Capital returns and currency value: The contrasting key drivers of foreign portfolio investments in Sub-Saharan African economies

IF 1.7 Q3 MANAGEMENT IIMB Management Review Pub Date : 2022-06-01 DOI:10.1016/j.iimb.2022.06.001

Samson Edo, Hilary Kanwanye

引用次数: 2

Abstract

In this study, we investigate the role of capital returns and currency value in determining foreign portfolio investments, with a focus on Sub-Saharan African economies. The empirical results from the auto-regressive distributed lag and vector error correction models reveal significant positive impact of capital returns and significant negative impact of currency value, indicating that the variables play contrasting roles in driving foreign portfolio investments. Financial openness also exerts a positive impact on the investments, but not so significant to qualify as a key driver of foreign portfolio investments. Inflation, however, tends to impair the investments. Adjustment speed of the investments is also found to be low.

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资本回报和货币价值:撒哈拉以南非洲经济体外国证券投资的主要驱动因素对比

在本研究中，我们研究了资本回报和货币价值在决定外国证券投资中的作用，重点是撒哈拉以南非洲经济体。自回归分布滞后模型和向量误差修正模型的实证结果显示，资本收益的正向影响显著，货币价值的负向影响显著，说明这两个变量对境外证券投资的驱动作用存在差异。金融开放也对投资产生积极影响，但不足以成为外国证券投资的关键驱动因素。然而，通货膨胀往往会损害这些投资。投资调整速度也较慢。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

IIMB Management Review MANAGEMENT-

CiteScore

3.20

自引率

5.90%

发文量

审稿时长

68 days

期刊介绍： IIMB Management Review (IMR) is a quarterly journal brought out by the Indian Institute of Management Bangalore. Addressed to management practitioners, researchers and academics, IMR aims to engage rigorously with practices, concepts and ideas in the field of management, with an emphasis on providing managerial insights, in a reader friendly format. To this end IMR invites manuscripts that provide novel managerial insights in any of the core business functions. The manuscript should be rigorous, that is, the findings should be supported by either empirical data or a well-justified theoretical model, and well written. While these two requirements are necessary for acceptance, they do not guarantee acceptance. The sole criterion for publication is contribution to the extant management literature.Although all manuscripts are welcome, our special emphasis is on papers that focus on emerging economies throughout the world. Such papers may either improve our understanding of markets in such economies through novel analyses or build models by taking into account the special characteristics of such economies to provide guidance to managers.

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