Purpose: This study examines the relationship between Islamic finance and economic growth in OIC selected countries, namely Türkiye, Saudi Arabia, the UAE, Qatar, Kuwait, Oman, Malaysia, Indonesia, and Nigeria.Method: A dynamic panel System Generalized Method of Moments (System-GMM) is employed to estimate the effects of Islamic banking profitability, sukuk issuance, and takaful on GDP per capita while accounting for endogeneity, dynamic effects, and country-specific heterogeneity.Results: The findings indicate that Islamic banking profitability, sukuk, and takaful positively and significantly affect GDP per capita. The results also reveal substantial cross-country differences, with Türkiye serving as the benchmark and the remaining countries exhibiting significantly different growth effects. Diagnostic tests confirm the robustness of the estimates, indicating no second-order serial correlation and the validity of the instruments under the Hansen test.Originality / Relevance: This study extends the existing body of knowledge by mitigating endogeneity concerns, incorporating dynamic effects, and offering comparative cross-country evidence on the contribution of Islamic finance to economic growth. The empirical findings provide meaningful implications for policymakers by highlighting the potential of Islamic financial institutions and instruments as strategic mechanisms for promoting sustainable economic development.
Objectif : L'objectif de ce papier est de déterminer la nature de l'effet de l'utilisation des services de la banque mobile sur la rentabilité des banques commerciales camerounaises. Méthodologie : Les données proviennent du système de collecte, d'exploitation et de restitution aux banques des états réglementaires (CERBER) de la Commission Bancaire d'Afrique Centrale (COBAC). L'étude couvre une période qui s'étend de 2017 à 2024, et porte sur huit banques. Deux équations issues d'un modèle de régression multiple inspiré des travaux de Ndzie (2022) sont estimées par le méthode des Moindres Carrés Généralisés. Résultats : Les services de la banque mobile ont un effet positif et significatif sur les rendements des actifs (ROA) et des capitaux propres (ROE). Originalité/Pertinence : L'étude confirme l'importance de la digitalisation des produits bancaires par l'offre des services de la banque mobile issue des innovations récentes des technologies de l'information et de la communication au Cameroun. Aussi, loin de mener une analyse en coupe transversale ou longitudinale comme c'est le cas dans les travaux antérieurs, cette étude porte sur des données de panel provenant des banques commerciales camerounaises choisies sur la base de leurs anciennetés et leurs performances. Par ailleurs, les résultats significativement positifs obtenus enrichissent ceux de Ndzie (2022) montrant un effet non significatif du recours à la banque mobile sur la rentabilité bancaire dans la Communauté Economique et Monétaire d'Afrique Centrale (CEMAC).
Objectif : Longtemps marginalisée dans la littérature financière, cette étude adresse la problématique de l’efficience des marchés financiers africains. Elle vise à évaluer et à analyser comparativement à sa forme faible, l’efficience de ces marchés à partir de leurs indices composites sur une période allant de 2014 à 2024. Méthodologie : Pour atteindre cet objectif, une méthodologie robuste combinant l’étude de la volatilité et sa persistance, le test de stationnarité et de la marche aléatoire est adoptée. Résultats : Les résultats issus des analyses effectuées à partir des indices composites de quatre marchés financiers africains (Egypte, Maroc, Ghana et Nigéria) montrent que ces marchés sont progressivement et significativement efficients. Originalité : Ces résultats suggèrent que des nouvelles reformes règlementaires et légales adoptées dans ces économies soutiennent la gouvernance financière de ces marchés et améliorent l’intégration des pays africains aux échanges internationaux. D’un point de vue managérial, les résultats mis au point commandent que les investisseurs privilégient des stratégies de couvertures à long terme face à la persistance des chocs, et des stratégies dynamiques pour anticiper les variations brusques. Les régulateurs doivent en ce qui leur concerne, renforcer la transparence, la liquidité et les réformes institutionnelles pour atténuer les frictions structurelles et consolider l’efficience.
