ABSTRACT This study examines the impact of green performance appraisal on the behavioral engagement of selected employees in fintech organizations in Lagos State, Nigeria. Basing the research on the social identity theory, the study employs a quantitative descriptive survey design and uses primary data that was gathered using a structured questionnaire with a five-point Likert scale. One hundred and fifty questionnaires were administered, out of which 118 were returned and considered to be usable, which is a response rate of 78.7. The results were analyzed by multiple regression analysis with the help of SPSS and SEM. The results show that green performance appraisal positively and statistically affects the behavioral engagement of employees. This would indicate that the inclusion of environmental performance criteria in appraisal systems can be related to the higher engagement of employees in sustainability-associated activities. The study will add to the existing body of work on green human resource management because it will offer empirical evidence on the fintech industry in a developing economy. In practice, the results indicate that organizations can increase the level of employee engagement by integrating sustainability aspects in HRM practices.

ABSTRACT This study examines whether internal auditors add value through their work in information security, third-party management, and sustainability assurance. A survey of 142 internal auditors and 139 key stakeholders in Ghana was complemented with purposive interview involving nine experienced internal auditors with a minimum of ten years of practices and seven stakeholders from management, audit committees, and boards with each having held the role for at least five years. The survey data were analyzed using Partial Least Square structural equation modeling, while interview data were subjected to thematic analysis. The results indicate that the internal audit functions are developing competencies in third-party management and sustainability assurance, with positive perceptions of their value contribution. However, results on the information security were mixed between internal auditors and stakeholders. Interview evidence further suggests that internal audit functions are progressively expanding into emerging areas of assurance. This study is among the first to assess value creation from these specific activities, highlighting the evolving role of internal audit in strengthening organizational governance and accountability.

ABSTRACT The current article investigates the relationship between environmental sustainability and financial performance in African firms, as well as the moderating effect of green innovation on this relationship. It is based on a data mining game grounded on an African setting that includes Thomson Reuters environmental, social, and corporate governance (ESG) ratings for an average of 87 businesses throughout the period from 2010 to 2021. ‎ To do so, we have applied an instrumental variable quantile regression approach for non-additive fixed-effects panel data, which controls for potential endogeneity bias and the heterogeneity variable. In fact, the results indicate that the effect of environmental sustainability on financial performance appears to be heterogeneous; more specifically, environmental performance has both a positive and negative effect on the financial performance of the best/worst-performing firms. Furthermore, there is a positive correlation between environmental performance and financial performance in the presence of environmental innovation. These findings suggest that the potential economic channels of this relationship include cost reduction, reputation enhancement, and the stimulation of innovation, all of which strengthen competitive advantage. Thus, this study provides empirical evidence that green innovation can play a crucial role in the development of corporate environmental strategies in an African context.

ABSTRACT Despite the burgeoning of financial technologies (fintech) in Africa, there are still inconclusive findings on its transformative impact on financial inclusion (FI). This article aims to synthesize extant research on how fintech shapes the FI dynamics in this continent, with great potential but still less developed. Thus, we conducted a systematic review of 91 novel peer-reviewed articles published between 2000 and July 2025. Despite the growth in research, the results reveal theoretical, methodological, and contextual gaps. The results also reveal that research on fintech-driven FI in Africa currently clusters itself around four trending themes, including i) antecedents, ii) accelerators, iii) processes, and iv) outcomes. The paper further discusses the (inter)connections among these themes and offers nuanced implications for policy designs and interventions. The article concludes by providing potential research avenues that can further the fintech-FI development in the region.

ABSTRACT This study examines the dynamic relationship between disaggregated oil price shocks (risk, supply, and demand) and 12 MSCI African nation equity indices, as well as the S&P Africa 40 index, from October 2010 to November 2023. Using Wavelet Local Multiple Correlation and frequency-based quantile connectedness analysis, we aimed to clarify complex interactions and spillover effects. Results indicate that short-term market responses to oil price shocks have a significant influence on African stock indices, while long-term effects are less pronounced. Dynamic net return spillovers revealed shifting roles between net transmitters and receivers across different quantiles and frequencies, particularly during crises such as the COVID-19 pandemic and the Russia–Ukraine conflict. The correlation patterns between oil shocks and African markets varied over time and across different time scales. These findings underscore the importance of adaptive risk management strategies, advising investors to closely monitor specific types of oil shocks to make informed portfolio adjustments. For policymakers, the results emphasize the importance of targeted interventions, such as strengthening financial market resilience during periods of high oil market uncertainty, to promote financial stability in African economies.

