
































5084-Article Text-17116-3-11-20210206


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European Journal of Social Impact and Circular Economy - ISSN: 2704-9906  

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Good Governance: The Impact on the performance of 
Tunisian listed companies 

Ammar Samout1, Boutheina Marnissi2 
1Department of Management Science, Faculty of Economics and Management of SFax-Tunisia 
2Laboratory of Epidemiology and Veterinary Microbiology, Institute Pasteur of Tunis, University Tunis El Manar, Tunis, Tunisia 
 
E-mail: boutheinamarnissi90@gmail.com 
 
Received: 12/09/2020 
Revised: 09/11/2020 
Accepted for publication: 15/11/2020 
Published: 08/03/2021 

Abstract 

The purpose of our research is to study the impact of governance tools on Tunisian company 

performance. Empirical verification conducted by an expert panel composed of 100 Tunisian companies 

listed on the Tunis Stock Exchange. The observation period is 10 years, from 2008 to 2018. It shows that 

the composition of the board of directors, the remuneration system, shareholders and information 

disclosure on the performance of these banks which have a positive impact. On the other hand, for the 

two performance indicators (ROE and ROA), the age of the company is not important. 

Keywords: governance; performance; director board 

 

1. Introduction 

Governance is a concept that has evolved a lot since the emergency of 1980s, and on the other hand 

the debates around this issue of the interests involved.Even in political science the first classical essays 

on the subject says about the concept centered on two main components: law then order, governance 

today addresses issues related to the mechanisms necessary to negotiate the various interests of society 

By the way the broad notion covers the different ways in which individuals and groups organize 

themselves to achieve common goals. 

The literature is full of works attempted to test the effect of governance on performance and most of 

these works show that governance has a significant effect on the performance of the company and on its 



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value in the market, and this for different contexts and performance indicators.Among these studies we 

can cite that of Widodo, DS, Silitonga, P., & Ali, H. (2020)), Coffey, B., Bush, J., Mumaw, L., de 

Kleyn, L., Furlong, C., & Cretney, R. (2020) and Beshi, T. D., & Kaur, R. (2020).Most governance 

studies ignored governance issues at the level of listed companies mainly in emerging countries (Sajko, 

M., Boone, C., & Wernicke, G. 2017).  

However, this theme is important for several reasons.  

Listed companies occupy a preponderant role in the economies of countries.They are a major 

component of any national economy. The change of the international context following globalization, 

liberalization, deregulation of financial systems, the adoption of new technologies affects the functioning 

of these type of business.The business sector has a big role in the economic and social development of 

our country. Its direct involvement in the implementation of public sector strategies justifies the 

strengthening of corporate governance practices with a view to greater efficiency and performance. 

Despite structural changes in the financial system in Tunisia which have strengthened the role of the 

financial market from 1990s, listed companies still remain also the main focus of economic 

development. 

In view of all these considerations, it is interesting to conduct a study developed within the framework 

of listed companies. Our work is inspired by research related to corporate governance and proposing 

several control mechanisms to improve performance (Widodo, D. S., Silitonga, P., & Ali, H. (2020) and 

Hutahayan, B. (2020)).Our ambition in this research to determine the effect of governance on the 

performance of listed companies.From this perspective, as part of the research, we will try to provide 

answers to the following question« will the governance improve the performance of Tunisian listed 

companies? ». 

2. Review of Literature and formulation of research hypotheses 

A large amount of literature attempts to examine the impact of governance on performance, and most 

of the work in society shows that governance has a significant impact on company performance and its 

value in the market, as well as different environments and performance Indicators. 



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E. Schiehll (2004) established the relationship between company performance and the four attributes 

of corporate governance structure:Board composition, management participation, incentive 

compensation and major shareholder participation. 

The work carried out by Horstmeyer and Wells (2017) suggests that the effects of good governance 

also depend on the economic conditions characterizing a sector. Shareholder rights are maximized when 

the sector is booming, and appear significantly less important when economic conditions are bad.Bauer 

et al. (2008) used data provided by the International Governance Indicators (GMI). The Japanese 

companies in the sample are classified according to six governance dimensions. 

