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Sub-Saharan African (SSA) stock exchanges are imperfect and inefficient. Therefore, orthodox finance theories are unable to completely explain their market returns. Such models mainly identify anomalies when applied to the sub-region. Consequently, this paper develops an original theoretical model to better explain market returns on the sub-continent.

This paper develops an alternate analytical framework that combines adaptive expectations, Keynesian LM model and modified uncovered interest parity (UIP) formulations to address empirical anomalies identified by previous literature when analyzing SSA's inefficient stock markets. Using panel data, the study first computes the fixed as well as random effects regressions and, later, a Generalized Method of Moments (GMM) dynamic panel regression for further empirical analysis.

Both the fixed and random effects regression results indicate that the relative output-money supply disparity and foreign inflation-money supply growth rate spread have positive effects on market returns in SSA. On the other hand, foreign interest rates have an inverse effect. Although the GMM dynamic panel regression has similar results, it additionally finds that market returns in SSA are autoregressive. This suggests that past returns are persistent.

A key implication is that multipliers and transmission mechanisms in SSA may take longer to adjust, thereby limiting short-run market returns. Also, policymakers must encourage a critical mass of firms to list in order to enhance efficiency. Additionally, policy variables significantly influence returns. One limitation is the high market segmentation in SSA. This heightens heterogeneity, emphasizing fixed effects.

Also, the findings of this study may not apply to all emerging economies as SSA economies are highly heterogeneous.

The segmented nature of SSA stock markets may have implications for income inequality and the distribution of resources within the economy. Also, it indicates that there are limits to how firms use capital markets on the sub-continent.

This paper abstracts from the strict ideal market conditions prescribed by modern finance theories and develops an original modified UIP model. It finds that SSA stock markets may be more sensitive to policy variables, instead of determinants postulated by orthodox finance concepts. The study offers opportunities for further critical examination of returns in imperfect frontier markets.

For a public servant (PS) to be innovative, he or she needs to gather and process enough vital information from budget setting processes. However, research addressing how budgetary participation (BP) can trigger innovative behaviour (IB) in PSs and eventually foster task performance (TP) is rare, which is why the authors conduct this research. The purpose of this study is to understand how BP shapes TP through the IB of PSs.

The authors develop and test a mediation model with 860 responses from public sector workers across 25 government agencies using the PLS-SEM technique of Smart PLS 4. Possible control factors were addressed for both the mediator and target-independent construct. In particular, the authors use sex, age and tenure as control factors for IB. Also, the authors use job satisfaction, job engagement and perceived fairness in the budgetary system as control factors for TP.

The authors find a favourable and significant relationship between BP and TP; BP and IB; and IB and TP. The authors also find that IB partially mediates the relationship between BP and TP, such that BP fosters TP through the innovativeness of PSs. This finding suggests that PSs who participate in budget preparation are able to innovate, which, in turn enable them to perform tasks effectively.

The authors call on forthcoming researchers to test the mediation model in other public sector settings worldwide. They may also consider other variables that can possibly mediate the positive impacts of BP on TP.

Lessons are discussed for governments, human resources directors and managers, management accountants, budget officers, procurement officers and other public sector workers and consultants.

The authors show how BP fosters TP through the innovativeness of PSs, since there is much more to know in this regard. The authors also help to resolve the paradox of inconsistency in the BP–TP literature by using IB as a mediator.

This study aims to investigate the conditioning effect of formal institutional environments on the relationship between religious diversity and bank capital decisions.

The study used random effects, generalised least squares regression and the method of moments quantile regression to analyse cross-country variations in bank capital decisions using data from 151 countries between 2000 and 2021.

The findings show managers take more risks and perceive low regulatory capital as an avenue to success and innovation in more religiously diverse countries. Additionally, institutional quality reverts the negative consequence of religious differences on bank regulatory capital in developing and emerging countries but worsens in developed countries.

The role of deregulation and economic policy uncertainty can be considered for future research on religious diversity and bank capital decision dynamics.

Bank managers may adapt capital ratios to informal institutional factors in individual countries without overlooking the influence of formal institutional indicators.

