On the top of first-setup.sh there is 

#!/bin/sh

# Takes the same arguments as mtx-update

# you may change this if you want ...

CONTEXTROOT="$PWD/tex"

and some lines from the bottom 

env PATH="$PWD/bin:$CONTEXTROOT/texmf-$platform/bin:$PATH"

On my linux box I see, given that I'm installing under /opt/luatex/standalone-mkiv-test,

$ export|grep PWD

declare -x PWD="/opt/luatex/standalone-mkiv-test"

Perhaps your box doesn't  set PWD correctly ?

--

luigi

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