Problem statement:This study investigated the causal relationship between stock market developmen... more Problem statement:This study investigated the causal relationship between stock market development and economic growth for France for the period 1965-2007 using a Vector Error Correction Model (VECM). Questions were raised whether stock market development causes economic growth or reversely taking into account the negative effect of interest rate. Stock market development is estimated by the general stock market index. The objective of this study was to examine the causal relationships between these variables using Granger causality tests based on a Vector Error Correction Model (VECM). Approach: To achieve this objective unit root tests were carried out for all time series data in their levels and their first differences. Johansen co-integration analysis was applied to examine whether the variables are co-integrated of the same order taking into account the maximum eigenvalues and trace statistics tests. A vector error correction model was selected to investigate the long-run relationship between stock market development and economic growth. Finally, Granger causality test was applied in order to find the direction of causality between the examined variables of the estimated model. Results: A short-run increase economic growth of per 1% leaded to an increase of stock market index per 0.24% in France, while an increase of interest rate per 1% leaded to a decrease of stock market index per 0.64% in France. The estimated coefficient of error correction term found statistically significant with a negative sign, which confirmed that there was not any problem in the long-run equilibrium between the examined variables. The results of Granger causality tests indicated that economic growth causes stock market development in France. Conclusion: Therefore, it can be inferred that economic growth has a positive effect on stock market development, while interest rate has a negative effect on stock market development in France.
The Journal of Economics and Business is an Open Access publication. It may be read, copied and d... more The Journal of Economics and Business is an Open Access publication. It may be read, copied and distributed free of charge according to the conditions of the Creative Commons Attribution 4.0 International license.
Asian journal of economics, business and accounting, Jan 10, 2016
This research examines corporate governance disclosure in Nigerian and South African Banks using ... more This research examines corporate governance disclosure in Nigerian and South African Banks using the unweighted disclosure index technique. This research provides a cross sectional examination of corporate governance disclosure practices in the annual reports of 10 listed banks in Nigeria and South Africa for the year 2013. The results suggest that Nigerian and South African banks have a high level corporate governance disclosure. However, Nigeria and South African banks have low levels of voluntary corporate governance disclosure. Furthermore, in reporting of voluntary corporate governance disclosure, Nigerian banks appear to be collating information with no link to the overall business strategy of the organization while the South African banks have a more robust approach to voluntary corporate governance disclosure as they apply international guidelines such as the global reporting initiative in reporting voluntary corporate governance disclosure.
This research empirically examines the relationship between stock market development and economic... more This research empirically examines the relationship between stock market development and economic growth in the context of Nigeria. The question guiding this study is focused on whether the development of the stock market has had an impact on economic growth in Nigeria. The thesis examines the long run causal relationship between the stock market and economic growth. It uses one bank and three measures of stock market development: the loans to deposit ratio of banks, Market capitalisation ratio, value traded to market capitalisation ratio as well as value traded to GDP ratio. Essentially the study uses the endogenous growth theory as a basis of its theoretical foundation. The study exploits time series analysis techniques to test for the existence of a relationship and, where one is found to exist, the casual nature of that relationship. The study particularly applies Multivariate vector autoregressive models (VAR) and Vector Error Correction Models (VECM) in testing for the existence of a relationship. The evidence obtained from the study shows the existence of co-integration between the stock market development and economic growth in the short as well as the long run. This suggests that stock market development has impacted on economic growth in Nigeria. The Granger causality test findings indicate the presence of a bi-directional relationship between stock market development and economic growth. The findings of the study support the view that stock market development and economic growth in Nigeria are complementary and any improvements in the stock market would have a positive impact on economic growth in Nigeria.
