Template-Type: ReDIF-Article 1.0 Title: An Exploratory Study of the Causality between Internet Use, Innovation, and Economic Growth in Tunisia: An indispensable Case Analysis Author-Name: Sayef BAKARI Author-Name: Sofien TIBA Author-Name: Mohamed MABROUKI Author-Workplace-Name: University of Tunis El Manar Author-Workplace-Name: University of Sfax Author-Workplace-Name: University of Sfax Author-Email: bakari.sayef@yahoo.fr Author-Email: sofienetiba@gmail.com Author-Email: mabroukimed@gmail.com Classification-JEL: O31, O32, O38, O47, O50. Keywords: Innovation; Use of the Internet; Economic Growth; ARDL Bounds testing. Abstract: In line with the exogenous and endogenous theory coupled with the seminal Schumpeterian contribution, we attempt to investigate the impact of the use of internet and innovation on economic growth in the case of the Tunisian economy. For this purpose, we employ the ARDL bounds testing methodology over the period 1985-2018. In the short-run, our empirical facts outline the absence of a significant effect of innovation on economic growth. Also, our empirical findings reported that the internet stimulates economic growth. However, in the long-run, our empirical findings pointed out the presence of the negative impact of the innovation and the use of internet on economic growth. Moreover, our results show a significant positive impact of the internet and economic growth on innovation in the long-run. Finally, our results show a negative impact of economic growth on the use of the internet. However, the results display a significant positive impact of innovation on the use of the internet. From these perspectives, the Tunisian authorities should take seriously the innovation and the potential of the use of the internet which can help the economy to be modernized, diversified, and robust to create new jobs and to find new markets and new strategic partners, and new opportunities. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 1 Pages: 1-18 DOI: 10.1991/jefa.v6i1.a48 File-URL: http://ojs.tripaledu.com/index.php/jefa/article/download/70/81 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0052 Template-Type: ReDIF-Article 1.0 Title: Are Frontier African Markets Inefficient or Adaptive? Application of Rolling GARCH Models Author-Name: Adefemi A. OBALADE Author-Name: Akona TSHUTSHA Author-Name: Lungelo MVUYANA Author-Name: Nothando NDLOVU Author-Name: Paul-Francois MUZINDUTSI Author-Workplace-Name: University of Western Cape Author-Workplace-Name: University of KwaZulu-Natal Author-Workplace-Name: University of KwaZulu-Natal Author-Workplace-Name: University of KwaZulu-Natal Author-Workplace-Name: University of KwaZulu-Natal Author-Email: aobalade@uwc.ac.za Author-Email: atshutsa@gmail.com Author-Email: lmvuyana@gmail.com Author-Email: nndlovu@gmail.com Author-Email: muzindutsip@ukzn.ac.za Classification-JEL: G10, G12, G14, G41. Keywords: Calendar Effect; Frontier Markets; GARCH; Adaptive Market Hypothesis; Market Efficiency; Rolling Window. Abstract: Time-varying calendar anomaly is thinly investigated in frontier stock markets. This study evaluates the day-of-the-week (DOW) calendar effects within the adaptive market hypothesis framework in frontier African stock markets. The study applies rolling analyses of the various GARCH family models to estimate daily stock indices return of Ghana stock exchange, Nairobi securities exchange, Botswana stock exchange and Bourse Regionale des Valeurs Mobilieres (BRVM) for 2000:1-2020:6 periods. The results show changing DOW effects in Kenya and Botswana which is consistent with the AMH. However, DOW effects cannot be validated in BRVM and Ghana. It suggests that each market must be treated with their own peculiarity even though they are ranked as frontier markets. We conclude that the changing DOW effects in the AMH context cannot be generalised in the frontier African markets and the existence of DOW effects must be treated with caution in BRVM and Ghana. