Mary Donkor - Academia.edu (original) (raw)
Papers by Mary Donkor
Sustainable development, Apr 5, 2024
Environmental science and pollution research international, Mar 14, 2024
Frontiers in Environmental Science, Jan 10, 2024
Carbon emissions from anthropogenic human activities are viewed as the major cause of pollution i... more Carbon emissions from anthropogenic human activities are viewed as the major cause of pollution in the environment. The Paris Treaty came into effect to help minimize the galloping rate of global ecological pollution. The surge in global emissions has prompted other nations to change their environmental regulations to help them to attain their emission mitigation agenda. For instance, China, United States and India have improved their Nationally Determined Contributions they pledged as signatories to the Paris Accord to help them to achieve their sustainable development goals But, despite nations committing to the guidelines of this accord, ecological contamination continues to rise in the globe. To help curb the above menace, a study on the connection between financial development, urbanization, economic growth, renewable energy consumption, and environmental quality of 27 countries from North, South and East Africa over the period 1990 to 2019 was conducted. In attaining this goal, econometric techniques that are robust to heterogeneity and residual cross-sectional dependence were deemed appropriate. From the preliminary analysis, the panel was heterogeneous and cross-sectionally dependent. Also, all the series were stationary after first difference and cointegrated in the long-run. On the regression estimates via the common correlated effects mean group technique, financial development improved environmental quality in the North, South and Eastern regions by 0.56%, 0.42%, and 0.44% respectively. Also,
The Economics and Finance Letters, 2021
This paper investigates the effect of worldwide governance indicators and global competitiveness ... more This paper investigates the effect of worldwide governance indicators and global competitiveness on the level of accounting fraud in One Belt One Road (OBOR) countries. We use publicly available data from various sources. We perform principal components analysis to reduce the six governance indicators to three governance indexes. Governance indicators have significant impact on fraud and the effect could be positive or negative depending on the dimensions involved. Voice and accountability and political stability show significant negative impact on the number of fraud cases. Competitiveness shows a positive but insignificant effect on the level of fraud cases. Democratic countries report lesser number of fraud cases. The findings should be read with caution because of the diversity in the countries in the sample. OBOR countries exhibit different governance models, which may affect their indicators and as a result, the extent of fraud cases reported may be influenced by the regime practiced by a country. The study considers the relevance of governance indicators to policymakers in dealing with rising level of fraud since fraudulent activities affect productivity. Fraud analysis should be embedded in the governance architecture of countries to stimulate development and mitigate the risks of bankruptcies, business failures and loss of investments. Contribution/Originality: The paper contributes to literature on fraud and forensic accounting theories by employing the institutional framework to highlight the occurrence of fraud in different settings. 1. INTRODUCTION In recent times, forensic accounting, which focuses on fraud examination, investigation of bribery and corruption, business valuation, expert witness, cybercrime management/cyber security and litigation support (Crumbley, Heitger, & Smith, 2015) has emerged as a multi-faceted area. Concerns about the increasing rate of frauds the world over has led to a rise in the demand for forensic accounting (Rezaee & Wang, 2018). According to the 2018 Global Survey on occupational fraud and abuse, Report to the Nations issued by the Association of Certified Fraud Examiners (ACFE), organizations lose around 5 percent of their total revenues to fraud each year. Applied to the 2017 estimated Gross World Product of USD 79.6 trillion, organizations suffer global fraud loss close to the tune of USD4 trillion (ACFE, 2018). "Fraud is a human endeavor, involving deception, purposeful intent, intensity of desire, risk of apprehension, violation of trust, rationalization" (Ramamoorti & Olson, 2007). This study examines the influence of governance infrastructure and global competitiveness on accounting fraud.
