In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
As the world economy continues to become more globalized, foreign direct investment (FDI) continues to gain importance as a form of international economic transactions and as an instrument of international economic integration. In recent years, developing countries like Nigeria with large home markets and some entrepreneurial skills have produced a large number of rapidly growing and profitable multinational enterprises (MNEs). These MNCs are looking for markets where they have comparative advantage to invest in. It is therefore important to create the conditions that would attract FDI from such MNCs. In this context, this study attempts to detail the reasons why Nigerian MNEs have decided on outward FDI, their levels of success, and what other countries particularly in sub-Saharan Africa must do to attract FDI from Nigeria.
It also examines the flow of FDI to Africa since the 1970s and looks at the determinants of FDI with a view to understanding whether the existing policy and operational framework are sufficient for attracting investments. It defines foreign direct investment, discusses the factors that influence FDI, the role of FDI, FDI trends in Africa, sectorial allocation of FDI in Africa, why Africa has lagged behind in receiving FDI, and the various modes of entry.
China Investment Environment - Start-up/Growth Company Finance Market in Chin...Team Finland Future Watch
Report summarizes the start-up and growth company finance market in China. The report consists of analysis and views of the present state of the start-up/growth company finance market in China as well as views of the future trends and implications of those. Then, advise to the Finnish public sector, companies and VCs is provided.
Capital Inflows and Economic Growth A Comperative Studyiosrjce
This study examines the impact of capital inflows on economic growth of developing* economies; the
case of Nigeria Ghana and India from 1986-2012. This is necessitated by the doubts being raised as whether the
huge inflows of foreign capita! in developing economies over the years have transmitted to real economic
growth. Augmented Dickey Fuller unit root test was employed to evaluate the stationarity of the data, while
Johansen Co-integration was used to estimate the long-run equilibrium relationship among the variables. The
casual relationship was tested using Granger Causality, and Ordinary Least Square method was used to
estimate the model. The finding reveals that capital inflows have significant impact on the economic growth of
the three countries. In Nigeria and Ghana, foreign direct and portfolio investment and foreign borrowings have
significant and positive impact on economic growth. Workers' remittances significantly and positively related to
the economic growth of the three countries. The enabling environment should be created in the Developing
Countries to encourage more inflow of foreign investments and workers remittances while India specifically
should channel their foreign aids to productive ends. This will help in dosing the savings-investment gap and
encourage economic growth in these countries. The study signifies that capital inflows is indispensable in
dosing the savings-investment gap required for economic growth of developing countries.
As the world economy continues to become more globalized, foreign direct investment (FDI) continues to gain importance as a form of international economic transactions and as an instrument of international economic integration. In recent years, developing countries like Nigeria with large home markets and some entrepreneurial skills have produced a large number of rapidly growing and profitable multinational enterprises (MNEs). These MNCs are looking for markets where they have comparative advantage to invest in. It is therefore important to create the conditions that would attract FDI from such MNCs. In this context, this study attempts to detail the reasons why Nigerian MNEs have decided on outward FDI, their levels of success, and what other countries particularly in sub-Saharan Africa must do to attract FDI from Nigeria.
It also examines the flow of FDI to Africa since the 1970s and looks at the determinants of FDI with a view to understanding whether the existing policy and operational framework are sufficient for attracting investments. It defines foreign direct investment, discusses the factors that influence FDI, the role of FDI, FDI trends in Africa, sectorial allocation of FDI in Africa, why Africa has lagged behind in receiving FDI, and the various modes of entry.
China Investment Environment - Start-up/Growth Company Finance Market in Chin...Team Finland Future Watch
Report summarizes the start-up and growth company finance market in China. The report consists of analysis and views of the present state of the start-up/growth company finance market in China as well as views of the future trends and implications of those. Then, advise to the Finnish public sector, companies and VCs is provided.
Capital Inflows and Economic Growth A Comperative Studyiosrjce
This study examines the impact of capital inflows on economic growth of developing* economies; the
case of Nigeria Ghana and India from 1986-2012. This is necessitated by the doubts being raised as whether the
huge inflows of foreign capita! in developing economies over the years have transmitted to real economic
growth. Augmented Dickey Fuller unit root test was employed to evaluate the stationarity of the data, while
Johansen Co-integration was used to estimate the long-run equilibrium relationship among the variables. The
casual relationship was tested using Granger Causality, and Ordinary Least Square method was used to
estimate the model. The finding reveals that capital inflows have significant impact on the economic growth of
the three countries. In Nigeria and Ghana, foreign direct and portfolio investment and foreign borrowings have
significant and positive impact on economic growth. Workers' remittances significantly and positively related to
the economic growth of the three countries. The enabling environment should be created in the Developing
Countries to encourage more inflow of foreign investments and workers remittances while India specifically
should channel their foreign aids to productive ends. This will help in dosing the savings-investment gap and
encourage economic growth in these countries. The study signifies that capital inflows is indispensable in
dosing the savings-investment gap required for economic growth of developing countries.
Foreign Direct Investment and Development of Manufacturing Sector in Nigeria ...inventionjournals
This study is centered on foreign direct investment and development of manufacturing sector from 1990-2014. Political unrest, epileptic power supply, militancy of Niger Delta region, unstable exchange rate and insurgency of the North east of Nigeria was identified as the hindrances to manufacturing sector. The work is anchored on mercantilist trade theory of Jean baptiste Colbert and Thomas hobbes. Secondary data was sourced from Central bank of Nigeria Statistical bulletin, CBN occasional paper number 32 on the dynamics of inflation in Nigeria. Diagnostic survey research pattern was applied for this study. Data obtained were analyzed using an ordinary least square method by the use of time series and seasonal variations. The results shows that FDI is growth enhancing and it equips and stabilizes exchange rate and reduces dependency on imported finished products, enhances profitability thus leads to survival of manufacturing sector. Recommendations include; policy makers should realize the essence of stable exchange rate so as to drive maximum benefit from investment. Government expenditure should encourage and promote investment to boost the manufacturing industries
Abstract: Nigeria is one of the economies with great demand for goods and services and has attracted some foreign direct investment over the years. The amount of foreign direct investment inflow in to Nigeria has reached US $ 2.23 billion in 2003 and it rose to US $ 5.31 billion in 2004 (a 138 % increase), this figure rose again to US $ 9.92 billion (an 87% increase) in 2005. The figure however declined slightly to US $ 9.44 in 2006 while it has been on astronomical fall since 2006 till date. (CBN, 2011). The question that comes to mind is, do these for actually contribute to economic growth in Nigeria? If foreign direct investment actually contribute to growth, then, the sustainability of foreign direct investment is a worthwhile activity and a way of achieving this sustainability is by identifying the factors contributing to its growth with a view to ensuring its enhancement. The nose driving this research is to determine the short run impact of FDI on economic growth, OLS with ward test analysis was employed to determine the short run analysis of impact of FDI on economic growth. The result shows that all the explanatory variables such as Gross Fixed capital formation (GFCF), Total labour force (TLBF), Foreign Direct Investment (FDI) Lending rate and Average Manufacturing Capacity Utilization (AMCU) grossly affect economic growth in Nigeria. The result also implies that there exist a singleton (short run) impact of FDI on economic growth, recommendation was made that government must put in place all the pull factors such as good road, stable power supply and most essentially security of life and property of foreign investors in order to reduce the level of unemployment which serves as impediment to sustainable development in the Nation Nigeria.
Foreign Investment and Its Effect on the Economic Growth in Nigeria: A Triang...iosrjce
Evidence abound about the registered increase in foreign investment inflows in recent years. While
proponents emphasize that these inflows could engender economic growth, critics express concern that there
could be destabilizing effect on the economy if not well managed. This study therefore, attempts to examine the
effect of foreign investments (disaggregated into foreign direct investment and foreign portfolio investment)
inflows on economic growth in Nigeria with a view to ascertaining the better contributor, using time series data
from 1987-2012. The OLS and the Granger causality procedures were employed in analyzing the data. The
result displays that both foreign direct investment and foreign portfolio investment have positive and significant
effect on economic growth though the partial correlation coefficients show that foreign portfolio investment is
the better contributor. Based on the result, government should pursue policies that encourage both foreign
direct investment and especially foreign portfolio investment.
Foreign capital flows depends on the prevailing monetary forces as supported by capital flows
theory and the mechanism linking these two variables is that contraction of net domestic assets through an
open market sale of bonds will place upward pressure on domestic interest rates. Higher interest rates attract
foreign funds, generating a capital inflow which relieves the pressure on domestic interest rates. Has this
actually happened? It is against this backdrop that the present study investigated the impact of monetary policy
on international capital inflows in Nigeria for a period of 22 years (1994-2015) using time series data. The
autoregressive distributed lag technique revealed that the short-run and long-run significant determinants of
foreign capital inflows are largely from broad money supply, nominal exchange rate, inflation rate and interest
rates spread except inflation rate that is insignificant in the long-run. This outcome upholds theoretical
prediction. Long-run equilibrium relationship was found between the dependent variable and the regressors.
Further examination of the short run dynamics of the model showed that the speed of adjustment coefficients
ECM (-1) to restore equilibrium have a negative sign and statistically significant at 1% level, ensuring that
long-run equilibrium can be attained and about 89% of the short-run deviation from the equilibrium (long-run)
position is corrected annually to maintain the equilibrium. Since the empirical evidence revealed that monetary
aggregates such as broad money supply, nominal exchange rate, inflation rate and interest rates spread
influence foreign capital inflows, it is therefore recommended that government should continue to pursue
expansionary monetary policy and foreign exchange policies that would ensure competitiveness of the
economy in order to attract the much needed foreign capital inflows that would engender economic growth.
The Impact of Investment on Nigeria Economy 1970 – 2012iosrjce
Empirically investigation relationship between foreign investment and economic growth in Nigeria
between 1970 to 2012 was set up. The paper makes the proposition that there is endogeniety, that there is
bidirectional relationship between foreign investment and Economic growth are jointly determined in Nigeria
and there is positive feedback from foreign investment and economic growth. The overall policy implication of
the result is that policies that attract more foreign investment to the economy, greater openness and increased
private participation will need to be pursued and reinforced to ensure that the economy capture greater
spillovers from foreign investment and attains higher economic growth rates, based on this the study
recommended the provision of adequate infrastructure and policy framework that will be conducive for doing
business in Nigeria, so as to attract the inflow of foreign investment to stimulate growth.
Evidence on the Dynamic Relationship between Stock Market All Share Index and...iosrjce
This study examines the dynamic relationship between Stock Market All Share Index and Gross Fixed
Capital Formation in Nigeria. Annual data on market capitalization, value of shares traded, all share index,
average prime lending rate, inflation rate, national savings and gross fixed capital formation at current
purchaser’s value from 1980 to 2012 were sourced from the statistical bulletin of the Central Bank of Nigeria
and the Nigerian Stock Exchange Fact Book various issues. The ordinary least square (OLS) regression
technique was employed in the data analysis and the error correction mechanism (ECM) was used to study the
short-run dynamics as well as long-run relationship between the stock market and gross fixed capital formation
in Nigeria. The result revealed that all share index of the Nigerian stock market has significant effect on gross
fixed capital formation. It further shows that though the capital market has the potential of influencing gross
fixed capital formation its’ effect has not been fully realized due to illiquidity and low level of development of
the Nigerian capital market. It is recommended that appropriate policy measures been taken to deepen the
market and strengthen the structure of the market to ensure that long term funds are used to finance long-term
investments.
