Prof. Dr. Mohammed Moustafa SolimanProf. Soliman provided consulting services in corporate governance to many multinational and national companies in the Middle East including Saudi International Petrochemical Co. (KSA) Supervisors: Chairman of Accounting and finance Department
Disclosure and transparency are crucial elements in the improvement of overall corporate governan... more Disclosure and transparency are crucial elements in the improvement of overall corporate governance. Disclosure is a very important mean of communication between management and outside investors. This study investigates how institutional blockholders impact levels of voluntary disclosure released in annual reports of some of the most active companies in the Egyptian Stock Exchange. The results generated by the study did support a significant positive impact of institutional blockholders on voluntary disclosure and transparency. It also found that this impact is due to two types of institutional blockholders’ ownership: low institutional ownership defined as those owning from five to twenty percent and controlling institutions defined as those owning more than fifty percent of a company’s shares. This indicates that concentrated ownership can be viewed as a monitoring mechanism in an emerging market like Egypt. According to the author’s knowledge, this study is the first to explore the impact of different categories of blockholders; categorized by the size of their block; on levels of voluntary disclosure in Egypt.
The growing issues on the quality of audit and accounting conservatisms have long been regarded a... more The growing issues on the quality of audit and accounting conservatisms have long been regarded and seemed as a hot debated since both could impact on the capital market efficiency. This study aims to investigate the impact of the audit quality which is characterized by audit firm size, auditor specialization, and auditor tenure on accounting conservatisms in the financial reports of the more active 50 non-financial companies listed at Egyptian stock exchange across four years of period from 2007 to 2010. After controlling for company size, leverage and profitability, the results show that auditing quality characteristics (audit firm size, auditor specialization, and auditor tenure) have significant positive relation with accounting conservatism. On the other hand, no significant relationship is found between company size and accounting conservatism. Based on these results, the study provided recommendations to the interested parties.
The opinions about the relative importance of different determinants of corporate dividend polici... more The opinions about the relative importance of different determinants of corporate dividend policies vary across both scholars and financial mangers. This study seeks to examine the effect of ownership structure and board of directors' composition on dividend policies in Saudi Arabia, using pooled cross-sectional observations from the listed Saudi firms for three years between 2006 and 2008. It is found that there is a significant positive association between institutional ownership, board size, firm performance, and both dividend decision and payout ratio. The results confirm that firms with higher earnings per share and a higher institutional ownership distribute higher levels of dividend. No significant association was found between other board composition factors and dividend decisions or ratios.
Earnings management has been a great and consistent concern among practitioners and regulators an... more Earnings management has been a great and consistent concern among practitioners and regulators and has received considerable attention in the accounting literature. Several techniques and reasons exist for the practice of earnings management each is based on the management's objectives. This paper aims to assess the impact of firm characteristics on earnings management of the listed firms in Egypt. It selects the 50 most active firms in the Egyptian stock exchange and the analysis is done using the financial statements from the disclosure book for the period 2007-2011.After excluding banks and insurance companies, for having different disclosure requirements and different corporate governance code, the final count for the firms included in the paper is 60 firms in five years so this leave us with a total of 300 observations. The tests for this research are done using the random effect generalized least square regression model using the Stata program. Findings found that there is a significant positive relationship between firms' financial leverage and earnings management while other variables of the firm characteristics which are firm size, firm age and firms' audit quality have an insignificant relationship with earnings management.