The Economics and Finance Letters, 2020
This paper seeks to ascertain the relationship between corruption and economic growth in Ghana us... more This paper seeks to ascertain the relationship between corruption and economic growth in Ghana using time-series secondary data for the period 1984-2016. We employ autoregressive distributed lags (ARDL) model to estimate the long-term relationship between corruption and economic growth in Ghana. Corruption is estimated to have a significant negative effect on per capita growth both in the short-term and long-term. While trade openness shows a positive effect on growth, inflation and capital formation show a significant negative influence on growth. We find the variables to be cointegrated and both the long-run and short-run parameters provide evidence of a negative relationship between corruption and economic growth. While capital formation and inflation also show negative effect on growth, trade openness shows a positive effect. The government should endeavour to effectively combat the destructive phenomena of corrupt practices that weaken the institutional quality through the adoption of functional regulatory measures. Transparency of governmental functions should be enhanced through the active involvement of citizens in governance as well as minimizing the discretion at the disposal of bureaucrats. Contribution/Originality: This paper contributes to the existing literature by introducing corruption in an endogenous growth model in the context of Ghana. The paper is the first attempt to employ unique Ghanaian data to estimate the long-term effects of corruption on economic growth, a focused evaluation than has been previously done. of political and economic systems. Its definition streams from the broad terms of "misuse of public power" and "moral decay" to strict legal conceptualization as an act of bribery involving a public servant and a transfer of tangible resources (Andvig, Fjeldstad, Amundsen, Sissener, & Soreide, 2000). The Transparency International refers to corruption as "the abuse of entrusted power for private gain" (Kolstad, 2008). The World Bank also
Sustainability
This study examined the nexus between capital structure and the financial sustainability of 28 li... more This study examined the nexus between capital structure and the financial sustainability of 28 listed non-financial firms in Ghana. Panel data for the period 2008 to 2019 was used for the analysis. From the results, the panel studied was heterogeneous and cross-sectionally dependent. In addition, the variables investigated were first-differenced stationary and cointegrated in the long term. The elasticities of the predictors were explored via the common correlated effects mean group (CCEMG) estimator. From the findings, capital structure proxied by the debt and debt-to-equity ratio improved the firms’ financial sustainability via the increase in return on equity (ROE). Also, firm size and assets growth promoted the entities’ financial sustainability in all the panels; however, the association between operational efficiency and the corporates’ sustainability was heterogeneous across panels. Finally, asset tangibility significantly impacted the firms’ financial sustainability. Based o...
International Journal of Multidisciplinary Research and Development, May 1, 2019
International Journal of Environmental Research and Public Health
Environmental expenditures (EX) are made by the government and industries which are either long-t... more Environmental expenditures (EX) are made by the government and industries which are either long-term or short-term investments. The principal target of EX is to eliminate environmental hazards, promote sustainable natural resources, and improve environmental quality (EQ). Thus, this study looks at the impact of economic growth (EG), and government finance expenditure (GEX) on EQ in Northern Africa and Southern Africa (NASA) republics from 2000–2016. The panel quantile regression (PQR) and panel vector autoregressive (PVAR) model in a generalized method of moment framework (GMM) were employed as a framework. The PQR results show that; (i) In Northern republics, GEX had a significant positive effect on EQ at 25%, 50%, and 75% quantiles levels. (ii) In the Southern republics, GEX had a significant negative impact on EQ at 25%. Moreover, the PVAR through the GMM established that EG and GEX are significantly positive while the parameter for CO2 is insignificant and negative in the North....
International journal of scientific research in science, engineering and technology, 2020
Financial performance is one of the basic indicators that investors and creditors check in access... more Financial performance is one of the basic indicators that investors and creditors check in accessing the performance of firms. The purpose of this paper is to empirically examine the impact of economic indicators on financial performance of quoted non-financial firms on the Ghana Stock Exchange (GSE). The study focuses on the impact of RealGDP, Exchange rate, Inflation, Unemployment and Interest rate as determinant of economic indicators whereas Sales growth, Company size, Leverage and Efficiency from firms specific are used as controlled variables in checking the effect of these indicators on financial performance of these firms. ROA and ROE were used as proxies for financial performance of the listed firms. The study employed a panel data of 21 listed non-financial firms from the period of 2008 to 2017. The result revealed that Real GDP and inflation have significant positive impact on ROE. On the contrarily, economic indicators used for this study showed no level of significance ...
