Journal of Academic Finance
type: channel
description: The Journal of Academic Finance (JoAF) is a scientific peer reviewed journal , distributed as "Diamond open access", referenced ISSN 1923-2993, managed by the Laboratory fo Research on Entreprise and Decisions ( RED-ISGG - ROR), supported by the Virtual University of Tunis VUT and sponsored by AEISGG, , AFME, APREV and ESSAT Gabes. The Journal of Academic Finance (JoAF) is a refereed journal, bilingual (english and french language) which publishes, APC free, since 2010, theoretical, empirical and critical papers that address one or more aspects of finance in the world.
publisher: RED-ISGG
language: en
publication name: Journal of Academic Finance
issn: 1923-2993
copyright: Authors who publish with this journal agree to the following terms: Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
items: Reviewers Acknowledgements
items: The Impact of Inflation on Stock Return and Investment Risk
items: What is the moderating role of corruption in the relationship between digitalization and tax evasion?
items: Digital transformation of accounting practices by SMEs in the city of Bukavu in the Democratic Republic of the Congo
items: Strategic pathways for entrepreneurial-intended universities: Insights from global best practices
items: Editorial on Special Issue
items: Preface
items: Macro Economic Determinants of Economic Growth In South Africa
items: The impact of COVID-19 and Russian-Ukrainian war on price volatility of cryptocurrencies
items: From contingency to the role of management controllers in Cameroonian municipalities.
items: Artificial Intelligence and Employment
items: Volume-Returns Nexus in Emerging Gulf Markets
items: An Analysis of the governance of Private Higher Education Establishments (PHEE) in Senegal
items: Financial development and growth nexus
items: Mapping the effects of international trade on economic growth of South Africa: Econometric review
items: The switching-regime effect of sovereign risk components on housing prices in South African major cities
items: The linkage between foreign direct investment, external debt and economic growth of South Africa
items: The role of data analytics in driving resilient SME performance in South Africa.
items: Leader perfectionism and employee creativity
items: Examining Students' Learning, intention, and Attitudes towards accounting career
items: What role does cryptocurrency play in achieving financial inclusion in developing countries?
items: Enhance Micro, Small and Medium Enterprises’ financial performance
items: Optimizing PoS agent banking for inclusive rural economies:
items: Towards an explanation of the failure of the internal governance system of microfinance institutions in the Democratic Republic of the Congo
items: Does mobile financial services adoption mitigate financial vulnerability of small enterprises?
items: Board Characteristics and Firm Performance in State-Owned Enterprises
items: The Analysis of e-banking use by commercial bank customers in Bukavu, DRC
items: Influence of CSR on the governance mechanisms of SME in Cameroon

Reviewers Acknowledgements
type: item
description: Reviewers Acknowledgements.
subject: Editorial
  topic: section
subject: .
  topic: keywords
subject: Reviewers Acknowledgements
  topic: subjects
subject: editorial
  topic: disciplines
creator: Jamel Eddine HENCHIRI
rights: Copyright (c) 2025 Jamel Eddine HENCHIRI http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-31
publication date: 2025-12-31
starting page: 1
ending page: 1
doi: 10.59051/pzdv5273

The Impact of Inflation on Stock Return and Investment Risk
type: item
description: 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.
subject: Articles
  topic: section
subject: Inflation, Stock Returns, EGX30 Index, Volatility, VAR Model, GARCH Model
  topic: keywords
subject: inflation
  topic: subjects
subject: finance
  topic: disciplines
creator: Mustafa HUSSEIN
creator: Nourhan Mohammed ELNAHAS
creator: Nourhan Yehia DARKORY
creator: Raghad Khalid Mohammed OKASHA
rights: Copyright (c) 2025 Mustafa HUSSEIN, Nourhan Mohammed ELNAHAS, Nourhan Yehia DARKORY; Raghad Khalid Mohammed OKASHA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-31
publication date: 2025-12-31
doi: 10.59051/joaf.v16i3.981

What is the moderating role of corruption in the relationship between digitalization and tax evasion?
type: item
description: Objective: 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: 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. Mots-clés: Tax evasion; Digitalization; Corruption; Moderating effect JEL classification codes: G28; G38; H26
subject: Articles
  topic: section
subject: Tax evasion
  topic: keywords
subject: Digitalization
  topic: keywords
subject: Corruption
  topic: keywords
subject: Moderating effect
  topic: keywords
subject: This study aims to examine the relationship between digitalization and tax evasion, while analyzing the moderating role of corruption in this association.
  topic: subjects
subject: Finance
  topic: disciplines
creator: Anis El Ammari
rights: Copyright (c) 2025 Anis El Ammari http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-09
publication date: 2026-02-09
doi: 10.59051/joaf.v16i3.984