Board of directors play a vital role in controlling agency problem between shareholders and manag... more Board of directors play a vital role in controlling agency problem between shareholders and managers arise due to earnings management. This paper examines the roles of independent members on the board, chief executive officer who also serves as a chairman of the company (hereinafter called CEO duality), board size on earnings management practices. After controlling for size, leverage and growth, we found discretionary accruals as a proxy for earnings management is positively related to the existence of CEO duality, and negatively related to board size. Also, examination of the data shows that the ratio of independent board members is not significantly related to earnings management. The findings of this paper will be of interest to investors in the Egyptian stock market. This paper also provides many recommendations to the regulatory authorities in Egypt regarding ways to strengthen and reinforce the Board of Director's Attributes of companies JEL Code:
—Recent financial international scandals around the world have led to a number of investigations ... more —Recent financial international scandals around the world have led to a number of investigations into the effectiveness of corporate governance practices and audit quality. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Egypt where corporate governance is just evolving. Therefore, this study provides evidence on the effectiveness of corporate governance practices and audit quality from a developing country. The data for analysis are gathered from the top 50 most active companies in the Egyptian Stock Exchange, covering the three year period 2007-2009. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that board independence; CEO duality and audit committees significantly have relationship with audit quality. The results also, indicate that institutional investor and managerial ownership have no significantly relationship with audit quality. Evidence also exist that size of the company; complexity and business leverage are important factors in audit quality for companies quoted on the Egypt Stock Exchange.
Relatively little research has examined the effects of ownership on the firms' corporate social r... more Relatively little research has examined the effects of ownership on the firms' corporate social responsibility (CSR). In addition, prior research suggests that ownership structure is associated to corporate social responsibility (CSR) in developed countries. The purpose of this paper is to empirically investigate the impact of ownership structure on Corporate Social Responsibility (CSR) in Egypt as one of developing countries. Using a sample of 42 more active Egyptian firms covering the three year period 2007-2009, we hypothesize that different types of shareholders will have distinct motivations toward the firm's CSR engagement. We break down ownership into different groups of shareholders: institutional, managerial, and foreign ownerships. Results indicate a significant, positive relationship between CSR ratings and ownership by institutions and foreign investors. In contrast, shareholding by top managers is negatively associated with firm's CSR rating. We conclude that different owners have differential impacts on the firm's CSR engagement.
The Business and Management Review, Volume 9 Number 2
Purpose – The current research aims at testing the mediating role for IT governance between Infor... more Purpose – The current research aims at testing the mediating role for IT governance between Information technology, whether IT Structure and/or IT Capabilities and organizational performance, whether financial or non-financial performance of Egyptian banks. Design/methodology/approach – An empirical study was conducted on a sample size of 371 responses collected by a structured questionnaire was circulated from (38) banks located in Alexandria city in Egypt. Using random sampling method. ITG has been measured using: Structure, capabilities. and performance. Likert scales were used to measure (SRM) dimensions, and Confirmatory factor analysis (CFA), and Structural Equation Modeling (SEM). Findings – This research suggests that ITG effectiveness is a mediating variable between ITG Structure, Capabilities and financial/non-financial performance. Research limitations/Implications – The main limitation of the current study in the small sample size. This was due to the addition to that, the surveys had to be paired for them to be considered complete, and This research applied on commercial banks branches located in Alexandria and did not consider Islamic and Industrial bank. Originality/value – This research is an attempt to empirically test the effect of ITG structure, Capabilities on Financial/non-financial performance under ITG effectiveness in banks branches located in Alexandria, Egypt. Introduction The information technology (IT) enhances enterprises' ability to