IFRS and FPI nexus: does the quality of the institutional framework matter for African countries?
- Simbi, Chipo, Arendse, Jacqueline A, Khumalo, Sibanisezwe A
- Authors: Simbi, Chipo , Arendse, Jacqueline A , Khumalo, Sibanisezwe A
- Date: 2023
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470633 , vital:77380 , https://www.emerald.com/insight/content/doi/10.1108/jaee-10-2021-0319/full/html
- Description: The institutional framework of an African country may influence the effectiveness of the International Financial Reporting Standards (IFRS) on foreign investment inflows. The purpose of this paper is to argue that the quality of a country's institutional framework impacts the effectiveness of IFRS to an adopting country and ultimately influences the levels of Foreign Portfolio Investment (FPI). Employing country-level data. A sample of 15 countries from Africa is used. Data is collected over a period of 22 years (1994–2014). The authors employ the General Method of Moments (GMM) panel regression technique to examine whether the quality of a country's institutional framework has an impact on the relationship between IFRS and FPI and the Propensity Score Matching (PSM) technique to assess the level of impact.
- Full Text:
- Date Issued: 2023
- Authors: Simbi, Chipo , Arendse, Jacqueline A , Khumalo, Sibanisezwe A
- Date: 2023
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470633 , vital:77380 , https://www.emerald.com/insight/content/doi/10.1108/jaee-10-2021-0319/full/html
- Description: The institutional framework of an African country may influence the effectiveness of the International Financial Reporting Standards (IFRS) on foreign investment inflows. The purpose of this paper is to argue that the quality of a country's institutional framework impacts the effectiveness of IFRS to an adopting country and ultimately influences the levels of Foreign Portfolio Investment (FPI). Employing country-level data. A sample of 15 countries from Africa is used. Data is collected over a period of 22 years (1994–2014). The authors employ the General Method of Moments (GMM) panel regression technique to examine whether the quality of a country's institutional framework has an impact on the relationship between IFRS and FPI and the Propensity Score Matching (PSM) technique to assess the level of impact.
- Full Text:
- Date Issued: 2023
IFRS and FPI nexus: does the quality of the institutional framework matter for African countries?
- Simbi, Chipo, Arendse, Jacqueline A, Khumalo, Sibanisezwe A
- Authors: Simbi, Chipo , Arendse, Jacqueline A , Khumalo, Sibanisezwe A
- Date: 2022
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/426448 , vital:72354 , xlink:href="https://doi.org/10.1108/JAEE-10-2021-0319"
- Description: The institutional framework of an African country may influence the effectiveness of the International Financial Reporting Standards (IFRS) on foreign investment inflows. The purpose of this paper is to argue that the quality of a country's institutional framework impacts the effectiveness of IFRS to an adopting country and ultimately influences the levels of Foreign Portfolio Investment (FPI).
- Full Text:
- Date Issued: 2022
- Authors: Simbi, Chipo , Arendse, Jacqueline A , Khumalo, Sibanisezwe A
- Date: 2022
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/426448 , vital:72354 , xlink:href="https://doi.org/10.1108/JAEE-10-2021-0319"
- Description: The institutional framework of an African country may influence the effectiveness of the International Financial Reporting Standards (IFRS) on foreign investment inflows. The purpose of this paper is to argue that the quality of a country's institutional framework impacts the effectiveness of IFRS to an adopting country and ultimately influences the levels of Foreign Portfolio Investment (FPI).
- Full Text:
- Date Issued: 2022
Volatility spillovers in equity and foreign exchange markets: Evidence from emerging economies
- Nyopa, Tšepiso, Khumalo, Sibanisezwe A
- Authors: Nyopa, Tšepiso , Khumalo, Sibanisezwe A
- Date: 2022
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470666 , vital:77383 , https://journals.co.za/doi/full/10.4102/jef.v15i1.713
- Description: This study investigated the relationship between the equity markets and foreign exchange markets in Brazil, Russia, India, China and South Africa (BRICS). This study examined the financial connectedness through volatility spillovers and co-movements among equity and foreign exchange markets in the BRICS countries to better understand market interdependencies. The literature mainly focused on volatility transmission from developed countries. This research, used the Diebold and Yilmaz spillover index approach (DY index). The DY index is based on variance decompositions (VD) and impulse response functions that use a vector autoregressive (VAR) modelling framework. The study period was from 02 January 1997 to 31 December 2018.
- Full Text:
- Date Issued: 2022
- Authors: Nyopa, Tšepiso , Khumalo, Sibanisezwe A
- Date: 2022
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470666 , vital:77383 , https://journals.co.za/doi/full/10.4102/jef.v15i1.713
- Description: This study investigated the relationship between the equity markets and foreign exchange markets in Brazil, Russia, India, China and South Africa (BRICS). This study examined the financial connectedness through volatility spillovers and co-movements among equity and foreign exchange markets in the BRICS countries to better understand market interdependencies. The literature mainly focused on volatility transmission from developed countries. This research, used the Diebold and Yilmaz spillover index approach (DY index). The DY index is based on variance decompositions (VD) and impulse response functions that use a vector autoregressive (VAR) modelling framework. The study period was from 02 January 1997 to 31 December 2018.
