African Journal of Economic and Management StudiesTable of Contents for African Journal of Economic and Management Studies. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/2040-0705/vol/15/iss/1?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAfrican Journal of Economic and Management StudiesEmerald Publishing LimitedAfrican Journal of Economic and Management StudiesAfrican Journal of Economic and Management Studieshttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/1c56bb5ddb2069f049bb12ef890b0090/urn:emeraldgroup.com:asset:id:binary:ajems.cover.jpghttps://www.emerald.com/insight/publication/issn/2040-0705/vol/15/iss/1?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe effect of electronic human resource management on electronic human resource management macro-level consequences: the role of perception of organizational politicshttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2022-0168/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to investigate the mediating role of perceived organizational politics on the relationship between electronic human resource management (e-HRM) use and e-HRM macro-level consequences. The paper uses a cross-sectional survey of HR professionals, line managers and information technology specialists. A purposive stratified sampling technique is employed. The analyses of data make use of regression and process macro in SPSS analysis. The effect of e-HRM use on e-HRM macro-level consequences is partially mediated by perceived organizational politics. Organizations can invest in e-HRM use alongside other HR practices such as, emotional intelligence training, to reduce the negative effects of perceived organizational politics and in the process enhance employee attitudes and performance. The study enriches the scope through which the interaction between e-HRM use and perceived organizational politics is viewed. The study was conducted in Zimbabwe, demonstrating that the indirect effect of e-HRM use on e-HRM macro-level consequences is not limited to developed economies.The effect of electronic human resource management on electronic human resource management macro-level consequences: the role of perception of organizational politics
Musa Nyathi
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.1-14

The purpose of this paper is to investigate the mediating role of perceived organizational politics on the relationship between electronic human resource management (e-HRM) use and e-HRM macro-level consequences.

The paper uses a cross-sectional survey of HR professionals, line managers and information technology specialists. A purposive stratified sampling technique is employed. The analyses of data make use of regression and process macro in SPSS analysis.

The effect of e-HRM use on e-HRM macro-level consequences is partially mediated by perceived organizational politics.

Organizations can invest in e-HRM use alongside other HR practices such as, emotional intelligence training, to reduce the negative effects of perceived organizational politics and in the process enhance employee attitudes and performance.

The study enriches the scope through which the interaction between e-HRM use and perceived organizational politics is viewed. The study was conducted in Zimbabwe, demonstrating that the indirect effect of e-HRM use on e-HRM macro-level consequences is not limited to developed economies.

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The effect of electronic human resource management on electronic human resource management macro-level consequences: the role of perception of organizational politics10.1108/AJEMS-04-2022-0168African Journal of Economic and Management Studies2022-10-20© 2022 Musa NyathiMusa NyathiAfrican Journal of Economic and Management Studies1512022-10-2010.1108/AJEMS-04-2022-0168https://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2022-0168/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Musa Nyathihttp://creativecommons.org/licences/by/4.0/legalcode
Digital financial inclusion and economic growth in Sub-Saharan Africa: the role of institutions and governancehttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2022-0372/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the role of institutions and governance on the digital financial inclusion and economic growth nexus in Sub-Saharan Africa (SSA) from 2014 to 2020. This study adopts the generalised method of moments technique which controls for endogeneity. The authors employed four main variables namely, index of digital financial inclusion, gross domestic product per capita growth, institutions and governance. The results suggest a significant positive effect of institutional quality and governance on the digital financial inclusion-economic growth nexus in SSA. Furthermore, the authors find that effect of trade and population growth on economic growth was significantly positive while inflation reduces economic growth in the region. This study also ignored the effect of digital financial inclusion on environmental quality. Future researches should focus on addressing these drawbacks and replicating the study in Africa as a whole and other developing countries across the world that are experiencing digital financial inclusion and economic growth challenges. The results from the study imply that a positive relationship between digital financial inclusion and economic growth. It is important to note that the study was carried out on the premise that institutions play a pivotal role in enhancing economic growth in SSA. The results confirm the significance of policies that enhances institutional quality and governance which are other avenues the authorities can pursue to enhance economic growth in SSA. The paper documents the importance of institutions in boosting economic growth which impacts on social life rather than digital financial inclusion only. The paper makes a contribution through analysing the role of institutions and governance on the digital financial inclusion-economic growth nexus rather than the traditional financial inclusion–economic growth nexus which is common to the majority of the available empirical studies.Digital financial inclusion and economic growth in Sub-Saharan Africa: the role of institutions and governance
Tough Chinoda, Forget Mingiri Kapingura
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.15-30

This study examines the role of institutions and governance on the digital financial inclusion and economic growth nexus in Sub-Saharan Africa (SSA) from 2014 to 2020.

This study adopts the generalised method of moments technique which controls for endogeneity. The authors employed four main variables namely, index of digital financial inclusion, gross domestic product per capita growth, institutions and governance.

The results suggest a significant positive effect of institutional quality and governance on the digital financial inclusion-economic growth nexus in SSA. Furthermore, the authors find that effect of trade and population growth on economic growth was significantly positive while inflation reduces economic growth in the region.

This study also ignored the effect of digital financial inclusion on environmental quality. Future researches should focus on addressing these drawbacks and replicating the study in Africa as a whole and other developing countries across the world that are experiencing digital financial inclusion and economic growth challenges. The results from the study imply that a positive relationship between digital financial inclusion and economic growth. It is important to note that the study was carried out on the premise that institutions play a pivotal role in enhancing economic growth in SSA.

The results confirm the significance of policies that enhances institutional quality and governance which are other avenues the authorities can pursue to enhance economic growth in SSA.

The paper documents the importance of institutions in boosting economic growth which impacts on social life rather than digital financial inclusion only.

The paper makes a contribution through analysing the role of institutions and governance on the digital financial inclusion-economic growth nexus rather than the traditional financial inclusion–economic growth nexus which is common to the majority of the available empirical studies.

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Digital financial inclusion and economic growth in Sub-Saharan Africa: the role of institutions and governance10.1108/AJEMS-09-2022-0372African Journal of Economic and Management Studies2023-02-08© 2023 Tough Chinoda and Forget Mingiri KapinguraTough ChinodaForget Mingiri KapinguraAfrican Journal of Economic and Management Studies1512023-02-0810.1108/AJEMS-09-2022-0372https://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2022-0372/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Tough Chinoda and Forget Mingiri Kapingurahttp://creativecommons.org/licences/by/4.0/legalcode
The impact of customer-focus on the performance of business organizations: evidence from SMEs in an emerging West African economyhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2022-0167/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to investigate the impact of customer-focus on small medium enterprise (SME) performance from the perspective of a resource-based view (RBV). This research study implemented a survey strategy to gather data from 255 respondents on the registered list of Ghana Enterprise Agency (GEA) in the eastern region of Ghana. Scales used to gather data were operationalized from previous research studies. A structural equation modeling (SEM) path analysis was used to estimate the impact of customer-focus on the performance of SMEs. The outcomes of this study indicate that customer-focus has a significant positive impact on SME performance, hence backing the current demand for investigating the distinct influence of customer-focus on SME performance. The results show that customer-focus has a positive and significant relationship with financial performance, customer performance, internal business process performance and learning and growth performance, thus supporting the literature on the positive impact of customer-focus on SME performance. Therefore, customer-focus determinants used in this study, including co-creation, networking ties, customer insight and artificial intelligence marketing (AIM), are critical to the optimization of SME performance. Notwithstanding the importance of this research study mentioned earlier, the study has limitations. Notably, the sample size of this study can be increased to capture SME respondents in other geographical zones that were not included in this study. Future research studies may address how business environment conditions moderate the relationship between customer focus and performance, and also the cause-effect of the relationship between customer focus and business environment conditions on SME performance. The practical implications consist of two main items. First, this study empowers SME owners and managers to develop a customer focus technique as a central strategic goal in their quest for SME performance optimization. Second, SME owners and managers should progressively exploit the four determinants of customer focus which include co-creation, networking ties, customer insight and (AIM in order to accrue important resources for effective utilization of their customer focus competences as a way to enhance their performance. This study is targeted at the sound development of SMEs to bring about poverty alleviation and employment. Poverty, unemployment and poor living standards are recognized as vital social challenges in most emerging economies. The establishment of customer focus as an important strategic capability provides opportunities for SME survival, profitability and growth. Generally, the findings of this research study provide a strong backing to RBV perspective and the proposition that customer-focus and its determinants (i.e. co-creation, networking ties, customer insight and AIM) should be acknowledged as a vital strategic resource for optimizing the performance of SMEs. This research study also provides new knowledge contribution to the present body of knowledge on customer-focus orientation and management literature, particularly in the context of an emerging economy.The impact of customer-focus on the performance of business organizations: evidence from SMEs in an emerging West African economy
Kwabena Abrokwah-Larbi
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.31-59

The purpose of this paper is to investigate the impact of customer-focus on small medium enterprise (SME) performance from the perspective of a resource-based view (RBV).

This research study implemented a survey strategy to gather data from 255 respondents on the registered list of Ghana Enterprise Agency (GEA) in the eastern region of Ghana. Scales used to gather data were operationalized from previous research studies. A structural equation modeling (SEM) path analysis was used to estimate the impact of customer-focus on the performance of SMEs.

The outcomes of this study indicate that customer-focus has a significant positive impact on SME performance, hence backing the current demand for investigating the distinct influence of customer-focus on SME performance. The results show that customer-focus has a positive and significant relationship with financial performance, customer performance, internal business process performance and learning and growth performance, thus supporting the literature on the positive impact of customer-focus on SME performance. Therefore, customer-focus determinants used in this study, including co-creation, networking ties, customer insight and artificial intelligence marketing (AIM), are critical to the optimization of SME performance.

Notwithstanding the importance of this research study mentioned earlier, the study has limitations. Notably, the sample size of this study can be increased to capture SME respondents in other geographical zones that were not included in this study. Future research studies may address how business environment conditions moderate the relationship between customer focus and performance, and also the cause-effect of the relationship between customer focus and business environment conditions on SME performance.

The practical implications consist of two main items. First, this study empowers SME owners and managers to develop a customer focus technique as a central strategic goal in their quest for SME performance optimization. Second, SME owners and managers should progressively exploit the four determinants of customer focus which include co-creation, networking ties, customer insight and (AIM in order to accrue important resources for effective utilization of their customer focus competences as a way to enhance their performance.

This study is targeted at the sound development of SMEs to bring about poverty alleviation and employment. Poverty, unemployment and poor living standards are recognized as vital social challenges in most emerging economies. The establishment of customer focus as an important strategic capability provides opportunities for SME survival, profitability and growth.

Generally, the findings of this research study provide a strong backing to RBV perspective and the proposition that customer-focus and its determinants (i.e. co-creation, networking ties, customer insight and AIM) should be acknowledged as a vital strategic resource for optimizing the performance of SMEs. This research study also provides new knowledge contribution to the present body of knowledge on customer-focus orientation and management literature, particularly in the context of an emerging economy.

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The impact of customer-focus on the performance of business organizations: evidence from SMEs in an emerging West African economy10.1108/AJEMS-04-2022-0167African Journal of Economic and Management Studies2023-04-06© 2023 Kwabena Abrokwah-LarbiKwabena Abrokwah-LarbiAfrican Journal of Economic and Management Studies1512023-04-0610.1108/AJEMS-04-2022-0167https://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2022-0167/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Kwabena Abrokwah-Larbihttp://creativecommons.org/licences/by/4.0/legalcode
What levels of informality tackle poverty in Africa? Evidence from dynamic panel threshold analysishttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-07-2022-0279/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper validates the threshold argument in the informality–poverty nexus. Recent literature and policy have argued the existence of a threshold in the relationship. The study adopts dynamic panel threshold analysis, estimated within the framework of system Generalized Method of Moments (SGMM) to control for endogeneity and simultaneity. Data from 40 selected sub-Saharan African countries between 1991 and 2018 are used for the study. Empirical results confirm the existence of an average threshold of 31% share of informality in GDP. Also, the paper finds that threshold of informality that addresses mild and severe poverty varies between 24.32 and 36.75%. The work is limited to African economies. Evidence from other emerging and developed economies is suggested for further research. Overall, the empirical results indicate a threshold in the informality–poverty nexus. Therefore, an excessive informality level does not benefit the African growth process. Policymakers and governments are advised to operate within the bounds of the threshold of informality that reduces poverty and improve the African economic growth process. The paper is the first study to provide empirical findings on the nonlinear and threshold argument in the informality–poverty nexus, as far as the authors know.What levels of informality tackle poverty in Africa? Evidence from dynamic panel threshold analysis
Segun Thompson Bolarinwa, Munacinga Simatele
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.60-72

The paper validates the threshold argument in the informality–poverty nexus. Recent literature and policy have argued the existence of a threshold in the relationship.

