Saudi Cultural Missions Theses & Dissertations
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Item Restricted The Role of Analyst Coverage on Earnings Management, Firm Outcomes, and Environmental, Social, and Governance (ESG) Performance(Saudi Digital Library, 2025) Alanazi, Bandar; Abdul Wahab, Effiezal; Haider, ImranThe purpose of this thesis is to investigate the influence of analyst coverage on member countries of the Gulf Cooperation Council (GCC). The investigation includes earnings management, firm outcomes, and environmental, social, and governance (ESG) performance as dependent variables for the empirical studies. In addition, this thesis examines the moderating influence of political connections on the relationship between analyst coverage and those variables among GCC stock exchanges. This thesis contributes to the literature by providing empirical insights on various aspects of earnings management, firm outcomes and ESG performance in GCC countries. The first chapter presents the background of the economy and accounting information in the GCC region. Due to their focus on a more sustainable and diversified economy by moving away from a dependence on oil and gas, GCC countries are undergoing a pivotal phase of economic and social transformation. The chapter also provides the motivation for the empirical studies and summarises the findings and contributions to the existing literature. The second chapter presents a comprehensive literature review exploring analyst coverage across global markets. It discusses the methodology and findings, explains how analysts influence firm characteristics and decision-making, and identifies the factors that determine the extent of analyst coverage. The third chapter of this thesis, entitled “Analyst Coverage and Earnings Management”, aims to investigate the effect of analyst coverage on earnings management among GCC firms. The study also explores the relationship between analyst coverage and earnings management, taking into consideration the impact of the royal family in the region. This paper’s methodology employs panel data to investigate analyst coverage and its influence on two measures of earnings management decisions – accrual and real earnings management – as well as whether the royal family moderates the relationship between analyst coverage and earnings management. The analysis covers non-financial firms listed on six emerging capital markets in the GCC over a nine-year period from 2013 to 2021. The premise is that higher levels of analyst following can mitigate agency problems between shareholders and management by providing an information intermediary and ensuring interests are aligned. Based on 991 firm-year observations for non-financial firms listed on GCC stock exchanges, this study finds a negative relationship between analyst coverage, accruals and real earnings management. A more negative relationship between analyst coverage and earnings management is found in the extended analysis focusing on royal family affiliation. The results of tests of potential endogeneity bias remain consistent with the main findings. The fourth chapter of this thesis, entitled “Analyst Coverage and Firm Outcomes”, investigates how analyst coverage affects GCC firms. The findings reveal a significant association between analyst coverage and firm outcomes in GCC firms. It also explores how royal family affiliations affect this relationship in the region by using public non-financial firms listed in the GCC from 2013 to 2021, which constitutes a sample of 992 firm-year observations. The study finds that analyst following has a significant impact on firm outcomes. A higher level of analyst coverage of the firm leads to improved firm outcomes, which mitigates the agency problem between shareholders and management. This supports the argument that the role played by analysts is crucial to reducing information asymmetry. In addition, royal families positively (negatively) moderate the association between analyst coverage and firm outcomes. Furthermore, the findings remain robust after endogeneity tests. The fifth chapter of this thesis, entitled “Analyst Coverage and ESG Performance”, examines the relationship between analyst coverage and environmental, social, and governance (ESG) performance in GCC firms. Using a sample of public non-financial firms listed on GCC stock exchanges from 2012 to 2023, this study finds a significantly positive association between analyst coverage and ESG performance. Further, the findings indicate that analyst affiliation affects the relationship: international analysts exhibit a more pronounced positive relationship than other analysts. The results are qualitatively similar after controlling for endogeneity. Finally, the last chapter provides the conclusion to the thesis and outlines directions for future research.11 0Item Restricted Understanding the Impact of Adopting Information Management Systems (IMS) on Firm Performance in Saudi Arabian SMEs(American University of Bahrain, 2025) Alhajouj, Asama; Mohammed, LaylaThis study explores how adopting Information Management Systems (IMS) influences the performance of Small and Medium Enterprises (SMEs) in Saudi Arabia. Using a qualitative approach based on semi-structured interviews with SME managers across multiple sectors, the research identifies key benefits such as enhanced operational efficiency, improved decision-making, better customer satisfaction, cost reduction, and competitive advantage. It also highlights major challenges including financial constraints, technical barriers, organizational resistance, cultural factors, and industry-specific needs. The findings emphasize that successful IMS adoption requires strategic planning, employee training, phased implementation, and collaboration with experts. The study contributes to the limited literature on IMS adoption among Saudi SMEs and provides practical recommendations for overcoming barriers and enhancing firm performance.4 0Item Restricted THE VALUE AND COST OF POLITICAL CONNECTIONS FOR FIRMS IN SAUDI ARABIA(University of Rhode Island, 2024) Alqarni, Abdulmajeed; Goto, ShingoIn the first chapter, we examine the impact of political connections on firm value during the 2017 Saudi anti-corruption purge using a difference-in-differences event study type. Politically connected firms experienced significant pre-event negative Cumulative Abnormal Returns (CARs), driven by rumors of the purge. The average CARs were insignificant on the event day, as the effects had already been anticipated and priced in. However, firms directly involved in the purge suffered sharp post-event declines in CARs, while other firms showed positive returns. The second chapter investigates the relationship between state ownership and corporate performance in Saudi Arabia. We have found a negative association between government ownership and firm performance. State-owned enterprises pay higher dividends and have a lower leverage ratio. There are no significant differences between state-owned enterprises and non-state-owned enterprises in investment spending and efficiency. Finally, government ownership in Saudi Arabia is the highest in strategically important industries such as utilities and energy.40 0Item Restricted Employee turnover impact on firm's performance(University of Sussex, 2024-09) Aldakhil, Nada; Contrafatto, MassimoThis study investigates the impact of employee turnover on firm performance within the service-based industry, specifically focusing on companies listed on the FTSE- 350. Utilizing a quantitative, longitudinal research design, the research analyzes secondary data from financial reports to explore the relationship between employee turnover rates and key financial metrics such as profitability, liquidity, and solvency. The findings reveal a complex, non-linear relationship. The negative correlation is observed between employee turnover rate (ETR) and various performance metrics, such as return on total assets (ROA), current ratio (CR), and interest coverage (ICR). This study highlights the necessity for effective employee retention strategies and provides practical implications for managers and HR professionals aiming to optimize turnover rates for enhanced firm performance.37 0