scholarly journals Economic growth in Africa: The role of corporate governance and stock market developments

2007 ◽  
Vol 4 (2) ◽  
pp. 226-232
Author(s):  
Anthony Kyereboah-Coleman
Keyword(s):  
Economic Growth ◽  
Corporate Governance ◽  
Stock Market ◽  
Dynamic Panel Data ◽  
Corporate Boards ◽  
African Countries ◽  
Dynamic Panel ◽  
Using Data ◽  
Policies And Programs

The study explored the link between corporate governance, stock market developments and economic growth by using data on selected African countries. Analysis was done within the Arellano-Bond Dynamic Panel data modelling. Results show that corporate governance and particularly the independence of corporate boards is important for firm performance and economic growth and that stock markets also play an important role in economic development. However, while market size is conclusive, our findings points to the fact that an increase in stock market activities must be focused and carefully supported with appropriate mix of policies and programs in order to achieve the desired impact on economic growth because too many policies could erode the effect of critical indicators.

scholarly journals The Impact of Migrant Remittances on Economic Growth in Arab Countries

2019 ◽  
Vol 5 (2) ◽  
pp. 188
Author(s):  
Habib Ouni ◽  
Hela Miniaoui
Keyword(s):  
Economic Growth ◽  
Potential Role ◽  
Dynamic Panel Data ◽  
Arab Countries ◽  
Consumption Expenditure ◽  
Gulf Region ◽  
Dynamic Panel ◽  
Migrant Remittances ◽  
Using Data ◽  
The Impact

<p><em>The potential role that workers’ remittances are likely to play in promoting economic growth, especially in Arab countries, is currently attracting considerable attention. </em><em>These remittances have an impact on the remitting economies as well. </em><em>The Gulf region is considered one of the top sending countries of migrant remittances. In this study, empirical analysis is carried out with panel techniques using data over the last three decades for six Arab countries. Our results show that migrant remittances have a positive and significant impact on economic growth. This relationship is also significant when we use dynamic panel data. An indirect effect of remittances on economic growth is pointed out especially via the investment and the household final consumption expenditure channels. </em></p><p><em>Policymakers in Arab countries should take appropriate policy actions to increase the outflow of workers. Developed capital markets, as well as a sound macroeconomic policy environment, would provide incentives for sustainable remittances transfers.</em></p>

scholarly journals An econometric study of the role of the political stability on the relationship between democracy and economic growth

2020 ◽  
Vol 67 (2) ◽  
pp. 187-206
Author(s):  
Nedra Baklouti ◽  
Younes Boujelbene
Keyword(s):  
Economic Growth ◽  
Data Model ◽  
Generalized Method Of Moments ◽  
Political Stability ◽  
Dynamic Panel Data ◽  
The Political ◽  
Dynamic Panel ◽  
Mena Countries ◽  
The Relationship

This article examines the nexus between democracy and economic growth while taking into account the role of political stability, using dynamic panel data model estimated by means of the Generalized Method of Moments (GMM) over the period 1998 to 2011 for 17 Middle East and North Africa (MENA) countries. Our empirical results showed that there is a bidirectional causal relationship between democracy and economic growth. Moreover, it was found that the effect of democracy on economic growth depends on the political stability. The results also indicated that there is important complementarity between political stability and democracy. In fact, political stability is a key determinant variable of economic growth. Eventually, democracy and political stability, taken together, have a positive and statistically significant effect on economic growth. This finding suggests that, if accompanied by a stable political system, democracy can contribute to the economic growth of countries. Thus, the MENA governments should use policies to promote political stability in the region.

scholarly journals EXTERNAL DEBT, INSTITUTIONAL QUALITY AND ECONOMIC GROWTH

2020 ◽  
Vol 23 (2) ◽  
pp. 221-238
Author(s):  
Siti Nurazira Mohd Daud
Keyword(s):  
Economic Growth ◽  
Panel Data Analysis ◽  
External Debt ◽  
Institutional Quality ◽  
Dynamic Panel Data ◽  
Dynamic Panel ◽  
Debt Overhang ◽  
Negative Effect ◽  
Dynamic Panel Data Analysis

