African Journal of Economic and Management Studies

Purpose Despite the importance of plantains in food security, nutrition and socioeconomic development, their production over the years has not matched up with demand, simply because of their highly perishable nature and high post-harvest losses. Current attempts at increasing production levels have targeted converting plantains into forms that may help to increase their shelf life. One of such forms is a ripped plantain powder mix for ease of preparing ripped plantain fritters (kaklo). As part of product development and introduction, this study aimed at examining consumer preferences for the ripped plantain powder mix for kaklo using advanced discrete choice modelling techniques. Design/methodology/approach We employed random utility maximization and random regret minimization methods in both utility space and willingness to pay (WTP) space to analyse choice data on 198 sampled consumers in Cape Coast, Ghana. Findings Our econometric modelling revealed that consumers attached high value to the proposed ripped plantain powder mix for preparing kaklo. They prefer a formulation that would have the traditional reddish-brown colour, sweet and spicy, certified but also affordable. Practical implications This implies that to improve marketability of the product, it should be cheap, Food and Drugs Authority certified and must have a sweet and spicy taste. Originality/value This paper is one of the first to apply the random utility maximization and random regret minimization models in the utility space and WTP space to examine consumer preferences for ripped plantain powder mix for plantain fritters preparation.

Rebecca Owusu

Samuel Kwesi Ndzebah Dadzie

Ernest Teye

Consumer preference for ripped plantain powder for plantain fritters (kaklo) in Cape Coast, Ghana

加纳开普海岸消费者对用于炸芭蕉片（kaklo）的撕裂芭蕉粉的偏好

Purpose The main purpose of this study was to investigate the level of financial literacy and its determinants among self-employed workers in the Ghanaian economy. Design/methodology/approach The study used a non-random sampling technique known as quota sampling for the purpose of selecting respondents from the targeted population. The study used an instrumental variable Tobit regression model to investigate the determinants of financial literacy among self-employed workers in the Ghanaian economy. Findings The study found that the level of financial literacy of the self-employed workers in the Ghanaian economy is low. The study also revealed that financial knowledge, financial attitude, financial behaviour, education and age have a statistically significant influence on financial literacy. Practical implications This paper indicates that the level of financial literacy of the self-employed workers in the Ghanaian economy is low and requires self-employed workers in Ghana to attend workshops and do short courses in finance, banking and economics organised by experts in those areas to increase their level of financial literacy. Originality/value Limited research exists on the level of financial literacy and its determinants among self-employed workers in developing countries. Therefore, I conducted this study to address the research gap in financial literacy by examining the level of financial literacy and the various factors that impact the financial literacy of self-employed workers in Ghana.

Edmond Ofori

Financial literacy and its determinants of self-employed workers in the Ghanaian economy

加纳经济中自雇工人的金融知识及其决定因素

Purpose This paper examines the effectiveness of the joint impact of convergence policy measures on macroeconomic stability conditions in the West African monetary zone (WAMZ) countries, using an annual panel data from 1990 to 2021. Design/methodology/approach It uses the dynamic autoregressive distributed lag (ARDL) approach to exploit the short and long run dynamics macro stability. A composite convergence index was constructed and its impact was examined on three different macroeconomic stability measures representing: internal stability, external stability and overall stability. Findings Findings from the study suggest that a unit deviation of the convergence policy index from its mean, in the short run, leads to worsening external and overall macroeconomic stability conditions in the zone, but it leads to improvement in the internal macroeconomic stability conditions. However, in the long run, the opposite occurs, a unit deviation of the convergence policy index from its mean, it leads to improvement in both external and overall macroeconomic stability situations and deterioration in internal macroeconomic stability situation. Practical implications It is concluded that the convergence policy criteria are effective only in the long run and therefore these policies alone cannot be used to achieve short run macroeconomic stability within the zone. Thus, policymakers should have a second look at how fiscal and monetary policies are conducted and also work to address structural challenges. Originality/value The paper examines the effectiveness of the joint impact of convergence policy measures on macroeconomic stability conditions in the WAMZ countries.

Yahuza Abdul Rahman

Anthony Kofi Osei-Fosu

Daniel Sakyi

The impacts of convergence policies on macroeconomic stability in the West African monetary zone

西非货币区融合政策对宏观经济稳定的影响

Purpose The study measures business leaders’ perceptions of the likelihood of recovery, the competency of business rescue practitioners and the level of support they are expected to provide to businesses in rescue. By examining these three facets of confidence, using expectancy theory, the study seeks to reveal the perceptions of directors as decision-makers in commencing proceedings by inferring their level of confidence in the business rescue process to the likelihood of directors initiating business rescue proceedings timeously. Design/methodology/approach An online survey targeted South African business leaders, especially directors, was developed to recognise the confidence in the business rescue process. The study combined quantitative (Likert scale) and qualitative (open-ended questions) methods. Data were analysed using the expectancy theory, linking behaviour to anticipated outcomes, to derive confidence in the rescue process. Limitations such as the sensitive nature of insolvency and its inherence negative inclinations should be noted. Findings The study revealed some complex sentiments surrounding the business rescue proceedings. The responses are indicative of both confidence in and scepticism of the process, offering a nuanced look at South Africa’s insolvency proceedings from outside the confines of the industry itself. Research limitations/implications The limitations of the study are notably reflected in its reliance on qualitative insights, which may inherently skew towards negative perceptions due to the nature of the subject – business rescue proceedings. Moreover, despite the anonymity of the survey, there remains a possibility that respondents, who are directors with fiduciary duties, may not have been completely forthcoming. This reticence could stem from an unconscious bias to present themselves and the decisions they make in a more favourable light, thus potentially downplaying or overlooking their own hesitations or misgivings about the business rescue process. This may lead to an underrepresentation of both the depth of scepticism and the complexity of the challenges faced in initiating business rescue proceedings. Originality/value The originality of this paper lies in investigating the confidence business leaders have in the business rescue process in the context of South Africa derived from a survey instrument.