Determinants of Foreign Direct Investment in Nigeriaijtsrd
Extant literature is replete with the benefit of attracting Foreign Direct Investment FDI into an economy, it not only provides developing countries with the much needed capital for investment it also enhances job creation, managerial skills as well as transfer of technology. However, attracting and sustaining FDI inflow in Nigeria have remained a teething problem. This study therefore examined the determinants of foreign direct investment in Nigeria. Specifically the study provides empirical evidence on the influence trade openness, market size, infrastructure, human capital, labour force, natural resources, exchange rate and inflation rate on Foreign Direct Investment FDI in Nigeria using an econometric regression technique of the Ordinary least square OLS . The findings of the study also show that trade openness, market size, infrastructure, exchange rate and inflation rate are statistically significant in explaining the foreign direct investment in Nigeria while human capital, labour force and natural resources are statistically insignificant in explaining the growth of foreign direct investment in Nigeria. The study recommends that The government should make polices that will create a business friendly environment to attract FDI inflows in economy. The government should provide the needed leadership and also ensure political stability in the country. This will attract investors to take the advantage of the market size of the country to FDI into the economy. The government should make policies that will favour trade openness. Trade openness is found to be factor that attracts investors invest in the country. This is lesser barriers to trade encourages investment and the government should provide the needed infrastructure. Necessary infrastructures that will reduce the cost of doing business should be the watch word of every government. Dibua, Emmanuel Chijioke | Edoko, Tonna David | Onwuteaka, Ifeoma Cecilia "Determinants of Foreign Direct Investment in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25293.pdfPaper URL: https://www.ijtsrd.com/management/public-sector-management/25293/determinants-of-foreign-direct-investment-in-nigeria/dibua-emmanuel-chijioke
FDI as A Source of External Finance to Developing Countries: A Special Refere...iosrjce
In this era of increasingly globalized world economy, FDI is particularly a significant driving force
behind the interdependence of national economies and is considered as the main source of external finance. The
considerable decline in official development assistance (ODA) and commercial bank lending to developing
countries, which are considered as the main sources of meeting the external financing needs of developing
countries, have seen a greater reliance on private capital especially foreign direct investment as a source of
development finance. This is because of the fact that FDI not only remains much less volatile than portfolio and
other investments but it has also proved to be resilient enough during East Asian crisis of 1997-98 and the
Mexican crisis of 1994-95. In view of this growing significance of foreign direct investment, this paper aims to
study the role of FDI in external financing to developing countries, particularly India and China and the
benefits of combining FDI with other private sources of external finance. The paper concludes that FDI is the
major source of external finance for developing economies not only in absolute terms but also relative to other
sources of private capital flows, contributing on an average more than half of net private and official flows
during the period under review. The findings also presented a completely different picture with regard to the
structure of external financing for India and China. For China, FDI is the major external source of finance
followed by debt. On the other hand, for India Workers’ Remittances is the major source of external finance
followed by debt. The paper further concludes that China and India are the first and third most developing
country destinations for investment flows respectively and both are vying with each other to attract more and
more FDI inflows.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Foreign Portfolio Investment and Human Capital Development in Nigeria 1987 2018ijtsrd
As a result of low savings that characterize their economies, most developing economies scramble for international capital inflows to fill the void in their domestic savings. The international capital can take the form of Foreign Portfolio Investment. There are mixed and conflicting results in past studies on the effect of Foreign Portfolio Investment on Human Capital Development in Nigeria which this study will attempt to resolve. Foreign portfolio investment FPI is an aspect of international capital inflows and involves the transfer of financial assets such as cash, stock or bonds across international borders in want of profit. The main objective of this study is to explore, determine, assess, examine and ascertain the effect of FPI on human capital development in Nigeria. The specific objectives of this study are to explore, determine, assess, examine and ascertain the effects of foreign portfolio investment, market capitalization, exchange rate and interest rate respectively on human capital development in Nigeria. The study adopted ex post facto research design and sourced data sourced data from the Central Bank of Nigeria Statistical Bulletin and Annual Reports and the World Bank Development Indicators which were analyzed using Descriptive Statistics, Augmented Dicker Fuller tests for unit roots and Autoregressive Distributive Lag ARDL for the hypothesis.The study concluded that foreign portfolio investment has both short run and long run positive and significant effects on human capital development. Hence, it is recommended that government should strengthen and deepen the capital market system in Nigeria to sustain existing foreign portfolio investment and attract new ones. Mbanefo Patrick Amaechi "Foreign Portfolio Investment and Human Capital Development in Nigeria: 1987-2018" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49231.pdf Paper URL: https://www.ijtsrd.com/management/management-development/49231/foreign-portfolio-investment-and-human-capital-development-in-nigeria-19872018/mbanefo-patrick-amaechi
Foreign Direct Investment and Human Capital Development in a Developing Afric...ijtsrd
The passion and scramble for foreign capital by developing and less developed economies to supplement their domestic resources cannot be overemphasized. The existing and growing mismatch between domestic capital stock of developing and less developed economies and their capital requirements for investment purposes has been adduced as the cause for this scramble. Various studies have attempted to explore the reasons for the appetite and hunger for foreign capital especially by developing and less developed countries with mixed findings. Foreign direct investment FDI is an aspect of international capital inflows and refers to investment that confers controlling ownership of a business in one country to a different entity in another country. For this study, FDI is proxied by Gross Fixed Capital Formation, exchange Rate, Interest Rate and Market Capitalisation The main objective of this study is to explore the effect of FDI on human capital development in Nigeria. The specific objectives are to explore, determine, assess, examine and ascertain the effect of foreign direct investment, gross fixed capital formation, exchange rate, interest rate and market capitalization respectively on human capital development in Nigeria. The study adopted ex post facto research design and sourced data from the Central Bank of Nigeria Statistical Bulletin and Annual Reports and the World Bank Development Indicators were analyzed using Descriptive Statistics, Augmented Dicker Fuller tests for unit roots and Autoregressive Distributive Lag ARDL for the hypothesis. The study found that foreign direct investment has no long run effect on human capital development Nigeria but rather has positive and significant short run effect on human capital development in Nigeria. It is recommended that government should reduce emphasis on foreign direct investment and rely on it strictly for short term plans as it does not have long run effect on human capital development in Nigeria. Mbanefo Patrick Amaechi "Foreign Direct Investment and Human Capital Development in a Developing African Economy: A Study of the Nigerian Economy 1987-2018" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49227.pdf Paper URL: https://www.ijtsrd.com/management/management-development/49227/foreign-direct-investment-and-human-capital-development-in-a-developing-african-economy-a-study-of-the-nigerian-economy-19872018/mbanefo-patrick-amaechi
Foreign Direct Investment and Development of Manufacturing Sector in Nigeria ...inventionjournals
This study is centered on foreign direct investment and development of manufacturing sector from 1990-2014. Political unrest, epileptic power supply, militancy of Niger Delta region, unstable exchange rate and insurgency of the North east of Nigeria was identified as the hindrances to manufacturing sector. The work is anchored on mercantilist trade theory of Jean baptiste Colbert and Thomas hobbes. Secondary data was sourced from Central bank of Nigeria Statistical bulletin, CBN occasional paper number 32 on the dynamics of inflation in Nigeria. Diagnostic survey research pattern was applied for this study. Data obtained were analyzed using an ordinary least square method by the use of time series and seasonal variations. The results shows that FDI is growth enhancing and it equips and stabilizes exchange rate and reduces dependency on imported finished products, enhances profitability thus leads to survival of manufacturing sector. Recommendations include; policy makers should realize the essence of stable exchange rate so as to drive maximum benefit from investment. Government expenditure should encourage and promote investment to boost the manufacturing industries
Abstract: Nigeria is one of the economies with great demand for goods and services and has attracted some foreign direct investment over the years. The amount of foreign direct investment inflow in to Nigeria has reached US $ 2.23 billion in 2003 and it rose to US $ 5.31 billion in 2004 (a 138 % increase), this figure rose again to US $ 9.92 billion (an 87% increase) in 2005. The figure however declined slightly to US $ 9.44 in 2006 while it has been on astronomical fall since 2006 till date. (CBN, 2011). The question that comes to mind is, do these for actually contribute to economic growth in Nigeria? If foreign direct investment actually contribute to growth, then, the sustainability of foreign direct investment is a worthwhile activity and a way of achieving this sustainability is by identifying the factors contributing to its growth with a view to ensuring its enhancement. The nose driving this research is to determine the short run impact of FDI on economic growth, OLS with ward test analysis was employed to determine the short run analysis of impact of FDI on economic growth. The result shows that all the explanatory variables such as Gross Fixed capital formation (GFCF), Total labour force (TLBF), Foreign Direct Investment (FDI) Lending rate and Average Manufacturing Capacity Utilization (AMCU) grossly affect economic growth in Nigeria. The result also implies that there exist a singleton (short run) impact of FDI on economic growth, recommendation was made that government must put in place all the pull factors such as good road, stable power supply and most essentially security of life and property of foreign investors in order to reduce the level of unemployment which serves as impediment to sustainable development in the Nation Nigeria.
Foreign Investment and Its Effect on the Economic Growth in Nigeria: A Triang...iosrjce
Evidence abound about the registered increase in foreign investment inflows in recent years. While
proponents emphasize that these inflows could engender economic growth, critics express concern that there
could be destabilizing effect on the economy if not well managed. This study therefore, attempts to examine the
effect of foreign investments (disaggregated into foreign direct investment and foreign portfolio investment)
inflows on economic growth in Nigeria with a view to ascertaining the better contributor, using time series data
from 1987-2012. The OLS and the Granger causality procedures were employed in analyzing the data. The
result displays that both foreign direct investment and foreign portfolio investment have positive and significant
effect on economic growth though the partial correlation coefficients show that foreign portfolio investment is
the better contributor. Based on the result, government should pursue policies that encourage both foreign
direct investment and especially foreign portfolio investment.
Foreign capital flows depends on the prevailing monetary forces as supported by capital flows
theory and the mechanism linking these two variables is that contraction of net domestic assets through an
open market sale of bonds will place upward pressure on domestic interest rates. Higher interest rates attract
foreign funds, generating a capital inflow which relieves the pressure on domestic interest rates. Has this
actually happened? It is against this backdrop that the present study investigated the impact of monetary policy
on international capital inflows in Nigeria for a period of 22 years (1994-2015) using time series data. The
autoregressive distributed lag technique revealed that the short-run and long-run significant determinants of
foreign capital inflows are largely from broad money supply, nominal exchange rate, inflation rate and interest
rates spread except inflation rate that is insignificant in the long-run. This outcome upholds theoretical
prediction. Long-run equilibrium relationship was found between the dependent variable and the regressors.
Further examination of the short run dynamics of the model showed that the speed of adjustment coefficients
ECM (-1) to restore equilibrium have a negative sign and statistically significant at 1% level, ensuring that
long-run equilibrium can be attained and about 89% of the short-run deviation from the equilibrium (long-run)
position is corrected annually to maintain the equilibrium. Since the empirical evidence revealed that monetary
aggregates such as broad money supply, nominal exchange rate, inflation rate and interest rates spread
influence foreign capital inflows, it is therefore recommended that government should continue to pursue
expansionary monetary policy and foreign exchange policies that would ensure competitiveness of the
economy in order to attract the much needed foreign capital inflows that would engender economic growth.
The Impact of Investment on Nigeria Economy 1970 – 2012iosrjce
Empirically investigation relationship between foreign investment and economic growth in Nigeria
between 1970 to 2012 was set up. The paper makes the proposition that there is endogeniety, that there is
bidirectional relationship between foreign investment and Economic growth are jointly determined in Nigeria
and there is positive feedback from foreign investment and economic growth. The overall policy implication of
the result is that policies that attract more foreign investment to the economy, greater openness and increased
private participation will need to be pursued and reinforced to ensure that the economy capture greater
spillovers from foreign investment and attains higher economic growth rates, based on this the study
recommended the provision of adequate infrastructure and policy framework that will be conducive for doing
business in Nigeria, so as to attract the inflow of foreign investment to stimulate growth.
Evidence on the Dynamic Relationship between Stock Market All Share Index and...iosrjce
This study examines the dynamic relationship between Stock Market All Share Index and Gross Fixed
Capital Formation in Nigeria. Annual data on market capitalization, value of shares traded, all share index,
average prime lending rate, inflation rate, national savings and gross fixed capital formation at current
purchaser’s value from 1980 to 2012 were sourced from the statistical bulletin of the Central Bank of Nigeria
and the Nigerian Stock Exchange Fact Book various issues. The ordinary least square (OLS) regression
technique was employed in the data analysis and the error correction mechanism (ECM) was used to study the
short-run dynamics as well as long-run relationship between the stock market and gross fixed capital formation
in Nigeria. The result revealed that all share index of the Nigerian stock market has significant effect on gross
fixed capital formation. It further shows that though the capital market has the potential of influencing gross
fixed capital formation its’ effect has not been fully realized due to illiquidity and low level of development of
the Nigerian capital market. It is recommended that appropriate policy measures been taken to deepen the
market and strengthen the structure of the market to ensure that long term funds are used to finance long-term
investments.