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 1 Pages: 19-35 DOI: 10.1991/jefa.v6i1.a49 File-URL: http://ojs.tripaledu.com/index.php/jefa/article/download/71/82 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0053 Template-Type: ReDIF-Article 1.0 Title: Impact of government ownership on banks' profitability: Empirical evidence from commercial banks in Uzbekistan Author-Name: Mukaddaskhon ANVAROVA Author-Name: Olmas ISAKOV Author-Workplace-Name: Westminster International University in Tashkent Author-Workplace-Name: Westminster International University in Tashkent Author-Email: manvarova2@students.wiut.uz Author-Email: o.isakov@wiut.uz Classification-JEL: G21, G32. Keywords: Banking; Uzbekistan; Profitability; Privatization. Abstract: The banking system of a country plays a pivotal role in achieving sustainable economic growth in a country. Recent transformations and reforms in the economic policies of the Republic of Uzbekistan have led to significant changes in the banking sector. Studying the key factors which contribute to the profitability of commercial banks in Uzbekistan is becoming increasingly important. Thus, this research paper examines the main determinants of banking profitability in the Republic of Uzbekistan. For this, various indicators of the bank's effectiveness, such as specific banking characteristics, as well as macroeconomic determinants, were considered to investigate their influence on the profitability of Uzbek banks. To be more accurate liquidity, capital, size, government ownership, operational expenses, inflation, and gross domestic product (GDP), were included as explanatory variables. In turn, the return on assets (ROA) and the return on equity (ROE) were used as proxy indices of profitability for Uzbek banks. Panel data for the period from 2017 to 2021 have been employed on 32 commercial banks of Uzbekistan. Empirical conclusions have shown that the profit of the bank is largely determined by specific factors affecting its activities. The regression results have shown that government ownership and operating costs have negative and statistically significant relationship with the profitability of a bank. Surprisingly, GDP growth rate is negatively associated with ROE and ROA of commercial banks in Uzbekistan. Inflation and liquidity rates were found to have positive relationship with ROE. Other internal determinants, such as capital, and size have shown statistically insignificant impact on the bank's profitability. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 1 Pages: 37-53 DOI: 10.1991/jefa.v6i1.a50 File-URL: http://ojs.tripaledu.com/index.php/jefa/article/download/72/83 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0054 Template-Type: ReDIF-Article 1.0 Title: The COVID-19 Crisis and Interaction between the JSE, Real Estate, Energy, Commodity and Cryptocurrency Markets Author-Name: Damilola ABOLUWODI Author-Name: Bomi NOMLALA Author-Name: Paul-Francois MUZINDUTSI Author-Workplace-Name: University of KwaZulu-Natal Author-Workplace-Name: University of KwaZulu-Natal Author-Workplace-Name: University of KwaZulu-Natal Author-Email: aboluwodid@ukzn.ac.za Author-Email: nomlalabc@ukzn.ac.za Author-Email: muzindutsip@ukzn.ac.za Classification-JEL: C12, C5, G1, G15, G32, R3. Keywords: COVID-19 Crisis; South African Markets; Commodities; Cryptocurrency; Cointegration. Abstract: This paper examines the long-run interactions between South African stock (JSE) and real estate markets, with global asset markets such as oil, gold, platinum, and cryptocurrency markets during pre-Covid-19 tranquil period and during Covid-19 pandemic period comparatively using cointegration, causality and structural break tests. Findings of the paper shed light on the fact that cointegrations relationships between Bitcoin - JSE, Oil - JSE, and Real Estate – JSE were significant during pre-Covid period, while these significances weakened or disappeared during Covid period. On the other hand, cointegration relations show up between Oil – Platinum market and Gold – Real Estate market. It implies that JSE became volatile during Covid period comparing to Oil, Platinum, Gold markets in South Africa. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 1 Pages: 55-76 DOI: 10.1991/jefa.v6i1.a51 File-URL: http://ojs.tripaledu.com/index.php/jefa/article/download/73/84 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0055 Template-Type: ReDIF-Article 1.0 Title: Commercial Bank Credit and Agricultural Growth Outcomes in Nigeria: An Empirical Analysis Author-Name: Elizabeth Omolola OYEDEPO Author-Name: Joel Ede OWURU Author-Name: Mutiu Gbade RASAKI Author-Name: Britney LOUIS-OKEREKE Author-Workplace-Name: Augustine University Author-Workplace-Name: Augustine University Author-Workplace-Name: Augustine University Author-Workplace-Name: Augustine University Author-Email: elizabeth.oyedepo@augustineuniveristy.edu.ng Author-Email: joel.owuru@augustineuniversity.edu.ng Author-Email: mutiu.rasaki@augustineuniversity.edu.ng Author-Email: britneeylouis@gmail.com Classification-JEL: O11, O13. Keywords: Commercial Bank; Agricultural Credit; Growth Outcomes; Nigeria. Abstract: This study investigates the impact of commercial bank loans on agricultural growth outcomes in Nigeria. It uses Augmented Dickey Fuller unit root test in order to examine stationarity of model input variables, documenting that all variables were stationary either at levels I(0) or at first difference I(1). The study then employed the ARDL model and Error Correction Model to estimate the long-run and short-run effects of the variables. The long-run model results showed that commercial bank credit and government expenditure had a positive relationship with agricultural output, while exchange rate had a negative effect. The error correction model results revealed that government expenditure had a positive relationship with agricultural growth outcomes, while exchange rate and interest rates had a negative effect. In conclusion, the research found that commercial bank credit had a significant positive effect on agricultural growth outcomes in Nigeria, and recommended that commercial banks' lending policies and procedures should be flexible to accommodate more farmers. The results also imply that the government should provide adequate funds for the agricultural sector, specifically increasing its financial grants to small-scale farmers, to promote agricultural output and economic growth in the country. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 2 Pages: 1-19 DOI: 10.1991/jefa.v6i2.a52 File-URL: https://ojs.tripaledu.com/jefa/article/download/74/85 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0056 Template-Type: ReDIF-Article 1.0 Title: South African Taxpayers Perceptions towards E-Filing Author-Name: Baneng NAAPE Author-Workplace-Name: University of the Witwatersrand Author-Email: banengnaape@gmail.com Classification-JEL: H24, H26, C51, O31. Keywords: Tax Compliance; Information Technology; Binary Logistic Regression; E-Filing. Abstract: The study has two parts: the first part studies how South African taxpayers felt about e-filing, and the second part analyses how e-filing affected tax compliance. We use self-structured questionnaires to collect data from about 151 South African taxpayers, and we analyze them using binary logistic regression. The study finds that online tax registration and auto-assessment has a negative relationship with tax compliance in South Africa, while online payment methods, difficulty in tax evasion, and higher educational attainment have a positive association with tax compliance. The study also finds that the extent to which the e-filing system encourages taxpayers to become compliant has a positive and statistically significant relationship with tax compliance. Overall, the study suggests that the development of e-filing has a positive impact on taxpayers' perceptions in South Africa and significantly increases voluntary tax compliance. To maximize the benefits of e-filing, it is important to ensure that taxpayers have access to the necessary technology and knowledge to use it effectively. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 2 Pages: 21-41 DOI: 10.1991/jefa.v6i2.a53 File-URL: https://ojs.tripaledu.com/jefa/article/download/75/86 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0057 Template-Type: ReDIF-Article 1.0 Title: Institutional Shareholders' Monitoring Intensity and Executive Remuneration in South Africa Author-Name: Oloyede OBAGBUWA Author-Name: Farai KWENDA Author-Name: Rajendra RAJARAM Author-Workplace-Name: University of KwaZulu-Natal Author-Workplace-Name: University of KwaZulu-Natal Author-Workplace-Name: University of KwaZulu-Natal Author-Email: obagbuwa_oloyede@yahoo.co.uk Author-Email: kwendaf28@gmail.com Author-Email: rajaramr@ukzn.ac.za Classification-JEL: G30, G34. Keywords: Institutional shareholder; Agency theory; Executive remuneration; Institutional shareholder monitoring intensity; GMM; Corporate Managers. Abstract: This study investigates the effect of distraction measures as a proxy for the intensity of institutional shareholders' monitoring responsibility regarding corporate executive remuneration in the South African context. We employ the more robust Generalised Method of Moments (GMM) estimation approach to analyse the data from firms listed on the Johannesburg Stock Exchange (JSE) covering the period 2004-2019. The results show that distraction has a significant positive impact on corporate executive remuneration. Hence, when institutional shareholders’ attention shifts due to distraction, monitoring control is relaxed, and corporate executive officers manipulate remuneration to their advantage. The results are useful for investment managers and prospective investors in their efforts to ensure governance mechanisms that enhance corporate value to the benefit of stakeholders. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 2 Pages: 43-67 DOI: 10.1991/jefa.v6i2.a54 File-URL: https://ojs.tripaledu.com/jefa/article/download/76/87 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0058 Template-Type: ReDIF-Article 1.0 Title: Socio-Economic Factors Affecting Profitability of Sorghum Farming in Siaya County, Kenya Author-Name: Oscar Onyango KULA Author-Name: Philip Mulama NYANGWESO Author-Name: Ernest SAINA Author-Workplace-Name: Moi University Author-Workplace-Name: Moi University Author-Workplace-Name: Moi University Author-Email: kulaoscar@gmail.com Author-Email: pnyangweso@mu.ac.ke Author-Email: ernestsaina2017@gmail.com Classification-JEL: Sorghum; Farming; Profitability; Siaya. Keywords: N5, O13, Q1. Abstract: Despite the nutritional benefits of sorghum and its ability to thrive in the low and unpredictable rainfall conditions in Siaya County, farmers in the area have not widely adopted it as a viable enterprise. In this paper, we study profitability of sorghum production and its determinant factors in Siaya County, Kenya. By randomly sampling 310 farmers, the paper shows that sorghum farming in Siaya County is profitable, with an average gross margin of Kshs. 4,286 per acre and the most profitable farm having a gross margin of Kshs. 24,000 per acre. Moreover, the factors such as the age and education level of the household head, household size, household income, access to extension services, the number of crops intercropped with sorghum, and the nature of farming have significant impacts on gross margins. Thus, the study recommends improving extension services; encouraging farmers to embrace sustainable farming practices such as mixed farming; and incentivizing farmers into sorghum farming. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 2 Pages: 69-83 DOI: 10.1991/jefa.v6i2.a55 File-URL: https://ojs.tripaledu.com/jefa/article/download/77/88 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0059 Template-Type: ReDIF-Article 1.0 Title: Oil Sector Revenues and the Marginal Propensity to Import: A Focus on Oil-Exporting African Countries Author-Name: Innocent Chile NZEH Author-Name: Hycenth Oguejiofoalu Richard OGWURU Author-Name: David Ogomegbunam OKOLIE Author-Name: Jonathan Ibekwe OKOLIE Author-Workplace-Name: Renaissance University Author-Workplace-Name: Novena University Author-Workplace-Name: Renaissance University Author-Workplace-Name: Enugu State University of Science and Technology Author-Email: nzechile@yahoo.com Author-Email: profecahoro@gmail.com Author-Email: davidokolie799@gmail.com Author-Email: jonalbval020@gmail.com Classification-JEL: C33, F31, O24. Keywords: Panel ARDL; Marginal propensity to import; Oil rents; Trade openness; Foreign exchange; gross domestic savings. Abstract: Countries that possess abundant natural resources are often criticized for spending a larger portion of their revenue from selling those resources on imports, as their economies tend to lack diversification. This study aims to examine whether this claim is valid for oil-rich African countries. The paper uses the panel ARDL method to investigate the effect of oil sector revenues on the marginal propensity to import in oil-exporting African countries from 2000-2020. The findings show that in the short run, oil sector revenues do not have a significant impact on the marginal propensity to import. However, in the long run, oil sector revenues have a positive and significant effect on the marginal propensity to import. Additionally, the study reveals that exchange rates have a positive and significant impact on the marginal propensity to import, while the impact of trade openness is negative and significant. Furthermore, gross domestic savings have a negative and significant effect on the marginal propensity to import during the same period. Therefore, the study concludes that increasing oil revenues in the selected countries only resulted in a rise in imports in the long run. It suggests that oil-exporting African countries should save more during periods of rising oil prices as a buffer, and channel these savings towards building facilities that encourage economic growth. It also recommends that exchange rate policies should be used to discourage excessive importation during periods of rising oil prices. Journal: Journal of Economics and Financial Analysis Year: 2022 Volume: 6 Issue: 2 Pages: 85-98 DOI: 10.1991/jefa.v6i2.a56 File-URL: https://ojs.tripaledu.com/jefa/article/download/78/89 File-Format: application/pdf Handle: RePEc:trp:01jefa:jefa0060