Purpose

This paper aims to review the literature of CG regime in Saudi Arabia, an emerging market for several compelling reasons. Most of the earlier literature on corporate governance subjects mainly aimed at large emerging economies. To date, there is a lack of studies examining the following: authorities and obligations, subcommittees and the regulatory system in Saudi Arabia. Therefore, this paper is an attempt to bridge this gap by reviewing the current laws, regulation, trends and key reforms in corporate governance framework in the country as the current amended laws focused to offer more competence and precision to the regulatory setting in line with the development of the Saudi Arabian stock market and the influx of foreign reserves.

Design/methodology/approach

The current paper has espoused a content analysis approach in which relevant literature was deliberated and studied.

Findings

The amended CG rules include some developments into corporate governance and substitutes the earlier version of the long overdue regulation of 1965. The new 2017 implemented Code will reinforce the implication of good governance as a condition model for accomplishing good financial management in the country. This study has provided an overview of the evolution and development of corporate governance in Saudi Arabia by highlighting the key reforms.

Research limitations/implications

This study has implications for the policymakers and institutional bodies to review the current developments and progress in the country’s overall corporate governance framework in an attempt to attract more foreign direct investment. Saudi Arabia is among the nations that have a potential for huge foreign investments due to its plan of expanding its economy “Vision 2030.” Therefore, this paper will aid foreign investors in deciding to invest in the country after reviewing the current developments in an attempt to implement vision 2030.

Originality/value

This study contributes to existing literature by examining the current trends in CG, with the discussion on the development of company law in Saudi Arabia which emphasizes on sections that borders on corporate governance.

中文翻译：

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回顾沙特阿拉伯公司法改革及其对公司治理框架的影响——来自新兴市场的证据

目的

出于几个令人信服的原因，本文旨在回顾沙特阿拉伯这个新兴市场的公司治理制度的文献。大多数早期关于公司治理主题的文献主要针对大型新兴经济体。迄今为止，缺乏对以下方面的研究：沙特阿拉伯的权力和义务、小组委员会和监管体系。因此，本文试图通过审查该国公司治理框架的现行法律、法规、趋势和关键改革来弥合这一差距，因为当前修订的法律侧重于根据沙特阿拉伯股市的发展和外汇储备的流入。

设计/方法/方法

目前的论文采用了一种内容分析方法，其中对相关文献进行了审议和研究。

发现

修订后的企业管治规则包括公司治理方面的一些发展，并取代了早在 1965 年实施的早先版本。2017 年实施的新守则将强化良好治理作为在该国实现良好财务管理的条件模型的含义。本研究通过突出关键改革，概述了沙特阿拉伯公司治理的演变和发展。

研究限制/影响

这项研究对决策者和机构机构审查该国整体公司治理框架的当前发展和进展具有影响，以试图吸引更多的外国直接投资。由于其经济扩张计划“愿景 2030”，沙特阿拉伯是具有巨大外国投资潜力的国家之一。因此，本文将帮助外国投资者在审查当前发展以尝试实施 2030 愿景后决定在该国投资。

原创性/价值

本研究通过审查公司治理的当前趋势对现有文献做出贡献，并讨论了沙特阿拉伯公司法的发展，该讨论强调了与公司治理接壤的部分。