The purpose of this paper is to explore the modalities for the curtailment of expropriation of investment in the course of implementation of the African Continental Free Trade…
Abstract
Purpose
The purpose of this paper is to explore the modalities for the curtailment of expropriation of investment in the course of implementation of the African Continental Free Trade Area (AfCFTA) Agreement and to ensure that the African capital markets contribute robustly to economic growth.
Design/methodology/approach
The paper relies on the doctrinal approach to assess the state of play and the prospects for the future.
Findings
The paper found that African capital markets are fragmented and continue to suffer from poor investor protection which lowers market confidence.
Originality/value
The paper offers new insights on the regulatory approaches to foster investor protection in light of the emergence of the AfCFTA, regulation of executive compensation and need for harmonization of best practices across African markets.
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Edith O. Nwosu, Uchechukwu Nwoke, Collins Chikodi Ajibo, Fochi Nwodo and Ikenna Okoli
This paper aims to analyze the importance and application of whistleblowing in the fight against fraud in Nigeria’s capital market.
Abstract
Purpose
This paper aims to analyze the importance and application of whistleblowing in the fight against fraud in Nigeria’s capital market.
Design/methodology/approach
Drawing from existing legislation and literature in the area, the paper (by adopting a doctrinal approach), analyzes the application of whistleblowing in the Nigerian capital market.
Findings
As a result of an inadequate legislative framework (a structure consisting mainly of mere policy directives and voluntary codes), whistleblowing is seldom used in Nigeria’s capital market.
Originality/value
This paper extends the body of knowledge in the area of whistleblowing in Nigeria’s capital market by not only identifying the non-utilization of the concept but also offers creative suggestions, which will help it is to normalize as a regulatory tool for reducing fraud in this sector.
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Ndubuisi Nwafor, Collins Ajibo and Chidi Lloyd
The aims and objectives of the United Nations Convention on Contracts for the International Sale of Goods (CISG) have been defeated by the intrusion of domestic laws of different…
Abstract
Purpose
The aims and objectives of the United Nations Convention on Contracts for the International Sale of Goods (CISG) have been defeated by the intrusion of domestic laws of different contracting states in the interpretation of the provisions of this Convention. One of the most abused channels of this un-uniform interpretation is through art 4 of the CISG, which excludes the matters of validity and property from the Convention’s jurisdiction. This paper, therefore, aims to critically analyze the dangers of unsystematic reliance on the domestic laws in the interpretation of art 4 of the CISG on matters involving transnational validity and property.
Design/methodology/approach
The paper will use doctrinal methodology with critical and analytical approaches. The paper will incisively study the doctrines, theories and principles of law associated with validity of commercial contracts and the implications of exclusion of the doctrine of “validity” under the CISG.
Findings
The findings and contribution to knowledge will be by way of canvassing for a uniform transnational validity doctrine that will streamline and position the CISG to serve as a uniform international commercial convention.
Originality/value
This paper adopted a conceptual approach. Even though the paper ventilated the views of many writers on the issue of application of the doctrine of validity under the CISG, the paper, however, carved its own niche by making original recommendations on how to create a uniform validity jurisprudence under the CISG.
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Edith O. Nwosu, Collins C. Ajibo, Uchechukwu Nwoke and Ikenna Okoli
The purpose of the paper is to explore the legal and institutional frameworks for optimal regulation of capital market beyond compliance-based regulation, to enable the market to…
Abstract
Purpose
The purpose of the paper is to explore the legal and institutional frameworks for optimal regulation of capital market beyond compliance-based regulation, to enable the market to deliver on its strategic role as the enabler of efficient allocation of resources and economic growth.
Design/methodology/approach
The paper relies on doctrinal approach to assess the existing regulatory approaches and prospects for the future.
Findings
The paper found that the regulatory authorities unduly concentrate on compliance-based and sanction-based regimes without sufficient emphasis on innovations and transformative solutions that foster diversification and efficiency in the market. The paper also found that the deployment of innovations and transformative solutions complemented with robust regulation is positively correlated with capital market growth.
Originality/value
The paper offers fresh insights on the optimal approaches to regulation of capital market that transcend compliance-based and sanction-based regimes to reliance on innovative tools that expand, diversify and effectuate the functionality and utility of capital market.
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Uchechukwu Nwoke, Collins Chikodi Ajibo and Timothy Okechukwu Umahi
This paper aims to investigate the extent to which the ideology of shareholder value is compatible with that of transformative corporate social responsibility (CSR). It traces the…
Abstract
Purpose
This paper aims to investigate the extent to which the ideology of shareholder value is compatible with that of transformative corporate social responsibility (CSR). It traces the transformation of corporations from quasi-public institutions at inception to purely private enterprises beginning from the middle of the nineteenth century and attempts to locate the ideology of CSR within the wider viewpoint of shareholder value.
Design/methodology/approach
This paper adopts a doctrinal approach through a critical evaluation of the nature and implications of the shareholder value ideology. Using existing literature in the area, it traces the evolution of the shareholder value ideology and how it is antithetical to any meaningful CSR regime.
Findings
The paper finds that there is a fundamental tension between ideas about the desirability of effective CSR and the belief that it is to the benefit of society as a whole for corporations to be run solely in the interest of their shareholders and for managers to seek to maximize shareholder value. This ideological tension renders contemporary CSR ineffective.
Originality/value
The paper offers a fresh insight or analysis into the transformation of corporations from quasi-social institutions to purely private enterprises in the middle of the nineteenth century. It does this by engaging in a historical narrative of the evolution of the corporate form and how contemporary ideas of shareholder value have resulted in the emergence of a contemporary CSR devoid of the radical spirit of CSR in the 1950s and 1960s.