By advancing studies from an institutional perspective, the authors contribute theoretically to the literature by examining the joint effect of the informal and formal institutional environments on regulatory capital decisions. This will help regulators, supervisors and policymakers better understand the drivers of bank regulatory capital decisions to safeguard the banking systems with the right strategy and policy.

This paper aims to present the result of an assessment of the challenges of sustainable construction (SC) in two developing countries (Nigeria and South Africa). This was done with a view to improving sustainable project delivery, which is a problem among most developing countries.

The study adopted a quantitative survey approach with questionnaire used as the instrument for data collection from quantity surveyors, construction and project managers from both countries. Data analysis was done using a four-step analysis approach and relevant descriptive and inferential statistics were adopted.

The study revealed a considerable level of awareness of SC and involvement in the use of the same among the assessed professionals. Also, it was discovered that SC materials are mostly used in the aspect of surface finishing and masonry construction. Further findings revealed that resistance to change, client’s preference, fear of the increased cost of investment and inadequate knowledge and understanding of the concept of sustainability are some of the major challenges of SC in these countries.

The strength of this study lies in the assessment of happenings from two developing countries and its recommendation can to a large extent promote improved SC in developing countries particularly in Africa were construction activities are similar.

While the relationship between natural resource rent and economic growth is well documented in the literature, not much robust analysis has been done to estimate the causative relationship between oil resource rent and economic growth in Ghana. This might be due to the fact that commercial production of crude oil started not long ago in Ghana. This paper aims to examine the causal relationship between oil resource rent and economic growth for the period of 2011 to 2020 in Ghana.

The study incorporates economic growth as a function of oil resource rent, non-oil revenue, foreign direct investment, capital and interest rate in a Cobb–Douglass production function/model. The study used four different estimation strategies including the autoregressive distributed lags model, Toda–Yamamoto test approach, nonlinear autoregressive distributed lags model and nonlinear Granger causality.

The main finding revealed that 1% increase in oil resource rent generates 0.84% increase in economic growth of Ghana in the long run. Contrary, the authors find an insignificant positive effect of oil resource rent on economic growth of Ghana in the short run for the period under study. The result from the Toda–Yamamoto test approach also showed a unidirectional causality running from oil resource rent to economic growth of Ghana, providing evidence in support of the resource blessing hypothesis in Ghana. The results are robust to two different alternative estimation strategies.

The causal relationship between crude oil resource rent and economic growth is examined.

COVID-19 has dramatically changed consumer behaviour and has significantly changed all business processes. Business organisations must be able to deal with the pandemic and rapid pace-based changes to enable flexible remote purchases. In this survey, the purpose of the inventory management strategy is to be considered, and the next one is to identify the design change based on the three main factors: economic order quantity, just-in time, and supplier partnership. The model in this study was built on HCMs or hierarchical component models by placing the 3 main factors as a higher-order construct (HOC) with 11 lower-order constructs (LOCs) that compose each higher construct. The findings in this study show that Inventory Shortages, Just-in Time Delivery by Supplier (JITDS), and Suppliers’ Quality (SQ) are the most significant forming components for each construct. The findings can be used to reference the academic and practical reorganisation of inventory management strategies. By empirically investigating the relationship between inventory management strategy components and operational performance, this study contributes to the on-going scholarly discussion on the link between inventory management strategy components and operational performance.

The establishment of a currency union is a topical issue in the West African Monetary Zone (WAMZ). The subject of currency union formation needs to be reassessed in light of the recent efforts towards the economic integration of west African countries. This study employs the Markov Switching Model (MSM) to determine whether a currency union in WAMZ is feasible. The study analyzes the regime switching behavior in WAMZ countries’ foreign exchange markets before and after the formation of the union. The contribution of this study is two-fold. First, the study accounts for the success or otherwise of the latest efforts to integrate the fiscal and monetary strategies in the zone. Secondly, the study contributes to the literature on the currency union literature in WAMZ by using Markov Switching Model (MSM) to generate novel results. The results of the study revealed that prior to the WAMZ formation, the real exchange rates of member states were more divergent. In contrast, a growing but marginal, convergence was observed after the formation of the zone amongst four (Nigeria, Sierra Leone, Gambia, and Liberia) of the six countries. The authors conclude that while WAMZ is on course for establishing a currency union, their monetary authorities must work together, particularly with Ghana and Liberia, to synchronize their policy efforts, and policy makers must implement policies to strengthen harmonious trade interactions.

