Studia Universitatis „Vasile Goldis” Arad – Economics Series
Many emerging economies, particularly oil-rich countries such as Nigeria, have neglected the key ... more Many emerging economies, particularly oil-rich countries such as Nigeria, have neglected the key drivers of growth, and consequently resulting in a decline in investment and employment. In the midst of this, the current study sought to examine the extent to which foreign direct investment and oil revenue impact Nigerian economic growth. The estimation was done using ordinary least squares (OLS) techniques, and the Granger causality test was used to determine the direction of causality between FDI, oil revenue, and economic growth using annual time series data from 1991 to 2019. Hence, recognising that annual time series are high-frequency data, all the variables were subjected to OLS assumptions. The empirical findings revealed that FDI and oil revenue significantly impacted growth. Accounting for the impact of economic activities reflected in the role of financial inflow and outflow on economic growth, a significant and positive relationship was found. This implies that internation...
PurposeThis paper aims to assess the impact of digital financial innovation on financial system d... more PurposeThis paper aims to assess the impact of digital financial innovation on financial system development in Common Market for eastern and Southern Africa (COMESA). This paper evaluates the dynamic relationship between digital financial innovation measures and financial system development using time series data from COMESA countries for the period 1997–2019.Design/methodology/approachA dynamic autoregressive distributed lag model (ARDL) was adopted and the mean group (MG), pooled mean group (PMG) and dynamic fixed effect (DFE) of the model were estimated to evaluate the short- and long-run impact. In addition, the dynamic generalized method of moments (DGMM) was adopted for a robustness check. The Hausman test results show PMG to be the most consistent and efficient estimator, while the coefficient of lagged dependent variable of different GMM is less than the fixed effect coefficient, and, as such, suggests system GMM is the most suitable estimator. Data for the study were source...
International Journal of Energy Economics and Policy
The study focusses on evaluating oil price movement and revenue generation in Nigeria with emphas... more The study focusses on evaluating oil price movement and revenue generation in Nigeria with emphasis on the era of pre and post covid-19 pandemic. Measures such as crude oil price, domestic production, crude oil export and revenue, and revenue generation were assessed before, during and after covid-19 pandemic. The evidence shows that oil price and revenue generation were negatively affected during covid-19 pandemic era due to restriction on the movement of people and economic activities. Hence, the study further revealed a drastic fall in crude oil price and export, as well as domestic production (mbd) especially during the first quarter of 2020. While crude oil price appreciated slightly from June, the export and domestic production plummeted with a corresponding decrease in revenue generation which dropped deeply from $47 billion USD in 2019 to $8 billion USD in 2020. Further evaluation revealed that after the introduction of some measures by the government authorities, the Nigeri...
Asian Journal of Economics, Business and Accounting, 2021
The research work aims to investigate the effect of ownership diversity on earnings management of... more The research work aims to investigate the effect of ownership diversity on earnings management of listed non-financial firms in Nigeria. Several reviewed works was revealed in the study of this work, specifically on earnings management and ownership diversity. The research founds that no literature has studied the effect of ownership diversity and earnings management of the listed non-financial firms in Nigeria. This research makes use of secondary data as its main source of data collection. The method of data analysis applied is Hausman effect test and panel data regression. The result shows that ownership diversity has positive and significant effect on earnings management of non-financial firms in Nigeria which was statistically significant at 1% level of significance.
This study empirically examined the impact of external debt on economic growth. Also, the interac... more This study empirically examined the impact of external debt on economic growth. Also, the interactions of governance, external debt and external debt volatility were further investigated with emphasize on the interective effect of governance as proxied by Kaufmann, D., (2007) quality governance measures such as; government effectiveness, political stability, voice and accountability, regulatory quality and corruption control on economic growth. The study utilized annual time series data, focusing on thirty selected Sub-Saharan African (SSA) countries for the period 1997 to 2020. The Dynamic System Generalised Method of Moments estimation technique was adopted while controlling for conventional sources of economic growth. Empirical findings from the study reveal that external debt and external debt volatility have a negative and significant impact on economic growth in SSA. Furthermore, the interaction of governance indicators, external debt and its volatility, had a positive impact ...
Asian Journal of Economics, Business and Accounting, 2021
Poverty is an endemic problem that affects not just the individual or his or her immediate family... more Poverty is an endemic problem that affects not just the individual or his or her immediate family, but the entire state, and eventually the nation. Poverty causes anger and hunger and this leads to violence in turn leads to reduction in economic growth and development. Through the utilization of descriptive survey involving questionnaire and microfinance banks’ directory, and Pearson Product Moment of Correlation Coefficient at 0.05 significant level, the study reveals that microfinance deal with the provision of financial services to SMEs who are traditionally not served by the conventional financial institutions in the country. The study also reveals that Micro Finance Banks have made a lot of impact in alleviation of poverty, thereby increasing the living standard of the people. More so, Micro-Finance Institutions throughout the developing world are providing small loans to the poor for self-employment and proving to be sustainable enterprises in the sight against poverty. The st...