Purpose: This research aimed at assessing the effects of behavioral finance bias on investment decisions in small and medium size enterprises in Mezam Division. Most at times investors make decisions based on their physiology and emotions and this has often led to poor investment decisions. However, previous research has focused on the effects of these biases on the financial market. This research closes the gap as the effort was motivated by the need to not only look at the effect of the biases but evaluate how it affects individual investors involved in physical investment. Method: A case study of SMEs in Mezam Division was used in this examination through 150 closed and open-ended questionnaires that were self-administered during a period starting from the Some questionnaires were administered online to the respondents, depending on the agreed media with the respondent. As a method of analysis, we use descriptive statistical and a probit estimation techniques. Findings: Results from data analysis reveals that overconfidence bias significantly increase the likelihood of SMEs to invest further by 94%, there is a negative and insignificant effect of anchoring bias on the decision to invest further and representative bias has a significant positive effect on the decision to investment by 69% on SMEs in Mezam Division. Overall, this study highlights the positive effects of behavioral bias on investment decisions in SMEs Originality / relevance: This study contributes to the understanding of the of behavioral finance bias on investment decision in small and medium size enterprise in Cameroon during political crisis. This can help policy makers take appropriate measures to encourage entrepreneurship of youth that are victims of political instability.
Abstract: Objective: The aim of this research is to examine the effect of digital innovation determinants on financial inclusion in the cameroonian context. Methodology: Correlation tests and multiple linear regressions were used on a sample of 194 individuals selected for convenience due to their profiles, which were generally not easily integrated into the traditional financial sector in the past. Data is collected using a questionnaire. Results: The results show that digital financial services significantly promote financial inclusion among different segments of the population, especially the most disadvantaged. Mobile banking, for example, facilitates online transactions such as money transfers, bill payments, and access to many other financial products. However, difficulties in accessing the internet, low digital literacy, and the costs of digital services tend to compromise access to various financial products in the Cameroonian context. All of these factors constitute major constraints that are likely to limit the spread of financial inclusion to all segments of the population. Originality/Relevance: While empirical literature generally shows that the link between digital innovation and financial inclusion is positive and unequivocal in developed countries based on secondary data, this study, conducted in a context with multiple constraints and based on primary data, is not only one of the first to our knowledge, but above all, it teaches us that the infrastructural constraints limiting the functioning of digital technologies are numerous and determine the level of financial inclusion observed in Cameroon.
Purpose: This study investigates the contribution of Islamic banking to economic growth in selected leading Islamic finance countries—Türkiye, Kuwait, Qatar, the UAE, Oman, Malaysia, Indonesia, and Nigeria—using data from 2015 to 2021. It also examines whether Türkiye’s Islamic banking sector contributes differently to economic growth by incorporating a country-specific dummy variable. Method: Panel data were analyzed using the least square dummy variable (LSDV) model in Stata 18. The model includes Islamic banking profitability, sukuk issuance, inflation, and political stability to assess their relationship with gross domestic product per capita (GDPpc). Results: The findings reveal three major outcomes: (1) Türkiye’s Islamic banking profitability contributes more strongly to GDP compared to the other countries in the sample; (2) sukuk has a positive and significant relationship with GDPpc; and (3) inflation shows a positive association with GDP when moderated by political stability. Originality Relevance: The study adds new cross-country empirical evidence on how Islamic banking promotes economic growth, with a specific comparative focus on Türkiye. By combining Islamic banking indicators, sukuk, and political stability within an LSDV framework, the research offers relevant insights for policymakers, regulators, and Islamic finance institutions seeking to strengthen the growth-enhancing role of Islamic banking.
Objective : Cette étude vise à examiner la relation entre la digitalisation et l’évasion fiscale, tout en analysant le rôle modérateur de la corruption dans cette relation. Méthodologie : L’étude s’appuie sur un échantillon de 115 pays. Les données relatives aux indicateurs de numérisation, à la corruption et à l’évasion fiscale proviennent de la Banque mondiale et du Fond Monétaire International (FMI). Enfin, les autres variables sont extraites de la Banque mondiale, de la Fondation Héritage et des Perspectives mondiales de l’urbanisation. Résultats : Les résultats montrent une relation négative et significative entre le score global de digitalisation (ainsi que les sous-scores liés à l’adoption de la digitalisation par les entreprises, les individus et les gouvernements) et l’évasion fiscale, ce qui confirme son rôle d’outil efficace pour réduire la fraude. Cependant, cet effet est affaibli dans les pays où la corruption est élevée, ce qui indique que la corruption limite l’efficacité des technologies numériques dans la lutte contre l’évasion fiscale. Originalité: Cette étude se distingue par son approche globale, qui analyse simultanément les trois dimensions de la digitalisation - économique, sociale et administrative - et en intégrant la corruption comme variable modératrice. Elle apporte ainsi une contribution originale à la littérature portant sur les déterminants institutionnels de l’évasion fiscale. Sur le plan pratique, les résultats fournissent des implications pertinentes pour les décideurs publics, en démontrant que l’efficacité des politiques de digitalisation fiscale repose largement sur la réduction des niveaux de corruption. Cette condition apparaît essentielle pour maximiser l’impact des outils numériques dans la prévention des comportements frauduleux et pour améliorer durablement la mobilisation des ressources fiscales au sein des économies nationales. Mots-clés: Evasion fiscale; digitalisation; corruption; effet modérateur. Code de classification JEL: G28; G38; H26
