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  Subjects -> BUSINESS AND ECONOMICS (Total: 3251 journals)
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BUSINESS AND ECONOMICS (1195 journals)                  1 2 3 4 5 6 | Last

Showing 1 - 200 of 1566 Journals sorted alphabetically
4OR: A Quarterly Journal of Operations Research     Hybrid Journal   (Followers: 10)
Abacus     Hybrid Journal   (Followers: 13)
Accounting Forum     Hybrid Journal   (Followers: 25)
Acta Amazonica     Open Access   (Followers: 5)
Acta Commercii     Open Access   (Followers: 4)
Acta Oeconomica     Full-text available via subscription   (Followers: 2)
Acta Scientiarum. Human and Social Sciences     Open Access   (Followers: 8)
Acta Universitatis Danubius. Œconomica     Open Access   (Followers: 3)
Acta Universitatis Nicolai Copernici Zarządzanie     Open Access   (Followers: 4)
AD-minister     Open Access   (Followers: 3)
Admisi dan Bisnis     Open Access  
ADR Bulletin     Open Access   (Followers: 5)
Advances in Developing Human Resources     Hybrid Journal   (Followers: 23)
Advances in Economics and Business     Open Access   (Followers: 13)
AfricaGrowth Agenda     Full-text available via subscription   (Followers: 1)
African Affairs     Hybrid Journal   (Followers: 65)
African Development Review     Hybrid Journal   (Followers: 36)
African Journal of Business and Economic Research     Full-text available via subscription   (Followers: 3)
African Journal of Business Ethics     Open Access   (Followers: 6)
African Review of Economics and Finance     Open Access   (Followers: 3)
Afro-Asian Journal of Finance and Accounting     Hybrid Journal   (Followers: 7)
Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi     Open Access   (Followers: 3)
Agronomy     Open Access   (Followers: 10)
Akademika : Journal of Southeast Asia Social Sciences and Humanities     Open Access   (Followers: 7)
Alphanumeric Journal : The Journal of Operations Research, Statistics, Econometrics and Management Information Systems     Open Access   (Followers: 5)
American Economic Journal : Applied Economics     Full-text available via subscription   (Followers: 174)
American Enterprise Institute     Free  
American Journal of Business     Hybrid Journal   (Followers: 17)
American Journal of Business and Management     Open Access   (Followers: 53)
American Journal of Business Education     Open Access   (Followers: 12)
American Journal of Economics and Business Administration     Open Access   (Followers: 26)
American Journal of Economics and Sociology     Hybrid Journal   (Followers: 30)
American Journal of Evaluation     Hybrid Journal   (Followers: 14)
American Journal of Finance and Accounting     Hybrid Journal   (Followers: 21)
American Journal of Health Economics     Full-text available via subscription   (Followers: 13)
American Journal of Industrial and Business Management     Open Access   (Followers: 23)
American Journal of Medical Quality     Hybrid Journal   (Followers: 7)
American Law and Economics Review     Hybrid Journal   (Followers: 27)
ANALES de la Universidad Central del Ecuador     Open Access   (Followers: 3)
Annales de l'Institut Henri Poincare (C) Non Linear Analysis     Full-text available via subscription   (Followers: 1)
Annals in Social Responsibility     Full-text available via subscription  
Annals of Finance     Hybrid Journal   (Followers: 29)
Annals of Operations Research     Hybrid Journal   (Followers: 10)
Annual Review of Economics     Full-text available via subscription   (Followers: 32)
Anuario Facultad de Ciencias Económicas y Empresariales     Open Access   (Followers: 2)
Applied Developmental Science     Hybrid Journal   (Followers: 3)
Applied Economics     Hybrid Journal   (Followers: 42)
