http://41.74.91.244:8080/handle/123456789/77 2026-04-04T19:07:51Z http://41.74.91.244:8080/handle/123456789/1981 A model to predict corporate failure in the developing economies: A case of listed companies on the Ghana Stock Exchange Oduro, R; Asiedu, M.A The study aimed at developing a model that predict the probability of failure of companies operating in the developing economies using financial ratios and non-financial ratio. The logit model was the main statistical tool applied. A matched sample design was used. Three models were developed and compared; a model consisting of financial ratios only (Model 1), non-financial ratios only (Model 2) and both financial and non-financial ratios (Model 3). From the study, comparatively Model 3 is more efficient in predicting the corporate failure status in one year from now. Prediction of failure status of a corporate entity therefore should consider both financial and non-financial variables. JEL classification numbers: G3 Keywords: Corporate failure, corporate governance, logit model, log-likelihood, Ghana Stock Exchange Article 2017-01-01T00:00:00Z http://41.74.91.244:8080/handle/123456789/1980 Determinants of tax evasion in the developing economies: A structural equation model approach of the case of Ghana Oduro, R; Asiedu, M.A; Tackie, G The objective of this paper is to examine the factors that determine whether a tax payer would evade tax. It also seeks to explore the mediating role of tax education in the relationship between traditional, institutional, socio-cultural factors and tax evasion. A cross-sectional survey was used for the study. Using structural equation modelling with bootstrapping analysis, data from a sample of 1,052 tax payers, drawn from different parts of the country, was analysed and the result showed that, traditional factors and institutional factors positively influenced tax evasion; though the strength of the relationship is weak. This relationship was also found to be mediated by tax education as it relate negatively with traditional and institutional factors as well as tax evasion. It was also found that, socio cultural factors such as gender, income level, education and age do not have significant influence on tax evasion. The study concluded that, tax education plays a significant role in reducing the effect of traditional and institutional factors on tax evasion. The study recommended that educating respondents on the need to pay taxes moderate the extent to which increases in tax rates, penalty for tax non compliance, and audit probability contributes to tax evasion. It was again recommended that, high cost of compliance and high corruption level of tax officials would lead to increase in tax evasion, but intensive tax education mediating the effect of these factors on tax evasion. Key words: Tax evasion, tax rate, tax education, audit probability, structural equation modelling. Article 2018-01-01T00:00:00Z http://41.74.91.244:8080/handle/123456789/1978 Selected macroeconomic variables and stock market movements: Empirical evidence from Thailand Forson, J.A; Janrattanagul, J This paper investigates and analyzes the long-run equilibrium relationship between the Thai stock Exchange Index (SETI) and selected macroeconomic variables using monthly time series data that cover a 20-year period from January 1990 to December 2009. The following macroeconomic vari ables are included in our analysis: money supply (MS), the consumer price index (CPI), interest rate (IR) and the industrial production index (IP) (as a proxy for GDP). Our findings prove that the SET In dex and the selected macroeconomic variables are cointegrated at I (1) and have a significant equi librium relationship over the long run. Money supply demonstrates a strong positive relationship with the SET Index over the long run, whereas the industrial production index and consumer price index show negative long-run relationships with the SET Index. Furthermore, in non-equilibrium situations, the error correction mechanism suggests that the consumer price index, industrial pro duction index and money supply each contribute in some way to restore equilibrium. In addition, using Toda and Yamamoto’s augmented Granger causality test, we identify a bi-causal relationship between industrial production and money supply and unilateral causal relationships between CPI and IR, IP and CPI, MS and CPI, and IP and SETI, indicating that all of these variables are sensitive to Thai stock market movements. The policy implications of these findings are also discussed. KEY WORDS: macroeconomic variables; cointegration; Thai Stock Exchange index (SETI); T-Y augmented Granger-causality Article 2014-01-01T00:00:00Z http://41.74.91.244:8080/handle/123456789/1976 Culture matters: A test of rationality on economic growth Forson, J.A; Jakkaphong, J; Carsamer, E There are widespread debates as to whether cultural values have a bearing on economic growth. Scholarly articles have actually had conflicting results with proponents arguing there is whiles opponents have thought otherwise. The aim of this paper is to verify the assertions made by these two schools of thought from the perspective of culture as a rationality component using an input-output growth model. We basically employed an approach that sought to define and aggregate cultural values under rationality indices: instrumental, affective, value and traditional rationality from 29 countries with data from world value survey (1981-2009). We systematically had them tested in an endogenous growth model alongside traditional economic variables. We conclude that when these cultural variables are combined with the so-called economic variables, there is an improvement in the model explanation than before. In addition, two of these cultural indices indicated a statistically positive effect on economic growth (instrumental and affective rationality). However, traditional rationality index was also robust but with a negative coefficient. Value rationality showed a somewhat weaker link to economic growth and was statistically insignificant. The policy implications of these findings are also discussed. Keywords: economic growth, rationality, cultural traits Article 2013-01-01T00:00:00Z