Journal of Economics and Behavioral Studies <p><strong>Journal of Economics and Behavioral Studies (JEBS)</strong> is an open access peer reviewed journal (ISSN 2220-6140) that publishes original unpublished research work. JEBS provides a forum for the intellectual exchange of academic research in the fields of economics, finance and behavioral studies. JEBS publishes 6 issues per year</p> <p><img src="/public/site/images/admin/cc_by2.png"></p> <p>This work is licensed under a&nbsp;<a href="" target="_blank" rel="license noopener">Creative Commons Attribution 4.0 International License</a></p> en-US <p>Author (s) should affirm that the material has not been published previously. It has not been submitted and it is not under consideration by any other journal. At the same time author (s) need to execute a publication permission agreement to assume the responsibility of the submitted content and any omissions and errors therein. After submission of a revised paper in the light of suggestions of the reviewers, editorial team edits and formats manuscripts to bring uniformity and standardization in published material.</p> <p>This work will be licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) and under condition of the license, users are free to read, copy, remix, transform, redistribute, download, print, search or link to the full texts of articles and even build upon their work as long as they credit the author for the original work. Moreover, as per journal policy&nbsp;author (s) hold and retain copyrights without any restrictions.</p> (Editor) (Support) Thu, 26 Sep 2019 15:23:07 -0400 OJS 60 Human Capital Development and Economic Growth in BRICS Countries: Controlling for Country Differences <p>This paper investigates the effect of human capital development on economic growth, as well as controlling for country differences, in the BRICS economies – from 1990 to 2017. Ordinary Least Square (OLS) and Generalized Method of Moments (GMM) were used as the estimation techniques. We use one-way ANOVA and Scheffe pairwise comparison tests to understand how human capital development differed between each pair of countries. Findings suggest that the effect of human capital development on economic growth, though significant, was limited in these countries. A comparative analysis of results showed that China, Brazil and Russia were able to utilise their human capital to enhance economic growth more efficiently than South Africa and India. Consequently, this study observed that a 1% increase in government expenditure on education would result in a 0.13% increase in GDP for China, a 0.06% increase in Russia, a 0.07% increase in Brazil, a 0.04% increase in South Africa, and a 0.01% increase in GDP in India. In addition, the study concluded that human capital development practices differ in all the countries. Although this result was previously implied in the literature, comparison of a comprehensive list of human capital development practices among countries was lacking. Overall, the paper argues that the classical theory of economic growth, in combination with the new theory, and also the theory of market value, will not only help sustain a strategy tripod, but also shed significant light on the most fundamental questions confronting human capital development and economic growth in many developing economies.</p> Awolusi D. Olawumi Copyright (c) 2019 Awolusi D. Olawumi Thu, 26 Sep 2019 14:10:16 -0400 The Effect of Fiscal Policy on Capital Flight in Namibia <p>The occurrences of capital flight continue to be of great concern for many developing countries and Namibia is not an exception to this. This study aimed at examining the effect of fiscal policy on capital flight in Namibia for the period, 2009-2018. To assess this, the Auto-Regressive Distributive Lag (ARDL) bound test to cointegration technique was employed. The finding revealed that there is a long-run relationship between the selected macroeconomic factors and capital flight. In particular in the long-run government expenditure and its interaction with debt stock are found to positively affect capital flight. In the short-run however, past capital flight, previous period tax rates, previous external debt, current debt stock, previous inflation rate, as well as previous financial deepening were found to bear a positive effect on capital flight. Estimate of capital flight using the residual approach shows that Namibia lost about N$ 42 billion in 9 years through capital flight. This means on average Namibia lost close to N$ 5 billion in capital flight. These empirical findings, call for serious policy interventions in order to minimize and contain the issue of capital flight in the country.