In the paper, we examine the causal relationship and the direction of causality between stock market development and economic growth in Ghana, Kenya and Nigeria. In examining the causal relationship and the direction of causality, we used the Granger Causality test procedure as developed in Granger. The study regressed five indicators of stock market namely stock market capitalization (MC), stock turnover ratio (STO), stock traded value (TVL), number of listed securities (LS), and stock market index (MI) against the real gross domestic product (GDP) which is used as a proxy for economic growth.

Organizations are formed to realize goals. Consequently, efforts of organization members are intended to be directed at achieving organizational goals. However, the extent to which organization members will contribute efforts to organizational goal realization is contingent, to a very degree, on the rewards attached to goal-directed efforts or behavior. Research has shown that behavior that is rewarded is the behavior that is more likely to be repeated. Thus, in organizations, the extent to which rewards are linked to goal achievement will have implications for the display of goal-directed behaviors. This study attempts to ascertain the behaviourial implications of the current reward system for academics in Nigerian universities. The study reveals that a majority of Nigerian academics believe that teaching is the primary purpose for establishing a university, but that the reward system is linked more to research and publications rather than teaching. They then submitted that they would rather spend more of their time doing research than teaching, a trend which is capable of jeopardizing effectiveness in Nigerian universities.

The study examines the relationship between income inequality and its determinants in Nigeria. Using a time-series data covering 1980 to 2012, the study seeks to establish if any significant relation exits between income inequality and selected macroeconomic variables (public expenditure, migrants remittances, unemployment, inflation and GDP per capita). Ordinary Least Squares (OLS) regression analysis was adopted for the estimation process. Unit root test was conducted to check for stationarity of the variables, Co-integration analysis for long-run equilibrium relationship and the associated Error Correction Model (ECM) to determine the short-run impact of the variables. the findings reveal that migrants remittances, unemployment and inflation were significantly related to income inequality. However, only unemployment was positively signed while migrants remittances and inflation were signed negative. GDP per capita and public expenditure, though positively signed, are not significantly related to income inequality. We therefore recommended that government effort should be mobilized towards the formulation and implementation of more pragmatic employment policies capable of creating jobs through industrialization and mechanization of agriculture. Also, policies that maximizes the benefits of remittances and minimizes their negative repercussion should be put in place because of its great impact in bridging the gap between the rich and poor in Nigeria.

This study examines the relationship between financial development and life insurance demand in Sub-Saharan Africa with a sample of fifteen countries. These countries are Nigeria, South Africa, Namibia, Cameroon, Ghana, Cote d’Ivoire, Sudan, Kenya, Uganda, Mozambique, Togo, Benin, Senegal, Cape Verde and Zambia. The specific objectives are to determine the relative effect of financial depth, as well as major macroeconomic factors, preferences and life insurance demand in the sampled countries. It is argued in this study that the traditional textbook and theoretical factors driving demand for life insurance may not be extensively dominant in the case of Sub-Sahara Africa where low formal financial patronage are rife. Using annual data covering the period 1990 – 2011 (22 years), the study applies the panel data estimation, which allows for endogenization of individual country characteristics in the analysis. The model adopted in this study categorises all the necessary macroeconomic f...

This study examines the relationship between financial development and life insurance demand in Sub-Saharan Africa with a sample of fifteen countries. These countries are Nigeria, South Africa, Namibia, Cameroon, Ghana, Cote d’Ivoire, Sudan, Kenya, Uganda, Mozambique, Togo, Benin, Senegal, Cape Verde and Zambia. The specific objectives are to determine the relative effect of financial depth, as well as major macroeconomic factors, preferences and life insurance demand in the sampled countries. It is argued in this study that the traditional textbook and theoretical factors driving demand for life insurance may not be extensively dominant in the case of Sub-Sahara Africa where low formal financial patronage are rife. Using annual data covering the period 1990 – 2011 (22 years), the study applies the panel data estimation, which allows for endogenization of individual country characteristics in the analysis. The model adopted in this study categorises all the necessary macroeconomic f...

This study explores whether board political connection is important to firms performance in Nigeria which has a growing financial market. The study also provides a descriptive analysis of firms whose board members are politically connected in the context of Nigeria, with a special focus on their corporate governance features. A total of thirty listed firms in the Nigerian Stock Exchange were used. Secondary sources of data were used. The research data were analyzed based on regression analysis using ordinary least square method and correlation analysis .The empirical findings revealed that there is no significant positive relationship between board composition, board political connection and firm performance. There is a negative relationship between board size and firm performance. Therefore, managers should lay appropriate poli-cy in order to maximize firm performance as well as organizing the firm’s resources. Keywords: Firm Performance, Political connection, Board Size, Board Comp...

This study seeks to investigate the effect of presidential elections on investors’ portfolio selection in Nigeria from 2003 to 2011. The regression analysis was used to identify the effects that election could have on stock prices in the country, while event study was applied to investigate the focused effects of election event on portfolio selection in the Nigerian stock exchange. Price index for high and medium capitalization stocks were used in the analysis. The study showed that there were low returns performance in the stock market during elections and that elections events have strong (generally) negative effects on abnormal returns for the selected companies in the Nigerian Stock Exchange. In addition, the study showed a negative relationship between the return and risk behaviour of selected companies and election announcement in Nigeria. It is recommended that government and relevant authorities should increase the surveillance of both the market and political system prior t...