أثر تطبيق الحوكمة على أداء المالي للمؤسسات دراسة مقارنة بين عينة من المؤسسات الجزائرية والفرنسية

Abstract

This study aimed to demonstrate the contribution of corporate governance to enhance the financial performance of three Algerian companies and compare them with their French counterparts, selected based on their sector of activity, size, and significance to their respective economies. The study covered the period from 2016 to 2021. To achieve this goal, a set of principles and mechanisms were utilized to compare the governance systems among the studied companies, derived from major international bodies and organizations. These principles and mechanisms encompassed aspects such as board composition, board effectiveness, executive compensation, risk management, shareholders' rights, corporate social responsibility, ethics, and compliance. As for financial performance, a set of financial ratios were employed to evaluate it, identifying strengths and weaknesses in terms of growth , profitability, liquidity, activity, capital structure, and debt ratios. This study concluded that there are clear differences between Algerian and French companies. The results showed that French companies outperformed their Algerian counterparts in terms of applying governance principles and mechanisms, which reflected positively on their financial performance. The comparative results in their practical context highlighted differences in governance practices and their impact on financial performance. The findings can be utilized by Algerian companies, to improve their practices, and consequently enhance their financial performance. Additionally, the study provides recommendations that can be useful for future research in this field, contributing theoretically to raising awareness of corporate governance and its various dimensions. Furthermore, this study contributes theoretically to increasing awareness of the concept of corporate governance and its multifaceted impact on financial performance. The comparative results of the study within its practical context highlight differences in governance practices and their influence on financial performance. These findings can be leveraged by Algerian companies to enhance their practices and, consequently, improve their financial performance. Moreover, this study provides a set of recommendations that can be beneficial for future research in this field.