Forthcoming articles


African Journal of Economic and Sustainable Development


These articles have been peer-reviewed and accepted for publication in AJESD, but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.


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African J. of Economic and Sustainable Development (10 papers in press)


Regular Issues


  • Employees compensation and profit persistence in emerging markets: empirical evidence from South Africa   Order a copy of this article
    by Dinesh Jaisinghani 
    Abstract: The main objective of the current study is to examine the nature of profit persistence and to estimate the relationship between employees compensation and profitability for publicly listed firms in South Africa. The sample consists of 114 companies operating in South Africa for the period 2006 to 2013. Dynamic panel regression model, using the Arellano and Bond (1991) estimation technique, has been deployed to generate the results. The results highlight that there is positive profit persistence in South Africa. However, the degree of profit persistence is quite low and is below 0.2. The results also highlight that there is a non-linearrnassociation between employees compensation and profitability. The results signify that there may be few entry and exit barriers in South Africa and hence there are many bright prospects for multinationals to enter the market. The results also highlight that South African companies should focus on sustained investment in developing manpower resource in order to derive the benefits in the long-run.
    Keywords: South Africa; Dynamic Panel Regression; Firms’ Profitability; Employees' Compensation; Emerging Economy;.

  • Natural Resource Curse and its Causation Channels in Africa   Order a copy of this article
    by Richard Mulwa 
    Abstract: Natural resources are a source of economic growth in most countries. It has however been hypothesized that resource rich countries develop at a slower pace because of natural resource curse. This aim of study was therefore to test whether natural resource curse does exists in resource-rich African economies, and if present, determine whether it is caused by Dutch disease or institutional failure. The study used data from 47 African countries and analysis was done using linear modelling to assess the contribution of natural resources in economic growth and in determining the presence of natural resource curse. Seemingly unrelated regressions were used in explaining the role of institutions in resource curse. The study found that natural resource curse does exist especially in countries which rely heavily on primary products and mineral resources. Further, Dutch Disease only explains part of resource curse but most is explained by institutional failure.
    Keywords: Natural resource curse; Dutch disease; Institutional failure; Africa.

    by Roseline Tapuwa Karambakuwa, Ronney Ncwadi 
    Abstract: The paper presents the constraints faced by small to medium enterprises (SME) exporters in Zimbabwe. The research sample consisting of 120 exporting SMEs was chosen from Harare, Mashonaland Central and Mashonaland East provinces. Convenient non-probability sampling method was used to select the SMEs. The triangulation method was used to collect primary data, which involved combining and utilising the questionnaire, interviews and focus group discussions. Secondary data was also utilised. The major challenges faced by SMEs are limited access to finance, lack of relevant information on the actual products that external customers prefer, lack of internal systems for efficiency in running the businesses, an unstable macroeconomic environment and failure to provide competitive products on the international markets. These constraints can be reduced by the intervention of both the government and support institutions in various ways.
    Keywords: Zimbabwe; Zimtrade; export; small to medium enterprises; trade; constraints; finance; trade balance; trade deficit; institutions.

