Impact of Governance, Legal System and Economic Freedom on Foreign Investment in the MENA Region

While there is substantial literature examining the flow of foreign investments into various regions of the world, there is still lack of research focus on foreign investment activities in the Middle East and North Africa (MENA). One objective of this paper is to remedy this neglect and extend previous empirical work by focusing on foreign investments in that region. The second objective is to focus on non-traditional determinants that have tended to be overlooked or underestimated in previous research. The paper will focus on factors such as governance, legal environment, and economic freedom and examine their impact on foreign investment activities in the MENA region

Ownership Structure and Bank Performance: Evidence from the Middle East and North Africa Region

This paper examines the impact of ownership structure and other relevant factors on the variability of bank performance in the Middle East and North Africa (MENA) region. It highlights a sector of the MENA economy rarely investigated in such details in the past despite its tremendous importance for future growth and stability in the region. Among its results, the paper found majority foreign-owned private banks, especially MENA foreign-owned banks, performed significantly better than other types of banks. It also found stock or publicly traded banks, as well as the extent of overall foreign bank presence in a respective banking industry, to be associated with relatively better performance.

Corporate governance, investor protection, and firm performance in MENA countries

© 2014, © 2014 Economic Research Forum. The literature on development finance and corporate finance in emerging markets is, to date, primarily focused on the impact of country-level investor protection and differences in legal systems on firm value across countries. This paper extends the literature by investigating the relationship between firm-level governance and performance while controlling for country-level governance and other relevant variables within the context of the Middle East and North Africa (MENA) region. Evidence shows a strong and significant positive relationship between good corporate governance–such as higher investor protection and lower managerial entrenchment–and firm value. We also find that the positive effects of property rights on firm performance are more pronounced for firms with higher managerial entrenchment. In addition, the positive effects of property rights on firm performance are additionally more significant for firms with higher managerial entrenchment and higher cash holding. Finally, the positive effects of property rights on firm performance are additionally more significant for firms with higher managerial entrenchment and lower dividend payout

Social capital and regional innovation: evidence from private firms in the US

In this study we investigate whether and to what extent social capital may affect regional innovation by focusing on private firms in the United States. We document that regional social capital is positively associated with the quantity, quality and novelty of county-level innovation by private firms. In addition, we find that the positive relation between social capital and regional innovation is more prominent in counties with a lower supply of financial capital. We also report that social capital is complementary to investments in research and development to produce inventive outcomes in local areas. Using a spatial Durbin model, we provide evidence that regional social capital has significant spillover effects in boosting the innovation activities of neighbouring counties

Gender factors and female entrepreneurship: International evidence and policy implications

Entrepreneurship, Gender, International,