Digital transformation of accounting practices by SMEs in the city of Bukavu in the Democratic Republic of the Congo
type: item
description: Purpose – The objective of this study is to document the digital accounting software and platforms used by SMEs in Bukavu, analyze the factors (technical skills, financial resources, institutional support, and regulation) influencing their adoption, and propose optimization strategies for sustainable integration adapted to the local socio-economic and technological context. Design/methodology/approach – Drawing on the UTAUT model, a conceptual framework was developed and data from a survey of SME managers were econometrically analyzed. Principal component analysis and the use of Partial Least Squares enabled the testing of the hypotheses and the answering of the research question. Findings – Descriptive analyses revealed that most SMEs adopt a basic form of digital accounting. The majority of them use standard software such as Excel and Access. Explanatory analyses based on the PLS method indicate that all studied variables significantly contribute to the digitalization of accounting in Bukavu. The PLS algorithm test highlights the model’s strong predictive capacity, confirming its validity and adequacy to the data. Originality/value – In addition to the methodological approach based on structural equations, which is appropriate for analysing relationships between latent variables, this study stands out for its focus on SMEs and its particular emphasis on the digitalization of accounting in a region where digital adoption remains low.
subject: Articles
  topic: section
subject: Transformation digitale, Pratiques comptables, PME, ville de Bukavu et RDC
  topic: keywords
subject: Adoption of digital accounting in SMEs in the city of Bukavu in the DRC
  topic: subjects
subject: Finance
  topic: disciplines
creator: Mukamba MULUNGULA
creator: Aliou Rida MOUSTAPHA ABDOULHAYOU
creator: Crispin Jean Chris MUKAMBA BYAMUNGU
creator: Yves KOKO MUKURU
rights: Copyright (c) 2025 Mukamba MULUNGULA, MOUSTAPHA ABDOULHAYOU, Jean Chris, Yves http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-31
publication date: 2025-12-31
doi: 10.59051/joaf.v16i3.964

Strategic pathways for entrepreneurial-intended universities: Insights from global best practices
type: item
description: 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.
subject: Articles
  topic: section
subject: Entrepreneurial university; rural economy;
  topic: keywords
subject: strategic transformation;
  topic: keywords
subject: research enterprising; entrenpreeurship education
  topic: keywords
subject: Economics
  topic: subjects
subject: Entrepreneurship
  topic: disciplines
subject: development studies
  topic: disciplines
subject: education
  topic: disciplines
creator: Ishmael Obaeko IWARA
rights: Copyright (c) 2025 Ishmael Obaeko IWARA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-31
publication date: 2025-12-31
doi: 10.59051/joaf.v16i3.836

Editorial on Special Issue
type: item
subject: Editorial
  topic: section
subject: edito
  topic: keywords
subject: edito
  topic: subjects
subject: finance
  topic: disciplines
creator: Frank Ranganai MATENDA
rights: Copyright (c) 2025 Frank Ranganai MATENDA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.973

Preface
type: item
description: Preface of the special issue on Resilience and Regeneration of Businesses and Financial Markets in the Fourth Industrial Revolution
subject: Editorial
  topic: section
subject: financefinance
  topic: keywords
subject: preface
  topic: subjects
subject: finance
  topic: disciplines
creator: jamel Eddine HENCHIRI
rights: Copyright (c) 2025 jamel Eddine HENCHIRI http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.972

Macro Economic Determinants of Economic Growth In South Africa
type: item
description: 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.
subject: Special Issue
  topic: section
subject: : South Africa, economic growth, capital stock, financial development, employment, inflation, Autoregressive Distributed Lag (ARDL).
  topic: keywords
subject: This article is submitted in good faith
  topic: subjects
subject: Economics
  topic: disciplines
creator: Dorah Dubihlela
creator: Nomsindisi Dudumashe
creator: Phakama Senzangakhona
rights: Copyright (c) 2025 Dorah Dubihlela, Phakama Senzangakhona, Nomsindisi Dudumashe http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.870

Reviewers Acknowledgements
type: item
description: .
subject: Editorial
  topic: section
subject: .
  topic: keywords
subject: edito
  topic: subjects
subject: .
  topic: disciplines
creator: jamel Eddine HENCHIRI
rights: Copyright (c) 2025 jamel Eddine HENCHIRI http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 1
ending page: 1
doi: 10.59051/joaf.v16i1.953

