Title: Unlocking financial peaks: board and audit roles in the GCC

Authors: Hajer Jarrar; Charbel Salloum; Adel F. Al Alam; Mohamad Baker Hamieh

Addresses: CERIIM – Research Center in Managerial Intelligence and Innovation, La Rochelle Business School, La Rochelle, France ' Métis Lab, EM Normandie Business School, Le Havre, France ' Faculty of Business Administration and Management, USJ, Saint Joseph University, P.O. Box 17-5208 Mar Mikhael, Beirut 1104 2020, Lebanon ' Lebanese International University, P.O. Box 146404, Mouseitbeh, Mazraa, Lebanon

Abstract: This research explores the intricate relationship between the board of directors and audit committees, and the subsequent financial performances of companies listed within the Gulf Cooperation Council (GCC). The study unveils a pivotal correlation between the characteristics of a company's board of directors and its financial prosperity. A noteworthy finding is the negative correlation between board size and financial performance, while board independence is positively associated with financial outcomes. Furthermore, the investigation sheds light on a complex interaction between audit committees and boards of directors. Enhanced board independence positively impacts the dimensions of audit committees, whereas an increased board size appears to diminish audit committee autonomy. Additionally, the research emphasises the critical role of audit committee composition in financial performance, revealing that an audit committee with greater autonomy is congruent with enhanced financial results. This study not only contributes to the existing body of knowledge regarding corporate governance and financial performance but also provides practical insights for GCC-listed companies in structuring their boards and audit committees to optimise financial performance.

Keywords: board of directors; audit committees; GCC-listed companies; financial performance.

DOI: 10.1504/IJMFA.2026.152743

International Journal of Managerial and Financial Accounting, 2026 Vol.18 No.2, pp.163 - 184

Received: 27 Mar 2024
Accepted: 31 Jul 2024
Published online: 09 Apr 2026 *

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