The Integrity of Emerging Financial Markets: Prioritising Factors through Analytical Hierarchy Process

Authors

  • Syed Qasim Shah Department of Management Sciences, COMSATS University Islamabad, Abbottabad Campus, Abbottabad, Pakistan.
  • Izlin Ismail Faculty of Business and Economics, Universiti Malaya, Kuala Lumpur, Malaysia.
  • M. Asif Department of Management Sciences, COMSATS University Islamabad, Abbottabad Campus, Abbottabad, Pakistan.

DOI:

https://doi.org/10.22452/IJIE.vol18no2.4

Keywords:

Market integrity, Financial markets, Analytical hierarchy Process, Regulations, Enforcement system

Abstract

This study aims to identify and prioritise market integrity factors of emerging
markets using the analytical hierarchy process (AHP). The results show that within
these domains, enforcement system is the most critical factor to ensure market integrity
in emerging markets. Protection of investors is the second most important factor within
the domain of regulatory quality. This study contributes to the literature by presenting
a model of integrity focused on ethical behaviour, regulatory quality, and enforcement
system for emerging Asian markets, given that this region is most susceptible to market
fraud due to weak regulatory and enforcement systems.

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Published

2026-04-01

How to Cite

Syed Qasim Shah, Izlin Ismail, & M. Asif. (2026). The Integrity of Emerging Financial Markets: Prioritising Factors through Analytical Hierarchy Process. Institutions and Economies, 18(2), 85–112. https://doi.org/10.22452/IJIE.vol18no2.4

Issue

Volume 18, No 2 (2026)

Section

Articles

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