The author analyzes the impact of governance quality on its performance. Using the total index shows 

that companies with higher governance levels outperform other companies at rate of 15% each 

year.Evenly, recent work by Horstmeyer and Wells (2017) suggests that the effects of good governance 

also depend on the economic conditions characterizing a sector. Shareholder rights are maximized when 

the sector is booming, and appear much less important when economic conditions are bad. We must also 

take into account the stage reached by the company in its life cycle. Thus, a mature listed company 

needs more supervision and control: in this case, it could be shown that a reduced board of directors is 

better suited. Otherwise, a younger company will be able to benefit more from the advice of its board, 

which will therefore be all the more effective as its members will be more numerous.Black, Jang, and 

Kim (2003) showed in their sample of 526 South Korean companies that they developed an index based 

on the governance review of the Korea Stock Exchange.An increase of 10 points in the governance 

index resulted in a 65% increase in the Tobin index « Q » and a market booking rate of 13%. They also 

found that any improvement in governance practices would result in a 47% increase in Tobin’s « Q-

value » and a 96% increase in market/book value.From the other side, Chong and Lopez-de-Silanes 

(2007) believe that governance will definitely affect the operating performance of the companies 

studied, but this impact is far less than the impact on the market value of these companies. 

Finally, Bauer et al. (2003) confirmed that governance is positively correlated with the profitability 

and market value of European companies in the research. But it is negatively correlated with operational 

performance.In addition to that, Gruszczynski (2005) tested the existence of this link in a Polish 

language environment. 



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His research shows that there is a significant correlation between the calculated governance scores and 

the financial performance of the Polish companies studied.Otherwise, Bauer et al. (2008) studied the 

relationship between governance quality and Japanese company performance. They set out to develop a 

total index covering six aspects of governance. 

So, the results of this study show that companies with the best governance perform 15% better than 

other companies each year.Furthermore, Mohamed, Basuony, and Badawi (2013) studied the impact of 

corporate governance on the financial and stock market performance of 88 non-financial companies 

listed on the Egyptian Stock Exchange EGX100 index.The study prove that there are about three 

governance mechanisms studied Ownership structure, board composition and audit quality.We 

incorporate control variables into the analysis and we enumerate: the company size, age, department and 

financial structure.The Financial performance is evaluated through ROE and ROA and also through Q's 

stock market performance. 

According to Al-ahdal, WM, Alsamhi, MH, Tabash, MI, & Farhan, NH (2020), corporate governance 

plays a critical role in creating a corporate culture of awareness and transparency. In this context, the 

study by these authors provides a brief overview of the history of corporate governance mechanisms in 

India and in the Gulf Corporation Council (GCC) countries, the corporate legal system and established 

supervisory policies. by the Indian governments and the GCC. In addition, this study analyzes the impact 

of corporate governance mechanisms on the financial performance of Indian and GCC listed companies. 

The study uses a sample of 53 listed non-financial companies from India and 53 listed non-financial 

companies from GCC countries for the period 2009-2016. The results revealed that the responsibility of 

the board of directors (BA) and the audit committee (AC) have an insignificant impact on the 

performance of companies as measured by ROE and Tobin's Q. Furthermore, fictitious country results 

show that Indian companies outperform those in the Gulf countries in terms of corporate governance 

practices and financial performance. According to these authors this research is seen as a battery of 

further research and studies, particularly in listed companies in India and in the GCC in the context of 

corporate governance and financial performance. 

At the national level, Madhar, S. (2016) studied the relationship between governance and performance 

by studying 46 Moroccan issuers between the end of 2012 and the end of 2014. The author developed a 

grid of 31 governance guidelines that mainly cover board practices and shareholder rights. In order to 



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Hypothesis 2: The higher the governance’s score related to the compensation policy, 

the higher the company's financial grow and the stock market performance increase. 

measure the performance of the companies in the sample, it prefers financial and stock market 

indicators, especially turnover, EBITDA and net profit margin.Based on the results of these studies, our 

research will first try to study the correlation between the governance index published on the Canadian 

Globe and Mail website and performance indicators.Therefore, we will test the hypothesis to study this   

correlation as follows: 

The General Hypothesis: companies with higher governance scores will have better performance. 

Since the governance indicator we use is composed of 4 sub-indexes, we will test the impact of each 
sub-index on performance. 

The composition and performance of the Director Board:The board of directors is considered to be 
one of the main means to correct the defects of managers (Widodo, D. S., Silitonga, P., & Ali, H. (2020), 
Garcia, A. S., & Orsato, R. J. (2020) and F. Adjaoud et al. (2007)). 

