Share Trading in Kuwait
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This research evaluates the institutionalization of the Souk al Manakh in the State of Kuwait. The Souk al Manakh is an unofficial securities, or stock, market. Kuwait also has an official stock market, which is specifically permitted by law.1 The trading in the shares of in the official stock market is limited to the shares of those Kuwaiti organized companies which have published their first annual report of operations. In the Souk al Manakh, shares of companies organized by Kuwaitis in other Gulf States (to avoid the strict Kuwaiti laws) are also traded. Further, trading in the Souk al Manakh is not restricted to the shares of those companies which have published their first annual report of operations.Institutionalization, as used in this research, refers to the extent to which an organization voluntary or public sec tor has become "valued in its environment beyond its func tional instrumental purpose."2 The evaluation of institu tionalization is performed within the framework of the Institu tional Quotient (IQ) Index. This evaluative framework provides 1H. T. Azzam, Souk al Manakh: Stock Market Crisis in Kuwait (Manama, Bahrain: United Gulf Bank, E.C., 1983), 1. 2P. Selznick, Leadership in Administration (Evanston, Illinois: Row, Peterson Publishing Co., Inc., 1957), 54. 2two scores: (1) a Q score, which is a cumulative value of the points awarded to an organization in each of the six elements of the evaluative
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e effort; however, it also imposed several severe restric tions.14 Among the restrictions imposed by the government were (1) the establishment of maximum premiums on post dated checks at 25 percent, (2) the establishment of an extended payment schedule for post dated checks, and (3) the imposition of dis closure requirements.
The evaluations of the organization's leadership charisma at the three time points established for this research are as indicated in Table 2. This table may be found on the followingpage.Program Autonomy
Within the IQ evaluative framework, the program autonomy and success of an organization is rated according to the following criteria:15
1. the organization is able to establish rules and procedures different from those of its external environment;
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14"Kuwait Souk Crash," Arabia, Muharram 1404 (October 1983), 51.
15Bjur, 9.
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2. the organization is able to influence regulatorydecisions afecting it;
3. the organization exhibits growth; and
4. program options are narrowly limited by law or by organizational sponsors.
Table 2
Leadership Charisma: Souk al Manakh
1977, 1983, and 1989
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Criterion
. . .
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Approximate Word count = 3902
Approximate Pages = 16 (250 words per page)
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