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Article
Publication date: 2 September 2019

The value relevance of accounting information in the MENA region: A comparison of GCC and non-GCC country firms

Doaa El-Diftar and Tarek Elkalla

The purpose of this paper is to examine the value relevance of accounting information in the Middle East and North Africa region (MENA) region with an emphasis on the…

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Abstract

Purpose

The purpose of this paper is to examine the value relevance of accounting information in the Middle East and North Africa region (MENA) region with an emphasis on the potential impact of IFRS adoption. This paper aims to not only examine the value relevance of accounting information in the MENA region but also draw comparisons between Gulf countries (GCC) and non-GCC country firms to determine whether there are distinct differences across the two regions.

Design/methodology/approach

To investigate the value relevance of accounting information in the MENA region, two pooled regression models are used based on the Ohlson (1995) model. The first regression model is conducted for the GCC and non-GCC regions separately. A second regression model is conducted using a pooled sample of the MENA region collectively with dummy and interaction variables to further explore the potential differences between the two regions in terms of the value relevance of accounting information.

Findings

The empirical results show that the measures of accounting information have a highly significant positive relationship with the market value per share for firms in the MENA region, thereby indicating that accounting information in the MENA region is value relevant. Although book value per share and earnings per share are significant determinants of value relevance in both GCC and non-GCC country firms, operating cash flows per share is only a significant determinant of value relevance in non-GCC country firms. The research findings of the study also show a significant negative impact of IFRS adoption on the value relevance of accounting information in the MENA region.

Practical implications

This research paper provides important insights for investors and regulators by providing evidence that accounting information is value relevant in the MENA region, and that IFRS adoption does not necessarily lead to a greater degree of value relevance. In fact, investors and regulators should be aware that the adoption of IFRS in MENA country firms results in diminished value relevance of accounting information. This finding is of particular significance to policymakers attempting to improve accounting disclosure.

Originality/value

The paper expands the value relevance of accounting information literature in the context of developing economies, in general, and the MENA region, in particular. There is a paucity of research into the value relevance of accounting information for MENA country firms, particularly in the case of the impact of IFRS adoption. Thus, this paper provides an important contribution in terms of expanding the value relevance literature in relation to IFRS adoption in the MENA region.

Details

Journal of Financial Reporting and Accounting, vol. 17 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/JFRA-09-2018-0079
ISSN: 1985-2517

Keywords

  • IFRS
  • MENA
  • GCC
  • Market value
  • Value relevance
  • Accounting information
  • Non-GCC

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Article
Publication date: 1 April 2019

Fiscal sustainability challenges in the new normal of low oil prices: Empirical evidence from GCC countries

Assil El Mahmah and Magda Kandil

Given the persistence of low oil prices and the continued shrinking of government revenues, Gulf Cooperation Council (GCC) countries continue to adapt to the new normal of…

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Abstract

Purpose

Given the persistence of low oil prices and the continued shrinking of government revenues, Gulf Cooperation Council (GCC) countries continue to adapt to the new normal of the oil price environment, with a focus on pressing ahead with subsidies’ reforms and measures to increase non-oil revenues, as well as accelerating debt issuance, which raise concerns about fiscal sustainability and the implications on macroeconomic stability.

Design/methodology/approach

The purpose of this paper is to examine the sustainability of fiscal policy in GCC by exploring governments’ reaction to rising public debt accumulation via the estimation of a fiscal reaction function to higher debt. Subsequently, the paper compares the obtained results with other similar and non-similar groups, in terms of economic structures and oil dependency, to understand how some macroeconomic factors affect differently the fiscal policy responses, in a context of oil price shocks and high price volatility.