This is how Hermalin and Weisbach (2000) describe it as the "heart of governance". 

The size of the board of directors is also seen as a variable that may have a significant impact on its 
effectiveness (P. André and E. Schiehll 2004). According to the results of Yermack(1996) and S. 
Bahagat and Black (2002), this effect is negative because the board loses its effectiveness as the size of 
the board increases.In contrast to these results, the results of Godard (2001) show that the size of the 
board has no effect on the performance of French companies and it has nothing to do with the 
performance indicators used.Yermack (1996) also showed a negative correlation between the size of the 
board of directors and the value of the company, because of communication difficulties and the high cost 
of joint decision-making.Through these studies, we can draw the following first hypothesis: 

Hypothesis 1: The higher the governance’s score related to board composition, the 

higher the company's financial and stock market performance increase 

Salary system and performance:Widodo, D. S., Silitonga, P., & Ali, H. (2020),  Srivastava, A., & 
Bhatia, S. (2020) and P. André and E. Schiehll (2004) believe that company performance will be related 
to the relative importance of long-term incentive compensation, such as cash dividends and the grant of 
stock options. 

Therefore, our second assumption is: 

 

 



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Hypothesis 3: The higher the governance’s score related to respect for shareholder 

rights, the higher the company's financial and stock market performance increase. 

Shareholder rights and company performance: Gompers, Ischii, and Metrick (2003), Esposito, P., 
& Dicorato, S. L. (2020) and Horstmeyer, D., & Wells, K. (2017) show that the company with the 
strongest shareholder rights has higher value, higher profits, higher sales growth, and more and lower 
capital expenditures. 

Therefore, the third research hypothesis can be as follows: 

Disclosure and performance: The increase in information disclosure has led to lower 

agency costs and therefore increased company value (F. Adjaoud, D. Zeghal and S. Andaleeb 
(2007),Beshi, T. D., & Kaur, R. (2020) and Çelik, Ş., & Güleç, T. C. (2020)) 

Therefore, we can state the last hypothesis of the study as follows: 

 

3. Research methodology 

In this case, we propose a choice of methods that can verify the research hypothesis.Firstly, we expose 
our research samples. Secondly, we developed the variables held within the framework of this research. 

3.1. Framework of Research 

The purpose of this study is to evaluate the impact of good governance on the performance of listed 
companies. Therefore, we take 130 listed companies in Tunisia as a sample.The sample covers 
companies belonging to three different sectors: the industrial, commercial and service sector.These 
samples held can better consider the impact of governance on performance. 

Therefore, the research interval is 30 years, from 1990 to 2019 according to financial information 
collected from the bank’s annual activity report, APTBEF’s annual report, BVMT’s guidelines, and 
documents from the Financial Market Committee (CMF). 

3.2. The variable Research 

In the following, we introduce the variable used to evaluate the structure of the board of directors and 
measure bank performance. 

a) Variables that depend on company performance 

Our goal is to study the effect of explanatory (exogenous) variables on performance. Performance is 
an endogenous or explanatory variable. 

Hypothesis 4: The higher the governance’s score related to disclosure, the higher the 

company’s financial and stock market performance increase 



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Performance can be measured by using market indicators of stock market prices (price-to- book ratio, 
price-earnings ratio, total shareholder return, etc.) or ROE or ROA type accounting indicators. 

In our research, we use the ratio of return on assets (ROA) to return on equity (ROE) 

ROA (Return on Assets) Economic Performance: This ratio is also called the earning rate  of 
permanent capital because it represents the ability of the capital to create a certain level of operating 
profit to compare the result with the method to achieve the goal. 

ROA = capital used = equity + LMT debts 

The financial performance of the return on equity (ROE):this ratio is also called the return on 
equity, which represents the ability of shareholders to invest in equity to generate profit 

ROE = net income/equity 

b) Independent variables 

We try to identify the most important variables that describe corporate governance. Regarding to the 
characteristics of the board, we selected 4 variables 

-The composition of the board of directors; 

-Equity and compensation; 

-Shareholder rights; 

-Information disclosure. 

Four characteristics constitute the four sub-indices of our Global Governance Index 

c) Control variables 

If we want to verify the impact of governance mechanisms on bank performance, we must consider 
other variables to draw conclusions, especially: 

Company size: Introduce variables of scale to achieve economies of scale or diseconomies of scale. 
Smirlok (1985), Akhavein, etc (1997) , Guan (2003) and Çelik, Ş., & Güleç, T. C. (2020)found a 
positive and significant relationship between bank scale and performance. 