survive in the highly competitive global marketplace of the 21st century has become more and more evident. The effective use of information technology, however, relies heavily on good IT governance. When IT and corporate governance go away, the results can be devastating. IT governance is critically important because of its substantial impact on the value generated by the investment in IT. (Weill & Ross, 2004) shows that top performing firms generate returns on their IT investments of up to 40 percent higher than their competitors. According to the Global Status Report on the Governance of Enterprise IT (2011), value creation of IT investment is one of the most important dimensions of IT's contribution to the business, and the critical driver is ensuring that current IT functionality is aligned with current business needs (i.e., strategic alignment). Despite the growing importance of IT governance in corporations, the focuses of most extant IT governance research have been on: IT governance; the link between IT governance and its determinants; and the link between IT governance and its impact. Each focus appears separate from one another, but gaps exist for research that links IT governance effectiveness to both its determinants and impacts. Therefore, this research investigates IT governance literature to conceptualize a framework for IT governance effectiveness that integrates its determinants and impacts on organizational performance in Egyptian banking sector. Problem Statement Some studies have shown that companies with good IT governance models present superior returns on their IT investments than their competitors, especially because they make better IT decisions especially IT Structure and IT
Research Purpose: This research aims at determining the effect of the announcement of Basel III o... more Research Purpose: This research aims at determining the effect of the announcement of Basel III on the equity valuation of Egyptian banks, as well as determine which are more affected by the announcement of Basel III, the large banks or small banks. It also explain which are more affected by the announcement of Basel III, the banks with more liquid assets on its balance sheet or the banks with less liquid assets on its balance sheet, the banks with higher capital ratios or lower capital ratios, the banks with a higher leverage ratio or a lower leverage ratio, the announcement of Basel III, the banks with high profitable banks or the low profitable banks, the banks with a higher book-to-market value of common equity or the banks with lower book-to-market equity. Research Importance: It gives a first impression of the impact of Basel III. It also contributes to the existing literature because this research examines the effect of capital and liquidity requirements on banks and not the macroeconomic impact. Finally, it contributes to the existing literature by investigating the effect of the Basel III announcement between small-and large-size banks, high-and low-capitalized banks and high-and low-liquid banks. Introduction Based on the lessons from the global financial crisis, financial regulators pay more attention to the stability of the banking system and soundness of banking development. However, bank management has to focus on ways to improve business performance. Recently, Basel Committee's Basel III regulatory standards revised require banks to raise the minimum capital adequacy, including raising the minimum common equity capital, from 2% to 4.5%; capital protection buffer of 2.5%; to promote the establishment of buffer capital (protective buffer capital and counter-cyclical capital buffers); leverage an initial period of 3%; the introduction of minimum standards of global liquidity, including short-term structural liquidity coverage ratio (LCR) and the net long-term structural stability of financing ratio (NSFR). The financial regulatory standards lead to changes in bank risk-taking that affected bank system performance, but capital regulation may not reduce bank risk-taking (Laeven & Levin, 2009). Bank supervision always requires banks to maintain certain capital buffer (Kleff & Weber, 2008). Short-term capital buffered is positive to portfolio risk (Terhi & Alistair, 2010). The atrophy in Lower capital buffer of bank loans is larger than in higher (Merkl & Stolz, 2006). Deviation from the optimal risk weights, limited leverage and risk-based capital ratio is more suitable for control the bank asset risk (Gjerde & Semmen, 1995). Bikker and Metzemakers (2004) find that the bank's capital has little pro-cyclical. Many researches find the announcement Basel III effect on the performance of the bank-in particular, the bank's market value-and these effects depend on the size of the bank. So, this research investigates the effect of the announcement Basel III effect on the performance of the bank and determine the mediate role of the bank size between the relationship between announcement Basel III and bank value and performance.