This paper addresses the gap in the literature by investigating the role of the institutional quality in the nexus of external debt and economic growth. By employing a dynamic panel data analysis, we found that the institutional quality plays some role in complementing the effect of external debt on a country’s economic growth. We also found that the negative effect of external debt and a country’s economic growth monotonically increases with the level of institutional indicator, which implies the possibility of debt overhang may still happen in economies endowed with good institutions, but for higher values of debt.

scholarly journals Impact of Population Growth on Economic Growth in Africa: A Dynamic Panel Data Approach (1980 -2015)

2018 ◽  
Vol 6 (4) ◽  
Author(s):  
Amade Peter ◽  
Ibrahim H. Bakari
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Population Growth ◽  
Negative Impact ◽  
Positive Impact ◽  
Dynamic Panel Data ◽  
African Countries ◽  
Dynamic Panel ◽  
System Gmm ◽  
The Impact

This study examines the impact of population growth on the economic growth of African countries using panel data approach from 1980 -2015. The impact of population growth on economic growth is still largely controversial at national and regional levels. The study used annual secondary data of fifty three (53) African countries sourced from the World Development Indicators database. Data were collected for economic growth, proxied by GDP, population growth, fertility rate, crude death rate and inflation rate. The data were analyzed using descriptive statistics, as well as dynamic panel models of difference and system GMM. The results of the difference and system GMM suggest that population growth exerts a positive impact on economic growth of Africa while fertility has a negative impact on economic growth of Africa. The paper concludes and recommends that population growth impacts positively on economic growth and thus African countries should adopt and implement pragmatic policy measures that will enhance the productivity of its population so as to reap more demographic dividends.

Does board independence moderate the relationship between environmental disclosure quality and performance? Evidence from static and dynamic panel data

2019 ◽  
Vol 19 (3) ◽  
pp. 580-610 ◽  
Author(s):  
Mohammad Alipour ◽  
Mehrdad Ghanbari ◽  
Babak Jamshidinavid ◽  
Aliasghar Taherabadi
Keyword(s):  
Firm Performance ◽  
Panel Data ◽  
Dynamic Panel Data ◽  
Board Independence ◽  
Corporate Boards ◽  
Disclosure Quality ◽  
Environmental Disclosure ◽  
Dynamic Panel ◽  
Content Type

PurposeThis study aims to link environmental disclosure quality (EDQ) to firm performance and examine the moderating role of board independence in this relationship.Design/methodology/approachDrawing on agency theory and stakeholder theory, the authors developed and tested hypotheses using original survey data from 720 firm-year observations collected from 120 Iranian companies over six years between 2011 and 2016. In this paper, they conducted static and dynamic panel data analysis.FindingsAfter correcting for endogeneity bias, the results showed that there is a significant positive relationship between EDQ and firm performance. The results also showed that board independence significantly reinforces the positive effect of EDQ on performance, and firms with more independent board members are involved environmental disclosure for improved performance. This is consistent with agency theory, which posits that a more independent board of directors can better monitor the CEO and reduce incentives for pursuing personal interests, which in turn improves performance. The results are robust after performing sensitivity tests.Research limitations/implicationsThis paper takes the perspective of corporate governance to empirically examine the effect of EDQ on firm performance. This study makes a contribution to the literature by showing that board independence moderates the effects of EDQ on firm performance.Practical implicationsThe evidence supports the emphasis that recent policy statements have put on increasing the number of independent directors on corporate boards. This study offers insights to policymakers interested in enhancing the monitoring role of corporate boards.Originality/valueThe study adds value to the understanding of the effect of the EDQ on performance and how board independence influences this relationship, particularly in an emerging economy like Iran.

scholarly journals Effects of Fiscal Policy and Institutions on the Economic Growth of Asian Economies: Evidence from Dynamic Panel Data Analysis

2009 ◽  
Author(s):  
Hussin Abdullah ◽  
Muzafar Shah Habibullah ◽  
Ahmad Zubaidi BAHARUMSHAH
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Government Expenditure ◽  
Dynamic Panel Data ◽  
Dynamic Panel ◽  
Per Capita Gdp ◽  
The Real ◽  
Long Run ◽  
Per Capita