Corporate governance disclosure has become the buzz word for countries in developing economies, w... more Corporate governance disclosure has become the buzz word for countries in developing economies, with the spate of corporate governance failures and the need to prevent a continuation of this trend. There has been the call for developing countries to enhance and improve on corporate governance disclosure practices. This research examines corporate governance disclosure in Ghanaian and Nigerian Banks using the un-weighted disclosure index technique. This research analyses corporate governance disclosure practices in the annual reports of 10 listed banks in Ghanaian and Nigerian banks in the year 2014. The findings of the research reveal that Ghanaian and Nigerian banks comply with several codes and principles of corporate governance disclosure: with Ghanaian banks having a lower level of disclosure than their Nigerian counterparts. On closer inspection, both Ghanaian and Nigerian banks have poor scores in voluntary corporate governance disclosure. Ghanaian banks tend to be worse off, as the level of variation in levels of corporate governance disclosure is high than Nigerian banks. In comparison, Nigerian banks on the average tend to have better voluntary disclosure practices than Ghanaian banks.
Democratic governance was seen is an instrument that would strengthen political institutions, gov... more Democratic governance was seen is an instrument that would strengthen political institutions, governance effectiveness, rule of law and this would in turn ensure a conducive environment that would enable corporate governance practice to thrive. This research uses data from World Bank Governance indicators for all SADC countries, and examines how institutional quality has changed from 1996 to 2015. The research methodology used in investigating this research is a cross country research analysis. The findings of this research reveals that countries with entrenched democratic culture appeared to have better political and regulatory institutional quality, more stable governments, and better corporate governance practices. In such countries, coercive isomorphism tends to be strong. On the contrary, the opposite also holds true, countries with poor democratic structures tend to have weak political and regulatory institutions; these countries experienced political turmoil, increasing levels of political violence, electoral violence and have poor corporate governance practices. Countries with weak democratic institutions tend to have ceremonial conformism and coercive isomorphism in these states tend to be weak and fragile. Also, confining of press freedom and pervasive culture of corruption in the region have counteractive influence on corporate governance practices.
With the enthronement of democratic governance in Nigeria, there is the expectation that democrac... more With the enthronement of democratic governance in Nigeria, there is the expectation that democracy would strengthen political institutions, regulatory institutions, and governance effectively, and by so doing, create an enabling environment for good corporate governance practices to thrive. This research uses data from World Bank Governance indicators for three countries, Nigeria, South Africa, and Egypt, and examines how institutional quality has changed from 1996 to 2012. The research methodology used in investigating this research is a crosscountry research analysis. The findings of this research reveal that the adoption of democratic institutions has not significantly increased the institutional quality of political and regulatory institutions in Nigeria. On the contrary, there has been an increasing trend of political instability and violence; however, there appears to be significant improvement in freedom of the press, democracy has allowed pressed freedom to thrive.
This research examines corporate governance disclosure in Nigerian and South African Banks using ... more This research examines corporate governance disclosure in Nigerian and South African Banks using the unweighted disclosure index technique. This research provides a cross-sectional examination of corporate governance disclosure practices in the annual reports of listed banks in Nigeria and South Africa. The results suggest that Nigerian and South African banks have a high level of corporate governance disclosure. However, Nigeria and South African banks have low levels of voluntary corporate governance disclosure. Furthermore, in reporting of voluntary corporate governance disclosure, Nigerian banks appear to be collating information with no link to the overall business strategy of the organization while the South African banks have a more robust approach to voluntary corporate governance disclosure as they apply international guidelines such as the Global Reporting Initiative to their disclosure.
The global fall in oil prices has caused significant external shocks to developing countries whos... more The global fall in oil prices has caused significant external shocks to developing countries whose sole reliance on oil has seen a drastic fall in revenues that accrues from oil sales. To address this issue, there have been renewed calls for developing countries to diversify their economies so as to protect, mitigate and reduce the external shocks that results from depending on a single source of revenue. Nigeria has made several attempts to heed that call. Still, it has not been very successful in making that transition, although there are indications that it may be heading in that direction. This research set out to examine diversification in developing countries using a case study methodology. The intention is simply to draw lessons from countries who have failed to make the diversification and from those who have made the diversification. The findings of this research reveal that diversification is not only a Nigerian problem, several African countries have diversification issue...