Findings

The results show that the coefficient of the lagged debt stock was significant and positive, which means that GCC are increasing the pace of reforms and the fiscal primary balance as they issue more debt to ensure a sustainable fiscal policy. The evidence is consistent with the theory that higher levels of debt warrant greater fiscal effort, but at lower debt levels, countries still have the space to increase spending without jeopardizing debt sustainability as long as they remain committed to fiscal reforms to increase the primary balance. The evidence supports the notion that the region’s public finances have improved in response to recent fiscal adjustments. However, national experiences differ considerably, especially given variation in the fiscal breakeven prices against the new normal of low oil prices. Moreover, the findings reveal that various measures of economic performance, as captured by economic growth, openness and the oil price, were also found to be important factors in explaining fiscal performance. The combined effects of low oil prices and high degree of openness warrant further efforts to reform the budget to increase the primary balance while safeguarding priority spending tomobilize non-energy growth and ensure debt sustainability in GCC.

Originality/value

Given recent experiences and the “low for long” oil price, policy priorities and reforms are necessary in oil-dependent economies, including GCC, to ensure macroeconomic sustainability. Sustaining the momentum of non-energy growth would reduce continued dependency of GCC economies on oil revenues and fiscal spending in the medium-term, creating a bigger scope for private sector participation in economic activity and increasing the prospects of further diversification away from long dependency on oil price volatility and their adverse implications on the fiscal budget and economic cycles.

Details

International Journal of Development Issues, vol. 18 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/IJDI-02-2018-0033
ISSN: 1446-8956

Keywords

  • Sustainability
  • Debt
  • Panel data models
  • Fiscal policy
  • E62
  • H63
  • C33

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Article
Publication date: 2 December 2020

Achieving food security through live animal imports in the Gulf Cooperation Council countries

Azmat Gani

This article examines the main factors that drive live animal imports in the Gulf Cooperation Council (GCC) countries in the Middle East.

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Abstract

Purpose

This article examines the main factors that drive live animal imports in the Gulf Cooperation Council (GCC) countries in the Middle East.

Design/methodology/approach

The analysis is based on a gravity model framework, and it incorporates annual data for imports of cattle, sheep and goats during the period 2004–2017 for six countries. The panel estimation technique is employed to disentangle the drivers of the GCC live animal imports.

Findings

The results reveal that imports of live animals are consistently positive and statistically significantly correlated with the economic sizes of importer countries, liner shipping connectivity (LSC) (for cattle and goats) and culture (for cattle and sheep). Other determinants include falling tariffs for live cattle imports and falling costs of doing business for live sheep imports. Distance is found to exert statistically significant friction for imports of live goats.

Practical implications

The GCC countries offer substantial opportunities for livestock trade to fulfil the growing demand for meat as a dietary requirement. Countries aiming at the GCC live animal segment of agricultural business would have to ensure reliable access to maritime transport connectivity and better understanding and insights into the business environment, transport logistics, trade policies, economic strength and cultural connections with meat consumption. The food-related supply chain system ought to have an extensive awareness of variables as the findings of this study revealed that can impact exchanges encountered across the supply chains.

Originality/value

Until now, no study has empirically investigated the effect of live animal imports within a coherent trade theoretical framework in the GCC. The novelty of this research is that it makes the first attempt to identify the factors driving the extensive GCC live animal imports for meat consumption with a specific geographical focus. This study also complements the existing sparse empirical literature on trade-in live animals.

Details

British Food Journal, vol. 123 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/BFJ-08-2020-0674
ISSN: 0007-070X

Keywords

  • Live animals
  • GCC countries
  • Trade
  • Shipping connectivity
  • Health
  • O53
  • Q17
  • Q18

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Article
Publication date: 4 April 2020

Development of renewable energy in the GCC region: status and challenges

Abdalla Mahmoud Salim and Imad Alsyouf

The purpose of this paper is to assess the potential of renewable energy as an essential future energy source in the Gulf Cooperation Council (GCC) region. This paper…

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Abstract

Purpose

The purpose of this paper is to assess the potential of renewable energy as an essential future energy source in the Gulf Cooperation Council (GCC) region. This paper summarizes the main projects and measures established to start the transition toward renewable energy. The opportunities and challenges for developing renewable energy projects have been discussed to reach a better understanding of the future of renewable energy in the region.

