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Article

Abobakr Aljuwaiber

This paper aims to offer a wider examination of the research concerning entrepreneurship characteristics in the Middle East and North Africa (MENA) region via a review of…

Abstract

Purpose

This paper aims to offer a wider examination of the research concerning entrepreneurship characteristics in the Middle East and North Africa (MENA) region via a review of recent studies relevant to this topic. Research publications concerning entrepreneurship within the MENA region evidence growing interest in this field of study, with the potential to boost and drive future economic development and growth. This focus within entrepreneurship research is because of the economic development in the region, which is becoming increasingly important for policymakers and businesses.

Design/methodology/approach

The author performed a systematic literature review to produce robust information about entrepreneurship in the MENA region, followed by a thematic analysis to identify key research themes within each category.

Findings

Despite the growth in entrepreneurship research in the MENA region, research on certain factors is lacking. An analysis of 271 studies published between 2009 and 2019 identifies 9 main research categories, within which 30 themes have attracted significant academic attention. Female entrepreneurship and gender, youth entrepreneurship and entrepreneurship behaviour and orientation are the three key categories influencing perspectives on entrepreneurship in the MENA region. This study highlights research gaps and provides recommendations to guide future research on the sustainable development of entrepreneurship in the MENA region.

Originality/value

This paper highlights trends in entrepreneurship research amongst scholars within the MENA region and suggests paths for future research efforts.

Details

Journal of Entrepreneurship in Emerging Economies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4604

Keywords

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Article

Henda Abdi and Mohamed Ali Brahim Omri

The aim of this study is to investigate the effect of web - based disclosure on the cost of debt for the MENA region setting.

Abstract

Purpose

The aim of this study is to investigate the effect of web - based disclosure on the cost of debt for the MENA region setting.

Design/methodology/approach

The sample of this paper consists of 237 MENA listed non-financial companies for the year 2017. Multiple regression models were used to examine the impact of online disclosure on the cost of debt. Content analysis is used to measure the extent of web-based disclosure.

Findings

The results reveal that there is a negative and significant association between the web-based disclosure and the company’s cost of debt. These results support the hypothesis of the economic utility of the information disclosed on the website for creditors in this region.

Practical implications

The results of the study have important implications for managers in the MENA region. It is necessary for managers to improve the company’s transparency through web-based disclosure. The companies must benefit from the different technologies offered by the Internet in order to offer to the creditors unlimited access to up to date information. In fact, web-based disclosure may mitigate the information asymmetry, the uncertainty of creditors and, consequently, reduces the cost of debt. 10; 10;Moreover, the results of the study provide empirical evidence for the advantages of voluntary web-based disclosure. The results highlight the importance to companies and regulators of understanding the benefits of using the website as a means of information disclosure. The regulators in MENA countries can rely on these results to establish suitable policies to improve the quality of web-based disclosure. The regulators need also to put in rules in relation to the online disclosure. In fact, an understanding of web-based disclosure is important for regulators and companies. Given the positive effect of online disclosure (the reduction of the cost of debt), knowledge about the economic consequences of web-based disclosure would enable companies in the MENA region to optimize their online disclosure policies.

Originality/value

This study, added to the existing literature by examining the consequences of online disclosure practices in MENA countries. Most previous studies conducted in this region were limited to analyzing the determinants of the company’s web-based disclosure. This paper would extend the literature on the online disclosure practices by investigating the association between these practices and the cost of debt in a developing economics: the MENA region. Previous studies were limited to testing this association only in developed countries.

Details

Journal of Financial Reporting and Accounting, vol. 18 no. 3
Type: Research Article
ISSN: 1985-2517

Keywords

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Article

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…

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
ISSN: 1985-2517

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Article

Anna Dimitrova, Tim Rogmans and Dora Triki

This paper aims to synthesize, analyze and categorize the empirical literature on country-specific factors that affect foreign direct investment (FDI) inflows to the…

Abstract

Purpose

This paper aims to synthesize, analyze and categorize the empirical literature on country-specific factors that affect foreign direct investment (FDI) inflows to the Middle East and North Africa (MENA) region. Identifying gaps and methodological challenges in the reviewed articles, recommendations are made to guide future research.

Design/methodology/approach

Applying the systematic review methodology, content analysis is conducted of 42 relevant empirical studies that explore country-specific FDI determinants in the MENA region during the period 1998–2018.