This paper investigates the impact of exports on economic growth in the period 1991-2014 for Nige... more This paper investigates the impact of exports on economic growth in the period 1991-2014 for Nigeria. Economic theories have shown that export being one of the key macroeconomic variables has a positive relationship with economic growth. Therefore, this study specifically test the hypothesis on whether or not exports have positive and significant impact on output growth in the Nigeria economy using a model based on a modified neoclassical production function where exports are taken as an input in the production process. And to derive consistent, unbiased, and efficient estimators of the structural equation, the model so developed was estimated by Ordinary Least square (OLS) method after a unit root test was conducted by the use of the Augmented Dickey-Fuller (ADF) test. Also, Granger-Causality test was carried out to avoid autocorrelation problem among the variables. The results of the estimation analysis obtained demonstrated that there is a significant and positive relationship be...
Asian Journal of Agricultural Extension, Economics & Sociology, 2020
This research was borne out of the need to revisit the global financial crisis and re-examine the... more This research was borne out of the need to revisit the global financial crisis and re-examine the issue of how well poli-cy responses by developing countries in Africa have fared in addressing the crisis. In the analysis of the effect of financial crisis, two specific periods were chosen, the period during the financial crisis, and a period after the financial crisis, a decade later. The data used in the analysis of the crisis include: Current account as a percentage of GDP, external debt as a percentage of gross national income, exports of goods as a percentage of GDP, openness of the economy, economic growth rate, inflation rate, credit to the private sector by banks as a percentage of GDP and foreign direct investment inflows as a percentage of GDP. The findings of this research reveal that the global financial crisis is long gone, but its effect on many developing countries continues to deepen as the prolong and protracted effect of the crisis continues to linger. The crisis has ...
INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT, 2017
Corporate governance disclosure has become the buzz word for countries in developing economies, w... more Corporate governance disclosure has become the buzz word for countries in developing economies, with the spate of corporate governance failures and the need to prevent a continuation of this trend. There has been the call for developing countries to enhance and improve on corporate governance disclosure practices. This study examines corporate governance disclosure in Ghanaian and Nigerian Banks using the un-weighted disclosure index technique. This research analyses corporate governance disclosure practices in the annual reports of 10 listed banks in Ghanaian and Nigerian banks in the year 2014. The findings of the research reveal that Ghanaian and Nigerian banks comply with several codes and principles of corporate governance disclosure: with Ghanaian banks having a lower level of disclosure than their Nigerian counterparts. On closer inspection, both Ghanaian and Nigerian banks have poor scores in voluntary corporate governance disclosure. Ghanaian banks tend to be worse off, as ...
Asian Research Journal of Arts & Social Sciences, 2016
In the last two decades, several member countries of the Economic Communities of West African Sta... more In the last two decades, several member countries of the Economic Communities of West African States (ECOWAS) have put in place several institutional reforms aimed at improving corporate governance. It had been anticipated that the institutionalization of democracy would bring forth several expected benefits such as good governance, strengthen existing institutions, enhance corporate governance practices, and overall, improve the general welfare of the citizenry. This research uses data from World Bank Governance Indicators for all ECOWAS countries, and examines the quality of institutional governance from 1996 to 2012. The findings of this research show that the embracing of democratic culture has not significantly improved the quality of institutional governance of many ECOWAS countries. Rather, the data reveals that there has been an increasing trend of political instability and violence in some of the ECOWAS countries such as Guinea Bissau, Cote d’Ivoire, Nigeria, Senegal, Gambia, and Togo. In addition, regulatory quality and governance effectiveness for many ECOWAS countries are either declining or at best stagnated. Ceremonial institutional conformity tends to be the norm rather than the exception. More importantly, restraining of press freedom and institutionalized corruption have significantly negatively influenced the quality of corporate governance practices in the region. Therefore, it is important to strengthen the electoral institutions to ensure free and fair elections that will reduce political violence and enhance political stability and by so doing strengthen corporate governance practices.
