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The aim of this study is to examine the impact of corporate governance on shareholder wealth. The emphasis here is placed on the hypothesis that separating ownership from management has a significant effect on shareholder value creation. The empirical analysis is based on a data set of Tunisian listed companies for the period 1997-2006. As predicted by theory, the results show that the presence of institutional investors in ownership structure seems to exercise effective control over the external manager. Capital concentration appears to have a negative effect respectively on performance and value creation. The presence of outside directors has a significant negative impact on value creation and performance of Tunisian firms.

Impact of Corporate Governance on Shareholder Value Creation: Evidence from Tunisian Context