- Full Text:
- Date Issued: 2022
How digital finance affects poverty: The transmission mechanism view
- Dube, Ziphozethu, Simatele, Munacinga C, Khumalo, Sibanisezwe A
- Authors: Dube, Ziphozethu , Simatele, Munacinga C , Khumalo, Sibanisezwe A
- Date: 2021
- Subjects: To be catalogued
- Language: English
- Type: text , book chapter
- Identifier: http://hdl.handle.net/10962/470622 , vital:77379 , ISBN 9781776341818 , hhttps://library.oapen.org/handle/20.500.12657/53907
- Description: Financial inclusion has been noted as a key driver of poverty alleviation and growth. Yet, most of the scholarly work that exists lacks a comprehensive discussion of how the poor interact with financial services and the channels through which such services can affect their livelihoods. This book offers researchers who focus on financial inclusion and African economies a one stop resource for understanding the channels of transmission for financial inclusion as well as an application of these channels through original country specific empirical papers. The book provides a back-to-basics presentation of the transmission of financial services to growth and poverty. This theoretical discussion is complemented by an empirical presentation of the various services used by the poor, with a focus on Africa. Case studies of financial inclusion in six African countries cover a broad range of topics most important to African countries and highlight the unique African setting. These empirical papers provide important learning points. Firstly, hybrid financial institutions such as cooperative financial institutions and financial social entrepreneurs are the best way to increase financial inclusion in Africa. They provide important vehicles to circumventing the restrictive and exclusive bank-based financial markets typical of African economies. Secondly, digital finance is a potent tool in improving financial access and usage in Africa, and its impact on poverty operates through both traditional and nontraditional financial instruments. Thirdly, investment in infrastructure which supports complementary markets is critical and is likely to have a greater effect on credit rationing than direct provision of credit to small businesses.
- Full Text:
- Date Issued: 2021
- Authors: Dube, Ziphozethu , Simatele, Munacinga C , Khumalo, Sibanisezwe A
- Date: 2021
- Subjects: To be catalogued
- Language: English
- Type: text , book chapter
- Identifier: http://hdl.handle.net/10962/470622 , vital:77379 , ISBN 9781776341818 , hhttps://library.oapen.org/handle/20.500.12657/53907
- Description: Financial inclusion has been noted as a key driver of poverty alleviation and growth. Yet, most of the scholarly work that exists lacks a comprehensive discussion of how the poor interact with financial services and the channels through which such services can affect their livelihoods. This book offers researchers who focus on financial inclusion and African economies a one stop resource for understanding the channels of transmission for financial inclusion as well as an application of these channels through original country specific empirical papers. The book provides a back-to-basics presentation of the transmission of financial services to growth and poverty. This theoretical discussion is complemented by an empirical presentation of the various services used by the poor, with a focus on Africa. Case studies of financial inclusion in six African countries cover a broad range of topics most important to African countries and highlight the unique African setting. These empirical papers provide important learning points. Firstly, hybrid financial institutions such as cooperative financial institutions and financial social entrepreneurs are the best way to increase financial inclusion in Africa. They provide important vehicles to circumventing the restrictive and exclusive bank-based financial markets typical of African economies. Secondly, digital finance is a potent tool in improving financial access and usage in Africa, and its impact on poverty operates through both traditional and nontraditional financial instruments. Thirdly, investment in infrastructure which supports complementary markets is critical and is likely to have a greater effect on credit rationing than direct provision of credit to small businesses.
- Full Text:
- Date Issued: 2021
Monetary Policy Credibility and Inflation Expectations: Exploring an unconventional channel in South Africa
- Bom, Abongile S, Khumalo, Sibanisezwe A
- Authors: Bom, Abongile S , Khumalo, Sibanisezwe A
- Date: 2021
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470644 , vital:77381 , https://hdl.handle.net/10520/ejc-aa_ajber_v16_n3_a15
- Description: Conventional monetary policies have been tested by the various shocks that have recently affected the globe. As a result, the effectiveness of traditional tools in dealing with contemporary shocks have been questioned in recent literature. In South Africa, relatively high inflation levels and sluggish growth rates when compared to other emerging economies have made it difficult for the South African Reserve Bank (SARB) to maintain credibility through its monetary policies. This study ascertained if a forward guidance unconventional monetary policy measure is one way to help regain monetary policy credibility. Using the ARDL technique, the study assessed whether the monetary policy credibility level altered the economic agents' views on inflation expectations within South Africa in the short run and long run. The study found that asymmetric credibility at a threshold of 5.5% lowered inflation expectations.
