Nnamdi O Madichie is Professor of Marketing & Entrepreneurship, and Coordinator of the Centre for Economic Governance and Leadership at the University of Kigali, Rwanda. He is also Research Fellow at the Bloomsbury Institute London. He has published extensively on topics ranging from African Entrepreneurship to the creative industries and sports marketing covering the Middle East, Nigeria and Thailand. He co-edits the Palgrave Series on Public Sector Management in Africa. Address: Northampton, England, United Kingdom
This case is intended to help students on accounting undergraduate and postgraduate courses deepe... more This case is intended to help students on accounting undergraduate and postgraduate courses deepen their understanding of capital budgeting. We introduce a working example and hypothetical case to show that knowing an investment project’s net present value (NPV) is important but is not sufficient. Shareholders would also like to know how and when a project pays the excess wealth it generates. In the case we show in monetary amounts, how much each group receives in every time period; how much is received in the form of excess wealth by the existing shareholders; and, when does that excess wealth starts to accrue. The case can be used specifically in the final year undergraduate and postgraduate accounting study programmes.
We examine the extent to which bidders’ stock returns at acquisition announcements reflect the fi... more We examine the extent to which bidders’ stock returns at acquisition announcements reflect the financing needs of the target firm. Using a sample of the United States mergers and acquisitions of a period starts in 1985 and ends in 2012, we find that bidders of financially constrained targets pay lower acquisition premiums and earn higher announcement period cumulative abnormal returns than bidders of unconstrained targets. The lower premium and positive stock market reaction are both sources of value for bidders’ shareholders. Our results contrast the findings of the literature that document an insignificant wealth transfer to bidder shareholders.
The purpose of this exploratory study is to highlight the potential of sports and especially foot... more The purpose of this exploratory study is to highlight the potential of sports and especially football as a nation building tool. Taking the particular case of a little known name in international football circles, the study highlights a potential avenue for domestic league development vis-à-vis the national league. The study is primarily documentary analysis driven, drawing upon a mixture of official statistics, contingent literature and personal observation-especially the on-pitch performance of the Rwanda National Professional League Football. Insights are also drawn from the National Team, i.e., “The Wasps” or “Amavubi” in Kinyarwanda – the local language. A similar approach has been undertaken for the case of the Sharjah Football Club in the United Arab Emirates, The Nigerian Football Federation and the “the War Elephants,” i.e., (Thai national football team). The study weaves in stadium development such as those featured at the recently concluded AfCON, i.e., Japoma Stadium (Douala), Ahmadou Ahidjo Stadium, and Olembé Stadium (Yaoundé), and Kouekong Stadium (Bafoussam), Roumdé-Adjia Stadium (Garoua) and the Limbe Omnisport Stadium (Limbe-Buea). Similarly, Rwanda-based stadia are showcased, e.g., Stade Amahoro and Stade Régional de Nyamirambo (Kigali); Stade Huye; Bugesera Stadium; and Stade Umuganda. Overall, the study advances a potential avenue for football governance, infrastructure development, investments, and a perception change of a range of stakeholders including fans and other regional and international observers (including potential investors) of football in a country at the forefront of African development.
This study investigated the dialogic potential of a public sector organization’s website and its ... more This study investigated the dialogic potential of a public sector organization’s website and its impact on trade and investment decisions as a precursor to highlighting the influence of marketing communications of a nation’s brand for advancing trade and/or tourism. Drawing upon Kent and Taylor’s dialogic communications framework and the Media Richness Theory (MRT), the study examined the the brand communications potential of the Botswana Investment and Trade Centre (BITC) website. A total of 398 respondents participated in an online survey, and the Partial Least Squares approach was utilized to analyze the data. The results indicate that the dialogic principles of the destination’s trade and investment website have a positive impact on destination awareness, image formation, and trade and investment opportunities. Specifically, destination awareness partially mediates the relationship between the dialogic principles and destination image, and destination image fully mediates the re...
