The Impact of Employee Psychological Resilience on Competitive Advantage in Industrial Organizations "A Field Study on the Al-Ahliya Cement Company"

Abstract

This research aimed to analyze the nature of the relationship between the exchange rate of the Libyan Dinar against the US Dollar (LNEXR) and trade openness (LNT_OB) in Libya during the period (1972-2022), using an Augmented ARDL model. The results indicated the existence of a positive long-run equilibrium relationship between the exchange rate and trade openness; a 1% increase in the exchange rate of the Libyan Dinar against the US Dollar (LNEXR) leads to an approximate 0.59% increase in trade openness. The Error Correction Term (ECT) coefficient was -37, meaning that approximately 37% of short-run disequilibria are corrected to return to a long-run equilibrium within approximately two years and eight months. However, these results contradict many previous studies regarding the nature of the relationship between the study variables, as it was positive rather than inverse. This confirms that there is a specificity to the Libyan economy and that other factors-such as economic policies (monetary and fiscal), market conditions, the type of financial and trade flows, and the balance between exports and imports- can significantly impact the relationship between the exchange rate and trade openness in Libya.

Therefore, the researchers recommended strengthening reliance on standard nonlinear models such as the NARDL model, which allows for the separate study of the impact of both positive and negative exchange rate shocks on trade openness.