Environmental Science and Pollution Research, 2021
The focus of this exploration was to examine the linkage between trade openness and CO2 effusions... more The focus of this exploration was to examine the linkage between trade openness and CO2 effusions in the developing eight (D8) countries. An unbalanced panel dataset spanning the period 1990 to 2016 was employed for the study’s analysis. From the results, the studied panel was heterogeneous and cross-sectionally correlated. Also, all the series gained stationarity after first difference and were materially cointegrated in the long run. The elastic effects of the input variables on the output variable were explored through the DCCEMG estimator, with the support of the AMG and the CCEMG estimators. From the results, trade openness increased CO2 emanations in the D8. Also, economic growth, energy consumption, and financial development promoted CO2 secretions in the nations; however, foreign direct investments mitigated the excretion of CO2 in the countries. On the causal connections amid the series, there was a bidirectional causality between trade openness and CO2 emanations. Also, a one-way causal movement from energy consumption, foreign direct investments, and financial development to CO2 effluents was discovered. Based on the findings, it was recommended among others that effective trade policies that could enhance the transfer of cleaner technologies to the countries should be formulated.
The Economics and Finance Letters, 2021
Environment, Development and Sustainability, 2020
This study examined the nexus between urbanization and carbon emissions in West Africa. Second-ge... more This study examined the nexus between urbanization and carbon emissions in West Africa. Second-generation econometric techniques that are robust to cross-sectional dependence and slope heterogeneity were used for the study. From the Pesaran–Yamagata homogeneity test, the slope coefficients were heterogeneous in nature. Also, the Breusch–Pagan LM test, the Pesaran scaled LM test, bias-corrected LM test, Pesaran CD test and the Friedman’s test confirmed the studied panels to be cross-sectionally dependent. Further, the CADF and the CIPS unit root tests established the variables to be first-differenced stationary. Additionally, the Westerlund and Edgerton bootstrap cointegration test and the Pedroni residual cointegration test affirmed the series to be cointegrated in the long run. The Driscoll–Kraay standard errors regression estimator was employed to examine the long-run equilibrium relationship amid the series, and from the results, urbanization had a significantly positive influence on CO2 emissions in all the three panels. Also, economic growth had a materially positive effect on CO2 emissions, while renewable energy consumption had a substantially negative impact on CO2 emissions in all the panels. The causal connections amid the series were finally explored through the Dumitrescu–Hurlin panel causality test, and the discoveries were a bit varied across the various panels. Policy recommendations are further discussed.
Environment, Development and Sustainability, 2021
This paper explored the link between energy consumption and carbon emissions in North Africa thro... more This paper explored the link between energy consumption and carbon emissions in North Africa through an Environmental Kuznets Curve (EKC) framework. Panel data extracted from the data base of the World Development Indicators (WDI) for the period 1990–2015 were used for the study. In the analytical process, more modern econometric techniques that are vigorous to cross-sectional dependence and slope heterogeneity were employed. From the findings, the studied panel was heterogeneous and cross-sectionally dependent. Also, all the series were first differenced stationary and cointegrated in the long-run. Further, the Augmented Mean Group (AMG) and the Common Correlated Effects Mean Group (CCEMG) estimators affirmed energy consumption as a significantly positive determinant of CO2 emissions. Also, urbanization and foreign direct investments promoted the emanation of CO2 in the block. Finally, an inverted U-shaped relationship between economic growth and CO2 emissions was disclosed, validating the EKC hypothesis. On the causal connections amid the series, there was a bidirectional causality between energy consumption and CO2 emissions, economic growth and CO2 emanations, and urbanization and CO2 emissions. Lastly, a unidirectional causality from foreign direct investments to CO2 emissions was unfolded. Based on the findings, it was recommended among others that, the countries should advocate for the consumption of renewable energies like wind, solar, hydro, biomass and biofuels among others. This will help to reduce the rate of emissions in the bloc.