The impact of COVID-19 and Russian-Ukrainian war on price volatility of cryptocurrencies
type: item
description: Purpose: This article examined the impact of the COVID-19 and the Russian-Ukrainian war on cryptocurrency price volatility. Methodology: We studied this impact by using the EGARCH (1, 1) model for the period from January 01, 2019 to January 20, 2024. We have introduced two variables into the model variance equation: the variable relating to COVID-19 and the variable relating to the Russian-Ukrainian war. Results: The empirical findings indicates that the COVID-19 and the Russian- Ukrainian war of 2022 have reduced the price volatility of Bitcoin, Ethereum, Binance Coin, Ripple, Cardano, TRON, Chainlink, Litecoin, Bitcoin Cash, Ethereum Classic, Stellar, Filecoin, Monero, VeChain, Maker and Bitcoin SV. However, no impact of COVID-19 and Russian-Ukrainian war was found on Dogecoin and Cronos. Originality: This study used a larger sample than samples used in previous studies that examined the impact of the COVID-19 and the Russian-Ukrainian War on cryptocurrency price volatility. Indeed, this is the only study that is based on an initial sample composed of the top 50 cryptocurrencies in terms of market capitalization. All previous studies have been based on an initial sample composed of the top 10 cryptocurrencies in terms of market capitalization. Therefore, this study focused on cryptocurrencies that have not been used by previous studies.
subject: Articles
  topic: section
subject: Cryptocurrencies, COVID-19, Russian-Ukrainian war of 2022, volatility, EGARCH model
  topic: keywords
subject: Finance
  topic: disciplines
creator: Ahlem KHAZRI
rights: Copyright (c) 2025 Ahlem KHAZRI http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30

From contingency to the role of management controllers in Cameroonian municipalities.
type: item
description: Purpose: The objective of this work is to further identify the different institutional, socio-cultural and formal contingency factors that allow us to understand the role of management controllers on the one hand, and to highlight these different roles on the other hand. Method: To this end, we adopt a qualitative approach using a directive interview that will be administered to our study population, which are the controllers of the municipalities of Cameroon. The majority of the municipalities to be surveyed are the municipalities of Littoral, Centre, West and Adamawa. The data analysis tool used is the Sphinx IQ qualitative data analysis software. Result: Based on seven interviews conducted with management controllers in four regions of Cameroon, the results show that legal provisions, politics, family and religion make it possible to understand the role of management controllers. In addition, three roles of management controllers have been identified, namely: the management controller analyst, the management controller strategist and the management controller auditor. Originality: The originality of this work lies in its ability to identify and discern the roles of management controllers according to the political and social pressures to which officials in the municipalities in the Cameroonian context are subjected.
subject: Articles
  topic: section
subject: management control, management controllers, contingency, contingency factor, municipal management, the municipality.
  topic: keywords
subject: Sciences Gestion
  topic: subjects
subject: management control
  topic: disciplines
creator: Abdoulaye MOHAMMADOU
creator: Joseph Bruno NJAYA
rights: Copyright (c) 2025 Abdoulaye MOHAMMADOU, Joseph Bruno NJAYA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 74
ending page: 87

Artificial Intelligence and Employment
type: item
description: 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.
subject: Articles
  topic: section
subject: Artificial intelligence, Employment, Slope homogeneity test, Swamy model
  topic: keywords
subject: Artificial Intelligence
  topic: subjects
subject: Managment-Quantitative Methods
  topic: disciplines
creator: Chokri TERZI
rights: Copyright (c) 2025 TERZI Chokri http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 88
ending page: 100
doi: 10.59051/joaf.v16i1.900

Volume-Returns Nexus in Emerging Gulf Markets
type: item
description: 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.
subject: Articles
  topic: section
subject: Financial markets, trading volume, stock returns, cointegration, causality, VAR, Gulf markets.
  topic: keywords
subject: Financial Markets
  topic: subjects
subject: Econometric tests
  topic: subjects
subject: Finance
  topic: disciplines
creator: Ahlem NAJAH
rights: Copyright (c) 2025 Ahlem NAJAH http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 36
ending page: 51
doi: 10.59051/joaf.v16i1.947

