The goal of this study was to research the hypotheses that self-regulated learning (SRL) and time... more The goal of this study was to research the hypotheses that self-regulated learning (SRL) and time perspectives predict academic performance in second year Economics studies. In the theoretical underpinning self-regulated learning and time perspectives as concepts are clarified, and explored as related to academic performance. Data was analysed using descriptive, correlation analysis and hierarchical regression. A correlation matrix and hierarchical regression revealed that a relationship exists between different aspects of SRL, the future time perspective and academic performance. In conclusion the study recommended that teaching and learning methods should be used to empower students to apply self-regulated learning strategies and to be focused on the future. This could greatly enhance their academic performance.
The goal of this study was to research the hypothesis that self-regulated learning (SRL) predicts... more The goal of this study was to research the hypothesis that self-regulated learning (SRL) predicts academic performance in second-year Economics studies. In the theoretical underpinning, self-regulated learning as related to academic performance was explored. Data was analysed using descriptive, correlation analysis and hierarchical regression. A correlation matrix and hierarchical regression revealed a relationship between different aspects of SRL and academic performance. In conclusion, the study recommends that teaching and assessment methods should be used to empower students to apply self-regulated learning strategies. This could greatly enhance their academic performance.
The asset structure of a firm plays a pivotal role in determining its leverage. A higher proporti... more The asset structure of a firm plays a pivotal role in determining its leverage. A higher proportion of physical assets is often associated with high debt ratios. This study explores the impact of investment tangibility on financial leverage, examining both tangible and intangible investments. Using a dynamic panel data model estimated through the two-step system generalized method of moments (GMM), we analyse a dataset encompassing 815 non-financial listed firms from 22 African stock markets. The results show that African firms have higher inclinations to invest in physical assets. We found a statistically significant negative relationship between leverage and tangible and intangible investments. The findings indicate that African firms tend to maintain lower leverages regardless of whether they invest in tangible or intangible assets. The observed relationship aligns with the hypothesis that high-growth firms, in their expansion efforts, strategically tend to opt for low debt to mi...
This study explores the impact of non-performing loans (NPLs) on the Zimbabwean banking industry’... more This study explores the impact of non-performing loans (NPLs) on the Zimbabwean banking industry’s stability and economic performance during the dollarization era. The panel vector autoregressive (PVAR) model was applied using annual data from 2009 to 2017. The findings indicated that short-run NPL shocks negatively impact the risk-adjusted return, while the impact on risk-adjusted capitalization is positive but dies off in the long run. The findings from the paper further show that NPLs have a strong negative and significant effect on loan growth and economic performance in the short run but remain muted in the long run. The study results also show a bi-directional causality between banking industry stability and NPLs. In summary, NPLs affect banking industry stability, loan growth and economic performance in Zimbabwe. A possible implication is the formulation of a sound regulatory framework that curbs the increase in NPLs, promotes stability within the banking industry, and improv...
International Journal of Trade and Global Markets, 2021
The returns of gold and gold mining companies are assumed to comove positively because investing ... more The returns of gold and gold mining companies are assumed to comove positively because investing in gold is considered tantamount to investing in gold-mining stocks. This study hypothesised that the conditional correlations of these returns' volatilities are dynamic and subject to country risk components. Therefore, an asymmetric dynamic conditional correlation generalised autoregressive conditional heteroskedasticity model was employed to test this hypothesis. The results show high positive correlation between the returns of the two series, suggesting that gold mining stocks behave like gold. However, the conditional correlation between the volatilities was found to be time-varying and subject to country risk components.
African Journal of Economic and Management Studies, 2018
Purpose The purpose of this paper is to explore the impact of leverage on firms’ discretionary in... more Purpose The purpose of this paper is to explore the impact of leverage on firms’ discretionary investment in Africa. Design/methodology/approach The authors employ a dynamic panel data model estimated with generalised method of moments (GMM) estimation techniques on the panel data of listed African non-financial firms. A dynamic model and the generalised methods of moments estimations are handy in controlling for unobserved heterogeneity, endogeneity, autocorrelation, heteroscedasticity, etc. Findings In spite of different settings, markets, leverage levels and methodologies, the authors found evidence that leverage constrains investment in African firms. The negative impact is more pronounced in firms with low-growth opportunities than in firms with high-growth opportunities. The results are inclined to the theory that leverage plays a disciplinary role to avoid overinvestment. Research limitations/implications African firms’ investment policy does not solely depend on the neoclass...