Company age (AGE): Company age is usually regarded as a variable that has a very important 
impact on performance. 

Generally speaking, the company age variable is represented by the logarithm of the number of years 
of operation (Brown and Caylor (2006), Ben Cheikh and Zarai(2008) and Al-Gamrh, B., Ismail, K. N. I. 
K., Ahsan, T., & Alquhaif, A. (2020)). 

Therefore, we have one independent variable, two dependent variables and one control variable. 
Therefore, we have two models: 



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Model 1 : ROAi,t = β0 + + β1 GOVi,t+ β2 AGEi,t + + β3 T i,t+ εi,t Model 2 : ROEi,t = β0 + + β1 
GOVi,t+ β2 AGEi,t + + β3 T i,t+ εi,t With GOV: The governance index, 

T: The size of the company, AGE: The age of the company DT: The company's debt, 

β0: The  constant and 𝛆 The errorterm 
Table 1: variable choice’s 
 

Variable Signification Measure 
ROA Return on Assets Net income / total assets 

ROE Return on Equity Net income / equity 

 
 

GOV 

 
 

Corporate governance 

This index looks at four important characteristics of the board of 
directors, namely: 
- The composition of the board of directors; 
- Shareholding and compensation; 
- The rights of shareholders; 
- Disclosure of information. 

AGE  
Company age 

 
Log (number of years) 

T  
size of the company 

 
Log (book value of total assets) 

Source: Personal design 

Next, we continue to conduct econometric research, through which we try to test whetherthere is a 
connection between performance indicators (ROE and ROA) and the governance of Tunisian listed 
companies. 

We try to test the hypothesis that corporate governance has a positive impact on financial and market 
performance, and observe under what conditions this impact will occur. 

4. Interpretation of the results and discussion 

4.1 Descriptive statistics 

Table (2) illustrates the mean, standard deviation and mean of the variables considered in our 

study.The table also confirms the average age of 10 years. In 100 companies, the average age of 

shareholders' equity is 1.35. For DIV, the average value of this variable is 8.4. 

Therefore, the average values of ROA and ROE are 0.90 and 10.6, respectively. 

 

 

 
 



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Table 2: Descriptive Statistics. 
 Medium Median Minimum Maximum Standard deviation 
ROA 0,90 0,82 0,20 1,55 0,35 
ROE 10,62 10,88 1,95 17,50 3,84 
CA 11,57 11.25 8,10 15,30 1,70 
SR 4,50 2,14 1,49 5,61 1,12 
DIV 8,48 8,10 3,35 12,22 1,08 
SC 2,85 2,90 0,7 5,42 1,66 
T 8,40 8,05 5,51 12,60 1,85 
AGE 10,40 10,13 3,50 20,5 3,15 

Source: Eviews 9 

4.2. Study of the effect of performance on governance using the global governance index 

The low R2 in Table 3 indicates that the explanatory power of our model is moderate so, the results 
that come from our estimates can be interpreted as follows: 

> The effect of the total assets variable (T) is positive and is statistically significant given that the 
probability associated with this variable is 0.050, or equal to 0.05. The sign associated with its parameter 
indicates that an increase in total assets has a positive impact on the ROA and the ROE. 

> The impact of the Governance Index (GOV) variable is positive and statistically significant given 
that the t-stat is lower than that of the table of at the 5% threshold. The sign associated with its parameter 
indicates that the increase in the governance index influences the ROE and ROA. 

> The impact of the variable AGE is positive given its coefficient of 0.008 for ROA and 0.007 for 
ROE. It is statically insignificant in view of the student statistic calculated lower than that of the table. 

Table 3: Study of the effect of performance on governance (global index) 
 

Variables ROE ROA 
Constant 8.356*** 

(4.452) 
7.569*** 
(2.851) 

AGE 0.008 
(0.036) 

0.007 
(0.019) 

T 6.054*** 
(1.548) 

3.128** 
(1.323) 

GOV 0.325 
(0.245) 

0.435 
(0.685) 

R2 

Number of observation 
0.502 
100 

0.523 
100 

                    Source: Eviews 9 

The values in brackets represent the standard errors * significant at the 10% level, ** significant at the 
5% level, *** significant at the 1% level. 

