FACULTY OF THE SOCIAL SCIENCES
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Item Industrialisation, Finance and Urbanisation in Africa(Penn State University Press, 2023) Adeniyi, O. A.; Folarin, O.This article investigates two key questions: what is the impact of industrialization on urbanization in Africa? And to what extent does financial development affect this industrialization–urbanization nexus? To elicit answers to these questions, data from 33 African countries over a period of 28 years were analyzed using a dynamic panel estimator. The findings showed that industrialization had positive and significant effects on urbanization. Further, the study shows that financial development had a positive effect on urbanization, although it lowers the positive effect of industrialization on urbanization. Hence, industrial policies, particularly those with marked job creation possibilities, should be accompanied by well-designed urban planning policies in order to sidestep the adverse socioeconomic consequences connected with the development of slums in urban areas.Item Stock Market Responses to Contagious Disease: Evidence of COVID-19 in the Three Worst Hit African Economies(John Wiley & Sons Ltd, 2023) Kumeka, T.; Adeniyi, O. A.This study analyses whether Coronavirus health shocks and government responses in terms of lockdown policy and stringency measures impact stock markets in Africa. We found that stock markets appeared to be more negatively responsive to growth in total number of COVID-19 reported cases than the growth in deaths in the case of Nigeria and South Africa. While for Egypt, the stock market reacted significantly negative to both COVID-19-related indicators. Our results further show that government stringency policy has significant negative effect on stock market returns in the case of Nigeria and South Africa, but positive in the case of Egypt.Item Impact of Tourism Development on Inclusive Growth: A Panel Autoregression Analysis for African Economies(SAGE Publications Ltd, 2023) Adeniyi, O. A.; Kumeka, T.; Orekoya, S. O.; Adekunle, W.The persistent debate among policy makers and academics around combating the high rates of poverty and income inequality can be further illuminated by understanding how tourism con tributes to inclusive growth, especially in developing economies. Tourism sector can be regarded as one of the key contributors to inclusive growth and where it has the capacity to generate prospects for productive employment. The goal of this article is thus to investigate the link between inclusive growth and tourism in the African context. To do this, we utilized a recent panel vector autoregression (pVAR) and data for 45 African countries spanning the period 1995 to 2019. Thus, by the error variance decomposition and impulse response functions, our results showed a weak positive effect of international tourism arrivals and the composite tourism indicator on inclusive growth, while tourism receipts and tourism expenditure insignificantly decreases inclusive growth in the sampled African economies. Our result is further supported by the panel system generalized method of moments (GMM). We provide some policy implications from our findings.Item Does Tourism Development Contribute to Human Development in Africa?(Institute for Tourism (Zagreb, Croatia), 2017) Folarin, O.; Oladipupo, E.; Ajogbeje, K.; Adeniyi, O. A.The literature has been awash with alternative explanations for structural and economic transformation in more recent years. Growth drivers are myriad in empirical depictions and enquiries into deeper causal relationships have preoccupied development discourse. Particularly, the contributory role of tourism development in job creation, thereby increasing the standard of living, national output, foreign exchange earnings and revenue to the government through taxation have been brought into sharper view by extant studies. To this end, the developmental gains arising from expansion of activities in the tourism industry has equally blossomed. This is particularly the case in Africa owing on one hand to the high influx of tourists into the continent as well as the relative size of tourism receipts to gross domestic product (GDP) for key continental destinations on the other hand. Hence, the central question is how has tourism development influenced overall economic development in the African context? To pursue this train of inquisition, this study examined the effect of tourism development on human capital development in Africa. Precisely, the study uncovered the role of tourism in influencing human capital development using data on a panel of twenty-five (25) African countries covering the period from 1998 to 2014. System General Moment Method (GMM) estimation techniques was deployed in the study in a requisite bid to account for endogeneity and unlike previous work human capital is decomposed into education and health to facilitate clearer understanding on the specificity of the impacts of tourism development in the economy. The study findings showed that tourism development vis-à-vis tourist arrival and tourism receipt had positive and significant effect on human capital development in Africa. This result is found to be robust to the choice of human capital indicator albeit with certain variations contingent on model specification. Thus, appropriate policies that will make the continent's tourist sites attractive to tourists need to be implemented.Item Natural Resource Abundance, Institutions and Economic Growth in Africa(Inderscience Enterprises LTD, 2015) Oyinlola, M. A.; Adeniyi, O. A.; Raheem, I. D.The study analysed the effect of institution on resource curse abundance-economic growth nexus using the system generalised method of moments. The empirical results refute the resource curse hypothesis in Africa. In addition, institutions have dampening effect on the nexus. This stems from the fact that the institutional development level of most African countries is weak. The study also found out that the resource curse hypothesis is not peculiar to oil wealth as indicated in the literature. Lastly, our results do not support the rentier effect as a possible channel of the hypothesis.Item Characteristics and behaviour of African factor markets and market institutions and their consequences for growth(Center for International Development, Harvard University, 1999-12) Adenikinju, A. F.; Oyeranti, O.This paper provides a detailed characterisation of the structure and behaviour of African factor markets and the institutions that impact on their operations. It shows that the African factor markets are imperfect and inefficient, thus constraining economic growth. The paper posits that for the current reform programmes to succeed, policy that enhances the efficiency and competitiveness of the African factor markets must be put in place.Item An African perspective on gender and adjustment issues in firms' entrepreneurial orientation(2011-06) Ekore, J. O.The paper reviewed earlier attempts that consider female and males on entrepreneurial development. A specific contextual difference in their reaction to cultural expectations in organizational practices and entrepreneurial traits was considered from African perspective which has not enjoyed much attention in entrepreneurial adjustment discussions. The paper revealed that certain cultural practices reinforced by stereotype largely determine the difference between male and females' adjustment to a firm's entrepreneurial orientation. This necessitated the proposition that men and-women would differ in their adjustment to the dimensions of entrepreneurial orientation, especially in an African country. A major conclusion reported in the paper is that any firm that seek to promote entrepreneurial orientation need to consider the employees adjustment as an important variable