Impact of Corporate Governance on Shareholder Value Creation: Evidence from Tunisian Context

  •  Kouki Marouan    
  •  Dabboussi Moez    


The aim of this study is to examine the impact of corporate governance on shareholder wealth. The emphasis here is placed on the hypothesis that separating ownership from management has a significant effect on shareholder value creation. The empirical analysis is based on a data set of Tunisian listed companies for the period 1997-2006. As predicted by theory, the results show that the presence of institutional investors in ownership structure seems to exercise effective control over the external manager. Capital concentration appears to have a negative effect respectively on performance and value creation. The presence of outside directors has a significant negative impact on value creation and performance of Tunisian firms.

This work is licensed under a Creative Commons Attribution 4.0 License.
  • Issn(Print): 1913-9004
  • Issn(Onlne): 1913-9012
  • Started: 2008
  • Frequency: monthly

Journal Metrics

Google-based Impact Factor (2019): 14.58

h-index (February 2019): 54

i10-index (February 2019): 453

h5-index (February 2019): 26

h5-median(February 2019): 35

( The data was calculated based on Google Scholar Citations. Click Here to Learn More. )