Studia Universitatis „Vasile Goldis” Arad – Economics Series
Many emerging economies, particularly oil-rich countries such as Nigeria, have neglected the key ... more Many emerging economies, particularly oil-rich countries such as Nigeria, have neglected the key drivers of growth, and consequently resulting in a decline in investment and employment. In the midst of this, the current study sought to examine the extent to which foreign direct investment and oil revenue impact Nigerian economic growth. The estimation was done using ordinary least squares (OLS) techniques, and the Granger causality test was used to determine the direction of causality between FDI, oil revenue, and economic growth using annual time series data from 1991 to 2019. Hence, recognising that annual time series are high-frequency data, all the variables were subjected to OLS assumptions. The empirical findings revealed that FDI and oil revenue significantly impacted growth. Accounting for the impact of economic activities reflected in the role of financial inflow and outflow on economic growth, a significant and positive relationship was found. This implies that internation...
PurposeThis paper aims to assess the impact of digital financial innovation on financial system d... more PurposeThis paper aims to assess the impact of digital financial innovation on financial system development in Common Market for eastern and Southern Africa (COMESA). This paper evaluates the dynamic relationship between digital financial innovation measures and financial system development using time series data from COMESA countries for the period 1997–2019.Design/methodology/approachA dynamic autoregressive distributed lag model (ARDL) was adopted and the mean group (MG), pooled mean group (PMG) and dynamic fixed effect (DFE) of the model were estimated to evaluate the short- and long-run impact. In addition, the dynamic generalized method of moments (DGMM) was adopted for a robustness check. The Hausman test results show PMG to be the most consistent and efficient estimator, while the coefficient of lagged dependent variable of different GMM is less than the fixed effect coefficient, and, as such, suggests system GMM is the most suitable estimator. Data for the study were source...
International Journal of Energy Economics and Policy
The study focusses on evaluating oil price movement and revenue generation in Nigeria with emphas... more The study focusses on evaluating oil price movement and revenue generation in Nigeria with emphasis on the era of pre and post covid-19 pandemic. Measures such as crude oil price, domestic production, crude oil export and revenue, and revenue generation were assessed before, during and after covid-19 pandemic. The evidence shows that oil price and revenue generation were negatively affected during covid-19 pandemic era due to restriction on the movement of people and economic activities. Hence, the study further revealed a drastic fall in crude oil price and export, as well as domestic production (mbd) especially during the first quarter of 2020. While crude oil price appreciated slightly from June, the export and domestic production plummeted with a corresponding decrease in revenue generation which dropped deeply from $47 billion USD in 2019 to $8 billion USD in 2020. Further evaluation revealed that after the introduction of some measures by the government authorities, the Nigeri...
Asian Journal of Economics, Business and Accounting, 2021
The research work aims to investigate the effect of ownership diversity on earnings management of... more The research work aims to investigate the effect of ownership diversity on earnings management of listed non-financial firms in Nigeria. Several reviewed works was revealed in the study of this work, specifically on earnings management and ownership diversity. The research founds that no literature has studied the effect of ownership diversity and earnings management of the listed non-financial firms in Nigeria. This research makes use of secondary data as its main source of data collection. The method of data analysis applied is Hausman effect test and panel data regression. The result shows that ownership diversity has positive and significant effect on earnings management of non-financial firms in Nigeria which was statistically significant at 1% level of significance.
This study empirically examined the impact of external debt on economic growth. Also, the interac... more This study empirically examined the impact of external debt on economic growth. Also, the interactions of governance, external debt and external debt volatility were further investigated with emphasize on the interective effect of governance as proxied by Kaufmann, D., (2007) quality governance measures such as; government effectiveness, political stability, voice and accountability, regulatory quality and corruption control on economic growth. The study utilized annual time series data, focusing on thirty selected Sub-Saharan African (SSA) countries for the period 1997 to 2020. The Dynamic System Generalised Method of Moments estimation technique was adopted while controlling for conventional sources of economic growth. Empirical findings from the study reveal that external debt and external debt volatility have a negative and significant impact on economic growth in SSA. Furthermore, the interaction of governance indicators, external debt and its volatility, had a positive impact ...
Asian Journal of Economics, Business and Accounting, 2021
Poverty is an endemic problem that affects not just the individual or his or her immediate family... more Poverty is an endemic problem that affects not just the individual or his or her immediate family, but the entire state, and eventually the nation. Poverty causes anger and hunger and this leads to violence in turn leads to reduction in economic growth and development. Through the utilization of descriptive survey involving questionnaire and microfinance banks’ directory, and Pearson Product Moment of Correlation Coefficient at 0.05 significant level, the study reveals that microfinance deal with the provision of financial services to SMEs who are traditionally not served by the conventional financial institutions in the country. The study also reveals that Micro Finance Banks have made a lot of impact in alleviation of poverty, thereby increasing the living standard of the people. More so, Micro-Finance Institutions throughout the developing world are providing small loans to the poor for self-employment and proving to be sustainable enterprises in the sight against poverty. The st...
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Papers by Ogochukwu Okanya