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A review of corporate governance in the Saudi Arabian insurance sector
Journal of Risk Management in Financial Institutions,
16
(3),
293-303
(2023)
Abstract
This research aims to highlight the gaps in literature on corporate governance and risk management, and their impact on organisational performance in Saudi Arabia, specifically in the insurance sector. Existing studies that measure such relationships are limited. Moreover, the literature has revealed several constraints in the Saudi Arabian corporate governance environment that exacerbate the challenge associated with regulatory set-up, compliance and the detection of any changes in corporate governance procedures. Considering the `great` importance of the insurance sector in the Saudi economy, and the important role of corporate governance in regulating the insurance business, the study proposes that policy makers and regulators develop policies and regulations that would ensure that firms implement appropriate risk management strategies to improve the performance of the insurance industry in Saudi Arabia. Finally, the policy makers should focus on strengthening Takaful insurance because it has much potential due to its risk-averse characteristics.
Keywords: financial performance; corporate governance; board of directors; board independence; audit committees
The full article is available to subscribers to the journal.
Author's Biography
Shanar Shafi Alsuyayfi is a PhD student at the UKM Graduate School of Business, Universiti Kebangsaan Malaysia. He holds a Master of Commerce (Finance) from the University of Adelaide, Australia, obtained in 2012, and a Bachelor of Business (Finance), from Auckland University of Technology, New Zealand, obtained in 2009.
Rasidah Mohd Said Dr Rasidah Mohd Said is an associate professor based at the Graduate School of Business, Universiti Kebangsaan Malaysia. She holds a Doctor of Business Administration (DBA) obtained from Universiti Kebangsaan Malaysia in 2003, an MSc in Actuarial Science from the University of Nebraska, USA obtained in 1987, and a BSc in Actuarial Science, also from the University of Nebraska, USA obtained in 1985. She has extensive experience teaching advanced quantitative techniques, managerial finance, financial markets and institutions and a practical guide to the Malaysian equity market. Her research areas are finance and insurance.
Roslan Ja'Afar Dr Roslan Ja'afar is a senior lecturer at UKM-Graduate School of Business, Universiti Kebangsaan Malaysia. He received his Bachelor of Economics (BEc Hons) from Universiti Kebangsaan Malaysia and MBA from Universiti Putra Malaysia. He also received his PhD (business) from Western Sydney University. His major research interests include pension system, bank risk, finance and economics.
Ali Albada Dr Ali Albada is an assistant professor based at Sohar University. He holds a DBA in Finance from the National University of Malaysia and has extensive experience teaching accounting and finance courses at both undergraduate and postgraduate levels, and his research areas focus on initial public offerings (IPOs), environmental, social and governance (ESG) and corporate governance.
Citation
Alsuyayfi, Shanar Shafi, Said, Rasidah Mohd, Ja'Afar, Roslan and Albada, Ali (2023, June 1). A review of corporate governance in the Saudi Arabian insurance sector. In the Journal of Risk Management in Financial Institutions, Volume 16, Issue 3. https://doi.org/10.69554/PTGV4942.
© Henry Stewart
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Publications LLP