Purpose: This study investigates the impact of mobile financial services (MFS) adoption on the financial vulnerability of small businesses in Benin, with a focus on the moderating role of government support. Method: Data were collected through a survey of 316 small business owners in Benin. We analyze the data using structural equation modelling (SEM) and analysis of variance (ANOVA). The reliability and validity of the measurement model were confirmed through exploratory and confirmatory factor analyses. Results: The results reveal that mobile financial services adoption significantly reduces the financial vulnerability of small businesses. Furthermore, there is a significant difference in term of financial vulnerability between those who perceived government support and those who did not, but no significant difference in terms of mobile financial services adoption. Government support not only directly mitigates financial vulnerability but also enhances the positive effects of mobile financial services adoption on financial vulnerability. The moderating effect of government support indicates that firms benefit more from multi-sector financial services when these are complemented by institutional assistance. Originality/Relevance: This study contributes to the literature by integrating the roles of modern financial technologies and government interventions in addressing the financial challenges of small businesses in a developing country context. It provides empirical evidence on the synergistic effects of mobile financial services and government support, offering practical insights for policymakers and financial institutions that aim to promote financial inclusion and business resilience.
Purpose: The aim of this study is to examine the relationship between trading volume and stock returns in the Saudi Stock Exchange (Tadawul) and Dubai Financial Market (DFM) for 2018-2024. Method: Using a sample of 84 monthly observations for both markets from Investing.com, the research employs advanced econometric techniques, including cointegration analysis, linear regression, Granger causality testing, and Vector Autoregression (VAR) models. Results: Results exhibit a weak positive association between returns and trading volume in both markets, slightly more in Dubai. Cointegration tests identify a strong long-run equilibrium in the Saudi market, while Dubai displays several complex relationships prone to external impacts. Granger causality tests reveal no significant predictive causality in either direction, indicating that past values of returns and volume do not effectively forecast future movement. VAR analysis highlights that trading volumes are largely determined by their previous values. Originality: This study offers new insights into the dynamics of GCC markets by comparing the oil economy of Saudi Arabia with the diverse financial hub of Dubai. The findings challenge conventional volume-return models seen in developed economies, suggesting that regional structural forces dominate informational efficiency.
Purpose: The purpose of this paper is to revisit the relationship between artificial intelligence (AI) and employment for eleven sectors of Tunisian economy in the period 2010-2022. Method: In order to study the variability that captures the impact of administrative barriers on investment in a particular sector of activity, we apply a Swamy random coefficients linear regression model, which takes into account cross-sectional heterogeneity issues. Results: The empirical results show a global negative effect of AI on employment. Sectoral analysis detected a non-significant positive effect for the energy and agricultural and food industries. Originality / relevance: This study finds its originality through the application of Swamy’s method to take into account the heterogeneity of the sectors of the Tunisian economy in the adherence to AI.
Purpose: This study aims to examine the relationship between digitalization and tax evasion, while analyzing the moderating role of corruption in this association. Findings: The results reveal a negative and significant relationship between the overall digitalization score (as well as the sub-scores related to digital adoption by businesses, individuals, and governments) and tax evasion, confirming that digitalization serves as an effective tool for reducing tax fraud. However, this effect is weakened in countries with high levels of corruption, indicating that corruption limits the effectiveness of digital technologies in combating tax evasion. Methodology: The study is based on a sample of 115 countries. Data related to digitalization indicators, corruption, and tax evasion are obtained from the World Bank and the International Monetary Fund (IMF). Finally, the other variables are drawn from the World Bank, the Heritage Foundation, and the World Urbanization Prospects. Originality/Relevance: This study stands out for its comprehensive approach, which simultaneously analyzes the three dimensions of digitalization - economic, social, and administrative - while integrating corruption as a moderating variable. It thus provides an original contribution to the literature on the institutional determinants of tax evasion. From a practical perspective, the findings offer valuable implications for policymakers, demonstrating that the effectiveness of digital tax policies largely depends on reducing corruption levels. This condition appears essential to maximize the impact of digital tools in preventing fraudulent behavior and to enhance the sustainable mobilization of fiscal resources within national economies.