Design/methodology/approach

The paper provides a literature-based study on the status of the renewable energy sector in the GCC, including potentials, projects, targets and strategies. The opportunities and challenges of the development of renewable energy sources in the GCC region have been discussed based on the literature.

Findings

The paper shows that the GCC countries have begun to adopt a more proactive approach toward renewable energy, while the reorientation of strategies and plans for renewable energy is evolving in these countries. All of the GCC countries focus on solar and wind energies and plan to invest in waste-to-energy (WtE), while only Saudi Arabia is interested in going for geothermal.

Originality/value

The paper contributes to the provision of an extensive literature review on the development of renewable energy in the GCC countries. It provides an updated and comprehensive overview of the region’s renewable energy potential and highlights the main renewable energy strategies and targets. This paper targets regional decision-makers as well as multilateral stakeholders to formulate a set of recommendations to promote renewable energy deployment and improve industrial capabilities.

Details

International Journal of Energy Sector Management, vol. 14 no. 6
Type: Research Article
DOI: https://doi.org/10.1108/IJESM-07-2019-0012
ISSN: 1750-6220

Keywords

  • Renewable energy
  • GCC region
  • Energy strategy
  • Energy mix
  • Challenges

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Article
Publication date: 3 June 2019

The moderating role of governmental support in the relationship between entrepreneurship and economic growth: A study on the GCC countries

Maria Saberi and Allam Hamdan

The purpose of this paper is to find out the extent to which governments of the Gulf Cooperation Council (GCC) countries play a moderating role in the relationship between…

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Abstract

Purpose

The purpose of this paper is to find out the extent to which governments of the Gulf Cooperation Council (GCC) countries play a moderating role in the relationship between entrepreneurship and economic growth.

Design/methodology/approach

The study uses a 10-year time series (2006-2015) for six GCC countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates. Secondary sources of data were collected from The World Bank database, general available statistics on the GCC, the Global Entrepreneurship Index from the Global Entrepreneurship and Development Institute (GEDI) and the Global Entrepreneurship Monitor (GEM) database.

Findings

Results indicate that governmental support has a significant moderating effect on the relationship between entrepreneurship and economic growth in the GCC. Furthermore, the strongest indicators of entrepreneurial investments in the Gulf have been found to be risk capital and high growth, which indicate a rapid growth in entrepreneurial investments. The lowest scoring indicators were found to be technology absorption and innovation process.

Research limitations/implications

Despite the necessary measures taken to assure standard results such as testing data validity, care should be taken when generalizing the research results mainly because the time series of the study (2006-2015) could have been affected by the International and Financial Crisis, though the study has taken this into consideration.

Originality/value

This study has clarified the significant role of GCC governments in moderating the relationship between entrepreneurship and economic growth. Thus, the findings of this study are important because they help the GCC governments recognize their significant role and hence to utilize this role by supporting new and existing entrepreneurs particularly through regulatory quality, risk capital, technology absorption and process innovation. Furthermore, this study proves the extent to which entrepreneurship can help enhance the GCC economic growth, hence elaborating the importance of the sustainable resource, such as the human capital, in achieving diversification of sources to move from an oil-based to a more diversified economy.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 11 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/JEEE-10-2017-0072
ISSN: 2053-4604

Keywords

  • Emerging economies
  • GCC countries
  • Government
  • Entrepreneurship
  • Economic growth
  • Oil producing

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Article
Publication date: 30 November 2005

Users’ opinions about different aspects of accounting harmonization: Evidence from the gulf co‐operation council (GCC)

Kamal Naser, Tawfeek Al‐Khyal, Rana Nuseibeh and Ibrahim Al‐Tweel

This study investigates the perception of users of corporate annual reports about various aspects of accounting harmonization. To serve this purpose, a questionnaire was…

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Abstract

This study investigates the perception of users of corporate annual reports about various aspects of accounting harmonization. To serve this purpose, a questionnaire was distributed to four user groups (investors, government officials, auditors and academics). The results of the analysis revealed that sharing the same language, as well as sharing similar economic and cultural features are the most important factors expected to positively affect the harmonization of accounting practices in the GCC countries. However, the most important factors expected to obstruct accounting harmonization practices across GCC countries are the lack of professional and legal requirements as well as enforcement problems. The outcome of the analysis also revealed that harmonization is expected to (1) improve comparison between companies, (2) increase usefulness of financial information to decision makers, and (3) ensure consistency in the use of accounting rules over time. It was also evident from the analysis that lack of harmonization is viewed as the most likely factor to prevent some investors from investing across the GCC countries.

