On the Evolution of Corporate Governance Culture in Africa: The Case of the Egyptian Banking Sector



There is no doubt that corporate governance failure was cited as a major contributor to the financial crisis of 2008 (Kirkpatrick 2009; Dermine 2013). Countries around the globe were urged to review their banks’ corporate governance systems and introduce changes and developments to address the deficits exposed by the financial crisis. For instance, the UK has responded by initiating ‘the biggest reforms to the banking sector in a generation: to make banks more resilient to shocks, easier to fix when they get into difficulties, and to reduce the severity of future financial crises’ (UK Government 2015). Here, a major lesson from the financial crisis was that there is no ‘one size fits all or a magical recipe as far as good corporate governance is concerned’ (Buchs 2009, p. 1). Thus, effective reform should deal with corporate governance as a socially constructed phenomenon because of ‘the temporary, transient and emergent patterns of corporate governance on a historical and contextual basis in a given society’ (Ardalan 2007, p. 511). Indeed, this particular approach is deemed suitable in the context of developing countries due to their unique institutional contexts that makes it difficult to follow unconditionally Western corporate governance systems (Rwegasira 2000).


Corporate Governance Banking Sector Corporate Governance System Good Corporate Governance Corporate Governance Code 
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Copyright information

© The Author(s) 2016

Authors and Affiliations

  1. 1.Newcastle Business School, Northumbria UniversityNewcastle upon TyneUK
  2. 2.Economic and Managerial Studies Department (MRCC)Arab Academy for Science, Technology and Maritime TransportAlexandriaEgypt

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