Purpose: The study's objective is to assess the dynamic impact of inflation (INFLATION) shocks on Egyptian Exchange 30 Index (EGX30) returns and volatility (risk). Method: Specifically, the study uses January 2015 until October 2025, and reports on a total of 130 monthly observations. For EGX30 returns a simple percentage change method is used and for inflation represents the monthly percentage change in the borrower Consumer Price Index (CPI). The investigator used two econometric methods, with the Vector Autoregression (VAR) model in combination with the Generalized Impulse Response Function (IRF) to assess the dynamic short to medium term impact of inflation on EGX30 returns, as well as testing the direct impact of inflation on market volatility (risk) using the Generalized Autoregressive Conditional Heteroskedasticity GARCH(1,1) model. Results: The empirical evidence provides three significant conclusions. First, the IRF evidence suggest that inflation shocks show a positive and statistically significant impact on EGX30 returns in the medium-run (around Month 5 is the peak impact), indicating that Egyptian stocks can offer a partial hedge against inflation in the medium-run. Second, the GARCH mean equation provided evidence that the overall long-run impact of inflation on average return is negative and statistically significant, supporting the Proxy Hypothesis. Third, and importantly, inflation shocks had no statistically significant direct impact on market volatility (risk). Instead, the relatively high persistence of market volatility is influenced primarily by internal market dynamics (e.g., ARCH and GARCH effects). Originality / relevance: The study contributes to understanding how inflation dynamics interact with stock market performance in Egypt, highlighting both the hedging potential of equities in the medium run and the persistence of volatility driven by internal market forces.
L’objectif : l’objectif de cette recherche est de tester l’impact d’une RSE mieux développé sur les mécanismes de bonne gouvernance dans les PME Camerounaises. Méthodologie : la régression logistique a été appliquée à un échantillon de 113 PME camerounaises pour lesquelles nous avons préalablement collecté, par le biais d’une enquête par questionnaires. Résultats : les pratiques relatives aux dimensions légales, éthiques et philanthropiques de la RSE contribuent à améliorer l'efficacité du conseil d'administration et le type de formation des dirigeants dans leur rôle de contrôle. Cela devrait permettre à ces derniers de prendre des décisions favorisant l'intérêt de toutes les parties prenantes, en ligne avec les recommandations de plusieurs études sur la gouvernance d'entreprise Originalité/Pertinence : c’est la première étude en contexte camerounais qui met en exergue les pratiques RSE pouvant améliorer les problèmes de gouvernance dans les entreprises. Contribution sociales/de gestion : Une PME devrait d’utiliser : le document éthique, le règlement du secteur d’activité, le code de travail, le respect de la réglementation pour significativement améliorer ses mécanismes gouvernance et par ricochet une création de valeur pour toutes les parties prenantes.
Purpose: In the past decade, numerous higher education institutions worldwide have embarked on a strategic transformation towards becoming entrepreneurial hubs with the potential to significantly reshape economic landscapes. Despite this shift, the specific determinants and pathways of this transformation remain inadequately explored and empirically unvalidated. This study undertakes a comprehensive systematic review of global literature on established entrepreneurial university models, identifying key indicators critical for advancing entrepreneurial agendas within academic institutions. Method: These indicators were further subjected to empirical validation through a quantitative methodology, utilizing data from a randomly selected sample (n = 520) assessed via a 5-point Likert scale questionnaire. Ordinal regression analysis was employed to examine the predictive influence of the identified variables on entrepreneurial transformation. Findings: Results indicated that all three indicators—entrepreneurial support, entrepreneurship education, and research enterprise—were statistically significant predictors at the p = 0.00 level. Entrepreneurial support demonstrated the highest predictive strength, followed by entrepreneurship education, while research enterprising exhibited the least influence. Originality / relevance: These findings emphasize the need for stakeholders to channel investments towards areas of high predictive potential to accelerate the entrepreneurial transformation of universities. Future research should focus on context-specific and regionally adaptive indicators to further refine strategies and ensure alignment with the unique institutional characteristics, ultimately enabling more effective policy formulation and implementation in the entrepreneurial academic landscape.