Applied Economics Letters     Hybrid Journal   (Followers: 29)
Applied Economics Quarterly     Full-text available via subscription   (Followers: 9)
Applied Financial Economics     Hybrid Journal   (Followers: 25)
Applied Mathematical Finance     Hybrid Journal   (Followers: 8)
Applied Stochastic Models in Business and Industry     Hybrid Journal   (Followers: 6)
Arab Economic and Business Journal     Open Access   (Followers: 4)
Archives of Business Research     Open Access   (Followers: 6)
Arena Journal     Full-text available via subscription   (Followers: 1)
Argomenti. Rivista di economia, cultura e ricerca sociale     Open Access   (Followers: 4)
ASEAN Economic Bulletin     Full-text available via subscription   (Followers: 5)
Asia Pacific Business Review     Hybrid Journal   (Followers: 7)
Asia Pacific Journal of Human Resources     Hybrid Journal   (Followers: 319)
Asia Pacific Journal of Innovation and Entrepreneurship     Open Access  
Asia Pacific Viewpoint     Hybrid Journal   (Followers: 1)
Asia-Pacific Journal of Business Administration     Hybrid Journal   (Followers: 5)
Asia-Pacific Journal of Operational Research     Hybrid Journal   (Followers: 3)
Asia-Pacific Management and Business Application     Open Access   (Followers: 1)
Asian Business Review     Open Access   (Followers: 3)
Asian Case Research Journal     Hybrid Journal   (Followers: 1)
Asian Development Review     Open Access   (Followers: 13)
Asian Economic Journal     Hybrid Journal   (Followers: 8)
Asian Economic Papers     Hybrid Journal   (Followers: 7)
Asian Economic Policy Review     Hybrid Journal   (Followers: 4)
Asian Journal of Accounting and Governance     Open Access   (Followers: 3)
Asian Journal of Business Ethics     Hybrid Journal   (Followers: 9)
Asian Journal of Social Sciences and Management Studies     Open Access   (Followers: 7)
Asian Journal of Sustainability and Social Responsibility     Open Access   (Followers: 1)
Asian Journal of Technology Innovation     Hybrid Journal   (Followers: 8)
Asian-pacific Economic Literature     Hybrid Journal   (Followers: 5)
AStA Wirtschafts- und Sozialstatistisches Archiv     Hybrid Journal   (Followers: 5)
ATA Journal of Legal Tax Research     Full-text available via subscription   (Followers: 4)
Atlantic Economic Journal     Hybrid Journal   (Followers: 11)
Australasian Journal of Regional Studies, The     Full-text available via subscription   (Followers: 1)
Australian Cottongrower, The     Full-text available via subscription   (Followers: 1)
Australian Economic Papers     Hybrid Journal   (Followers: 32)
Australian Economic Review     Hybrid Journal   (Followers: 3)
Australian Journal of Maritime and Ocean Affairs     Hybrid Journal   (Followers: 9)
Balkan Region Conference on Engineering and Business Education     Open Access   (Followers: 1)
Baltic Journal of Real Estate Economics and Construction Management     Open Access   (Followers: 2)
Banks in Insurance Report     Hybrid Journal   (Followers: 1)
BBR - Brazilian Business Review     Open Access   (Followers: 4)
Benchmarking : An International Journal     Hybrid Journal   (Followers: 10)
Benefit : Jurnal Manajemen dan Bisnis     Open Access   (Followers: 1)
BER : Consumer Confidence Survey     Full-text available via subscription   (Followers: 3)
BER : Economic Prospects : An Executive Summary     Full-text available via subscription  
BER : Economic Prospects : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Intermediate Goods Industries Survey     Full-text available via subscription  
BER : Manufacturing Survey : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Motor Trade Survey     Full-text available via subscription  