The Business and Management Review, Volume 9 Number 2
Research Purpose: This study identifies and discusses the critical success factors that related t... more Research Purpose: This study identifies and discusses the critical success factors that related to the KM effectiveness within banks, which in turn influence on financial and non-financial performance of the bank. Based on existing frameworks and models, this study outlines the six most important factors that are believed to be critical for KM implementation. This paper also investigates the effect of knowledge management effectiveness on financial and non-financial performance of Egyptian banks. Research Importance: Knowledge has become one of the most important driving forces for Banks success. Knowledge management helps Banks to find, select, organize, distribute, and transfer vital information. Through knowledge management effectiveness, banks improve their effectiveness and gain competitive advantage. The development of KM has led to the need of identifying its critical success factors. Design and Methodology: The proposed research model is tested by self-administrated survey to 3 banks, randomly selected, in Alexandria city; from those only 35 answered the questionnaire correctly. The results of the study will help banks to understand the impact that different factors have on the KM successful implementation and how the KM effectiveness effects on financial and non-financial performance. The research questionnaire was tested, and the results illustrate the questionnaire measures is reliable and valid whereas coefficient of Alfa is greater than 0.70. Research Hypotheses is tested by Multiple and simple regression. The main research results are: There is a significant effect of HR Practices, Leadership, IT, Strategy, process on KM effectiveness, but no effect of Culture on KM effectiveness. And there are a There are a significant effect of KM effectiveness on financial and non-financial performance but KM effectiveness effected on non-financial performance greater than financial performance. Introduction The essence of knowledge management is to improve organizational performance by approaching to the processes such as acquiring knowledge, converting knowledge into useful form, applying or using knowledge, protecting knowledge by intentional and systematic method, and knowledge management can be understood by innovation process of organization with individual to search for creative problem solving method. Knowledge management enables an organization to gain insight and understanding from its own experience and procedures. One of the key concerns that have emerged related to knowledge management is how to accomplish it successfully. Thus, it is considered crucial to identify the factors that influence the success of knowledge management initiatives. Knowledge management critical success factors are the mechanism for the organization to develop its knowledge and also stimulate the creation of knowledge within the organization as well as the sharing and protection of it. They are also the necessary building blocks in the improvement of the effectiveness of activities for knowledge management. Critical success factors should be clear in an organization, because not only they create knowledge but they also prompt people to share their knowledge and experiences with others (Yeh, Lai, & Ho, 2006). The objective of this study is to empirically investigate and test the most critical factors that influence knowledge management' effectiveness within banks, which in turn influence positively financial
Disclosure and transparency are crucial elements in the improvement of overall corporate governan... more Disclosure and transparency are crucial elements in the improvement of overall corporate governance. Disclosure is a very important mean of communication between management and outside investors. This study investigates how institutional blockholders impact levels of voluntary disclosure released in annual reports of some of the most active companies in the Egyptian Stock Exchange. The results generated by the study did support a significant positive impact of institutional blockholders on voluntary disclosure and transparency. It also found that this impact is due to two types of institutional blockholders’ ownership: low institutional ownership defined as those owning from five to twenty percent and controlling institutions defined as those owning more than fifty percent of a company’s shares. This indicates that concentrated ownership can be viewed as a monitoring mechanism in an emerging market like Egypt. According to the author’s knowledge, this study is the first to explore the impact of different categories of blockholders; categorized by the size of their block; on levels of voluntary disclosure in Egypt.
The growing issues on the quality of audit and accounting conservatisms have long been regarded a... more The growing issues on the quality of audit and accounting conservatisms have long been regarded and seemed as a hot debated since both could impact on the capital market efficiency. This study aims to investigate the impact of the audit quality which is characterized by audit firm size, auditor specialization, and auditor tenure on accounting conservatisms in the financial reports of the more active 50 non-financial companies listed at Egyptian stock exchange across four years of period from 2007 to 2010. After controlling for company size, leverage and profitability, the results show that auditing quality characteristics (audit firm size, auditor specialization, and auditor tenure) have significant positive relation with accounting conservatism. On the other hand, no significant relationship is found between company size and accounting conservatism. Based on these results, the study provided recommendations to the interested parties.
The opinions about the relative importance of different determinants of corporate dividend polici... more The opinions about the relative importance of different determinants of corporate dividend policies vary across both scholars and financial mangers. This study seeks to examine the effect of ownership structure and board of directors' composition on dividend policies in Saudi Arabia, using pooled cross-sectional observations from the listed Saudi firms for three years between 2006 and 2008. It is found that there is a significant positive association between institutional ownership, board size, firm performance, and both dividend decision and payout ratio. The results confirm that firms with higher earnings per share and a higher institutional ownership distribute higher levels of dividend. No significant association was found between other board composition factors and dividend decisions or ratios.