Findings

This review study identifies four main research gaps in the extant literature: a lack of consensus on a common definition of the MENA region and a weak understanding of the specificities of its investment environment; a limited set of FDI theories used and a lack of other theoretical perspectives; a recurrent focus on the direct relationship between host country–specific determinants and FDI, thus ignoring the moderating and mediating effects of some variables; and the absence of certain country-specific factors pertaining to the MENA countries.

Originality/value

This study contributes to the international business field by enhancing our understanding of the FDI determinants in emerging and developing markets, especially the MENA countries. It develops a typology of FDI country-specific factors in the MENA region based on four main categories: macroeconomic and financial, institutional and regulatory, natural resource endowment and socio-cultural. Paths for future research are suggested.

Details

Multinational Business Review, vol. 28 no. 1
Type: Research Article
ISSN: 1525-383X

Keywords

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Abstract

Details

Explaining Growth in the Middle East
Type: Book
ISBN: 978-0-44452-240-5

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Abstract

Details

Explaining Growth in the Middle East
Type: Book
ISBN: 978-0-44452-240-5

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Article

Mina Sami and Wael Abdallah

This paper examines the impact of cryptocurrency market on the stock market performance in Middle East and North Africa (MENA) region. A comparative analysis is extended…

Abstract

Purpose

This paper examines the impact of cryptocurrency market on the stock market performance in Middle East and North Africa (MENA) region. A comparative analysis is extended to distinguish this impact between Gulf countries and other economies in the region.

Design/methodology/approach

The analysis uses the information of cryptocurrencies and the stock market indices of the Gulf countries for the period 2014–2018 on a daily basis. Two strategies have been implemented to fulfill the goal of the study: first, the tests strategy, which is applied using the cointegration analysis and panel-specific forms of Granger causality; second, the regression strategy, which is applied mainly using the instrument variable with generalized method of moments (IV-GMM) method.

Findings

The results show that there is a significant relationship between the cryptocurrency market and the stock market performance in the MENA region. On the one hand, for the Gulf countries that claim full obedience to the Islamic Sharia rules, each 1% increase in the cryptocurrency returns reduces the stock market performance by 0.15%. On the other hand, for the non-Gulf (other MENA) countries that have flexibility in applying the Islamic Sharia rules or do not follow it, the stock market performance increases by 0.13%, for each 1% increase in the cryptocurrency returns.

Originality/value

The paper proposes two main contributions: First, the paper introduces the cryptocurrency returns as one of the determinants of the stock market performance in the MENA region. This impact is distinguished based on the degree of applying the Islamic Sharia rules and the vision of the government to the stock market. Second, the paper provides an empirical guideline for governments in the MENA region for efficient measures in their stock market, given the important expansion of the cryptocurrency market and the government type.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

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Article

Rafiq Hijazi and Taoufik Zoubeidi

The purpose of this study is to investigate the state of undergraduate business statistics education in the Middle East and North Africa (MENA) and assess its alignment…

Abstract

Purpose

The purpose of this study is to investigate the state of undergraduate business statistics education in the Middle East and North Africa (MENA) and assess its alignment with the best practices in equipping business graduates with the knowledge and skills demanded by the labor market.

Design/methodology/approach

A survey of 108 instructors from 80 business schools in 17 MENA countries was conducted to gauge information on the delivery of business statistics courses. The survey results were benchmarked to a proposed framework for best practices in business statistics education.

Findings

The gap analysis identified deficiencies in the delivery of business statistics education in the region as compared to international best practices. This study revealed a need to revise statistics education as part of a comprehensive reform of business education with the aim to meet international quality standards in business education.

Research limitations/implications

The study relied on the self-reported responses of business statistics instructors in MENA. One hundred eight questionnaires were completed, corresponding to a response rate of 40 per cent. Moreover, the study did not measure the effectiveness of teaching and learning in business statistics courses.

Practical implications

Recommendations from the study are intended to guide business statistics instructors in improving the quality of business statistics education through adopting more effective ways to enhance student learning experience and graduate employability.

Originality/value

This study is the first of its kind to investigate and assess the business statistics education in the MENA region.