BER : Retail Sector Survey     Full-text available via subscription   (Followers: 1)
BER : Retail Survey : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Survey of Business Conditions in Building and Construction : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Survey of Business Conditions in Manufacturing : An Executive Summary     Full-text available via subscription   (Followers: 2)
BER : Survey of Business Conditions in Retail : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Trends : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Wholesale Sector Survey     Full-text available via subscription  
Berkeley Business Law Journal     Free   (Followers: 9)
Bio-based and Applied Economics     Open Access   (Followers: 1)
Biodegradation     Hybrid Journal   (Followers: 1)
Biology Direct     Open Access   (Followers: 7)
BizInfo (Blace) Journal of Economics, Management and Informatics     Open Access  
Black Enterprise     Full-text available via subscription  
Board & Administrator for Administrators only     Hybrid Journal  
Boletim Técnico do Senac     Open Access  
Border Crossing : Transnational Working Papers     Open Access   (Followers: 4)
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 5)
British Journal of Industrial Relations     Hybrid Journal   (Followers: 36)
Brookings Papers on Economic Activity     Open Access   (Followers: 46)
Brookings Trade Forum     Full-text available via subscription   (Followers: 3)
BRQ Business Research Quarterly     Open Access   (Followers: 2)
Building Sustainable Legacies : The New Frontier Of Societal Value Co-Creation     Full-text available via subscription   (Followers: 1)
Bulletin of Economic Research     Hybrid Journal   (Followers: 17)
Bulletin of Geography. Socio-economic Series     Open Access   (Followers: 5)
Bulletin of Indonesian Economic Studies     Hybrid Journal   (Followers: 3)
Bulletin of the Dnipropetrovsk University. Series : Management of Innovations     Open Access   (Followers: 1)
Business & Entrepreneurship Journal     Open Access   (Followers: 19)
Business & Information Systems Engineering     Hybrid Journal   (Followers: 4)
Business & Society     Hybrid Journal   (Followers: 10)
Business : Theory and Practice / Verslas : Teorija ir Praktika     Open Access   (Followers: 1)
Business and Economic Research     Open Access   (Followers: 7)
Business and Management Horizons     Open Access   (Followers: 12)
Business and Management Research     Open Access   (Followers: 18)
Business and Management Studies     Open Access   (Followers: 11)
Business and Politics     Hybrid Journal   (Followers: 8)
Business and Professional Communication Quarterly     Hybrid Journal   (Followers: 7)
Business and Society Review     Hybrid Journal   (Followers: 5)
Business Economics     Hybrid Journal   (Followers: 9)
Business Ethics Quarterly     Full-text available via subscription   (Followers: 13)
Business Ethics: A European Review     Hybrid Journal   (Followers: 18)
Business Horizons     Hybrid Journal   (Followers: 8)
Business Information Review     Hybrid Journal   (Followers: 14)
Business Management and Strategy     Open Access   (Followers: 41)
Business Research     Hybrid Journal   (Followers: 2)
Business Strategy and the Environment     Hybrid Journal   (Followers: 13)
Business Strategy Review     Hybrid Journal   (Followers: 7)
Business Strategy Series     Hybrid Journal   (Followers: 6)
Business Systems & Economics     Open Access   (Followers: 2)
Business Systems Research Journal     Open Access   (Followers: 5)
Business, Management and Education     Open Access   (Followers: 17)
Business, Peace and Sustainable Development     Full-text available via subscription   (Followers: 3)
Bustan     Hybrid Journal  
Cadernos EBAPE.BR     Open Access   (Followers: 1)