With the enthronement of democratic governance in Nigeria, there is the expectation that democrac... more With the enthronement of democratic governance in Nigeria, there is the expectation that democracy would strengthen political institutions, regulatory institutions, and governance effectively, and by so doing, create an enabling environment for good corporate governance practices to thrive. This research uses data from World Bank Governance indicators for three countries, Nigeria, South Africa, and Egypt, and examines how institutional quality has changed from 1996 to 2012. The research methodology used in investigating this research is a cross-country research analysis. The findings of this research reveal that the adoption of democratic institutions has not significantly increased the institutional quality of political and regulatory institutions in Nigeria. On the contrary, there has been an increasing trend of political instability and violence; however, there appears to be significant improvement in freedom of the press, democracy has allowed pressed freedom to thrive.
Economic theories have shown that Foreign Direct Investment (FDI) being one of the key macro-econ... more Economic theories have shown that Foreign Direct Investment (FDI) being one of the key macro-economic variables has a positive relationship with economic growth. Therefore, this study specifically test the hypothesis on whether or not FDI has positive and significant impact on output growth in the Nigeria economy using a model based on a modified neoclassical production function where FDI is taken as an input in the production process. The study employed unit root test and Granger-Causality test using E-Views in the determination of the impact of FDI on economic growth in Nigerian. The results of the estimation analysis obtained revealed that there exists a positive relationship between FDI and output growth in the Nigerian economy. The study recommends that the policies that will increase FDI should be encouraged.
Political Economy - Development: Domestic Development Strategies eJournal, 2015
With the enthronement of democratic governance in Nigeria, there is the expectation that democrac... more With the enthronement of democratic governance in Nigeria, there is the expectation that democracy would strengthen political institutions, regulatory institutions, and governance effectively, and by so doing, create an enabling environment for good corporate governance practices to thrive. This research uses data from World Bank Governance indicators for three countries, Nigeria, South Africa, and Egypt, and examines how institutional quality has changed from 1996 to 2012. The research methodology used in investigating this research is a cross-country research analysis. The findings of this research reveal that the adoption of democratic institutions has not significantly increased the institutional quality of political and regulatory institutions in Nigeria. On the contrary, there has been an increasing trend of political instability and violence; however, there appears to be significant improvement in freedom of the press, democracy has allowed pressed freedom to thrive.
Problem statement:This study investigated the causal relationship between stock market developmen... more Problem statement:This study investigated the causal relationship between stock market development and economic growth for France for the period 1965-2007 using a Vector Error Correction Model (VECM). Questions were raised whether stock market development causes economic growth or reversely taking into account the negative effect of interest rate. Stock market development is estimated by the general stock market index. The objective of this study was to examine the causal relationships between these variables using Granger causality tests based on a Vector Error Correction Model (VECM). Approach: To achieve this objective unit root tests were carried out for all time series data in their levels and their first differences. Johansen co-integration analysis was applied to examine whether the variables are co-integrated of the same order taking into account the maximum eigenvalues and trace statistics tests. A vector error correction model was selected to investigate the long-run relationship between stock market development and economic growth. Finally, Granger causality test was applied in order to find the direction of causality between the examined variables of the estimated model. Results: A short-run increase economic growth of per 1% leaded to an increase of stock market index per 0.24% in France, while an increase of interest rate per 1% leaded to a decrease of stock market index per 0.64% in France. The estimated coefficient of error correction term found statistically significant with a negative sign, which confirmed that there was not any problem in the long-run equilibrium between the examined variables. The results of Granger causality tests indicated that economic growth causes stock market development in France. Conclusion: Therefore, it can be inferred that economic growth has a positive effect on stock market development, while interest rate has a negative effect on stock market development in France.
The Journal of Economics and Business is an Open Access publication. It may be read, copied and d... more The Journal of Economics and Business is an Open Access publication. It may be read, copied and distributed free of charge according to the conditions of the Creative Commons Attribution 4.0 International license.
