Browsing by Author "Osarfo, D."
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Item Bank-based and market-based development and economic growth: an international investigation(Studies in Economics and Finance, 209-07-26) Osarfo, D.; Boadi, I.; Boadi, P.Purpose – The purpose of this paper is to investigate the relative impact of bank-based and market-based financial developments on economic growth from 1984 to 2015, using 60countries. Design/methodology/approach – This study uses fixed effect and generalized method of moments (GMM) to investigate the relative impact of bank-based and market-based financial developments on economic growth from 1984 to 2015, using 60 countries. The study further controls regional effects and the Asian crisis, as well as the global economic crisis. Findings – The empirical results of the study revealed that market-based development positively affects economic growth. Besides, market-based financial development indirectly promotes investment, which has the potential to strongly enhance growth. The findings of this study, therefore, provide more support to promarket- based financial development policies in these regions. Interestingly, bank-based development has no direct impact on development, but indirectly encourages investment, which also promotes growth. Originality/value – This paper is the first of its kind to empirically examine fixed effect and GMM to investigate the relative impact of bank-based and market-based financial developments on economic growth from 1984 to 2015, using 60 countries.Item Diversity and return: the impact of diversity of board members’ education on performance(Corporate Governance (Bingley), 2019-05-07) Osarfo, D.; Boadi, I.Purpose – This paper aims to examine the impact of diversity of board members’ educational qualifications on the financial performance of banks in Ghana. Design/methodology/approach – The present study applies system generalized methods of moments as an econometric model in carrying out the analysis. The study yielded a usable sample of 28 banks spanning from2001 to 2016. Findings – The paper concludes that the Ghanaian banking sector profit diverges and invalidates the convergence theory or ‘‘catch-up effect’’. Specifically, educational qualifications of board members are relevant to banks’ financial performance. Across all the models used, board members with a first degree have a significant positive impact on performance. The opposite is the case for board members with Doctor of Philosophy (PhD). Research limitations/implications – Unobservable characteristics such as entrepreneurial skills and intellectual competence experiences are excluded from the study because of the difficulties in measuring these variables. Notwithstanding, the exclusion of these characteristics does not invalidate the general outcome of the study. Originality/value – The present study examines the impact of diversity of board members’ educational qualification on financial performance in the context of Sub-Saharan Africa, particularly Ghana. It also extends the existing literature by decomposing the banking sector into listed, non-listed, foreign and domestic banks.Item The Impact of Nonfarm Activities on Rural Farm Household Income and Food Security in the Upper East and Upper West Regions of Ghana.(Scientific Research, 2016-06) Osarfo, D.; Senadza, B.; Nketiah-Amponsah, E.Research shows that participation in rural non-farm activities exerts a pronounced impact on agriculture, household farm decisions, rural development, income and welfare as well as household food security. This paper investigates the impact of participation in non-farm activities on household income and food security among farm households in the Upper East and Upper West Regions of Ghana. Using the Recommended Daily Calorie Required (RDCR) approach, the study finds that 45 percent of households in the two regions are food insecure. Propensity score matching (PSM) results indicate that participation in non-farm work has significant positive effect on household income and food security status. The policy implications of the findings are discussed.Item Technical efficiency in the Ghanaian banking sector: does boardroom gender diversity matter?(Corporate Governance, 2022) Boadi, I.; Osarfo, D.; Dziwornu, R.Purpose: The marginalization of women on boards is a heavily discussed topic across the world. especially in Ghana. Apart from estimating the link between boardroom gender diversity and technical efficiency of banks, this study aims to test the presence of upper-echelons theory in the Ghanaian banking sector. Design/methodology/approach – The study examines data from the 2000–2019 annual reports of 23 banks in Ghana. The stochastic frontier analysis is used to estimate the impact of boardroom gender diversity in technical efficiency of banks in Ghana. Findings: This study finds that greater boardroom gender diversity generates technical efficiencies for banks. The results remain unchanged after accounting for bank types (listed and non-listed). Thus, all banks benefit in terms of technical efficiency from more boardroom gender diversity. The upper echelons theory is validated in the Ghanaian banking context. Overall, the study supports pro-gender diversity on boards. Practical implications: The results have implications at corporate, social and national levels. It supports the need for policies that improve greater boardroom gender diversity. Originality/value: This study adds to the growing