Details

International Journal of Commerce and Management, vol. 15 no. 3/4
Type: Research Article
DOI: https://doi.org/10.1108/10569210580000202
ISSN: 1056-9219

Keywords

  • Accouning standards
  • Developing countries
  • Gulf states
  • Individual perception
  • International accounting
  • National cultures

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Article
Publication date: 5 October 2020

Is the GCC an optimum currency area (OCA)? Empirical answers from co-movements

Tamsir Cham

This paper aims to investigate whether the Gulf Cooperation Council (GCC) is an optimum currency area in the wake of the global financial crisis and low oil prices using…

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Abstract

Purpose

This paper aims to investigate whether the Gulf Cooperation Council (GCC) is an optimum currency area in the wake of the global financial crisis and low oil prices using annual data from 2000 to 2016.

Design/methodology/approach

It applies the European Monetary Union as a reference point and co-movement methodology on key variables such as gross domestic product, inflation, terms of trade and current account balance. The findings revealed that all countries meet the macroeconomic convergence criteria and there is greater co-movement of these variables in the GCC.

Findings

Furthermore, the degree of co-movements increases during the financial crisis and recent low oil prices, which signifies the synchronization of shocks. However, labor is less mobile in the region and current account balance co-movement is relatively weak, but with the endogeneity of a monetary union, these constraints will evaporate as the zone enters monetary unification. The paper recommends that for the GCC monetary union to happen and be sustainable, there needs to be political will. The paper also recommended for the zone to have a common identification card so that nationals can move and work freely within the GCC region.

Originality/value

The study defers from the others in the following: this paper considered shock synchronization and co-movement methodology, which has not been applied in the region to assess its feasibility as an OCA.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 13 no. 5
Type: Research Article
DOI: https://doi.org/10.1108/IMEFM-06-2018-0198
ISSN: 1753-8394

Keywords

  • GCC
  • Monetary union
  • Co-movement
  • Optimum currency area
  • Macroeconomic convergence
  • F22
  • F33
  • F41

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Article
Publication date: 12 October 2020

Ownership concentration in the Gulf Cooperation Council

Irma Martinez-Garcia, Rodrigo Basco, Silvia Gomez-Anson and Narjess Boubakri

This article attempts to answer the following questions: Who ultimately owns firms listed in the Gulf Cooperation Council (GCC) countries? Does ownership structure depend…

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Abstract

Purpose

This article attempts to answer the following questions: Who ultimately owns firms listed in the Gulf Cooperation Council (GCC) countries? Does ownership structure depend on the institutional context? How does ownership affect firm performance? Do institutional factors influence the ownership–performance relationship?

Design/methodology/approach

We apply univariate analyses and generalised methods of moments estimations for a sample of 692 GCC listed firms during 2009–2015.

Findings

Our results reveal that corporations are mainly controlled by the state or families, the ownership structure is highly concentrated and pyramid structures are common in the region. Ownership is more concentrated in non-financial than financial firms, and ownership concentration and shareholder identity differ by institutional country setting. Finally, ownership concentration does not influence performance, but formal institutions play a moderating role in the relationship.

Practical implications

As our findings reveal potential type II agency problems due to ownership concentration, policymakers should raise awareness of professional corporate governance practices and tailor them to GCC countries’ institutional contexts.

Social implications

Even with the introduction of new regulations by some GCC states to protect minority investors and promote corporate governance practices, ownership concentration is a rigid structure, and its use by investors to protect their economic endowment and power is culturally embedded.

