Corporate Governance and the Board of Directors in Saudi-listed Companies
Corporate Governance has been a focus of attention in many countries around the world. A renaissance in governance issues has led global convergence to codes of good governance and practices. This study examines the adoption of a relatively new corporate governance code for KSA listed companies and its adaptation in an institutional setting where family and government ownership prevails. The study focuses on the governance mechanisms adopted by companies and the influences on such practices, and identifies those that are not being practiced and the reasons behind such resistance using both interviews and a questionnaire survey. The results indicate that coercive pressures has resulted in the diffusion of some governance practices, but normative isomorphic tendencies arising from sociocultural factors have prevented governance practices from being adopted effectively leading companies to decouple material practice for merely ceremonial practices. The prevailing institutional logics within government and family owned companies leads to heterogeneity among listed companies regarding their governance structures and practices. The findings of this thesis show that policy makers should consider the network of actors that determine practice in order to improve the governance framework.
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