This paper investigates the effects of fiscal policy and institutions on the economic growth of Asian economies through the application of the GMM-SYS approach to dynamic panel estimator as a preference analysis. It examines two different channels through which fiscal policy can affect long-run economic growth in Asia. The first channel is when aggregate government expenditure, aggregate of other fiscal variables, and institution affect the real per capita GDP, and the second channel is to determine the role of institutions on the real per capita GDP. The dynamic panel data result, especially GMM-SYS, established a long-run relationship between fiscal policy, institution, and economic growth. We found positive and statistically significant impact of aggregate of government expenditure and aggregate of other fiscal variables and institution on real per capita GDP. Furthermore, we found that there is a role of institutions on the real per capita GDP.  

scholarly journals REVISITING THE ROLE OF EXTERNAL DEBT IN ECONOMIC GROWTH OF DEVELOPING COUNTRIES

2012 ◽  
Vol 13 (5) ◽  
pp. 968-993 ◽  
Author(s):  
Siti Nurazira Mohd Daud ◽  
Jan M. Podivinsky
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
External Debt ◽  
Spillover Effect ◽  
Dynamic Panel Data ◽  
Dynamic Panel ◽  
Debt Overhang ◽  
Positive Spillover ◽  
Panel Data Econometrics

This paper proposes a study on the contribution of external debt to the expansion of economic growth for 31 developing countries. Over a period of 36 years, by using dynamic panel data econometrics estimation GMM-system, the results reveal that the accumulation of external debt is associated with a slowdown in the economies of the developing countries. In addition, this paper finds evidence that debt service ratio does not crowd out the investment rate in developing countries. In other words, even though external debt is negatively associated with economic growth, countries are found to be safe from being in the debt overhang hypothesis. Furthermore, there is evidence to support the existence of spatial dependence in the growth model, suggesting the existence of a positive spillover effect of growth among the neighbouring countries.

scholarly journals PENGARUH MAKROEKONOMI TERHADAP NON PERFORMING LOAN (NPL) DI INDONESIA: STUDI NON PERFORMING LOAN PERBANKAN

2017 ◽  
Vol 7 (2) ◽  
pp. 159
Author(s):  
Ari Mulianta Ginting
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Economic Condition ◽  
Banking Industry ◽  
Negative Influence ◽  
Dynamic Panel Data ◽  
Dynamic Panel ◽  
Macroeconomic Condition ◽  
Using Data ◽  
Banking Credit

ABSTRACT One of the indutries that have been influenced by the macroeconomic condition is the banking industry. If the economic condition of the country is developing, than the bank industry can grow. But the opposite when the economic condition is crisis, then this could result in an impact on the banking indutries. Therefore, Indonesias macroeconomic condition into a matter that must be considered for bank especially for banking credit. This reseach uses dynamic panel data, using data from 2006 through 2014, and the result found that macroeconomic condition, particularly the GDP had a negative influence on the NPL, it means thath the increasing of economic growth would reduce the NPL. And this reseach also found that interest rate loan and inflation had positive and singificant effect to the NPL.Therefore, Government must work togather with Central Bank to make macroeconomic condition that can decrease NPL banking in Indonesia.Keywords: macroeconomic, banking industries, non performing loanABSTRAK Salah satu industri yang memiliki keterkaitan dengan makroekonomi adalah industri perbankan. Jika suatu perekonomian suatu negara sedang berkembang, maka industri perbankan juga dapat tumbuh berkembang. Namun kondisi sebaliknya ketika perekonomian sedang mengalami krisis, maka hal ini dapat mengakibatkan dampak terhadap indusitri perbankan. Oleh karena itu kondisi makro ekonomi Indonesia menjadi suatu hal yang harus diperhatikan bagi penyaluran kredit. Penelitian ini menggunakan metode dynamic panel data, dengan menggunakan data dari tahun 2006 sampai dengan 2014, penelitian menemukan hasil bahwa ternyata kondisi makroekonomi, terutama GDP memiliki pengaruh yang negatif terhadap NPL, artinya semakin membaiknya perekonomian yang ditandai dengan semakin meningkatnyan pertumbuhan ekonomi akan semakin mengurangi kredit macet dan memiliki pengaruh yang positif dengan variabel tingkat suku bunga pinjaman, inflasi. Untuk itu diperlukan sinergitas antara pemerintah sebagai otoritas fiskal dengan Bank Indonesia untuk menciptakan kondisi makroekonomi yang baik yang dapat mengurangi NPL perbankan di Indonesia.Kata Kunci : makroekonomi, industri perbankan, non performing loan

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