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The Application of Corporate Governance Principles in Listed Firms in Damascus Securities Exchange An Analytical Comparative Study between Banking and Insurance Sectors

تطبيق مبادئ الحوكمة في الشركات المساهمة المُدرجة في سوق دمشق للأوراق المالية (دراسة تحليلية مقارنة بين القطاعين المصرفي و التأميني)

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 Publication date 2016
and research's language is العربية
 Created by Shamra Editor




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This study aims at determine the extent to which Syrians listed firms in Damascus Stock Exchange comply with the Principles of Corporate Governance, issued by Syrian Commission on Financial Markets and Securities (2008), Central Bank of Syria, (2009), Syrian Insurance Supervisory Commission (2007), and OECD (2004). To achieve this objective, the researcher conducted a field study on a sample of (20) shareholding companies working in the banking and insurance sectors (about 83% of the Syrians listed firms). A questionnaire containing six questions which cover the six principles of corporate governance was distributed to explore the sample's opinion about how much Syrians shareholding companies comply with those principles. The major findings of this study indicated that there were no significant differences between the level of the banks' commitment to the principles of corporate governance and the level of insurance companies' commitment.


Artificial intelligence review:
Research summary
تهدف هذه الدراسة إلى تحديد مدى التزام الشركات المساهمة السورية المُدرجة في سوق دمشق للأوراق المالية بمبادئ حوكمة الشركات. اعتمد الباحث على استبانة مكونة من ستة محاور لتقييم مدى التزام الشركات بتلك المبادئ، وتم توزيع 100 استبانة على المديرين التنفيذيين ونوابهم والمديرين الماليين والمراجعين الداخليين، وتم استرداد 56 استبانة صالحة للتحليل. توصلت الدراسة إلى أن الشركات المساهمة العامة السورية قطعت شوطاً في تطبيق مبادئ الحوكمة، إذ كان التزامها بتطبيق تلك المبادئ جميعها عند المستوى المرتفع. ومع ذلك، أظهرت الدراسة جوانب ضعف في إشراك القاعدة العامة للمساهمين في اتخاذ القرارات الاستراتيجية، وعدم الاهتمام الكافي بالمسؤولية الاجتماعية. كما أشارت النتائج إلى عدم وجود فروق ذات دلالة بين مستوى التزام المصارف بمبادئ الحوكمة ومستوى التزام شركات التأمين بتلك المبادئ.
Critical review
دراسة نقدية: على الرغم من الجهود المبذولة في هذه الدراسة لتقييم مدى التزام الشركات المساهمة السورية بمبادئ الحوكمة، إلا أن هناك بعض النقاط التي يمكن تحسينها. أولاً، العينة المستخدمة في الدراسة قد تكون غير كافية لتعكس الواقع بشكل دقيق، حيث تم استبعاد بعض الشركات لعدم تعاونها. ثانياً، التركيز على القطاعين المصرفي والتأميني فقط قد لا يعطي صورة شاملة عن تطبيق مبادئ الحوكمة في باقي القطاعات الاقتصادية. ثالثاً، الدراسة لم تتناول بعمق تأثير العوامل الخارجية مثل البيئة الاقتصادية والسياسية على تطبيق مبادئ الحوكمة. وأخيراً، كان من الممكن أن تكون التوصيات أكثر تفصيلاً وقابلة للتنفيذ لتقديم إطار عمل واضح لتحسين تطبيق مبادئ الحوكمة في الشركات السورية.
Questions related to the research
  1. ما هي الأهداف الرئيسية لهذه الدراسة؟

    تهدف الدراسة إلى تحديد مدى التزام الشركات المساهمة السورية المُدرجة في سوق دمشق للأوراق المالية بمبادئ حوكمة الشركات، ومقارنة مستوى الالتزام بين قطاعي المصارف والتأمين.

  2. ما هي أهم النتائج التي توصلت إليها الدراسة؟

    توصلت الدراسة إلى أن الشركات المساهمة العامة السورية تلتزم بمبادئ الحوكمة عند مستوى مرتفع، مع وجود جوانب ضعف في إشراك المساهمين في القرارات الاستراتيجية وعدم الاهتمام الكافي بالمسؤولية الاجتماعية.

  3. ما هي الفرضيات التي قامت عليها الدراسة؟

    الفرضية الأولى هي أن الشركات المساهمة السورية تلتزم بمبادئ حوكمة الشركات. الفرضية الثانية هي وجود فروق بين مستوى التزام الشركات في القطاع المصرفي وتلك في قطاع التأمين.

  4. ما هي التوصيات التي قدمتها الدراسة لتحسين تطبيق مبادئ الحوكمة؟

    أوصت الدراسة بنشر ثقافة الحوكمة، تحسين الإطار القانوني، رفع كفاءة الأجهزة الرقابية، إنشاء لجان حوكمة في الشركات، وزيادة عدد الأعضاء غير التنفيذيين في مجالس الإدارة.


References used
BECHT, M. ; BOLTON, P. ; RÖEL, A. Corporate governance and control. Handbook of the Economics of Finance, Vol. 1, Part A, 2003, 1-109
BRAENDLE, U. C. Corporate governance in the Middle East –another Arabic spring? A focus on the financial sector. International Conference “Improving financial institutions: the proper balance between regulation and governance”, Helsinki, April 19, 2012, 1-10
CATHERINE, L. K. ; SULLIVAN, J. Instituting Corporate Governance in Developing, Emerging, and Transitional Economies. The Center for International Private Enterprise, 2002, 1-38
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