An Analysis of the governance of Private Higher Education Establishments (PHEE) in Senegal
type: item
description: Purpose: The main objective of this article is to analyze the governance relationships between stakeholders of Private Higher Education Establishments (PHEE) in Senegal with a view to making proposals for ideas to improve it. Method: To achieve this objective, we adopted a qualitative method as we conducted a multiple case study. We produced four individual interview guides due to one guide per category of actors: management, teachers, PATS and students of each PHEE. Our sample is composed of 10 PHEE. In detail, 41 individuals were surveyed: 12 PER, 16 Students, 6 members of Management and 7 PATS. The duration of the interviews varies between 40 minutes and 1h 15 minutes. We used the method of ascending thematic content analysis for the processing of the data collected. Results: The results obtained show that the governance of PHEE in Senegal is at the crossroads of enormous problems that are linked to recruitment practices, hierarchical relationships between the different actors, daily management and the exercise of power. Originality: The originality of this work lies in the fact that there are few researchers who have studied this theme in the Senegalese context and that improving the quality of governance of PHEE also remains a vast project for the authorities of this country.
subject: Articles
  topic: section
subject: governance, PHEE
  topic: keywords
subject: Analysis of the governance of Private Higher Education Establishments (PHEE) in Senegal
  topic: subjects
subject: Finance
  topic: disciplines
subject: accounting
  topic: disciplines
subject: governance
  topic: disciplines
creator: bada BA
creator: Abdou Karim FAYE
rights: Copyright (c) 2025 BADA BA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 19
ending page: 35
doi: 10.59051/joaf.v16i1.907

Financial development and growth nexus
type: item
description: 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.
subject: Special Issue
  topic: section
subject: Keywords: financial development, interest rate liberalisation, economic growth, data, bounds test, autoregressive distributed lag, South Africa.
  topic: keywords
subject: financial development, interest rate liberalisation, economic growth, data, bounds test, autoregressive distributed lag, South Africa.
  topic: subjects
subject: Economics
  topic: disciplines
creator: Phumla Mahlangu
rights: Copyright (c) 2025 Phumla Mahlangu http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.874

Mapping the effects of international trade on economic growth of South Africa: Econometric review
type: item
description: Purpose: The purpose of this study is to investigate the effects of international trade on the economic growth of South Africa. Method: The study employed the autoregressive distributed lag (ARDL) approach for 50 years, from 1973 to 2022 and annual time series data from the World Bank database. Results: The study results revealed that South Africa economic growth is subsequent to the purchasing power parity theory and Heckscher-Ohlin theory, by highlighting that international trade is used to drive a higher inflation and to increase the level of exchange rate. There is evidence that South Africa has adopted measures that causes loss of value on the currency and economic growth in general. Originality: The novelty of this study lies in the fact that the South African government must be considerate and sensible when creating international trading strategies by aligning the relevant real interest rate that will assist to monitor international trade channels and policies to enhance and sustain future economic growth. This study contributed to the understanding of the effects of international trade on economic growth debate particularly, by prompting the level of trade to drive South African economic growth to reach the desired level. Keywords: economic growth, international trade, developing countries, ARDL approach, South Africa
subject: Special Issue
  topic: section
subject: economic growth
  topic: keywords
subject: international trade
  topic: keywords
subject: developing countries
  topic: keywords
subject: ARDL approach
  topic: keywords
subject: South Africa
  topic: keywords
subject: macroeconomics
  topic: subjects
subject: economic growth
  topic: subjects
subject: development economics
  topic: subjects
subject: economic development
  topic: disciplines
subject: monetary economics
  topic: disciplines
subject: financial economics
  topic: disciplines
creator: Ndivhuho Eunice RATOMBO
creator: Itumeleng Pleasure MONGALE
rights: Copyright (c) 2024 Ndivhuho Eunice Ratombo, Prof http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.871

The switching-regime effect of sovereign risk components on housing prices in South African major cities
type: item
description: Purpose: This study aims to investigate the effect of sovereign risk components on housing prices in six major South African cities under switching regimes conditions. Method: The Markov Switching Model was employed to analyse the switching effect of economic, financial and political risk on the property markets in major South African cities. Results: In the bearish regime, the response of property prices to changes in country risk components varies across the cities. In contrast, country risk components do not affect property prices in the bullish regime in all sampled cities. Cape Town has the most volatile housing prices, and each city’s response to changing regimes is asymmetric, with the likelihood of staying longer in the bullish condition than the bearish market condition. Originality: This study is the first to assess the impact of country risk factors on housing prices for South African cities with a specific focus on switching regimes.
subject: Special Issue
  topic: section
subject: Housing price
  topic: keywords
subject: sovereign risk
  topic: keywords
subject: Markov Switching Model
  topic: keywords
subject: Economic Risk
  topic: keywords
subject: Financial risk
  topic: keywords
subject: Political risk
  topic: keywords
subject: South African Cities
  topic: keywords
subject: Finance
  topic: subjects
subject: Financial Markets
  topic: subjects
subject: Investments
  topic: subjects
subject: Finance
  topic: disciplines
subject: Investissements
  topic: disciplines
creator: Paul-Francois MUZINDUTSI
creator: Ntuthuko MBHELE
creator: Trayum GOPAL
creator: Namishka RAMBARAN
creator: Thulisile MTHEMBU
creator: Purusha RAMJIYAVAN
creator: Fikile DUBE
rights: Copyright (c) 2024 Paul-Francois Muzindutsi, Ntuthuko MBHELE, Trayum GOPAL, Namishka RAMBARAN , Thulisile MTHEMBU, Purusha RAMJIYAVAN, Fikile DUBE http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.880

