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This study investigates information flow of market constituents and global indices at multi-frequencies.

The study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Rényi effective transfer entropy (RETE).

The authors find that significant negative information flows among sustainability equities (SEs) and conventional equities (CEs) at most multi-frequencies, which exacerbates diversification benefits. The information flows are mostly bi-directional, highlighting the importance of stock markets' constituents and their global indices in portfolio construction.

The authors advocate that both SE and CE markets are mostly heterogeneous, revealing some levels of markets inefficiencies.

The empirical literature on CEs is replete with several dynamics, revealing their returns behaviour for diversification purposes, leaving very little to know about the returns behaviour of SE. Wherein, an avalanche of several initiatives on Corporate Social Responsibility (CSR) enjoin firms to operate socially responsible, but investors need to have a clear reason to remain sustainable into the foreseeable future period. Accordingly, the humble desire of investors is the formation of a well-diversified portfolio and would highly demand stocks to the extent that they form a reliable portfolio, especially, amid SEs and/or CEs.

本研究擬審查多頻率的及為市場成份的信息流和全球指數。

研究人員使用基於改良完全集合經驗模態分解自適應噪聲(Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise)的聚類分析法,取得Rényi有效轉移熵,藉此得到研究結果。

我們發現、於大部份多頻率,在持續性股票和傳統股票間有顯著的負信息流動,這會增加多樣化的益處。這些信息流大部份是雙向的,這強調了股票市場成份及其全球指數在構建投資組合上的重要性。

我們認為持續性股票市場和傳統股票市場大多為異質市場,這顯示了市場的低效率,而且這低效率的程度頗大。

關於傳統股票的實證性文獻裡是充滿了變革動力的,這顯示了它們以多樣化為目的的回報行為。這使我們對關於持續性股票的回報行為、認識變得實在太少了。於此,大量的企業社會責任的新措施不斷提醒各公司、要本著企業社會責任的理念去營運;但投資者需清晰明白他們為何需在可見的將來保持可持續性。因此,他們卑微的願望是一個較好的多樣化投資組合得以形成,故此他們高度要求股票要有組成可靠投資組合的性質和能力,特別是在持續性股票和/或傳統股票當中。

The purpose of this paper is to examine the gender disparity in financial literacy among retirees in the Cape Coast metropolis in Ghana.

The finding of this paper is based on 334 respondents (183 males and 151 females) to financial literacy questionnaires covering the respondents’ general knowledge on budgeting, use of automated teller machine, time value of money, account types, cheque handling and insurance. Data were analysed with Pearson χ² and independent sample t-test.

Nominal scores showed that male domination in financial literacy in seven out of the ten questions used to assess financial literacy while female retirees lead in three. These observed nominal differences were, however, found not to be significant through χ² test of independence except the question on the calculation of interest rate on loans in favour of males. The cumulative effect, through computation of financial literacy index was deemed to be significantly different between males and females, favouring males, using independent sampled t-test.

The implication is that older men continue to have their financial literacy hegemony perpetually and are stronger in computational ability. It suggests that policy responses to address gender disparity in financial literacy should work more on computational ability of females.

There is no known study of financial literacy related to gender disparity in Ghana.

The purpose of this paper is to investigate the currency union (CU) effect on aggregate intra-trade in the Economic Community of West African States (ECOWAS) and on bilateral trade among individual countries using the gravity model.

Using panel dynamic ordinary least square, we examined the short- and long-run CU effect on aggregate intra-ECOWAS trade and bilateral trade among ECOWAS countries from 1995 to 2010. Chow poolability test was conducted for the appropriateness of pooling the cross-section parameters as against individual model. The augmented Dickey–Fuller (ADF) test; the Phillips–Perron (PP) test; and the Kwiatkowski, Phillips, Schmidt and Shin (KPSS) test were conducted on the individual data series, and the Levin, Lin and Chu test; the Im, Pesaran and Shin test; the Breitung test; and the Hadri test were used for testing cross-sectional independent panel unit root tests. Kao panel cointegration test was conducted to identify long-run relationships.

We found evidence of significant positive CU effect on aggregate intra-ECOWAS trade. The estimates also show that Benin, Burkina Faso, Niger, Senegal and Togo trade more with countries they share common currency with than what they would have been in both short and long run. We again observed that CU is insignificant in explaining Cote d’Ivoire, Mali and Senegal intra-trade with ECOWAS countries, though their observed intra-trade with ECOWAS is relatively high which is found to be explained by export diversification.

The findings reveal that CU is good for aggregate intra-regional trade though some individual members respond negative to CU. The finding of diversification as a necessary tool to increase intra-regional trade imply that as effort of introducing single currency is being pursued rigorously, effort to diversify export or trade complement should not be overlooked.

There exist panel studies on CU on aggregate intra-regional trade in ECOWAS. However, there is a need to have country level study to identify CU effect on each country, as it is sensitive to country-specific factors which are unobservable in time series analysis of group of countries. Also, our group estimate differs in methodology in the sense that the dynamic generalised least takes care of endogeneity in trade gravity literature.

The study investigated the effects of relational leadership on hotel employees' creativity, using knowledge-sharing behaviour and leader–follower dyadic tenure as intervening variables.

A self-administered questionnaire was used to collect data from 355 employees of authorized hotels from the conurbation of Cape Coast and Elmina in Ghana. To evaluate the study's research hypotheses, the authors used WarpPLS and PLS-SEM.