This study investigates the impact of financial literacy, level of education in a household and ... more This study investigates the impact of financial literacy, level of education in a household and gender differences on time preferences of students at a university in South Africa. The study relies on a convenient sample of (N=85, female=48%) pursuing a financial literacy course. The study uses a questionnaire, a financial literacy test and a simple binary choice experimental game that elicited individual time discount rate to gather data. Ten percent of the participants were paid (in South African rands) for their time preference choices by way of quota random sampling. Female university students’ individual time discount rate was found to be on average higher than that of their male counterparts, indicating that female university students are generally impatient, especially those with low levels of financial literacy. Our results (using a Negative Binomial Regression analysis and Ordinary Least Squares regression analysis) show that time preferences of university students aresi...
as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof... more as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof will be undertaken on this manuscript before final publication of the Version of Record (VoR). Please note that during production and pre-press, errors may be discovered which could affect the content.
This study investigates determinants of financial behavior (FB) of university students at a unive... more This study investigates determinants of financial behavior (FB) of university students at a university in South Africa. It examines whether financial behavior, confidence, time preferences, risk preferences and financial literacy perceptions of university students differ by financial literacy level. Data were gathered via a questionnaire that included personal information, FB, financial perceptions and financial knowledge responses as well as a multiple price list (MPL) risk preferences and time preferences experiment tasks. A convenient total sample of 191 students (females = 53%) participated in the study. A t-test analysis showed that FB, risk preferences, confidence levels, time preferences and financial literacy perceptions of university students significantly differed by financial literacy level. Our results show that university students with low financial literacy levels are more overconfident, risk loving and impatient; such FB is synonymous with major causes of financial crises across the world. An OLS regression model analysis showed that the risk preferences index, financial literacy perception index and confidence significantly influenced the FB of categorized university students. The risk preference index significantly influenced debt FB of categorized university students. In order to
This study investigates the impact of financial literacy, level of education in a household and ... more This study investigates the impact of financial literacy, level of education in a household and gender differences on time preferences of students at a university in South Africa. The study relies on a convenient sample of (N=85, female=48%) pursuing a financial literacy course. The study uses a questionnaire, a financial literacy test and a simple binary choice experimental game that elicited individual time discount rate to gather data. Ten percent of the participants were paid (in South African rands) for their time preference choices by way of quota random sampling. Female university students’ individual time discount rate was found to be on average higher than that of their male counterparts, indicating that female university students are generally impatient, especially those with low levels of financial literacy. Our results (using a Negative Binomial Regression analysis and Ordinary Least Squares regression analysis) show that time preferences of university students aresi...
The goal of this study was to research the hypotheses that self-regulated learning (SRL) and time... more The goal of this study was to research the hypotheses that self-regulated learning (SRL) and time perspectives predict academic performance in second year Economics studies. In the theoretical underpinning self-regulated learning and time perspectives as concepts are clarified, and explored as related to academic performance. Data was analysed using descriptive, correlation analysis and hierarchical regression. A correlation matrix and hierarchical regression revealed that a relationship exists between different aspects of SRL, the future time perspective and academic performance. In conclusion the study recommended that teaching and learning methods should be used to empower students to apply self-regulated learning strategies and to be focused on the future. This could greatly enhance their academic performance.
The goal of this study was to research the hypothesis that self-regulated learning (SRL) predicts... more The goal of this study was to research the hypothesis that self-regulated learning (SRL) predicts academic performance in second-year Economics studies. In the theoretical underpinning, self-regulated learning as related to academic performance was explored. Data was analysed using descriptive, correlation analysis and hierarchical regression. A correlation matrix and hierarchical regression revealed a relationship between different aspects of SRL and academic performance. In conclusion, the study recommends that teaching and assessment methods should be used to empower students to apply self-regulated learning strategies. This could greatly enhance their academic performance.
The asset structure of a firm plays a pivotal role in determining its leverage. A higher proporti... more The asset structure of a firm plays a pivotal role in determining its leverage. A higher proportion of physical assets is often associated with high debt ratios. This study explores the impact of investment tangibility on financial leverage, examining both tangible and intangible investments. Using a dynamic panel data model estimated through the two-step system generalized method of moments (GMM), we analyse a dataset encompassing 815 non-financial listed firms from 22 African stock markets. The results show that African firms have higher inclinations to invest in physical assets. We found a statistically significant negative relationship between leverage and tangible and intangible investments. The findings indicate that African firms tend to maintain lower leverages regardless of whether they invest in tangible or intangible assets. The observed relationship aligns with the hypothesis that high-growth firms, in their expansion efforts, strategically tend to opt for low debt to mi...
