المقريزي للدراسـات الاقتصادية والمـالية
Volume 1, Numéro 0, Pages 92-102
2016-12-31
The Corporate Governance Of Small And Medium Enterprises And Its Impact On Development " Concepts And Pplications"
Authors : Yacine Guettoufi .
Abstract
Corporate governance has an important policy agenda in developed market economies for more than a decade and it is gradually warming its way to the top of the policy agenda on the African continent. The Asian crisis and the relative poor performance of the corporate sector in Sub-Saharan Africa have made corporate governance a catchphrase in the development debate (Berglof and von Thadden, 1999). Developing countries, of which Algeria is no exception, are now increasingly embracing the concept of good corporate governance, because of its ability to impact positively on sustainable growth. Good governance generates investor goodwill and confidence. Firms are now improving their corporate governance practices knowing it increases valuations and boosts the bottom line. Corporate governance is seen as the process and structure used to direct and manage the business affairs of the company towards enhancing business prosperity and corporate accountability with the ultimate objective of realizing long-term shareholder value, whilst taking into account the interest of other stakeholders. (Claessens et al. (2002) maintain that better corporate frameworks benefit firms through greater access to financing, lower cost of capital, better performance and more favourable treatment of all stakeholders. Should all stakeholders in a firm be represented on the board of a firm for effective governance of the firm? Whether such reasoning is plausible for SME or not.it is also explored in this study.
Keywords
Corporate governance - small and medium enterprises - economic growth of developing countries-
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