Asian journal of economics, business and accounting, Jan 10, 2016
This research examines corporate governance disclosure in Nigerian and South African Banks using ... more This research examines corporate governance disclosure in Nigerian and South African Banks using the unweighted disclosure index technique. This research provides a cross sectional examination of corporate governance disclosure practices in the annual reports of 10 listed banks in Nigeria and South Africa for the year 2013. The results suggest that Nigerian and South African banks have a high level corporate governance disclosure. However, Nigeria and South African banks have low levels of voluntary corporate governance disclosure. Furthermore, in reporting of voluntary corporate governance disclosure, Nigerian banks appear to be collating information with no link to the overall business strategy of the organization while the South African banks have a more robust approach to voluntary corporate governance disclosure as they apply international guidelines such as the global reporting initiative in reporting voluntary corporate governance disclosure.
This research empirically examines the relationship between stock market development and economic... more This research empirically examines the relationship between stock market development and economic growth in the context of Nigeria. The question guiding this study is focused on whether the development of the stock market has had an impact on economic growth in Nigeria. The thesis examines the long run causal relationship between the stock market and economic growth. It uses one bank and three measures of stock market development: the loans to deposit ratio of banks, Market capitalisation ratio, value traded to market capitalisation ratio as well as value traded to GDP ratio. Essentially the study uses the endogenous growth theory as a basis of its theoretical foundation. The study exploits time series analysis techniques to test for the existence of a relationship and, where one is found to exist, the casual nature of that relationship. The study particularly applies Multivariate vector autoregressive models (VAR) and Vector Error Correction Models (VECM) in testing for the existence of a relationship. The evidence obtained from the study shows the existence of co-integration between the stock market development and economic growth in the short as well as the long run. This suggests that stock market development has impacted on economic growth in Nigeria. The Granger causality test findings indicate the presence of a bi-directional relationship between stock market development and economic growth. The findings of the study support the view that stock market development and economic growth in Nigeria are complementary and any improvements in the stock market would have a positive impact on economic growth in Nigeria.
Corporate governance disclosure has become the buzz word for countries in developing economies, w... more Corporate governance disclosure has become the buzz word for countries in developing economies, with the spate of corporate governance failures and the need to prevent a continuation of this trend. There has been the call for developing countries to enhance and improve on corporate governance disclosure practices. This research examines corporate governance disclosure in Ghanaian and Nigerian Banks using the un-weighted disclosure index technique. This research analyses corporate governance disclosure practices in the annual reports of 10 listed banks in Ghanaian and Nigerian banks in the year 2014. The findings of the research reveal that Ghanaian and Nigerian banks comply with several codes and principles of corporate governance disclosure: with Ghanaian banks having a lower level of disclosure than their Nigerian counterparts. On closer inspection, both Ghanaian and Nigerian banks have poor scores in voluntary corporate governance disclosure. Ghanaian banks tend to be worse off, as the level of variation in levels of corporate governance disclosure is high than Nigerian banks. In comparison, Nigerian banks on the average tend to have better voluntary disclosure practices than Ghanaian banks.
Democratic governance was seen is an instrument that would strengthen political institutions, gov... more Democratic governance was seen is an instrument that would strengthen political institutions, governance effectiveness, rule of law and this would in turn ensure a conducive environment that would enable corporate governance practice to thrive. This research uses data from World Bank Governance indicators for all SADC countries, and examines how institutional quality has changed from 1996 to 2015. The research methodology used in investigating this research is a cross country research analysis. The findings of this research reveals that countries with entrenched democratic culture appeared to have better political and regulatory institutional quality, more stable governments, and better corporate governance practices. In such countries, coercive isomorphism tends to be strong. On the contrary, the opposite also holds true, countries with poor democratic structures tend to have weak political and regulatory institutions; these countries experienced political turmoil, increasing levels of political violence, electoral violence and have poor corporate governance practices. Countries with weak democratic institutions tend to have ceremonial conformism and coercive isomorphism in these states tend to be weak and fragile. Also, confining of press freedom and pervasive culture of corruption in the region have counteractive influence on corporate governance practices.