The study adopts dynamic panel threshold analysis, estimated within the framework of system Generalized Method of Moments (SGMM) to control for endogeneity and simultaneity. Data from 40 selected sub-Saharan African countries between 1991 and 2018 are used for the study.

Empirical results confirm the existence of an average threshold of 31% share of informality in GDP. Also, the paper finds that threshold of informality that addresses mild and severe poverty varies between 24.32 and 36.75%.

The work is limited to African economies. Evidence from other emerging and developed economies is suggested for further research.

Overall, the empirical results indicate a threshold in the informality–poverty nexus. Therefore, an excessive informality level does not benefit the African growth process. Policymakers and governments are advised to operate within the bounds of the threshold of informality that reduces poverty and improve the African economic growth process.

The paper is the first study to provide empirical findings on the nonlinear and threshold argument in the informality–poverty nexus, as far as the authors know.

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What levels of informality tackle poverty in Africa? Evidence from dynamic panel threshold analysis10.1108/AJEMS-07-2022-0279African Journal of Economic and Management Studies2023-06-09© 2023 Segun Thompson Bolarinwa and Munacinga SimateleSegun Thompson BolarinwaMunacinga SimateleAfrican Journal of Economic and Management Studies1512023-06-0910.1108/AJEMS-07-2022-0279https://www.emerald.com/insight/content/doi/10.1108/AJEMS-07-2022-0279/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Segun Thompson Bolarinwa and Munacinga Simatelehttp://creativecommons.org/licences/by/4.0/legalcode
The effect of corporate reputation on customer loyalty in the Ghanaian banking industry: the role of country-of-originhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-12-2022-0492/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestCustomer loyalty is of growing interest to many service firms due to the many tangible and intangible benefits it offers them. However, building customer loyalty is challenging for many service firms. This study aims to examine the impact of corporate reputation on customer loyalty. It also assesses the moderating role of the firm's country of origin in this relationship. Survey research design was used to collect data from 367 universal banks' customers. Data were analysed using structural equation modelling. The findings shed light on several crucial aspects of corporate reputation that influence customer loyalty. Specifically, signals of corporate social responsibility, corporate credibility, product attributes and relationship marketing were found to have a substantial impact on customer loyalty. Additionally, the study uncovers a noteworthy insight that the firm's country of origin plays a moderating role in the relationship between corporate reputation and customer loyalty, particularly in the context of the banking sector. This research stands out due to its utilisation of signalling theory, making it one of the pioneering works in the bank brand management literature. It presents a comprehensive corporate reputation framework and its profound implications for customer loyalty. Furthermore, the study underscores the significance of considering the strength of the country-of-origin effect in shaping customer loyalty relationships.The effect of corporate reputation on customer loyalty in the Ghanaian banking industry: the role of country-of-origin
Deli Dotse Gli, Ernest Yaw Tweneboah-Koduah, Raphael Odoom, Prince Kodua
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.73-87

Customer loyalty is of growing interest to many service firms due to the many tangible and intangible benefits it offers them. However, building customer loyalty is challenging for many service firms. This study aims to examine the impact of corporate reputation on customer loyalty. It also assesses the moderating role of the firm's country of origin in this relationship.

Survey research design was used to collect data from 367 universal banks' customers. Data were analysed using structural equation modelling.

The findings shed light on several crucial aspects of corporate reputation that influence customer loyalty. Specifically, signals of corporate social responsibility, corporate credibility, product attributes and relationship marketing were found to have a substantial impact on customer loyalty. Additionally, the study uncovers a noteworthy insight that the firm's country of origin plays a moderating role in the relationship between corporate reputation and customer loyalty, particularly in the context of the banking sector.

This research stands out due to its utilisation of signalling theory, making it one of the pioneering works in the bank brand management literature. It presents a comprehensive corporate reputation framework and its profound implications for customer loyalty. Furthermore, the study underscores the significance of considering the strength of the country-of-origin effect in shaping customer loyalty relationships.

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The effect of corporate reputation on customer loyalty in the Ghanaian banking industry: the role of country-of-origin10.1108/AJEMS-12-2022-0492African Journal of Economic and Management Studies2023-09-12© 2023 Deli Dotse Gli, Ernest Yaw Tweneboah-Koduah, Raphael Odoom and Prince KoduaDeli Dotse GliErnest Yaw Tweneboah-KoduahRaphael OdoomPrince KoduaAfrican Journal of Economic and Management Studies1512023-09-1210.1108/AJEMS-12-2022-0492https://www.emerald.com/insight/content/doi/10.1108/AJEMS-12-2022-0492/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Deli Dotse Gli, Ernest Yaw Tweneboah-Koduah, Raphael Odoom and Prince Koduahttp://creativecommons.org/licences/by/4.0/legalcode
Internal control mechanisms and financial performance of Ghanaian banks: the moderating role of corporate governancehttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2023-0101/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to evaluate the moderating impact of corporate governance on the relationship between internal control mechanisms and financial performance. The study employs a structured questionnaire to collect data from 250 top managers of rural banks in the capital of Ghana. Cronbach alpha value and Fornell-Larcker tests were performed to assess the reliability and validity of the data used. The study adopted a partial least square structural equation model (PLS-SEM). The results show that internal control and corporate governance both have a direct positive and significant impact on financial performance. Furthermore, the interaction of internal control and corporate governance also has a positive and significant impact on financial performance, thus confirming the moderating role of corporate governance in the relationship between internal control mechanisms and financial performance. This implies that organizations need to strengthen their corporate governance procedures to increase the efficiency of their internal control systems, which would ultimately lead to an improvement in their financial performance. The present study innovates by assessing the moderating role of corporate governance in the nexus between internal control mechanisms and financial performance. This moderating effect assessment implies that corporate governance may not only affect the technical implementation of the internal control structures but will subsequently make an impact on the overall performance of the organization.Internal control mechanisms and financial performance of Ghanaian banks: the moderating role of corporate governance
Clement Oppong, Abukari Salifu Atchulo, Achille Dargaud Fofack, Daniel Elorm Afonope
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.88-103

This study aims to evaluate the moderating impact of corporate governance on the relationship between internal control mechanisms and financial performance.

The study employs a structured questionnaire to collect data from 250 top managers of rural banks in the capital of Ghana. Cronbach alpha value and Fornell-Larcker tests were performed to assess the reliability and validity of the data used. The study adopted a partial least square structural equation model (PLS-SEM).

The results show that internal control and corporate governance both have a direct positive and significant impact on financial performance. Furthermore, the interaction of internal control and corporate governance also has a positive and significant impact on financial performance, thus confirming the moderating role of corporate governance in the relationship between internal control mechanisms and financial performance.

This implies that organizations need to strengthen their corporate governance procedures to increase the efficiency of their internal control systems, which would ultimately lead to an improvement in their financial performance.

The present study innovates by assessing the moderating role of corporate governance in the nexus between internal control mechanisms and financial performance. This moderating effect assessment implies that corporate governance may not only affect the technical implementation of the internal control structures but will subsequently make an impact on the overall performance of the organization.

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Internal control mechanisms and financial performance of Ghanaian banks: the moderating role of corporate governance10.1108/AJEMS-03-2023-0101African Journal of Economic and Management Studies2023-09-27© 2023 Emerald Publishing LimitedClement OppongAbukari Salifu AtchuloAchille Dargaud FofackDaniel Elorm AfonopeAfrican Journal of Economic and Management Studies1512023-09-2710.1108/AJEMS-03-2023-0101https://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2023-0101/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Mitigating the impact of a pandemic: a time-varying-parameter structural VAR (TVP-SVAR) and time-varying granger causality estimationshttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-05-2023-0179/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study investigates the effectiveness of government policies to mitigate the impact of a pandemic. The study adopts the small open economy of Nigeria for the following reasons. First, Nigeria is the largest economy in SSA. Second, Nigeria was also significantly impacted by the COVID-19 pandemic. The study employed the time-varying structural autoregressive (TVSVAR) model to control for the potential asymmetry in fiscal variables and to control for the shift in the structural shift, following a macroeconomic shock. As a form of robustness, the study also implements the time-varying Granger causality to formally assess the temporal instability of the variable of interest. The results show that an oil price shock is an important source of macroeconomic instability in Nigeria. Importantly, the results indicate that the effects of fiscal policy are strongly time varying. Specifically, the results show that fiscal policy helps to stabilize the economy, (i.e. they help to reduce inflation and spur output growth) following macroeconomic shock. Further, the Granger test shows that fiscal policy helped to spur growth in Nigeria. The research and policy implications are discussed. The study accounts for the time-varying effects of fiscal policy.Mitigating the impact of a pandemic: a time-varying-parameter structural VAR (TVP-SVAR) and time-varying granger causality estimations
Olumide O. Olaoye, Mulatu F. Zerihun
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.104-131

The study investigates the effectiveness of government policies to mitigate the impact of a pandemic. The study adopts the small open economy of Nigeria for the following reasons. First, Nigeria is the largest economy in SSA. Second, Nigeria was also significantly impacted by the COVID-19 pandemic.

The study employed the time-varying structural autoregressive (TVSVAR) model to control for the potential asymmetry in fiscal variables and to control for the shift in the structural shift, following a macroeconomic shock. As a form of robustness, the study also implements the time-varying Granger causality to formally assess the temporal instability of the variable of interest.

The results show that an oil price shock is an important source of macroeconomic instability in Nigeria. Importantly, the results indicate that the effects of fiscal policy are strongly time varying. Specifically, the results show that fiscal policy helps to stabilize the economy, (i.e. they help to reduce inflation and spur output growth) following macroeconomic shock. Further, the Granger test shows that fiscal policy helped to spur growth in Nigeria. The research and policy implications are discussed.

The study accounts for the time-varying effects of fiscal policy.

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Mitigating the impact of a pandemic: a time-varying-parameter structural VAR (TVP-SVAR) and time-varying granger causality estimations10.1108/AJEMS-05-2023-0179African Journal of Economic and Management Studies2023-09-21© 2023 Emerald Publishing LimitedOlumide O. OlaoyeMulatu F. ZerihunAfrican Journal of Economic and Management Studies1512023-09-2110.1108/AJEMS-05-2023-0179https://www.emerald.com/insight/content/doi/10.1108/AJEMS-05-2023-0179/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Non-linearity in the Phillips curve: evidence from Nigeriahttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-10-2022-0418/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study reinvestigates the validity of the Phillips curve in Nigeria for the period 1980–2020 by considering the asymmetric nexus between unemployment and inflation. The nonlinear autoregressive distributed lag (NARDL) technique was used to decompose the unemployment variable into two components: tight and loosened labour markets. The empirical outcome shows that unemployment has a significant negative effect on inflation when the labour market is tight and a weakly negative and significant effect on inflation when the labour market is loose. The study confirms an asymmetric Phillips curve in Nigeria since the positive (tight) unemployment rate exerts a greater effect on inflation than the negative (loosened) unemployment rate. The findings of this study have important implications for implementing monetary policy in Nigeria. To the best of the authors’ knowledge, this is the first study to investigate the existence of a nonlinear Phillip curve in Nigeria.Non-linearity in the Phillips curve: evidence from Nigeria
Olufemi Gbenga Onatunji, Oluwayemisi Kadijat Adeleke, Akintoye Victor Adejumo
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.132-144

This study reinvestigates the validity of the Phillips curve in Nigeria for the period 1980–2020 by considering the asymmetric nexus between unemployment and inflation.

The nonlinear autoregressive distributed lag (NARDL) technique was used to decompose the unemployment variable into two components: tight and loosened labour markets.

The empirical outcome shows that unemployment has a significant negative effect on inflation when the labour market is tight and a weakly negative and significant effect on inflation when the labour market is loose. The study confirms an asymmetric Phillips curve in Nigeria since the positive (tight) unemployment rate exerts a greater effect on inflation than the negative (loosened) unemployment rate.

The findings of this study have important implications for implementing monetary policy in Nigeria.

To the best of the authors’ knowledge, this is the first study to investigate the existence of a nonlinear Phillip curve in Nigeria.

