Corporate governance and foreign ownership in the Islamic capital market of Kuwait
This paper aims to explain the corporate governance factors of foreign ownership in the Islamic capital market in Kuwait. A triangulated lens of agency, stewardship, and resource dependence is used to collect data from 58 listed firms on Boursa Kuwait. The findings suggest that board size; risk mana...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | en en |
| Published: |
Asian Economic and Social Society
2023
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/101659/7/101659_Corporate%20governance%20and%20foreign%20ownership.pdf http://irep.iium.edu.my/101659/13/101659_Corporate%20governance%20and%20foreign%20ownership_SCOPUS.pdf http://irep.iium.edu.my/101659/ https://archive.aessweb.com/index.php/5002/article/download/4681/7380 https://doi.org/10.55493/5002.v13i1.4681 |
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| Summary: | This paper aims to explain the corporate governance factors of foreign ownership in the Islamic capital market in Kuwait. A triangulated lens of agency, stewardship, and resource dependence is used to collect data from 58 listed firms on Boursa Kuwait. The findings suggest that board size; risk management; Chief Executive Officer (CEO) duality; environmental, social, and governance (ESG) practices; and debt to equity are significant determinants of attracting foreign capital. Board independence, firm size, and
return on assets are significant factors, though there are narratives to the contrary in the literature. These results are important as the Kuwaiti market has demonstrated evidence
for unifying the three theoretical perspectives of resource dependence (board size, risk management), agency (CEO duality), and stewardship (ESG practices and capital
structure). This unification will contribute to further development of the corporate governance theory and policy in the future in terms of inclusion and exclusion of
corporate governance frameworks. |
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