Papers by Rafiu Adewale Aregbeshola
Journal of African Union studies, Apr 1, 2024
Journal of African Union studies, Aug 1, 2023
Journal of African Union studies, Dec 1, 2022
Sustainability, Dec 25, 2023
Problems and perspectives in management, Mar 26, 2017
The effect of FICA on the shareholders' interest of listed automobile firms on the JSE" AUTHORS A... more The effect of FICA on the shareholders' interest of listed automobile firms on the JSE" AUTHORS Adewale Rafiu Aregbeshola ARTICLE INFO Adewale Rafiu Aregbeshola (2010). The effect of FICA on the shareholders' interest of listed automobile firms on the JSE. Problems and Perspectives in Management, 8(3-1)
I declare that 'POLICY DETERMINANTS FOR FDIs IN SOUTH AFRICA' is my own work and that all sources... more I declare that 'POLICY DETERMINANTS FOR FDIs IN SOUTH AFRICA' is my own work and that all sources that I have used or quoted have been indicated and acknowledged by means of complete references.
Africa insight, Jun 1, 2010
The movement of people across geographies in pursuit of socioeconomic values is as old as man. It... more The movement of people across geographies in pursuit of socioeconomic values is as old as man. It is well documented in literature that a series of migrations took place across the globe during the Stone Age era, a situation that has continued ever since. While international migration is a socioeconomic commonplace, the recent realism has been galvanised by the further integration and interdependence of countries, as precipitated by globalisation. There are a lot of contestations about the accurate account of the fl ow and stock of migrants globally. Despite these inaccuracies, the economic implication of migrants across Africa, and more specifi cally in South Africa (being the most appealing destination to many African migrants),
South African Journal of Economic and Management Sciences, Nov 28, 2014
The strategic importance of foreign direct investment in the contemporary economies has been trem... more The strategic importance of foreign direct investment in the contemporary economies has been tremendous. While various countries (developed and developing economies) have benefitted from the direct and spillover effects of FDI, which range from improved technology and knowledge diffusion through to individual and corporate capability enhancement, FDI outflow remains largely channelled to the developed countries, and the rapidly developing countries in Asia and South America. Evidence suggests that the developmentenhancing effects of FDI are felt more highly in the developing economies, such as economies in Africa. However, FDI inflow to the developing economies has been very low. Using data generated from the African Development Indicators (ADI) between 1980 and 2008 in econometric estimations, this paper finds that government policies (especially fiscal and monetary policies) play significant roles in facilitating FDI inflow to the African countries studied. The study thereby suggests an improved regulatory framework to make Africa more attractive to inflow of FDI.
African Journal of Economic and Management Studies, Jul 10, 2018
Purpose-The deterministic role of various macroeconomic fundamentals on the attractiveness of cou... more Purpose-The deterministic role of various macroeconomic fundamentals on the attractiveness of countries to inflow of FDI is well documented in literature. The role of market size, infrastructural development, inflation and exchange rates differential have been supported as determinants of FDI direction. However, no documented study has benefited from diverse measures of institutional adequacy as presented in this study. The paper aims to discuss these issues. Design/methodology/approach-The paper adopts various econometric approaches that include descriptive statistics, fixed effects models, LM test of independence, feasible generalised least squares regression and SUR estimations. Findings-This study unveils the specific impacts and explanatory power of each of the variables along country lines, and the author compares the results of some emerging markets in Asia, Eastern Europe, and South America to some selected countries in Africa. Using data set from various sources over a period of 44 years in a seemingly unrelated regression environment, this study suggests that poor technological capability, inadequate political system, weak productivity gains are major deterrents to the attractiveness of African countries to inflow of FDI. Research limitations/implications-The major limitation of this study revolves around availability of usable data, which compels the researcher to limit the focus and the span of time series. Practical implications-The study suggests the need to improve institutional quality in emerging economies, especially countries in Africa in order to enhance their attractiveness to FDI inflow. More importantly, the study found that low capital productivity gains hinder the attractiveness of African emerging markets to FDI inflow. Social implications-To alleviate poverty, attraction of FDI is considered important, and the improvement of institutional functionality in that regard is found to be important. The need to augment technological improvement is considered very important and critical. Originality/value-This serves to confirm that the article entitled "The Machination of Foreign Direct Investment Flow to Emerging Markets-A focus on Africa" is my own original work, envisaged to contribute to the debate about the role of macroeconomic fundamentals, especially capital productivity gains as determinants of a country's attractiveness to inflow of foreign capital in academic literature. All the sources used and consulted have been fully acknowledged by a way of complete referencing. The author hereby agrees to the terms and conditions as stipulated by the publisher and the editorial board of this prestigious journal.