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Non-linearity in the Phillips curve: evidence from Nigeria10.1108/AJEMS-10-2022-0418African Journal of Economic and Management Studies2023-09-29© 2023 Emerald Publishing LimitedOlufemi Gbenga OnatunjiOluwayemisi Kadijat AdelekeAkintoye Victor AdejumoAfrican Journal of Economic and Management Studies1512023-09-2910.1108/AJEMS-10-2022-0418https://www.emerald.com/insight/content/doi/10.1108/AJEMS-10-2022-0418/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Agricultural loan pricing by banks in Ghana: a panel data analysishttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-12-2022-0504/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe cost of agricultural loans is a major constraint to the growth of the agriculture sector. This paper examines agricultural loan pricing by banks in Ghana using panel data analysis. Data were obtained from audited financial reports of 15 agricultural loan lending banks from 2010 to 2017. The study applies the random-effect model and the fixed-effect model in the analysis and uses the system generalized system method of moment to check the robustness of the results from the baseline models. The study found that agricultural loan pricing by banks is significantly influenced by risk premium, cost of funds, loan impairment, agricultural growth rate and food inflation. Banks should leverage emerging technologies to de-risk agriculture loan pricing to allay the fear of default. Farmers should look for long-term and relatively cheaper funds to support agricultural loans. Increasing credit to the agricultural sector could increase output, thereby reducing food inflation uncertainty for competitive pricing of agricultural loans. Agriculture employs about 52% of Ghana's labor force, contributing about 20% to GDP. But it is “under” financed. This study leads the way in unraveling the factors accounting for the high prices of agricultural loans in Ghana. This study further contributes to policy development toward increasing credit to the agricultural sector.Agricultural loan pricing by banks in Ghana: a panel data analysis
Raymond K. Dziwornu, Eric B. Yiadom, Sampson B. Narteh-yoe
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.145-158

The cost of agricultural loans is a major constraint to the growth of the agriculture sector. This paper examines agricultural loan pricing by banks in Ghana using panel data analysis.

Data were obtained from audited financial reports of 15 agricultural loan lending banks from 2010 to 2017. The study applies the random-effect model and the fixed-effect model in the analysis and uses the system generalized system method of moment to check the robustness of the results from the baseline models.

The study found that agricultural loan pricing by banks is significantly influenced by risk premium, cost of funds, loan impairment, agricultural growth rate and food inflation. Banks should leverage emerging technologies to de-risk agriculture loan pricing to allay the fear of default. Farmers should look for long-term and relatively cheaper funds to support agricultural loans. Increasing credit to the agricultural sector could increase output, thereby reducing food inflation uncertainty for competitive pricing of agricultural loans.

Agriculture employs about 52% of Ghana's labor force, contributing about 20% to GDP. But it is “under” financed. This study leads the way in unraveling the factors accounting for the high prices of agricultural loans in Ghana. This study further contributes to policy development toward increasing credit to the agricultural sector.

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Agricultural loan pricing by banks in Ghana: a panel data analysis10.1108/AJEMS-12-2022-0504African Journal of Economic and Management Studies2023-10-13© 2023 Emerald Publishing LimitedRaymond K. DziwornuEric B. YiadomSampson B. Narteh-yoeAfrican Journal of Economic and Management Studies1512023-10-1310.1108/AJEMS-12-2022-0504https://www.emerald.com/insight/content/doi/10.1108/AJEMS-12-2022-0504/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How optimal is Ghana's single-digit inflation targeting? An assessment of monetary policy effectiveness in Ghanahttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2023-0119/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is twofold. First, to estimate an optimal inflation rate for Ghana and second, to investigate factors that account for the differences between observed and target inflation. The paper explored the questions within two econometric frameworks, the Autoregressive Distributed Lag (ARDL) and Threshold Regression Models using data spanning the period 1965–2019. The study estimated a range of 5–7% optimal inflation for Ghana. While this confirms the single-digit inflation targeting by the Bank of Ghana, the range is lower than the central bank's band of 6–10%. The combined behaviours of the central bank, banks and external outlook influence inflation target misses. The study urges the central bank to continue pursuing its single-digit inflation targeting. However, it implies that there is still room for the Bank to further lower the current inflation band to achieve an optimal outcome on growth and welfare. Again, the Bank should commit to increased transparency and accountability to enhance its credibility in attaining the targeted inflation. The study is one of the first attempts in Africa in Ghana to estimate an optimal inflation target and investigate the underlying factors for deviation from the targets.How optimal is Ghana's single-digit inflation targeting? An assessment of monetary policy effectiveness in Ghana
Richard Amoatey, Richard K. Ayisi, Eric Osei-Assibey
African Journal of Economic and Management Studies, Vol. 15, No. 1, pp.159-172

The purpose of this study is twofold. First, to estimate an optimal inflation rate for Ghana and second, to investigate factors that account for the differences between observed and target inflation.

The paper explored the questions within two econometric frameworks, the Autoregressive Distributed Lag (ARDL) and Threshold Regression Models using data spanning the period 1965–2019.

The study estimated a range of 5–7% optimal inflation for Ghana. While this confirms the single-digit inflation targeting by the Bank of Ghana, the range is lower than the central bank's band of 6–10%. The combined behaviours of the central bank, banks and external outlook influence inflation target misses.

The study urges the central bank to continue pursuing its single-digit inflation targeting. However, it implies that there is still room for the Bank to further lower the current inflation band to achieve an optimal outcome on growth and welfare. Again, the Bank should commit to increased transparency and accountability to enhance its credibility in attaining the targeted inflation.

The study is one of the first attempts in Africa in Ghana to estimate an optimal inflation target and investigate the underlying factors for deviation from the targets.

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How optimal is Ghana's single-digit inflation targeting? An assessment of monetary policy effectiveness in Ghana10.1108/AJEMS-03-2023-0119African Journal of Economic and Management Studies2023-11-17© 2023 Emerald Publishing LimitedRichard AmoateyRichard K. AyisiEric Osei-AssibeyAfrican Journal of Economic and Management Studies1512023-11-1710.1108/AJEMS-03-2023-0119https://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2023-0119/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Bank capital and liquidity creation in Sub-Saharan Africa: the role of quality institutionshttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-01-2023-0036/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates the relationship between bank capital and liquidity creation and further examines the effect that institutional quality has on this relationship in Sub-Saharan Africa (SSA). The data comprise 41 universal banks in nine SSA countries from 2010 to 2022. The study employs the two-step system generalized methods of moments and further uses alternative estimators such as the fixed-effect and two-stage least squares methods. The empirical results show that bank capital has a direct positive and significant effect on liquidity creation. In addition, the positive effect of bank capital on liquidity creation is enhanced, particularly in a strong institutional environment. The results imply that nonconstraining capital regulatory policies bolster bank solvency, improve risk-absorption capacity and increase liquidity creation. This study has several policy implications. First, it provides empirical evidence on the position of banks in SSA on the financial fragility and risk-absorption hypothesis of bank capital and liquidity creation debates. This study shows that the effect of bank capital on liquidity creation in SSA countries is positive and supports the risk-absorption hypothesis. Second, this study highlights that a country's quality institutions can complement bank capital to increase liquidity creation. In addition, this study highlights that nonconstraining capital regulatory policies will bolster bank solvency, improve risk-absorption capacity and increase liquidity creation. The novelty of this study is that it introduces the country's quality institutional environment into bank capital and liquidity creation links for the first time in SSA.Bank capital and liquidity creation in Sub-Saharan Africa: the role of quality institutions
Isaac Bawuah
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates the relationship between bank capital and liquidity creation and further examines the effect that institutional quality has on this relationship in Sub-Saharan Africa (SSA).

The data comprise 41 universal banks in nine SSA countries from 2010 to 2022. The study employs the two-step system generalized methods of moments and further uses alternative estimators such as the fixed-effect and two-stage least squares methods.

The empirical results show that bank capital has a direct positive and significant effect on liquidity creation. In addition, the positive effect of bank capital on liquidity creation is enhanced, particularly in a strong institutional environment. The results imply that nonconstraining capital regulatory policies bolster bank solvency, improve risk-absorption capacity and increase liquidity creation.

This study has several policy implications. First, it provides empirical evidence on the position of banks in SSA on the financial fragility and risk-absorption hypothesis of bank capital and liquidity creation debates. This study shows that the effect of bank capital on liquidity creation in SSA countries is positive and supports the risk-absorption hypothesis. Second, this study highlights that a country's quality institutions can complement bank capital to increase liquidity creation. In addition, this study highlights that nonconstraining capital regulatory policies will bolster bank solvency, improve risk-absorption capacity and increase liquidity creation.

The novelty of this study is that it introduces the country's quality institutional environment into bank capital and liquidity creation links for the first time in SSA.

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Bank capital and liquidity creation in Sub-Saharan Africa: the role of quality institutions10.1108/AJEMS-01-2023-0036African Journal of Economic and Management Studies2024-02-08© 2024 Emerald Publishing LimitedIsaac BawuahAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-02-0810.1108/AJEMS-01-2023-0036https://www.emerald.com/insight/content/doi/10.1108/AJEMS-01-2023-0036/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Digital financial service adoption decisions of semi-urban Ghanaian university students – implications for enterprise development and job creationhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2022-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper reports results of an investigation into semi-urban Ghanaian university youths' attitude to digitized financial services (DFSs) and the determinants of their adoption decisions. Quantitative cross-sectional research approach was used. Three hundred and seventy-five (375) university students were randomly selected from a semi-urban town in Ghana to test the applicability of technology acceptance model (TAM) within such a context. Structural equation modeling was employed to assess stated hypotheses. The results indicate a high penetration of digital financial services among the students, which confirms the applicability of TAM for such studies. The results further suggest that DFS provides a pathway to financial inclusion and can stimulate small enterprise development and job creation in Ghana's semi-urban communities. Hitherto, little academic attention has been given to digitization of financial services in semi-urban African towns. The study contributes to filling this research gap.Digital financial service adoption decisions of semi-urban Ghanaian university students – implications for enterprise development and job creation
John Coker Ayimah, John Kuada, Edward Kwame Ayimey
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper reports results of an investigation into semi-urban Ghanaian university youths' attitude to digitized financial services (DFSs) and the determinants of their adoption decisions.

Quantitative cross-sectional research approach was used. Three hundred and seventy-five (375) university students were randomly selected from a semi-urban town in Ghana to test the applicability of technology acceptance model (TAM) within such a context. Structural equation modeling was employed to assess stated hypotheses.

The results indicate a high penetration of digital financial services among the students, which confirms the applicability of TAM for such studies. The results further suggest that DFS provides a pathway to financial inclusion and can stimulate small enterprise development and job creation in Ghana's semi-urban communities.

Hitherto, little academic attention has been given to digitization of financial services in semi-urban African towns. The study contributes to filling this research gap.

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Digital financial service adoption decisions of semi-urban Ghanaian university students – implications for enterprise development and job creation10.1108/AJEMS-02-2022-0055African Journal of Economic and Management Studies2023-05-15© 2023 Emerald Publishing LimitedJohn Coker AyimahJohn KuadaEdward Kwame AyimeyAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-05-1510.1108/AJEMS-02-2022-0055https://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2022-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Creativity, innovation and employment growth in sub-Saharan Africahttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2022-0074/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAlthough employees' creativity is vital for firm innovation and overall performance, little is done to examine the potential association between creativity and employment. This paper investigates the contribution of employees' creativity, process and product innovations to firm-level employment growth. The authors use data from World Bank Enterprise Survey and Innovation Follow-up Survey on 9503 firms covering the period 2012–2015 in 11 countries from sub-Saharan Africa and Heckman's two-stage estimation model. This study's results indicate a positive role of creativity on firm-level employment growth. In addition, the authors find evidence for a complementary effect arising from the combination of creativity with managerial experience, staff level of education and their associated skills, in contrast, combining creativity with internal or external R&D results in a substitution effect. Interestingly, these synergy effects are pronounced for SMEs but absent for large firms. Policy makers in developing economies of sub-Saharan Africa should stimulate company management to use free time offered to employees to be creative in the workplace as one of their key strategies to stimulate employment growth. This strategy is expected to be particularly fruitful among SMEs having some managerial experience and skilled stuff. In contribution to innovative work practices and workforce creativity, the authors demonstrate that providing employees with free time could be an alternative way to enhance the focal firms' performance.Creativity, innovation and employment growth in sub-Saharan Africa
Stephen Kehinde Medase, Ivan Savin
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

Although employees' creativity is vital for firm innovation and overall performance, little is done to examine the potential association between creativity and employment. This paper investigates the contribution of employees' creativity, process and product innovations to firm-level employment growth.