This paper seeks to focus on the key underpinnings of African culture and its implications for business marketing practices.

Using Kluckholn and Strodtbeck's and Hofstede's conceptualizations as a backdrop, the paper provides a synoptic view and modal focus of African culture. Covered are the culture's implications for organizational behavior, buyer‐seller interactions, collaborative partnerships and negotiations.

The study shows that African culture promotes the principle of reciprocity. In buyer‐seller interaction, respect for the elderly is an important guiding principle. In collaborative partnerships, preference is for the terms of the collaboration to be reached through consultation and consensus. The foreign company needs to pay attention to the softer issues surrounding the relationship and to send a high‐ranking employee‐team. In negotiations, long‐term relationship and win‐win outcome are preferred and encouraged.

The paper uses the term “African culture” as an overarching concept. However, the fact that to propose a monolithic African culture may be inaccurate because of strong national differences is acknowledged. Nonetheless, there are some cultural dimensions common to the sub‐region, including a hierarchical social structure, the importance of kinship, the primacy of the group, the belief in ancestry and existence of a supreme being, and the value attached to the extended family.

The study provides useful and candid insights into African culture that international marketers may take into consideration when dealing with African business markets. It also responds to Nakata and Sivakumar's suggestions for marketing researchers to deepen the study of culture and its implications for marketing in view of the increasing globalization of markets. It is to be hoped that this study leads to further discussion and research on African culture and its implications for marketing.

This paper aims to provide empirical evidence on the El Nino and its effects on maize production in three municipalities: Ejura, Techiman and Wenchi in the transitional zone of Ghana. Using a mixed approach, the study details the effects of the El Nino on rainy season characteristics, particularly, rainfall amounts and distribution, onset and cessation of rains, duration of the rainy season and total seasonal rainfall and how it impacted smallholder maize production.

The study used a mixed method approach in collecting and analyzing data. For stronger evidence building, (Creswell, 2013) the authors combined interviews and focus group discussions (FGD) to collect the qualitative data. Semi-structured questionnaires were administered to extension officers, management information system officers and other relevant personnel of the Ministry of Agriculture in the three municipalities. Six FGD’s were held for maize farmers in six communities in all three municipalities.

The study shows that the 2015 El Nino had dire consequences on farm yields, subsequently affecting farmer’s incomes and livelihoods. The study further finds that complex socio-cultural factors, some unrelated to the El Nino, aggravated the effects on maize farmers. These include the lack of adequate climatic information, predominance of rain-fed farming, a lack of capacity to adapt and existing levels of poverty.

The study recommends inter alia, appropriate use of seasonal rainfall forecasting to enhance better farming decision-making and the development of elaborate climate variability interventions by national and local agencies.

The purpose of this paper is to suggest an approach to cultural heritage management as an inhabited cultural landscape in a context of urban planning.

The paper provides a review of academic literature on the topic of cultural heritage conservation.

This paper supports an approach to management of cultural heritage as a cultural landscape, defining it as a multivalent social phenomenon with tangible and intangible dimensions, spatial, and temporal scales. The cultural landscape approach continues the discourse on heritage values and emphasises the importance of recognition of social value and hence a wider stakeholder participation in the process of heritage management. This approach allows enhancing both intangible and tangible dimensions of cultural heritage and, therefore, encourages a more inclusive consideration of diverse cultural heritage values (encompassing social and environmental categories, e.g. well-being, health).

The proposed cultural landscape approach to heritage management, as a culturally significant, inhabited, and changing landscape, enables a more comprehensive view on the interrelations of cultural heritage with other social and environmental categories and enhances the understanding of different values of cultural heritage. This approach could be particularly useful for strategic development at city planning level and in large construction or infrastructural projects.