number of non-developed countries by investigating the link between the boardroom gender diversity and technical efficiency of banks in Ghana, a country which historically has had minimal female participation in the workforce. New insight is, therefore, offered into this relationship by using data which examines the technical efficiency of banks periods before and after the Women in Finance Charter in 2016.Item Women’s Empowerment And Economic Development: Macro And Micro Evidence From Africa(University Of Ghana, 2023-01) Osarfo, D.The concept of women’s empowerment is very broad, context-specific and multidimensional. However, a substantial portion of the economics literature that examines the welfare effects of women’s empowerment has focussed on improving women’s access to resources. Social institutions are very crucial in determining the agency and bargaining power of women in many regions of the world. In Africa, for instance, the social dimension of female empowerment has received relatively less attention despite its influence on the agency of women. Also, the lack of appropriate micro-level measures for the political empowerment of women has nearly led to the neglect of that dimension. This study constitutes a comprehensive attempt to examine the various dimensions of women’s empowerment and the effect on levels of welfare. Specifically, the study investigates (i) the effect of women’s political empowerment on the income and non-income measures of welfare in Africa, (ii) the effects of women’s empowerment on the cognitive development and academic achievement of children in Ghana as well as (iii) the influence of women’s empowerment on the health or nutrition of children in Ghana. The thesis employs suitable standard approaches such as the two-stage least-squares fixed-effect estimation, the panel Tobit estimation and quantile regression to examine the linkages. The following are the key findings: First, political empowerment of women has a significant positive effect on the non-income measure of welfare. In contrast, the effect on household income is marginal. This finding supports the vast literature that suggests that women are more inclined to opt for or support policies that enhance the health and education of children when in a position of power. Second, there is evidence that women’s economic empowerment and women’s social empowerment improve the learning outcomes of their wards. Finally, the thesis shows that women’s empowerment via either improved access to resources or social norms that enhance women's bargaining power and agency improves their children's health. The critical elements of women’s empowerment that drive this effect are a woman's employment status, land ownership, savings, decision-making participation and unrestricted family contact. The thesis makes valuable contributions to knowledge. Empirically, it provides evidence of how different forms of women’s empowerment influence welfare. It also presents new evidence on the effects of political empowerment on welfare in Africa. This thesis also brought to bear the indirect effect of the various forms of empowerment on the quality of learning. The study focuses on undernutrition and over nutrition, allowing for different impacts on children with varying nutritional statuses. Methodology-wise, this thesis uses improved measures of political empowerment of women, contrary to using the share of women in parliament as has been widely employed in the existing literature. Also, contrary to most existing studies in Ghana, this study benefits from using the GSEPS data to assess how women’s empowerment affects their wards’ quality of learning, benefiting from a more comprehensive array of covariates. As much as practicable, the study aims at providing causal inference, contrary to other existing studies that assessed simple correlations. Based on the findings of the thesis, some key recommendations are suggested for practice and policy. Governments, civil society organisations and other non-governmental organisations must strengthen capacity-building efforts such as education and training to improve the confidence and competence of women. This would make women fit to occupy positions of power in society and arm them with the requisite skills to compete in the job market. Governments must also strengthen the legal frameworks that secure and protect women's rights and use affirmative action policies or quotas to get women involved, where necessary and but at the expense of competence and capability. Lastly, the key elements of women’s empowerment, namely, employment, savings and land ownership, call for support from partners and governments alike. Traditional stipulates that prevent women from owning land and hamper their engagement in gainful employment must be changed. Also, the Intestate Succession Law must be upheld in guaranteeing the right of inheritance for a surviving spouse, children, the customary family and parents and ensuring that a greater portion of the property is shared among the surviving spouse and children. Ultimately, the study recommends conscious social education on the welfare gains that may accrue from modifying some of the restrictive social norms that hinder women’s agency. Social empowerment may complement the positive effect of women’s economic empowerment in welfare enhancement. Women must be included in family decision-making processes and encouraged to maintain meaningful social networks due to their pro-welfare effects.