هيمنة المؤسِّس ومخاطر الإدارة المالِكة في شركات التطوير العقاري: دراسة حالة خليجية

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Abstract (English)

This study examines founder dominance in owner-managed real-estate developers across the GCC and assesses its risks to governance, liquidity, and performance. Using a qualitative single-case design, the research combines on-site observation with semi-structured interviews across multiple organizational layers, with full confidentiality and coded identifiers. Findings show a strong association between concentrated decision-making and higher employee turnover, slower operational approvals, and weaker revenue growth. A simulated three-year transition—professional CEO appointment, formal delegation matrix, and independent audit/risk committees—improves expected CFCR, increases revenue growth, and reduces turnover. The paper recommends a staged separation of ownership and management, activation of family governance (family charter), and adoption of enterprise information systems (ERP).