Abstract Rising poverty levels in Sub-Saharan Africa requires a better understanding of inclusive... more Abstract Rising poverty levels in Sub-Saharan Africa requires a better understanding of inclusive growth determinants to develop effective policy responses. Using panel data from 44 Sub-Saharan African countries for the period 1990–2018, we compute measures of inclusive growth based on gender and the rural–urban divide. We account for endogeneity, cross-sectional dependence, and heteroscedasticity, and estimate an inclusive growth model using the instrumental variable generalized method of moments (IV-GMM) estimator. The empirical evidence indicates that the impact of informality on inclusive growth depends on the measure of informality and inclusiveness. Our results show that financial inclusion exhibits an inverted-U-shaped relationship with inclusive growth. Also, we find that the moderating role of financial inclusion in the informality–inclusive growth nexus is mixed. Our results are robust to alternative model specifications and highlight the importance of financial inclusion and informality in influencing inclusive growth in Sub-Saharan Africa.
Farm efficiency analysis provides significant insights into farms' potential to enhance agric... more Farm efficiency analysis provides significant insights into farms' potential to enhance agricultural productivity. This article reports on an investigation of technology adoption and technical efficiency (TE) in the Ethiopian maize sector. We estimated TE while accounting for the potential technological difference between improved and local maize varieties and addressing self-selection bias resulting from farmers' decisions to adopt new crop varieties. Using comprehensive household-level data collected in 2011 from five major maize-producing regions in Ethiopia, we specified a stochastic frontier model to estimate TE and employ propensity score-matching technique to address self-selection bias. The result confirm that imposing a homogenous technology assumption for improved and local maize varieties biases efficiency estimates and the ranking of farmers based on their efficiency scores. The mean TE of 66.18%, estimated after correcting for technology difference and self-sele...
ABSTRACT This article empirically investigates the impact of the East African Community (EAC) on ... more ABSTRACT This article empirically investigates the impact of the East African Community (EAC) on economic growth. We utilized a comprehensive panel data spanning from 1988 to 2017. We estimated an endogenous growth model using feasible generalized least squares (FGLS) and panel corrected standard error (PCSE) estimators. Regional trade agreements (RTAs) and trade openness enhance economic growth. RTAs in the same region have a more significant impact on economic growth than plurilateral and multilateral RTAs. Regionalism in the EAC has heterogeneous country effects on economic growth. Our results are robust to alternative model specifications, highlighting the importance of RTAs in enhancing economic growth.
This paper examines the extent to which the managerial characteristics of small and medium-sized ... more This paper examines the extent to which the managerial characteristics of small and medium-sized enterprises (SMEs) in the manufacturing sector impact on export development in Indonesia. Utilising descriptive and inferential statistics techniques, we find that differences exist between exporting and non-exporting firms in relation to the managerial characteristics of education level, foreign language ability and international business experience. The findings indicate that a manager’s educational attainment, foreign language skills, and international business experience have a significant impact on the export development of the firm. The implication of the findings is that the Indonesian government should pursue policies aimed at encouraging training and improving language skills of managers, as well as promoting international business experience of managers, as these policies are capable of enhancing the export competitiveness of manufacturing small and medium enterprises in Indonesia
India is a major producer and consumer of pulses in the world. In the last two decades, India’s p... more India is a major producer and consumer of pulses in the world. In the last two decades, India’s pulse economy has undergone major policy and institutional reforms. These changes are likely to influence India’s trade in pulses and consequently world pulse trade. This article examines the impact of these reforms on trade, prices and production in India. The article discusses the factors that instigated these policy reforms and the consequences. The results indicate that a number of key economic, political and technological factors are reshaping pulse trade in India. The policy implications of the findings are explored.
Board gender diversity is a keenly debated topic in both management practice and academic discour... more Board gender diversity is a keenly debated topic in both management practice and academic discourse. This study examines the influence of board gender diversity on firm financial performance in four ASEAN countries. Adopting agency and resource dependence approaches, board gender diversity's interactions with three mediating organizational variables are evaluated against four organisational performance measures. Partially supporting agency theory and resource dependence theory, the results suggest that board gender diversity are only positively associated with sales to fixed asset ratio and sales per employee ratio. The BGD's effects at the organisational level are mediated distinctly by firm size, ownership structure, and industry nature respectively, and by the multivariate interaction among these variables. The results of this paper support the findings of other studies that found a partially significant link between the board gender diversity and the firm's performance. Decision-makers in society and politics, therefore, need to be aware of the empirical evidence indicating that stimulating organisational environment may need to be configured before the valuable outcomes of gender diversity can be achieved.