Earnings management has been a great and consistent concern among practitioners and regulators an... more Earnings management has been a great and consistent concern among practitioners and regulators and has received considerable attention in the accounting literature. Several techniques and reasons exist for the practice of earnings management each is based on the management's objectives. This paper aims to assess the impact of firm characteristics on earnings management of the listed firms in Egypt. It selects the 50 most active firms in the Egyptian stock exchange and the analysis is done using the financial statements from the disclosure book for the period 2007-2011.After excluding banks and insurance companies, for having different disclosure requirements and different corporate governance code, the final count for the firms included in the paper is 60 firms in five years so this leave us with a total of 300 observations. The tests for this research are done using the random effect generalized least square regression model using the Stata program. Findings found that there is a significant positive relationship between firms' financial leverage and earnings management while other variables of the firm characteristics which are firm size, firm age and firms' audit quality have an insignificant relationship with earnings management.
Board of directors play a vital role in controlling agency problem between shareholders and manag... more Board of directors play a vital role in controlling agency problem between shareholders and managers arise due to earnings management. This paper examines the roles of independent members on the board, chief executive officer who also serves as a chairman of the company (hereinafter called CEO duality), board size on earnings management practices. After controlling for size, leverage and growth, we found discretionary accruals as a proxy for earnings management is positively related to the existence of CEO duality, and negatively related to board size. Also, examination of the data shows that the ratio of independent board members is not significantly related to earnings management. The findings of this paper will be of interest to investors in the Egyptian stock market. This paper also provides many recommendations to the regulatory authorities in Egypt regarding ways to strengthen and reinforce the Board of Director's Attributes of companies JEL Code:
—Recent financial international scandals around the world have led to a number of investigations ... more —Recent financial international scandals around the world have led to a number of investigations into the effectiveness of corporate governance practices and audit quality. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Egypt where corporate governance is just evolving. Therefore, this study provides evidence on the effectiveness of corporate governance practices and audit quality from a developing country. The data for analysis are gathered from the top 50 most active companies in the Egyptian Stock Exchange, covering the three year period 2007-2009. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that board independence; CEO duality and audit committees significantly have relationship with audit quality. The results also, indicate that institutional investor and managerial ownership have no significantly relationship with audit quality. Evidence also exist that size of the company; complexity and business leverage are important factors in audit quality for companies quoted on the Egypt Stock Exchange.
Relatively little research has examined the effects of ownership on the firms' corporate social r... more Relatively little research has examined the effects of ownership on the firms' corporate social responsibility (CSR). In addition, prior research suggests that ownership structure is associated to corporate social responsibility (CSR) in developed countries. The purpose of this paper is to empirically investigate the impact of ownership structure on Corporate Social Responsibility (CSR) in Egypt as one of developing countries. Using a sample of 42 more active Egyptian firms covering the three year period 2007-2009, we hypothesize that different types of shareholders will have distinct motivations toward the firm's CSR engagement. We break down ownership into different groups of shareholders: institutional, managerial, and foreign ownerships. Results indicate a significant, positive relationship between CSR ratings and ownership by institutions and foreign investors. In contrast, shareholding by top managers is negatively associated with firm's CSR rating. We conclude that different owners have differential impacts on the firm's CSR engagement.
