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The determinants of foreign direct investment in Sub-Saharan Africa
Get PDFThe study examined the determinants of foreign direct investment (FDI) in Sub Saharan Africa between 1970 and 2000. Results indicate that trade liberalization has been the main determinant of FDI over the three decades. However, the low level of FDI inflows to the region, suggest that liberalization policies are necessary but insufficient in attracting FDI. Policy makers in the region should therefore focus on institutional reforms and improve the business climate to enhance the region\u27s chances of attracting more FDI. On the other hand, multinational enterprises could exploit the favorable FDI policy environment to negotiate favorable terms of entry and reap the benefits of beingfirst-movers
The statutory audit- Understanding the legal duties and responsibilities of the auditor Part II
Get PDFFundamental to the auditor\u27s consideration of risk, is the fact that the auditor can be sued by the client under contract law (professional negligence, failure to spot a material fraud etc.) or by a third party in a tort. The auditor\u27s liability springs from the general principle of law that where a person is under a legal duty to take such care, whether imposed by specific contract or otherwise, the failure to exercise reasonable standard of care will make that person responsible for any resultant damage or loss to those to whom the duty is owed. What conduct satisfies the standard of care required will, in any particular case, depend entirely upon the circumstances. The general degree of skill and diligence demanded of, and attained by auditors today is unprecedented. The question as to whether an auditor is or not guilty of negligence in any particular case, is largely determined by reference to the standard to which contemporary members of the profession conform. This part (Part 2) of this article makes compelling arguments for the need to understand auditor\u27s legal duties and responsibilities as regards fraud. It provides concluding thoughts on the subject matter. We advance various arguments and proposals for enhancing the image of the statutory auditor
Integrated marketing communication in the hotel industry: Enhancing tourism and national economic development
Get PDFIn recent years, integrated marketing communications (IMC) has gained popularity among academics and marketing practitioners. However, the term is not yet well known in the hotel industry in Ghana. This paper seeks to explain the importance of IMC strategy in the hotel industry as well as discuss the practical issues involved with the implementation of IMC strategy. From a broader perspective, IMC considers not only the promotional tools (advertising, sales promotion, personal selling, direct marketing and public relations), but also every contact with the company, the product, or the brand. IMC strategy should work for all customer-focused organisations, but the strategy is more beneficial for service providers, such as the hotel sector. Services are intangible, hence, the task of communicating or promoting service quality to customers is very challenging indeed. This explains the need for IMC strategy, because IMC seeks to promote the company and its services through other activities. These activities were not considered to be part of marketing communications in the past, but with the introduction of IMC, it has become abundantly clear to marketers that a lot of activities that businesses take for granted actually communicate powerful messages to a company\u27s audience. Hotel industry constitutes a major component of the tourism sector and tourism plays a vital role in the nation\u27s economic development agenda. For this reason, the adoption of IMC concept by the hotel industry will benefit the individual companies in the industry and the nation as a whole
Creative conflict management in organizations
Get PDFIn our relationships at our workplaces, we are involved in all kinds of actions, decisions, and changes that may threaten or confuse others. If these fears and misunderstandings are not quickly resolved, tension will mount and conflict will develop. Conflict itself can be positive and the idea that conflict is bad is very debilitating to organizations because it prevents growth, change, and new directions. It is not only possible but also undesirable to eliminate all conflict in an organization. However, understanding the dynamics taking place in conflict and knowing how to manage it can provide rich opportunities for organizational effectiveness. Organizational Conflict is a natural by-product of increased societal and organizational complexity. The average community, school, church and organization these days, are composed of people from many different backgrounds, cultures, religions, races, and value systems. These differing viewpoints and behavior increase the likelihood of misunderstandings that in turn lead to conflicts. Organizational conflict has therefore become one of the manager\u27s greatest managerial plaques. The implication of all of this is that, it is essential that managers understand conflict and how to manage it successfully. If managers do not understand the dynamics taking place in conflict, they will tend to be “reactors” to whatever is happening in this process. Instead of turning it into a process for problem-solving, positive change, new goals, and relationship building
Venture capital and corporate governance in Ghana
No full textVenture capital (VC) investments in Ghana are relatively new but promise to enhance economic development. This article discusses the general description of the process and recent contribution of VC on corporate governance is discussed. This study was conducted using both complementarities framework and governed corporation principle in which venture capital firms and their portfolio firms provided the basis of resource exchanges. There is now transformation in corporate governance in Ghana as a result of VC investment. Venture capital investment at the moment is skewed in favour of late stage financing. The active participation in the portfolio firms through board representation by VC firms is enhancing corporate governance
Women in management: Gender inequality and the glass ceiling
No full textAll through the corporate world, women have been instrumental in the drive for business success in many ways, yet there are social barriers and conceptions about their gender that tend to influence their place in management. This paper looks at major causes of gender inequality in our society the psychological and sociological factors. It is a reflective study based on the concept of the Glass Ceiling. It is drawn from a study done in 2007 using organisations in Ghana\u27s Club 100 listing of 2005. The strongest common factor named as the cause of societal discrimination against women is that of social stereotyping. This influence cannot be overlooked, especially in light of the fact that societal stereotyping stems from physiological/natural characteristics of women
Micro finance product development in Ghana: The case of Kraban Support Foundation’s micro loan products
No full textIn Ghana today, the growing competition in the financial services sector has necessitated the need for innovative products with emphasis on sale of funds in order to succeed in the dynamic operating financial environment. Micro-finance institutions (MFIs), especially the financial non-governmental organizations (FNGOs), are playing pivotal roles in micro-finance service delivery in Ghana. Through innovative product development, these microfinance institutions render very useful financial services to the rural, peri-urban, urban, and the informal sectors of the Ghanaian economy to meet ever increasing demand for these innovative microfinance services
The ‘ABC’ of intercultural negotiations
Get PDFGlobalization of the world economy has resulted in an increased interdependence between nations around the world. Cross cultural skills have therefore become increasingly important as more and more people from different countries study, work, and live together. The paper examined two main aspects of culture; first, as a dynamic concept, and second, as both a barrier and a bridge in crosscultural negotiations. The discussion leads us to conclude that what is different is not necessarily inferior and what is familiar is not always the best. We argue that while the development of intercultural competence may be difficult to learn and apply, when we accept the boundedness of our rationality and awareness, we will be more willing to open ourselves to self discovery to minimize intercultural differences in negotiations
Leadership and excellence: A tool for good governance of tertiary institutions The IPS experience
No full textVery often, administrators only manage or govern by means of what they perceive as the best administrative procedures and policies without paying regard to the art of leadership. Leadership entails influence persuasion, and direction. It is concerned with the communication of the vision and the development of a culture and set values that lead to what the organization desires for the future. The environment of teaching and learning requires a more complex form of leadership and management because of the presence of diversity of purpose and academic freedom. For effective governance, universities require the use of leadership skills and styles that will enhance the collective role of the university to advance knowledge in all respects. This paper aims at the sharing of leadership experience gained through a real life situation by a tertiary educational institution that has made a tremendous strides. Il discusses the impact of the use of leadership skills in the governance of tertiary educational institutions. The use of appropriate leadership power in an attempt to influence people has also been discussed and the effect on the vision of the organization has been considered. The experience of the Institute of Professional Studies (IPS) confirms that the Rector or Vice- Chancellor is more likely to succeed when he or she shares his vision with others. The case of IPS gives an indication that leaders who combine the middle-of-the-road management style with team management style and behaviour achieve better results. The article suggests that effective leadership involves the creation of enabling environment, empowerment, collaboration, cordial relationships, and diversity