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A Framework for Efficient Corporate Governance System in Developing Countries: The case of the Gulf countries
Wagdy M Abdallah,
Seton Hall University
ABSTRACT. Since the beginning of the 21st century, failures of corporate governance have been at the root of well known cases of management defrauding the shareholders in the most advanced industrialized countries. This behavior was an example of a combination of bad corporate governance and unethical conduct. This research examines corporate governance issues & financial reporting transparency of the companies in the developing countries, with special attention to the Gulf countries. First, the definition of corporate governance including transparency and their importance in the Gulf countries will be discussed. Second, the practice of corporate governance and transparency in the Gulf countries will be examined. Third, accounting and financial reporting standards with the issues of financial reporting transparency of Gulf countries will be analyzed. Finally, recommendations of how to make improvement in corporate governance and transaprency in the Gulf countries will be presented.
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