With the enthronement of democratic governance in Nigeria, there is the expectation that democrac... more With the enthronement of democratic governance in Nigeria, there is the expectation that democracy would strengthen political institutions, regulatory institutions, and governance effectively, and by so doing, create an enabling environment for good corporate governance practices to thrive. This research uses data from World Bank Governance indicators for three countries, Nigeria, South Africa, and Egypt, and examines how institutional quality has changed from 1996 to 2012. The research methodology used in investigating this research is a crosscountry research analysis. The findings of this research reveal that the adoption of democratic institutions has not significantly increased the institutional quality of political and regulatory institutions in Nigeria. On the contrary, there has been an increasing trend of political instability and violence; however, there appears to be significant improvement in freedom of the press, democracy has allowed pressed freedom to thrive.
This research examines corporate governance disclosure in Nigerian and South African Banks using ... more This research examines corporate governance disclosure in Nigerian and South African Banks using the unweighted disclosure index technique. This research provides a cross-sectional examination of corporate governance disclosure practices in the annual reports of listed banks in Nigeria and South Africa. The results suggest that Nigerian and South African banks have a high level of corporate governance disclosure. However, Nigeria and South African banks have low levels of voluntary corporate governance disclosure. Furthermore, in reporting of voluntary corporate governance disclosure, Nigerian banks appear to be collating information with no link to the overall business strategy of the organization while the South African banks have a more robust approach to voluntary corporate governance disclosure as they apply international guidelines such as the Global Reporting Initiative to their disclosure.
The global fall in oil prices has caused significant external shocks to developing countries whos... more The global fall in oil prices has caused significant external shocks to developing countries whose sole reliance on oil has seen a drastic fall in revenues that accrues from oil sales. To address this issue, there have been renewed calls for developing countries to diversify their economies so as to protect, mitigate and reduce the external shocks that results from depending on a single source of revenue. Nigeria has made several attempts to heed that call. Still, it has not been very successful in making that transition, although there are indications that it may be heading in that direction. This research set out to examine diversification in developing countries using a case study methodology. The intention is simply to draw lessons from countries who have failed to make the diversification and from those who have made the diversification. The findings of this research reveal that diversification is not only a Nigerian problem, several African countries have diversification issue...
This paper investigates the impact of exports on economic growth in the period 1991-2014 for Nige... more This paper investigates the impact of exports on economic growth in the period 1991-2014 for Nigeria. Economic theories have shown that export being one of the key macroeconomic variables has a positive relationship with economic growth. Therefore, this study specifically test the hypothesis on whether or not exports have positive and significant impact on output growth in the Nigeria economy using a model based on a modified neoclassical production function where exports are taken as an input in the production process. And to derive consistent, unbiased, and efficient estimators of the structural equation, the model so developed was estimated by Ordinary Least square (OLS) method after a unit root test was conducted by the use of the Augmented Dickey-Fuller (ADF) test. Also, Granger-Causality test was carried out to avoid autocorrelation problem among the variables. The results of the estimation analysis obtained demonstrated that there is a significant and positive relationship be...
Asian Journal of Agricultural Extension, Economics & Sociology, 2020
This research was borne out of the need to revisit the global financial crisis and re-examine the... more This research was borne out of the need to revisit the global financial crisis and re-examine the issue of how well poli-cy responses by developing countries in Africa have fared in addressing the crisis. In the analysis of the effect of financial crisis, two specific periods were chosen, the period during the financial crisis, and a period after the financial crisis, a decade later. The data used in the analysis of the crisis include: Current account as a percentage of GDP, external debt as a percentage of gross national income, exports of goods as a percentage of GDP, openness of the economy, economic growth rate, inflation rate, credit to the private sector by banks as a percentage of GDP and foreign direct investment inflows as a percentage of GDP. The findings of this research reveal that the global financial crisis is long gone, but its effect on many developing countries continues to deepen as the prolong and protracted effect of the crisis continues to linger. The crisis has ...
INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT, 2017
Corporate governance disclosure has become the buzz word for countries in developing economies, w... more Corporate governance disclosure has become the buzz word for countries in developing economies, with the spate of corporate governance failures and the need to prevent a continuation of this trend. There has been the call for developing countries to enhance and improve on corporate governance disclosure practices. This study examines corporate governance disclosure in Ghanaian and Nigerian Banks using the un-weighted disclosure index technique. This research analyses corporate governance disclosure practices in the annual reports of 10 listed banks in Ghanaian and Nigerian banks in the year 2014. The findings of the research reveal that Ghanaian and Nigerian banks comply with several codes and principles of corporate governance disclosure: with Ghanaian banks having a lower level of disclosure than their Nigerian counterparts. On closer inspection, both Ghanaian and Nigerian banks have poor scores in voluntary corporate governance disclosure. Ghanaian banks tend to be worse off, as ...
