Foreign or local : who are better governors ? : evidence from the Casablanca stock exchange

مقدم أطروحة جامعية

Ammur, Zaynab

مشرف أطروحة جامعية

Faruq, Umar

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2009

الملخص الإنجليزي

This paper aims to identify the relationship between the identity of the largest owner of the firm and the governance practices adopted by their firms.

Using the ownership data for all the firms listed at the Casablanca Stock Exchange during the period between 2004 and 2007, we show that firms with local institutions as the largest owners pay higher proportion of their earnings as dividends relative to the other firms.

We also show that there is higher likelihood that these firms – firms with local institutions as the largest owners – get audited by big-four than the other firms.

Our results document no significant difference in the dividend payout of firms with foreign institutions as the largest owner and the other firms.

The same was observed for the choice of auditors for these firms.

Our study has implication for investors and analysts in a way that they contradict the conventional wisdom of associating foreign owners with better governance mechanisms.

التخصصات الرئيسية

العلوم المالية و المحاسبية

الموضوعات

• الاستثمارات
• المغرب

عدد الصفحات

31

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-624898