Cambridge Journal of Economics     Hybrid Journal   (Followers: 61)
Cambridge Journal of Regions, Economy and Society     Hybrid Journal   (Followers: 10)
Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration     Hybrid Journal   (Followers: 1)
Canadian Journal of Economics/Revue Canadienne d`Economique     Hybrid Journal   (Followers: 29)
Canadian journal of nonprofit and social economy research     Open Access   (Followers: 2)
Capitalism and Society     Hybrid Journal   (Followers: 2)
Capitalism Nature Socialism     Hybrid Journal   (Followers: 17)
Case Studies in Business and Management     Open Access   (Followers: 10)
CBU International Conference Proceedings     Open Access   (Followers: 3)
Central European Business Review     Open Access   (Followers: 1)
Central European Journal of Operations Research     Hybrid Journal   (Followers: 5)
Central European Journal of Public Policy     Open Access   (Followers: 2)
CESifo Economic Studies     Hybrid Journal   (Followers: 17)
Chain Reaction     Full-text available via subscription  
Challenge     Full-text available via subscription   (Followers: 4)
China & World Economy     Hybrid Journal   (Followers: 15)
China : An International Journal     Full-text available via subscription   (Followers: 19)
China Economic Journal: The Official Journal of the China Center for Economic Research (CCER) at Peking University     Hybrid Journal   (Followers: 13)
China Economic Review     Hybrid Journal   (Followers: 10)
China Finance Review International     Hybrid Journal   (Followers: 5)
China Nonprofit Review     Hybrid Journal   (Followers: 3)
China perspectives     Open Access   (Followers: 12)
Chinese Economy     Full-text available via subscription  
Ciência & Saúde Coletiva     Open Access   (Followers: 2)
CLIO América     Open Access   (Followers: 1)
Cliometrica     Hybrid Journal   (Followers: 4)
COEPTUM     Open Access  
Community Development Journal     Hybrid Journal   (Followers: 27)
Compensation & Benefits Review     Hybrid Journal   (Followers: 7)
Competition & Change     Hybrid Journal   (Followers: 11)
Competitive Intelligence Review     Hybrid Journal   (Followers: 2)
Competitiveness Review : An International Business Journal incorporating Journal of Global Competitiveness     Hybrid Journal   (Followers: 5)
Computational Economics     Hybrid Journal   (Followers: 9)
Computational Mathematics and Modeling     Hybrid Journal   (Followers: 8)
Computer Law & Security Review     Hybrid Journal   (Followers: 17)
Computers & Operations Research     Hybrid Journal   (Followers: 12)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14)
Contemporary Wales     Full-text available via subscription   (Followers: 1)
Contextus - Revista Contemporânea de Economia e Gestão     Open Access   (Followers: 1)
Contributions to Political Economy     Hybrid Journal   (Followers: 5)
Corporate Communications An International Journal     Hybrid Journal   (Followers: 7)
Corporate Philanthropy Report     Hybrid Journal   (Followers: 2)
Corporate Reputation Review     Hybrid Journal   (Followers: 5)
Creative and Knowledge Society     Open Access   (Followers: 9)
Creative Industries Journal     Hybrid Journal   (Followers: 8)
CRIS - Bulletin of the Centre for Research and Interdisciplinary Study     Open Access   (Followers: 1)
Crossing the Border : International Journal of Interdisciplinary Studies     Open Access   (Followers: 5)
Cuadernos de Administración (Universidad del Valle)     Open Access   (Followers: 2)
Cuadernos de Economía     Open Access   (Followers: 2)
Cuadernos de Economia - Latin American Journal of Economics     Open Access   (Followers: 2)
Cuadernos de Estudios Empresariales     Open Access   (Followers: 2)