Determinants of Foreign Direct Investment in Nigeriaijtsrd
Extant literature is replete with the benefit of attracting Foreign Direct Investment FDI into an economy, it not only provides developing countries with the much needed capital for investment it also enhances job creation, managerial skills as well as transfer of technology. However, attracting and sustaining FDI inflow in Nigeria have remained a teething problem. This study therefore examined the determinants of foreign direct investment in Nigeria. Specifically the study provides empirical evidence on the influence trade openness, market size, infrastructure, human capital, labour force, natural resources, exchange rate and inflation rate on Foreign Direct Investment FDI in Nigeria using an econometric regression technique of the Ordinary least square OLS . The findings of the study also show that trade openness, market size, infrastructure, exchange rate and inflation rate are statistically significant in explaining the foreign direct investment in Nigeria while human capital, labour force and natural resources are statistically insignificant in explaining the growth of foreign direct investment in Nigeria. The study recommends that The government should make polices that will create a business friendly environment to attract FDI inflows in economy. The government should provide the needed leadership and also ensure political stability in the country. This will attract investors to take the advantage of the market size of the country to FDI into the economy. The government should make policies that will favour trade openness. Trade openness is found to be factor that attracts investors invest in the country. This is lesser barriers to trade encourages investment and the government should provide the needed infrastructure. Necessary infrastructures that will reduce the cost of doing business should be the watch word of every government. Dibua, Emmanuel Chijioke | Edoko, Tonna David | Onwuteaka, Ifeoma Cecilia "Determinants of Foreign Direct Investment in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25293.pdfPaper URL: https://www.ijtsrd.com/management/public-sector-management/25293/determinants-of-foreign-direct-investment-in-nigeria/dibua-emmanuel-chijioke
FDI as A Source of External Finance to Developing Countries: A Special Refere...iosrjce
In this era of increasingly globalized world economy, FDI is particularly a significant driving force
behind the interdependence of national economies and is considered as the main source of external finance. The
considerable decline in official development assistance (ODA) and commercial bank lending to developing
countries, which are considered as the main sources of meeting the external financing needs of developing
countries, have seen a greater reliance on private capital especially foreign direct investment as a source of
development finance. This is because of the fact that FDI not only remains much less volatile than portfolio and
other investments but it has also proved to be resilient enough during East Asian crisis of 1997-98 and the
Mexican crisis of 1994-95. In view of this growing significance of foreign direct investment, this paper aims to
study the role of FDI in external financing to developing countries, particularly India and China and the
benefits of combining FDI with other private sources of external finance. The paper concludes that FDI is the
major source of external finance for developing economies not only in absolute terms but also relative to other
sources of private capital flows, contributing on an average more than half of net private and official flows
during the period under review. The findings also presented a completely different picture with regard to the
structure of external financing for India and China. For China, FDI is the major external source of finance
followed by debt. On the other hand, for India Workers’ Remittances is the major source of external finance
followed by debt. The paper further concludes that China and India are the first and third most developing
country destinations for investment flows respectively and both are vying with each other to attract more and
more FDI inflows.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Foreign Portfolio Investment and Human Capital Development in Nigeria 1987 2018ijtsrd
As a result of low savings that characterize their economies, most developing economies scramble for international capital inflows to fill the void in their domestic savings. The international capital can take the form of Foreign Portfolio Investment. There are mixed and conflicting results in past studies on the effect of Foreign Portfolio Investment on Human Capital Development in Nigeria which this study will attempt to resolve. Foreign portfolio investment FPI is an aspect of international capital inflows and involves the transfer of financial assets such as cash, stock or bonds across international borders in want of profit. The main objective of this study is to explore, determine, assess, examine and ascertain the effect of FPI on human capital development in Nigeria. The specific objectives of this study are to explore, determine, assess, examine and ascertain the effects of foreign portfolio investment, market capitalization, exchange rate and interest rate respectively on human capital development in Nigeria. The study adopted ex post facto research design and sourced data sourced data from the Central Bank of Nigeria Statistical Bulletin and Annual Reports and the World Bank Development Indicators which were analyzed using Descriptive Statistics, Augmented Dicker Fuller tests for unit roots and Autoregressive Distributive Lag ARDL for the hypothesis.The study concluded that foreign portfolio investment has both short run and long run positive and significant effects on human capital development. Hence, it is recommended that government should strengthen and deepen the capital market system in Nigeria to sustain existing foreign portfolio investment and attract new ones. Mbanefo Patrick Amaechi "Foreign Portfolio Investment and Human Capital Development in Nigeria: 1987-2018" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49231.pdf Paper URL: https://www.ijtsrd.com/management/management-development/49231/foreign-portfolio-investment-and-human-capital-development-in-nigeria-19872018/mbanefo-patrick-amaechi
Foreign Direct Investment and Human Capital Development in a Developing Afric...ijtsrd
The passion and scramble for foreign capital by developing and less developed economies to supplement their domestic resources cannot be overemphasized. The existing and growing mismatch between domestic capital stock of developing and less developed economies and their capital requirements for investment purposes has been adduced as the cause for this scramble. Various studies have attempted to explore the reasons for the appetite and hunger for foreign capital especially by developing and less developed countries with mixed findings. Foreign direct investment FDI is an aspect of international capital inflows and refers to investment that confers controlling ownership of a business in one country to a different entity in another country. For this study, FDI is proxied by Gross Fixed Capital Formation, exchange Rate, Interest Rate and Market Capitalisation The main objective of this study is to explore the effect of FDI on human capital development in Nigeria. The specific objectives are to explore, determine, assess, examine and ascertain the effect of foreign direct investment, gross fixed capital formation, exchange rate, interest rate and market capitalization respectively on human capital development in Nigeria. The study adopted ex post facto research design and sourced data from the Central Bank of Nigeria Statistical Bulletin and Annual Reports and the World Bank Development Indicators were analyzed using Descriptive Statistics, Augmented Dicker Fuller tests for unit roots and Autoregressive Distributive Lag ARDL for the hypothesis. The study found that foreign direct investment has no long run effect on human capital development Nigeria but rather has positive and significant short run effect on human capital development in Nigeria. It is recommended that government should reduce emphasis on foreign direct investment and rely on it strictly for short term plans as it does not have long run effect on human capital development in Nigeria. Mbanefo Patrick Amaechi "Foreign Direct Investment and Human Capital Development in a Developing African Economy: A Study of the Nigerian Economy 1987-2018" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49227.pdf Paper URL: https://www.ijtsrd.com/management/management-development/49227/foreign-direct-investment-and-human-capital-development-in-a-developing-african-economy-a-study-of-the-nigerian-economy-19872018/mbanefo-patrick-amaechi
Capital Market and Economic Growth Nexus: Evidence from Nigeriaiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications
Transitory and Permanent Effects of Capital Market Development on Capital For...AJHSSR Journal
ABSTRACT: Recent research on the relationship between capital market development and capital formation is
inconsistent.This study investigates the effect of capital market development on capital formation, and
theempiricalmethodutilisedinthisstudy, the Mundlak method,decomposestheeffectsofcapitalmarket development
on capital formation into transitory and permanent effects. This decomposition is important in order to ascertain
whether capital market development is beneficial to short-run or long-run capital formation, which is a key
determinant of a country‟s growth level.The study investigates the capital market development-capital formation
nexus byapplyingaggregate dataset from seven countries within the Sub-Saharan African
regionnamelyGhana,Kenya,IvoryCoast,Mauritius,Nigeria,SouthAfrica,and Zimbabwe over the period from 1980
to 2021. The results indicatethat capital market development has a transitory negative impact on capital
formation,but has a permanent positive impact on capital formation. More importantly, the permanent effect
seems more robust and stronger than the transitory effect. The findings conform to conventional wisdom that
Sub-Saharan African countries with well-developed capital markets experience long-run benefits of increased
capital formation and improved economic development. Based on the research findings, we recommend that
capital market authorities of Sub-Saharan African countries should prioritise policies that will boost productivity,
liquidity, and resilience. The study further recommends that Sub-Saharan African countries must improve their
capital markets‟ infrastructures, and eliminate the tax, legal and regulatory hurdles that impede the development
of their domestic capital markets.
KEYWORDS:Capitalmarketdevelopment,capitalformation,Sub-Saharan Africa, Mundlak Methodology, Panel
data.
Corporate Capital of Domestic and Foreign Firms in Africa – An Empirical ReviewIOSRJBM
The study evaluated the existence and nature of systematic competition for corporate capital between local and foreign firms operating in major African economies. The study is motivated by the debate that foreign firms have easier access to corporate capital than domestic firms, and that the problem in the global financial market might push foreign firms to rely more on domestic financial markets for funds. To achieve the goal of this study, both microeconomic and macroeconomic data were sourced from diverse sources – including the World Bank's Global Development Indicators' database and the individual annual financial reports of firms. The data generated a total of 351 firms based in 11 African countries over a period 2009 to 2014. The results show that the average ratio of total liabilities to total assets is slightly higher among the listed foreign firms (at 48.8 percent) than among the listed domestic firms (47.9 percent), although the differences does not appear significant at conventional levels (t-statistic = 0.601; prob.>t = 0.548). For the whole sample also, it is shown that foreign firms have higher long-term liabilities to total asset ratio than domestic firms, and that the difference is significant at 10 percent level. Whereas the average long-term debt ratio among foreign firms stands at 12.1 percent, for domestic firms, the level is 10.7 percent (t-statistic = 1.751; prob.>t = 0.080). In none of the four sub regions, though, does the difference in the long-term debts ratio significantly differ between domestic and foreign firms. Consistent with the statistical evidence, the descriptive results seem to suggest that the survey evidence reported by the World Bank that in Africa, foreign firms are more profitable, larger, more valued in terms of investments in fixed assets, and older than domestic firms is not true. However, as shown in this report, such differences, with the exception of asset tangibility and age, are not very significant at conventional levels. This suggests that the major source of competition for corporate finance in Africa may be on the extent of collateral value and the reputation that arises from firm age
Measuring the Impact of Financial Institutions Development on Foreign Direct ...ijtsrd
This study examines the impact of financial institution development on the absorption of foreign direct investment in Africa. With a sample study including 32 African economies for the period 1980 2018, the paper apply the PMG, MG and DFE estimators, an unprecedent accomplishment of this research is that it provides a deep understanding of the influence of financial development on foreign direct investment both in the short and long term in five regions of the continent. The empirical result suggest that positive and significant impact are found in the long term in regions while in the short run no significant impact is found. Magakam Tchamekwen Alida | Zhao Xi Cang "Measuring the Impact of Financial Institutions Development on Foreign Direct Investment Inflow in Africa" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37992.pdf Paper URL : https://www.ijtsrd.com/economics/financial-economics/37992/measuring-the-impact-of-financial-institutions-development-on-foreign-direct-investment-inflow-in-africa/magakam-tchamekwen-alida
The study is on the effect of Net capital inflow on inclusive growth in Nigeria. This study seeks to deepen the understanding on how capital inflow creates opportunity for inclusive growth in Nigeria through increase in GDP per capita. The objective of the study were to : determine the effect of Net capital inflow , Net foreign direct investment and trade openness on inclusive growth in Nigeria. The study employed the time series data in its analysis. The period of analysis spanned through 1980-2015 and the dataset required for the analysis were sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and National bureau of statistics publications. The study conducted trend analysis, descriptive analysis. The data were also tested for stationarity using the Augmented Dickey Fuller (ADF) unit root test and Ordinary Least Square (OLS) analytical techniques, cointegration test and error correction mechanism. It was evident from the unit root test that the variables were fractionally integrated while the cointegration test reveals that long run relationship exists among the variables. The findings equally reveal that capital inflow exerts significant negative influence on GDP per capita. This could be attributed to the problem of managing external capital flows which has been sub-optimal in most developing economies including Nigeria. The implication of this finding is that the perceived benefits that are associated with capital inflows tend not to hold sway in Nigeria over the sampled period which may be attributed to institutional and governance failure. Owing to the findings, this study recommends for the adoption of investment friendly policies and ensure transparency and good governance, appropriate economic management practices capable of supporting reforms in the Nigerian financial system and guide international capital inflows to ensure that the associated economic turnarounds are people-centered.