The International Journal of Logistics Management, 2020
PurposeThis paper investigates the inhibitors and enablers of supply chain integration (SCI) acro... more PurposeThis paper investigates the inhibitors and enablers of supply chain integration (SCI) across multiple tiers in the supply chains of manufacturing-based small and medium-sized enterprises (SMEs) in Malawi.Design/methodology/approachFollowing a qualitative approach, data were collected through face-to-face interviews across three supply chains, each consisting of a focal manufacturer, a major supplier and a retailer.FindingsThe research identified interpersonal relationships, supplier cost transparency and joint supply chain management (SCM) investments as key enablers of SCI. Concerning the inhibitors of SCI, the study found that a lack of external integration inhibited internal integration by acting as a source of disruption to intra-firm processes and relationships. Further, the research found weaker links between manufacturer–-retailer dyads than in manufacturer–supplier dyads, which constrained the ability to achieve multi-tier supplier–manufacture–retailer integration. Th...
ABSTRACT This study explores the impact of government support programs (GSPs) on the interrelatio... more ABSTRACT This study explores the impact of government support programs (GSPs) on the interrelationships between the dimensions of the entrepreneurial orientation (EO) and performance using a sample of agro-based small- and medium-sized enterprises in a developing economy. The study develops a two-dimensional metric of the GSP construct consisting of financial and non-financial GSP interventions. The study finds preliminary evidence that both nonfinancial and financial GSPs have moderating effects that can magnify the impact of the EO dimensions of innovativeness, risk taking, autonomy, and competitive aggressiveness on performance. These findings offer guidance to small business policymakers in developing economies.
Over the last three decades, there has been increasing disparity in savings across regions and in... more Over the last three decades, there has been increasing disparity in savings across regions and income groupings globally. In this paper, we investigate whether the quality of institutions explains the saving disparities in Sub-Saharan Africa (SSA). Utilizing comprehensive panel data and spanning the period 1980-2015, we estimate a savings model using the two-step instrumental variable generalized method of moment (2SIV-GMM) estimator. Our results show that the impact of institutions on savings behaviour differs across regions and income groupings, and in SSA, in aggregate. We find that the level and growth of per capita income and terms of trade enhance savings whereas government consumption expenditure, financial sector development and the elderly dependency rate are savings impeding. The findings are robust to alternative model specification and highlight the importance of institutions in influencing savings behaviour in SSA.
In this article, we provide new empirical evidence of the association between corporate social re... more In this article, we provide new empirical evidence of the association between corporate social responsibility (CSR) and information asymmetry (IA) within the Australian context. Utilising a novel firm-level dataset of Australian publicly listed firms from EIKON and Australian Securities Exchange, and spanning the period 2004-2014, we examine five key hypotheses based on stakeholder theory. We estimate the information asymmetry model using fixed effect estimator with robust standard errors. We find that CSR performance is negatively associated with information asymmetry. Moreover, we find that the influence of CSR on bid-ask spread is more pronounced for large-sized, strong market power and high debt-to-equity ratio firms. We also find that the negative association between CSR and information asymmetry decreases for firms with high level of equity risk. Overall, our results are robust to alternative measures of CSR and IA, model specification and accounting for endogeneity, thus supporting the stakeholder theory of the negative relationship between CSR and information asymmetry. The findings highlight yet the importance of CSR in firm performance and the need to implement regulatory frameworks that mitigate the negative impact of information asymmetry on investor decision making.
A better understanding of tourism small and medium enterprise (TSME) management practices could i... more A better understanding of tourism small and medium enterprise (TSME) management practices could improve firm performance. Extending the resource-based view theory, this study empirically investigated the causal relationships between management practices and TSME firm performance using a structural equation model and survey data of 346 tourism entrepreneurs. Six of the nine hypotheses were confirmed. It was found that business planning, entrepreneurial motivation, and government assistance do have a direct and positive effect on TSME firm performance. Additionally, entrepreneurial motivation was positively associated with business planning, business alliance, and firm performance; however, business alliance and Internet adoption did not affect firm performance. The findings highlight the importance of management practices that have previously been overlooked in policy decision making within the tourism industry.