        1 2 3 4 5 6 | Last

Journal Cover African Review of Economics and Finance
  [3 followers]  Follow
  This is an Open Access Journal Open Access journal
   ISSN (Print) 2042-1478 - ISSN (Online) 2410-4906
   Published by African Journals Online Homepage  [266 journals]
  • Patterns of empowerment and disempowerment in the South African mining

    • Authors: Renee Horne
      Abstract: Recent conflicts in the South African mining sector tend to be explained entirely in rational choice theory. This paper utilises grounded theory, where the primary method was the collection of semi-structured and exclusive interviews triangulated with secondary data consisting of existing literature, government and company reports. The findings challenge the rational choice approach which is used to explain the root cause of mineral conflicts on the African continent. The research makes two contributions; first it shows that empowerment policies have worsened the socio-economic disparities of mineworkers and their respective communities in the North West province of South Africa. Second, it demonstrates inequality has led to a recurrence of labour unrest due to poor labour standards, wage disparities and poor living conditions for mineworkers.
      Keywords: Empowerment; Mining; Rational Choice.
      Issue No: Vol. 9, No. 1
  • Determinants of bank credit in Ghana: A bounds-testing cointegration

    • Authors: Gideon Baoko, Isaac Attah Acheampong, Muazu Ibrahim
      Abstract: Using the Autoregressive Distributed Lag (ARDL) framework, this paper examines the relevant factors influencing allocation of bank credit to the private sector in the Ghanaian economy for the period 1970 to 2011. The results show that broad money supply, bank assets, real lending rate, and bank deposits are significant determinants of bank credit in both the short and long-run. Inflation also exerts significant positive impact only in the short-run. The study infers the lack of successive governments’ commitment to pursue policies that boost the supply of credit to the private sector. Our findings further reveal that increases in deposits mobilization by banks does not necessarily translate into supply of credit to the private sector. A plausible deduction from the findings is that reduced government’s domestic borrowing, lower cost of borrowing, and lower central bank reserve requirements for commercial banks in Ghana are needed to stimulate higher lending and credit demand.
      Keywords: Bank credit; ARDL cointegration; Real lending rate; Bank deposit; Ghana.
      Issue No: Vol. 9, No. 1
  • Winners and losers in large-scale land transactions in Ghana ˗
           Opportunities for win-win outcomes

    • Authors: Elias Danyi Kuusaana
      Abstract: Large land acquisition for agro-investment globally is stirring debate about their socio-political, cultural, economic, and ecological implications on smallholders and host communities. Though several works are on going in this area, empirical findings that seek to identify and compare winners and losers of large-scale land transactions in host communities remain limited. In this paper, casebased qualitative approaches were used to identify, and to study the dynamics of winners and losers under large-scale land acquisitions. The study found that inequalities in benefiting from land revenue in Ghana were customarily anchored; and existing land and agricultural policies offered limited remedies for vulnerable groups. Unequal power relations between land custodians and land users dictate who benefits more from land transactions. Chiefs and family heads entrusted with allodial titles were perceived to be gaining the most from emerging land market dynamics, while smallholders who cultivated land under insufficiently secure tenure such as sharecroppers, women and poor community commoners were the most adversely affected. Policy direction should target spreading land revenue to the entire community through social infrastructure and services. Under the current tenure regime, land custodians are not obliged to earmark land revenue for community development or compensate expropriated households except to allocate to them alternative farmland.
      Keywords: Land markets; Land prices; Chieftaincy; Agro-investments; Ghana.
      Issue No: Vol. 9, No. 1
  • Health expenditure and child health outcomes in Sub-Saharan Africa

    • Authors: Jacob Novignon, Akanni O. Lawanson
      Abstract: This study sought to understand the relationship between child health outcomes and health spending while investigating lagged effects. The study employed panel data from 45 Sub-Saharan African countries between 1995 and 2011 obtained from the World Bank’s World Development Indicators. Fixed and Random effect models were estimated. Under-five, infant and neonatal mortality were used as child health outcomes while total health spending was disaggregated into public and private spending. The effects of one and two period lags of expenditure were estimated. The results show a positive and significant relationship between health expenditure and child health outcomes with elasticities of -0.11 for infant mortality, -0.15 (under-five mortality) and -0.08 (neonatal mortality). Public health expenditure was found to be relatively more significant than private expenditure. Positive and significant lagged effects were also estimated between health expenditure and child health. The findings suggest that, while health expenditure is crucial for the improvement of child health, it is equally important for this expenditure to be sustainable as it also has delayed effects.
      Keywords: Health expenditure; Child health outcomes; Lag effects; SSA.
      Issue No: Vol. 9, No. 1
  • Responsible investing in South Africa: past, present and future

    • Authors: Suzette Viviers, Gideon Els
      Abstract: Despite strong growth in responsible investing (RI) internationally, only a few institutional investors in South Africa have adopted this investment philosophy. This article contributes to the limited body of African RI literature by identifying significant events that shaped the nature of the South African RI market from 1992 to 2014, investigating the RI strategies and investment criteria used by local RI fund managers and evaluating the ethical underpinnings of these funds. The publication of the three King reports on corporate governance in 1994, 2002 and 2009 and the launch of the United Nations Principles for Responsible Investment in 2006 had the biggest positive impact on the RI market’s development. Legislative changes and the formulation of institutional investor guidelines (such as the Code for Responsible Investing in South Africa) also provided some impetus, but not as much as initially anticipated. The vast majority of local RI funds have an impact investing strategy, employ socially-oriented investment criteria and have a utilitarian or Islamic ethic. The wider adoption of RI in South Africa is recommended given the benefits this investment discipline holds for investors, society and nature. Improved corporate reporting as well as investor and trustee education are, however, necessary to achieve this goal.
      Keywords: Social and Corporate Governance; Impact investing; Institutional investors; Responsible investing; South Africa.
      Issue No: Vol. 9, No. 1
  • Equities as a hedge against inflation in South Africa