Tax Incentives and Foreign Direct Investment in Nigeriaiosrjce
Given the significance of Foreign Direct Investment (FDI) to economic growth and the use of tax
incentives as a strategy among government of various countries to attract FDI, this study examines the influence
of tax incentives in the decision of an investor to locate FDI in Nigeria. Data were drawn from annual statistical
bulletin of the Central Bank of Nigeria and the World Bank World Development Indicators Database. The work
employs a model of multiple regressions using static Error Correction Modelling (ECM) to determine the time
series properties of tax incentives captured by annual tax revenue as a percentage of Gross Domestic Product
(GDP)and FDI. The result showed that FDI response to tax incentives is negatively significant, that is, increase
in tax incentives does not bring about a corresponding increase in FDI. Based on the findings, the paper
recommends, amongst others, that dependence on tax incentives should be reduced and more attention be put on
other incentives strategies such as stable economic reforms and stable political climate.
This paper examined the impact of foreign exchange accessibility on the growth of manufacturing sector in Nigeria. The study relied on secondary time series annual data and analyzed the collected data by using inferential statistics. The estimation techniques include Ordinary Least Square (OLS) method, Augmented Dickey-Fuller (ADF) Unit Root test, Johansen Co-integration test and Autoregressive Distributed Lags (ARDL) model. The study revealed that there was an existence of both short run and long run relationships among the variables of interest. The findings of the study revealed that the supply of foreign exchange and by implication, its accessibility is critical to the growth of the manufacturing sector considering the positive relationship of the lags of foreign exchange supply. Similarly, the amount of foreign exchange unutilised by the manufacturing sector (FXUM) was positively and significantly related to the growth of manufacturing sector. In the light of the forgoing findings, it was concluded that the time to time behaviours of foreign exchange supply by the Central Bank of Nigeria, forex utilization by the manufacturing sector and exchange rate all put together had a significant impact on the growth of Nigerian manufacturing sector. Consequently, it was recommended that government should ensure optimal and consistent supply of foreign exchange to the manufacturing sector as this has been found to have positive effect on the growth of the sector in this study. In addition, government should improve on her monitoring activities of the amount and distribution of foreign exchange allocations to the manufacturing sector of the economy in order to ensure that they are utilised for productive purposes only and reduce the incidence of diversion to unproductive and illegitimate purposes.
Globalization and the Development of the Nigerian Capital Marketijtsrd
The role of the capital market cannot be over emphasised in the development of most economy in the world and Nigeria is not an exception. The Nigerian capital market has gone through different stages alongside with challenges and hurdles that has slowed down its growth rate and its assimilation into the financial market of the world. This research work was to examine Globalization and the development of the Nigerian capital market from 1986 to 2020, which was before the wide spread of covid 19. Secondary data from CBN statistical bulletin was used. Augment Dickey Fuller ADF , Bound Test and Auto Regressive Distributed Lag were employed to evaluate the effect of foreign direct investment, total exports and total imports on Capital market development which was proxy by market capitalisation and it was discovered that foreign direct investment, non oil export and non oil imports has significant effect on market capitalization, therefore it was recommended that The government should consider the option of liberalizing the economy let there be labour market flexibility, lower tax rate for businesses, less restriction on both domestic and foreign capital to encourage competitiveness in the business environment, so that the full benefit of globalization would be reaped. Chima Kenneth Anachedo | Amalachukwu Chijindu Ananwude | Izuchukwu Andrew Nnoje | Jisike Jude Okonkwo "Globalization and the Development of the Nigerian Capital Market" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49234.pdf Paper URL: https://www.ijtsrd.com/management/business-economics/49234/globalization-and-the-development-of-the-nigerian-capital-market/chima-kenneth-anachedo
External Financing and Economic Growth in Nigeria 1986 2017ijtsrd
External financing has become a veritable resort to remedying the common problems of low productivity, low productivity, low savings and high dependent on consumption from exports in most less developed economies. The use of external finance is believed to have the capacity to close wide gap between domestic savings and investment and provide the complementary funds to facilitate economic activities necessary for growth in Nigeria. This study aimed to investigate the effect of external financing on economic growth in Nigeria between 1986 and 2017. External financing was captured using five variables of external debt stock EDS , foreign direct investment FDI , official development assistance ODA , remittance RMT and foreign portfolio investment FPI , as the independent variables, regressed on economic growth represented by annual growth rate of gross domestic product GDPR as the dependent variable. Data for these variables were obtained from World Development Indicator, and analyzed based on the Autoregressive Distributive Lag ARDL approach. The findings revealed that, in the long run, EDS and FDI had a negative and a positive, significant effects, respectively, while others had no effect on growth in the short run, all the external financing variables EDS, FDI, FPI, ODA, and RMT had no significant effect on economic growth in Nigeria. The study averred that FDI is a veritable source of financing that can bring about economic sustainability to Nigeria. The study recommended, among others, that government should deploy external debts for regenerative projects that will eventually liquidate themselves in the long run. Ekwunife, Ifeanyi Jude | Dr. J. J. E. Ikeora "External Financing and Economic Growth in Nigeria: 1986-2017" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29388.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29388/external-financing-and-economic-growth-in-nigeria-1986-2017/ekwunife-ifeanyi-jude
Stimulation of foreign resources into Nigeria is to transform the economy as neoclassical economics promised. Successive governments in Nigeria usually attract large inflows, yet, small proportion is usually distributed to the agricultural sector despite the importance of this sector and the need for such capital. This study therefore focuses on the policy implication of sectoral distribution of foreign capital for the agricultural sector in Nigeria. The main objective is to examine the contribution of foreign capital to growth in the agricultural sector. Secondary data are employed for analysis. The relevant data are obtained from Central Bank of Nigeria (CBN) Statistical Bulletin. Simple percentages, tables and charts are the tools of analysis, while regression and correlation techniques are the inferential statistical approaches applied. Findings show that distribution of capital inflow in Nigeria does not reflect theoretical position that capital should flow to sectors of need, particularly, where there are abundant raw materials. This theoretical postulation has not been upheld in Nigeria where capital inflow was found to be randomly distributed. This has had negative effect on the contribution of foreign capital to growth in agricultural sector. It is therefore recommended that government should pursue policies like tax holidays and production subsidies for foreign investments in the agricultural sector.
Rubric:
Global
Orientation
SLO
Applied
To
Case
Case
Requirements
GO
Dimension
1
Description
GO
Dimension
2
Description
GO
Dimension
3
Description
GO
Dimension
4
Description
Students
will-‐>
Exhibit
knowledge
of
the
major
cultural
economic,
social
and
legal
environments
faced
by
organizations
(GL
SLO
1)
Develop
multiple
strategies
for
the
challenges
of
doing
business
in
a
global
environment
(GL
SLO
2)
Assess
the
needs
and
justify
the
advantages
accruing
from
expanding
into
international
markets
(GL
SLO
1,
2,
3)
Demonstrate
appropriate
responses
to
cultural
diversity
in
a
global
economy
(GL
SLO
3)
Question
1
Identify
the
key
criteria
and
considerations
that
need
to
be
taken
into
account
in
evaluating
BFSI
entry
in
the
proposed
foreign
markets.
20%
Question
2
Of
the
countries
under
consideration,
which
five
would
be
most
suitable
for
the
immediate
establishment
of
a
BFSI
subsidiary?
Highlight
the
key
issues
for
each
of
the
selected
countries
and
discuss
the
reasoning
behind
your
recommendation.
30%
20%
Question
3
Which
countries
would
be
unsuitable
for
a
BFSI
subsidiary
at
this
time,
and
what
are
the
basic
shortcomings
in
each
case?
30%
TOTAL
20%
of
grade
30%
of
grade
20%
of
grade
30%
of
grade
ECONOMICS 1
Economics
[Insert Name]
[Institutional affiliation]
Factors /criteria to be considered by BSFI before entering the foreign market
Due to the decision to go international the company has to consider the following highlighted factors.
The resources the BFSI have. The company should have enough resources of going abroad which will involve providing insurance to customers and extending credit (Bardhan, 2010). The resources for whole sale financing and purchase ...
Capital Market and Economic Growth in Nigeria A Causal Analysis 1987 – 2021ijtsrd
The study investigated the effect of capital market on economic growth in Nigeria. It also determined the causal relationship between capital markets on economic growth. The study covered the liberalised economic era in Nigeria starting from 1987 to 2021. The study employed new issues, market size, market liquidity, market volatility and bond market size as proxies for capital market to determine the nexus with economic growth. Data were obtained from the Central Bank of Nigeria statistical bulletin and analysed using the ARDL regression and granger causality tests. The results showed that 1 New Issues has no significant long and short run effects on economic growth but economic growth granger causes new issues, 2 Stock Market Size has a negative long run significant effect a mixed short run effect of positive in the initial period and negative in later years but no causal relationship with economic growth, 3 Stock Market liquidity has significant and positive long run and short run effects but no causal relationship with economic growth, 4 Stock Market Volatility has insignificant negative long run effect a mixed positive and then negative effect in the short run but no causal relationship with economic growth, and 5 Bond Market Size has significant and negative long run and short run effects but no causal relationship with economic growth in Nigeria. The study concluded that capital market follows the demand following hypothesis as economic growth determines one of the capital market variables new issues . The capital market size, liquidity and volatility have no causal relationship with economic growth which depicts the neutrality hypothesis that the financial market nee capital market and economic growth has no recourse to each other in development. The recommendations put forward by the study include that existing firms in Nigeria should be encouraged to assess the capital market for business financing and the need for effective supervision of stock market activities. The outcome of the study contributed immensely to new knowledge in capital market and economic growth nexus by debunking the sought after finance led theory in support that the development of the capital market should drive economic growth. Ike, Ngozi Ann | Chukwunulu, Jessie Ijeoma "Capital Market and Economic Growth in Nigeria: A Causal Analysis (1987 – 2021)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51909.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51909/capital-market-and-economic-growth-in-nigeria-a-causal-analysis-1987-–-2021/ike-ngozi-ann
In their search for sustainable development and endurable development strategies, neo-colonial economies of the Third World and Africa in particular gloss over massive corruption in public office and sit-tight syndrome of leaders. Rather, since attaining independence in the 1950s and 60s, their leaders have tinkered with several development strategies drawn from both the capitalists and socialist models. In all of these, development has remained a far cry as a result of many challenges faced by these economies. Strategies ranging from indigenization to export promotion and import substitution of the 1960s, to privatization and structural adjustment of the 1980s and Foreign Direct Investment of the 1990s have been experimented with varying degrees of success. Little has been done in the area of checking financial corruption and abuse of office by public office holders, building of strong institutions from which economic oriented strategies can be rooted and checking tenure elongation by leaders of states. The results have been huge failures and frustration on the part of development partners. This paper has attempted a survey approach to Foreign Direct Investment as a way out of structural imbalances of neo-colonial economies. Basing this examination on Nigeria, findings have shown that Foreign Direct Investment can work for development only if host government regulate the activities of foreign investors and also create enabling environment for investment to yield expected results.