International Journal of Scientific Research in Science and Technology
Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrical... more Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrically or asymmetrically impact economic growth in Ghana from the period 1988 to 2018. The study outcome reveals that fiscal policy variables used exhibited long-run cointegration with economic growth for both ARDL and NARDL models. Government tax revenue, expenditure and labour showed a strong positive and significant impact on economic growth whilst capital had a significant but inverse effect on economic growth in the long-run for ARDL. NARDL model shows that positive shocks of government tax revenue exerted much impact on growth rate compared to its negative shocks in both long and short run. Estimations form the long-run suggested that positive shocks of government expenditure increase growth rate whereas the negative shocks decrease growth. The Granger test, from the NARDL model, showed a Uni-directional causation moving from LNEXP_NEG→LNGDP, LNTR_NEG→LNGDP, LNTR_POS→LNGDP while a bi-d...
SAGE Open, 2020
The aim of this research was to establish the nexus between liquidity and the viability of quoted... more The aim of this research was to establish the nexus between liquidity and the viability of quoted non-financial establishments in Ghana. Panel data deduced from the published annual reports of 15 entities for the period 2008 to 2017 was employed for the study. Preliminarily, cross-sectional reliance, unit root, serial correlation, heteroscedasticity, co-integration, and causality tests were respectively performed. Our findings established that there exists no cross-sectional reliance, and input variables are stationary and co-integrated with no presence of heteroscedasticity and serial correlation. Estimates from the random effects generalized least squares (GLS) regression showed that liquidity has significant adverse effect on the firms’ Return on Equity (ROE) but had insignificantly positive effect on ROE when surrogated by the cash flow ratio. Finally, test based on causalities uncovered that, with the exception of Current Ratio and ROE that are flanked by bidirectional liaison,...
International Journal of Scientific Research in Science and Technology, 2022
Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrical... more Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrically or asymmetrically impact economic growth in Ghana from the period 1988 to 2018. The study outcome reveals that fiscal policy variables used exhibited long-run cointegration with economic growth for both ARDL and NARDL models. Government tax revenue, expenditure and labour showed a strong positive and significant impact on economic growth whilst capital had a significant but inverse effect on economic growth in the long-run for ARDL. NARDL model shows that positive shocks of government tax revenue exerted much impact on growth rate compared to its negative shocks in both long and short run. Estimations form the long-run suggested that positive shocks of government expenditure increase growth rate whereas the negative shocks decrease growth. The Granger test, from the NARDL model, showed a Uni-directional causation moving from LNEXP_NEG→LNGDP, LNTR_NEG→LNGDP, LNTR_POS→LNGDP while a bi-directional causality is recorded for LNEXP_POS→LNGDP and LNLAB→LNGDP. In the ARDL model bi-directional causality is recorded from LNEXP→LNGDP, LNTR→LNGDP and LNLAB→LNGDP. The research then concludes with a strong asymmetric relationship between fiscal policy and economic growth. Recommendations raised are that government should avoid raising taxes but should look for policies that will help widen its tax revenue base and in financing projects government should avoid unproductive projects that do not yield economic growth.
Environmental Science and Pollution Research
This study examined the nexus between carbon emissions, renewable energy consumption, and the eco... more This study examined the nexus between carbon emissions, renewable energy consumption, and the economic growth of West African countries for the period 1990 to 2018. To be able to uncover reliable and valid findings, more robust panel estimation methods were employed for the study. From the heterogeneity and cross-sectional dependence tests, the study’s panels were heterogeneous and cross-sectionally dependent. Also, all the series were non-stationary at levels, but gained stationarity after first difference. Further, the Fisher test and the Westerlund and Edgerton bootstrap test found the variables to be cointegrated in the long run. The CCEMG and the DCCEMG estimators were used to explore the long-run equilibrium relationship amid the series, and from the results of the whole sample, CO 2 emissions and renewable energy consumption (REC) had no vital influence on economic growth (GDP) in both estimators. However, the results were a bit different in the sub-panels. Also from the whole sample, control variables urbanization (URB) and population growth (POP) had no material effect on GDP in both estimators. The results were, however, dissimilar in the sub-panels. Finally, the Dumitrescu-Hurlin test was employed to examine the causalities amid the series, and the results were diverse in the various panels. Policy recommendations are further discussed.
