiaalaguetsadah and reform plan study: formulate the problem of the current study to answer the following questions:
• To what extent the Yemeni stock companies apply the principles of corporate gghovernance?
• What is the impact of applying principles of corporate governance on the financial performance of the companies contributing to Yemen-The study hypotheses: To answer research questions, might put aims Vredan presidents, in the light of the results of previous studies in the areas of corporate governance and financial performance, and in light of the goals, has been the formulation of this hypothesis is as follows: Imposition of the first president:”There is a positive significant correlation statistically significant between the applying of the principles of corporate governance and financial performance of the companies contributing to Yemen.”The second main hypothesis:
”The intermediate variables (company size, leverage, the company’s age) has significantly positive affect on the relationship between the principles of corporate governance and the financial performance of the companies contributing to the Yemeni side of another from other side .
4-Objectives of the study This study aims to achieve a public goal , is the study of the impact of the application of the principles of corporate governance on the financial performance of the companies contributing to Yemen , and build a model to measure the performance of corporate governance in companies contributing to the Republic of Yemen.-Methods of data collection :
The study data were collected as follows:
Secondary data ( quantity) :
The practical framework of the study had been collected , from secondary sources that represented the published financial statements >( Income Statement - Balance Sheet - a list of retained earnings - statement of cash flows ) , as well as the notes of each companies sample , the roughly 61 Yemeni Joint Stock Company restricted to the yemeni Ministry of Industry and Trade , and for the period covered by the study, the beginning of the year 2007 and until in 2011 , it has been obtain these data from the following sources : -
Preliminary data :
The researcher collects data by designing a list of survey , contained a number of statements that measure independent variables in thet research , according to a Likert scale quintet ,researcher has depended a sopted in the preparating and designing phrases list of the survey ,on the results of previous studies , researcher conducted stability tests and fitness to make sure that the list is able to measure the variables of the study .
And was the sampling unit ( investigator of it) in the surveying unit representedin:
1- the members of the Board of Directors.
3 - Executive Director or his representative of each of the sample companies .
4 -Financial Managers .
6-The limits of the study:
• the researcher study only measuring the impact of the application of the principles of corporate governance ,on the financial performance of the companies contributing to Yemen , which represents the study sample , without being exposed to the study of the problems of measuring and determining the value of companies
• The study was limited to companies in which it operates in Sanaa , Taiz , only to focus most of the companies in these areas .
• The study for the fiscal years from 2007 to 2011, in order to provide financial data statements for these years , and it can achieve the objectives of the study and appropriate test hypotheses , and studied Applied .
• The study addresses the principles of the Organization for Economic Cooperation and Development in 2004 , the study will not be exposed to other governance mechanisms , but to serve their purposes .
• the field study and the application of the proposed model have done on a sample of companies contributing to Yemen
7 - The importance of the study:
1. The importance of this study is cleared from two angles , one scientific , relating to the addition scientifically professionally to measure the impact of the application of the principles of corporate governance in contributing to the Republic of Yemen, to keep pace with contemporary developments in economic development .
2. The other process , related to supporting the principles of corporate governance of the Organization for Economic Cooperation and Development , to be activated in the Republic of Yemen , through set of measures of financial performance , contribute to the derivation of a set of benchmarks , help to provide record levels , it can be invoked when judging the level of application the financial performance of the companies contribute.
8- The contents of the study:
To achieve the objectives of the research and homework , the researcher divided the study into six main chapters , where the first chapter discussed the introduction of the study, also addressed the second chapter conceptual framework of the concept of corporate governance , and the third chapter handled extrapolation and analysis of the previous studies on the subject of the research, while Chapter IV studied design and Chapter fifth analyze the results of the field study , in addition to Chapter VI discusd the results of the study and its recommendations .
9 -The results of the study :
The first main hypothesis : ”There is appositive significant correlation with statistically significant differences between the application of the principles of corporate governance and financial performance of the companies contributing to Yemen .”
This hypothesis was proved partially , which has been reached to the existence of significant positive correlation statistically significant differences between applying the principles of corporate governance and the financial performance of the companies contributing to Yemen.
The second main hypothesis: ” it affect intermediate variables
( company size, leverage , and the age of the company) significantly positive impact on the relationship between corporate governance principles by the financial performance of the companies contributing to the Yemeni side of another .”
This hypothesis , was proved partially has been reached to the presence of a positive significant effect for the intermediate variables
( company size, leverage , and the age of the company) on the relationship between the principles of corporate governance on the part and the financial performance of the companies contributing to the Yemeni side of the last
By the results of the previous stepwise regression analysis presented could
10- Study recommendations
- The need to mainstream concepts and commitment to the principles of corporate governance approved by the Organization for Economic Cooperation and Development International.
- Work to spread the concept of governance and culture have all relevant parties he obligation of companies to contribute to strengthening the Yemeni market transparency and efficiency must also be consistent with the provisions of the law, and clearly formulate the division of responsibilities among supervisory and regulatory authorities and various executive.
- The need for equality between shareholders and their right to defend their legal rights, as well as the vote in the General Assembly on the fundamental decisions, as well as protect them from any acquisition or merging may be in the company.
- Accelerating the unification of the laws governing the work of companies in the Republic of Yemen with considerate to include the new law for good governance standards and fair.