Effect of FDI Inflows on Real Sector Economy of Nigeriaijtsrd
The study have examined the effect of sectorial FDI to economic growth of Nigeria within 34 year period spanning 1987 to 2020. FDI was disaggregated into four variables being agriculture, construction, manufacturing, and oil and gas as the independent variable. Economic growth was the dependent variable. The data were obtained from CBN statistical bulletin and Annual reports. The repression analysed using the ARDL technique. The results showed that FDI to various sector of the economy has significant long run effect on economic growth of Nigeria. Furthermore, The short run dynamic results revealed that 1 FDI to agriculture has interjecting effect with positive effect in the first lag 1 and successive negative effects in lags 2 and 4 2 FDI to construction have a significant positive effect on economic growth 3 FDI to manufacturing sector has negative effect on economic growth and 4 FDI to oil and gas sector has positive effect on economic growth. The study posits that FDI inflows is a veritable driver to economic growth to developing economies like Nigeria. Among the recommendations of this study is that the government should encourage local investment into the agriculture and manufacturing to cushion the adverse impact of FDI to Nigeria growth. Ositadimma Victor Okpalla | Sylvia Chikodi Anaele | Ifeanyi Jude Ekwunife "Effect of FDI Inflows on Real Sector Economy of Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51910.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51910/effect-of-fdi-inflows-on-real-sector-economy-of-nigeria/ositadimma-victor-okpalla
‘Six Sigma Technique’ A Journey Through its Implementationijtsrd
The manufacturing industries all over the world are facing tough challenges for growth, development and sustainability in today’s competitive environment. They have to achieve apex position by adapting with the global competitive environment by delivering goods and services at low cost, prime quality and better price to increase wealth and consumer satisfaction. Cost Management ensures profit, growth and sustainability of the business with implementation of Continuous Improvement Technique like Six Sigma. This leads to optimize Business performance. The method drives for customer satisfaction, low variation, reduction in waste and cycle time resulting into a competitive advantage over other industries which did not implement it. The main objective of this paper ‘Six Sigma Technique A Journey Through Its Implementation’ is to conceptualize the effectiveness of Six Sigma Technique through the journey of its implementation. Aditi Sunilkumar Ghosalkar "‘Six Sigma Technique’: A Journey Through its Implementation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64546.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64546/‘six-sigma-technique’-a-journey-through-its-implementation/aditi-sunilkumar-ghosalkar
Edge Computing in Space Enhancing Data Processing and Communication for Space...ijtsrd
Edge computing, a paradigm that involves processing data closer to its source, has gained significant attention for its potential to revolutionize data processing and communication in space missions. With the increasing complexity and data volume generated by modern space missions, traditional centralized computing approaches face challenges related to latency, bandwidth, and security. Edge computing in space, involving on board processing and analysis of data, offers promising solutions to these challenges. This paper explores the concept of edge computing in space, its benefits, applications, and future prospects in enhancing space missions. Manish Verma "Edge Computing in Space: Enhancing Data Processing and Communication for Space Missions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64541.pdf Paper Url: https://www.ijtsrd.com/computer-science/artificial-intelligence/64541/edge-computing-in-space-enhancing-data-processing-and-communication-for-space-missions/manish-verma
Dynamics of Communal Politics in 21st Century India Challenges and Prospectsijtsrd
Communal politics in India has evolved through centuries, weaving a complex tapestry shaped by historical legacies, colonial influences, and contemporary socio political transformations. This research comprehensively examines the dynamics of communal politics in 21st century India, emphasizing its historical roots, socio political dynamics, economic implications, challenges, and prospects for mitigation. The historical perspective unravels the intricate interplay of religious identities and power dynamics from ancient civilizations to the impact of colonial rule, providing insights into the evolution of communalism. The socio political dynamics section delves into the contemporary manifestations, exploring the roles of identity politics, socio economic disparities, and globalization. The economic implications section highlights how communal politics intersects with economic issues, perpetuating disparities and influencing resource allocation. Challenges posed by communal politics are scrutinized, revealing multifaceted issues ranging from social fragmentation to threats against democratic values. The prospects for mitigation present a multifaceted approach, incorporating policy interventions, community engagement, and educational initiatives. The paper conducts a comparative analysis with international examples, identifying common patterns such as identity politics and economic disparities. It also examines unique challenges, emphasizing Indias diverse religious landscape, historical legacy, and secular framework. Lessons for effective strategies are drawn from international experiences, offering insights into inclusive policies, interfaith dialogue, media regulation, and global cooperation. By scrutinizing historical epochs, contemporary dynamics, economic implications, and international comparisons, this research provides a comprehensive understanding of communal politics in India. The proposed strategies for mitigation underscore the importance of a holistic approach to foster social harmony, inclusivity, and democratic values. Rose Hossain "Dynamics of Communal Politics in 21st Century India: Challenges and Prospects" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64528.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/history/64528/dynamics-of-communal-politics-in-21st-century-india-challenges-and-prospects/rose-hossain
Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in...ijtsrd
Background and Objective Telehealth has become a well known tool for the delivery of health care in Saudi Arabia, and the perspective and knowledge of healthcare providers are influential in the implementation, adoption and advancement of the method. This systematic review was conducted to examine the current literature base regarding telehealth and the related healthcare professional perspective and knowledge in the Kingdom of Saudi Arabia. Materials and Methods This systematic review was conducted by searching 7 databases including, MEDLINE, CINHAL, Web of Science, Scopus, PubMed, PsycINFO, and ProQuest Central. Studies on healthcare practitioners telehealth knowledge and perspectives published in English in Saudi Arabia from 2000 to 2023 were included. Boland directed this comprehensive review. The researchers examined each connected study using the AXIS tool, which evaluates cross sectional systematic reviews. Narrative synthesis was used to summarise and convey the data. Results Out of 1840 search results, 10 studies were included. Positive outlook and limited knowledge among providers were seen across trials. Healthcare professionals like telehealth for its ability to improve quality, access, and delivery, save time and money, and be successful. Age, gender, occupation, and work experience also affect health workers knowledge. In Saudi Arabia, healthcare professionals face inadequate expert assistance, patient privacy, internet connection concerns, lack of training courses, lack of telehealth understanding, and high costs while performing telemedicine. Conclusions Healthcare practitioners telehealth perceptions and knowledge were examined in this systematic study. Its collection of concerned experts different personal attitudes and expertise would help enhance telehealths implementation in Saudi Arabia, develop its healthcare delivery alternative, and eliminate frequent problems. Badriah Mousa I Mulayhi | Dr. Jomin George | Judy Jenkins "Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in Saudi Arabia: A Systematic Review" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64535.pdf Paper Url: https://www.ijtsrd.com/medicine/other/64535/assess-perspective-and-knowledge-of-healthcare-providers-towards-elehealth-in-saudi-arabia-a-systematic-review/badriah-mousa-i-mulayhi
The Impact of Digital Media on the Decentralization of Power and the Erosion ...ijtsrd
The impact of digital media on the distribution of power and the weakening of traditional gatekeepers has gained considerable attention in recent years. The adoption of digital technologies and the internet has resulted in declining influence and power for traditional gatekeepers such as publishing houses and news organizations. Simultaneously, digital media has facilitated the emergence of new voices and players in the media industry. Digital medias impact on power decentralization and gatekeeper erosion is visible in several ways. One significant aspect is the democratization of information, which enables anyone with an internet connection to publish and share content globally, leading to citizen journalism and bypassing traditional gatekeepers. Another aspect is the disruption of conventional media industry business models, as traditional organizations struggle to adjust to the decrease in advertising revenue and the rise of digital platforms. Alternative business models, such as subscription models and crowdfunding, have become more prevalent, leading to the emergence of new players. Overall, the impact of digital media on the distribution of power and the weakening of traditional gatekeepers has brought about significant changes in the media landscape and the way information is shared. Further research is required to fully comprehend the implications of these changes and their impact on society. Dr. Kusum Lata "The Impact of Digital Media on the Decentralization of Power and the Erosion of Traditional Gatekeepers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64544.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64544/the-impact-of-digital-media-on-the-decentralization-of-power-and-the-erosion-of-traditional-gatekeepers/dr-kusum-lata
Online Voices, Offline Impact Ambedkars Ideals and Socio Political Inclusion ...ijtsrd
This research investigates the nexus between online discussions on Dr. B.R. Ambedkars ideals and their impact on social inclusion among college students in Gurugram, Haryana. Surveying 240 students from 12 government colleges, findings indicate that 65 actively engage in online discussions, with 80 demonstrating moderate to high awareness of Ambedkars ideals. Statistically significant correlations reveal that higher online engagement correlates with increased awareness p 0.05 and perceived social inclusion. Variations across colleges and a notable effect of college type on perceived social inclusion highlight the influence of contextual factors. Furthermore, the intersectional analysis underscores nuanced differences based on gender, caste, and socio economic status. Dr. Kusum Lata "Online Voices, Offline Impact: Ambedkar's Ideals and Socio-Political Inclusion - A Study of Gurugram District" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64543.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64543/online-voices-offline-impact-ambedkars-ideals-and-sociopolitical-inclusion--a-study-of-gurugram-district/dr-kusum-lata
Problems and Challenges of Agro Entreprenurship A Studyijtsrd
Noting calls for contextualizing Agro entrepreneurs problems and challenges of the agro entrepreneurs and for greater attention to the Role of entrepreneurs in agro entrepreneurship research, we conduct a systematic literature review of extent research in agriculture entrepreneurship to overcome the study objectives of complications of agro entrepreneurs through various factors, Development of agriculture products is a key factor for the overall economic growth of agro entrepreneurs Agro Entrepreneurs produces firsthand large scale employment, utilizes the labor and natural resources, This research outlines the problems of Weather and Soil Erosions, Market price fluctuation, stimulates labor cost problems, reduces concentration of Price volatility, Dependency on Intermediaries, induces Limited Bargaining Power, and Storage and Transportation Costs. This paper mainly devoted to highlight Problems and challenges faced for the sustainable of Agro Entrepreneurs in India. Vinay Prasad B "Problems and Challenges of Agro Entreprenurship - A Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64540.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64540/problems-and-challenges-of-agro-entreprenurship--a-study/vinay-prasad-b
Comparative Analysis of Total Corporate Disclosure of Selected IT Companies o...ijtsrd
Disclosure is a process through which a business enterprise communicates with external parties. A corporate disclosure is communication of financial and non financial information of the activities of a business enterprise to the interested entities. Corporate disclosure is done through publishing annual reports. So corporate disclosure through annual reports plays a vital role in the life of all the companies and provides valuable information to investors. The basic objectives of corporate disclosure is to give a true and fair view of companies to the parties related either directly or indirectly like owner, government, creditors, shareholders etc. in the companies act, provisions have been made about mandatory and voluntary disclosure. The IT sector in India is rapidly growing, the trend to invest in the IT sector is rising and employment opportunities in IT sectors are also increasing. Therefore the IT sector is expected to have fair, full and adequate disclosure of all information. Unfair and incomplete disclosure may adversely affect the entire economy. A research study on disclosure practices of IT companies could play an important role in this regard. Hence, the present research study has been done to study and review comparative analysis of total corporate disclosure of selected IT companies of India and to put forward overall findings and suggestions with a view to increase disclosure score of these companies. The researcher hopes that the present research study will be helpful to all selected Companies for improving level of corporate disclosure through annual reports as well as the government, creditors, investors, all business organizations and upcoming researcher for comparative analyses of level of corporate disclosure with special reference to selected IT companies. Dr. Vaibhavi D. Thaker "Comparative Analysis of Total Corporate Disclosure of Selected IT Companies of India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64539.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64539/comparative-analysis-of-total-corporate-disclosure-of-selected-it-companies-of-india/dr-vaibhavi-d-thaker
The Impact of Educational Background and Professional Training on Human Right...ijtsrd
This study investigated the impact of educational background and professional training on human rights awareness among secondary school teachers in the Marathwada region of Maharashtra, India. The key findings reveal that higher levels of education, particularly a master’s degree, and fields of study related to education, humanities, or social sciences are associated with greater human rights awareness among teachers. Additionally, both pre service teacher training and in service professional development programs focused on human rights education significantly enhance teacher’s knowledge, skills, and competencies in promoting human rights principles in their classrooms. Baig Ameer Bee Mirza Abdul Aziz | Dr. Syed Azaz Ali Amjad Ali "The Impact of Educational Background and Professional Training on Human Rights Awareness among Secondary School Teachers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64529.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64529/the-impact-of-educational-background-and-professional-training-on-human-rights-awareness-among-secondary-school-teachers/baig-ameer-bee-mirza-abdul-aziz
A Study on the Effective Teaching Learning Process in English Curriculum at t...ijtsrd
“One Language sets you in a corridor for life. Two languages open every door along the way” Frank Smith English as a foreign language or as a second language has been ruling in India since the period of Lord Macaulay. But the question is how much we teach or learn English properly in our culture. Is there any scope to use English as a language rather than a subject How much we learn or teach English without any interference of mother language specially in the classroom teaching learning scenario in West Bengal By considering all these issues the researcher has attempted in this article to focus on the effective teaching learning process comparing to other traditional strategies in the field of English curriculum at the secondary level to investigate whether they fulfill the present teaching learning requirements or not by examining the validity of the present curriculum of English. The purpose of this study is to focus on the effectiveness of the systematic, scientific, sequential and logical transaction of the course between the teachers and the learners in the perspective of the 5Es programme that is engage, explore, explain, extend and evaluate. Sanchali Mondal | Santinath Sarkar "A Study on the Effective Teaching Learning Process in English Curriculum at the Secondary Level of West Bengal" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd62412.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/62412/a-study-on-the-effective-teaching-learning-process-in-english-curriculum-at-the-secondary-level-of-west-bengal/sanchali-mondal