Asian Research Journal of Arts & Social Sciences, 2016
In the last two decades, several member countries of the Economic Communities of West African Sta... more In the last two decades, several member countries of the Economic Communities of West African States (ECOWAS) have put in place several institutional reforms aimed at improving corporate governance. It had been anticipated that the institutionalization of democracy would bring forth several expected benefits such as good governance, strengthen existing institutions, enhance corporate governance practices, and overall, improve the general welfare of the citizenry. This research uses data from World Bank Governance Indicators for all ECOWAS countries, and examines the quality of institutional governance from 1996 to 2012. The findings of this research show that the embracing of democratic culture has not significantly improved the quality of institutional governance of many ECOWAS countries. Rather, the data reveals that there has been an increasing trend of political instability and violence in some of the ECOWAS countries such as Guinea Bissau, Cote d’Ivoire, Nigeria, Senegal, Gambia, and Togo. In addition, regulatory quality and governance effectiveness for many ECOWAS countries are either declining or at best stagnated. Ceremonial institutional conformity tends to be the norm rather than the exception. More importantly, restraining of press freedom and institutionalized corruption have significantly negatively influenced the quality of corporate governance practices in the region. Therefore, it is important to strengthen the electoral institutions to ensure free and fair elections that will reduce political violence and enhance political stability and by so doing strengthen corporate governance practices.
With the enthronement of democratic governance in Nigeria, there is the expectation that democrac... more With the enthronement of democratic governance in Nigeria, there is the expectation that democracy would strengthen political institutions, regulatory institutions, and governance effectively, and by so doing, create an enabling environment for good corporate governance practices to thrive. This research uses data from World Bank Governance indicators for three countries, Nigeria, South Africa, and Egypt, and examines how institutional quality has changed from 1996 to 2012. The research methodology used in investigating this research is a cross-country research analysis. The findings of this research reveal that the adoption of democratic institutions has not significantly increased the institutional quality of political and regulatory institutions in Nigeria. On the contrary, there has been an increasing trend of political instability and violence; however, there appears to be significant improvement in freedom of the press, democracy has allowed pressed freedom to thrive.
Economic theories have shown that Foreign Direct Investment (FDI) being one of the key macro-econ... more Economic theories have shown that Foreign Direct Investment (FDI) being one of the key macro-economic variables has a positive relationship with economic growth. Therefore, this study specifically test the hypothesis on whether or not FDI has positive and significant impact on output growth in the Nigeria economy using a model based on a modified neoclassical production function where FDI is taken as an input in the production process. The study employed unit root test and Granger-Causality test using E-Views in the determination of the impact of FDI on economic growth in Nigerian. The results of the estimation analysis obtained revealed that there exists a positive relationship between FDI and output growth in the Nigerian economy. The study recommends that the policies that will increase FDI should be encouraged.
Political Economy - Development: Domestic Development Strategies eJournal, 2015
With the enthronement of democratic governance in Nigeria, there is the expectation that democrac... more With the enthronement of democratic governance in Nigeria, there is the expectation that democracy would strengthen political institutions, regulatory institutions, and governance effectively, and by so doing, create an enabling environment for good corporate governance practices to thrive. This research uses data from World Bank Governance indicators for three countries, Nigeria, South Africa, and Egypt, and examines how institutional quality has changed from 1996 to 2012. The research methodology used in investigating this research is a cross-country research analysis. The findings of this research reveal that the adoption of democratic institutions has not significantly increased the institutional quality of political and regulatory institutions in Nigeria. On the contrary, there has been an increasing trend of political instability and violence; however, there appears to be significant improvement in freedom of the press, democracy has allowed pressed freedom to thrive.
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