The linkage between foreign direct investment, external debt and economic growth of South Africa
type: item
description: Purpose: A country's level of external debt and economic growth trends are regarded as imperative factors in attracting foreign direct investments of a country. Most developing countries are faced with high levels of external debt and lower growth. Due to such concerns, South Africa is among the developing countries that attract limited foreign direct investment. While investment is crucial for economic growth, hence an increase in foreign direct investment is beneficial for economic growth, especially in host economies. Thus, the study at hand examines the linkage between foreign direct investment, external debt, and economic growth of South Africa, using secondary time series data spanning from the periods of 1994 to 2021. Method: In attaining the study aim, the study employed the following econometric techniques, unit root tests, autoregressive distributed lag cointegration bound test, diagnostic tests, and stability tests. Results: The unit root results revealed that the variables are I(0) and I(1). The study distinguished a long-run link between foreign direct investment, external debt, and the economic growth of South Africa during the study period. Originality/relevance: The study contributes to existing literature on foreign direct investment, external debt and economic growth, and offers new recommendations from the South African context from 1994 to 2021. Hence, the analyzes in this study are important in guiding policies on foreign direct investment, external debt, and economic growth.
subject: Special Issue
  topic: section
subject: South Africa
  topic: keywords
subject: Foreign direct investment
  topic: keywords
subject: External debt
  topic: keywords
subject: Economic growth
  topic: keywords
subject: Autoregressive distributed lag
  topic: keywords
subject: Economic growth
  topic: subjects
subject: Foreign Direct investment
  topic: subjects
subject: External debt
  topic: subjects
subject: Economic growth
  topic: disciplines
subject: International trade
  topic: disciplines
subject: Foreign investment
  topic: disciplines
creator: Dintuku Maggie KGOMO
creator: Ndivhuho Eunice RATOMBO
creator: Thabiso Wendy SERAKWANA
rights: Copyright (c) 2025 Dintuku Maggie Kgomo, Ndivhuho Eunice Ratombo, Thabiso Wendy SERAKWANA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.873

The role of data analytics in driving resilient SME performance in South Africa.
type: item
description: 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 n…
subject: Special Issue
  topic: section
subject: SMEs; Data Analytics; Risk; Performance
  topic: keywords
subject: Small and Medium-Sized Enterprises (SMEs)
  topic: subjects
subject: Data Analytics
  topic: subjects
subject: Organizational Resilience and Performance
  topic: subjects
subject: Business Management
  topic: disciplines
subject: Entrepreneurship
  topic: disciplines
creator: Sharon MANDIZHA
creator: Fulufhelo Godfrey NETSWERA
creator: Helper ZHOU
rights: Copyright (c) 2025 Sharon MANDIZHA, Professor Netswera, Dr Zhou http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-29
publication date: 2025-09-29
doi: 10.59051/joaf.v16i2.853

Leader perfectionism and employee creativity
type: item
description: Purpose: This article explores in which cases leader perfectionism fosters employee creativity. Approach: An exploratory quantitative study made it possible to compare our 4 hypotheses to the Moroccan context of high-tech companies. We used the questionnaire as a data collection tool. Results: The effects of leader perfectionism on engagement, emotional exhaustion, and creativity depended on employees' locus of control. Our results indicate that internals can benefit from leader perfectionism (with diminishing returns) through increased engagement without experiencing the downsides of perfectionism such as emotional exhaustion. In contrast, externals suffered from perfectionism due to increased emotional exhaustion without experiencing the benefits of perfectionism such as engagement. Originality: We adopted the lenses of self-regulation theory to understand the interplay between leader perfectionism and employee creativity. We have also contributed to research on creativity in companies by highlighting the elements likely to stimulate employee creativity.
subject: Articles
  topic: section
subject: français
  topic: keywords
subject: leader perfectionism, commitment, emotional exhaustion, employee creativity, morocco
  topic: keywords
subject: management
  topic: subjects
subject: leadership
  topic: disciplines
creator: Anass YACHOULTI
rights: Copyright (c) 2025 Anass YACHOULTI http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 70
ending page: 83
doi: 10.59051/joaf.v15i2.729