The Business and Management Review, Volume 9 Number 2
Purpose – The current research aims at testing the mediating role for IT governance between Infor... more Purpose – The current research aims at testing the mediating role for IT governance between Information technology, whether IT Structure and/or IT Capabilities and organizational performance, whether financial or non-financial performance of Egyptian banks. Design/methodology/approach – An empirical study was conducted on a sample size of 371 responses collected by a structured questionnaire was circulated from (38) banks located in Alexandria city in Egypt. Using random sampling method. ITG has been measured using: Structure, capabilities. and performance. Likert scales were used to measure (SRM) dimensions, and Confirmatory factor analysis (CFA), and Structural Equation Modeling (SEM). Findings – This research suggests that ITG effectiveness is a mediating variable between ITG Structure, Capabilities and financial/non-financial performance. Research limitations/Implications – The main limitation of the current study in the small sample size. This was due to the addition to that, the surveys had to be paired for them to be considered complete, and This research applied on commercial banks branches located in Alexandria and did not consider Islamic and Industrial bank. Originality/value – This research is an attempt to empirically test the effect of ITG structure, Capabilities on Financial/non-financial performance under ITG effectiveness in banks branches located in Alexandria, Egypt. Introduction The information technology (IT) enhances enterprises' ability to survive in the highly competitive global marketplace of the 21st century has become more and more evident. The effective use of information technology, however, relies heavily on good IT governance. When IT and corporate governance go away, the results can be devastating. IT governance is critically important because of its substantial impact on the value generated by the investment in IT. (Weill & Ross, 2004) shows that top performing firms generate returns on their IT investments of up to 40 percent higher than their competitors. According to the Global Status Report on the Governance of Enterprise IT (2011), value creation of IT investment is one of the most important dimensions of IT's contribution to the business, and the critical driver is ensuring that current IT functionality is aligned with current business needs (i.e., strategic alignment). Despite the growing importance of IT governance in corporations, the focuses of most extant IT governance research have been on: IT governance; the link between IT governance and its determinants; and the link between IT governance and its impact. Each focus appears separate from one another, but gaps exist for research that links IT governance effectiveness to both its determinants and impacts. Therefore, this research investigates IT governance literature to conceptualize a framework for IT governance effectiveness that integrates its determinants and impacts on organizational performance in Egyptian banking sector. Problem Statement Some studies have shown that companies with good IT governance models present superior returns on their IT investments than their competitors, especially because they make better IT decisions especially IT Structure and IT
Research Purpose: This research aims at determining the effect of the announcement of Basel III o... more Research Purpose: This research aims at determining the effect of the announcement of Basel III on the equity valuation of Egyptian banks, as well as determine which are more affected by the announcement of Basel III, the large banks or small banks. It also explain which are more affected by the announcement of Basel III, the banks with more liquid assets on its balance sheet or the banks with less liquid assets on its balance sheet, the banks with higher capital ratios or lower capital ratios, the banks with a higher leverage ratio or a lower leverage ratio, the announcement of Basel III, the banks with high profitable banks or the low profitable banks, the banks with a higher book-to-market value of common equity or the banks with lower book-to-market equity. Research Importance: It gives a first impression of the impact of Basel III. It also contributes to the existing literature because this research examines the effect of capital and liquidity requirements on banks and not the macroeconomic impact. Finally, it contributes to the existing literature by investigating the effect of the Basel III announcement between small-and large-size banks, high-and low-capitalized banks and high-and low-liquid banks. Introduction Based on the lessons from the global financial crisis, financial regulators pay more attention to the stability of the banking system and soundness of banking development. However, bank management has to focus on ways to improve business performance. Recently, Basel Committee's Basel III regulatory standards revised require banks to raise the minimum capital adequacy, including raising the minimum common equity capital, from 2% to 4.5%; capital protection buffer of 2.5%; to promote the establishment of buffer capital (protective buffer capital and counter-cyclical capital buffers); leverage an initial period of 3%; the introduction of minimum standards of global liquidity, including short-term structural liquidity coverage ratio (LCR) and the net long-term structural stability of financing ratio (NSFR). The financial regulatory standards lead to changes in bank risk-taking that affected bank system performance, but capital regulation may not reduce bank risk-taking (Laeven & Levin, 2009). Bank supervision always requires banks to maintain certain capital buffer (Kleff & Weber, 2008). Short-term capital buffered is positive to portfolio risk (Terhi & Alistair, 2010). The atrophy in Lower capital buffer of bank loans is larger than in higher (Merkl & Stolz, 2006). Deviation from the optimal risk weights, limited leverage and risk-based capital ratio is more suitable for control the bank asset risk (Gjerde & Semmen, 1995). Bikker and Metzemakers (2004) find that the bank's capital has little pro-cyclical. Many researches find the announcement Basel III effect on the performance of the bank-in particular, the bank's market value-and these effects depend on the size of the bank. So, this research investigates the effect of the announcement Basel III effect on the performance of the bank and determine the mediate role of the bank size between the relationship between announcement Basel III and bank value and performance.
