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Article
Publication date: 18 January 2019

Michael Asiamah, Daniel Ofori and Jacob Afful

The factors that determine foreign direct investment (FDI) are important to policy-makers, investors, the banking industry and the public at large. FDI in Ghana has received…

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Abstract

Purpose

The factors that determine foreign direct investment (FDI) are important to policy-makers, investors, the banking industry and the public at large. FDI in Ghana has received increased attention in recent times because its relevance in the Ghanaian economy is too critical to gloss over. The purpose of this paper is to examine the determinants of FDI in Ghana between the period of 1990 and 2015.

Design/methodology/approach

The study employed a causal research design. The study used the Johansen’s approach to cointegration within the framework of vector autoregressive for the data analysis.

Findings

The study found a cointegrating relationship between FDI and its determinants. The study found that both the long-run and short-run results found statistically significant negative effects of inflation rate, exchange rate and interest rate on FDI in Ghana while gross domestic product, electricity production and telephone usage (TU) had a positive effect on FDI.

Research limitations/implications

The study found a cointegrating relationship between FDI and its determinants. The study found that both the long-run and short-run results found statistically significant negative effects of inflation rate, exchange rate and interest rate on FDI in Ghana whiles gross domestic product, electricity production and TU had a positive effect on FDI.

Practical implications

This study has potential implication for boosting the economies of developing countries through its policy recommendations which if implemented can guarantee more capital inflows for the economies.

Social implications

This study has given more effective ways of attracting more FDI into countries which in effect achieve higher GDP and also higher standard of living through mechanisms and in the end creating more social protection programs for the people.

Originality/value

Although studies have been conducted to explore the determinants of FDI, some of the core macroeconomic variables such as inflation, interest rate, telephone subscriptions, electricity production, etc., which are unstable and have longstanding effects on FDI have not been much explored to a give a clear picture of the relationships. Therefore, a study that will explore these and other macroeconomic variables to give clear picture of their relationships and suggest some of the possible ways of dealing with these variables in order to attract more FDI for the country to achieve its goal is what this paper seeks to do.

Details

Journal of Asian Business and Economic Studies, vol. 26 no. 1
Type: Research Article
ISSN: 2515-964X

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Article
Publication date: 22 December 2023

Marwan N. Al Qur’an

This study aims to examine the international market selection process of entrepreneurs operating internationally.

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Abstract

Purpose

This study aims to examine the international market selection process of entrepreneurs operating internationally.

Design/methodology/approach

Four small and medium-sized comparative and rich-information case studies were purposefully selected from among Australian and Arabian firms. Data were collected via in-depth personal interviews, follow-up interviews and questionnaire instrument.

Findings

The results revealed that entrepreneurs used a four-stage systematic decision-making process to attain profitable foreign market choices. The decision process was influenced by cognitive boundaries as entrepreneurs relied on the availability experiential, anchoring and adjustment heuristic.

Research limitations/implications

The research’s findings and the proposed decision model will, significantly, assist entrepreneurs, willing to expand internationally, in enhancing their decision-making to attain profitable foreign market choices. Further, it provides benefits to foreign investment policymakers in host countries by assisting them to attract more inward foreign direct investments, and, accordingly, enhance the economic and social development movement in their countries.

Originality/value

This study provides a significant theoretical contribution to the literature on the internationalization process of entrepreneurs and small- and medium-sized enterprises through developing a decision model for selecting and entering foreign markets by entrepreneurs in a cross-country context. Further, the study provides significant methodological contributions with regard to the effectiveness of the qualitative case study method in capturing elements of the foreign market selection process.

Details

European Business Review, vol. 36 no. 5
Type: Research Article
ISSN: 0955-534X

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Article
Publication date: 4 January 2023

Gaurav Singh Chauhan

This paper aims to highlight firms' profitability as an alternative channel by which changes in leverage could affect stock returns in an imperfect market setting. The author also…

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Abstract

Purpose

This paper aims to highlight firms' profitability as an alternative channel by which changes in leverage could affect stock returns in an imperfect market setting. The author also analytically argues that the benefits of debt, if any, may accrue beyond the usual tax benefit channel.

Design/methodology/approach

The author used multivariate regression models based on firms' characteristics and the models' changes along with a two-stage least-square (2SLS) type procedure to estimate the impact of leverage changes on stock returns. The author controls for the varying arbitrage risk that is measured by forecasted idiosyncratic volatility of stock prices and overcome simultaneous or endogenous determination by using inter-temporal non-synchronous variation in leverage and control variables.