The Role of Mentoring and Its Influence on the Effectiveness of the Teaching ...ijtsrd
This paper reports on a study which was conducted to investigate the role of mentoring and its influence on the effectiveness of the teaching of Physics in secondary schools in the South West Region of Cameroon. The study adopted the convergent parallel mixed methods design, focusing on respondents in secondary schools in the South West Region of Cameroon. Both quantitative and qualitative data were collected, analysed separately, and the results were compared to see if the findings confirm or disconfirm each other. The quantitative analysis found that majority of the respondents 72 of Physics teachers affirmed that they had more experienced colleagues as mentors to help build their confidence, improve their teaching, and help them improve their effectiveness and efficiency in guiding learners’ achievements. Only 28 of the respondents disagreed with these statements. With majority respondents 72 agreeing with the statements, it implies that in most secondary schools, experienced Physics teachers act as mentors to build teachers’ confidence in teaching and improving students’ learning. The interview qualitative data analysis summarized how secondary school Principals use meetings with mentors and mentees to promote mentorship in the school milieu. This has helped strengthen teachers’ classroom practices in secondary schools in the South West Region of Cameroon. With the results confirming each other, the study recommends that mentoring should focus on helping teachers employ social interactions and instructional practices feedback and clarity in teaching that have direct measurable impact on students’ learning achievements. Andrew Ngeim Sumba | Frederick Ebot Ashu | Peter Agborbechem Tambi "The Role of Mentoring and Its Influence on the Effectiveness of the Teaching of Physics in Secondary Schools in the South West Region of Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64524.pdf Paper Url: https://www.ijtsrd.com/management/management-development/64524/the-role-of-mentoring-and-its-influence-on-the-effectiveness-of-the-teaching-of-physics-in-secondary-schools-in-the-south-west-region-of-cameroon/andrew-ngeim-sumba
Design Simulation and Hardware Construction of an Arduino Microcontroller Bas...ijtsrd
This study primarily focuses on the design of a high side buck converter using an Arduino microcontroller. The converter is specifically intended for use in DC DC applications, particularly in standalone solar PV systems where the PV output voltage exceeds the load or battery voltage. To evaluate the performance of the converter, simulation experiments are conducted using Proteus Software. These simulations provide insights into the input and output voltages, currents, powers, and efficiency under different state of charge SoC conditions of a 12V,70Ah rechargeable lead acid battery. Additionally, the hardware design of the converter is implemented, and practical data is collected through operation, monitoring, and recording. By comparing the simulation results with the practical results, the efficiency and performance of the designed converter are assessed. The findings indicate that while the buck converter is suitable for practical use in standalone PV systems, its efficiency is compromised due to a lower output current. Chan Myae Aung | Dr. Ei Mon "Design Simulation and Hardware Construction of an Arduino-Microcontroller Based DC-DC High-Side Buck Converter for Standalone PV System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64518.pdf Paper Url: https://www.ijtsrd.com/engineering/mechanical-engineering/64518/design-simulation-and-hardware-construction-of-an-arduinomicrocontroller-based-dcdc-highside-buck-converter-for-standalone-pv-system/chan-myae-aung
Sustainable Energy by Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadikuijtsrd
Energy becomes sustainable if it meets the needs of the present without compromising the ability of future generations to meet their own needs. Some of the definitions of sustainable energy include the considerations of environmental aspects such as greenhouse gas emissions, social, and economic aspects such as energy poverty. Generally far more sustainable than fossil fuel are renewable energy sources such as wind, hydroelectric power, solar, and geothermal energy sources. Worthy of note is that some renewable energy projects, like the clearing of forests to produce biofuels, can cause severe environmental damage. The sustainability of nuclear power which is a low carbon source is highly debated because of concerns about radioactive waste, nuclear proliferation, and accidents. The switching from coal to natural gas has environmental benefits, including a lower climate impact, but could lead to delay in switching to more sustainable options. “Carbon capture and storage” can be built into power plants to remove the carbon dioxide CO2 emissions, but this technology is expensive and has rarely been implemented. Leading non renewable energy sources around the world is fossil fuels, coal, petroleum, and natural gas. Nuclear energy is usually considered another non renewable energy source, although nuclear energy itself is a renewable energy source, but the material used in nuclear power plants is not. The paper addresses the issue of sustainable energy, its attendant benefits to the future generation, and humanity in general. Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadiku "Sustainable Energy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64534.pdf Paper Url: https://www.ijtsrd.com/engineering/electrical-engineering/64534/sustainable-energy/paul-a-adekunte
Concepts for Sudan Survey Act Implementations Executive Regulations and Stand...ijtsrd
This paper aims to outline the executive regulations, survey standards, and specifications required for the implementation of the Sudan Survey Act, and for regulating and organizing all surveying work activities in Sudan. The act has been discussed for more than 5 years. The Land Survey Act was initiated by the Sudan Survey Authority and all official legislations were headed by the Sudan Ministry of Justice till it was issued in 2022. The paper presents conceptual guidelines to be used for the Survey Act implementation and to regulate the survey work practice, standardizing the field surveys, processing, quality control, procedures, and the processes related to survey work carried out by the stakeholders and relevant authorities in Sudan. The conceptual guidelines are meant to improve the quality and harmonization of geospatial data and to aid decision making processes as well as geospatial information systems. The established comprehensive executive regulations will govern and regulate the implementation of the Sudan Survey Geomatics Act in all surveying and mapping practices undertaken by the Sudan Survey Authority SSA and state local survey departments for public or private sector organizations. The targeted standards and specifications include the reference frame, projection, coordinate systems, and the guidelines and specifications that must be followed in the field of survey work, processes, and mapping products. In the last few decades, there has been a growing awareness of the importance of geomatics activities and measurements on the Earths surface in space and time, together with observing and mapping the changes. In such cases, data must be captured promptly, standardized, and obtained with more accuracy and specified in much detail. The paper will also highlight the current situation in Sudan, the degree to which survey standards are used, the problems encountered, and the errors that arise from not using the standards and survey specifications. Kamal A. A. Sami "Concepts for Sudan Survey Act Implementations - Executive Regulations and Standards" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63484.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63484/concepts-for-sudan-survey-act-implementations--executive-regulations-and-standards/kamal-a-a-sami
Towards the Implementation of the Sudan Interpolated Geoid Model Khartoum Sta...ijtsrd
The discussions between ellipsoid and geoid have invoked many researchers during the recent decades, especially during the GNSS technology era, which had witnessed a great deal of development but still geoid undulation requires more investigations. To figure out a solution for Sudans local geoid, this research has tried to intake the possibility of determining the geoid model by following two approaches, gravimetric and geometrical geoid model determination, by making use of GNSS leveling benchmarks at Khartoum state. The Benchmarks are well distributed in the study area, in which, the horizontal coordinates and the height above the ellipsoid have been observed by GNSS while orthometric heights were carried out using precise leveling. The Global Geopotential Model GGM represented in EGM2008 has been exploited to figure out the geoid undulation at the benchmarks in the study area. This is followed by a fitting process, that has been done to suit the geoid undulation data which has been computed using GNSS leveling data and geoid undulation inspired by the EGM2008. Two geoid surfaces were created after the fitting process to ensure that they are identical and both of them could be counted for getting the same geoid undulation with an acceptable accuracy. In this respect, statistical operation played an important role in ensuring the consistency and integrity of the model by applying cross validation techniques splitting the data into training and testing datasets for building the geoid model and testing its eligibility. The geometrical solution for geoid undulation computation has been utilized by applying straightforward equations that facilitate the calculation of the geoid undulation directly through applying statistical techniques for the GNSS leveling data of the study area to get the common equation parameters values that could be utilized to calculate geoid undulation of any position in the study area within the claimed accuracy. Both systems were checked and proved eligible to be used within the study area with acceptable accuracy which may contribute to solving the geoid undulation problem in the Khartoum area, and be further generalized to determine the geoid model over the entire country, and this could be considered in the future, for regional and continental geoid model. Ahmed M. A. Mohammed. | Kamal A. A. Sami "Towards the Implementation of the Sudan Interpolated Geoid Model (Khartoum State Case Study)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63483.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63483/towards-the-implementation-of-the-sudan-interpolated-geoid-model-khartoum-state-case-study/ahmed-m-a-mohammed
Activating Geospatial Information for Sudans Sustainable Investment Mapijtsrd
Sudan is witnessing an acceleration in the processes of development and transformation in the performance of government institutions to raise the productivity and investment efficiency of the government sector. The development plans and investment opportunities have focused on achieving national goals in various sectors. This paper aims to illuminate the path to the future and provide geospatial data and information to develop the investment climate and environment for all sized businesses, and to bridge the development gap between the Sudan states. The Sudan Survey Authority SSA is the main advisor to the Sudan Government in conducting surveying, mappings, designing, and developing systems related to geospatial data and information. In recent years, SSA made a strategic partnership with the Ministry of Investment to activate Geospatial Information for Sudans Sustainable Investment and in particular, for the preparation and implementation of the Sudan investment map, based on the directives and objectives of the Ministry of Investment MI in Sudan. This paper comes within the framework of activating the efforts of the Ministry of Investment to develop technical investment services by applying techniques adopted by the Ministry and its strategic partners for advancing investment processes in the country. Kamal A. A. Sami "Activating Geospatial Information for Sudan's Sustainable Investment Map" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63482.pdf Paper Url: https://www.ijtsrd.com/engineering/information-technology/63482/activating-geospatial-information-for-sudans-sustainable-investment-map/kamal-a-a-sami
Educational Unity Embracing Diversity for a Stronger Societyijtsrd
In a rapidly changing global landscape, the importance of education as a unifying force cannot be overstated. This paper explores the crucial role of educational unity in fostering a stronger and more inclusive society through the embrace of diversity. By examining the benefits of diverse learning environments, the paper aims to highlight the positive impact on societal strength. The discussion encompasses various dimensions, from curriculum design to classroom dynamics, and emphasizes the need for educational institutions to become catalysts for unity in diversity. It highlights the need for a paradigm shift in educational policies, curricula, and pedagogical approaches to ensure that they are reflective of the diverse fabric of society. This paper also addresses the challenges associated with implementing inclusive educational practices and offers practical strategies for overcoming barriers. It advocates for collaborative efforts between educational institutions, policymakers, and communities to create a supportive ecosystem that promotes diversity and unity. Mr. Amit Adhikari | Madhumita Teli | Gopal Adhikari "Educational Unity: Embracing Diversity for a Stronger Society" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64525.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64525/educational-unity-embracing-diversity-for-a-stronger-society/mr-amit-adhikari
Integration of Indian Indigenous Knowledge System in Management Prospects and...ijtsrd
The diversity of indigenous knowledge systems in India is vast and can vary significantly between different communities and regions. Preserving and respecting these knowledge systems is crucial for maintaining cultural heritage, promoting sustainable practices, and fostering cross cultural understanding. In this paper, an overview of the prospects and challenges associated with incorporating Indian indigenous knowledge into management is explored. It is found that IIKS helps in management in many areas like sustainable development, tourism, food security, natural resource management, cultural preservation and innovation, etc. However, IIKS integration with management faces some challenges in the form of a lack of documentation, cultural sensitivity, language barriers legal framework, etc. Savita Lathwal "Integration of Indian Indigenous Knowledge System in Management: Prospects and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63500.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/63500/integration-of-indian-indigenous-knowledge-system-in-management-prospects-and-challenges/savita-lathwal
DeepMask Transforming Face Mask Identification for Better Pandemic Control in...ijtsrd
The COVID 19 pandemic has highlighted the crucial need of preventive measures, with widespread use of face masks being a key method for slowing the viruss spread. This research investigates face mask identification using deep learning as a technological solution to be reducing the risk of coronavirus transmission. The proposed method uses state of the art convolutional neural networks CNNs and transfer learning to automatically recognize persons who are not wearing masks in a variety of circumstances. We discuss how this strategy improves public health and safety by providing an efficient manner of enforcing mask wearing standards. The report also discusses the obstacles, ethical concerns, and prospective applications of face mask detection systems in the ongoing fight against the pandemic. Dilip Kumar Sharma | Aaditya Yadav "DeepMask: Transforming Face Mask Identification for Better Pandemic Control in the COVID-19 Era" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64522.pdf Paper Url: https://www.ijtsrd.com/engineering/electronics-and-communication-engineering/64522/deepmask-transforming-face-mask-identification-for-better-pandemic-control-in-the-covid19-era/dilip-kumar-sharma
Streamlining Data Collection eCRF Design and Machine Learningijtsrd
Efficient and accurate data collection is paramount in clinical trials, and the design of Electronic Case Report Forms eCRFs plays a pivotal role in streamlining this process. This paper explores the integration of machine learning techniques in the design and implementation of eCRFs to enhance data collection efficiency. We delve into the synergies between eCRF design principles and machine learning algorithms, aiming to optimize data quality, reduce errors, and expedite the overall data collection process. The application of machine learning in eCRF design brings forth innovative approaches to data validation, anomaly detection, and real time adaptability. This paper discusses the benefits, challenges, and future prospects of leveraging machine learning in eCRF design for streamlined and advanced data collection in clinical trials. Dhanalakshmi D | Vijaya Lakshmi Kannareddy "Streamlining Data Collection: eCRF Design and Machine Learning" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63515.pdf Paper Url: https://www.ijtsrd.com/biological-science/biotechnology/63515/streamlining-data-collection-ecrf-design-and-machine-learning/dhanalakshmi-d
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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investment and its efficiency. The importance of capital
market lies in the financial intermediation capacity to link
the deficit sector with the surplussectoroftheeconomy.The
absence of such capacity robs the economy of investment
and production of goods and services for societal
advancement. Funds could be idle at one end while being
sought at the other end in pursuit of socio economic growth
and development.