As the world starts reopening following the lockdowns prompted by the COVID‐19 pandemic, regional... more As the world starts reopening following the lockdowns prompted by the COVID‐19 pandemic, regional collaborations and trade matters have resurfaced. While the Brexit (British exit from the EU) negotiations have dominated regional trade headlines, the fate of the African Continental Free Trade Agreement is also being rethought. In all these, however, the issue of regional integration, administration, and governance of treaties and policies remain contentious areas. Considering these concerns, this article draws insights from the regionalization of the Economic Community of West African States (ECOWAS). We explore the “isms” (that is, the ideologies of realism, neoliberalism, intergovernmentalism, institutionalism, and regionalism) that impact upon the achievement and implementation of the regional governance system. We analyze ECOWAS' current strategy toward the integration of the West African region, its successes, and its failures. Also, we highlight some of the challenges conce...
The International Journal of Entrepreneurship and Innovation, 2020
There is considerable interest among European politicians and policymakers in how to integrate mi... more There is considerable interest among European politicians and policymakers in how to integrate migrants in the local and national economy. Drawing on in-depth qualitative interviews with 20 owners of Sub-Saharan African migrant family businesses (SSAMBs) in the United Kingdom, this article critically examines why SSAMBs fail or underperform. This investigation draws upon three streams of literature – notably migrant business failure, institutional theory and family embeddedness. The findings highlight the challenges of doing business and the reasons for business failure among this group. These are different from other small businesses and include culture, family interference and ethnicity. The main contribution of the article lies in the development of a conceptual model that highlights the relationships between institutional contexts and migrant family business outcomes. The model proposes that institution and family embeddedness results in the enactment of ethnic behaviours that d...
International Journal of Entrepreneurial Behavior & Research, 2018
Purpose The purpose of this paper is to examine the attributes of the Igbos in Eastern Nigeria an... more Purpose The purpose of this paper is to examine the attributes of the Igbos in Eastern Nigeria and the underlying factors influencing their entrepreneurial behaviour. More specifically, the study highlights the links between family, culture, institution and entrepreneurial behaviour in the African context. Design/methodology/approach This paper is based on a qualitative research method by interviewing 50 entrepreneurs and community leaders of the Igbo nation. Igbos have been described as “naturally enterprising and ingenious” and can be found throughout Nigeria and West Africa. Understanding the vagaries of ethnic entrepreneurship can arguably only be achieved through research that is undertaken within these socio-historically rich, traditional and cultural contexts. Findings Linked to the social learning theory, Igbo families provide an entrepreneurial leadership platform which influences youths through role models, providing mastery experiences and socialisation. The extended fami...
International Journal of Entrepreneurial Behavior & Research, 2018
Purpose The purpose of this paper is to provide fresh insights into rural artisanal activities in... more Purpose The purpose of this paper is to provide fresh insights into rural artisanal activities in a developing world context. It highlights key determinants of the decision to engage in an artisanal business and the challenges that impact upon the growth of these activities. Design/methodology/approach The study adopts a mix-method research approach to explore a rural setting where most respondents (81 per cent) combine farm and non-farm livelihood activities. Quantitatively, a multi-nominal regression is used to examine the determinants of diversified artisanal livelihoods. It modelled the differences between farming livelihoods that have not diversified, compared to those also involved in the artisanal activity or wage employment and the intensity of participation. Findings The findings show that nearly half of artisanal businesses (45.4 per cent) comprise only the owners and no employee, while 54.6 per cent employ one to three workers. Also, some artisanal ventures were more gend...
This case is intended to help students on accounting undergraduate and postgraduate courses deepe... more This case is intended to help students on accounting undergraduate and postgraduate courses deepen their understanding of capital budgeting. We introduce a working example and hypothetical case to show that knowing an investment project’s net present value (NPV) is important but is not sufficient. Shareholders would also like to know how and when a project pays the excess wealth it generates. In the case we show in monetary amounts, how much each group receives in every time period; how much is received in the form of excess wealth by the existing shareholders; and, when does that excess wealth starts to accrue. The case can be used specifically in the final year undergraduate and postgraduate accounting study programmes.
We examine the extent to which bidders’ stock returns at acquisition announcements reflect the fi... more We examine the extent to which bidders’ stock returns at acquisition announcements reflect the financing needs of the target firm. Using a sample of the United States mergers and acquisitions of a period starts in 1985 and ends in 2012, we find that bidders of financially constrained targets pay lower acquisition premiums and earn higher announcement period cumulative abnormal returns than bidders of unconstrained targets. The lower premium and positive stock market reaction are both sources of value for bidders’ shareholders. Our results contrast the findings of the literature that document an insignificant wealth transfer to bidder shareholders.