Journal of Agricultural and Applied Economics, 2003
South Africa is emerging as a major player in the world agricultural products market. This study ... more South Africa is emerging as a major player in the world agricultural products market. This study investigates aggregate food demand patterns in South Africa using a linear approximate almost ideal demand system (LA/AIDS) modeling framework. Data from a 1993 integrated national household survey are employed in the analysis. Empirical results show that demand for meat and fish, grains, dairy products, fruits, vegetables, and other foods are generally price elastic. The expenditure elasticities imply that meat and fish and grains are luxury products, whereas dairy products, fruits, vegetables, and other foods are necessities in the household diet. The results also indicate that if income of households increases food expenditure on meat and fish and grains would increase, whereas that on dairy products, fruits, vegetables, and other foods would decrease. Race, age, and gender of household head, urbanization, and family size affect food demand in South Africa.
The purpose of this study is to investigate regional (state) hidden unemployment disparity and pe... more The purpose of this study is to investigate regional (state) hidden unemployment disparity and persistence in Australia. Quarterly time series data spanning the period 1978 through to 2003 was employed in the analyses. Empirical results indicate that cyclical sensitivity is more pronounced in Tasmania and least pronounced in New South Wales. The level of hidden unemployment differentials appear to be more pronounced during periods following a recession than in a boom. Results indicate that hidden unemployment were higher in the 1990s compared with the 1980s. A co-integration analysis of persistence of regional hidden unemployment indicates that there are differences in the degree of persistence in hidden unemployment to exogenous shocks affecting labour markets in Australian states. The persistence estimates suggest the existence of an underlying long-run equilibrium structure of hidden unemployment in Australia.
This paper estimates aggregate short-run and long-run import demand functions for the Philippines... more This paper estimates aggregate short-run and long-run import demand functions for the Philippines using data for the period 1960-2006. Results indicate that import demand and its determinants are cointegrated in the long run. The import demand with respect to expenditure components is inelastic in both the short run and long run. The error correction mechanism indicates that equilibrium is attained in nearly two years after a shock to expenditure components of the import demand function. Short-run determinants of import demand are exports and domestic investment, while the long-run determinants of import demand are exports, domestic investment and government expenditure.
We assess the factors that attract international hotels to tourism destinations. T&T welcomeness ... more We assess the factors that attract international hotels to tourism destinations. T&T welcomeness and the quality of infrastructure are the most significant factors. The level of corruption and crime rate make a destination less attractive.
Abstract Rising poverty levels in Sub-Saharan Africa requires a better understanding of inclusive... more Abstract Rising poverty levels in Sub-Saharan Africa requires a better understanding of inclusive growth determinants to develop effective policy responses. Using panel data from 44 Sub-Saharan African countries for the period 1990–2018, we compute measures of inclusive growth based on gender and the rural–urban divide. We account for endogeneity, cross-sectional dependence, and heteroscedasticity, and estimate an inclusive growth model using the instrumental variable generalized method of moments (IV-GMM) estimator. The empirical evidence indicates that the impact of informality on inclusive growth depends on the measure of informality and inclusiveness. Our results show that financial inclusion exhibits an inverted-U-shaped relationship with inclusive growth. Also, we find that the moderating role of financial inclusion in the informality–inclusive growth nexus is mixed. Our results are robust to alternative model specifications and highlight the importance of financial inclusion and informality in influencing inclusive growth in Sub-Saharan Africa.
Farm efficiency analysis provides significant insights into farms' potential to enhance agric... more Farm efficiency analysis provides significant insights into farms' potential to enhance agricultural productivity. This article reports on an investigation of technology adoption and technical efficiency (TE) in the Ethiopian maize sector. We estimated TE while accounting for the potential technological difference between improved and local maize varieties and addressing self-selection bias resulting from farmers' decisions to adopt new crop varieties. Using comprehensive household-level data collected in 2011 from five major maize-producing regions in Ethiopia, we specified a stochastic frontier model to estimate TE and employ propensity score-matching technique to address self-selection bias. The result confirm that imposing a homogenous technology assumption for improved and local maize varieties biases efficiency estimates and the ranking of farmers based on their efficiency scores. The mean TE of 66.18%, estimated after correcting for technology difference and self-sele...
ABSTRACT This article empirically investigates the impact of the East African Community (EAC) on ... more ABSTRACT This article empirically investigates the impact of the East African Community (EAC) on economic growth. We utilized a comprehensive panel data spanning from 1988 to 2017. We estimated an endogenous growth model using feasible generalized least squares (FGLS) and panel corrected standard error (PCSE) estimators. Regional trade agreements (RTAs) and trade openness enhance economic growth. RTAs in the same region have a more significant impact on economic growth than plurilateral and multilateral RTAs. Regionalism in the EAC has heterogeneous country effects on economic growth. Our results are robust to alternative model specifications, highlighting the importance of RTAs in enhancing economic growth.