The findings demonstrated that while knowledge-sharing behaviour did not directly affect employee creativity, it did have a significant mediating effect on the link between relational leadership and the creativity of employees. The study also revealed that the ability of relational leaders to drive knowledge-sharing behaviour was not contingent on leader–follower dyadic tenure.

The results of this study have practical relevance for human resource practitioners in the hospitality industry. Given that relational leadership has a positive relationship with employee creativity, the authors recommend that hotel supervisors relate well with employees by sharing valuable information and respecting their opinions in decision-making.

Studies on the role of relational leadership and employee creativity are scanty. This study develops a model to explain how relational leadership could influence employee creativity by incorporating knowledge-sharing behaviour and leader–follower dyadic tenure.

Women of Power Revisited: African Women in Leadership through the Ages, Space, Time, and Governance chapter provides an overview of what Africa has witnessed as the world's greatest civilizations through the stories of four of her Queens. The chapter examines women in leadership positions in ancient Africa: namely, Makeda, referred to as Queen of Sheba; Queen mother of Ejusu, Yaa Asantewaa of Ashanti; Queen Nzinga of Angola; and Hatshepsut. Africa has an indomitable spirit that consists of different forms of texts representing the rich diversity that constitute the great civilizations and empires the world has ever had. The chapter challenges the perpetuated notion that Africa is mostly jungle and uninhabited except for Egypt. It is this stereotyped image of Africa that prompted us to write about the four African Queens to illuminate salient features of African Indigenous women in leadership and how it can be applied in contemporary institutions.

The discussion is anchored on spirituality and womanism as our discursive frameworks. We also evoke creation stories which provide the essence of beginning of settlements of humans on our planet earth with particular focus on African Indigenous women's contribution to leadership. In addition, the chapter highlights the colonial oppression, and the current colonial legacies that she is struggling to deal with, including political and economic leadership. The emphasis is to disavow the Eurocentric and colonial fallacy that Africa is without history, without structure, and without kings and queens. This cannot be done without understanding the beginning of African-centered leadership. It is with this understanding that chapter embarked on the journey or path of decolonizing leadership models in our institutions.

The objective of this study is to explore the effects of financial literacy level and risk aversion on the saving behavior. The literature review showed dialectical results. Therefore, this study attempts to clarify the debatable of these results by studying the mediating effect of risk aversion on the relationships between demographics determinants and saving behavior moderated by the effect of the financial literacy level.

The data were collected from the University of Normandy; the study sample included 516 respondents representing different segments of French households. The structural equation analysis was utilized to control the impact of financial literacy as a moderate variable and the risk aversion as a mediator variable among the link between sociodemographic factors and saving behavior.

The results demonstrated that there were significant effects of demographics factors on risk aversion. Moreover, financial literacy moderates the relationships between risk aversion and saving behavior.

The major limitation of this research is the small size of the study sample. This paper is restricted to French households. Future financial education training should cover the European context.

This study provides further evidence that financial literacy should be considered an important factor for improving household well-being. The paper encourages governments and financial institutions to create a national financial education program.

This paper is the first attempt to employ a sample of low-income households after financial education training in the French context.

The purpose of this paper is to examine the interrelationship of marketing, accounting and auditing with corporate social responsibility (CSR) to determine the benefit of CSR marketing, the responsibility of Board of Directors (BODs) with CSR accounting and the duty of external auditors with CSR that has influence on corporate sector.

This paper uses exploratory and qualitative data obtained from multiple research methods, to investigate benefit of CSR marketing, the responsibility of BODs with CSR accounting and the duty of external auditors with CSR and of its practices by companies’ websites, google search, annual reports and CSR reports from all listed companies in the Muscat Securities Market, Oman. The data are used to critically examine and revise a previously published explanatory framework that identifies interrelationship of CSR marketing, accounting with CSR and auditing with CSR.

Results indicate that CSR marketing, CSR accounting and CSR auditing are closely interrelated for accepting and implementing CSR requirements by corporates. This finding suggests that the benefit of CSR marketing, the responsibility of BODs with CSR accounting and the duty of external auditors with CSR has positively influence on corporate sector. The finding helps to build good image by corporates.

Organizations from developing countries such as Oman should be aware of CSR marketing, CSR accounting and CSR auditing that affects decisions with CSR adoption and implementation by organizations that could also lead to competitive advantage when it operates in developed countries. Though, organizations in developed countries are also equip for higher expectations by applying innovative CSR initiatives.

To the best of the author’s knowledge, this is the first academic literature review on interrelationship of marketing, accounting and auditing with CSR based on evidence from an Oman context. The paper contributes by exploring the benefit of CSR marketing, the responsibility of BODs with CSR accounting and the duty of external auditors with CSR which influence on corporate sector.

The paper aims to examine the asymmetric response of three major altcoins to shocks in six African fiat currencies in a time-frequency space.

Data are for the period 10th August 2015 to 2nd February 2019 at a daily frequency. The authors capture the time and frequency information in the return series of the currencies using the ensemble empirical mode decomposition. The authors implemented quantile regression and quantile-in-quantile regression on the decomposed series to test the response of altcoins to both positive and negative shocks in the fiat currencies across time to see if the altcoins are viable alternatives to African fiat currencies.

The outcome of the study suggests that altcoins behave differently from African fiat currencies and are viable alternative digital currencies and good hedges for African fiat currencies from the medium-term.

Policymakers in Africa and across the globe can follow this paper to mitigate currency crises by adopting altcoins as alternatives to fiat currencies. Forex traders can also mitigate trade risk by using altcoins to hedge dollar/African fiat currency exchange rate risk.

The research was conducted by the authors and has not been published in any journal.