 



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4.3. Study of the effect of performance on governance using the sub-indices making up the global 
governance index. 

The decomposition of the governance index consists of replacing this index with its four sub-indices 
(BC, SC, SR, and DIV) in the three performance equations. The estimated models, in this step, are as 
follows: 

𝑴𝒐𝒅el 3 ∶ ROE = 𝑐𝑡𝑒+ 𝛼1 𝐵𝐶 + 𝛼2 𝑆𝐶 + 𝛼3 𝑆𝑅 + 𝛼4 𝐷𝐼𝑉 + 𝛽1 𝑇 + 𝛽2 𝐴𝐺𝐸 + 𝜀𝑖 

𝑴𝒐𝒅el 4 ∶𝑅𝑂𝐴 = 𝑐𝑡𝑒 + 𝛼1 𝐵𝐶 + 𝛼2 𝑆𝐶 + 𝛼3 𝑆𝑅 + 𝛼4 𝐷𝐼𝑉 + 𝛽1 𝑇 + 𝛽2 𝐴𝐺𝐸 + 𝜀𝑖 Where 𝑖=1 100 
designates companies ; 

BC: The composition of the board of directors; SC: Shareholding and compensation; 

SR: Shareholder rights; 

DIV: Information disclosure. T: Size ; 

AGE: Age of Company ; C : Constant ; 

And 𝜺 : Standard error 

The various estimates indicate that the sub-indices have a significant impact on financial performance. 

Therefore, our hypothesis has been verified for Model 3 and Model 4. 

Table 4: Expressive study of Expression Form 

variable ROE ROA 

Constant 6.324** 
(3.511) 

7.133** 
(3.220) 

BC 

SC 

SR 

DIV 

0.125* 
(0.052) 
0.241* 
(0.068) 
0.189* 
(0.034) 
0.518 

(1.021) 

0.425 
(0.085) 
0.324* 
(0.088) 
0.225* 
(0.043) 
0.125* 
(0.214) 

AGE 0.005 
(0.0326) 

0.0065 
(0.0121) 

T 5.522*** 
(1.254) 

4.225** 
(1.113) 

R2 

Number of observation 
0.48 
100 

0.502 
100 

                 Source: Eviews 9 



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The value in parentheses indicates the standard error *significant at the 10% 
level*significant at the 5% level*significant at the 1% level*** 

It is important to note that the low value of R2 in Table 4 indicates that the explanatory power of our 
model is moderate. 

The results that come from our estimates can be interpreted as follows: 

> The effect of the total assets variable (T) is positive and is statistically significant given that the 
probability associated with this variable is 0.050, or equal to 0.05. The sign associated with its parameter 
indicates that an increase in total assets has a positive impact on the ROA and the ROE. 

> The impact of the variable on the composition of the board of directors is positive and statistically 
significant given that the t-stat is lower than that of the table of at the 5% threshold. The sign associated 
with its parameter indicates that the composition of the board of directors influences the ROE and ROA. 

> The impact of the Shareholding and compensation variable is positive and statistically significant 
given that the t-stat is lower than that of the table of at the 5% threshold. The sign associated with its 
parameter indicates that the composition of the board of directors influences the ROE and ROA. 

> The impact of the shareholder rights variable is positive and statistically significant given that the t-
stat is lower than that of the table of at the 5% threshold. The sign associated with its parameter indicates 
that the composition of the board of directors influences the ROE and ROA. 

> The impact of the variable Information disclosure is positive and statistically significant given that 
the t-stat is lower than that of the table of at the 5% level. The sign associated with its parameter 
indicates that the composition of the board of directors influences the ROE and ROA. 

> The impact of the variable AGE is positive given its coefficient of 0.008 for ROA and 0.007 for 
ROE. It is statically insignificant in view of the student statistic calculated lower than that of the table. 

5. Discussion 

The relationship between governance and economic performance has long remained the subject of 
much controversy between different schools of economic thought. 

Indeed, according to our estimates, governance has a positively significant effect on the performance 
of listed companies for the 4 models. 

For model 1 and 2 

Then, we noticed that according to various estimates, governance has an impact on financial and 
economic performance. 

In fact, the GOV variable is very important in the first of two models. 



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Therefore, our general hypothesis has been verified. This result is the same as the research direction of 
Gruszczynski (2005), which reveals the positive relationship between governance index and 
performance in the Polish language environment. 