The authors use data from World Bank Enterprise Survey and Innovation Follow-up Survey on 9503 firms covering the period 2012–2015 in 11 countries from sub-Saharan Africa and Heckman's two-stage estimation model.

This study's results indicate a positive role of creativity on firm-level employment growth. In addition, the authors find evidence for a complementary effect arising from the combination of creativity with managerial experience, staff level of education and their associated skills, in contrast, combining creativity with internal or external R&D results in a substitution effect. Interestingly, these synergy effects are pronounced for SMEs but absent for large firms.

Policy makers in developing economies of sub-Saharan Africa should stimulate company management to use free time offered to employees to be creative in the workplace as one of their key strategies to stimulate employment growth. This strategy is expected to be particularly fruitful among SMEs having some managerial experience and skilled stuff.

In contribution to innovative work practices and workforce creativity, the authors demonstrate that providing employees with free time could be an alternative way to enhance the focal firms' performance.

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Creativity, innovation and employment growth in sub-Saharan Africa10.1108/AJEMS-02-2022-0074African Journal of Economic and Management Studies2023-08-14© 2023 Stephen Kehinde Medase and Ivan SavinStephen Kehinde MedaseIvan SavinAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-08-1410.1108/AJEMS-02-2022-0074https://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2022-0074/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Stephen Kehinde Medase and Ivan Savinhttp://creativecommons.org/licences/by/4.0/legalcode
Organizational justice, job satisfaction and academic rank: a moderating mediation study on employee commitment in Ethiopian public universitieshttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2023-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestOrganizational justice and its impact on employee commitment have received a lot of attention these days. The objective of this study is to see the effect of job satisfaction as a mediator in the relationship between organizational justice and employee commitment. Also, the role of academic rank as a moderator in the model is probed. A moderating mediation structural equation model was used for randomly collected cross-section data on 285 employees from public universities in Ethiopia. Necessary condition analysis (NCA) was employed to check the importance of the variables. The Gaussian copula approach was used to check endogeneity in the structural model. NCA confirms the importance of organizational justice and employee satisfaction as the independent variables. The Gaussian copula approach reveals no endogeneity problems in the structural model. The results supported the partial mediating role of job satisfaction in organizational justice and academic staff’s commitment. Moreover, though staff rank is not a necessary condition, it plays the role of moderator in the relationship between academic staff’s job satisfaction and commitment. This paper affirms that public institutions must implement fair initiatives and procedures to promote academic staff satisfaction and commitment. This is the first study to check the job rank as a moderator in the model comprising organization justice, employee commitment and satisfaction. Moreover, application of NCA and Gaussian copula adds to methodological innovation.Organizational justice, job satisfaction and academic rank: a moderating mediation study on employee commitment in Ethiopian public universities
Ramakrishna Gollagari, Temesgen Birega, Santap Sanhari Mishra
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

Organizational justice and its impact on employee commitment have received a lot of attention these days. The objective of this study is to see the effect of job satisfaction as a mediator in the relationship between organizational justice and employee commitment. Also, the role of academic rank as a moderator in the model is probed.

A moderating mediation structural equation model was used for randomly collected cross-section data on 285 employees from public universities in Ethiopia. Necessary condition analysis (NCA) was employed to check the importance of the variables. The Gaussian copula approach was used to check endogeneity in the structural model.

NCA confirms the importance of organizational justice and employee satisfaction as the independent variables. The Gaussian copula approach reveals no endogeneity problems in the structural model. The results supported the partial mediating role of job satisfaction in organizational justice and academic staff’s commitment. Moreover, though staff rank is not a necessary condition, it plays the role of moderator in the relationship between academic staff’s job satisfaction and commitment.

This paper affirms that public institutions must implement fair initiatives and procedures to promote academic staff satisfaction and commitment.

This is the first study to check the job rank as a moderator in the model comprising organization justice, employee commitment and satisfaction. Moreover, application of NCA and Gaussian copula adds to methodological innovation.

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Organizational justice, job satisfaction and academic rank: a moderating mediation study on employee commitment in Ethiopian public universities10.1108/AJEMS-02-2023-0047African Journal of Economic and Management Studies2024-02-06© 2024 Emerald Publishing LimitedRamakrishna GollagariTemesgen BiregaSantap Sanhari MishraAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-02-0610.1108/AJEMS-02-2023-0047https://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2023-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Capital adequacy, competition and liquidity creation of banks; evidence from Kenyahttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2023-0048/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study seeks to evaluate the effect of capital adequacy and competition on the liquidity creation of Kenyan commercial banks. Unbalanced panel data from 36 Kenyan commercial banks with licenses from 2001 to 2020 is used in the study. The generalized method of moments (GMM), a two-step system, is employed in the investigation. To increase the robustness and prevent erroneous findings, serial correlation tests and instrumental validity analyses are used. The methodology developed by Berger and Bouwman (2009) is used to estimate the commercial banks' levels of liquidity creation. The study supports the financial fragility-crowding out hypothesis by finding a significant negative effect of capital adequacy on the liquidity creation of commercial banks. The research also identifies a significant inverse relationship between competition and liquidity creation, depicting competition's value-destroying effect. A trade-off exists between capital adequacy and liquidity creation, which must be carefully evaluated as changes in capital requirements are considered. The value-destroying effect of competition on liquidity creation presents a case for policy geared toward consolidating banks' operations through possible mergers and acquisitions. To the best of the authors' knowledge, this is the first study to empirically offer evidence concurrently on the effect of competition and capital adequacy on the liquidity creation of commercial banks in a developing economy such as Kenya. Additionally, the authors employ a novel measure of competition at the firm level.Capital adequacy, competition and liquidity creation of banks; evidence from Kenya
Dennis Muchuki Kinini, Peter Wang’ombe Kariuki, Kennedy Nyabuto Ocharo
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study seeks to evaluate the effect of capital adequacy and competition on the liquidity creation of Kenyan commercial banks.

Unbalanced panel data from 36 Kenyan commercial banks with licenses from 2001 to 2020 is used in the study. The generalized method of moments (GMM), a two-step system, is employed in the investigation. To increase the robustness and prevent erroneous findings, serial correlation tests and instrumental validity analyses are used. The methodology developed by Berger and Bouwman (2009) is used to estimate the commercial banks' levels of liquidity creation.

The study supports the financial fragility-crowding out hypothesis by finding a significant negative effect of capital adequacy on the liquidity creation of commercial banks. The research also identifies a significant inverse relationship between competition and liquidity creation, depicting competition's value-destroying effect.

A trade-off exists between capital adequacy and liquidity creation, which must be carefully evaluated as changes in capital requirements are considered. The value-destroying effect of competition on liquidity creation presents a case for policy geared toward consolidating banks' operations through possible mergers and acquisitions.

To the best of the authors' knowledge, this is the first study to empirically offer evidence concurrently on the effect of competition and capital adequacy on the liquidity creation of commercial banks in a developing economy such as Kenya. Additionally, the authors employ a novel measure of competition at the firm level.

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Capital adequacy, competition and liquidity creation of banks; evidence from Kenya10.1108/AJEMS-02-2023-0048African Journal of Economic and Management Studies2024-01-29© 2024 Emerald Publishing LimitedDennis Muchuki KininiPeter Wang’ombe KariukiKennedy Nyabuto OcharoAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-01-2910.1108/AJEMS-02-2023-0048https://www.emerald.com/insight/content/doi/10.1108/AJEMS-02-2023-0048/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
ICT adoption and youth employment in Nigeria's agricultural sectorhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2022-0111/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper argues that through information and communication technology (ICT) adoption, the youth will be engaged in all nodes of the agricultural value chains, thereby improving the level of employment and reducing post-harvest losses. The study examines the determinants of ICT adoption among the youth. In addition, it estimates the impact of ICT adoption on youth employment in agriculture towards the actualisation of the Sustainable Development Goals (SDGs), particularly SDG-8, to promote inclusive and sustainable economic growth, productive employment and decent work for all. The study engages data from Wave 4 (2018/2019) of the Living Standards Measurement Study – Integrated Surveys on Agriculture (LSMS-ISA). The logit regression, the propensity score matching and the inverse probability weighted regression adjustment are used as the estimation techniques. The study underscores that educational level, access to electricity, location, age and income are significant determinants of ICT adoption among the youth. The findings also show that the youth's average weekly engagement in agricultural activities is about 24 h. In addition, the result reveals that ICT adoption can increase youth agricultural employment by approximately 21%. The mean difference indicates that those with access to ICT participate in agricultural activities more than their counterparts without ICT access by 29.46%. One of the limitations of the study is that some of the variables such as insecurity, social protection/safety nets, that may have a significant influence on youth agricultural participation where not included in the model due to data constraint. As a recommendation for further studies, given data availability, such variables should be considered when examining youth-agricultural employment nexus. Since ICT adoption has a significant impact on agricultural employment, this study proposes improved infrastructure facilities such as reliable power supply, lowering the cost of mobile and data subscriptions and better education facilities should be prioritised at all localities. This will enable the youth to embrace agriculture and help improve their socioeconomic welfare and livelihood. Using Wave 4 of the LSMS-ISA, logit regression, propensity score matching and the inverse probability weighted regression adjustment, makes this study one of the very few to examine the impact of ICT adoption on agricultural employment among the youth in Nigeria. It implies that this study has provided empirical evidence and expanded the frontiers of knowledge on the extent to which ICT adoption influences youth agricultural employment in Nigeria.ICT adoption and youth employment in Nigeria's agricultural sector
Romanus Osabohien
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper argues that through information and communication technology (ICT) adoption, the youth will be engaged in all nodes of the agricultural value chains, thereby improving the level of employment and reducing post-harvest losses. The study examines the determinants of ICT adoption among the youth. In addition, it estimates the impact of ICT adoption on youth employment in agriculture towards the actualisation of the Sustainable Development Goals (SDGs), particularly SDG-8, to promote inclusive and sustainable economic growth, productive employment and decent work for all.

The study engages data from Wave 4 (2018/2019) of the Living Standards Measurement Study – Integrated Surveys on Agriculture (LSMS-ISA). The logit regression, the propensity score matching and the inverse probability weighted regression adjustment are used as the estimation techniques.

The study underscores that educational level, access to electricity, location, age and income are significant determinants of ICT adoption among the youth. The findings also show that the youth's average weekly engagement in agricultural activities is about 24 h. In addition, the result reveals that ICT adoption can increase youth agricultural employment by approximately 21%. The mean difference indicates that those with access to ICT participate in agricultural activities more than their counterparts without ICT access by 29.46%.

One of the limitations of the study is that some of the variables such as insecurity, social protection/safety nets, that may have a significant influence on youth agricultural participation where not included in the model due to data constraint. As a recommendation for further studies, given data availability, such variables should be considered when examining youth-agricultural employment nexus.

Since ICT adoption has a significant impact on agricultural employment, this study proposes improved infrastructure facilities such as reliable power supply, lowering the cost of mobile and data subscriptions and better education facilities should be prioritised at all localities. This will enable the youth to embrace agriculture and help improve their socioeconomic welfare and livelihood.

Using Wave 4 of the LSMS-ISA, logit regression, propensity score matching and the inverse probability weighted regression adjustment, makes this study one of the very few to examine the impact of ICT adoption on agricultural employment among the youth in Nigeria. It implies that this study has provided empirical evidence and expanded the frontiers of knowledge on the extent to which ICT adoption influences youth agricultural employment in Nigeria.

