دور الحوكمة في تعزيز قرارات الاستثمار في رأس المال

Abstract EN

Many major international companies, banks and financial institutions in developed countries, led by the United States of America, have been exposed to bankruptcy and financial shocks, similar to Enron and the famous WorldCom company.

the most important reason for this is the collusion of the managements of these companies and banks with external auditing firms, led by the international auditing firm Arthur Anderson.

which could have been avoided if the role of governance was implemented effectively.

since then, the concept of governance has become one of the most important relatively modern concepts that have increased in importance in the public and private sectors, because of this concept of great importance in managing companies, protecting the rights of shareholders and stakeholders, and achieving the principle of accountability when errors occur.

the large size of companies on the one hand, and the emergence of transcontinental (multinational) companies on the other hand, imposed on local companies the need to improve their performance further to strengthen their market value, because the market value of the company is considered important for shareholders, and this requires departments to improve conditions the internal structure of the company or the financial institution alike, including the basis of tangible assets in addition to the intangible (intellectual) assets, and supporting the implementation of the role of governance, which is supposed to enhance the company's performance and support its competitiveness.

as a result, all public and owned institutions have become looking for the content of the capital and the best ways to invest in it, especially with the difficulty of ascertaining the expected future returns from it, due to the difficulty of predicting its life span and the difficulty of measuring or evaluating it.

the researchers believe that the recent environmental changes surrounding institutions can be one of the roles of governance because they affect and are directly affected by the operations of institutions, and this comes by highlighting the decisions of managers to invest in capital as an effect resulting from the application of governance roles that work to address deficiencies in control systems.

which will assist management in ensuring efficient performance, defining its appropriate strategy, and improving mutual relations between the institution, its customers and suppliers, which may have a significant role in increasing capital efficiency.