The purpose of this exploratory study is to highlight the potential of sports and especially foot... more The purpose of this exploratory study is to highlight the potential of sports and especially football as a nation building tool. Taking the particular case of a little known name in international football circles, the study highlights a potential avenue for domestic league development vis-à-vis the national league. The study is primarily documentary analysis driven, drawing upon a mixture of official statistics, contingent literature and personal observation-especially the on-pitch performance of the Rwanda National Professional League Football. Insights are also drawn from the National Team, i.e., “The Wasps” or “Amavubi” in Kinyarwanda – the local language. A similar approach has been undertaken for the case of the Sharjah Football Club in the United Arab Emirates, The Nigerian Football Federation and the “the War Elephants,” i.e., (Thai national football team). The study weaves in stadium development such as those featured at the recently concluded AfCON, i.e., Japoma Stadium (Douala), Ahmadou Ahidjo Stadium, and Olembé Stadium (Yaoundé), and Kouekong Stadium (Bafoussam), Roumdé-Adjia Stadium (Garoua) and the Limbe Omnisport Stadium (Limbe-Buea). Similarly, Rwanda-based stadia are showcased, e.g., Stade Amahoro and Stade Régional de Nyamirambo (Kigali); Stade Huye; Bugesera Stadium; and Stade Umuganda. Overall, the study advances a potential avenue for football governance, infrastructure development, investments, and a perception change of a range of stakeholders including fans and other regional and international observers (including potential investors) of football in a country at the forefront of African development.
This study investigated the dialogic potential of a public sector organization’s website and its ... more This study investigated the dialogic potential of a public sector organization’s website and its impact on trade and investment decisions as a precursor to highlighting the influence of marketing communications of a nation’s brand for advancing trade and/or tourism. Drawing upon Kent and Taylor’s dialogic communications framework and the Media Richness Theory (MRT), the study examined the the brand communications potential of the Botswana Investment and Trade Centre (BITC) website. A total of 398 respondents participated in an online survey, and the Partial Least Squares approach was utilized to analyze the data. The results indicate that the dialogic principles of the destination’s trade and investment website have a positive impact on destination awareness, image formation, and trade and investment opportunities. Specifically, destination awareness partially mediates the relationship between the dialogic principles and destination image, and destination image fully mediates the re...
As the world starts reopening following the lockdowns prompted by the COVID‐19 pandemic, regional... more As the world starts reopening following the lockdowns prompted by the COVID‐19 pandemic, regional collaborations and trade matters have resurfaced. While the Brexit (British exit from the EU) negotiations have dominated regional trade headlines, the fate of the African Continental Free Trade Agreement is also being rethought. In all these, however, the issue of regional integration, administration, and governance of treaties and policies remain contentious areas. Considering these concerns, this article draws insights from the regionalization of the Economic Community of West African States (ECOWAS). We explore the “isms” (that is, the ideologies of realism, neoliberalism, intergovernmentalism, institutionalism, and regionalism) that impact upon the achievement and implementation of the regional governance system. We analyze ECOWAS' current strategy toward the integration of the West African region, its successes, and its failures. Also, we highlight some of the challenges conce...
The International Journal of Entrepreneurship and Innovation, 2020
There is considerable interest among European politicians and policymakers in how to integrate mi... more There is considerable interest among European politicians and policymakers in how to integrate migrants in the local and national economy. Drawing on in-depth qualitative interviews with 20 owners of Sub-Saharan African migrant family businesses (SSAMBs) in the United Kingdom, this article critically examines why SSAMBs fail or underperform. This investigation draws upon three streams of literature – notably migrant business failure, institutional theory and family embeddedness. The findings highlight the challenges of doing business and the reasons for business failure among this group. These are different from other small businesses and include culture, family interference and ethnicity. The main contribution of the article lies in the development of a conceptual model that highlights the relationships between institutional contexts and migrant family business outcomes. The model proposes that institution and family embeddedness results in the enactment of ethnic behaviours that d...