Financial openness refers to an individual country's
approach to foreign investments in corporations within its
jurisdiction, to the policies of each country with respect to
regulating exports of specified goods and services, and to
each government's policy on what is called capital flows
(Sahoo & Sethi, 2020). Financial openness is referred to as
the openness of the financial market of a country to other
countries. It allows people to trade and carry out various
financial transactions in its domestic market, which is called
financial market openness and financial transaction
admittance. In the same time, it allows residents and
domestic institutions participate the transactions in
international financial markets (Arif-Ur-Rahman & Inaba,
2020). Fasanya and Olayemi (2020) assertthatthatfinancial
openness includes 7 elements: capital account openness,
stock market openness, American DepositoryReceipt(ADR)
and national fund issuance, bank reformation, privatization,
capital flow and foreign direct investment (FDI).
Statement of the Problem
Despite a surge of global investor interest in the 1980s and
1990s, Africa has been bypassed by the massive
international capital flowing to developing economies.
Aggregate capital flows to developing countries have been
rapidly exceedingofficial developmentassistanceflowssince
1980s. However, Africa remains the only developing region
in which development assistance flows exceeds private
capital flows (Jalata, 2013). Thiswasmainlyattributedtothe
lack or absence of a well developed financial sector (capital
markets, banks, finance companies, life insurance
companies, and insurance companies) and the poor
economic policies and institutions in Sub-Saharan African
countries. One of the major challenges facing private sector
in Africa is lack of credit facilities. Investment, growth and
economic welfare are also low in developing countries
particularly in Africa countries (Goh, Tong & Tang, 2019).
Most Sub-Saharan African countries have recently
undergone extensive financial sector reforms. The reform
package includes restructuring and privatization of state
owned banks, the introduction of private banking systems,
along with bank supervisory and regulatory schemes, the
introduction of a variety of measures to promote the
development of financial markets; including money and
stock markets. International organizationslikeInternational
Monetary Fund (IMF) and World Bank (WB) as part of an
effort of financial sector openness are pressuring Sub-
Saharan African countriestoprivatizethestateowned banks
and establish capital markets so as to integrate with the rest
of the world (Cerdeiro & Komaromi, 2019).
Objectives of the Study
The broad objective of the study is to determine the
relationship between financial openness and capital market
development in selected Sub-Saharan African Countries.
The specific objectives were to:
1. Determine the relationship between capital account
balance ratio and market capitalization ratio in Sub-
Saharan African Countries.
2. Explore the relationship between private capital inflow
ratio and market capitalization ratio in Sub-Saharan
African Countries.
Research Hypotheses
In line with the objectives of this study, the following null
hypotheses guided this study:
Ho1: There is no significant relationship between capital
account balance ratio and market capitalizationratioinSub-
Saharan African Countries.
Ho2: There is no significant relationship between private
capital inflow ratio and market capitalization ratio in Sub-
Saharan African Countries.
Review of Related Literature
Conceptual Review
Financial Openness
Financial openness refers to the willingness of a nation to
adopt liberalized policies regarding business andcommerce
(Petram, 2014). Financial openness refers to an individual
country’s approach to foreign investments in corporations
within its jurisdiction, to the policies of each country with
respect to regulating exports of specifiedgoodsandservices,
and to each government’s policy on what is called capital
flow (Lena, 2012). Financial openness, which can be defined
as integration into international financial markets,cancause
significant changes in countries’ production structures and
in the methods of doing business through the quantity and
quality of international capital flows. (Serdaroğlu, 2015)
Almost all countries maintain some level of control over the
amount of wealth that can be transferred abroad (e.g.
requirements that citizens declare, upon leaving their
country for any period of time, whether they are
transporting a certain amount of cash),typesofinvestments,
corporate mergers and acquisitions that can be carried out
by foreign commercial or governmental entities (for
example, regulations that require prospective foreign
purchases of American businesses that involve the transfer
of militarily or commercially-sensitive technologies or
“know-how”), and the level of control foreign businesses or
governments can exercise over a country’s financial
institutions, basically, the fewer such regulations or
restrictions, the more “open” the country in question
(William, 2011).
Controls on the movement of goods, services,andwealthare
considered vital to most countries’ ability to secure their
economies and people from foreign threats that could
develop as a result of certain types of foreign acquisitions,
mergers, or investments. An example might be mandatory
reviews by U.S. government agencies of proposed Chinese
acquisitions of American companies that develop
technologies which could be exploited for military or
intelligence purposes (William, 2011). In the case of the
United States, an intergovernmental organization known as
the Committee on Foreign Investment in the United States
(CFIUS) reviews such proposed business deals to minimize
the prospects of whether foreign governments, that maynot
be on the best of terms with the United States, acquire
American technologies which could threaten U.S. interests
(Gillian, 2014). In June, 2018 the French government
suggested that it would impose controls on any foreign
investment in French corporate and government efforts of
developing artificial intelligence technologies and at
protecting the personal data of French citizens, which might
otherwise be transferred to foreign governments, if
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openness to foreign investments were allowed (Ledenyov&
Ledenyov, 2018).
Theoretical Framework
Financial Liberalisation Theory
The concept of financial liberalisation stems back from
McKinnon (1973) and Shaw (1973), who attributed
economic development in developing countries to financial
liberalisation. McKinnon (1973) argued that financial
liberalisation is a necessary ingredient in the generation of
high saving rates and investment. Shaw (1973) further
argued that the subsequent real growth in the financial
institutions provides domestic investors with the incentive
to borrow and save, thus enabling them to accumulate more
equity thereby lowering the cost of borrowing. The same
view is echoed by Posner and Coleman (2009) who argued
that financial liberalisationisnecessaryforfinancial markets
to operate efficiently and to provide new opportunities for
financing in the existing economy. Gibson and Tsakalotos
(2012) defined financial liberalisation astheelimination ofa
series of impediments in the financial sector in order to
bring it in line with that of the developed economies. There
are principally three types of financial liberalisation. Firstly,
this term may be used to describe domestic financial sector
reforms such as privatisation and increases in credit
extension to the private sector. For example, Arestis and
Demetriades (2014) examinedhowdomesticmanufacturing
firms in Mexico have responded to these types of reforms.
Secondly, financial liberalisation may be used to refer to
stock market liberalisation. In this case, stock market
liberalisation occurs when a country opens up its stock
markets to foreign investors, at the same time allowing
domestic firms’ access to international financial markets
(Demirgüc-Kunt & Detragiache, 2008) Finally, financial
liberalisation may refer to the liberalisation of the capital
account. This is a situation where special exchange rates for
capital account transactions are relaxed (Fry, 2017), where
domestic firms are permitted to borrow funds from abroad
(Wolfson, 2013), and where reserve requirements are
lowered (Gupta & Robert, 2016). Levine and Zervos (2008)
observed that restrictions on capital mobility shelter the
financial institutionsfromforeigncompetitionandthatthese
capital controls “vest additional power with bureaucrats
who may be even less capable than markets at delivering an
efficient allocation of resources” However, Gibson and
Tsakalotos (2012). do not regard all forms of government
intervention as financial repression needing to be
liberalised. They suggested a better understanding of how
financial markets in the developing countries operate, and
which aspects of the financial markets are pertinent.
Empirical Review
Tswamuno, Pardee and Wunnava (2007) conducted a study
on financial liberalization and economic growth: Lessons
from the South African experience (1990 -2004). Following
liberalization in South Africa, uncertainty on the part of
foreign investors due to lack of a credible macroeconomic
framework led to increased volatility of capital flows;
characterized by huge capital inflowsandsubsequentcapital
flight. Post-liberalization Foreign Portfolio Investments had
no positive effect on economicgrowth.Inaddition,increased
post-liberalization stock market turnover had a negative
effect on economic growth. In contrast to this situation,
evidence showed that foreign portfolio investment and
increased turnover contributed positively to economic
growth in a more controlled pre-1994 South African
economy. Using Augmented Dickey Fuller Test and Granger
Causality test. The study showed that liberalization of the
capital account is necessary but not sufficient for economic
growth. Instead, countries need to adopt and implement
credible macroeconomic policies meant to stabilize foreign
capital flows in order for them to benefit fully from
liberalization.
Andrianaivo and Yartey (2009) examined empirically the
determinants of financial marketdevelopmentinAfrica with
an emphasis on banking systems and stock markets. Panel
data techniques were used to study the main determinants
of banking sector development in Africa. The estimation
sample comprises 53 African countries and covered the
period 1990 to 2006.The results showed that income level,
creditor rights protection, financial repression, and political
risk are the main determinants of banking sector
development in Africa, and that stock market liquidity,
domestic savings, banking sector development, andpolitical
risk are the main determinants of stock market
development. The study also found that liberalizing the
capital account promotesfinancial marketdevelopmentonly
in countries with high incomes, well- developedinstitutions,
or both. The powerful impacts of political risk on both
banking sector and stock market development suggested
that resolution of political risk may be important to the
development of African financial markets.
Okpara (2010) analyzed the effect of financial liberalization
on selected macroeconomic variables namely, Gross
Domestic Product (GDP), foreign direct investment,
financial deepening, savings and inflation rate in Nigeria
from 1989 to 2009. To carry out this analysis, the study
employed three alternate methods the parametric paired
sample statistic for t-test and the non parametric Wilcoxon
signed rank test todeterminewhethersignificantdifferences
exists between pre/post liberalization macroeconomic
variables. The third method, the discriminant analysis was
meant to determine the direction as well asthemagnitude of
the discriminant variables. Theresultshowedthat whilereal
GDP recorded (highest)positiveandsignificantcontribution,
national savings and foreign direct investment made
negative and significant contribution. Financial deepening
and inflation rate did not discriminate significantly between
non financial and financial liberalization. In the light of this,
coupled with the theoretical evidence of bank crisis
emanating fromfinancial liberalization,therecommendation
that government embarking on financial liberalization
should set up an agency that will follow up action,wasmade.
Oyovwi and Eshenake (2013) tested the effect of financial
openness on economic growth in Nigeria. Theoretically and
empirically, the results are mixed. The study used vector
error correction modelling andtocaptureimpactoffinancial
openness, financial depth measured as ratio of broadmoney
supply to gross domestic product was used as proxy for
financial openness, with government policy and ratio of
trade openness as other explanatory variables. The data set
that were annual in nature covering the period 1970–2010
were subjected to unit root and co-integration tests.
Empirical results showed that all variables are I(I) and are
significant at 1,5, and 10 percent. Co-integration results
revealed that a stable long run equilibrium relationship
exists between the variables. The estimated result revealed
that the null hypothesis is rejected for all explanatory
variables even though only financial openness satisfied
apriori expectation. The study recommended legal and
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accounting reforms required to strengthenoperationsinthe
financial sector, in addition to more efficient supervision
from the apex bank. This can boost financial development
and accelerate economic growth. To achieve this,
government policies should be consistent.
METHODOLOGY
Research Design
Ex-post facto research design was employed in this study to
explore the relationship between financial openness and
capital market development withfocusonsix(6)Sub-Sahara
African countries. Ex-post facto or after the fact design
attempts to identify a natural impetus for specific outcomes
without actually manipulating the independent variable
(Onwnmere, 2009). With ex-post facto, attempts were made
to explain a consequence based on antecedent conditions,
determine the effect of a variable on another variable and
test a claim using statistical hypothesis testing technique.