This study explores the impact of non-performing loans (NPLs) on the Zimbabwean banking industry’... more This study explores the impact of non-performing loans (NPLs) on the Zimbabwean banking industry’s stability and economic performance during the dollarization era. The panel vector autoregressive (PVAR) model was applied using annual data from 2009 to 2017. The findings indicated that short-run NPL shocks negatively impact the risk-adjusted return, while the impact on risk-adjusted capitalization is positive but dies off in the long run. The findings from the paper further show that NPLs have a strong negative and significant effect on loan growth and economic performance in the short run but remain muted in the long run. The study results also show a bi-directional causality between banking industry stability and NPLs. In summary, NPLs affect banking industry stability, loan growth and economic performance in Zimbabwe. A possible implication is the formulation of a sound regulatory framework that curbs the increase in NPLs, promotes stability within the banking industry, and improv...
International Journal of Trade and Global Markets, 2021
The returns of gold and gold mining companies are assumed to comove positively because investing ... more The returns of gold and gold mining companies are assumed to comove positively because investing in gold is considered tantamount to investing in gold-mining stocks. This study hypothesised that the conditional correlations of these returns' volatilities are dynamic and subject to country risk components. Therefore, an asymmetric dynamic conditional correlation generalised autoregressive conditional heteroskedasticity model was employed to test this hypothesis. The results show high positive correlation between the returns of the two series, suggesting that gold mining stocks behave like gold. However, the conditional correlation between the volatilities was found to be time-varying and subject to country risk components.
African Journal of Economic and Management Studies, 2018
Purpose The purpose of this paper is to explore the impact of leverage on firms’ discretionary in... more Purpose The purpose of this paper is to explore the impact of leverage on firms’ discretionary investment in Africa. Design/methodology/approach The authors employ a dynamic panel data model estimated with generalised method of moments (GMM) estimation techniques on the panel data of listed African non-financial firms. A dynamic model and the generalised methods of moments estimations are handy in controlling for unobserved heterogeneity, endogeneity, autocorrelation, heteroscedasticity, etc. Findings In spite of different settings, markets, leverage levels and methodologies, the authors found evidence that leverage constrains investment in African firms. The negative impact is more pronounced in firms with low-growth opportunities than in firms with high-growth opportunities. The results are inclined to the theory that leverage plays a disciplinary role to avoid overinvestment. Research limitations/implications African firms’ investment policy does not solely depend on the neoclass...
This study investigates the impact of financial literacy, level of education in a household and ... more This study investigates the impact of financial literacy, level of education in a household and gender differences on time preferences of students at a university in South Africa. The study relies on a convenient sample of (N=85, female=48%) pursuing a financial literacy course. The study uses a questionnaire, a financial literacy test and a simple binary choice experimental game that elicited individual time discount rate to gather data. Ten percent of the participants were paid (in South African rands) for their time preference choices by way of quota random sampling. Female university students’ individual time discount rate was found to be on average higher than that of their male counterparts, indicating that female university students are generally impatient, especially those with low levels of financial literacy. Our results (using a Negative Binomial Regression analysis and Ordinary Least Squares regression analysis) show that time preferences of university students aresi...
as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof... more as soon as possible after acceptance. Copyediting, typesetting, and review of the resulting proof will be undertaken on this manuscript before final publication of the Version of Record (VoR). Please note that during production and pre-press, errors may be discovered which could affect the content.
This study investigates determinants of financial behavior (FB) of university students at a unive... more This study investigates determinants of financial behavior (FB) of university students at a university in South Africa. It examines whether financial behavior, confidence, time preferences, risk preferences and financial literacy perceptions of university students differ by financial literacy level. Data were gathered via a questionnaire that included personal information, FB, financial perceptions and financial knowledge responses as well as a multiple price list (MPL) risk preferences and time preferences experiment tasks. A convenient total sample of 191 students (females = 53%) participated in the study. A t-test analysis showed that FB, risk preferences, confidence levels, time preferences and financial literacy perceptions of university students significantly differed by financial literacy level. Our results show that university students with low financial literacy levels are more overconfident, risk loving and impatient; such FB is synonymous with major causes of financial crises across the world. An OLS regression model analysis showed that the risk preferences index, financial literacy perception index and confidence significantly influenced the FB of categorized university students. The risk preference index significantly influenced debt FB of categorized university students. In order to
This study investigates the impact of financial literacy, level of education in a household and ... more This study investigates the impact of financial literacy, level of education in a household and gender differences on time preferences of students at a university in South Africa. The study relies on a convenient sample of (N=85, female=48%) pursuing a financial literacy course. The study uses a questionnaire, a financial literacy test and a simple binary choice experimental game that elicited individual time discount rate to gather data. Ten percent of the participants were paid (in South African rands) for their time preference choices by way of quota random sampling. Female university students’ individual time discount rate was found to be on average higher than that of their male counterparts, indicating that female university students are generally impatient, especially those with low levels of financial literacy. Our results (using a Negative Binomial Regression analysis and Ordinary Least Squares regression analysis) show that time preferences of university students aresi...
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