Journal of Applied Business Research, Feb 27, 2014
Future Business Journal, Dec 1, 2017
Governments in various countries, irrespective of the country's level of economic growth, seek to... more Governments in various countries, irrespective of the country's level of economic growth, seek to initiate macroeconomic policies towards achieving better economic performance in order to advance level of business activities and ultimately, ensure better quality of life for the people. To achieve this, various approaches and interventions are applied in the process, but the outcomes are always different. While some of these policy interventions have culminated in the desired outcomes, quite a few have faltered on the platter of ineptness. This article investigates the importance of import substitution industrialisation (ISI) on the economic performance of the countries in the group of BRICS (Brazil, Russia, India, China and South Africa). Using data from the World Bank Development Indicators from 1960 to 2016 in econometric estimations, this article argues that ISI policy helped to catalyse the industrialisation process of these five countries, with the effects being more convergent in the short run as shown by the GMM, SGMM and impulse response techniques. It is thus recommended that less developed countries should adopt this form of economic integration and home-grown ISI policy to substitute imports in the short run, and embrace liberalisation as higher level of industrialisation is achieved in the long run.
Journal of Economics and Behavioral Studies, May 19, 2018
Nigeria textile industry is characterized by questionable incentives, political uncertainty, acut... more Nigeria textile industry is characterized by questionable incentives, political uncertainty, acute power shortage, poor infrastructure, smuggling and red-tape bureaucracy, among others. The study modified the endogenous growth model within a time series (1986 and 2015) estimation techniques of Autoregressive Distributed Lagged model (ARDL). Findings revealed that the effect of simple tariff rate on textile industry is negative and statistically significant in the long-run; while trade liberalization policy measure through simple tariff rate has a lag effect before it can be effective in the textile industry. In both short and long run, real effective exchange rate depreciation worsens the performance of the textile industry in Nigeria. In the long run, a 1.0% rise in trade openness would decrease the level of textile industry performance by about 17.49%, while factor affecting textile industry performance in the short run are simple tariff rate, financial development, exchange rate changes, trade openness and labor and capital inputs respectively. The study concluded that Trade liberalization has a lag effect on textile industry performance and a significant effect on the performance of the Nigerian textile industry. It is therefore recommended that government should make concerted efforts toward providing a favorable business environment, reducing inflation and improve the infrastructural facilities for the textile industry to strive.
African and Asian Studies, 2012
More economies have sprung up through home-grown import substitution industrialisation (ISI) stra... more More economies have sprung up through home-grown import substitution industrialisation (ISI) strategy in the developing world as compared to those that have plummeted by adopting the prescripts of the Washington Consensus. The recurring economic and financial crises, essentially the 2008/2009 experiences, present another perspective for macroeconomic policy embracement. For instance, major economies, especially those of the United States and the countries in the European Union, jettisoned their neoliberal ideology for protectionist measures in dealing with the 2008/2009 financial and economic turbulence. This lends credence to a rethink of macroeconomic policies for the less developed and developing economies. Using data generated from the World Development Indicators (WDI), an organ of the World Bank, in regression analyses, this article argues that the macroeconomic policy of import-substitution industrialisation contributed to the current economic developments in Brazil and South Africa. The article suggests that an import-substitution industrialisation policy is not only appropriate to galvanise industrialisation in less industrialised economies, but also augments a sustainable economic growth.
Proceedings - Academy of Management, Jul 1, 2012
The strategic importance of foreign direct investment in the contemporary economies has been trem... more The strategic importance of foreign direct investment in the contemporary economies has been tremendous. While various countries (developed and developing economies) have benefitted from the direct and spillover effects of FDI, which range from improved technology and knowledge diffusion through to individual and corporate capability enhancement, FDI outflow remains largely channelled to the developed countries, and the rapidly developing countries in Asia and South America. Evidence suggests that the developmentenhancing effects of FDI are felt more highly in the developing economies, such as economies in Africa. However, FDI inflow to the developing economies has been very low. Using data generated from the African Development Indicators (ADI) between 1980 and 2008 in econometric estimations, this paper finds that government policies (especially fiscal and monetary policies) play significant roles in facilitating FDI inflow to the African countries studied. The study thereby suggests an improved regulatory framework to make Africa more attractive to inflow of FDI.
African Journal of Business Management, Feb 1, 2012
The relationship between capital market development and inflow of FDI is well documented in liter... more The relationship between capital market development and inflow of FDI is well documented in literature. Documented evidence from Europe and American capital markets has been in affirmation of this thesis. However, a few similar studies conducted in Africa are largely country-specific and others marginalise various measurable indicators of capital markets. Using data generated through the World Bank databases for the six largest (and oldest) capital markets in Africa in a series of econometric techniques, this study reinforces the strength of capital market development and country's attractiveness to inflow of FDI both in the short and in the long run.
The strategic importance of capital market development in contemporary economic structures cannot... more The strategic importance of capital market development in contemporary economic structures cannot be overemphasized. Various documented studies have buttressed the quintessential indispensability of a developed domestic capital market as a springboard from which real national economic growth can be launched. While a host of those studies are focused on developed economies, quite a few others investigate the institutions-capital market performance analysis in developing economies. However, documented studies that investigate regional dynamics (especially in Africa) are rare. Using data generated from various sources from 1980 to 2016 in a series of estimations, this study remodelled the institutional-capital market development linkage model in Africa. Empirical findings established the role of institutional adequacy, most especially general public management, in the development of capital in Africa, of which the role of efficient macroeconomic management is noteworthy, to capital market efficiency in Africa.
Problems and perspectives in management, 2014
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Papers by Rafiu Adewale Aregbeshola