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ICT adoption and youth employment in Nigeria's agricultural sector10.1108/AJEMS-03-2022-0111African Journal of Economic and Management Studies2023-05-05© 2023 Emerald Publishing LimitedRomanus OsabohienAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-05-0510.1108/AJEMS-03-2022-0111https://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2022-0111/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Predicting stock market crashes on the African stock markets: evidence from log-periodic power law modelhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2023-0113/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to predict stock market crashes identified by the CMAX approach (current index level relative to historical maximum) during periods of global and local events, namely the subprime crisis of 2008, the political and social instability of 2011 and the COVID-19 pandemic. Over the period 2004–2020, a log-periodic power law model (LPPL) has been employed which describes the price dynamics preceding the beginning dates of the crisis. In order to adjust the LPPL model, the Global Search algorithm was developed using the “fmincon” function. By minimizing the sum of square errors between the observed logarithmic indices and the LPPL predicted values, the authors find that the estimated parameters satisfy all the constraints imposed in the literature. Moreover, the adjustment line of the LPPL models to the logarithms of the indices closely corresponds to the observed trend of the logarithms of the indices, which was overall bullish before the crashes. The most predicted dates correspond to the start dates of the stock market crashes identified by the CMAX approach. Therefore, the forecasted stock market crashes are the results of the bursting of speculative bubbles and, consequently, of the price deviation from their fundamental values. The adoption of the LPPL model might be very beneficial for financial market participants in reducing their financial crash risk exposure and managing their equity portfolio risk. This study differs from previous research in several ways. First of all, to the best of the authors' knowledge, the authors' paper is among the first to show stock market crises detection and prediction, specifically in African countries, since they generate recessionary economic and social dynamics on a large extent and on multiple regional and global scales. Second, in this manuscript, the authors employ the LPPL model, which can expect the most probable day of the beginning of the crash by analyzing excessive stock price volatility.Predicting stock market crashes on the African stock markets: evidence from log-periodic power law model
Sirine Ben Yaala, Jamel Eddine Henchiri
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to predict stock market crashes identified by the CMAX approach (current index level relative to historical maximum) during periods of global and local events, namely the subprime crisis of 2008, the political and social instability of 2011 and the COVID-19 pandemic.

Over the period 2004–2020, a log-periodic power law model (LPPL) has been employed which describes the price dynamics preceding the beginning dates of the crisis. In order to adjust the LPPL model, the Global Search algorithm was developed using the “fmincon” function.

By minimizing the sum of square errors between the observed logarithmic indices and the LPPL predicted values, the authors find that the estimated parameters satisfy all the constraints imposed in the literature. Moreover, the adjustment line of the LPPL models to the logarithms of the indices closely corresponds to the observed trend of the logarithms of the indices, which was overall bullish before the crashes. The most predicted dates correspond to the start dates of the stock market crashes identified by the CMAX approach. Therefore, the forecasted stock market crashes are the results of the bursting of speculative bubbles and, consequently, of the price deviation from their fundamental values.

The adoption of the LPPL model might be very beneficial for financial market participants in reducing their financial crash risk exposure and managing their equity portfolio risk.

This study differs from previous research in several ways. First of all, to the best of the authors' knowledge, the authors' paper is among the first to show stock market crises detection and prediction, specifically in African countries, since they generate recessionary economic and social dynamics on a large extent and on multiple regional and global scales. Second, in this manuscript, the authors employ the LPPL model, which can expect the most probable day of the beginning of the crash by analyzing excessive stock price volatility.

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Predicting stock market crashes on the African stock markets: evidence from log-periodic power law model10.1108/AJEMS-03-2023-0113African Journal of Economic and Management Studies2023-11-23© 2023 Emerald Publishing LimitedSirine Ben YaalaJamel Eddine HenchiriAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-11-2310.1108/AJEMS-03-2023-0113https://www.emerald.com/insight/content/doi/10.1108/AJEMS-03-2023-0113/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The role of perceived value in football club branding: a developing league perspectivehttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0127/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to identify which dimensions of perceived value best mediate football club branding and fan loyalty from a developing league perspective. Using a cross-sectional design, we collected data using questionnaires from football fans in Ghana (N = 700). The data were analysed using SmartPLS V3, applying structural equation modelling with bootstrapping procedure. The results indicate that club branding is an effective precursor of fan loyalty. Moreover, the findings suggest that functional, social and emotional values mediated club branding and fan loyalty, whereas epistemic and economic values did not. This study contributes to sports management literature by identifying the dimensions of perceived value that will be relevant in the development of club brands in the developing league context.The role of perceived value in football club branding: a developing league perspective
Prince Yao Amu, Bedman Narteh, Prince Kodua
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to identify which dimensions of perceived value best mediate football club branding and fan loyalty from a developing league perspective.

Using a cross-sectional design, we collected data using questionnaires from football fans in Ghana (N = 700). The data were analysed using SmartPLS V3, applying structural equation modelling with bootstrapping procedure.

The results indicate that club branding is an effective precursor of fan loyalty. Moreover, the findings suggest that functional, social and emotional values mediated club branding and fan loyalty, whereas epistemic and economic values did not.

This study contributes to sports management literature by identifying the dimensions of perceived value that will be relevant in the development of club brands in the developing league context.

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The role of perceived value in football club branding: a developing league perspective10.1108/AJEMS-04-2023-0127African Journal of Economic and Management Studies2024-03-13© 2024 Emerald Publishing LimitedPrince Yao AmuBedman NartehPrince KoduaAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-03-1310.1108/AJEMS-04-2023-0127https://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0127/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Correlations of structural shocks, dynamic responses of output and inflation to commodities price shocks and monetary union in WAMZhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines correlations of the underlying structural shocks and the degree of synchronization in the impulse responses of output, inflation and trade to a one standard deviation shock to non-oil commodities price index and exchange rates within the West African Monetary Zone (WAMZ) countries from 1990q1 to 2020q1. This paper uses the structural vector autoregressive model to isolate the underlying structural shocks and compares them with the West African Monetary Union (WAEMU) countries. Findings from the study suggest that correlations of underlying structural shocks are more profound in the WAEMU than in the WAMZ. Impulse responses of output to price and exchange rate shocks are more symmetric in the WAEMU than in the WAMZ. However, impulse responses of inflation to price and exchange rate shocks are symmetric in the WAMZ than in the WAEMU and responses of trade in both sub-groups are not uniform. The paper concludes that the WAMZ does not constitute an Optimum Currency Area concerning the correlations of the structural shocks and output. However, it has achieved convergence in inflation and there are adequate adjustment mechanisms to shocks in the WAMZ than in the WAEMU. Therefore, the WAMZ may not suffer from joining the monetary union. Thus, economic Community of West African States may take steps to roll out the monetary union. The paper examines correlations of the underlying structural shocks, impulse responses of output and inflation to shocks to commodities price and exchange rates in the WAMZ and compares them with the WAEMU.Correlations of structural shocks, dynamic responses of output and inflation to commodities price shocks and monetary union in WAMZ
Yahuza Abdul Rahman, Anthony Kofi Osei-Fosu, Daniel Sakyi
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines correlations of the underlying structural shocks and the degree of synchronization in the impulse responses of output, inflation and trade to a one standard deviation shock to non-oil commodities price index and exchange rates within the West African Monetary Zone (WAMZ) countries from 1990q1 to 2020q1.

This paper uses the structural vector autoregressive model to isolate the underlying structural shocks and compares them with the West African Monetary Union (WAEMU) countries.

Findings from the study suggest that correlations of underlying structural shocks are more profound in the WAEMU than in the WAMZ. Impulse responses of output to price and exchange rate shocks are more symmetric in the WAEMU than in the WAMZ. However, impulse responses of inflation to price and exchange rate shocks are symmetric in the WAMZ than in the WAEMU and responses of trade in both sub-groups are not uniform.

The paper concludes that the WAMZ does not constitute an Optimum Currency Area concerning the correlations of the structural shocks and output. However, it has achieved convergence in inflation and there are adequate adjustment mechanisms to shocks in the WAMZ than in the WAEMU. Therefore, the WAMZ may not suffer from joining the monetary union. Thus, economic Community of West African States may take steps to roll out the monetary union.

The paper examines correlations of the underlying structural shocks, impulse responses of output and inflation to shocks to commodities price and exchange rates in the WAMZ and compares them with the WAEMU.

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Correlations of structural shocks, dynamic responses of output and inflation to commodities price shocks and monetary union in WAMZ10.1108/AJEMS-04-2023-0129African Journal of Economic and Management Studies2023-12-04© 2023 Emerald Publishing LimitedYahuza Abdul RahmanAnthony Kofi Osei-FosuDaniel SakyiAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-12-0410.1108/AJEMS-04-2023-0129https://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Economic recovery through the money supply and public spending in Morocco: an empirical investigationhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe present article aims to estimate an autoregressive vector model covering the period of 1990–2021 to analyze the effect of public spending and monetary supply increases in economic activity in Morocco. A literature review on the policy of recovery with fiscal and monetary tools and its theoretical foundations was established. Then, an empirical study on the Moroccan context was executed to study the effectiveness of these instruments in Morocco from 1990 to 2021, using autoregressive vector modeling. The results present a state of a positive relationship and statistical significance of public spending, money supply and economic growth. The impulse response function analysis and the forecast error variance decomposition showed that public spending does not have a large impact on gross domestic product, while the money supply has a real power to stimulate the growth of economic activity in Morocco. This study aims to demonstrate the positive effect of the coordination of public spending and monetary supply increases on gross domestic product in Morocco. Additionally, the analysis using vector autoregressive modeling, impulse response functions, variance decomposition techniques and causality tests, provides crucial insights to guide researchers, practitioners and policymakers in developing more effective and resilient economic strategies. The findings from this study not only illuminate immediate recovery strategies but also contribute to strengthening the resilience of economies against potential future shocks.Economic recovery through the money supply and public spending in Morocco: an empirical investigation
Jihane Benkhaira, Hafid El Hassani
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

The present article aims to estimate an autoregressive vector model covering the period of 1990–2021 to analyze the effect of public spending and monetary supply increases in economic activity in Morocco.

A literature review on the policy of recovery with fiscal and monetary tools and its theoretical foundations was established. Then, an empirical study on the Moroccan context was executed to study the effectiveness of these instruments in Morocco from 1990 to 2021, using autoregressive vector modeling.

The results present a state of a positive relationship and statistical significance of public spending, money supply and economic growth. The impulse response function analysis and the forecast error variance decomposition showed that public spending does not have a large impact on gross domestic product, while the money supply has a real power to stimulate the growth of economic activity in Morocco.

This study aims to demonstrate the positive effect of the coordination of public spending and monetary supply increases on gross domestic product in Morocco. Additionally, the analysis using vector autoregressive modeling, impulse response functions, variance decomposition techniques and causality tests, provides crucial insights to guide researchers, practitioners and policymakers in developing more effective and resilient economic strategies. The findings from this study not only illuminate immediate recovery strategies but also contribute to strengthening the resilience of economies against potential future shocks.

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Economic recovery through the money supply and public spending in Morocco: an empirical investigation10.1108/AJEMS-04-2023-0134African Journal of Economic and Management Studies2023-12-28© 2023 Emerald Publishing LimitedJihane BenkhairaHafid El HassaniAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-12-2810.1108/AJEMS-04-2023-0134https://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Green marketing mix and repurchase intention: the role of green knowledgehttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0137/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigated the effect of green marketing mix on consumer repurchase intention in Ghana. The study focusses on the interaction effect of green knowledge on green marketing mix and consumer repurchase in Ghana. A quantitative approach to research was employed. In all, 371 participants were chosen using the purposive sampling technique. Data analysis was conducted using the SPSS software. The findings showed that green price, green place and green promotion had a positive significant effect on repurchase intention. However, green product insignificantly influenced repurchase intention. The findings further showed that green knowledge moderated the relationship between green price and green place, on repurchase intention. Green knowledge was not found to moderate the relationship between green product, green promotion and repurchase intention. The study advances our knowledge on green marketing mix, green knowledge and repurchase intention within the beverage sector. It reveals the positive implication of green marketing mix on a firm’s customers using the marketing mix theory.Green marketing mix and repurchase intention: the role of green knowledge
Mahmoud Abdulai Mahmoud, Alimatu Sadia Seidu, Ernest Yaw Tweneboah-Koduah, Abdul Salam Ahmed
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigated the effect of green marketing mix on consumer repurchase intention in Ghana. The study focusses on the interaction effect of green knowledge on green marketing mix and consumer repurchase in Ghana.

A quantitative approach to research was employed. In all, 371 participants were chosen using the purposive sampling technique. Data analysis was conducted using the SPSS software.

The findings showed that green price, green place and green promotion had a positive significant effect on repurchase intention. However, green product insignificantly influenced repurchase intention. The findings further showed that green knowledge moderated the relationship between green price and green place, on repurchase intention. Green knowledge was not found to moderate the relationship between green product, green promotion and repurchase intention.

The study advances our knowledge on green marketing mix, green knowledge and repurchase intention within the beverage sector. It reveals the positive implication of green marketing mix on a firm’s customers using the marketing mix theory.

