This thesis consists of two essays that address the intersection of law, culture and finance. The‘Law and Finance’ theory is augmented to account specifically for the historical complexity in legal origin and the variability of legal structure that exist in the Middle East and North Africa(MENA). The underlying theme throughout this thesis focuses on the role that law and culture play in shaping financial markets and global investment opportunities. How the legal environment and the prevailing Islamic culture shape financial market development in the MENA region is the subject of Essay 1. This is followed by an analysis of the determinants of US mutual fund investment in MENA firms in Essay 2. Overall, these two essays contribute to the ‘Law and Finance’ literature. Countries with complex legal systems require a more exacting legal characterisation beyond the historical narrative or legal origin. Further, only ‘pre-emptive’ shareholder protection mechanisms related to the disclosure of self-dealing attract foreign capital and promote stock market development. Finally, culture should not be overlooked as a determinant of financial market development as culture reflects attitudes and norms not easily detectable and quantifiable in the law.

Year Manuscript Completed



Business Law, Public Responsibility, and Ethics | Finance and Financial Management | International Business | Law and Economics


Law and economic development; Finance; Law and legislation.

Primary Language of Manuscript


01Front.pdf (245 kB)