Empirically, this paper employs three testing samples: Central European enterprises, Latin American companies and global firms.
From the verification of these models, it is evident that the refined processes are effective in improving the forecasting of financial situations of all three types of enterprises. The models created by the author are characterized by high efficiency. This study examines the tripartite relationship between financial development, trade openness and economic growth in Ghana, Nigeria and South Africa for the period. The study reveals a long-run causal relationship between financial development, trade openness and economic growth, thereby supporting finance- and trade-led growth hypotheses for Ghana, Nigeria and South Africa.
Moreover, long-run causality from financial development and economic growth to trade openness is found for Ghana.
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In the short-run, there is evidence of causality from growth to financial development for Ghana, from trade openness to financial development for Nigeria and from growth and financial development to trade openness for South Africa. The findings of this study are robust to alternative proxies of financial development and various diagnostic tests. The study shows that financial development and trade openness can be deployed to accelerate growth, while growth and financial development can be used to promote trade openness. Additionally, trade openness spurs financial development.
Therefore, a tripartite relationship exists between the three variables. Hence, interdependence between financial development, trade openness and economic growth is found and consequent policy recommendations are made. The role of monetary policy in promoting economic growth remains empirically an open research question.
This paper attempts to bridge the knowledge gap by investigating the impact of monetary policy on economic growth in Tanzania during the period from to , using the autoregressive distributed lag ARDL bounds-testing approach. To our knowledge, this study may be the first of its kind to examine in detail this nexus in Tanzania.
The study uses two proxies of monetary policy, namely, money supply and interest rate, to examine this linkage. The empirical results of this study reveal no impact of monetary policy on economic growth in the long term — irrespective of the proxy used to measure monetary policy.
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However, the short-term results confirm the existence of monetary policy neutrality — but only when the interest rate is used as a proxy for monetary policy. When money supply is used to measure monetary policy, a negative relationship between monetary policy and economic growth is found to predominate. The study findings suggest that monetary policy may not be a panacea for economic growth in Tanzania.
The paper examines the influence of the business cycle on working capital management strategies based on evidence from the Polish corporate sector. By exploring the interrelation between working capital investment and profitability ratios, we attempt to define the respective transmission mechanisms and summarize the principles of sound financial management across the economic cycle.
We found that more profitable companies tend to implement a more conservative working capital management strategy during recessions and that underperforming firms may be urged to cut working capital in response to plummeting cash flows. The accumulation of precautionary cash reserves appears to help firms navigate through times of economic turmoil.
Research outcomes may point to the redistributive function of trade finance under conditions of financing constraints, which become particularly acute during troughs aggravated by a credit market crunch. Home Issues Aims and scope Editorial board. Volume 12 Volume 12 Issue 1 pp. Volume 12 Issue 2 Assessing Outsourced Distribution Channels original article pp. Corporate Internet Reporting and Firm Performance: Evidence from Malaysia original article pp.
Corporate internet reporting CIR , firm performance, size, leverage, growth This work is licensed under a Creative Commons Attribution 4. Evidence from Ghana, Nigeria and South Africa original article pp. Contributors cast doubts on the conclusions of the prevailing theories of economic development with patterns of economic change over the course of the 20th century. Their findings point out the issue of inadequate social capability as a critical factor in understanding the lack of economic development in many developing countries.
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They suggest that contemporary theorizing tends to pinpoint necessary but insufficient conditions for the successful implementation of development strategies in these countries. Kimenyi Corruption Control in Developing Societies: Try our Search Tips. Topics Libraries Unlimited Librarianship: