VOLUME 8 ISSUE 1 APRIL 2023
FRONT PAGES
Applied strategic analysis of learning and growth based on a balanced scorecard: Theoretical foundations
Sergey Krylov
Pages: 1-9
Published Online: 1 April 2023
Labor income gap in Ecuador due to discrimination, pre and post pandemic: Correction of error due to selection bias
Marcelo Varela Enríquez & Gustavo Salazar Espinoza
Pages: 11-30
Published Online: 1 April 2023
Credit risk management and its impact on the profitability of Algerian banks: An applied study using Panel –Data model during the period 2009-2020
Fatma Benchenna & Mohamed Djemoui Korichi
Pages: 31-39
Published Online: 1 April 2023
The way to the healthy and effective consumption at the foundation of functional equivalence theory
Oleg V. Avilov
Pages: 41-47
Published Online: 1 April 2023
An institutional economic perspective on management in Chinese cultural contexts
Jeremy Kwok Frsa
Pages: 49-58
Published Online: 1 April 2023
Dynamics of financial inclusion and capital formation in Nigeria
Eberechi Bernadine Ikwuagwu & Kingsley Onyekachi Onyele
Pages: 59-76
Published Online: 1 April 2023
Abstract This study tested econometrically derived hypotheses concerning the link between financial inclusion and capital production in Nigeria using annual data from 1992 to 2021. Cointegration analysis and the vector error correction model (VECM) were used to capture both long- and short-term relationships between variables. Johansen co-integration tests were used to perform cointegration, and VECM was required for the result. Ex-ante and ex-post forecasting utilizing variance decomposition and impulse response were utilized to assess the research duration. The VECM Granger causality approach was utilized in the study to examine short-run causality correlations between series using an F-/Wald test simulation. According to the VECM estimation, both loans from commercial banks to rural areas and credit from commercial banks to SMEs had a somewhat favorable impact on capital creation. On the other hand, capital formation in Nigeria was significantly and diminishingly impacted by both rural commercial bank deposits and the quantity of commercial bank branches. Further evidence that the system was dynamic came from the variance decomposition and impulse response, which revealed that the impact of financial inclusion on capital formation changed over time. According to the study's findings, the government should change the lending environment to accommodate the financing needs of smaller economic entities, such as rural communities, in order to ensure their financial inclusion.

Foreign direct investment in Algeria: A theoretical and applied study
Daoudi Mohammed
Pages: 77-92
Published Online: 1 April 2023
Abstract This paper studies the most important determinants of foreign direct investment in Algeria in a theoretical and practical framework (using the co-integration test and the causality test). Foreign direct investment has become very important, because it has become the object of competition between countries, whether developed or underdeveloped. Algeria, like the countries of the world, tries to take advantage of it as well, but this comes up against obstacles that this study has tried to identify, the most important of which are inflation (-0.0203) and administrative corruption (-1.2821), with the weakness of other determinants to attract it, such as market size (0.0113) or public spending (0.0527).Thus, according to the results of the study, Algeria still remains unattractive for foreign direct investment.

The impact of financial technology on financial stability in the MENA zone
Mohamed Kolli & Khadidja Imene Amarouche
Pages: 93-106
Published Online: 1 April 2023
Abstract This article attempts to determine the influence of financial technology (Fintech) on the stability of financial systems in 19 countries of the Middle East and North Africa (MENA) zone; observed over a period of 17 years (2004- 2020). Therefore, our research is based on the panel vector auto regression models (Panel VAR) that are analyzed using the Eviews 12 statistical program. The results show that the fixed effects models are the most significant for estimating the relationship between the fluctuations of financial stability index (FS) and the changes of the explanatory variables selected in our empirical model. At the same time, these results indicate a significant positive relationship between the economic growth (GDPR), the level of financial concentration (BSC) and the volume of banking crises (CPS, LL) on the financial stability index. While, they also confirm the absence of a significant relationship between the dependent variable and financial technology indexes (MPBR, ATM, IU) and the levels of demographic growth (POPG). This may be explained by the fact that the financial systems of the sample countries are mainly traditional and can be attributed to the low level of financial culture of their societies.

Published Online: 1 April 2023

Published Online: 1 April 2023