ABSTRACT Entrepreneurship education has long been advocated to promote entrepreneurial career choice among young adults in developing countries such as Ghana. Drawing on the theory of planned behavior, we developed a moderated-mediation model in which entrepreneurship education related to entrepreneurial career choice through opportunity recognition. We proposed that this association is conditional on individual agency. A total of 446 undergraduate students who have completed entrepreneurship courses in Ghana were recruited to test the research hypotheses. The results showed a positive relationship between entrepreneurship education and entrepreneurial career choice. We also found a partial support for the moderated-mediation, in which the positive effect of entrepreneurship education on entrepreneurial career choice via opportunity recognition was moderated by individual agency. By extending empirical evidence beyond developed economies, this study enhances the contextual understanding of entrepreneurship and career decisions among young adults in sub-Saharan Africa. Theoretical and practical implications are discussed.

ABSTRACT This study investigates the impact of export credit on Nigeria’s non-oil export performance from 1981 to 2022. It utilizes the conventional export demand theory and estimates the specified model using the Granger causality test and the generalized method of moments (GMM). Non-oil export performance is evaluated through three indicators: total non-oil exports (TNOE), non-oil exports as a percentage of GDP, and non-oil exports as a percentage of total exports. The Granger causality test indicates a bi-directional causality between commercial banks’ export credits and total non-oil exports (TNOE). Based on the GMM estimator, the regression results reveal that conventional determinants like foreign demand and the real effective exchange rate are important drivers of Nigeria’s non-oil export performance. However, commercial banks’ credit to non-oil exporters (CBEC) has a significant negative impact, thus inhibiting Nigeria’s non-oil export performance. The findings also show that other variables such as energy, openness to trade, GDP per worker, and capital-labour ratio have a promoting impact, while the monetary policy rate acts as a deterrent to Nigeria’s non-oil export performance. Nigerian policymakers should consider increasing funding allocated to export credit specifically targeting non-oil exports to ensure that adequate financial resources are available to support and promote such activities.

ABSTRACT This study investigates how market sentiment impacts earnings management behavior among Johannesburg Stock Exchange (JSE) firms. Using McGregor BFA database (2010–2019), the sentiment index was calculated via price-earnings ratio differences and earnings management via discretionary accruals. The panel corrected standard error (PCSE) results suggest optimistic market states positively influence earnings management, causing increased distortions and less value-relevant reporting. This influence is stronger in high-sentiment states and sensitive to time-varying correlated controls and alternative earnings management measures. These findings underline the need for investors to scrutinize reported earnings, as prevailing sentiment may prompt managers to inflate profits and influence market decisions.

ABSTRACT The main objective of this study is to analyze the interrelationship between financial distress, earnings management, and audit quality of listed firms in Ghana. The study sampled 16 non-financial firms listed on the Ghana Stock Exchange from 2010 to 2022. Secondary data source was utilized in the study which were the annual reports of these listed firms. The research employed a quantitative approach, using random effect regression. The study found that financial distress had a statistically significant positive relationship with earnings management in Ghanaian firms. Audit quality exhibited a significant negative relationship with earnings management, indicating that higher audit quality can lead to lower earnings management. It was also found that audit quality did not moderate the relationship between financial distress and earnings management. To mitigate the inclination toward earnings management in times of financial distress, firms should strengthen their internal control systems and corporate governance practices. This could involve establishing stricter oversight mechanisms, such as forming an independent audit committee that regularly reviews financial reporting processes and outcomes. This study is the first study to analyze the interrelationship between financial distress, earnings management, and audit quality of listed firms in Ghana.

ABSTRACT The availability of Private Equity (PE) in Africa is quite limited. And even though the literature documents that in other parts of the world, this type of financing can relieve entrepreneurial firms’ financial constraints and likely benefit employment and firm growth, little is known about the effect of PE on firms operating in Sub-Saharan Africa (SSA). This paper describes the landscape of PE in this region and analyzes whether private equity helps firms survive and grow. The results reveal that recipients of external financing from PE firms have a higher probability of survival than non-recipients, and such financing strongly correlates with proxies for firm growth. These results remain robust in a further attempt to alleviate endogeneity, using propensity score matching to estimate the difference in outcomes between recipients and non-recipients. Our results suggest that PE is an essential source of external financing for SSA firms and that governments should create incentives for investors and entrepreneurs.