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Green marketing mix and repurchase intention: the role of green knowledge10.1108/AJEMS-04-2023-0137African Journal of Economic and Management Studies2024-02-05© 2024 Emerald Publishing LimitedMahmoud Abdulai MahmoudAlimatu Sadia SeiduErnest Yaw Tweneboah-KoduahAbdul Salam AhmedAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-02-0510.1108/AJEMS-04-2023-0137https://www.emerald.com/insight/content/doi/10.1108/AJEMS-04-2023-0137/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Exploring practices that impact women’s career advancement within the workplace: a qualitative approachhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-05-2023-0164/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to explore organizational factors that impact women’s career advancement. Knowledge of organizational practices that promote or obstruct women’s career progress is vital for women, firms and governments. A total of 237 women participated in the study from the service sector in Johannesburg (South Africa). Participants were selected using a convenient sampling approach. Researchers used a questionnaire, consisting of demographic and open-ended questions, to gather data. Comments were analyzed using a thematic content analysis approach. Findings reveal that prioritizing women, offering skills development opportunities, providing growth opportunities, assisting women in managing their careers, offering mentorship and having work-family support initiatives are practices that promote women’s career advancement. Conversely, practices that foster stagnation of women’s careers, distrust in women’s leadership abilities, preference for external candidates, people–related malpractices, male domination/preference, lack of role models and work-family balance support, hamper women’s career advancement. The findings of this study will contribute to women’s empowerment. Organizations should provide a conducive atmosphere by instituting practices that promote their female employees' career advancement. Firms also should intentionally take practical steps to address practices that impede women’s career progression. The results of this study will also help the government to design appropriate policies that will promote the career progression of women employees. This study presents findings from an analysis of qualitative data collected from 237 women to provide insight into the experiences of women working within the service industry in Johannesburg, South Africa.Exploring practices that impact women’s career advancement within the workplace: a qualitative approach
Gaelle Fitong Ketchiwou, Matsidiso Nehemia Naong
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to explore organizational factors that impact women’s career advancement. Knowledge of organizational practices that promote or obstruct women’s career progress is vital for women, firms and governments.

A total of 237 women participated in the study from the service sector in Johannesburg (South Africa). Participants were selected using a convenient sampling approach. Researchers used a questionnaire, consisting of demographic and open-ended questions, to gather data. Comments were analyzed using a thematic content analysis approach.

Findings reveal that prioritizing women, offering skills development opportunities, providing growth opportunities, assisting women in managing their careers, offering mentorship and having work-family support initiatives are practices that promote women’s career advancement. Conversely, practices that foster stagnation of women’s careers, distrust in women’s leadership abilities, preference for external candidates, people–related malpractices, male domination/preference, lack of role models and work-family balance support, hamper women’s career advancement.

The findings of this study will contribute to women’s empowerment. Organizations should provide a conducive atmosphere by instituting practices that promote their female employees' career advancement. Firms also should intentionally take practical steps to address practices that impede women’s career progression. The results of this study will also help the government to design appropriate policies that will promote the career progression of women employees.

This study presents findings from an analysis of qualitative data collected from 237 women to provide insight into the experiences of women working within the service industry in Johannesburg, South Africa.

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Exploring practices that impact women’s career advancement within the workplace: a qualitative approach10.1108/AJEMS-05-2023-0164African Journal of Economic and Management Studies2023-12-14© 2023 Emerald Publishing LimitedGaelle Fitong KetchiwouMatsidiso Nehemia NaongAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-12-1410.1108/AJEMS-05-2023-0164https://www.emerald.com/insight/content/doi/10.1108/AJEMS-05-2023-0164/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Revisiting the delight–loyalty link in a retail banking context – an emerging market perspectivehttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0211/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study uses relationship marketing theory to explore affective and calculative commitment as mediators in the delight–loyalty link. Furthermore, it investigates the role of perceived employee service delivery skills, perceived value and trust in the relationships between delight, affective commitment, calculative commitment and loyalty. A descriptive research approach was applied, and the data were collected from 332 retail banking customers in an emergent market who are overall satisfied with their bank. A self-administered questionnaire collected data from 332 respondents who adhered to the stipulated requirements to participate in the study. These respondents were selected through purposive and convenience sampling. The constructs’ interrelationships were analysed via structural equation modelling. The measurement and structural models were also assessed. Affective and calculative commitment and delight impact loyalty. Both affective commitment and calculative commitment were found to mediate the relationship between delight and customer loyalty. The study enhances an understanding of the role of affective and calculative commitment in strengthening the delight–loyalty link from a relationship marketing theory perspective. The study provides guidance to the retail banking industry in emerging markets on the importance of affective and calculative commitment in strengthening the delight–loyalty link. It further informs retail banks of the need to provide banking customers with products and service value that exceed their expectations to strengthen their future commitment and loyalty to their bank. Guided by relationship marketing theory, the role of affective and calculative commitment in mediating the delight–loyalty link in an emerging market context is uncovered.Revisiting the delight–loyalty link in a retail banking context – an emerging market perspective
Mornay Roberts-Lombard, Charles Makanyeza, Olumide Jaiyeoba, Tendai Douglas Svotwa
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study uses relationship marketing theory to explore affective and calculative commitment as mediators in the delight–loyalty link. Furthermore, it investigates the role of perceived employee service delivery skills, perceived value and trust in the relationships between delight, affective commitment, calculative commitment and loyalty.

A descriptive research approach was applied, and the data were collected from 332 retail banking customers in an emergent market who are overall satisfied with their bank. A self-administered questionnaire collected data from 332 respondents who adhered to the stipulated requirements to participate in the study. These respondents were selected through purposive and convenience sampling. The constructs’ interrelationships were analysed via structural equation modelling. The measurement and structural models were also assessed.

Affective and calculative commitment and delight impact loyalty. Both affective commitment and calculative commitment were found to mediate the relationship between delight and customer loyalty.

The study enhances an understanding of the role of affective and calculative commitment in strengthening the delight–loyalty link from a relationship marketing theory perspective.

The study provides guidance to the retail banking industry in emerging markets on the importance of affective and calculative commitment in strengthening the delight–loyalty link. It further informs retail banks of the need to provide banking customers with products and service value that exceed their expectations to strengthen their future commitment and loyalty to their bank.

Guided by relationship marketing theory, the role of affective and calculative commitment in mediating the delight–loyalty link in an emerging market context is uncovered.

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Revisiting the delight–loyalty link in a retail banking context – an emerging market perspective10.1108/AJEMS-06-2023-0211African Journal of Economic and Management Studies2024-01-31© 2024 Emerald Publishing LimitedMornay Roberts-LombardCharles MakanyezaOlumide JaiyeobaTendai Douglas SvotwaAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-01-3110.1108/AJEMS-06-2023-0211https://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0211/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
What happens after product rebranding: understanding the interrelational effect of brand attachment, brand distinctiveness and consumer attitudes on brand loyaltyhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0216/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestProduct rebranding is increasingly popular, but brand managers are sceptical about its implications on brand loyalty (BL). Given the limited empirical literature on the subject, this study examines the interrelational effect of brand attachment (BA), brand distinctiveness (BD) and consumer attitudes (CA) towards product rebranding on brand loyalty (BL). The study adopted the quantitative survey design and used questionnaire to gather data from 349 consumers of rebranded water, alcoholic and non-alcoholic beverages. Structural equation modelling was used to analyse the data. This study integrates psychology theories into brand management research to propose and test a holistic model. The study found a significant effect of BA on CA toward product rebranding, and CA toward product rebranding fully mediates the relationship between BA and BL. Furthermore, BD has a significant effect on BL, and further moderates the relationship between BA and BL. This study offers a fresh theoretical foundation, conceptual clarity and understanding of how rebranding specific brand elements affect the attitudes and BL of consumers who are emotionally connected to a brand. This paper offers practical insights into the implication of product rebranding on CA, BD and BL. It reveals a holistic guidance to brand managers on how to use their unique knowledge about their consumers to create distinctive brands and emotional affection, passion and connections to their brands.What happens after product rebranding: understanding the interrelational effect of brand attachment, brand distinctiveness and consumer attitudes on brand loyalty
Isaac Mensah, Yaw Brew
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

Product rebranding is increasingly popular, but brand managers are sceptical about its implications on brand loyalty (BL). Given the limited empirical literature on the subject, this study examines the interrelational effect of brand attachment (BA), brand distinctiveness (BD) and consumer attitudes (CA) towards product rebranding on brand loyalty (BL).

The study adopted the quantitative survey design and used questionnaire to gather data from 349 consumers of rebranded water, alcoholic and non-alcoholic beverages. Structural equation modelling was used to analyse the data. This study integrates psychology theories into brand management research to propose and test a holistic model.

The study found a significant effect of BA on CA toward product rebranding, and CA toward product rebranding fully mediates the relationship between BA and BL. Furthermore, BD has a significant effect on BL, and further moderates the relationship between BA and BL.

This study offers a fresh theoretical foundation, conceptual clarity and understanding of how rebranding specific brand elements affect the attitudes and BL of consumers who are emotionally connected to a brand. This paper offers practical insights into the implication of product rebranding on CA, BD and BL. It reveals a holistic guidance to brand managers on how to use their unique knowledge about their consumers to create distinctive brands and emotional affection, passion and connections to their brands.

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What happens after product rebranding: understanding the interrelational effect of brand attachment, brand distinctiveness and consumer attitudes on brand loyalty10.1108/AJEMS-06-2023-0216African Journal of Economic and Management Studies2023-11-07© 2023 Emerald Publishing LimitedIsaac MensahYaw BrewAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-11-0710.1108/AJEMS-06-2023-0216https://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0216/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Innovation capability, strategic flexibility and SME performance: the roles of competitive advantage and competitive intensityhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0221/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to explore the mediating role of competitive advantage and the moderating role of competitive intensity in the relationship between innovation capability (IC) and small and medium-sized enterprise (SME) performance and between strategic flexibility (SF) and SME performance. The study adopted a survey research design. The data were collected from a conveniently selected sample of 159 SMEs in Nigeria using a self-reported questionnaire. Mediation and moderation analyses were performed using Hayes' PROCESS macro v3. Results showed that IC and SF positively affect SME performance. Also, competitive advantage significantly mediates the relationship between IC and SME performance and between SF and SME performance. Additionally, competitive intensity positively and significantly moderates the relationship between IC and SME performance but fails to significantly moderate the relationship between SF and SME performance. The findings have managerial implications for SME owners and managers. The findings suggest the need for SMEs to develop more IC and increase their SF. Thus, SME owners and managers should invest more in developing IC and SF. More specifically, they should invest more in research and development, the development of intellectual capital (consisting of human capital, structural capital and relational capital) and new technologies, products, services and processes. Also, they should nurture an innovation culture, encourage creative and innovative acts and allow employees to experiment with new ideas without hindrances. To the best of the author’s knowledge, this study is the first to provide empirical evidence of the mediating role of competitive advantage and the moderating role of competitive intensity in the relationship between IC and SME performance and between SF and SME performance in the context of emerging economies such as Nigeria. The study validates dynamic capabilities theory by demonstrating that IC and SF are dynamic capabilities that give SMEs a competitive advantage and enhance their performance.Innovation capability, strategic flexibility and SME performance: the roles of competitive advantage and competitive intensity
Innocent Otache
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to explore the mediating role of competitive advantage and the moderating role of competitive intensity in the relationship between innovation capability (IC) and small and medium-sized enterprise (SME) performance and between strategic flexibility (SF) and SME performance.

The study adopted a survey research design. The data were collected from a conveniently selected sample of 159 SMEs in Nigeria using a self-reported questionnaire. Mediation and moderation analyses were performed using Hayes' PROCESS macro v3.

Results showed that IC and SF positively affect SME performance. Also, competitive advantage significantly mediates the relationship between IC and SME performance and between SF and SME performance. Additionally, competitive intensity positively and significantly moderates the relationship between IC and SME performance but fails to significantly moderate the relationship between SF and SME performance.

The findings have managerial implications for SME owners and managers. The findings suggest the need for SMEs to develop more IC and increase their SF. Thus, SME owners and managers should invest more in developing IC and SF. More specifically, they should invest more in research and development, the development of intellectual capital (consisting of human capital, structural capital and relational capital) and new technologies, products, services and processes. Also, they should nurture an innovation culture, encourage creative and innovative acts and allow employees to experiment with new ideas without hindrances.

To the best of the author’s knowledge, this study is the first to provide empirical evidence of the mediating role of competitive advantage and the moderating role of competitive intensity in the relationship between IC and SME performance and between SF and SME performance in the context of emerging economies such as Nigeria. The study validates dynamic capabilities theory by demonstrating that IC and SF are dynamic capabilities that give SMEs a competitive advantage and enhance their performance.

