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Item Credit referencing, bank lending methodologies and SME access to finance in Ghana=Ukubheka izikweletu, Izindlela Zokuboleka ebhange, kanye Nokufinyelela Kwama-SME Kwezezimali eGhana.(2021) Gyimah, Kofi Nyarko.; Muzindutsi, Paul-Francois.; Akande, Joseph Olorunfemi.Academic as well as policymakers acknowledge the importance that access to credit to entrepreneurs plays in stirring the economic growth and development in both developed and developing countries. Despite the increasing use of use different lending methodologies in their dealings with Small and Medium Scale Enterprises (SMEs), a significant segment of SMEs are yet to benefit from these methodologies. This study examined the association between bank lending methodologies, Credit Reference Information (CRI), and SMEs ' access to credit in Ghana. This study adopted a mixed-methods research approach characterised by the quantitative (cross-sectional) approach and qualitative technique. The accessible population of SMEs was 2,354, out of which a sample of 1,061 SMEs was determined using the simple random sampling method. The sample applied to the qualitative aspect of the study was eight managers who were selected using the purposive sampling method. A survey questionnaire and interview were used to gather data. Quantitative data were analysed using Pearson’s correlation test, Exploratory Factor Analysis (EFA), and Ordinary Least Squares (OLS) regression analysis. Thematic analysis was employed to analyse qualitative data from interviews. Data analysis revealed that two domains of methodologies, namely Collateral Based Records (CBRs) and Personal Business Characteristics (PBCs), were applied to the participants to a great extent. The average scores associated with these dimensions were significantly higher than the median of the measurement scale. Furthermore, responses from the qualitative analysis suggest that CBRs as a methodology were more applied, but financial institutions also applied PBCs. Applying the two methodologies is necessary as they play unique roles in lending, though CBRs better cushions banks against default. This implies that both transaction-based and relationship-based lending methodologies are applied mainly by banks in Ghana though transaction-based lending is the most applied. The study contributed to the literature by proposing a framework of steps that SMEs in Ghana can take towards successful loan applications. Iqoqa Ucwaningo luhlole ukuhlobana phakathi kwezindlela zokuboleka amabhange, i-CRI, nama-SME ukuthola isikweletu e-Ghana. Nakuba izincwadi zangaphambili zenza ukungabaza emandleni alezi zindlela ezimbili zokubikezela ngempumelelo ukufinyelela kwezikweletu kumafemu ama-SME, lolu cwaningo lubonisa ukuthi i-CRI inyusa amandla alezi zindlela zokuboleka ukuze zisize ukuthuthukisa ukufinyelela kwesikweletu. Lolu cwaningo lwamukele indlela yocwaningo exubile ebonakala ngendlela yobuningi (i-cross-sectional) kanye nezindlela zekhwalithi. Inani labantu abafinyelelekayo lama-SME laliyizinkulungwane ezimbili amakhulu amathathu namashumi amahlanu nane (2,354) lapho isampula lama-SME liyinkulungwane eyodwa namashumi ayisithupha nanye (1,061) anqunywa kusetshenziswa indlela elula yokusampula engahleliwe. Isampula esetshenziswe esicini sekhwalithi yocwaningo bekungabaphathi abayisiyishiyagalombili (8) abakhethwe kusetshenziswa indlela yesampula eyinhloso. Imininingo yaqoqwa ngokusetshenziswa kwemibuzo yocwaningo kanye nezingxoxo. Imininingo yobuningi yahlaziywa ngokuhlolwa kokuhlobanisa kuka-Pearson, ukuhlaziya i-Exploratory Factor Analysis (EFA), kanye nokuhlaziywa kokuhlehla kwe-Ordinary Least Squares (OLS). Ukuhlaziywa ngokwengikimba kwasetshenziswa ukuze kuhlaziywe imininingo yekhwalithi evela ezingxoxweni. Ukuhlaziywa kwemininingo kuthole ukuthi izizinda ezimbili zezindlela, okuyi-Collateral Based Records (CBRs) kanye nezimo zebhizinisi lomuntu siqu, phecelezi, i-Personal Business Characteristics (PBC), zisetshenziswe kubahlanganyeli ngezinga eliphezulu. Okusho ukuthi, izikolo ezimaphakathi ezihlotshaniswa nalezi zilinganiso beziphezulu kakhulu kunemidiyeni yesikali sokulinganisa. Izimpendulo ezivela ekuhlaziyweni kwekhwalithi ziphakamisa ukuthi ama-CBR njengendlela yokusebenza asetshenziswa kakhulu kodwa ama-PBC nawo asetshenziswa izikhungo zezezimali. Ukusetshenziswa kwalezi zindlela ezimbili kuyadingeka njengoba zidlala indima eyingqayizivele ekubolekeni, nakuba ama-CBR evikela kangcono amabhange ngokuzenzakalelayo. Umthelela walokhu ukuthi amabhange womabili izindlela zokuboleka ezisekelwe ekwenziweni kanye nezisekelwe ebudlelwaneni zisetshenziswa kakhulu amabhange aseGhana nakuba imali ebolekiwe esekelwe entendeni isetshenziswa kakhulu. Ucwaningo lube negalelo ekubhalweni ngokuphakamisa uhlaka lwezinyathelo ama-SME aseGhana angazithatha ukuze afake isicelo semalimboleko esiyimpumelelo.Item Equity super sectors connectedness and its determinants: evidence from the Johannesburg Stock Exchange.