Reviewers Acknowledgements
type: item
description: Reviewers Acknowledgements
subject: Editorial
  topic: section
subject: edito
  topic: keywords
subject: edito
  topic: subjects
subject: finance
  topic: disciplines
creator: jamel Eddine HENCHIRI
rights: Copyright (c) 2024 jamel Eddine HENCHIRI http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 1
ending page: 1
doi: 10.59051/joaf.v15i2.910

Examining Students' Learning, intention, and Attitudes towards accounting career
type: item
description: Purpose: The decision to pursue a profession in accounting and one's future performance in that sector can be significantly influenced by the objectives and attitudes of students. Students can increase their chances of success by focusing on their education and training when they have a clear goal for their accounting career, such as a preferred profession or industry. Employers might be won over by a candidate with a strong work ethic, a feeling of responsibility, and timeliness. This should help the students improve their perception of the accounting profession even further. Thus, the purpose of this study is to examine students' learning, intentions, and attitudes toward accounting career. Method: This study tested its research model using an online survey and a quantitative methodology. 141 university students in Oman provided the survey sample data. Employing the Structural Equation Modeling-Partial Least Squares (SEM-PLS) version 4.0 software, data analysis and hypothesis testing were conducted. Results: The result showed that the learning environment has a significant relationship with choosing an accounting career. Current knowledge seeking intention also have a substantial relationship with choosing an accounting career. However, the attitude of students does not affect choosing an accounting career. Originality / relevance: This study adds to the corpus of research by analyzing students' intentions and attitudes for a career in accounting. Accounting educators may use these findings to modify the current curriculum to better meet students' culturally compatible perspective on the accounting field.
subject: Articles
  topic: section
subject: Students
  topic: keywords
subject: learning
  topic: keywords
subject: intention
  topic: keywords
subject: attitudes
  topic: keywords
subject: accounting career
  topic: keywords
subject: Oman
  topic: keywords
subject: Education
  topic: subjects
subject: Learning
  topic: subjects
subject: Accounting
  topic: disciplines
creator: Aisha Nasser Sulaiman AL SALMI
creator: Yaqeen Ali Saif AL QUWAITII
creator: Mohammed Muneerali THOTTOLI
rights: Copyright (c) 2024 Aisha Nasser Sulaiman Al Salmi, Yaqeen Ali Saif Al Quwaitii, Mohammed Muneerali Thottoli http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 84
ending page: 96
doi: 10.59051/joaf.v15i2.909

What role does cryptocurrency play in achieving financial inclusion in developing countries?
type: item
description: Objective: Determine how cryptocurrencies can promote financial inclusion in developing countries. Method: The study employs statistical analysis to identify cause-and-effect relationships between various variables related to financial inclusion and cryptocurrencies, as well as a comparative study of the experiences of developed countries that have successfully integrated cryptocurrencies into their financial systems while enhancing financial inclusion. Results: Proposition of a scheme enabling successful financial inclusion with the help of cryptocurrencies. Originality/Relevance: The originality of this study lies in integrating cryptocurrencies into a larger, coordinated system to promote financial inclusion, a particularly relevant perspective in the current context of developing countries seeking innovative solutions.
subject: Articles
  topic: section
subject: fintech
  topic: keywords
subject: Blockchain
  topic: keywords
subject: Financial Inclusion
  topic: keywords
subject: fintechs
  topic: subjects
subject: finance
  topic: disciplines
creator: Chiraz MEROUANI
creator: Mohand Akli OUGHLISSI
creator: Hocine IFOURAH
creator: Moussa MAAMRI
rights: Copyright (c) 2024 Chiraz Merouani, Mohand Akli OUGHLISSI, Hocine Ifourah, Moussa Maamri http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 97
ending page: 118
doi: 10.59051/joaf.v15i2.897

Enhance Micro, Small and Medium Enterprises’ financial performance
type: item
description: Purpose: This study aims to determine the factors that influence the increase in MSMEs income such as e-commerce, capital and business experience. The type of data used is primary data using a sample of 47 MSMEs located on Soekarno Hatta Street, Binjai City, Indonesia. Method: The data collection method used a questionnaire while the data analysis method used was multiple linear regression analysis. Result: The results of this study indicate that e-commerce influences increasing MSMEs income, capital has an effect on increasing MSMEs income, and business experience has no effect on increasing MSMEs income. Originality/ relevance: From the results of this study, it can be explained that the factors that influence the sustainability of MSMEs include the use of digital technology in the form of ecommerce and strong capital, while business experience has no impact on increasing the income of these MSMEs.
subject: Articles
  topic: section
subject: Ecommerce
  topic: keywords
subject: capitals
  topic: keywords
subject: experience
  topic: keywords
subject: performance
  topic: keywords
subject: MSMEs
  topic: keywords
subject: income
  topic: keywords
subject: profit
  topic: keywords
subject: Accounting
  topic: subjects
subject: Finance
  topic: subjects
subject: SMEs
  topic: subjects
subject: Finance
  topic: disciplines
creator: Aditya Amanda PANE
rights: Copyright (c) 2025 Aditya Amanda PANE http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 59
ending page: 69
doi: 10.59051/joaf.v15i2.825

