حوكمة الشركات و الأزمة المالية العالمية

Abstract EN

In the present paper, we are trying to highlight the relationship between the absence of a commitment to the principles of corporate governance and the global financial crisis of 2008 which had a negative impact on the worldwide economy and due to financial globalisation, its effects were not limited only to the the United States where the crisis has emerged for the first time, but it also included various countries around the world, and as for the causes of this crisis, it has been found out that several factors have been amalgamated in activating the latter and among them those related to governance.

In this respect, the prominent factors that led to the cisis can be listed as follows :the absence of ethical practices among boards of directors and executives in addition to their recklessness and lack of attention to risk assessment, the lack of effective monitoring by banking authorities as well as the non-commitment to banking rules and especially private Basel 2, and the exageration in the granting of loans to the values that outweigh the capital without guarantees and as a consequence of the shift of the crisis from the financial sector to the real sector, it gave rise to an unrest in the macro-economic balances, and then to the global economic recession which led countries to pumping large amounts of liquidity into their economies to save it from recession.