Originality/value

Although previous studies have analysed ownership concentration and large shareholders’ identities across countries, this study fills a research gap investigating this phenomenon in-depth in emerging economies.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/IJOEM-03-2020-0290
ISSN: 1746-8809

Keywords

  • Corporate governance
  • Ownership structure
  • Emerging economies
  • Gulf cooperation countries
  • Institutional setting

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Book part
Publication date: 15 April 2014

Challenges to creating an Arabian Gulf knowledge economy

Alexander W. Wiseman, Naif H. Alromi and Saleh Alshumrani

This chapter presents a theoretical and evidence-based investigation of the contribution that national educational systems make to the development of and transition to a…

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Abstract

This chapter presents a theoretical and evidence-based investigation of the contribution that national educational systems make to the development of and transition to a knowledge economy in the Arabian Gulf, generally, and Saudi Arabia, specifically. The challenges to creating an Arabian Gulf knowledge economy are twofold. One is a functional and structural challenge of developing a knowledge economy-oriented mass education system. The other is a cultural and contextual challenge of aligning Arabian Gulf expectations, traditions, and norms with institutionalized expectations for knowledge economies. The knowledge economy development challenge that is specific to national versus non-national Gulf populations, information and communication technology (ICT), and formal mass education systems is highlighted. The chapter concludes with a discussion of the role that national innovation systems play in knowledge economy development in the Arabian Gulf countries.

Details

Education for a Knowledge Society in Arabian Gulf Countries
Type: Book
DOI: https://doi.org/10.1108/S1479-367920140000024002
ISBN: 978-1-78350-834-1

Keywords

  • knowledge economy
  • information and communication technology (ICT)
  • national innovation systems
  • Gulf national citizens
  • mass education
  • cultural context

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Article
Publication date: 18 June 2020

Political instability and services of GCC banks: how important is the Yemen War?

Abdulazeez Y.H. Saif-Alyousfi

The purpose of this paper is to examine the impact of the Yemen War on banking services (deposits and loans) at the aggregate and at the level of conventional and Islamic…

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Abstract

Purpose

The purpose of this paper is to examine the impact of the Yemen War on banking services (deposits and loans) at the aggregate and at the level of conventional and Islamic banks in GCC countries. The author also tests hypotheses of direct and indirect impacts of the Yemen War on bank services.

Design/methodology/approach

The sample comprises a total of 70 banks (45 conventional and 25 Islamic banks) over the period 2000–2018. The static and dynamic panel generalized methods of moments (GMM) estimation techniques are applied.

Findings

Empirical results indicate that the Yemen War has a significant negative direct impact on deposits and loans of GCC banks. The results lend support for the direct channel hypothesis, but not for the indirect channel hypothesis. The negative direct impact is most prominent on banks in GCC countries that are directly involved in the Yemen War, although the war has an asymmetric effect on conventional and Islamic banks, the former being more vulnerable. The overall conclusion is that the Yemen War exerts an asymmetric impact on the GCC region, across both banks and countries.

Practical implications

These results are a warning to policymakers to be cautious when formulating a strategy for macroeconomic stability.

Originality/value

It is widely recognized that the Yemen War has a significant impact on the economies of the GCC countries. However, the possible impact of the war on GCC bank services has not so far been subjected to robust empirical analysis. This paper therefore seeks to fill this gap by providing an in-depth quantitative analysis of this impact. It distinguishes between direct and indirect channels through which the Yemen War may affect bank services. It is also the first to examine the asymmetric impact of the Yemen War on the GCC region, across both banks (Islamic and conventional banks) and countries (whether or not involved in the war). The study uses both static panel and dynamic panel GMM estimation techniques to analyze the data.

Details

Journal of Economic and Administrative Sciences, vol. 36 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/JEAS-02-2020-0015
ISSN: 1026-4116

Keywords

  • Bank deposits and loans
  • Islamic and conventional banks
  • GCC
  • Yemen War
  • Static and GMM dynamic panel estimation techniques

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