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Although the consequences of illicit financial outflows on the economies of the world continue to exert adverse impacts on many economies of the world, explanations regarding specific drivers of the illicit outflows remain divergent in the literature. This study aims to investigate the effect of financial liberalisation on illicit financial outflows in Africa. Furthermore, the study also examines the effect of macroeconomic stability and institutional quality on illicit outflows.

To achieve the objectives, the study uses a dynamic panel system generalised method of moments technique to analyse annual data from the period 1995 to 2015 of 22 African countries.

The results show that financial liberalisation helps to reduce illicit capital outflows. Furthermore, improved institutional quality is associated with lower levels of capital outflows, thus affirming the theoretical expectations that stable political environment boost investor confidence. Overall, the study show that financial liberalisation reduces illicit outflows. However, liberalisation without sound macroeconomic stability and institutional quality may avail opportunities for illicit outflows.

The main limitation of the study was lack of data that spans periods beyond 2015 for most of the variables on financial illicit flows. The available data sources could not test the objectives beyond 2015.

Current literature on the relationship between financial liberalisation and illicit fund outflows are generally conducted in the context implications on economic growth. However, beyond economic growth, financial liberalisation may impact on illicit financial outflows. Furthermore, other institutional and macroeconomic dynamics may influence illicit financial outflow, especially for developing economies in Africa.

Anchored in the theories of brand gestalt and stakeholder perspectives, this study aims to undertake a comprehensive examination of the brand gestalt concept, emphasizing its multidimensional nature and the process of co-creation.

Focused within the context of the Wonderful Indonesia brand, the research draws upon a rich qualitative data set derived from in-depth interviews conducted with 18 international tourists, supplemented by netnography (or internet ethnography) of websites, social media and online articles related to Wonderful Indonesia. Using grounded theory methodology, the qualitative data undergo rigorous analysis to identify emergent themes and patterns.

The research elucidates the four dimensions (4S) comprising brand gestalt: storyscapes, sensescapes, servicescapes and stakeholderscapes. Each dimension is further delineated into essential categories, providing a comprehensive understanding of brand gestalt. This study highlights the collaborative nature of brand gestalt, emphasizing the involvement of multiple stakeholders in shaping the brand's identity and perception. Consumer perceptions of co-creation are identified as significant contributors to brand gestalt, enhancing the brand's value proposition.

Destination management and practitioners can use the insights from the research to refine their brand management and marketing strategies by leveraging the dimensions of brand gestalt. Recognizing the collaborative construct of brand gestalt can guide businesses in fostering meaningful relationships with stakeholders and aligning branding efforts with collective visions. Understanding the role of consumer co-creation in brand development can inform strategies aimed at enhancing brand equity and fostering consumer loyalty.

This study extends existing literature on brand gestalt by providing a comprehensive examination of its four dimensions and essential categories. By emphasizing the collaborative nature of brand gestalt, this study contributes to advancing the understanding of brand co-creation paradigms. The identification of consumer perceptions of co-creation as a significant factor in brand gestalt adds novel insights to the literature, offering valuable implications for brand management and marketing strategies.