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Article
Publication date: 23 May 2020

Kofi Bondzie Afful and William Opoku

Sub-Saharan African (SSA) stock exchanges are imperfect and inefficient. Therefore, orthodox finance theories are unable to completely explain their market returns. Such models…

Abstract

Purpose

Sub-Saharan African (SSA) stock exchanges are imperfect and inefficient. Therefore, orthodox finance theories are unable to completely explain their market returns. Such models mainly identify anomalies when applied to the sub-region. Consequently, this paper develops an original theoretical model to better explain market returns on the sub-continent.

Design/methodology/approach

This paper develops an alternate analytical framework that combines adaptive expectations, Keynesian LM model and modified uncovered interest parity (UIP) formulations to address empirical anomalies identified by previous literature when analyzing SSA's inefficient stock markets. Using panel data, the study first computes the fixed as well as random effects regressions and, later, a Generalized Method of Moments (GMM) dynamic panel regression for further empirical analysis.

Findings

Both the fixed and random effects regression results indicate that the relative output-money supply disparity and foreign inflation-money supply growth rate spread have positive effects on market returns in SSA. On the other hand, foreign interest rates have an inverse effect. Although the GMM dynamic panel regression has similar results, it additionally finds that market returns in SSA are autoregressive. This suggests that past returns are persistent.

Research limitations/implications

A key implication is that multipliers and transmission mechanisms in SSA may take longer to adjust, thereby limiting short-run market returns. Also, policymakers must encourage a critical mass of firms to list in order to enhance efficiency. Additionally, policy variables significantly influence returns. One limitation is the high market segmentation in SSA. This heightens heterogeneity, emphasizing fixed effects.

Practical implications

Also, the findings of this study may not apply to all emerging economies as SSA economies are highly heterogeneous.

Social implications

The segmented nature of SSA stock markets may have implications for income inequality and the distribution of resources within the economy. Also, it indicates that there are limits to how firms use capital markets on the sub-continent.

Originality/value

This paper abstracts from the strict ideal market conditions prescribed by modern finance theories and develops an original modified UIP model. It finds that SSA stock markets may be more sensitive to policy variables, instead of determinants postulated by orthodox finance concepts. The study offers opportunities for further critical examination of returns in imperfect frontier markets.

Details

International Journal of Emerging Markets, vol. 16 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 23 July 2024

Samuel Koomson, William Newlove Azadda, Abigail Opoku Mensah and Frank Yao Gbadago

For a public servant (PS) to be innovative, he or she needs to gather and process enough vital information from budget setting processes. However, research addressing how…

Abstract

Purpose

For a public servant (PS) to be innovative, he or she needs to gather and process enough vital information from budget setting processes. However, research addressing how budgetary participation (BP) can trigger innovative behaviour (IB) in PSs and eventually foster task performance (TP) is rare, which is why the authors conduct this research. The purpose of this study is to understand how BP shapes TP through the IB of PSs.

Design/methodology/approach

The authors develop and test a mediation model with 860 responses from public sector workers across 25 government agencies using the PLS-SEM technique of Smart PLS 4. Possible control factors were addressed for both the mediator and target-independent construct. In particular, the authors use sex, age and tenure as control factors for IB. Also, the authors use job satisfaction, job engagement and perceived fairness in the budgetary system as control factors for TP.

Findings

The authors find a favourable and significant relationship between BP and TP; BP and IB; and IB and TP. The authors also find that IB partially mediates the relationship between BP and TP, such that BP fosters TP through the innovativeness of PSs. This finding suggests that PSs who participate in budget preparation are able to innovate, which, in turn enable them to perform tasks effectively.

Research limitations/implications

The authors call on forthcoming researchers to test the mediation model in other public sector settings worldwide. They may also consider other variables that can possibly mediate the positive impacts of BP on TP.

Practical implications

Lessons are discussed for governments, human resources directors and managers, management accountants, budget officers, procurement officers and other public sector workers and consultants.

Originality/value

The authors show how BP fosters TP through the innovativeness of PSs, since there is much more to know in this regard. The authors also help to resolve the paradox of inconsistency in the BP–TP literature by using IB as a mediator.

Details

International Journal of Innovation Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-2223

Keywords

Article
Publication date: 21 June 2019

Douglas Omoregie Aghimien, Clinton Ohis Aigbavboa and Wellington Didibhuku Thwala

This paper aims to present the result of an assessment of the challenges of sustainable construction (SC) in two developing countries (Nigeria and South Africa). This was done…

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Abstract

Purpose

This paper aims to present the result of an assessment of the challenges of sustainable construction (SC) in two developing countries (Nigeria and South Africa). This was done with a view to improving sustainable project delivery, which is a problem among most developing countries.