Details

Journal of International Education in Business, vol. 10 no. 01
Type: Research Article
ISSN: 2046-469X

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Article

Ritab Al-Khouri

This study aims to examine the factors affecting the foreign direct investment (FDI) and foreign portfolio investment (FPI) flows among the 16 economies comprising the…

Abstract

Purpose

This study aims to examine the factors affecting the foreign direct investment (FDI) and foreign portfolio investment (FPI) flows among the 16 economies comprising the Middle East and North African (MENA) region.

Design/methodology/approach

Panel data for the period 1984-2012 are used, and the generalized method of moment (GMM) technique is implemented.

Findings

The results support the agglomeration effect, which indicates that countries which have already had FDI attract more FDI in the future. Economic risk affects FDI significantly and negatively, whereas trade openness has a significant and positive impact on FDI. Of the political risk factors considered, three of them, namely, law and order, ethnic tension and internal conflict, significantly affect FDI. The results on FPI show that the lag in FPI and the degree of openness play a significant role in attracting FPI into the MENA region. In addition, stock market capitalization, as well as the return on investment affects the FPI flow positively. The study also reveals a negative government structure impact on FPI, whereas, surprisingly, religious tension in the MENA region affects FPI positively.

Originality/value

This research examines, simultaneously, the factors that determine not only FDI but also FPI flow. It uses a powerful econometric technique which avoids common estimation problems such as endogeneity, heteroskedasticity and autocorrelation. Policymakers in the MENA region recognized the need for outside capital as a major catalyst of development, economic growth and modernization. Therefore, it is essential to know the factors that would lead to a surge in capital flow to these countries.

Details

The Multinational Business Review, vol. 23 no. 2
Type: Research Article
ISSN: 1525-383X

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Article

Akram Ramadan Budagaga

This paper aims to investigate bank-specific determinants affecting the dividend policy of commercial banks listed in the Middle East and North Africa (MENA) region countries.

Abstract

Purpose

This paper aims to investigate bank-specific determinants affecting the dividend policy of commercial banks listed in the Middle East and North Africa (MENA) region countries.

Design/methodology/approach

The study uses pooled and panel tobit and logit regression analyses based on 16-year unbalanced data with 1,593 firm-year observations collecting from 117 commercial banks listed in 11 MENA countries.

Findings

The results indicated that the main bank-specific factors affecting dividend payment decisions are bank size, profitability, capital adequacy, credit risk and bank age in the context of the MENA emerging markets. In addition, the analysis showed that the yearly dummy for the global financial crisis (2008–2009) has a significant negative effect, while the yearly dummy for the Arabic spring crisis (2010–2011) has no significant effect on the dividend payment decision of banks listed in the MENA region. Furthermore, the growth opportunity is not one of the key factors affecting dividend policies by banks in MENA emerging markets. Considering this information, it is reasonable to conclude that MENA region banks’ dividend decisions follow investment decisions. In other words, the dividend decisions and investment decisions are independent of each other. The findings support theories (hypotheses) of dividends such as residual, signalling, regulatory pressures, transaction cost and lifecycle.

Research limitations/implications

This study is restricted to a sample of one type of financial firm, conventional commercial banks listed in the MENA markets because of the problem of missing data and limited information on other financial firms for the same period, particularly Islamic banks. Moreover, the focus of this study was on factors that are considered bank fundamentals. However, ownership variables were not included in the study because of unavailability.

Practical implications

The results of this study have several important implications for banks’ dividend policymakers, regulators, analysts and investors. Dividend policymakers in MENA emerging markets seem to use residual dividend policy, in which they distribute dividends according to what is left over after all acceptable investment opportunities have been undertaken. These inconsistent, unstable dividend policy trends make it difficult for investors to predict future dividend decisions. Further, this practise may convey information to shareholders about a lack of positive future investment opportunities. This may negatively affect the share value of banks. Acquiring a broad understanding of the dividend behaviour of MENA banks enables regulators to take more effective regulatory actions to protect shareholders and depositors. Finally, the results of this study can help analysts and investors build their dividends predictions and investment strategies.

Originality/value

The banking sector plays a disproportionately large role in the development of emerging economies. Therefore, this study is one of the first to examine a large cross-country sample of MENA banks (117) for an extensive period (2000–2015). The study includes both the Global financial crisis and Arab uprising periods, including after the liberalization and recent economic reforms and structural changes in financial sectors across MENA countries.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 13 no. 5
Type: Research Article
ISSN: 1753-8394

Keywords

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