    • Authors: Peter Moores-Pitt, Barry Stephen Strydom
      Abstract: Conventional wisdom holds that equity investments should provide an effective hedge against inflation. However, empirical tests of this relationship in South Africa have produced conflicting results. We employ both a Vector Error Correction Model (VECM) and Autoregressive Distributed Lag Model (ARDL) to examine the relationship between equity returns and inflation for the Johannesburg Stock Exchange between 1980 and 2015. We find strong evidence of cointegration between equity returns and inflation with a positive coefficient that exceeds unity supporting equities’ ability to act as a hedge against inflation. The VECM, however, shows that within the cointegrating relationship it is primarily inflation that responds to changes in equity returns and that this process takes place over an extended length. Thus holding equities as a hedge against inflation is only likely to be effective over longer investment horizons.
      Keywords: Inflation; Fisher Effect; Fama’s Proxy Hypothesis; ARDL; Johannesburg Stock Exchange.
      Issue No: Vol. 9, No. 1
  • On the stability of the CAPM before and after the financial crisis: Panel
           evidence from the Johannesburg Securities Exchange

    • Authors: Paul Alagidede, Nikolaos Koutounidis, Theodore Panagiotidis
      Abstract: This study examines the stability of the CAPM before and after the recent global financial crisis in the Johannesburg Securities Exchange (JSE). Firms’ betas are derived from OLS and M-estimation regressions. Fixed and random effects are employed to estimate the linear and the nonlinear version of the CAPM. Evidence against a stable beta emerges after the crisis but not before. The latter holds for the non-linear paradigm as well.
      Keywords: Panel data; CAPM; South Africa; Global financial crisis.
      Issue No: Vol. 9, No. 1
  • Price discovery on the Johannesburg Stock Exchange: Examining the impact
           of the SATRIX Top 40 Exchange Traded Fund

    • Authors: Kerry McCullough
      Abstract: Price discovery refers to flows of information, describing how and when information is reflected in market prices. It is not unusual for there to be more than one financial instrument in a given market that is linked to, or derived from, a single specific asset. This results in a complex set of relationships where market news is not only reflected by price changes in one asset, but may be reflected in a number of different assets, potentially at different points in time. Given the arbitrage potential of less than instantaneous price changes, studies of price discovery aim to determine which market reflects new information first. This study is the first to examine the price discovery process on the South African Johannesburg Stock Exchange since several significant market changes occurred, including the introduction of Exchange Traded Funds (ETFs). This paper examines the FTSE/JSE Top 40 Index, the Top 40 Index Futures and the SATRIX Top 40 ETF for the period 2003-2015. Findings demonstrate that the introduction of ETFs has not significantly impacted on the direction of the price discovery process. Return to equilibrium price occurs more quickly when the ETF is considered suggesting that the ETF contributes to an improvement in the price discovery process between spot and futures, however, further research is required in order to determine the nature of this relationship. Despite several changes to the market over the course of the most recent decade, the futures market remains the leading point in the price discovery process.
      Keywords: Price discovery; SATRIX 40; FTSE/JSE Top 40.
      Issue No: Vol. 9, No. 1
  • Exports, capital formation and economic growth in South Africa