Design/methodology/approach

The study adopted a quantitative survey approach with questionnaire used as the instrument for data collection from quantity surveyors, construction and project managers from both countries. Data analysis was done using a four-step analysis approach and relevant descriptive and inferential statistics were adopted.

Findings

The study revealed a considerable level of awareness of SC and involvement in the use of the same among the assessed professionals. Also, it was discovered that SC materials are mostly used in the aspect of surface finishing and masonry construction. Further findings revealed that resistance to change, client’s preference, fear of the increased cost of investment and inadequate knowledge and understanding of the concept of sustainability are some of the major challenges of SC in these countries.

Originality/value

The strength of this study lies in the assessment of happenings from two developing countries and its recommendation can to a large extent promote improved SC in developing countries particularly in Africa were construction activities are similar.

Details

Journal of Engineering, Design and Technology , vol. 17 no. 6
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 5 January 2022

Opoku Adabor, Emmanuel Buabeng and Juliet Fosua Dunyo

While the relationship between natural resource rent and economic growth is well documented in the literature, not much robust analysis has been done to estimate the causative…

Abstract

Purpose

While the relationship between natural resource rent and economic growth is well documented in the literature, not much robust analysis has been done to estimate the causative relationship between oil resource rent and economic growth in Ghana. This might be due to the fact that commercial production of crude oil started not long ago in Ghana. This paper aims to examine the causal relationship between oil resource rent and economic growth for the period of 2011 to 2020 in Ghana.

Design/methodology/approach

The study incorporates economic growth as a function of oil resource rent, non-oil revenue, foreign direct investment, capital and interest rate in a Cobb–Douglass production function/model. The study used four different estimation strategies including the autoregressive distributed lags model, Toda–Yamamoto test approach, nonlinear autoregressive distributed lags model and nonlinear Granger causality.

Findings

The main finding revealed that 1% increase in oil resource rent generates 0.84% increase in economic growth of Ghana in the long run. Contrary, the authors find an insignificant positive effect of oil resource rent on economic growth of Ghana in the short run for the period under study. The result from the Toda–Yamamoto test approach also showed a unidirectional causality running from oil resource rent to economic growth of Ghana, providing evidence in support of the resource blessing hypothesis in Ghana. The results are robust to two different alternative estimation strategies.

Originality/value

The causal relationship between crude oil resource rent and economic growth is examined.

Details

International Journal of Energy Sector Management, vol. 16 no. 5
Type: Research Article
ISSN: 1750-6220

Keywords

Book part
Publication date: 10 April 2023

A. A. Obalade, T. Moodley, N. Ncama, N. Mkhize, M. Pillay and T. Singh

The establishment of a currency union is a topical issue in the West African Monetary Zone (WAMZ). The subject of currency union formation needs to be reassessed in light of the…

Abstract

The establishment of a currency union is a topical issue in the West African Monetary Zone (WAMZ). The subject of currency union formation needs to be reassessed in light of the recent efforts towards the economic integration of west African countries. This study employs the Markov Switching Model (MSM) to determine whether a currency union in WAMZ is feasible. The study analyzes the regime switching behavior in WAMZ countries’ foreign exchange markets before and after the formation of the union. The contribution of this study is two-fold. First, the study accounts for the success or otherwise of the latest efforts to integrate the fiscal and monetary strategies in the zone. Secondly, the study contributes to the literature on the currency union literature in WAMZ by using Markov Switching Model (MSM) to generate novel results. The results of the study revealed that prior to the WAMZ formation, the real exchange rates of member states were more divergent. In contrast, a growing but marginal, convergence was observed after the formation of the zone amongst four (Nigeria, Sierra Leone, Gambia, and Liberia) of the six countries. The authors conclude that while WAMZ is on course for establishing a currency union, their monetary authorities must work together, particularly with Ghana and Liberia, to synchronize their policy efforts, and policy makers must implement policies to strengthen harmonious trade interactions.

Details

Comparative Analysis of Trade and Finance in Emerging Economies
Type: Book
ISBN: 978-1-80455-758-7

Keywords

Article
Publication date: 1 August 2008

William K. Darley and Charles Blankson

This paper seeks to focus on the key underpinnings of African culture and its implications for business marketing practices.

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Abstract

Purpose

This paper seeks to focus on the key underpinnings of African culture and its implications for business marketing practices.

