Saudi Cultural Missions Theses & Dissertations

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    The Effect of Board of Directors’ Characteristics on the Dividend Policy for US Listed Firms
    (Cardiff University, 2024-09-05) Alomirah, Afnan Abdulrahman; Ojra, Jafar
    The purpose of this study is to examine whether the board of directors' characteristics impact dividend policy using a sample of US listed firms. This study uses two dividend policy measures (dividend payment declaration and dividend yield) and two main regressions (Logistic and Tobit regressions) to test the extent to which firms’ board size, gender diversity, board independence, age of directors, board meeting frequency and CEO duality have an effect the dividend payout policy after controlling for firm size, leverage, profitability, cash flow, and investment and future growth. Additionally, this study uses random effect Logistic and Tobit regressions to validate the study’s outcomes. Based on a sample of 398 non-financial and non-utility US firms listed on the Standard and Poor’s 500 index for the period 2012 to 2022, it was found that dividend policy is positively affected by gender diversity, while board size, independence, age, meeting frequency and CEO duality had shown mixed findings. The results suggest that firms tend to pay higher dividends with the presence of female directors on the board, which is also consistent with the outcome theory that states that female directors tend to utilise dividends as a monitoring tool to mitigate agency costs and ensure the protection of shareholders’ rights.
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    The firm-level impact of corporate governance mechanisms on firm performance of listed non-financial companies in Saudi Arabia.
    (universaty of Liverpool, 2024-09) Aljebreen, Sultan; Abuzeid, Mostafa
    There has been increased focus on desirable corporate governance practices linked with improved performance and firm stability. Therefore, this study sought to explore the influence of board factors as the determinants of the firm’s performance. Corporate governance mechanisms included board composition, audit committee features, and ownership, while profitability measured firm performance. The dissertation employed a quantitative research approach, and panel data was compiled from the Tadawul (Saudi Stock Exchange) for the period 2020-2023. Panel regression analysis was used to examine the relationship between corporate governance mechanisms and firm performance. The research results imply that the board of directors size has a significant positive influence on a firm’s performance, which could suggest that a large board, which in most cases differs in skills and experience, helps in developing strategic decisions that can enhance financial performance. On the other hand, CEO duality, meaning that the CEO is the same as the board chairman, was discovered as having a marginally negative influence on performance. This could be an indication of the problems with excessive concentration of power, hence diminishing the independence and efficacy of the board. Although other governance factors, including audit committee characteristics and ownership structure, were examined, they were not significantly linked to firm performance. Therefore, there may be a need for further studies to validate their influence on the relationship between corporate governance and financial performance in Saudi Arabia. Overall, the study offers significant insights to policymakers and corporate leaders in developing best practices for improving corporate governance in Saudi Arabia.
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    Towards an Understanding of Audit Quality
    (The University of Sheffield, 2024-07-27) Alobaid, Ali A.; Sikka, Prem
    This study explores perceptions of audit quality (AQ) and audit quality indicators (AQIs) in Saudi Arabia. AQ and AQIs are explored from the perspectives of external auditors, members serving on the boards of directors of Saudi listed companies (BoDs), and members of the Professional Practice and Quality Review Committee (PPQRC) of the Saudi Organisation of Chartered and Professional Accountants (SOCPA). This research focuses on how these stakeholders define AQ and AQIs, and how Western auditing practices have shaped perceptions of AQ and AQIs in the Saudi context. A mixed-methods research design is used to collect and analyse data. Data from a questionnaire issued to 200 participants are descriptively analysed and semi-structured interviews undertaken with 34 participants are thematically analysed. The findings reveal general shared perceptions of AQ among the participants, despite their different interests. The study finds that AQIs in Saudi Arabia are predominantly associated with the auditor and the audit firm, and Western auditing practices have a strong influence on perceptions. The International Financial Reporting Standards/International Auditing Standards (IFRS/ISAs) also shape perceptions of AQ and AQIs in the local environment. The study contributes on multiple levels. Theoretically, it provides a deeper understanding of AQ and AQIs in the Saudi context. Methodologically, it advances research by employing a mixed-methods design that integrates quantitative and qualitative approaches in the Saudi context. Empirically, it contributes in its field of research by exploring the role of Western auditing practices in shaping AQ and AQIs in Saudi Arabia. Practically, it provides insights for auditors, BoDs, and regulators for improving audit quality practices in Saudi Arabia. It also serves as a reference guide for future research within the Gulf Cooperation Council (GCC) and other developing countries. Keywords: audit quality, perceptions, indicators, Saudi Arabia, external auditors, Board of Directors, SOCPA, Western auditing practices, international standards, IFRS, ISA.
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