    • Authors: Maura Feddersen, Hugo Nel, Ferdi Botha
      Abstract: In South Africa the export sector is frequently accorded a special role in encouraging faster economic growth. Nonetheless, a question that remains unresolved is whether higher export growth indeed leads to higher economic growth and what particular role exports may play within the overall economic growth process of the country. This study applies Johansen’s cointegration procedure, impulse response functions, variance decomposition analysis and Granger causality tests to shed light on the channels through which export growth may impact South Africa’s economic growth rate. Quarterly time series data ranging from 1975q1 to 2012q4 is employed in the study’s empirical tests. The results support the notion that the role of exports lies in their ability to encourage investment and capital formation. While export growth directly supports higher economic growth in the short-run, the long-term effect was found to lie in supporting faster capital formation, and in turn, significantly increasing economic growth. Overall, a strategy of export-led growth that does not explicitly emphasize the export-capital-growth connection is likely to fall short of reflecting the dynamics contained within the exports-growth relationship in South Africa.
      Keywords: Exports; Economic growth; South Africa.
      Issue No: Vol. 9, No. 1
  • Spatial externalities, openness and financial development in the SADC

    • Authors: Alex Bara, Gift Mugano, Pierre Le Roux
      Abstract: This study empirically evaluates spatial externalities in financial development in the Southern African Development Community (SADC) in line with spatial proximity theory. The study specifically tests whether financially less developed economies in SADC benefit from their linkages with and proximity to South Africa, a financially developed economy. GMM and Dynamic Fixed Effect estimations established that financial development in the SADC is not immune to spatial externalities. Results indicate that monetary measures are more sensitive to geography than credit. Allowing for spatiality, credit from South Africa displays strong positive spatiality under Dynamic Fixed Effects but no effect under GMM, possibly responding to crowding-out, South Africa’s global linkages and natural flow of credit towards optimal returns. Implicitly, the spatial variable has a strong complementary effect in the money market and a relatively inconsistent complementary effect in the credit market. Estimations that controlled for effects of monetary union in the model also confirm that financial development is affected by spatiality in the money market and is less responsive to spatial effects in credit. The current level of trade and financial openness in SADC is not enough to facilitate financial development in other subsectors of the financial sector, beyond money.
      Keywords: Spatial Externalities; Spatiality; Financial Development; SADC.
      Issue No: Vol. 9, No. 1
  • The role of institutional investors in promoting long-term value creation:
           A South African perspective

    • Authors: Michael Harber
      Abstract: “Short-termism” has been identified by many academics and business practitioners as a significant global problem in modern capitalist markets. The excessive focus of corporate decision-makers on short-term profit maximising goals, often at the expense of longer-term objectives, results in insufficient attention being paid to the strategy, fundamentals and the long-term value creation of an organisation. Agency theory provides a useful framework to begin to understand and address this problem, as it highlights the unaligned priorities of key stakeholders and decision-makers in capital markets. Institutional investor activism is a credible solution to short-term management behaviour and irresponsible shareholder pressures on management, because institutions usually hold significant interests in listed companies and have a vested interest in the long-term creation of corporate value. A substantial majority of the shareholding of most capital markets is owned by a concentrated group of mutual funds (collective investment schemes), pension plans, and other institutional investors such as hedge funds and medical aid schemes. Therefore the power to veto or at least control programs of raising dividends, increasing share buybacks, spinning off company divisions and requesting board representation really sits with institutional investors and this is a fact that institutional asset managers need to acknowledge. The power and the responsibility to implement sound principles and practices of corporate governance sits with institutional investors. This paper explores the questions of how and why institutional investors need to exert more influence on the boards of the companies to which they are invested. Can institutional investors be held to a more long-term view of corporate governance' What are the reasons for the failure of institutional investors to date' The South African context, including recent events in corporate South Africa, which includes the 2016 release of the King IV Report on Corporate Governance, are applied to the issue. South Africa can stand proud of its codes of good practice that promote responsible institutional shareholder activism.
      Issue No: Vol. 9, No. 1
  • Book Review

    • Authors: Nathanael Ojong
      Abstract: Microcredit’s Real Revolution (La vraie révolution du microcrédit) Jean-Michel Servet. Odile Jacob, Paris, 2015, 256 pp.
      ISBN: 978 2 73813246 8
      Issue No: Vol. 9, No. 1
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