(2023) Babatunde, Samuel Lawrence.; Doorasamy, Mishelle.; Obalade, Adefemi A.Everything depends on everything else. More importantly, macroeconomic and financial connections have proved to be more fundamental compared with others. The reality of dynamic connectedness and time varying correlation as precursors to contagion and systemic risk are proven through the super sectors, namely the Automobile and Parts, Chemical, Telecommunication, Technology, Energy, Health, Finance, Insurance and General Industrial super sectors of the Johannesburg Stock Exchange, with daily sample period from 1 January 2006 to 31 December 2021. The first objective is to determine the systematically important super sectors in the different extreme periods. The second objective is to determine the return linkages of the equity super sector, while the third objective is to examine the dynamic connectedness and the shock propagation among the super sectors during the extreme risk events. Finally, the fourth objective is to evaluate the determinants of volatility connectedness of the JSE equity super sectors. The different extreme events considered alongside the full sample periods for this study are the 2007/2008 Global financial crisis (GFC), the 2009-2011 European Debt Crisis (EDC), the 2017-2018 U.S-China trade war (U.S-China TWR) and the late 2019-2021 COVID-19 pandemic. This study employs the Page et al., (1999) model with the Granger causality model of Billio et al., (2012) to accomplish objective one. While in objective two, the DECO-GARCH model of Engle and Kelly (2012) was employed to establish the time varying equicorrelations status of the super sectors through the rolling window analysis. For objective three, the realised volatilities of the super sectors were obtained through the Garman and Klass (1980) model and thereafter, the dynamic connectedness and direction of propagation were determined through the Diebold and Yilmaz (2009, 2012 and 2014) model alongside the TVP-VAR of Antonakakis et al., (2020). The study further employed the nonlinear autoregressive distributed lag (NARDL) model to determine the asymmetrically significant determinants of total sectorial volatility connectedness of the JSE market in the fourth objective. Findings from this study revealed the Telecommunication super sector is the most systematically important super sector during the full sample size analysis. It was revealed that the equicorrelation of the super sectors is positive and high, this was also the case for the rolling window results except for the years not within the extreme period, yet the least equicorrelation was 0.1491 for the year 2012-2013, while the highest was 0.7022 for the COVID-19 pandemic period. It was also established that the total connectedness of the sample period and the different extreme periods were high, suggesting a high interconnectedness of the super sectors. Lastly, the determinant estimation results show LSAVI, LDMR and LEPU as the asymmetrically significant drivers of total sectorial volatility connectedness on the JSE market. This study is the first to investigate sectorial connectedness, equicorrelation and the determinants of volatility connectedness in South Africa and in Africa at large. This study contributes to the limited literature on systemically important equity super sectors and sectorial dynamic connectedness and dynamic equicorrelation in the emerging market. First the result shows that the Telecommunication sector is the most important node for the EDC, the U.SChina trade war and the COVID-19 pandemic periods. While the Insurance and the Energy are the highest ranked super sectors amongst the network of super sectors for the full sample period and for the GFC period, hence making these super sectors the most systemically important nodes during these selected periods. It also shows that the sectorial common equicorrelation on the JSE is high and time varying with higher values for the year where extreme events occurred such as the GFC, EDC, and the COVID-19 pandemic period. This result is also a revelation that during the period of financial or economic crisis correlation of sectors are high compared to non-crisis periods. Third, the dynamic connectedness results show that the sectors on the JSE are interconnected and a shock to one sector can have a spillover effect on another close sector in the value-chain. Fourth, the South African volatility index, the Economic Policy Uncertainty and the Domestic Market Return are symmetrically and asymmetrically significant determinants of the sectorial volatility connectedness of JSE market. These findings from this study have implications for economic policy makers, portfolio and fund managers, foreign and local investors, sector regulators and researchers/academics in the field of finance.