Use this URL to cite or link to this record in EThOS: http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.629192
Title: An evaluation of corporate governance practice in Libya : stakeholders' perspectives
Author: Larbsh, M. M.
Awarding Body: Nottingham Trent University
Current Institution: Nottingham Trent University
Date of Award: 2010
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Abstract:
Prior to 1997 the research carried out on corporate governance around the world was minimal. However, after the crisis that swept the financial markets and economics of the major Asian countries in 1997, and the notorious collapse of Enron in 2001, the interest in corporate governance has increased. Therefore, corporate governance has attracted considerable attention in the area of academic research and on the agenda of public policy debates in both developed and less-developed countries. An improved corporate governance system is now viewed as an essential feature of companies, and it can serve as an incentive for investment and also strengthen the foundation of long-term economic performance. The principal aim of this study is to investigate and offer an initial understanding of corporate governance practice within a developing economy, the case of Libya. Therefore, studying with different stakeholders is more suitable to understand corporate governance patterns and relations within the Libyan context. The study also investigates how the various environmental factors affect corporate governance practice and inhibit the practice and development of corporate governance. Two main research methods were employed in this study, namely, interviews and questionnaires. Distributing 453 questionnaires to six groups of stakeholders, and ten semistructured interviews with policy-makers were chosen to achieve the objectives. The findings suggest that the corporate governance framework in Libya is less-developed, and Libya has lagged behind its neighbours. Also, the study revealed that the absence of principles of corporate governance has led to the weakness of accountability and responsibility processes. The influence of the opaque economic structure, out dated legal system, influences of culture and social norms, political interference, lack of accounting professionalism in the corporate governance framework were also evident. The weakness of the education system and the stakeholders' activism were other factors in the corporate governance framework. The participants also indicated that the stakeholder’s model of corporate governance is more acceptable in a Libyan context and the Board of Directors as main internal mechanism of corporate governance needs to be more responsible and needs to act on behalf of the stakeholders. In essence, the results demonstrate that a good corporate governance framework depends on effective internal and external factors such as a complete legal system, a developing economy, and effective board members, associated with supportive political and educational systems, and culture and social norms. Therefore, the vision of improving corporate governance can be fully realised only if all the related parties such as government, academia, external auditors, NGOs and universities work together to eliminate these obstacles to attain a good framework of corporate governance in the country. The research has contributed to the understanding of the concept of corporate governance in the context of a developing economy with particular economic and social attributes, whilst adding to the more general knowledge and understanding of corporate governance practices and empirical research.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID: uk.bl.ethos.629192  DOI: Not available
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