</p> Valdemar J. Undji, Teresia Kaulihowa Copyright (c) 2019 Valdemar J. Undji, Teresia Kaulihowa Thu, 26 Sep 2019 14:23:24 -0400 Feeding Management and Extent of Commercialisation among the Smallholder Dairy Farmers in Zimbabwe <p>This study assessed the effects of grazing and feeding management on the extent of commercialization among the smallholder dairy farmers in Zimbabwe. Using a sample of 225 smallholder dairy farming households selected randomly across 11 smallholder dairy cooperatives in Zimbabwe, data were analysed using descriptive statistics and the ordinary least squares regression method. The study used milk yield as a proxy for commercialization. Farmers whose cows produced higher yield were considered more commercialized than farmers whose cows produced a lower yield. The results indicated that access to better pastures, better feed types, more area under fodder and more feeding frequency positively impact on milk yield. This result indicates that smallholder farmers with better access to enough, appropriate and consistent feed obtain better milk yield from the dairy cows while the poor quality and quantity of feeds are the primary reasons why most smallholder dairy farmers in developing countries like Zimbabwe continue to produce low/uneconomic milk yields. Since purchased dairy feed concentrates are essential in enhancing milk yield, the study recommends that farmers who can afford these should continue using them and where applicable agro-dealers selling these inputs should be supported to establish selling outlets within the farmers reach. However, given the cost of the commercial dairy feeds visa the economic capacity of smallholder milk producers, the study recommends farmer to consider producing their feed by putting more area under fodder than buying commercial feed.</p> Tawedzegwa Musitini, Abbysinia Mushunje, Joseph Muroiwa Copyright (c) 2019 Tawedzegwa Musitini, Abbysinia Mushunje, Joseph Muroiwa Thu, 26 Sep 2019 14:32:32 -0400 An Analysis of Macroeconomic Determinants of Remittances in Southern Africa <p>The study analyzed macroeconomic determinants of remittances in Southern Africa and used annual data for the period ranging from 2003-2016. The macroeconomic determinants used include: remittances themselves, inflation rate, GDP growth rate, nominal exchange rate, broad money and age dependency ratio. A panel study was carried out using both the fixed and random methods of which the random method was found to be most appropriate. The countries included in the study were Botswana, Lesotho, Malawi, Mozambique, South Africa, Swaziland and Zambia. It was found that of the variables used, only changes/improvements in the home countries’ economic environment and the exchange rate were statistically significant.</p> Fwasa K Singogo, Emmanuel Ziramba Copyright (c) 2019 Fwasa K Singogo, Emmanuel Ziramba Thu, 26 Sep 2019 14:42:15 -0400 Influence of the Consideration of Future Consequences on Financial Behavior: The Case of Japanese Individual Investors <p>We analyze the impact of the “consideration of future consequences” (CFC) on the amount of financial assets and the liabilities of individual investors by applying a Tobit model to data from a web-based survey. We find that impatient individuals with high CFC have fewer deposits and financial asset balances. We also examine the influence of the CFC-immediate (CFC-I) and CFC-future (CFC-F) sub-indicators often used in psychology as well as CFC on financial asset balances and liabilities. CFC-I show concern with immediate consequences and also an index related to ego depletion. We find that the higher the CFC-I, the lower the amount of deposits and financial asset balances. However, CFC-F is a sub-indicator designating lack of concern with future consequences; thus, the higher the CFC-F, the larger the debt.</p> Toru Suehiro, Koichi Takeda, Takashi Kozu, Toshihiko TAKEMURA Copyright (c) 2019 Toru Suehiro, Koichi Takeda, Takashi Kozu, Toshihiko TAKEMURA Thu, 26 Sep 2019 14:52:29 -0400 The Challenges/Barriers Preventing the South African Youth in Becoming Entrepreneurs: South African Overview <p>Youth entrepreneurship is commonly measured as a significant determinant of poverty reduction, economic development and job creation but the participation of the youth in entrepreneurship is worrisome. Against this background, this study aims to evaluate the challenges that are preventing the youth in starting their own businesses. A qualitative research approach was adopted to enable the use of secondary data literature. The research methodology was undertaken by systematically reviewing and contextualizing the literature regarding the challenges preventing the youth from participating in entrepreneurship activities. The data was analyzed using thematic content analysis. The results showed that the lack of education, society’s attitude towards youth entrepreneurship, lack of access to finance and a poor entrepreneurship culture are the barriers that prevent youth from engaging in entrepreneurial activities. A policy implication arising from these findings is that there is a need for entrepreneurship education, better support from society and the provision in terms of the easy access to finance.