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Econometric Analysis of the Impact of Financial Variables on Investment Behavior in Sub-Saharan African (SSA) Countries

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  • Ngongang, Elie
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    Abstract

    The objective of this paper is to propose an econometric analysis of the impact of financial variables on investment behavior in Sub-Saharan African countries. More specifically, the study estimates an investment function using cointegration techniques with a view to highlight the impact of Stock Exchange prices on the evolution of long-term investment and its determination in the short term. In order to take account of the effect on investment of the uncertainty in economic growth observed in recent years, we worked out several indicators of volatility in Stock Exchange prices of which, the real interest rate and the rate of growth of value-added.

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    Bibliographic Info

    Article provided by Review of Applied Economics in its journal Review of Applied Economics.

    Volume (Year): 08 (2012)
    Issue (Month): 1 ()
    Pages:

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    Handle: RePEc:ags:reapec:143472

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    Web page: http://www.lincoln.ac.nz/story11874.html

    Related research

    Keywords: Financial assets; Investment; Risk; Uncertainty; Sub-Saharan African countries.; Financial Economics; Risk and Uncertainty;

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    1. Olivier Blanchard & Changyong Rhee & Lawrence Summers, 1990. "The Stock Market, Profit and Investment," NBER Working Papers 3370, National Bureau of Economic Research, Inc.
    2. Wernerfelt, Birger & Montgomery, Cynthia A, 1988. "Tobin's q and the Importance of Focus in Firm Performance," American Economic Review, American Economic Association, vol. 78(1), pages 246-50, March.
    3. Pindyck, Robert S, 1988. "Irreversible Investment, Capacity Choice, and the Value of the Firm," American Economic Review, American Economic Association, vol. 78(5), pages 969-85, December.
    4. Barro, Robert J, 1990. "The Stock Market and Investment," Review of Financial Studies, Society for Financial Studies, vol. 3(1), pages 115-31.
    5. Steve Bond & Alexander Klemm & Rain Newton-Smith & Murtaza Syed & Gertjan Vlieghe, 2004. "The roles of expected profitability, Tobin's Q and cash flow in econometric models of company investment," IFS Working Papers W04/12, Institute for Fiscal Studies.
    6. Anne Epaulard, 1993. "L'apport du Q de Tobin à la modélisation de l'investissement en France," Économie et Prévision, Programme National Persée, vol. 109(3), pages 1-12.
    7. Fumio Hayashi, 1981. "Tobin's Marginal q and Average a : A Neoclassical Interpretation," Discussion Papers 457, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Engle, R. & Hendry, D., 1990. "Testing Super Exogeneity And Invariance In Regression Models," Economics Series Working Papers 99100, University of Oxford, Department of Economics.
    9. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321.
    10. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
    11. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
    12. Crouzille, Celine & Lepetit, Laetitia & Tarazi, Amine, 2004. "Bank stock volatility, news and asymmetric information in banking: an empirical investigation," Journal of Multinational Financial Management, Elsevier, vol. 14(4-5), pages 443-461.
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