Objectif – L’objectif de cette étude est de recenser les logiciels et plateformes de comptabilité numérique utilisés par les PME de Bukavu, analyser les facteurs (compétences techniques, ressources financières, soutien institutionnel et réglementation) influençant leur adoption, et formuler des stratégies d’optimisation pour une intégration pérenne, adaptée au contexte socio-économique et technologique local. Approche méthodologique – En s'inspirant du modèle UTAUT, un cadre conceptuel a été élaboré et des données issues d'une enquête auprès de responsables de PME ont été économétriquement analysées. L'analyse en composantes principales et l'utilisation des Moindres Carrés Partiels ont permis de tester les hypothèses et de répondre à la question de recherche. Résultats – Les analyses descriptives ont montré que la plupart des PME adoptent une comptabilité digitalisée basique. La majorité d’entre elles utilisent des logiciels standards tels qu’Excel et Access. Les analyses explicatives basées sur la méthode PLS indiquent que l’ensemble des variables étudiées contribue largement à la digitalisation de la comptabilité dans la ville de Bukavu. Le test d’algorithme PLS met en évidence une forte capacité prédictive du modèle, confirmant ainsi sa validité et son adéquation aux données. Originalité/pertinence : En plus de l’approche méthodologique base sur les équations structurelles, une approche appropriée pour analyser les relations entre les variables latentes, cette étude se distingue par son focus sur les PME et par son accent particulier sur la digitalisation de la comptabilité par ses entreprises dans une région où la digitalisation reste encore faible.
Purpose: To investigate the determinants of economic growth in South Africa amidst ongoing macroeconomic challenges. Method: Utilized yearly time series data. Assessed data stationarity using the Phillips-Perron and Augmented Dickey-Fuller tests. Employed an Autoregressive Distributed Lag (ARDL) model to analyze short- and long-run relationships. Applied Granger causality to explore causal relationships among the variables. Results: In the long run, financial development, capital stock, and employment are significant determinants of economic growth. In the short run, all variables examined were significant. Originality/Relevance: The study addresses critical macroeconomic challenges in South Africa, providing insights that can inform policies aimed at stimulating economic growth through employment, investment in capital, and financial development.
Abstract Purpose: This study investigated the relationship between financial development and economic growth in South Africa using the annual time series data (1980 to 2022) from the South African Reserve Bank and Quantec Easy Data. Method: The study employed both the cointegrated autoregressive distributed lag (ARDL) and the Granger causality approach for the analyses. Results: The unit test results revealed that the variables were stationary and nonstationary at level, implying a mixture of I(0) and I(1), hence the ARDL approach. The cointegration analysis revealed that the variables are cointegrated, which means there is a long run equilibrium relationship among them. Furthermore, the Granger causality test results revealed that causality runs from GDP to interest rate liberalisation or vice versa. Originality/relevance: This study took a different angle by splitting financial development into four proxies and used interest rate liberalisation as an additional variable in the system.
Purpose: The COVID-19 pandemic has created unprecedented challenges for businesses worldwide, especially for Small and medium-sized enterprises (SMEs). The pandemic has created new risks and uncertainties that SMEs must navigate to remain operational and competitive. To address these challenges, SMEs need to adopt innovative practices to survive and thrive. Recent studies have shown that data analytics is increasingly becoming a key factor in driving firm performance. Thus, this study aims to empirically assess the importance of data analytics in driving resilient performance. Essentially this paper elucidates the strategic role of data analytics as one of the key components of an artificial intelligence driven world, to drive sustainable firm performance. Methodology: The research employed a distinctive dataset of 450 SMEs in South Africa. Machine learning techniques, particularly Random Forest and Support Vector Regression (SVR), were utilised to model the influence of data analytics on SME performance during the Covid-19 pandemic. This approach facilitated a detailed examination of the correlation between data analytics adoption and organisational resilience during unprecedented circumstances. Results: Data analytics can help SMEs prioritize urgent matters, ultimately improving their performance. Thus, the study recommends analytics software. With the help of analytics software, SMEs can gain valuable insights into critical issues that require immediate attention. By embracing these data analytics solutions, SMEs can effectively leverage their data to generate valuable insights that support decision-making processes. Originality/Relevance: In the context of a developing country during the COVID-19 pandemic, this study addresses a substantial gaps in the literature by concentrating on the role of data analytics in the performance of SMEs. Although prior research has illustrated the significance of data analytics for SMEs in developed countries, this study offers new perspectives on its implementation and influence in South Africa. The use of advanced machine learning techniques to analyze a substantial dataset of SMEs adds methodological rigor to the research. Keywords: SMEs; Data Analytics; Risk; Performance
