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partner, the Egyptian Junior Business Association (EJB), launched its Corporate Governance Manual for Family Business in 2006, the first of its kind in MENA. EIoD also worked with the Egyptian Capital Market Authority on drafting a manual for best internal auditing practices based on Egypt's code of corporate governance.

CIPE's efforts to promote the use of the new term have been highly successful elsewhere in the region as well. For example, the Lebanese Transparency Association (LTA), produced a corporate governance code for small and medium-sized enterprises. Follow up work led to the development of a code for listed companies and a reference guide for family-owned businesses.Together these resources have equipped the private sector to implement better corporate governance practices and improve the investment climate in the country.

But the success is probably most evident in the choice of a name for the first regional think tank devoted to corporate governance - the Hawkamah Institute for Corporate Governance. Launched in February 2006, the Institute is sponsored by the Dubai International Financial Center and benefits from the participation of CIPE, OECD, IFC, and the Union of Arab Banks. Hawkamah brings together practitioners, regulators, and institutions 'to define and develop a home-grown - yet globally integrated - system of governance that promotes institution building, corporate sector reform, good governance, market development and increased investment and growth across the region.'

Conclusion 结论
Institutional change and reform, which have become popular terms in discussions on development, are still not fully understood, neither by academics nor by the practitioners. Oftentimes, institutional reform amounts to transfer of policy solutions from one country to another (or one set of experts to another) without due attention paid to institutions as 'rules of the game' that are embodied in countries' culture, values, and norms. In implementing institutional reforms the point is not to change culture, but rather to take the necessary steps to create ownership of reforms among local stakeholders and ensure that reform efforts are grounded in cultural realities.

What has become increasingly evident is that values people assign to concepts matter and that without a full understanding of a concept it is impossible to implement a reform agenda. Consider privatization, which has become synonymous with corruption and looting of state property in many countries in Latin America and the former Soviet Union in the 1980s and 1990s. Improperly conducted privatizations did result in many corrupt transactions. As this link between transfer of ownership rights into the private hands and corruption solidified in the minds of regular citizens, much needed privatization reforms became more difficult.

Such was the case with corporate governance reforms in the Middle East - how do you know what value people assign to the concept of corporate governance if it does not exist in the local language? How do you begin to develop and implement reforms if stakeholders are talking from a different point of reference? Thus, the crucial component of improving the governance of corporations in the Middle East and North Africa was to create a common framework of reference - a term in Arabic that everyone agrees on. Developing a common recognition of hawkamat ash-sharikat was essen