thesis
The Barriers to Effective Marketization of
Corporate Equity in Libya
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Abstract
Libya is an emerging market in the Middle East and North Africa (MENA) region. Early
efforts to encourage financial market development in the 1990s were re-energised after the
lifting of UN sanctions in 2003 following dramatic changes in the Libyan financial market.
One of these critical decisions was the establishment of the Libyan stock market in 2006.
This thesis attempts to explore the challenges that may face the Libyan stock market by
examining the barriers which affect the development of the Libyan stock market. In this
endeavour the researcher develops a best practice model to help the Libyan stock market
achieve its ambitions. The aim of this thesis is to fill the gap in academic research on MENA
financial market by investigating the role of ten selected factors on the development of the
Libyan stock market. In this thesis, trust is introduced as a major moderator of the ten
selected factors under study. Although, there are many examples in the literature of how to
understand and interpret trust and, in particular, behavioural economics, transaction cost
economy and more general social process theory leads to different understandings of the
concept of trust. In this thesis it is argued that the concept of transaction cost economy allied
with social process theory provide useful insights. In order to explore and understand the
situation of the Libyan stock market as a human construct; and the factors which may affect
Libya and its stock market development, the interpretive accounting research (IAR) appears
to be the most suitable paradigm for this research. Thus this study uses qualitative methods
and mainly semi-structured interviews