  • The role of corporate social responsibility in improving firms' business in the directions of sustainable development, accountability and transparency   Order a copy of this article
    by Emerson Abraham Jackson, Hudson Freddie Jackson 
    Abstract: Corporate social responsibility (CSR) is now a 'buzz' word used by many corporate organisations, and this article has provided a critical review of CSR activities for organisations operating in the natural resource sector in Sierra Leone. There have been some unravelling details in relation to the theoretical background of CSR, with different methodological approaches used to ascertain outcomes. Sierra Leone, a country full of memories relating to poverty, civil unrest and medical emergency can account for good model of CSR operation by some of its trustworthy corporations trading within its country. On this note, the activities of both Sierra Rutile Limited (SRL) and Miro-Forest have exhibited good example (and as well as some critical concerns) of their intent in contributing meaningfully towards sustainable engagement with communities, and backed by substantial investment in their workforce. Suggested recommendations have also expressed the need for corporations to be open in their approach towards building good relationships with communities through their CSR operations, while at the same time ensuring that an agency acting on behalf of the government is in active engagement to make the environment sustainably utilised for the benefit of future generation.
    Keywords: corporate social responsibility; CSR; human resource development; sustainability; corporations; accountability; Sierra Leone.
    DOI: 10.1504/AJESD.2017.10010992
  • Exploration of public spending and gross domestic product's growth in agricultural sector: comparative analysis of Nigerian and Malaysian agricultural sector (1970-2010)   Order a copy of this article
    by Temidayo Gabriel Apata 
    Abstract: Nigeria and Malaysia are at the same level in terms of economic growth in the 1960s, recent records revealed that Malaysia has advanced in economic evolution than Nigeria. The study examines public spending in Malaysia and Nigeria and provides lessons from Malaysian growth indices for Nigeria. Secondary data used were sourced from FAOSTAT and international data-centre from 1970-2010. A simple version of endogenous-growth theory model is adopted. Random effects model results revealed that Nigeria public-expenditure (PUEXP) and intervention (INTEV) variables were significant but negative, while enterprise-development (ENTDEV), drivers of development (DRIVERS) and dummy for modest public expenditure access (D1t) is significant but positive. Similarly, in Malaysia, three variables were significant and positive at difference level, also dummies D1t and D2t (macroeconomic stability) are significant. Public expenditure and GDP growth has an inverse relationship in Nigeria and direct relationship in Malaysia. Modest public expenditure and macroeconomic stability are important development indices Nigeria must learn from Malaysia.
    Keywords: public spending; growth model; policy; Nigeria; Malaysia.
    DOI: 10.1504/AJESD.2017.10010996
  • Impact of support to agriculture and forestry development project on maize productivity in South Sudan   Order a copy of this article
    by Nixon James Tongun, Gabriel Elepu 
    Abstract: The government of South Sudan launched the Support to Agriculture and Forestry Development Project (SAFDP) in 2007, as one of the strategies to increase agricultural productivity and production. However, cereal productivity has generally remained low, resulting in persistent national food insecurity. Therefore, this study assessed the impact of SAFDP on productivity of maize in Central Equatoria. A survey of randomly selected sample of 80 SAFDP and 120 non-SAFDP maize farmers was done to collect primary data. A two-stage Heckman model was used to analyse data. Results obtained from the first stage of the model showed that household size and membership in a farmers' group positively influenced participation in SAFDP, whereas off-farm income had a negative effect. In the second stage model, it was found that the impact of SAFDP on maize productivity was positive. Nonetheless, measures need to be taken by stakeholders to upscale and ensure sustainability of SAFDP achievements.
    Keywords: impact; agriculture; project; productivity; production; maize; Heckman; probit; multi-donor; South Sudan.
    DOI: 10.1504/AJESD.2017.10011002
  • The determinants of agricultural output and the role of food aid: the case of Sub-Saharan Africa   Order a copy of this article
    by Priniti Panday 
    Abstract: This paper investigates factors that influence agricultural output in a group of Sub-Saharan African countries, with special emphasis on the role of food aid. A three-sector trade theoretic framework of an agrarian economy, comprising of exportables, importables and non-traded goods, serves as a basis for the study. This sectorial analysis allows us to analyse movement of resources and demand across sectors, resulting from changes in relative prices, due to food aid. The theoretical model provides various hypotheses that are tested empirically. Results indicate that food aid had a significant negative impact on all three categories of agricultural output. The effect of other variables on the output of the three sectors was also analysed. Factors of production along with a durable and stable regime generally impacted output positively. Drought and conflicts had a significant negative impact on importables and non-traded goods.
    Keywords: food aid; exportables; importables; non-traded goods; relative prices; drought; conflict; governance; Sub-Saharan Africa.
    DOI: 10.1504/AJESD.2017.10011004
  • Basel macro-prudential tools and financial system stability in Nigeria   Order a copy of this article
    by Barine Michael Nwidobie 
    Abstract: This study aimed to determine the level of post-consolidation financial stability in Nigeria and the effect of the Basel I Accord implementation on this stability. Secondary data on post-consolidation aggregate bank profits and liquidity and post-consolidation aggregate capitalisation of banks (made in compliance with Basel I Accord) obtained from the Statistical Bulletin, 2014 were analysed using the GARCH model. Results show that there exists volatility in bank profits (indicating long-term financial instability), with the relationship between both variables positive; and there exists no volatility in aggregate bank liquidity indicating the existence of financial system stability (short-term/liquidity stability) with a significant relationship existing between Basel I Accord and the bank liquidity. These findings necessitate the immediate implementation of Basel II, II.5 and III with improved supervisory review process, disclosures and market disciplines, enhanced minimum capital and liquidity requirements to shield the system from external shocks and cross-border contagion.
    Keywords: aggregate bank capital; bank consolidation; Basel I Accord; bank profits; financial stability; macro-prudential tools; liquidity; Nigeria.
    DOI: 10.1504/AJESD.2017.10011006
  • The determinants of the uptake of carbon finance by renewable energy producers in Kenya   Order a copy of this article
    by Bernard Baimwera, David Wangombe, Ernest Kitindi 
    Abstract: Energy use, especially the burning of fossil fuels to provide the power for home and industrial use, is the main catalyst of global warming. The central role played by renewable energy in climate mitigation cannot be downplayed, especially in reducing the emissions of greenhouse gases. Carbon finance has emerged as an attractive financing option to help scale-up renewable energy investments in low and middle-income countries. To establish the determinants of carbon finance uptake among renewable energy developers in Kenya, a two-part model was used to model the variables project size, project sector, carbon offset prices, technology and market affiliation of a project, which are key in the uptake of carbon finance. Results reveal that project size, the technology used in the renewable energy project and the market affiliation, either the voluntary carbon market or the regulatory compliance market are important determinants of the uptake of climate finance among renewable energy developers in Kenya, while the project sector and the prevailing carbon offset prices does not seem to influence the uptake.
    Keywords: carbon finance; climate change; renewable energy; global warming; Kenya.
    DOI: 10.1504/AJESD.2017.10011035
  • Public investment, life expectancy and income growth   Order a copy of this article
    by Minoru Watanabe, Masaya Yasuoka 
    Abstract: Based on individual occupational choice in the model including a production function with public investment, this paper presents an examination of how public investment affects the dynamics. Individuals work as skilled labourers or unskilled labourers. As in the model described by Caselli (1999), educational costs are necessary to work as a skilled labourer. Results show that life expectancy determines whether income growth occurs or not. Public investment can bring about income growth if life expectancy is sufficiently high. However, with low life expectancy, the government cannot bring about income growth with an increase in public investment. Therefore, both public investment and life expectancy should be pulled up for income growth.
    Keywords: public investment; life expectancy; occupational choice; economic growth; skilled labourer; unskilled labourer; education; production function; dynamics.
    DOI: 10.1504/AJESD.2017.10011047