A Dynamic Analysis of the Nexus between Entrepreneurship, Human Capital Development and Financial Deepening: Evidence from Selected African Economies
A Dynamic Analysis of the Nexus between Entrepreneurship, Human Capital Development and Financial Deepening: Evidence from Selected African Economies
Author(s): Patrick Omoruyi EKE, Lawrence Uchenna OKOYE, Grace Ofure EVBUOMWANSubject(s): Economy, Supranational / Global Economy, Business Economy / Management, Human Resources in Economy
Published by: Reprograph
Keywords: African economies; entrepreneurship; financial deepening; human capital;
Summary/Abstract: This paper examines whether human capital development is significant in the nexus between entrepreneurship and financial deepening, while also accounting for institutional quality as control variable in thirteen selected African economies from 1995-2014. Evidence from the augmented Toda-Yamamoto technique shows that human capital does not have long run causal effect on entrepreneurship and financial deepening, which suggests low quality human capital for entrepreneurial development. The paper recommends market-based funding for human capital development to enhance quality, creativity, entrepreneurship, and hence financial deepening. Global best-practice institutional governance system would reduce ‘cost to start business’ and thereby encourage growth of entrepreneurship.
Journal: Journal of Applied Economic Sciences (JAES)
- Issue Year: XIII/2018
- Issue No: 59
- Page Range: 1344-1356
- Page Count: 13
- Language: English