Sustainable development, Apr 5, 2024
Environmental science and pollution research international, Mar 14, 2024
Frontiers in Environmental Science, Jan 10, 2024
Carbon emissions from anthropogenic human activities are viewed as the major cause of pollution i... more Carbon emissions from anthropogenic human activities are viewed as the major cause of pollution in the environment. The Paris Treaty came into effect to help minimize the galloping rate of global ecological pollution. The surge in global emissions has prompted other nations to change their environmental regulations to help them to attain their emission mitigation agenda. For instance, China, United States and India have improved their Nationally Determined Contributions they pledged as signatories to the Paris Accord to help them to achieve their sustainable development goals But, despite nations committing to the guidelines of this accord, ecological contamination continues to rise in the globe. To help curb the above menace, a study on the connection between financial development, urbanization, economic growth, renewable energy consumption, and environmental quality of 27 countries from North, South and East Africa over the period 1990 to 2019 was conducted. In attaining this goal, econometric techniques that are robust to heterogeneity and residual cross-sectional dependence were deemed appropriate. From the preliminary analysis, the panel was heterogeneous and cross-sectionally dependent. Also, all the series were stationary after first difference and cointegrated in the long-run. On the regression estimates via the common correlated effects mean group technique, financial development improved environmental quality in the North, South and Eastern regions by 0.56%, 0.42%, and 0.44% respectively. Also,
The Economics and Finance Letters, 2021
This paper investigates the effect of worldwide governance indicators and global competitiveness ... more This paper investigates the effect of worldwide governance indicators and global competitiveness on the level of accounting fraud in One Belt One Road (OBOR) countries. We use publicly available data from various sources. We perform principal components analysis to reduce the six governance indicators to three governance indexes. Governance indicators have significant impact on fraud and the effect could be positive or negative depending on the dimensions involved. Voice and accountability and political stability show significant negative impact on the number of fraud cases. Competitiveness shows a positive but insignificant effect on the level of fraud cases. Democratic countries report lesser number of fraud cases. The findings should be read with caution because of the diversity in the countries in the sample. OBOR countries exhibit different governance models, which may affect their indicators and as a result, the extent of fraud cases reported may be influenced by the regime practiced by a country. The study considers the relevance of governance indicators to policymakers in dealing with rising level of fraud since fraudulent activities affect productivity. Fraud analysis should be embedded in the governance architecture of countries to stimulate development and mitigate the risks of bankruptcies, business failures and loss of investments. Contribution/Originality: The paper contributes to literature on fraud and forensic accounting theories by employing the institutional framework to highlight the occurrence of fraud in different settings. 1. INTRODUCTION In recent times, forensic accounting, which focuses on fraud examination, investigation of bribery and corruption, business valuation, expert witness, cybercrime management/cyber security and litigation support (Crumbley, Heitger, & Smith, 2015) has emerged as a multi-faceted area. Concerns about the increasing rate of frauds the world over has led to a rise in the demand for forensic accounting (Rezaee & Wang, 2018). According to the 2018 Global Survey on occupational fraud and abuse, Report to the Nations issued by the Association of Certified Fraud Examiners (ACFE), organizations lose around 5 percent of their total revenues to fraud each year. Applied to the 2017 estimated Gross World Product of USD 79.6 trillion, organizations suffer global fraud loss close to the tune of USD4 trillion (ACFE, 2018). "Fraud is a human endeavor, involving deception, purposeful intent, intensity of desire, risk of apprehension, violation of trust, rationalization" (Ramamoorti & Olson, 2007). This study examines the influence of governance infrastructure and global competitiveness on accounting fraud.