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Innovation capability, strategic flexibility and SME performance: the roles of competitive advantage and competitive intensity10.1108/AJEMS-06-2023-0221African Journal of Economic and Management Studies2024-01-26© 2024 Emerald Publishing LimitedInnocent OtacheAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-01-2610.1108/AJEMS-06-2023-0221https://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0221/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Effects of some macroeconomics variables on estimated tax evasion: evidence from Sub-Saharan Africahttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0233/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMost research on tax evasion focused on microeconomic variables revolving around perceptions and decisions of individual taxpayers. However, a new wave of research is now investigating the role of macroeconomic variables in inducing tax evasion. This study adds to the limited studies in this new direction of research. Previous studies found that inflation, low gross domestic product (GDP) growth and gross fixed capital formation causes recession, increases unemployment, raise interest rates, hurts both domestic and foreign direct investments. This study examined the relationship between these variables and estimated tax evasion in Sub-Saharan Africa. The study adopts a correlation research design with 2,300 data points collected from 23 countries in Sub-Saharan Africa. Specifically, tax to GDP ratio, gross fixed capital formation per GDP and the GDP annual growth report from each country for the period 2011–2020 was retrieved. Generalised least square regression technique was employed to analyse the data due to the presence of heteroskedasticity in the model and random effect was utilized based on the Hausman test. To avoid misspecification and biased result; therefore, all relevant test was conducted including the multicollinearity test. The results indicate that GDP annual growth and gross fixed capital formation have a significant negative impact on estimated tax evasion in Sub-Saharan Africa. The findings further indicate a negative but insignificant relationship between inflation and estimated tax evasion in Sub-Saharan Africa. The study concludes that both GDP annual growth rate and gross fixed capital formation negatively influence estimated tax evasion and the policy implications in the African continent were discussed. The new findings on the effects of GDP annual growth, growth fixed capital formation and inflation on estimated tax evasion provide novel knowledge that is currently lacking in the current literature, specifically Sub-Saharan African continent.Effects of some macroeconomics variables on estimated tax evasion: evidence from Sub-Saharan Africa
Abba Ya'u, Mohammed Abdullahi Umar, Nasiru Yunusa, Dhanuskodi Rengasamy
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

Most research on tax evasion focused on microeconomic variables revolving around perceptions and decisions of individual taxpayers. However, a new wave of research is now investigating the role of macroeconomic variables in inducing tax evasion. This study adds to the limited studies in this new direction of research. Previous studies found that inflation, low gross domestic product (GDP) growth and gross fixed capital formation causes recession, increases unemployment, raise interest rates, hurts both domestic and foreign direct investments. This study examined the relationship between these variables and estimated tax evasion in Sub-Saharan Africa.

The study adopts a correlation research design with 2,300 data points collected from 23 countries in Sub-Saharan Africa. Specifically, tax to GDP ratio, gross fixed capital formation per GDP and the GDP annual growth report from each country for the period 2011–2020 was retrieved. Generalised least square regression technique was employed to analyse the data due to the presence of heteroskedasticity in the model and random effect was utilized based on the Hausman test. To avoid misspecification and biased result; therefore, all relevant test was conducted including the multicollinearity test.

The results indicate that GDP annual growth and gross fixed capital formation have a significant negative impact on estimated tax evasion in Sub-Saharan Africa. The findings further indicate a negative but insignificant relationship between inflation and estimated tax evasion in Sub-Saharan Africa. The study concludes that both GDP annual growth rate and gross fixed capital formation negatively influence estimated tax evasion and the policy implications in the African continent were discussed.

The new findings on the effects of GDP annual growth, growth fixed capital formation and inflation on estimated tax evasion provide novel knowledge that is currently lacking in the current literature, specifically Sub-Saharan African continent.

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Effects of some macroeconomics variables on estimated tax evasion: evidence from Sub-Saharan Africa10.1108/AJEMS-06-2023-0233African Journal of Economic and Management Studies2024-03-26© 2024 Emerald Publishing LimitedAbba Ya'uMohammed Abdullahi UmarNasiru YunusaDhanuskodi RengasamyAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-03-2610.1108/AJEMS-06-2023-0233https://www.emerald.com/insight/content/doi/10.1108/AJEMS-06-2023-0233/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
The impact of management practices on export margins of firms: evidence from a recent Egyptian industrial surveyhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-08-2023-0310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper aims at studying the effect of management practices on the extensive and intensive export margins of Egyptian manufacturing firms. The study relies on the 2020/2021 Egyptian Industrial Firm Behavior Survey (EIFBS) which comprises 2,383 manufacturing firms representing small, medium, and large sized firms located in different regions of Egypt: Urban Governorates, Lower Egypt, and Upper Egypt. It constructs an overall management z score for each firm to estimate its effect on a firm’s probability of exporting and value of exports using Ordinary Least Squares (OLS) regressions. Results indicate that good management is associated with a higher probability of firm exporting as well as higher export revenues conditional on exporting, robust to controlling for the level of domestic sales. These effects do not differ by firm ownership or type of sector, but rather by firm size, with managerial competence raising the probability of exporting more for large-sized firms. Additionally, good management is associated with higher firm productivity, innovation and worker training propensities which gives evidence that it is both an efficiency and a quality enhancer. Moreover, monitoring and targeting practices have significant positive effects on both margins, while incentives are only significant for the extensive margin. Firms that aim at enhancing their export prospects and revenues should devote resources to review and upgrade their management systems to boost their product quality and production efficiency. Policy-wise, the government should create a competitive market environment that is open to both domestic and foreign firms’ entry to stimulate the adoption of better management practices. The paper is the first to explore the link between firm management practices and export outcomes for a MENA country (Egypt). It makes use of a recent survey, the 2020/2021 Egyptian Industrial Firm Behavior Survey (EIFBS). The findings shed light on the importance of different management components (monitoring, targeting and incentives) in driving a manufacturing firm’s export performance.The impact of management practices on export margins of firms: evidence from a recent Egyptian industrial survey
Yasmine Kamal
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

The paper aims at studying the effect of management practices on the extensive and intensive export margins of Egyptian manufacturing firms.

The study relies on the 2020/2021 Egyptian Industrial Firm Behavior Survey (EIFBS) which comprises 2,383 manufacturing firms representing small, medium, and large sized firms located in different regions of Egypt: Urban Governorates, Lower Egypt, and Upper Egypt. It constructs an overall management z score for each firm to estimate its effect on a firm’s probability of exporting and value of exports using Ordinary Least Squares (OLS) regressions.

Results indicate that good management is associated with a higher probability of firm exporting as well as higher export revenues conditional on exporting, robust to controlling for the level of domestic sales. These effects do not differ by firm ownership or type of sector, but rather by firm size, with managerial competence raising the probability of exporting more for large-sized firms. Additionally, good management is associated with higher firm productivity, innovation and worker training propensities which gives evidence that it is both an efficiency and a quality enhancer. Moreover, monitoring and targeting practices have significant positive effects on both margins, while incentives are only significant for the extensive margin.

Firms that aim at enhancing their export prospects and revenues should devote resources to review and upgrade their management systems to boost their product quality and production efficiency. Policy-wise, the government should create a competitive market environment that is open to both domestic and foreign firms’ entry to stimulate the adoption of better management practices.

The paper is the first to explore the link between firm management practices and export outcomes for a MENA country (Egypt). It makes use of a recent survey, the 2020/2021 Egyptian Industrial Firm Behavior Survey (EIFBS). The findings shed light on the importance of different management components (monitoring, targeting and incentives) in driving a manufacturing firm’s export performance.

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The impact of management practices on export margins of firms: evidence from a recent Egyptian industrial survey10.1108/AJEMS-08-2023-0310African Journal of Economic and Management Studies2024-02-16© 2024 Emerald Publishing LimitedYasmine KamalAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-02-1610.1108/AJEMS-08-2023-0310https://www.emerald.com/insight/content/doi/10.1108/AJEMS-08-2023-0310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Economic growth, inflation and unemployment in Africa: an autoregressive distributed lag bounds testing approach, 1991–2019https://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2022-0378/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestUnemployment is one of the major challenges facing most countries, including Africa as a continent. Seeking how to reduce unemployment, debt, inflation and increase gross domestic product (GDP), foreign direct investment (FDI) and gross capital formation in the continent has been an agenda of governments, policy makers and economists to. This study examines the relationship between economic growth, inflation, debt, FDI, gross capital formation, labor force, population and unemployment in Africa. An updated panel dataset of 29 African countries was selected from different regions from 1991 to 2019. These countries were selected based on their unemployment, population growth and inflation rates. The Pesaran cross-sectional dependence and panel unit root test (the Dickey–Fuller cross-sectional supplemented and the Im-Pesaran-Shin cross-sectional) were applied. Further, the panel Autoregressive Distributed Lag (ARDL) model (Bounds test) and pooled mean group (PMG) estimator were utilized in this work. This shows that economic growth, debt, labor force and population have a positive relationship with unemployment in the long run. Therefore, an increase in these variables generates an increase in the selected African countries' unemployment growth. In contrast, inflation, FDI and gross capital formation have a negative relationship with unemployment in the long run, which implies that an increase in these variables reduces unemployment in the selected African countries. This study has potential limitations because some data from the countries are not up to date and some years are missing from the data. This study contributes to understanding unemployment and Okun's law in the African economy. This study shows that an increase in economic growth leads to a rise in unemployment, while an increase in inflation leads to a decrease in unemployment. This paper provides an insight into the major factors that increase and reduces unemployment for government and policy marker to take the adequate measure.Economic growth, inflation and unemployment in Africa: an autoregressive distributed lag bounds testing approach, 1991–2019
Mario Gómez, Oluwasefunmi Eunice Irewole
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

Unemployment is one of the major challenges facing most countries, including Africa as a continent. Seeking how to reduce unemployment, debt, inflation and increase gross domestic product (GDP), foreign direct investment (FDI) and gross capital formation in the continent has been an agenda of governments, policy makers and economists to. This study examines the relationship between economic growth, inflation, debt, FDI, gross capital formation, labor force, population and unemployment in Africa.

An updated panel dataset of 29 African countries was selected from different regions from 1991 to 2019. These countries were selected based on their unemployment, population growth and inflation rates. The Pesaran cross-sectional dependence and panel unit root test (the Dickey–Fuller cross-sectional supplemented and the Im-Pesaran-Shin cross-sectional) were applied. Further, the panel Autoregressive Distributed Lag (ARDL) model (Bounds test) and pooled mean group (PMG) estimator were utilized in this work.

This shows that economic growth, debt, labor force and population have a positive relationship with unemployment in the long run. Therefore, an increase in these variables generates an increase in the selected African countries' unemployment growth. In contrast, inflation, FDI and gross capital formation have a negative relationship with unemployment in the long run, which implies that an increase in these variables reduces unemployment in the selected African countries.

This study has potential limitations because some data from the countries are not up to date and some years are missing from the data.

This study contributes to understanding unemployment and Okun's law in the African economy. This study shows that an increase in economic growth leads to a rise in unemployment, while an increase in inflation leads to a decrease in unemployment.

This paper provides an insight into the major factors that increase and reduces unemployment for government and policy marker to take the adequate measure.

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Economic growth, inflation and unemployment in Africa: an autoregressive distributed lag bounds testing approach, 1991–201910.1108/AJEMS-09-2022-0378African Journal of Economic and Management Studies2023-07-10© 2023 Emerald Publishing LimitedMario GómezOluwasefunmi Eunice IrewoleAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-07-1010.1108/AJEMS-09-2022-0378https://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2022-0378/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Understanding generational differences for financial inclusion in Kenyahttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2022-0391/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to estimate the effect the five different generations and the key financial inclusion indicators of gender, education and location (rural–urban) in exacerbating disparities in financial inclusion in Kenya. This paper considers whether the five generational cohort groups in Kenya differ on the financial inclusion determinants and behaviour as predicted by common generational stereotypes. The authors applied a multinomial logistic regression approach to nationally representative household survey data from Kenya to estimate the effect that key financial inclusion indicators have on belonging to one of the five generations: Z, Y, X, baby boomers and traditionalists. The authors found significant links between all tested variables and financial inclusion. The authors found an access gap between Generations X and Y, with the latter being more prone to access and use financial services and products. These differences are compounded by gender and rurality. People in rural locations and women generally were found to have less access to financial services and products, thus causing significant exclusion of a large proportion of the population. The research has important implications for governments, financial institutions and educational providers, notably on targeted policies and programmes that strategically aim to eliminate disparities and promote greater financial inclusion, denoting the value of such variables as generational differences and gender inclusivity. This paper deepens the understanding of differences that can divide generations on financial inclusion.Understanding generational differences for financial inclusion in Kenya
Lilian Korir, Dieu Hack-Polay
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to estimate the effect the five different generations and the key financial inclusion indicators of gender, education and location (rural–urban) in exacerbating disparities in financial inclusion in Kenya. This paper considers whether the five generational cohort groups in Kenya differ on the financial inclusion determinants and behaviour as predicted by common generational stereotypes.