Optimizing PoS agent banking for inclusive rural economies:
type: item
description: Purpose: This paper explores the impact of Point-of-Sale (PoS) agent banking on streamlining digital and cash transactions, emphasizing its potential to alleviate financial exclusion in rural South African communities while addressing inherent challenges. Method: An exploratory qualitative case study research methodology was employed, utilizing a participatory community-led action research approach. With proponents from the Routine Activity Theory, this study provides a comprehensive understanding of potential criminalities resonating with the model’s implementation. Findings: In South Africa, PoS banking holds significant potential to stimulate entrepreneurship and improve livelihoods in underserved rural areas. However, the success of PoS banking is hindered by cybersecurity risks, fraud, agent credibility issues, and physical security threats like robbery. Possible interventions include strengthening agent registration, raising public awareness, enhancing digital security protocols, and bolstering regulatory and law enforcement frameworks. Significance: The research highlights the importance of PoS banking in overcoming financial exclusion and fostering community development in Africa. It emphasizes the necessity for a multi-faceted approach to mitigate associated risks, combining better regulatory oversight, law enforcement, public education, and technological security. These measures are essential to ensure the safe and sustainable growth of PoS banking in promoting economic inclusion and resilience in vulnerable communities. Further inquiry that provides intervention measures to other forms of implementation storms is critically imperative in fostering its integration propinquity.
subject: Articles
  topic: section
subject: Agent banking
  topic: keywords
subject: criminality
  topic: keywords
subject: financial inclusion
  topic: keywords
subject: entrepreneurship
  topic: keywords
subject: rural economy
  topic: keywords
subject: South Africa
  topic: keywords
subject: Entrepreneurship
  topic: subjects
subject: Finance
  topic: subjects
subject: Rural development
  topic: subjects
subject: Economics
  topic: disciplines
creator: Ishmael Obaeko IWARA
rights: Copyright (c) 2025 Ishmael Obaeko IWARA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 41
ending page: 58
doi: 10.59051/joaf.v15i2.835

Towards an explanation of the failure of the internal governance system of microfinance institutions in the Democratic Republic of the Congo
type: item
description: Purpose: This study examines the internal governance system of microfinance institutions (MFIs) in the Democratic Republic of the Congo (DRC) to identify the reasons for their failure. The internal governance system is crucial for ensuring the transparency and efficiency of MFIs. Methodology: We use a qualitative methodology with a sample of 15 MFIs in the provinces of Nord-Kivu and Sud-Kivu. These provinces represent approximately 60% of the microfinance sector in the country, and they have been selected for their maturity and the crises or dysfunctions they have experienced. Thematic content analysis was used to categorise the verbatims using NVivo 12 software. Results: The results reveal seven categories of limitations in the internal governance system of MFIs in the DRC: regulatory and control, operational, commercial and financial, socio-political and economic, organizational and strategic, socio-cultural and technological. These dysfunctions have a negative impact on the performance and sustainability of MFIs. Originality: This study makes an original contribution by identifying these seven constraints. It is essential to understand the factors that explain these dysfunctions in order to remedy the failure of the internal governance system and to support the crucial role of microfinance in the DRC.
subject: Articles
  topic: section
subject: Key words: Internal governance system, Microfinance Institutions, Failure, DRC.
  topic: keywords
subject: governance of microfinance
  topic: subjects
subject: Faculté des sciences économiques et de gestion (FSEG)
  topic: disciplines
creator: Christian BUSHU MBEETSA
creator: Serge DJOUM KOUOMOU
rights: Copyright (c) 2025 Christian BUSHU MBEETSA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 52
ending page: 73

Does mobile financial services adoption mitigate financial vulnerability of small enterprises?
type: item
description: 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.
subject: Articles
  topic: section
subject: Services financiers mobiles
  topic: keywords
subject: Vulnérabilité financière
  topic: keywords
subject: Petites entreprises
  topic: keywords
subject: Appui institutionnel
  topic: keywords
subject: Inclusion financière
  topic: keywords
subject: Entrepreneuriat et résilience financière
  topic: subjects
subject: inclnclusion financière numérique dans les PME
  topic: subjects
subject: Finance
  topic: disciplines
subject: Entrepreneuriat
  topic: disciplines
subject: Technologie de l'information
  topic: disciplines
creator: Akitola Jesse ERIOLA
rights: Copyright (c) 2025 Jesse ERIOLA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 101
ending page: 118
doi: 10.59051/joaf.v16i1.888

