An Assessment of Capital Market Reforms and their Effects on the Development of Securities Market in Tanzania: A Case of Dar es salaam Stock Exchange (DSE)
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Mzumbe University
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A Dissertation Submitted in Partial Fulfillment of the Requirements for Award of the Degree of Master of Business Administration (MBA) of Mzumbe University
This research made an evaluation of capital market reforms and their effects on development of securities market in Tanzania. The objectives of the study were; to assess how the capital market reform has affected the demand for securities, to assess how the capital market reform has affected the supply of securities and to identify barriers to the development of securities market in Tanzania. The formulated conceptual framework based on the reviewed literature explained the effects of capital market reforms on demand for and supply of securities market. The research was conducted at Dar es Salaam because it is where most of the securities market’ stakeholders in Tanzania are based. A sample of 114 respondents was used. Data collection methods involves; questionnaire, interview and documentary analysis whereas data collection instruments were questionnaire, interview guide and documentary analysis schedule. Data was analyzed by using Microsoft excel Results of the data analysis using regression analyses provided evidence to support both hypotheses formulated by this study, implying that significant relationships exist between capital market reforms and demand for and supply of securities market in Tanzania. Despite the positive relationships which exist, securities market does face some impediments that hinder its development. The study has implication to market players of securities market aiming at enhancing active securities market in Tanzania. Also policy makers and the regulator (CMSA) must create a conducive environment to enable a sustainable development of the securities market. Theoretically the study has empirically tested how capital market reforms are related to demand for and supply of securities market in Tanzania.
This research made an evaluation of capital market reforms and their effects on development of securities market in Tanzania. The objectives of the study were; to assess how the capital market reform has affected the demand for securities, to assess how the capital market reform has affected the supply of securities and to identify barriers to the development of securities market in Tanzania. The formulated conceptual framework based on the reviewed literature explained the effects of capital market reforms on demand for and supply of securities market. The research was conducted at Dar es Salaam because it is where most of the securities market’ stakeholders in Tanzania are based. A sample of 114 respondents was used. Data collection methods involves; questionnaire, interview and documentary analysis whereas data collection instruments were questionnaire, interview guide and documentary analysis schedule. Data was analyzed by using Microsoft excel Results of the data analysis using regression analyses provided evidence to support both hypotheses formulated by this study, implying that significant relationships exist between capital market reforms and demand for and supply of securities market in Tanzania. Despite the positive relationships which exist, securities market does face some impediments that hinder its development. The study has implication to market players of securities market aiming at enhancing active securities market in Tanzania. Also policy makers and the regulator (CMSA) must create a conducive environment to enable a sustainable development of the securities market. Theoretically the study has empirically tested how capital market reforms are related to demand for and supply of securities market in Tanzania.
Keywords
Capital Markets, Securities Market, Security Market