Findings

The author finds that increase in leverage increase (decrease) stock returns for firms with the gross operating profitability higher (lower) than the cost of debt. The author also finds that the variation in arbitrage risk does not substitute for the primary effect of leverage changes on stock returns.

Research limitations/implications

The author's findings provide tacit support to the recent literature attempting to resolve the empirically puzzling pattern of the negative relationship between profitability and leverage. The findings suggest inclusion of profitability as a crucial asset-pricing factor in the contemporary empirical models.

Practical implications

The non-trivial role of profitability in determining the effect of leverage on firms' stock returns that may be useful to managers, credit analysts and policy makers to assess the impact of net profitability on any change in leverage and its ensuing consequences on firms' value.

Originality/value

The paper develops analytical insights into the marginal role of profitability in influencing the relationship between firms' financing decisions and firms' stock returns beyond the conventional mechanisms of tax benefits, bankruptcy costs and information asymmetry.

Details

International Journal of Emerging Markets, vol. 19 no. 10
Type: Research Article
ISSN: 1746-8809

Keywords

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Article
Publication date: 10 January 2023

Ting Xiao, Zhi Yang and Yanhui Jiang

Which venture capital is more beneficial in the product innovation of entrepreneurial ventures? The authors study the drawbacks and different effects of corporate venture capital…

596

Abstract

Purpose

Which venture capital is more beneficial in the product innovation of entrepreneurial ventures? The authors study the drawbacks and different effects of corporate venture capital (CVC) and independent venture capital (IVC) on the effectiveness and efficiency of product innovation in entrepreneurial ventures to answer this question.

Design/methodology/approach

This study uses a panel dataset of 502 high-tech ventures and runs the Heckman model to correct potential endogeneity issues.

Findings

The authors find that CVC increases the product innovation effectiveness of entrepreneurial ventures, but decreases their efficiency. IVC reduces innovation effectiveness and enhances efficiency. However, CVC performs less positively, while IVC performs more positively in terms of innovation effectiveness and efficiency in the B2B market than in the B2C market.

Practical implications

This study provides insights into how to leverage venture capital to develop new products effectively and efficiently.

Originality/value

This study moves beyond the current understanding of the finance-marketing interface. It delineates the two faces of venture capital and reveals the joint effects of equity stakes and market stakes between different types of venture capital and transaction markets in product innovation.

Details

European Journal of Innovation Management, vol. 27 no. 5
Type: Research Article
ISSN: 1460-1060

Keywords

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Article
Publication date: 17 February 2025

W.P.M. De Silva, Suranga Jayasena, Piyumi Thennakoon and B.A.K.S. Perera

The construction industry is responsible for over 30% of natural resource extraction and 25% of global waste generation. Modular construction (MC) offers an opportunity to move…

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Abstract

Purpose

The construction industry is responsible for over 30% of natural resource extraction and 25% of global waste generation. Modular construction (MC) offers an opportunity to move towards a circular economy (CE), enhancing the value at the end-of-life stage through reuse and disassembly. However, a gap remains, prohibiting the full realisation of this potential. This study aims to bridge this gap by developing a strategic framework that enhances the end-of-life value of MBs by integrating CE principles by investigating key parameters, identifying relevant CE principles and formulating integration strategies to maximise their effectiveness.

Design/methodology/approach

This study adopts a qualitative research approach, using two Delphi rounds with experts selected through purposive sampling. The qualitative data were analysed using manual content analysis.

Findings

The research identifies six parameters that influence the end-of-life value of MBs and aligns them with suitable CE 9R principles. In total, 41 strategies are provided for integrating these principles with 6 parameters to enhance the end-of-life value of MBs.

Originality/value

The study findings present a systematic approach to integrating CE principles to enhance the end-of-life value of MBs. Identifying specific strategies integrating CE principles for each key parameter distinguishes it from previous research, which often lacks this level of focus on end-of-life parameter-specific strategies. The study contributes to a deeper understanding of the practical application of CE concepts in MC. Further, it offers practical strategies for enhancing the end-of-life value of MB to promote a sustainable built environment.

Details

Smart and Sustainable Built Environment, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2046-6099

Keywords

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