</p> Thobile N Radebe Copyright (c) 2019 Thobile N Radebe Thu, 26 Sep 2019 14:58:13 -0400 The Effect of Climate Change on Agricultural Crop Returns in Uganda <p>The study examined the effect of climate change on agricultural crop returns in Uganda using the Ricardian Panel Tobit technique and the World Bank Living Standards Measurement Survey (LSMS) data, climate data from Uganda National Meteorological Authority (UNMA) and global weather data. The findings showed that climate related risks account for over 67 percent of agricultural risks and less than 2 percent of the farming households practise irrigation. Farmers that practised irrigation earned higher agricultural returns nationally than their counterparts did. The findings show that the output elasticities with respect to temperature range from -2.02 percent to 0.543 percent. This implies that for the average temperature increase by 1 percent, maize farm returns decreased by 2.02 percent, banana by 1.7 percent, cassava by 1.50 percent and beans by 1.01 percent. While 1 percent increases in rainfall, lowered banana returns by 0.02 percent, beans by 0.08 percent, cassava by 0.035 percent, maize by 0.025 percent except for groundnuts’ returns increased by 0.115 percent. Apart from climate factors, non-climate factors such as capital, labour, farm size, fertilizers and soil quality are equally important inputs and significantly impact on agricultural farm returns. The study proposes that due to unrelenting adverse climate change effects in Uganda, adoption of multi-pronged approaches such as extensive irrigation, agro-insurance, diversification of agricultural activities, use of food cribs during bumper harvests would be the breath of life for Ugandan farmers.</p> Geoffrey Norman Tumwine, Razack B Lokina, John Mary Matovu Copyright (c) 2019 Geoffrey Norman Tumwine, Razack B Lokina, John Mary Matovu Thu, 26 Sep 2019 15:06:29 -0400 Estimation of Technical Efficiency of Micro and Small-Scale Manufacturing Enterprises in Selected Towns of Jimma Zone, Oromia National Regional State <p>This study was conducted to estimate the technical efficiency of micro and small-scale manufacturing enterprises in Selected Towns of Jimma Zone, Oromia National Regional State by using the Stochastic Frontier Approach. The analysis used Cross-sectional data which was collected from 343 Micro and small-scale manufacturing enterprises in 2018. The finding shows the mean technical efficiency of sampled Micro and Small-Scale Manufacturing Enterprises is about 54.8% and output value-added is positively affected by capital input and raw material, but negatively affected by labor input. The finding from the inefficiency model indicates that technical inefficiency of sampled Micro and Small-Scale Manufacturing Enterprises is negatively affected by the amount of finance used for initial investment expenses; lower for enterprises which received land from the government, participate only in “Ekub”, participate in both “Ekub” and “Edir”. However, seasonal change in demand for a product is found to make technical inefficiency of enterprises higher. Thus, by improving Micro and Small-Scale Manufacturing Enterprises access to land, market, sufficient</p> Haile Girma, Gadisa Abera Dinka, Mohammedsani Ali Gelan Copyright (c) 2019 Haile Girma, Gadisa Abera Dinka, Mohammedsani Ali Gelan Thu, 26 Sep 2019 15:12:30 -0400 Strategy of Strengthening Food and Beverage Industry in Indonesia <p>The food and beverage industry has an important role to play in the Indonesian economy. This industry's contribution to the GDP of the non-oil and gas industry reaches almost 34 percent and absorbs a lot of labor. The purpose of this paper is to analyze the strategy of strengthening the food and beverage industry which can improve the performance and competitiveness of Indonesia's food and beverage industry sector. The approach used is a descriptive approach. The results of the analysis show that for some food commodities have a low competitiveness, while the beverage industry which is dominated by soft drinks and alcoholic beverages, Spirits drinks and Beer has an increasing trend. To improve the competitiveness and performance of Indonesian food and beverage products, the government has carried out several policies, but not yet optimal. The strengthening effort that must be made by the Government is to increase exports to non-optimal markets (Untapped Market Countries). In addition, for the development of small and medium industries, the industrial sector also needs fiscal incentives as well as increased industrial technology capabilities.</p> Ragimun, Sri Widodo Copyright (c) 2019 Ragimun, Sri Widodo Thu, 26 Sep 2019 15:19:51 -0400