The authors applied a multinomial logistic regression approach to nationally representative household survey data from Kenya to estimate the effect that key financial inclusion indicators have on belonging to one of the five generations: Z, Y, X, baby boomers and traditionalists.

The authors found significant links between all tested variables and financial inclusion. The authors found an access gap between Generations X and Y, with the latter being more prone to access and use financial services and products. These differences are compounded by gender and rurality. People in rural locations and women generally were found to have less access to financial services and products, thus causing significant exclusion of a large proportion of the population.

The research has important implications for governments, financial institutions and educational providers, notably on targeted policies and programmes that strategically aim to eliminate disparities and promote greater financial inclusion, denoting the value of such variables as generational differences and gender inclusivity.

This paper deepens the understanding of differences that can divide generations on financial inclusion.

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Understanding generational differences for financial inclusion in Kenya10.1108/AJEMS-09-2022-0391African Journal of Economic and Management Studies2023-11-17© 2023 Emerald Publishing LimitedLilian KorirDieu Hack-PolayAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-11-1710.1108/AJEMS-09-2022-0391https://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2022-0391/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The reaction of the Egyptian stock market to recurring devaluations: an event study approachhttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2023-0347/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines the reaction of the Egyptian stock market to two substantial devaluations of the Egyptian pound (EGP) in 2022 and tests the informational efficiency of the Egyptian market. The paper uses the event study framework to analyze the significance and direction of abnormal returns of the leading index of the Egyptian stock market (EGX30) on and around the devaluation days. It employs both the constant mean model and the market model to estimate the normal returns of the EGX30. Additionally, the paper uses data on two equity indices, one global and one for emerging markets, as benchmarks for normal returns. The paper finds that the Egyptian stock market experienced significant positive abnormal returns on the devaluation days of the EGP in March and October of 2022, indicating a positive market reaction to the devaluation. Furthermore, evidence suggests that the Egyptian market may not be informationally efficient as significant positive abnormal returns were observed two weeks before and two weeks after the devaluation day, suggesting news leaks and delayed reactions, respectively. This study is the first to examine the impact of the recent two devaluations of the EGP in 2022 on the Egyptian stock market. It complements existing literature by analyzing the immediate market reaction to two consecutive devaluations in an African country. Furthermore, the paper evaluates the efficiency of the Egyptian market in processing information related to exchange rates.The reaction of the Egyptian stock market to recurring devaluations: an event study approach
Ahmed Wassal Elroukh
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines the reaction of the Egyptian stock market to two substantial devaluations of the Egyptian pound (EGP) in 2022 and tests the informational efficiency of the Egyptian market.

The paper uses the event study framework to analyze the significance and direction of abnormal returns of the leading index of the Egyptian stock market (EGX30) on and around the devaluation days. It employs both the constant mean model and the market model to estimate the normal returns of the EGX30. Additionally, the paper uses data on two equity indices, one global and one for emerging markets, as benchmarks for normal returns.

The paper finds that the Egyptian stock market experienced significant positive abnormal returns on the devaluation days of the EGP in March and October of 2022, indicating a positive market reaction to the devaluation. Furthermore, evidence suggests that the Egyptian market may not be informationally efficient as significant positive abnormal returns were observed two weeks before and two weeks after the devaluation day, suggesting news leaks and delayed reactions, respectively.

This study is the first to examine the impact of the recent two devaluations of the EGP in 2022 on the Egyptian stock market. It complements existing literature by analyzing the immediate market reaction to two consecutive devaluations in an African country. Furthermore, the paper evaluates the efficiency of the Egyptian market in processing information related to exchange rates.

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The reaction of the Egyptian stock market to recurring devaluations: an event study approach10.1108/AJEMS-09-2023-0347African Journal of Economic and Management Studies2024-02-14© 2024 Emerald Publishing LimitedAhmed Wassal ElroukhAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2024-02-1410.1108/AJEMS-09-2023-0347https://www.emerald.com/insight/content/doi/10.1108/AJEMS-09-2023-0347/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
State-business relations for entrepreneurial takeoff in Africa: institutional analysishttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-10-2022-0402/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestReports and experiences suggest that several developing African economies are faced with entrepreneurial-impeding forces such as lengthy bureaucratic processes and poor regulatory space. The study examines a general trend in “doing business performance” among selected African countries and uses the case of Ghana to explore how particular indicators or forces affect the development and deployment of small and medium-sized enterprise (SME) policies. Comparative analysis of six African economies on their ease of doing business score. This is followed by a critical review of the literature to develop a six-point explanatory framework to explore the relative position of the six countries on the ease of doing business scores. Using Ghana as a critical case study, the authors deploy an in-depth case study analysis via in-depth interviews of relevant stakeholders to validate the information from secondary sources. The study observes that the nature of leadership, socio-cultural imperatives, economic structure and policy and the role of domestic institutional players and international players have implications for the extent to which the state creates an enabling environment for SMEs and entrepreneurial activities. The role of supportive cultural software that will help drive SME and entrepreneurial growth has been established. The study contends that different aspects of national culture do have implications for the tendency for people to be business-minded or to have the ability to take risks. The demand and supply sides are crucial in promoting SME growth. The study develops a framework that helps explore elements to help explain ease of doing business scores and the viability of SMEs in Africa. These elements were validated through qualitative interviews as well.State-business relations for entrepreneurial takeoff in Africa: institutional analysis
Farhad Hossain, Aminu Mamman, Emmanuel Yeboah-Assiamah, Christopher J. Rees
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

Reports and experiences suggest that several developing African economies are faced with entrepreneurial-impeding forces such as lengthy bureaucratic processes and poor regulatory space. The study examines a general trend in “doing business performance” among selected African countries and uses the case of Ghana to explore how particular indicators or forces affect the development and deployment of small and medium-sized enterprise (SME) policies.

Comparative analysis of six African economies on their ease of doing business score. This is followed by a critical review of the literature to develop a six-point explanatory framework to explore the relative position of the six countries on the ease of doing business scores. Using Ghana as a critical case study, the authors deploy an in-depth case study analysis via in-depth interviews of relevant stakeholders to validate the information from secondary sources.

The study observes that the nature of leadership, socio-cultural imperatives, economic structure and policy and the role of domestic institutional players and international players have implications for the extent to which the state creates an enabling environment for SMEs and entrepreneurial activities. The role of supportive cultural software that will help drive SME and entrepreneurial growth has been established. The study contends that different aspects of national culture do have implications for the tendency for people to be business-minded or to have the ability to take risks. The demand and supply sides are crucial in promoting SME growth.

The study develops a framework that helps explore elements to help explain ease of doing business scores and the viability of SMEs in Africa. These elements were validated through qualitative interviews as well.

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State-business relations for entrepreneurial takeoff in Africa: institutional analysis10.1108/AJEMS-10-2022-0402African Journal of Economic and Management Studies2023-09-27© 2023 Emerald Publishing LimitedFarhad HossainAminu MammanEmmanuel Yeboah-AssiamahChristopher J. ReesAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-09-2710.1108/AJEMS-10-2022-0402https://www.emerald.com/insight/content/doi/10.1108/AJEMS-10-2022-0402/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Enhancing ICT for female economic participation in sub-Saharan Africahttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-11-2022-0443/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates how enhancing information and communication technology (ICT) affects female economic participation in sub-Saharan African nations. Three female economic participation indicators are used, namely female labour force participation, female unemployment and female employment rates. The engaged ICT variables are fixed broadband subscriptions, mobile phone penetration and Internet penetration. The Generalized Method of Moments is used for the empirical analysis. The following main findings are established: First, there is a (1) negative net effect in the relevance of fixed broadband subscriptions in female labour force participation and female unemployment and (2) positive net effects from the importance of fixed broadband subscriptions on the female employment rate. Secondly, an extended analysis is used to establish thresholds at which the undesirable net negative effect on female labour force participation can be avoided. From the corresponding findings, a fixed broadband subscription rate of 9.187 per 100 people is necessary to completely dampen the established net negative effect. Hence, the established threshold is the critical mass necessary for the enhancement of fixed broadband subscriptions to induce an overall positive net effect on the female labour force participation rate. This study complements the extant literature by assessing how increasing penetration levels of ICT affect female economic inclusion and by extension, thresholds necessary for the promotion of ICT to increase female economic inclusion.Enhancing ICT for female economic participation in sub-Saharan Africa
Simplice Asongu, Nicholas M. Odhiambo
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates how enhancing information and communication technology (ICT) affects female economic participation in sub-Saharan African nations.

Three female economic participation indicators are used, namely female labour force participation, female unemployment and female employment rates. The engaged ICT variables are fixed broadband subscriptions, mobile phone penetration and Internet penetration. The Generalized Method of Moments is used for the empirical analysis.

The following main findings are established: First, there is a (1) negative net effect in the relevance of fixed broadband subscriptions in female labour force participation and female unemployment and (2) positive net effects from the importance of fixed broadband subscriptions on the female employment rate. Secondly, an extended analysis is used to establish thresholds at which the undesirable net negative effect on female labour force participation can be avoided. From the corresponding findings, a fixed broadband subscription rate of 9.187 per 100 people is necessary to completely dampen the established net negative effect. Hence, the established threshold is the critical mass necessary for the enhancement of fixed broadband subscriptions to induce an overall positive net effect on the female labour force participation rate.

This study complements the extant literature by assessing how increasing penetration levels of ICT affect female economic inclusion and by extension, thresholds necessary for the promotion of ICT to increase female economic inclusion.

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Enhancing ICT for female economic participation in sub-Saharan Africa10.1108/AJEMS-11-2022-0443African Journal of Economic and Management Studies2023-05-30© 2023 Emerald Publishing LimitedSimplice AsonguNicholas M. OdhiamboAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-05-3010.1108/AJEMS-11-2022-0443https://www.emerald.com/insight/content/doi/10.1108/AJEMS-11-2022-0443/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Foreign bank presence and inclusive growth in Africa: the moderating role of financial developmenthttps://www.emerald.com/insight/content/doi/10.1108/AJEMS-11-2022-0444/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to assess the extent to which the nexus between foreign bank presence (FBP) and inclusive growth is being impacted by the financial development. The study used a two-stage system generalized method of moment (GMM), using 28 African countries from the period 2000 to 2018. The study found a positive effect of FBP on inclusive growth. While financial development magnifies the positive effect of FBP, inclusive growth nexus, it has a direct effect on inclusive growth. For Africa to ascertain the positive effect of FBP on inclusive growth, financial system must be developed to reduce the cream-skim behavior of foreign banks. This paper assess the extent to which developing economy's developed financial system form synergies with FBP to further enhance the inclusiveness of growth.Foreign bank presence and inclusive growth in Africa: the moderating role of financial development
Khadijah Iddrisu, Joshua Yindenaba Abor, Thadious Kannyiri Banyen
African Journal of Economic and Management Studies, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to assess the extent to which the nexus between foreign bank presence (FBP) and inclusive growth is being impacted by the financial development.

The study used a two-stage system generalized method of moment (GMM), using 28 African countries from the period 2000 to 2018.

The study found a positive effect of FBP on inclusive growth. While financial development magnifies the positive effect of FBP, inclusive growth nexus, it has a direct effect on inclusive growth.

For Africa to ascertain the positive effect of FBP on inclusive growth, financial system must be developed to reduce the cream-skim behavior of foreign banks.

This paper assess the extent to which developing economy's developed financial system form synergies with FBP to further enhance the inclusiveness of growth.

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Foreign bank presence and inclusive growth in Africa: the moderating role of financial development10.1108/AJEMS-11-2022-0444African Journal of Economic and Management Studies2023-11-06© 2023 Emerald Publishing LimitedKhadijah IddrisuJoshua Yindenaba AborThadious Kannyiri BanyenAfrican Journal of Economic and Management Studiesahead-of-printahead-of-print2023-11-0610.1108/AJEMS-11-2022-0444https://www.emerald.com/insight/content/doi/10.1108/AJEMS-11-2022-0444/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited