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Abstract - Private Sector Lending and Growth of the Real Sectors in a Developing Economy: An Ardl Approach
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Abstract: In this paper, we focused on the growth of the economy looking at the impact of Bank lending. The study disaggregated growth into agricultural sector, manufacturing sector and growth in commerce. Volume of Bank credit represents the major regressor with Growth of Agriculture (GAPI), manufacturing (GDPI), commerce (GDPT) as well as overall economic growth, all serving as dependent variables. The results reveal a significant positive link amongst growth of agriculture, manufacturing and commerce with volume of bank credit while overall growth is positive but non-significant. Based on the results, evidence of a convergence long-run equilibrium for the LGDPA, LGDPC and LGDPM models was established. The fastest of them all is that of LGDPA, which stands at 36%, followed respectively by 34% for LGDPM and 23% for LGDPC. It is therefore recommended that the government should evolve policies that will not only improve on the overall growth of the economy but also ensure a balanced growth through due contributions from all the sectors of the economy. Moreover, efficient policies should be made in the areas of improved macroeconomic and regulatory environment, which would make the economy move from its present focus on oil to a more inclusive one that focuses more on agriculture, manufacturing and commerce. Keywords: Bank Credit, Economic Growth, Real Sector, Nigerian Economy, Autoregressibe Distributed Lag Model (ARDL), Error Correction Model, Bound Test. |
Abstract - Why do Family Firms Pay Cash Dividends in Emerging Markets? Corporate Control and Family Succession in Korea
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Abstract: Following the economic crisis in 1997, the Korean government introduced the enhanced corporate governance and reform policy, which drove family-controlled firms to search strategic reaction for control succession and wealth transfer. This paper explores alternative explanations for why Korean firms choose to pay cash dividends around this corporate reform period. What lead firms to pay cash dividends remains largely unexplained by the reducing agency cost, signaling, or life-cycle theories. This study focuses on relations between the ownership structure and cash dividends payout, seeking effects deriving from (i) controlling shareholder (CS) and (ii) their family members. The logit analysis result shows that firms with large control rights, especially higher ownership of other family members of CS are more likely to pay cash dividends. After adjusting for the characteristics that affect the degree of cash dividends, ownership variables are positively related to payout ratios and dividend yields. CS family members’ ownership has a statistically stronger effect on payout ratios than CS’s. These results provide the evidence of incentive for corporate control succession within the family with least costs carried by the family members of controlling shareholders who positively influence payout decisions and dividend ratios. Keywords: Corporate Payout, Dividend, Corporate Control, Family Firm, Ownership Structure, Succession. |
EDITORIAL: Economic Opportunity and Global Safety
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Abstract - Obstacles Faced by African Copreneurs in Black Townships of the Western Cape, South Africa
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Abstract: The primary objective of this study is to examine the experiences of copreneurs specifically those who operate in the black townships of the Western Cape. Specifically, this study targets African1 copreneurs. Copreneurship is the term used when a husband and wife come together to own and manage a business as part of their daily engagement. As copreneurs, they confront specific obstacles. In South Africa, copreneurs exist within the framework of two fields, namely small, medium, micro business and family business. This study adopts a mixed research methodology, involving both quantitative and qualitative techniques. Thus the data collection instruments included a questionnaire and an interview schedule involving 150 subjects. The findings reveal, among other things, that major obstacles include the lack of finance for business expansion, as well as the lack of relevant information about government support, crime and absence of infrastructure. This study provides an opportunity to understand the specific challenges that c face, as well as information about the state of African copreneurship in black townships in the Western Cape. It is hoped that the findings and recommendations will shine a light on the specific challenges, as well as provide the necessary remedial opportunities so that these entrepreneurs are able to meaningfully add value to their respective communities. Keywords: Small medium and micro businesses, Copreneurs, South Africa, Entrepreneurship, Copreneurship. |
