CORPORATE GOVERNANCE AS A FRAMEWORK FOR THE DEVELOPMENT AND GROWTH OF FAMILY BUSINESSES, BETWEEN CHALLENGES AND STAKES, WITH REFERENCE TO SOME ARAB EXPERIENCES

Abstract

This study aims to introduce family businesses and the effective role of governance in improving the company's vision based on agreedupon family values by emphasizing the importance of applying governance in family businesses and identifying the most important steps necessary for the governance of successful companies within family businesses, Regardless of their qualities, family business frequently face challenges in applying governance concepts and procedures. Similar to other businesses, family business must use governance practices in order to maximize their resources, draw in foreign investment, attain sustainable growth, enhance their performance, and ultimately support economic development. The research also mentioned several Arab experiences with family company governance, such asAlgeria, Egypt, the United Arab Emirates, and the Kingdom of Saudi Arabia. The most significant findings indicated that it is challenging to create efficient regulations and a governance framework in family business and that certain Arab nations lack knowledge about governance procedures. The study also offered a number of recommendations, the most significant of which are as follows: The need to create a family constitution that includes laws and regulations that make it easier for Arab families to run their businesses while protecting the rights of shareholders; employing more generations of the family within the parameters of the business; allowing family members to share in