Population of the Study
The population of this study consists of the capital markets
of the cross section of the three (3) Sub-Saharan African
regions. The countries for each region would include Kenya
(for Eastern Africa); Zimbabwe (for Eastern Africa);
Botswana (for Southern Africa); South Africa (for Southern
Africa); Nigeria (for Western Africa); Ghana (for Western
Africa). This study would cover 30years time series data
period of 1990 – 2019 for the cross section of 6 Sub-Saharan
African Countries. 1990 is chosen as the base year based on
the fact that countries in Sub-Saharan Africa under study
established their capital markets on or before 1990 and the
implementation of financial liberalization and other
economic reforms became effective in 1990.
Sample Size and Sampling Method
Three (3) Sub-Saharan African countries were purposively
selected with the adoption of purposive sampling method,
based on a country’s stock exchange that was establishedon
or before 1990 and whose data set would be complete and
available for the study period (1990-2019). However, three
(3) countries which include South Africa, Nigeria and
Zimbabwe were sampled for this study.
Sources of Data
This study made use of secondary data precisely. The data
for capital account balance ratio, private capital inflowratio,
number of listed companies, external finance through
foreign capital market and per capita income ratio were
obtained from World Development Indicators and the
respective countries’ stock exchange fact books. While the
data for market capitalization ratios were sourced from the
respective countries’ stock exchange fact books and central
bank statistical bulletin.
Model Specification
This study adapted a model used by Hsiao (2009).
SD =α +α1GDPPC +α2INF +α3ER +α4BANK + µ
= coefficients to be estimated
SD = stock development
GDPPC = GDP per Capita
INF = inflation
ER = exchange rate
EXRES = external resources.
In order to ascertain the relationship between financial
openness and capital market development, a linear
regression model was formulated in line with the research
hypotheses:
Yίt = βo + β1X1ίt + µίt . - - equ 1
Where:
Y = capital market development(dependentvariable)
X = financial openness (independent variable)
β0 = Constant term (Intercept)
β1 = Coefficient of independent variable
µ = Error term
Specifically, the above equation would be re-constructed as:
MCRit = β0 + β1CABRit + µit - - Ho1
MCRit = β0 + β1PCAPIRit + µit - - Ho2
Where:
MCRit = Market Capitalization Ratio of country ί in period t
(dependent variable)
CABRit = Capital Account Balance Ratio of country ί in period
t (explanatory variable)
PCAPIRit = Private Capital Inflow Ratio of country ί in period
t (explanatory variable)
µit = error term that are not captured in the model ofcountry
ί in period t
β0 = constant term (Intercept)
β1 = coefficients to be estimated
ί = individual countries
t = time periods
Decision Rule
Accept the alternative hypothesis, if the P-value of the test is
less than 0.05. Otherwise accept Ho.
Data Presentation and Analysis
Test of Hypotheses
Test of Hypothesis I
Ho1a : There is no significant relationship between capital
account balance ratio and market capitalization ratio
in South Africa.
H1a : There is significant relationship between capital
account balance ratio and market capitalization ratio
in South Africa.
Table 4.10: Ordinary Least Square regression analysis testing the relationship between CABR and MCR in
South Africa
Dependent Variable: DMCR
Method: Least Squares
Date: 05/01/21 Time: 13:46
Sample: 1990 2019
Included observations: 30
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Variable Coefficient Std. Error t-Statistic Prob.
C 2.347898 0.056749 41.37337 0.0000
DCABR 0.010274 0.009185 11.18635 0.0000
R-squared 0.342779 Mean dependent var 2.291587
Adjusted R-squared 0.318593 S.D. dependent var 0.144120
S.E. of regression 0.143500 Akaike info criterion -0.980629
Sum squared resid 0.576579 Schwarz criterion -0.887216
Log likelihood 16.70944 Hannan-Quinn criter. -0.950745
F-statistic 22.21343 Durbin-Watson stat 1.679586
Prob(F-statistic) 0.000000
Source: E-Views 10 Regression Output, 2021
Interpretation of Regression Coefficient Result
The following regression equation was obtained from table 4.10:
DMCR = 2.347898 + 0.010274DCABR
Using the above model, it is possible to determine the relationship between DMCR and DCABR. Holding all other factors
constant, an increase in one unit of the independent variable (CABR) results into a corresponding increase in one unit of MCR,
this means that a positive relationship exists between the explanatory variable (CABR) and MCR. The slope coefficient shows
that the probability value: P(x1=0.0000<0.05) is less than the critical P-value of 0.05. This implies that CABR has a significant
positive relationship with MCR at 5% significant level. Results in table 4.10 also indicated that the R-squared for the model is
0.34, meaning that the regression model used for this study is a goodpredictor.Theindependentvariable explained 34%ofthe
variation in MCR. Only 66% of variation in MCR is not explained by the regression model. The Durbin-Watson value of
1.679586 indicates the absence of serial correlation in the model.
Decision:
The P-Value of the test Prob(F-statistic) = 0.000000 is less than the α-value of 0.05; therefore H1 is acceptedandHoisrejected.
Since the p-value of the test is less than 0.05, then there exists enough evidence to reject the null hypothesis and conclude that
there is a significant positive relationship between capital accountbalanceratioandmarketcapitalizationratioinSouthAfrica.
Table 4.11: Granger Causality Test showing the Causality between CABR and MCR in South Africa
Pairwise Granger Causality Tests
Date: 05/01/21 Time: 13:48
Sample: 1990 2019
Lags: 2
Null Hypothesis: Obs F-Statistic Prob.
CABR does not Granger Cause MCR 28 7.32350 0.0076
MCR does not Granger Cause CABR 0.97268 0.3931
Source: E-Views 10 Causality Output, 2021
Decision Rule:
If the F-value of the causality test is statistically significant at 5%, then causality is established. This implies that the
Independent variable granger causes the dependent variable. Hence, H1 is accepted, otherwise accept Ho.
Interpretation of Diagnostic Result
The results of the Granger causality test in table 4.11indicates a uni-directional relationship between MCR and CABR at 5%. It
implies that CABR granger causes MCR at the Probability value of 0.0076, the causation runs from CABR to MCR at 5% level of
significance and does not run in the reverse sense. The Granger Causality test result reveals evidence of casual relationship
between CABR and MCR, thereby confirming the hypothesis that CABR has a statistically significant relationship with MCR in
South Africa.
Test of Hypothesis II
Ho2a: There is no significant relationship between private capital inflow ratio and market capitalization ratio in South Africa.
H2a: There is significant relationship between private capital inflow ratio and market capitalization ratio in South Africa.
Table 4.14: Ordinary Least Square regression analysis testing the relationship between PCAPIR and MCR
Dependent Variable: DMCR
Method: Least Squares
Date: 05/01/21 Time: 15:12
Sample (adjusted): 1991 2019
Included observations: 29 after adjustments
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Variable Coefficient Std. Error t-Statistic Prob.
C 0.014793 0.012759 1.159391 0.2564
DPCAPIR 0.044573 0.055229 3.807071 0.0002
R-squared 0.383556 Mean dependent var 0.016207
Adjusted R-squared 0.362608 S.D. dependent var 0.067634
S.E. of regression 0.068059 Akaike info criterion -2.470405
Sum squared resid 0.125066 Schwarz criterion -2.376108
Log likelihood 37.82087 Hannan-Quinn criter. -2.440872
F-statistic 12.65136 Durbin-Watson stat 1.535724
Prob(F-statistic) 0.000219
Source: E-Views 10 Regression Output, 2021
Interpretation of Estimated Regression Coefficients
The relationship between private capital inflowratioandmarketcapitalizationratioin SouthAfrica wasevaluatedbasedonthe
result of table 4.14. From table 4.14, PCAPIR with a positive co-efficientof0.044573hasa significanteffectonMCR asindicated
by the t-statistic of 3.807071 and its associated probability value of 0.0002. The R squared whichexaminestheextenttowhich
the predictors combine to explain the variations in the dependent variable (MCR) shows that the R Squared figure of 0.38
indicates that, reliance on this model will account for 38% of the variations in the dependent variable (MCR). The Durbin-
Watson value of 1.535724 buttressed the fact that the model does not containauto-correlation,thereby,makingtheregression
fit for prediction purpose. The analysis resulted in F-value of 12.65136 with corresponding p-value of 0.000219.
Decision
Since the p-value of the test at 0.000219 is less than the critical significant value of 0.05 (5%), thus H1 is accepted and Ho
rejected. This implies that private capital inflow ratio has a significant positive relationship with market capitalizationratioin
South Africa at 5% level of significance.
Table 4.15: Granger Causality Test showing the Causality between PCAPIR and MCR
Pairwise Granger Causality Tests
Date: 05/01/21 Time: 15:14
Sample: 1990 2019
Lags: 2
Null Hypothesis: Obs F-Statistic Prob.
DPCAPIR does not Granger Cause DMCR 27 0.38463 0.0000
DMCR does not Granger Cause DPCAPIR 0.10629 0.8996
Source: E-Views 10 Causality Output, 2021
Interpretation of Diagnostic Result
The result of the Granger causality test in table 4.15 above indicates a uni-lateral relationshipbetweenMCR andPCAPIR at5%.
It implies that PCAPIR granger causes MCR at the Probability value of 0.0000, the causation runs from PCAPIR to MCR at 5%
level of significance and does not run in the reverse sense. The Granger Causality test result reveals evidence of casual
relationship between PCAPIR and MCR.
Summary of Findings
Based on the analysis of this study, the following findings
were deduced:
ia. There is a significant positiverelationship betweencapital
account balance ratio and market capitalization ratio in
South Africa at 5% level of significance.
ib. There is no significant relationship between capital
account balance ratio and market capitalization ratio in
Nigeria at 5% level of significance.
Conclusion
This study examined the nexus between financial openness
and capital market development in selected Sub-Saharan
African Countries for 30 years period ranging from 1990 -
2019. Existing literature shows that researchers are yet to
reach a consensus about the effect of financial openness and
capital market development. Therefore,the effectisyetto be
well established. In order to avoid spurious estimates, the
unit roots of the series were verified using Augmented
Dickey-Fuller (ADF) technique after which Granger
Causality, Johansen Co-integrationTestandErrorCorrection
Estimates were conducted. Data analysis revealedthatthere
is a significant positive relationship between capital account
balance ratio and market capitalization ratioin SouthAfrica;
no significant relationship between capital account balance
ratio and market capitalization ratio in Nigeria; a significant
negative relationship between capital account balance ratio
and market capitalization ratio in Zimbabwe; a significant
positive relationship between private capital inflow ratio
and market capitalization ratio in South Africa; a significant
positive relationship between private capital inflow ratio
and market capitalization ratio in Nigeria; a significant
negative relationship between capital account balance ratio
and market capitalization ratio in Zimbabwe; a significant
positive relationship between number of listed companies
and market capitalization ratio in South Africa; a significant
positive between number of listed companies and market
capitalization ratio in Nigeria; a significant positivebetween
number of listed companies and market capitalization ratio
in Zimbabwe; a non-significant negative relationship
between external financethroughforeigncapital marketand
market capitalization ratio in South Africa; a significant
negative relationship between external finance through
foreign capital market and market capitalization ratio in
Nigeria; a significant positive relationship between external
finance through foreign capital market and market
capitalization ratio in Zimbabwe; a significant positive
relationship between per capita income ratio and market
capitalization ratio in South Africa; a significant positive
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relationship between per capita income ratio and market
capitalization ratio in Nigeria; a significant positive
relationship between per capita income ratio and market
capitalization ratio in Zimbabwe at 5% level of significance
respectively.
Recommendations
Based on the conclusion and findings of this study, the
following were suggested:
1. Sub-Saharan Countries should develop trade openness
and liberalisation policy that would promote the
international relationships necessary for increasing
market opportunities and enhancing profitable
investments. Therefore the country should continue to
develop its capital market to achieve international
standards and attract more investors.
2. Private sector funding is necessary to sustain the
countrys’ ongoing efforts in economic diversification
and citizen empowerment. Financial markets should
help to finance local economicprojectsandthereforethe
country‘s financial flowchannelsshouldbeopenenough
to transfer savings into investments rather than
accumulating deposits.
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