The Economics and Finance Letters, 2020
This paper seeks to ascertain the relationship between corruption and economic growth in Ghana us... more This paper seeks to ascertain the relationship between corruption and economic growth in Ghana using time-series secondary data for the period 1984-2016. We employ autoregressive distributed lags (ARDL) model to estimate the long-term relationship between corruption and economic growth in Ghana. Corruption is estimated to have a significant negative effect on per capita growth both in the short-term and long-term. While trade openness shows a positive effect on growth, inflation and capital formation show a significant negative influence on growth. We find the variables to be cointegrated and both the long-run and short-run parameters provide evidence of a negative relationship between corruption and economic growth. While capital formation and inflation also show negative effect on growth, trade openness shows a positive effect. The government should endeavour to effectively combat the destructive phenomena of corrupt practices that weaken the institutional quality through the adoption of functional regulatory measures. Transparency of governmental functions should be enhanced through the active involvement of citizens in governance as well as minimizing the discretion at the disposal of bureaucrats. Contribution/Originality: This paper contributes to the existing literature by introducing corruption in an endogenous growth model in the context of Ghana. The paper is the first attempt to employ unique Ghanaian data to estimate the long-term effects of corruption on economic growth, a focused evaluation than has been previously done. of political and economic systems. Its definition streams from the broad terms of "misuse of public power" and "moral decay" to strict legal conceptualization as an act of bribery involving a public servant and a transfer of tangible resources (Andvig, Fjeldstad, Amundsen, Sissener, & Soreide, 2000). The Transparency International refers to corruption as "the abuse of entrusted power for private gain" (Kolstad, 2008). The World Bank also
Sustainability
This study examined the nexus between capital structure and the financial sustainability of 28 li... more This study examined the nexus between capital structure and the financial sustainability of 28 listed non-financial firms in Ghana. Panel data for the period 2008 to 2019 was used for the analysis. From the results, the panel studied was heterogeneous and cross-sectionally dependent. In addition, the variables investigated were first-differenced stationary and cointegrated in the long term. The elasticities of the predictors were explored via the common correlated effects mean group (CCEMG) estimator. From the findings, capital structure proxied by the debt and debt-to-equity ratio improved the firms’ financial sustainability via the increase in return on equity (ROE). Also, firm size and assets growth promoted the entities’ financial sustainability in all the panels; however, the association between operational efficiency and the corporates’ sustainability was heterogeneous across panels. Finally, asset tangibility significantly impacted the firms’ financial sustainability. Based o...
International Journal of Multidisciplinary Research and Development, May 1, 2019
International Journal of Environmental Research and Public Health
Environmental expenditures (EX) are made by the government and industries which are either long-t... more Environmental expenditures (EX) are made by the government and industries which are either long-term or short-term investments. The principal target of EX is to eliminate environmental hazards, promote sustainable natural resources, and improve environmental quality (EQ). Thus, this study looks at the impact of economic growth (EG), and government finance expenditure (GEX) on EQ in Northern Africa and Southern Africa (NASA) republics from 2000–2016. The panel quantile regression (PQR) and panel vector autoregressive (PVAR) model in a generalized method of moment framework (GMM) were employed as a framework. The PQR results show that; (i) In Northern republics, GEX had a significant positive effect on EQ at 25%, 50%, and 75% quantiles levels. (ii) In the Southern republics, GEX had a significant negative impact on EQ at 25%. Moreover, the PVAR through the GMM established that EG and GEX are significantly positive while the parameter for CO2 is insignificant and negative in the North....
International journal of scientific research in science, engineering and technology, 2020
Financial performance is one of the basic indicators that investors and creditors check in access... more Financial performance is one of the basic indicators that investors and creditors check in accessing the performance of firms. The purpose of this paper is to empirically examine the impact of economic indicators on financial performance of quoted non-financial firms on the Ghana Stock Exchange (GSE). The study focuses on the impact of RealGDP, Exchange rate, Inflation, Unemployment and Interest rate as determinant of economic indicators whereas Sales growth, Company size, Leverage and Efficiency from firms specific are used as controlled variables in checking the effect of these indicators on financial performance of these firms. ROA and ROE were used as proxies for financial performance of the listed firms. The study employed a panel data of 21 listed non-financial firms from the period of 2008 to 2017. The result revealed that Real GDP and inflation have significant positive impact on ROE. On the contrarily, economic indicators used for this study showed no level of significance ...