This paper examines the extent to which the managerial characteristics of small and medium-sized ... more This paper examines the extent to which the managerial characteristics of small and medium-sized enterprises (SMEs) in the manufacturing sector impact on export development in Indonesia. Utilising descriptive and inferential statistics techniques, we find that differences exist between exporting and non-exporting firms in relation to the managerial characteristics of education level, foreign language ability and international business experience. The findings indicate that a manager’s educational attainment, foreign language skills, and international business experience have a significant impact on the export development of the firm. The implication of the findings is that the Indonesian government should pursue policies aimed at encouraging training and improving language skills of managers, as well as promoting international business experience of managers, as these policies are capable of enhancing the export competitiveness of manufacturing small and medium enterprises in Indonesia
India is a major producer and consumer of pulses in the world. In the last two decades, India’s p... more India is a major producer and consumer of pulses in the world. In the last two decades, India’s pulse economy has undergone major policy and institutional reforms. These changes are likely to influence India’s trade in pulses and consequently world pulse trade. This article examines the impact of these reforms on trade, prices and production in India. The article discusses the factors that instigated these policy reforms and the consequences. The results indicate that a number of key economic, political and technological factors are reshaping pulse trade in India. The policy implications of the findings are explored.
Board gender diversity is a keenly debated topic in both management practice and academic discour... more Board gender diversity is a keenly debated topic in both management practice and academic discourse. This study examines the influence of board gender diversity on firm financial performance in four ASEAN countries. Adopting agency and resource dependence approaches, board gender diversity's interactions with three mediating organizational variables are evaluated against four organisational performance measures. Partially supporting agency theory and resource dependence theory, the results suggest that board gender diversity are only positively associated with sales to fixed asset ratio and sales per employee ratio. The BGD's effects at the organisational level are mediated distinctly by firm size, ownership structure, and industry nature respectively, and by the multivariate interaction among these variables. The results of this paper support the findings of other studies that found a partially significant link between the board gender diversity and the firm's performance. Decision-makers in society and politics, therefore, need to be aware of the empirical evidence indicating that stimulating organisational environment may need to be configured before the valuable outcomes of gender diversity can be achieved.
The International Journal of Logistics Management, 2020
PurposeThis paper investigates the inhibitors and enablers of supply chain integration (SCI) acro... more PurposeThis paper investigates the inhibitors and enablers of supply chain integration (SCI) across multiple tiers in the supply chains of manufacturing-based small and medium-sized enterprises (SMEs) in Malawi.Design/methodology/approachFollowing a qualitative approach, data were collected through face-to-face interviews across three supply chains, each consisting of a focal manufacturer, a major supplier and a retailer.FindingsThe research identified interpersonal relationships, supplier cost transparency and joint supply chain management (SCM) investments as key enablers of SCI. Concerning the inhibitors of SCI, the study found that a lack of external integration inhibited internal integration by acting as a source of disruption to intra-firm processes and relationships. Further, the research found weaker links between manufacturer–-retailer dyads than in manufacturer–supplier dyads, which constrained the ability to achieve multi-tier supplier–manufacture–retailer integration. Th...
ABSTRACT This study explores the impact of government support programs (GSPs) on the interrelatio... more ABSTRACT This study explores the impact of government support programs (GSPs) on the interrelationships between the dimensions of the entrepreneurial orientation (EO) and performance using a sample of agro-based small- and medium-sized enterprises in a developing economy. The study develops a two-dimensional metric of the GSP construct consisting of financial and non-financial GSP interventions. The study finds preliminary evidence that both nonfinancial and financial GSPs have moderating effects that can magnify the impact of the EO dimensions of innovativeness, risk taking, autonomy, and competitive aggressiveness on performance. These findings offer guidance to small business policymakers in developing economies.
Over the last three decades, there has been increasing disparity in savings across regions and in... more Over the last three decades, there has been increasing disparity in savings across regions and income groupings globally. In this paper, we investigate whether the quality of institutions explains the saving disparities in Sub-Saharan Africa (SSA). Utilizing comprehensive panel data and spanning the period 1980-2015, we estimate a savings model using the two-step instrumental variable generalized method of moment (2SIV-GMM) estimator. Our results show that the impact of institutions on savings behaviour differs across regions and income groupings, and in SSA, in aggregate. We find that the level and growth of per capita income and terms of trade enhance savings whereas government consumption expenditure, financial sector development and the elderly dependency rate are savings impeding. The findings are robust to alternative model specification and highlight the importance of institutions in influencing savings behaviour in SSA.