Board Characteristics and Firm Performance in State-Owned Enterprises
type: item
description: Purpose: This study examines the link or association between the characteristics of boards of directors and performance in public enterprises in Cameroon. Method: Generalized least square regression (GLS) techniques were used in conjunction with generalized estimation equations (GEIs). The data used in this study are taken from the database of the Technical Commission for Rehabilitation (CTR) of public sector companies, which is hosted by the Ministry of Finance (MINFI). Results: the proportion of women directors has a positive and significant influence on the performance of public enterprises. The number of meetings held by the board is significantly and positively associated with the performance of public enterprises. Moreover, the proportion of foreigners has no association with the performance of public enterprises. Originality / relevance: this article is initiated in favor of the promulgation by the Head of State of Cameroon of laws No 2017/010 and 2017/011 of 12 July 2017 on the general status of public enterprises preceded by decree No 2019/320 of 19 June 2019 specifying the modalities for the application of laws raised, all this in place of the 1999 law. In view of the changing socio-economic environment, it became urgent to review this old law in order to adapt the management of these entities with the new realities of New Public Management. These companies are performing against and are generally under the perfusion of the state. Revisiting the normative framework and questioning the effectiveness of the implementing decree are elements that have guided this research program which includes other axes.
subject: Articles
  topic: section
subject: Board of Directors, Performance, Public Companies, Turnover, Stakeholders, State-Owned Enterprises
  topic: keywords
subject: Governance of public enterprises
  topic: subjects
subject: Finance
  topic: disciplines
creator: Anaclet ANANGA ONANA
rights: Copyright (c) 2024 Anaclet ANANGA ONANA http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 119
ending page: 133
doi: 10.59051/joaf.v15i2.837

The Analysis of e-banking use by commercial bank customers in Bukavu, DRC
type: item
description: Purpose: This study aims to identify the determinants of the adoption and use of e-banking by the customers of commercial banks in Bukavu, DRC. Method: A conceptual framework based on the UTAUT model was developed, followed by flat sorting and econometric analyses of data from a survey based on a sample of 215 customers. Logistic regression and ordered Logit enabled us to address our research question Results: Perceived usefulness and social influence, modulated by profession and level of education, favour the likelihood of adopting e-banking. The cost perceived, on the other hand, has a negative impact. Trust decreases the likelihood of using a wide range of e-banking services, while gender, profession and app rating have positive effects on use. Originality / relevance: In addition to a methodology combining the logit and ordered logit models, the originality of this work lies in the analytical aspect focused on the number of e-banking services used by customers in a developing country context.
subject: Articles
  topic: section
subject: E-banking, Banks, Customers
  topic: keywords
subject: Analysis of e-banking use by commercial bank customers in Bukavu, DRC
  topic: subjects
subject: Finance
  topic: disciplines
creator: Crispin Jean Chris MUKAMBA BYAMUNGU
rights: Copyright (c) 2025 Crispin Jean Chris MUKAMBA BYAMUNGU http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-12-31
publication date: 2024-12-31
starting page: 2
ending page: 18
doi: 10.59051/joaf.v15i2.823

Influence of CSR on the governance mechanisms of SME in Cameroon
type: item
description: Puspose: the aim of this research is to test the impact of a better-developed CSR on good governance mechanisms in Cameroonian SMEs. Methodology: logistic regression was applied to a sample of 113 Cameroonian SMEs for which we had previously collected data through a questionnaire survey. Results: practices relating to the legal, ethical and philanthropic dimensions of CSR contribute to improving the effectiveness of the board of directors and the type of training managers receive in their supervisory role. This should enable them to make decisions in the interests of all stakeholders, in line with the recommendations of several studies on corporate governance. Originality/Relevance: this is the first study in the Cameroonian context to highlight CSR practices that can improve corporate governance issues. Social/management contribution: an SME should use: the ethics document, the rules of the business sector, the labor code, compliance with regulations to significantly improve its governance mechanisms and, in turn, create value for all stakeholders.
subject: Articles
  topic: section
subject: RSE, gouvernance d’entreprise, partie prenante
  topic: keywords
subject: responsabilité sociale des entreprises
  topic: subjects
subject: gouvernance d'entreprise
  topic: subjects
subject: gouvernance d'entreprise
  topic: disciplines
creator: gael TONMO
rights: Copyright (c) 2025 gael TONMO http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-31
publication date: 2025-12-31
doi: 10.59051/j.oa.f..v16i3.845