The Business and Management Review, Volume 9 Number 2
Research Purpose: This study identifies and discusses the critical success factors that related t... more Research Purpose: This study identifies and discusses the critical success factors that related to the KM effectiveness within banks, which in turn influence on financial and non-financial performance of the bank. Based on existing frameworks and models, this study outlines the six most important factors that are believed to be critical for KM implementation. This paper also investigates the effect of knowledge management effectiveness on financial and non-financial performance of Egyptian banks. Research Importance: Knowledge has become one of the most important driving forces for Banks success. Knowledge management helps Banks to find, select, organize, distribute, and transfer vital information. Through knowledge management effectiveness, banks improve their effectiveness and gain competitive advantage. The development of KM has led to the need of identifying its critical success factors. Design and Methodology: The proposed research model is tested by self-administrated survey to 3 banks, randomly selected, in Alexandria city; from those only 35 answered the questionnaire correctly. The results of the study will help banks to understand the impact that different factors have on the KM successful implementation and how the KM effectiveness effects on financial and non-financial performance. The research questionnaire was tested, and the results illustrate the questionnaire measures is reliable and valid whereas coefficient of Alfa is greater than 0.70. Research Hypotheses is tested by Multiple and simple regression. The main research results are: There is a significant effect of HR Practices, Leadership, IT, Strategy, process on KM effectiveness, but no effect of Culture on KM effectiveness. And there are a There are a significant effect of KM effectiveness on financial and non-financial performance but KM effectiveness effected on non-financial performance greater than financial performance. Introduction The essence of knowledge management is to improve organizational performance by approaching to the processes such as acquiring knowledge, converting knowledge into useful form, applying or using knowledge, protecting knowledge by intentional and systematic method, and knowledge management can be understood by innovation process of organization with individual to search for creative problem solving method. Knowledge management enables an organization to gain insight and understanding from its own experience and procedures. One of the key concerns that have emerged related to knowledge management is how to accomplish it successfully. Thus, it is considered crucial to identify the factors that influence the success of knowledge management initiatives. Knowledge management critical success factors are the mechanism for the organization to develop its knowledge and also stimulate the creation of knowledge within the organization as well as the sharing and protection of it. They are also the necessary building blocks in the improvement of the effectiveness of activities for knowledge management. Critical success factors should be clear in an organization, because not only they create knowledge but they also prompt people to share their knowledge and experiences with others (Yeh, Lai, & Ho, 2006). The objective of this study is to empirically investigate and test the most critical factors that influence knowledge management' effectiveness within banks, which in turn influence positively financial
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Papers by Prof. mohamed soliman
voluntary disclosure released in annual reports of some of the most active companies in the Egyptian Stock Exchange. The results generated by the study did support a significant positive impact of institutional blockholders on voluntary disclosure and transparency. It also found that this impact is due to two types of institutional blockholders’ ownership: low institutional ownership defined as those owning from five to twenty percent and controlling institutions
defined as those owning more than fifty percent of a company’s shares. This indicates that concentrated ownership can be viewed as a monitoring mechanism in an emerging market like Egypt. According to the author’s knowledge, this study is the first to explore the impact of
different categories of blockholders; categorized by the size of their block; on levels of voluntary disclosure in Egypt.
voluntary disclosure released in annual reports of some of the most active companies in the Egyptian Stock Exchange. The results generated by the study did support a significant positive impact of institutional blockholders on voluntary disclosure and transparency. It also found that this impact is due to two types of institutional blockholders’ ownership: low institutional ownership defined as those owning from five to twenty percent and controlling institutions
defined as those owning more than fifty percent of a company’s shares. This indicates that concentrated ownership can be viewed as a monitoring mechanism in an emerging market like Egypt. According to the author’s knowledge, this study is the first to explore the impact of
different categories of blockholders; categorized by the size of their block; on levels of voluntary disclosure in Egypt.