Wesley John Rosslyn-Smith

Investigating the confidence business leaders have in business rescue

探究企业领导人对企业救助的信心

Purpose This paper tests the causal relationship between bid ask spread and cash holding in the short and long run. It uses different proxy of corporate cash holding and test three proxies of a bid-ask spread. It also provides comprehensive and robust evidence for the causal relationship between cash holding and stock liquidity in an emergent market. Design/methodology/approach This study is based on a sample covering all financial and industrial firms in Tunisia’s stock market from 2008 to 2020. It uses a panel ARDL data approach to test the bi-directional relationship between cash holding and stock liquidity. This paper conducts rigorous statistical analysis of the collected data to test the hypothesized relationship between cash holding and bid-ask spread. This can involve running regression models, performing statistical tests, and analyzing the significance of the estimated coefficients. Findings Overall, paper’s findings provide empirical evidence supporting the bidirectional causal relationship between cash holding and bid-ask spread. The results highlight the importance of cash holding in determining stock liquidity and suggest that firms with higher cash holdings may face liquidity challenges. These findings have implications for corporate governance and can guide firms and regulators in improving stock liquidity and designing appropriate policies and recommendations. Practical implications Overall, the practical implications of this paper suggest that firms can enhance their stock liquidity by improving governance mechanisms and optimizing cash management strategies. Regulators can play a crucial role in creating a conducive market environment, and investors can take into account the relationship between cash holding and stock liquidity when making investment decisions. Originality/value We present empirical evidence of the relation causality between stock liquidity and cash holding. Our research is the first to test the bidirectional relationship between bid ask spread and cash holding in the short and long run. Overall, the originality of this paper lies in its exploration of the causal relationship between cash holding and bid-ask spread, the use of multiple proxies for stock liquidity, the examination of an emerging market context, the comparative analysis across sectors, and the practical implications for firms and regulators. These contributions add to the existing body of knowledge and provide new insights into the dynamics of cash holding and stock liquidity.

Wissem Daadaa

Mohamed Anis Daadaa

The bidirectional causal relationship between cash holding and bid-ask spread: evidence from panel ARDL model

现金持有与买卖价差之间的双向因果关系：基于面板自回归分布滞后模型的证据

Purpose This paper seeks to investigate the amplitude of macro-financial linkage for an emerging country like Morocco. Design/methodology/approach For this purpose, it presents a semi-structural new-Keynesian model. In the blocks of the former, a risk premium is charged on the lending rate in addition to the policy rate. To identify the macro-financial linkage, the risk premium is considered endogenous. It is represented as a function of the borrower’s probability of default, which is, in turn, a function of the GDP gap. To identify this two-wave relationship, we estimate an ARDL model between 2009Q1 and 2020Q1. Therefore, we integrate the estimation results into the new-Keynesian semi-structural model. Findings The results reveal a significant impact of the financial condition on the path of the business cycle. In fact, demand shocks and nonperforming loan shocks (NPLs) are exacerbated by the presence of macro-financial linkage. Under this condition, the amplitude and persistence of the shocks are amplified and extended. Originality/value This paper extends the literature on the interconnection between the real and financial economies by considering the endogeneity of the credit risk premium and modeling its dynamics.

Lahoucine Achmakou

M. El-Hassan Hachimi Alaoui

Macro-financial linkage, endogenous risk premium and monetary policy: evidence from a semi-structural model estimated for Morocco

宏观金融联系、内生风险溢价与货币政策：基于摩洛哥半结构模型的实证研究

Abbreviation	AJEMS
Journal Impact	1.56
Quartiles(Global)	ECONOMICS(Q3)

ISSN	2040-0705, 2040-0713
h-index	27

Publication Information	Publisher: Emerald Group Publishing Ltd.，Publishing cycle: ，Journal Type: journal，Open Access Journals: No
Basic data	Year of publication: 2010，Proportion of original research papers: 100.00%，Self Citation Rate:7.10%， Gold OA Rate: 10.85%

African Journal of Economic and Management Studies

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Consumer preference for ripped plantain powder for plantain fritters (kaklo) in Cape Coast, Ghana

Financial literacy and its determinants of self-employed workers in the Ghanaian economy

The impacts of convergence policies on macroeconomic stability in the West African monetary zone

Investigating the confidence business leaders have in business rescue

The bidirectional causal relationship between cash holding and bid-ask spread: evidence from panel ARDL model

Consumer preference for ripped plantain powder for plantain fritters (kaklo) in Cape Coast, Ghana

Financial literacy and its determinants of self-employed workers in the Ghanaian economy

The impacts of convergence policies on macroeconomic stability in the West African monetary zone

Investigating the confidence business leaders have in business rescue

Macro-financial linkage, endogenous risk premium and monetary policy: evidence from a semi-structural model estimated for Morocco