Abstract

Abstract
This study aims to identify the extent to which corporate governance mechanisms contribute to improving the efficiency of the stock market in the Algerian stock exchange. This process is done by studying the relationship between the dimensions of the independent variable of corporate governance which are represented in: (the number of board members, the number of board meetings, independence of the board of directors, duality of the position of chairman, the number of board committees, the percentage of ownership concentration, the number of members of the audit committee, and the number of meetings of the audit committee) and the dependent variable of the efficiency of the stock market which are represented in (market size, turnover rate, and the desire index) through using panel data and the analysis through PCA. The study has found that corporate governance mechanisms does not contribute to the improvement of the efficiency of the stock market in the Algerian stock exchange.

 There is no effect of the mechanism of the size of the board, the mechanism of the number of board meetings, the mechanism of duplication of the position of the chairman of the board and the general manager, the mechanism of ownership concentration, and the mechanism of the number of members of the audit committee on the efficiency of the stock market in the Algerian stock exchange.

 There is no effect of an independent mechanism of the members of the board and the mechanism of the number of board committees on the efficiency of the of the stock market in the Algerian stock exchange except for the efficiency of the market measured by the size of the market (the number of listed companies).

 There is no effect of a mechanism of the number of audit committee meetings on the efficiency of the stock market in the Algerian stock exchange except for the efficiency of the market measured by the desire index.

The study has recommended the need to discuss the concept of corporate governance at the level of Algerian companies, and to clarify the foundations and mechanisms of this concept, in addition to the necessity to sensitize managers and various stakeholders to its importance and the extent of its contribution to achieve good results for the company. It has shown the necessity to avoid negative practices that have overthrown several international companies, as well as the importance of strengthening the role of the Algerian stock market in supporting corporate governance of its listed and operating companies. This process is achieved by adopting a comprehensive and integrated reform strategy that focuses on mechanisms to strengthen the role of the legislative framework, and mechanisms to strengthen the role of the institutional framework in supporting corporate governance.

Keywords: Corporate Governance, Market Efficiency, Algerian Stock Exchange, Stock Market, Board of Directors, Review Committees.

Information

Item Type:	Thesis
Divisions:	» Laboratory of Research and Economic Studies » Faculty of Economic, Commercial and Management Sciences
ePrint ID:	2868
Date Deposited:	2021-11-22
Further Information:	Google Scholar
URI:	https://www.univ-soukahras.dz/en/publication/article/2868

BibTex