Environmental Science and Pollution Research, 2021
The focus of this exploration was to examine the linkage between trade openness and CO2 effusions... more The focus of this exploration was to examine the linkage between trade openness and CO2 effusions in the developing eight (D8) countries. An unbalanced panel dataset spanning the period 1990 to 2016 was employed for the study’s analysis. From the results, the studied panel was heterogeneous and cross-sectionally correlated. Also, all the series gained stationarity after first difference and were materially cointegrated in the long run. The elastic effects of the input variables on the output variable were explored through the DCCEMG estimator, with the support of the AMG and the CCEMG estimators. From the results, trade openness increased CO2 emanations in the D8. Also, economic growth, energy consumption, and financial development promoted CO2 secretions in the nations; however, foreign direct investments mitigated the excretion of CO2 in the countries. On the causal connections amid the series, there was a bidirectional causality between trade openness and CO2 emanations. Also, a one-way causal movement from energy consumption, foreign direct investments, and financial development to CO2 effluents was discovered. Based on the findings, it was recommended among others that effective trade policies that could enhance the transfer of cleaner technologies to the countries should be formulated.
The Economics and Finance Letters, 2021
Environment, Development and Sustainability, 2020
This study examined the nexus between urbanization and carbon emissions in West Africa. Second-ge... more This study examined the nexus between urbanization and carbon emissions in West Africa. Second-generation econometric techniques that are robust to cross-sectional dependence and slope heterogeneity were used for the study. From the Pesaran–Yamagata homogeneity test, the slope coefficients were heterogeneous in nature. Also, the Breusch–Pagan LM test, the Pesaran scaled LM test, bias-corrected LM test, Pesaran CD test and the Friedman’s test confirmed the studied panels to be cross-sectionally dependent. Further, the CADF and the CIPS unit root tests established the variables to be first-differenced stationary. Additionally, the Westerlund and Edgerton bootstrap cointegration test and the Pedroni residual cointegration test affirmed the series to be cointegrated in the long run. The Driscoll–Kraay standard errors regression estimator was employed to examine the long-run equilibrium relationship amid the series, and from the results, urbanization had a significantly positive influence on CO2 emissions in all the three panels. Also, economic growth had a materially positive effect on CO2 emissions, while renewable energy consumption had a substantially negative impact on CO2 emissions in all the panels. The causal connections amid the series were finally explored through the Dumitrescu–Hurlin panel causality test, and the discoveries were a bit varied across the various panels. Policy recommendations are further discussed.
Environment, Development and Sustainability, 2021
This paper explored the link between energy consumption and carbon emissions in North Africa thro... more This paper explored the link between energy consumption and carbon emissions in North Africa through an Environmental Kuznets Curve (EKC) framework. Panel data extracted from the data base of the World Development Indicators (WDI) for the period 1990–2015 were used for the study. In the analytical process, more modern econometric techniques that are vigorous to cross-sectional dependence and slope heterogeneity were employed. From the findings, the studied panel was heterogeneous and cross-sectionally dependent. Also, all the series were first differenced stationary and cointegrated in the long-run. Further, the Augmented Mean Group (AMG) and the Common Correlated Effects Mean Group (CCEMG) estimators affirmed energy consumption as a significantly positive determinant of CO2 emissions. Also, urbanization and foreign direct investments promoted the emanation of CO2 in the block. Finally, an inverted U-shaped relationship between economic growth and CO2 emissions was disclosed, validating the EKC hypothesis. On the causal connections amid the series, there was a bidirectional causality between energy consumption and CO2 emissions, economic growth and CO2 emanations, and urbanization and CO2 emissions. Lastly, a unidirectional causality from foreign direct investments to CO2 emissions was unfolded. Based on the findings, it was recommended among others that, the countries should advocate for the consumption of renewable energies like wind, solar, hydro, biomass and biofuels among others. This will help to reduce the rate of emissions in the bloc.
