Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Stmkturn 0.0862 (7.53)*** Listfr 0.0033 (2.29)** Econssta -3.7926 1.8645 -1.9645 -2.8918 (-0.73) (0.23) (-0.41) (-0.57) Polstabest -0.1256 -0.2986 -0.2944 -0.1046 (-0.23) (-0.48) (-0.63) (-0.29) Gdppc -0.0001 -0.0002 -0.0002 -0.0001 (-0.56) (-0.80) (-1.05) (-0.61) Gdsgdp -0.9950 -0.7674 1.4659 -1.0341 (-0.34) (-0.25) (0.50) (-0.46) Civilib 0.0520 -0.1511 -0.3054 0.0962 (0.17) (-0.40) (-0.80) (0.43) Kaopen -0.0093 -0.2124 -0.0916 -0.0221 (-0.05) (-1.21) (-0.54) (-0.13) Exvola 0.0006 -0.0014 0.0010 0.0007 (0.44) (-0.89) (1.17) (0.27) Overall R 2 0.6439 0.5873 0.5172 0.6422 Notes: Z statistics are in parentheses. ***, **, * mean significant at 1%, 5% and 10% level of significance respectively. Mktcapgdp represents the market capitalization ratio. Stmkturn represents stock market turnover. Listfr is the number of listed firms. Econssta represents changes in the CPI level, Polstabest measures political stability. Gdppc represents GDP per capita. Gdsgdp represents the savings rate. Civilib is Freedom House’s Civil Liberties index. Kaopen represents Chinn and Ito’s measure for capital account openness. Exvola represents exchange rate volatility. Discussion of Results We expected a positive relationship between the market capitalization ratio and foreign equity portfolio investments. This is because we expect more developed stock markets to receive higher foreign equity portfolio investments. Larger markets should receive more portfolio investment flows because such markets are more visible and therefore can better attract foreign institutional investors. Such markets are also more likely to have investment information that are relevant to international investors and that are easily accessible. Investors will require information such as changes in market prices, trading volumes, outstanding bids and offers amongst others. The bigger stock markets can better produce and disseminate this information through vending agencies such as Reuters on a timely basis. According to Durham (2004) the capacity of domestic equity markets to effectively absorb foreign inflows to boost private investment would seem to vary positively with market development. Our empirical results confirm our a priori expectations. The results suggest that an increase in stock market development proxied by the market capitalization ratio will lead to more foreign equity portfolio investment flows. We also expected a positive relationship between stock market liquidity and portfolio investments. Foreign investors will want to maintain the flexibility to exit a market and therefore value market liquidity. Our results suggest that more liquid stock markets are able to attract higher foreign equity portfolio investment flows. This is explained by the fact that investments in liquid markets can be easily liquidated. The results suggest that foreign investors value this liquidity as it aids in rebalancing the investor’s portfolio if the need be. Also more liquid markets are associated with less transaction costs. 810
Challenges in the Era of Globalization Edited by Emmanuel Obuah Finally, highly illiquid markets are associated with larger price swings as stock prices could change significantly and abruptly if an illiquid stock experiences trading activity. In terms of the number of listed firms, we expected a positive relationship between the number of listed firms and portfolio investments. This is because the number of listed firms can proxy for stock market size. We expect that bigger stock markets will be better able to attract investor interest. Our empirical findings confirm this hypothesis. We expected a positive sign between financial openness and portfolio investments. This means that increases in financial openness should lead to more portfolio investments. We do not find evidence that capital account openness has promoted foreign equity portfolio investment flows on the continent. We expected a priori a negative relationship between economic instability and portfolio investment flows. We expected that foreign investors will be attracted to and invest larger amounts in more economically stable countries. Contrary to our expectations, the results show an insignificant relationship between the economic climate and the asset allocation decisions of foreign investors. We expected a positive and significant relationship between political stability and foreign equity portfolio investments. This is because more stable countries are expected to receive higher portfolio investments. The results for political stability however do not show statistical significance in all estimations. We expected a negative relationship between income and foreign equity portfolio investment flows. This is because we expect that capital flows will move from richer to poorer countries. Therefore poorer countries should receive more capital flows. The signs are consistently negative in all estimations but again do not show statistical significance. In terms of the savings rate, a priori, we expected a negative relationship between the level of savings and portfolio equity investment flows. This is because countries with higher savings rate are likely to have less need for foreign portfolio investments. We find no evidence that this is actually the case. We expected a negative relationship between institutional quality and foreign equity portfolio investment flows. This means that a reduction in the index signifying higher institutional quality should lead to higher portfolio investments. We find no evidence as to the positive role of institutional quality in the determination of foreign equity portfolio investment flows. Finally, we expected a negative relationship between exchange rate volatility and foreign equity portfolio investments. This is because higher exchange rate volatility may deter foreign investors from investing in African equity markets. This is because when investors invest outside their borders, their returns are made up of the returns on the investment as well as the change in the exchange rate. If the exchange rate moves and the currency underlying the investment depreciates it detracts from the returns of the investor. We do not obtain empirical evidence suggesting that this is the case. We reperformed the analysis but this time excluding South Africa. This is because South Africa as a comparatively developed market may have been influencing the results. The results do not change even after excluding South Africa. Summary and conclusion This paper examines the determinants of foreign equity portfolio investment flows into African stock markets. We find that the main predictor or determinant of foreign portfolio investment flows into African stock markets is the level of stock market development. In all estimations, the stock market indicators are the only significant variables and have the expected sign. Countries with better developed stock markets attract more portfolio investments. In fact, South Africa has attracted some of the largest portfolio investments on the continent. South Africa also happens to have the most developed and advanced stock market on the continent. Our results suggest that in the African context expected determinants of portfolio investments such as economic stability, political stability, income and savings levels, institutional quality and exchange rate volatility do not really matter. The results do not vary whether or not South Africa is included in or 811
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Academic Pry School 3 3 0 Backgroun
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Track 5: Management Education Chall
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Track 8: Gender and Economic Develo
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Track 12: Information Systems and E
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Figure 1.Framework for Bank selecti
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Figure 5: Causal loop diagram inclu
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The study seeks to: • examine typ
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Figure 2: Customer Perception of MT
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Relationship Commitment Total 1264.
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Factor Item Loading Imaginative 0.4
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Figure 1: Components of Data Analys
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Abstract Marketing Nigerian medicin
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Conclusion Dissatisfied 6 3.4 3.6 7
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Abstract Customer satisfaction with
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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Postgraduate 19 Internet experience
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Average daily Internet hours z P-va
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Track 17: Project Management in Afr
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Conclusion Challenges in the Era of
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GOVERNMENT MoFED SECTORS Structure
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�− growth and represented by
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Results Challenges in the Era of Gl
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