International Journal of Entrepreneurial Behavior & Research, 2018
Purpose The purpose of this paper is to examine the attributes of the Igbos in Eastern Nigeria an... more Purpose The purpose of this paper is to examine the attributes of the Igbos in Eastern Nigeria and the underlying factors influencing their entrepreneurial behaviour. More specifically, the study highlights the links between family, culture, institution and entrepreneurial behaviour in the African context. Design/methodology/approach This paper is based on a qualitative research method by interviewing 50 entrepreneurs and community leaders of the Igbo nation. Igbos have been described as “naturally enterprising and ingenious” and can be found throughout Nigeria and West Africa. Understanding the vagaries of ethnic entrepreneurship can arguably only be achieved through research that is undertaken within these socio-historically rich, traditional and cultural contexts. Findings Linked to the social learning theory, Igbo families provide an entrepreneurial leadership platform which influences youths through role models, providing mastery experiences and socialisation. The extended fami...
International Journal of Entrepreneurial Behavior & Research, 2018
Purpose The purpose of this paper is to provide fresh insights into rural artisanal activities in... more Purpose The purpose of this paper is to provide fresh insights into rural artisanal activities in a developing world context. It highlights key determinants of the decision to engage in an artisanal business and the challenges that impact upon the growth of these activities. Design/methodology/approach The study adopts a mix-method research approach to explore a rural setting where most respondents (81 per cent) combine farm and non-farm livelihood activities. Quantitatively, a multi-nominal regression is used to examine the determinants of diversified artisanal livelihoods. It modelled the differences between farming livelihoods that have not diversified, compared to those also involved in the artisanal activity or wage employment and the intensity of participation. Findings The findings show that nearly half of artisanal businesses (45.4 per cent) comprise only the owners and no employee, while 54.6 per cent employ one to three workers. Also, some artisanal ventures were more gend...
Public Sector Marketing Communications Volume II, 2023
The purpose of this exploratory study is to highlight the potential of sports and especially foot... more The purpose of this exploratory study is to highlight the potential of sports and especially football as a nation building tool. Taking the particular case of a little known name in international football circles, the study highlights a potential avenue for domestic league development vis-à-vis the national league. The study is primarily documentary analysis driven, drawing upon a mixture of official statistics, contingent literature and personal observation-especially the on-pitch performance of the Rwanda National Professional League Football. Insights are also drawn from the National Team, i.e., “The Wasps” or “Amavubi” in Kinyarwanda – the local language. A similar approach has been undertaken for the case of the Sharjah Football Club in the United Arab Emirates, The Nigerian Football Federation and the “the War Elephants,” i.e., (Thai national football team). The study weaves in stadium development such as those featured at the recently concluded AfCON, i.e., Japoma Stadium (Douala), Ahmadou Ahidjo Stadium, and Olembé Stadium (Yaoundé), and Kouekong Stadium (Bafoussam), Roumdé-Adjia Stadium (Garoua) and the Limbe Omnisport Stadium (Limbe-Buea). Similarly, Rwanda-based stadia are showcased, e.g., Stade Amahoro and Stade Régional de Nyamirambo (Kigali); Stade Huye; Bugesera Stadium; and Stade Umuganda. Overall, the study advances a potential avenue for football governance, infrastructure development, investments, and a perception change of a range of stakeholders including fans and other regional and international observers (including potential investors) of football in a country at the forefront of African development.
The Igbo apprentice system is an extension of their enterprising spirit where an induction strate... more The Igbo apprentice system is an extension of their enterprising spirit where an induction strategy is utilised to induct mostly young Igbos into entrepreneurial ventures by established entrepreneurs locally referred to as Oga. This venture can be a trade, an enterprise, or a vocation, in some cases serving also as a domestic help. The Ogas are former apprentices that had served and were handed resources to begin their own enterprises. This system is informal and has unstructured training programs to learn and master skills required to embark on own enterprise. This research note documents salient points in a recently published book on the subject, highlighting some of the prospects and challenges of the indigenous entrepreneurship scheme and suggesting future research directions. The Igbo apprentice system is an extension of their enterprising spirit where an induction strategy is utilised to induct mostly young Igbos into entrepreneurial ventures by established entrepreneurs locally referred to as Oga. This venture can be a trade, an enterprise, or a vocation, in some cases serving also as a domestic help. The Ogas are former apprentices that had served and were handed resources to begin their own enterprises. This system is informal and has unstructured training programs to learn and master skills required to embark on own enterprise. The Igbo apprentice system is a rational economic decision that uses cheap labour to build up human resources, while creating the opportunity of developing self-employed individuals. The system has three main phases or stages: Talent (or Ability) Identification, Scholarship (or Knowledge training), and Graduation (or Clearance).
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