International Journal of Scientific Research in Science and Technology
Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrical... more Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrically or asymmetrically impact economic growth in Ghana from the period 1988 to 2018. The study outcome reveals that fiscal policy variables used exhibited long-run cointegration with economic growth for both ARDL and NARDL models. Government tax revenue, expenditure and labour showed a strong positive and significant impact on economic growth whilst capital had a significant but inverse effect on economic growth in the long-run for ARDL. NARDL model shows that positive shocks of government tax revenue exerted much impact on growth rate compared to its negative shocks in both long and short run. Estimations form the long-run suggested that positive shocks of government expenditure increase growth rate whereas the negative shocks decrease growth. The Granger test, from the NARDL model, showed a Uni-directional causation moving from LNEXP_NEG→LNGDP, LNTR_NEG→LNGDP, LNTR_POS→LNGDP while a bi-d...
SAGE Open, 2020
The aim of this research was to establish the nexus between liquidity and the viability of quoted... more The aim of this research was to establish the nexus between liquidity and the viability of quoted non-financial establishments in Ghana. Panel data deduced from the published annual reports of 15 entities for the period 2008 to 2017 was employed for the study. Preliminarily, cross-sectional reliance, unit root, serial correlation, heteroscedasticity, co-integration, and causality tests were respectively performed. Our findings established that there exists no cross-sectional reliance, and input variables are stationary and co-integrated with no presence of heteroscedasticity and serial correlation. Estimates from the random effects generalized least squares (GLS) regression showed that liquidity has significant adverse effect on the firms’ Return on Equity (ROE) but had insignificantly positive effect on ROE when surrogated by the cash flow ratio. Finally, test based on causalities uncovered that, with the exception of Current Ratio and ROE that are flanked by bidirectional liaison,...
International Journal of Scientific Research in Science and Technology, 2022
Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrical... more Using ARDL and NARDL approaches, this study examines whether government fiscal policy symmetrically or asymmetrically impact economic growth in Ghana from the period 1988 to 2018. The study outcome reveals that fiscal policy variables used exhibited long-run cointegration with economic growth for both ARDL and NARDL models. Government tax revenue, expenditure and labour showed a strong positive and significant impact on economic growth whilst capital had a significant but inverse effect on economic growth in the long-run for ARDL. NARDL model shows that positive shocks of government tax revenue exerted much impact on growth rate compared to its negative shocks in both long and short run. Estimations form the long-run suggested that positive shocks of government expenditure increase growth rate whereas the negative shocks decrease growth. The Granger test, from the NARDL model, showed a Uni-directional causation moving from LNEXP_NEG→LNGDP, LNTR_NEG→LNGDP, LNTR_POS→LNGDP while a bi-directional causality is recorded for LNEXP_POS→LNGDP and LNLAB→LNGDP. In the ARDL model bi-directional causality is recorded from LNEXP→LNGDP, LNTR→LNGDP and LNLAB→LNGDP. The research then concludes with a strong asymmetric relationship between fiscal policy and economic growth. Recommendations raised are that government should avoid raising taxes but should look for policies that will help widen its tax revenue base and in financing projects government should avoid unproductive projects that do not yield economic growth.
Environmental Science and Pollution Research
This study examined the nexus between carbon emissions, renewable energy consumption, and the eco... more This study examined the nexus between carbon emissions, renewable energy consumption, and the economic growth of West African countries for the period 1990 to 2018. To be able to uncover reliable and valid findings, more robust panel estimation methods were employed for the study. From the heterogeneity and cross-sectional dependence tests, the study’s panels were heterogeneous and cross-sectionally dependent. Also, all the series were non-stationary at levels, but gained stationarity after first difference. Further, the Fisher test and the Westerlund and Edgerton bootstrap test found the variables to be cointegrated in the long run. The CCEMG and the DCCEMG estimators were used to explore the long-run equilibrium relationship amid the series, and from the results of the whole sample, CO 2 emissions and renewable energy consumption (REC) had no vital influence on economic growth (GDP) in both estimators. However, the results were a bit different in the sub-panels. Also from the whole sample, control variables urbanization (URB) and population growth (POP) had no material effect on GDP in both estimators. The results were, however, dissimilar in the sub-panels. Finally, the Dumitrescu-Hurlin test was employed to examine the causalities amid the series, and the results were diverse in the various panels. Policy recommendations are further discussed.