Design/methodology/approach

Using Kluckholn and Strodtbeck's and Hofstede's conceptualizations as a backdrop, the paper provides a synoptic view and modal focus of African culture. Covered are the culture's implications for organizational behavior, buyer‐seller interactions, collaborative partnerships and negotiations.

Findings

The study shows that African culture promotes the principle of reciprocity. In buyer‐seller interaction, respect for the elderly is an important guiding principle. In collaborative partnerships, preference is for the terms of the collaboration to be reached through consultation and consensus. The foreign company needs to pay attention to the softer issues surrounding the relationship and to send a high‐ranking employee‐team. In negotiations, long‐term relationship and win‐win outcome are preferred and encouraged.

Research limitations/implications

The paper uses the term “African culture” as an overarching concept. However, the fact that to propose a monolithic African culture may be inaccurate because of strong national differences is acknowledged. Nonetheless, there are some cultural dimensions common to the sub‐region, including a hierarchical social structure, the importance of kinship, the primacy of the group, the belief in ancestry and existence of a supreme being, and the value attached to the extended family.

Originality/value

The study provides useful and candid insights into African culture that international marketers may take into consideration when dealing with African business markets. It also responds to Nakata and Sivakumar's suggestions for marketing researchers to deepen the study of culture and its implications for marketing in view of the increasing globalization of markets. It is to be hoped that this study leads to further discussion and research on African culture and its implications for marketing.

Details

Journal of Business & Industrial Marketing, vol. 23 no. 6
Type: Research Article
ISSN: 0885-8624

Keywords

Open Access
Article
Publication date: 5 April 2019

Kwadwo Owusu, Ayisi Kofi Emmanuel, Issah Justice Musah-Surugu and Paul William Kojo Yankson

This paper aims to provide empirical evidence on the El Nino and its effects on maize production in three municipalities: Ejura, Techiman and Wenchi in the transitional zone of…

3310

Abstract

Purpose

This paper aims to provide empirical evidence on the El Nino and its effects on maize production in three municipalities: Ejura, Techiman and Wenchi in the transitional zone of Ghana. Using a mixed approach, the study details the effects of the El Nino on rainy season characteristics, particularly, rainfall amounts and distribution, onset and cessation of rains, duration of the rainy season and total seasonal rainfall and how it impacted smallholder maize production.

Design/methodology/approach

The study used a mixed method approach in collecting and analyzing data. For stronger evidence building, (Creswell, 2013) the authors combined interviews and focus group discussions (FGD) to collect the qualitative data. Semi-structured questionnaires were administered to extension officers, management information system officers and other relevant personnel of the Ministry of Agriculture in the three municipalities. Six FGD’s were held for maize farmers in six communities in all three municipalities.

Findings

The study shows that the 2015 El Nino had dire consequences on farm yields, subsequently affecting farmer’s incomes and livelihoods. The study further finds that complex socio-cultural factors, some unrelated to the El Nino, aggravated the effects on maize farmers. These include the lack of adequate climatic information, predominance of rain-fed farming, a lack of capacity to adapt and existing levels of poverty.

Originality/value

The study recommends inter alia, appropriate use of seasonal rainfall forecasting to enhance better farming decision-making and the development of elaborate climate variability interventions by national and local agencies.

Details

International Journal of Climate Change Strategies and Management, vol. 11 no. 5
Type: Research Article
ISSN: 1756-8692

Keywords

Article
Publication date: 5 May 2015

Tatiana Vadimovna Vakhitova

– The purpose of this paper is to suggest an approach to cultural heritage management as an inhabited cultural landscape in a context of urban planning.

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Abstract

Purpose

The purpose of this paper is to suggest an approach to cultural heritage management as an inhabited cultural landscape in a context of urban planning.

Design/methodology/approach

The paper provides a review of academic literature on the topic of cultural heritage conservation.

Findings

This paper supports an approach to management of cultural heritage as a cultural landscape, defining it as a multivalent social phenomenon with tangible and intangible dimensions, spatial, and temporal scales. The cultural landscape approach continues the discourse on heritage values and emphasises the importance of recognition of social value and hence a wider stakeholder participation in the process of heritage management. This approach allows enhancing both intangible and tangible dimensions of cultural heritage and, therefore, encourages a more inclusive consideration of diverse cultural heritage values (encompassing social and environmental categories, e.g. well-being, health).

Originality/value

The proposed cultural landscape approach to heritage management, as a culturally significant, inhabited, and changing landscape, enables a more comprehensive view on the interrelations of cultural heritage with other social and environmental categories and enhances the understanding of different values of cultural heritage. This approach could be particularly useful for strategic development at city planning level and in large construction or infrastructural projects.

Details

Built Environment Project and Asset Management, vol. 5 no. 2
Type: Research Article
ISSN: 2044-124X

Keywords

Article
Publication date: 15 August 2019

Endro Gunawan, John K.M. Kuwornu, Avishek Datta and Loc T. Nguyen

The purpose of this paper is to examine the factors influencing Indonesian farmers’ use of the warehouse receipt system (WRS) and their choice of private and public warehouses.

Abstract

Purpose

The purpose of this paper is to examine the factors influencing Indonesian farmers’ use of the warehouse receipt system (WRS) and their choice of private and public warehouses.

Design/methodology/approach

Primary data were collected through questionnaires administered to 500 farmers in two districts, Subang and Cianjur, in West Java Province in Indonesia. Binary logit regression was employed to examine the factors influencing farmers’ use of the WRS. Binary and bivariate probit regressions were employed to determine the factors influencing farmers’ choice of private and public warehouses.

Findings

The empirical results of the binary logit regression revealed that age, land ownership, selling price, the use of the warehouse receipt as collateral security and the availability of transportation facility positively influenced farmers’ use of the WRS, whereas education, income, farm profit and participation in farmers’ group negatively influenced farmers’ use of the WRS. The results of the binary probit regressions revealed that profit, availability of insurance and processing facility positively influenced the farmers’ decision to use the private WRS, whereas education, production, selling price and distance from the farm to the warehouse negatively influenced farmers’ decision to use the private WRS. Age, education, selling price and distance from the farm to the warehouse positively influenced the farmers’ decision to use the public WRS, whereas production and availability of processing facility negatively influenced the decision of farmers to use the public WRS.

Practical implications

This study highlights the importance of education and government assistance regarding the provision of facilities and price indemnified insurance for successful implementation of the WRS.

Originality/value

This study provides an empirical contribution to the existing literature on the development of WRS in Indonesia. In terms of methods of analysis, previous studies used purely qualitative and descriptive methods, whereas this study employed econometric techniques (i.e. binary logit, binary probit and bivariate probit regressions) to examine the WRS in Indonesia. In addition, whereas previous studies explored the WRS in general, this study investigated the farmers’ use of the public and private warehouses in addition to exploring the WRS in general. Finally, the finding that the average annual profit of non-users was significantly higher than that of the users of the WRS is striking, and this could be attributed to the current challenges of the implementation of the WRS, including high transportation and warehouse rental costs.

Details

Agricultural Finance Review, vol. 79 no. 4
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 17 August 2012

Mana Farshid, Anthony Chan and Deon Nel

The rise of social media and its resultant impact on brand management has become a critical factor in guarding the reputation of the firm. Consumer‐generated content has the…

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Abstract

Purpose

The rise of social media and its resultant impact on brand management has become a critical factor in guarding the reputation of the firm. Consumer‐generated content has the potential to spread rapidly over social networks and the implications are that advertising as traditionally used by brand managers, now offers little control over the communication message. Brand managers need a better tool to gauge the changing mood in social media conversations. The purpose of this paper is to suggest a powerful method, Chernoff Faces, to compare six Sauternes wine brands based on social conversation measurement.

Design/methodology/approach

This study describes a source of data relating to wine brand visibility in social media, and then presents a simple yet powerful graphical tool for portraying this information. This tool facilitates the communication, understanding, and assimilation of the relevant information.

Findings

The findings of this paper are presented in six social media wine faces. Facial features are allocated to eyes, facial line, hair density and others to reflect “Social Mention” data measuring brand strength, positive and negative sentiment and related elements such passion for the brand. A brief subjective interpretation of the differences between the wine brands offers a match between Chernoff faces representation and historical data on the brands being compared.

Research limitations/implications

The paper has some limitations related to the dynamic nature of social media. This study provides more of a snapshot in time rather than an ultimate set of results. Future research could be done by closely monitoring the results for a set of brands over a period. A new option to overcome this by using longitudinal data is offered as a option in future research.

Originality/value

Since social media are multi‐dimensional and attempts to understand conversations it requires tracking different measures simultaneously. It is important to find the best way to portray and communicate this data so that wine marketing decision makers can quickly and easily compare changes in brand images. Using faces to accomplish this is an easy and novel way compared to more demanding multidimensional scaling techniques.

Details

International Journal of Wine Business Research, vol. 24 no. 3
Type: Research Article
ISSN: 1751-1062

Keywords

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