The total assets variable (T) is positive and significant in the two equations using ROE (6.054 ***) 
and ROA (3.128 **). 

This is consistent with our assumption that size has a positive effect on financial performance. Several 
authors have found similar results such as Beshi, T. D., & Kaur, R. (2020), Durnev and Kim (2003), 
Bohren , Odegaard (2001) , F. Adjaoud, D. Zeghal and S. Andaleeb (2007) who find in different 
contexts of positive association between size and performance. 

The table bellow shows that any financial performance indicator prove the variable AGE is not 
important where (ROE is 0.004, ROA is 0.008). 

This result doesn’t match our expectations and results in other circumstances and other authors. For 
example, Ben Cheikh and Zarai (2008) found that in the Tunisian context, the Age Variable has a 
significant impact on a company's stock market performance (MTB) and accounting performance 
(ROA) (with a 1% threshold). 

Their results are also consistent with those of Cameron and Whitten (1981). 

Shortly, using the total sample and the overall governance index can confirm our general assumptions 
about the impact of governance on performance. 

Therefore, the breakdown of governance indicators will allow us to test the effectiveness of each 
governance sub-index that is evaluated against these two performance indicators. 

For model 3 and 4 

In both models, the estimated coefficients of variables related to board composition are positive and 
significant. Our research results are consistent with the literature review we have developed. The size of 
the board is also seen as a variable that may have a significant impact on its effectiveness (Widodo, D. 
S., Silitonga, P., & Ali, H. (2020), P. André and E. Schiehll (2004) and Al-Gamrh, B., Ismail, K. N. I. 
K., Ahsan, T., &Alquhaif, A. (2020)). 

 As for the variable "shareholding and compensation", the results showed a positive and significant 
impact on the economic performance of Tunisian companies. This result is consistent with the results 
observed by Widodo, D. S., Silitonga, P., & Ali, H. (2020) ,Hergli et al. (2007) and P. Biancone, S 
Secinaro, V Brescia (2018), who argued that moderate executive compensation related to company 
performance (accounting or market value related) is a factor that has a positive impact on company 
value. 

Regarding to the variable "shareholder rights", the results show that it has a positive and significant 
impact on the economic performance of Tunisian companies. 



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13 

This result is consistent with the results found by Coffey, B., Bush, J., Mumaw, L., de Kleyn, L., 
Furlong, C., & Cretney, R. (2020) and Gompers, Ischii, and Metrick (2003), which indicate that the 
company with the strongest shareholder rights has greater value, higher profits, and stronger sales 
growth. 

As for the effect of the variable "Information disclosure" on the performance of companies, the results 
reveal a positive and significant impact on the economic performance of Tunisian companies. 

This result is consistent with the results observed by R. Bauer and al (2008), in the Japanese context, 
who found that information disclosure is one of the most determining factors of performance. 

The total assets variable (T) is positive and significant in the two equations that using ROE (5.522 
***) and ROA (4.225 **). 

This is consistent with our assumption that size has a positive effect on financial performance. 

The AGE variable is not important for financial performance indicators (ROE is 0.005, ROA is 

0.0065). 

6. Conclusion 

To conclude this research aims to study the relationship between corporate governance and 
performance in Tunisia.It aimed also to determine corporate governance practices in the Algerian 
context based on the criterion of performance.We tried to take a critical look at the quality of corporate 
governance while analyzing the impact of the governance index on performance to verify whether 
governance really has an effect on performance.Indeed, the analysis of this relationship is based on the 
implementation and study of several statistical tests as well as the use of multiple linear regressions 

The first contribution of this study to the scientific literature is a complete and well-argued 
econometric analysis of the existing relationship between governance and performance.The analysis of 
this relationship relies on the implementation and study of several statistical tests as well as the multiple 
linear regressions.The results of econometric tests confirm the theories. Moreover, this study finds a 
significant relationship between the governance index, total assets and economic and financial 
performance. 

This study has some gaps that need to be addressed. The first limitation relates to the relatively small 
size of our sample. The second limitation concerns the small number of factors likely to explain the level 
of performance of companies.Nevertheless, it can be considered as a starting point for further research. 
Finally, there is two main research perspectives can be outlined. The first is to add other governance 
variables. The second would be to carry out a comparison with what is practiced in other countries and 
in particular emerging countries. 

 

 



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14 

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