In this article, we provide new empirical evidence of the association between corporate social re... more In this article, we provide new empirical evidence of the association between corporate social responsibility (CSR) and information asymmetry (IA) within the Australian context. Utilising a novel firm-level dataset of Australian publicly listed firms from EIKON and Australian Securities Exchange, and spanning the period 2004-2014, we examine five key hypotheses based on stakeholder theory. We estimate the information asymmetry model using fixed effect estimator with robust standard errors. We find that CSR performance is negatively associated with information asymmetry. Moreover, we find that the influence of CSR on bid-ask spread is more pronounced for large-sized, strong market power and high debt-to-equity ratio firms. We also find that the negative association between CSR and information asymmetry decreases for firms with high level of equity risk. Overall, our results are robust to alternative measures of CSR and IA, model specification and accounting for endogeneity, thus supporting the stakeholder theory of the negative relationship between CSR and information asymmetry. The findings highlight yet the importance of CSR in firm performance and the need to implement regulatory frameworks that mitigate the negative impact of information asymmetry on investor decision making.
A better understanding of tourism small and medium enterprise (TSME) management practices could i... more A better understanding of tourism small and medium enterprise (TSME) management practices could improve firm performance. Extending the resource-based view theory, this study empirically investigated the causal relationships between management practices and TSME firm performance using a structural equation model and survey data of 346 tourism entrepreneurs. Six of the nine hypotheses were confirmed. It was found that business planning, entrepreneurial motivation, and government assistance do have a direct and positive effect on TSME firm performance. Additionally, entrepreneurial motivation was positively associated with business planning, business alliance, and firm performance; however, business alliance and Internet adoption did not affect firm performance. The findings highlight the importance of management practices that have previously been overlooked in policy decision making within the tourism industry.
Journal of Agricultural and Applied Economics, 2003
South Africa is emerging as a major player in the world agricultural products market. This study ... more South Africa is emerging as a major player in the world agricultural products market. This study investigates aggregate food demand patterns in South Africa using a linear approximate almost ideal demand system (LA/AIDS) modeling framework. Data from a 1993 integrated national household survey are employed in the analysis. Empirical results show that demand for meat and fish, grains, dairy products, fruits, vegetables, and other foods are generally price elastic. The expenditure elasticities imply that meat and fish and grains are luxury products, whereas dairy products, fruits, vegetables, and other foods are necessities in the household diet. The results also indicate that if income of households increases food expenditure on meat and fish and grains would increase, whereas that on dairy products, fruits, vegetables, and other foods would decrease. Race, age, and gender of household head, urbanization, and family size affect food demand in South Africa.
The purpose of this study is to investigate regional (state) hidden unemployment disparity and pe... more The purpose of this study is to investigate regional (state) hidden unemployment disparity and persistence in Australia. Quarterly time series data spanning the period 1978 through to 2003 was employed in the analyses. Empirical results indicate that cyclical sensitivity is more pronounced in Tasmania and least pronounced in New South Wales. The level of hidden unemployment differentials appear to be more pronounced during periods following a recession than in a boom. Results indicate that hidden unemployment were higher in the 1990s compared with the 1980s. A co-integration analysis of persistence of regional hidden unemployment indicates that there are differences in the degree of persistence in hidden unemployment to exogenous shocks affecting labour markets in Australian states. The persistence estimates suggest the existence of an underlying long-run equilibrium structure of hidden unemployment in Australia.
This paper estimates aggregate short-run and long-run import demand functions for the Philippines... more This paper estimates aggregate short-run and long-run import demand functions for the Philippines using data for the period 1960-2006. Results indicate that import demand and its determinants are cointegrated in the long run. The import demand with respect to expenditure components is inelastic in both the short run and long run. The error correction mechanism indicates that equilibrium is attained in nearly two years after a shock to expenditure components of the import demand function. Short-run determinants of import demand are exports and domestic investment, while the long-run determinants of import demand are exports, domestic investment and government expenditure.
We assess the factors that attract international hotels to tourism destinations. T&T welcomeness ... more We assess the factors that attract international hotels to tourism destinations. T&T welcomeness and the quality of infrastructure are the most significant factors. The level of corruption and crime rate make a destination less attractive.
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Papers by Frank W Agbola