- Full Text:
- Date Issued: 2021
- Authors: Bom, Abongile S , Khumalo, Sibanisezwe A
- Date: 2021
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470644 , vital:77381 , https://hdl.handle.net/10520/ejc-aa_ajber_v16_n3_a15
- Description: Conventional monetary policies have been tested by the various shocks that have recently affected the globe. As a result, the effectiveness of traditional tools in dealing with contemporary shocks have been questioned in recent literature. In South Africa, relatively high inflation levels and sluggish growth rates when compared to other emerging economies have made it difficult for the South African Reserve Bank (SARB) to maintain credibility through its monetary policies. This study ascertained if a forward guidance unconventional monetary policy measure is one way to help regain monetary policy credibility. Using the ARDL technique, the study assessed whether the monetary policy credibility level altered the economic agents' views on inflation expectations within South Africa in the short run and long run. The study found that asymmetric credibility at a threshold of 5.5% lowered inflation expectations.
- Full Text:
- Date Issued: 2021
An Empirical Investigation of Trade Liberalization and Trade Patterns in South Africa
- Khumalo, Sibanisezwe A, Tsegaye, Asrat
- Authors: Khumalo, Sibanisezwe A , Tsegaye, Asrat
- Date: 2018
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470606 , vital:77378 , https://doi.org/10.22610/jebs.v10i5(J).2503
- Description: The study made use of the gravity model to analyze the behavior of South Africa’ s trade patterns at industry level. Using SIC 2-digit level data for the period 1996-2013 based on two sub-samples, 1996-2004 and 2005-2013, the study found that trade liberalization was not universally influential on trade patterns. Some industries did not exhibit significant behavior changes as a result of tariff liberalization. The results show that Agriculture, mining ores, crude oil, machinery and transport are the only industries from the selected sample of nine that are significantly influenced by trade liberalization policy. Furthermore, empirical results indicate that trade liberalization hinders extensive margins and does not encourage intensive margins.
- Full Text:
- Date Issued: 2018
- Authors: Khumalo, Sibanisezwe A , Tsegaye, Asrat
- Date: 2018
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470606 , vital:77378 , https://doi.org/10.22610/jebs.v10i5(J).2503
- Description: The study made use of the gravity model to analyze the behavior of South Africa’ s trade patterns at industry level. Using SIC 2-digit level data for the period 1996-2013 based on two sub-samples, 1996-2004 and 2005-2013, the study found that trade liberalization was not universally influential on trade patterns. Some industries did not exhibit significant behavior changes as a result of tariff liberalization. The results show that Agriculture, mining ores, crude oil, machinery and transport are the only industries from the selected sample of nine that are significantly influenced by trade liberalization policy. Furthermore, empirical results indicate that trade liberalization hinders extensive margins and does not encourage intensive margins.
- Full Text:
- Date Issued: 2018
Rational and irrational indicators of financial efficacy and desirable savings behaviour among East London low-income consumers
- Khumalo, Sibanisezwe A, Dlodlo, Nobukhosi
- Authors: Khumalo, Sibanisezwe A , Dlodlo, Nobukhosi
- Date: 2018
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470655 , vital:77382 , https://dergipark.org.tr/en/pub/ijbms/issue/44994/558691
- Description: Since the principal source of retirement income is savings, the significance of projecting desirable savings behaviour during the pre-retirement phase can never be overestimated. Notably, the majority of low-income consumers in South Africa are not sufficiently prepared for retirement. This provides fertile ground for clarifying the importance of positive long-term savings behaviour. This study aimed to present a composite view by delineating both rational and irrational markers of financial efficacy and self-reported savings behaviour, whilst simultaneously discussing how such determinants can be predisposed towards increasing an individual’s retirement savings rate. Procedural techniques in the form of multiple regression analysis quantified the impact of financial risk tolerance, perceived income adequacy and social norms influence on individuals’ efficacy towards long-term savings behaviour. The findings of this study have practical implications for financial advisors, on how increased financial needs awareness amongst low-income consumers regarding future retirement life may be generated. Furthermore, this paper contributes towards the development of thriving communities by proffering knowledge on enhancing resource utilisation in lieu of increasing long-term financial security among low-income households.
- Full Text:
- Date Issued: 2018
- Authors: Khumalo, Sibanisezwe A , Dlodlo, Nobukhosi
- Date: 2018
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/470655 , vital:77382 , https://dergipark.org.tr/en/pub/ijbms/issue/44994/558691
- Description: Since the principal source of retirement income is savings, the significance of projecting desirable savings behaviour during the pre-retirement phase can never be overestimated. Notably, the majority of low-income consumers in South Africa are not sufficiently prepared for retirement. This provides fertile ground for clarifying the importance of positive long-term savings behaviour. This study aimed to present a composite view by delineating both rational and irrational markers of financial efficacy and self-reported savings behaviour, whilst simultaneously discussing how such determinants can be predisposed towards increasing an individual’s retirement savings rate. Procedural techniques in the form of multiple regression analysis quantified the impact of financial risk tolerance, perceived income adequacy and social norms influence on individuals’ efficacy towards long-term savings behaviour. The findings of this study have practical implications for financial advisors, on how increased financial needs awareness amongst low-income consumers regarding future retirement life may be generated. Furthermore, this paper contributes towards the development of thriving communities by proffering knowledge on enhancing resource utilisation in lieu of increasing long-term financial security among low-income households.
- Full Text:
- Date Issued: 2018
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