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The study examined the relationship between intellectual capital efficiency and corporate sustainability growth. Intellectual capital efficiency was proxy using human capital efficiency, relational capital efficiency and structural capital efficiency while corporate sustainability growth was measured using corporate sustainability growth rate (CSGR). Ex post facto design was adopted and data for this study was collected from the annual reports and accounts of the 45 manufacturing firms listed on the floors of Nigerian Exchange Group for the period of 2015-2022. Panel Least squares model was used in the data analysis and the results of the study show a significant and positive association between human capital efficiency, relational capital efficiency, structural capital efficiency and sustainability growth of manufacturing firms in Nigeria at 1% -5% significant level. The study therefore concludes that intellectual capital efficiency ensures corporate sustainability growth. Thus, the study recommends that manufacturing firms in Nigeria should develop a means to improve their human capital efficiency as any negative changes in human capital efficiency will impact the sustainable growth of the firm. They should also invest heavily in relational and structural capital as it can improve their competitiveness, reputation and bottom line.

Keyword: Intellectual Capital Efficiency; Human Capital Efficiency; Relational Capital Efficiency; Structural Capital Efficiency; Corporate Sustainability Growth.

Omaliko Emeka Leonard, Mordi Kelvin Adim & Uzodimma Amara Celestina (2023). Intellectual Capital Efficiency and Corporate Sustainability Growth: The Nigerian Evidence. Journal of International Economics and Finance, 3: 1, pp. 1-14.

This study sought to ascertain the influence of microfinance services on financial performance of MSMEs in Kirinyaga County. Specifically, the study sought to determine how microcredit services, micro-saving services and business consultancy services offered by Microfinance institutions influenced financial performance of MSMEs within the County as operationalized by growth in their sales turnover. The study was anchored on the theories of Information asymmetry and Financial intermediation. The study’s target population comprised the MSMEs operating within Kirinyaga County and adopted the descriptive research design. The studied MSMEs were purposively selected from the townships of Sagana, Kerugoya, Kutus, Kagio and Kagumo. Primary data was collected using structured questionnaires and analysis of the collected data was performed using descriptive and inferential statistical techniques. The results were presented using tables and charts. The study found that all the services offered by microfinance institutions had a positive and significant influence on financial performance of MSMEs. Effectively, the study recommended that the owner-managers of the MSMEs should have more strategic engagement with the Microfinance institutions in tapping the services extended by them. Further, sustained efforts should be made by policy formulators to promote and strengthen microfinancing in pursuit of the Vision 2030.

Keywords: Microfinance Services, Financial Performance, Micro, Small and Medium Enterprises, Micro-credit, Micro-savings, Business Consultancy.

Robert Gitau Muigai & Jane Gathigia Muriithi (2023). Influence of Microfinance Services on Financial Performance of Micro, Small and Medium Enterprises in Kirinyaga Country. Journal of International Economics and Finance, 3: 1, pp. 15-27.

The aim of this study was to examine the impact of internal control on the performance of SMEs in Cameroon. This is due to the fact that many SMEs are family owned and owners are not always put qualified people to assure control. As a result, internal control is often neglected, especially in accounting which can lead to erroneous decisions. Drawn from the literature, independent variables namely, internal tools, determinants of performance, challenges of internal control and impact of internal control were formulated to link each research question and joint their impact on performance indicators such as management, organization and profitability. It is in this view that the followings hypotheses have been sated: there is no relationship between internal control system and performance of SMEs, there is strong relationship between internal control system and performance of SMEs, there is a significant influence of tools and determinants of the internal control on the performance of SMEs. In order to test these hypotheses, we used the multiple regression analysis, and the technique of estimations was the ordinary least squares and the data were extracted from a questionnaire. The results found a positive significant relationship between internal tools, determinants of performance, challenges of internal control and the performance of SMEs in Cameroon. This indicates that there is a direct relationship between internal tools, determinant of performance, challenges of internal control and performance of SMEs in Cameroon. The results also find a positive but non-significant relation between impact of internal control and performance of SMEs in Cameroon.

Keywords: internal tools, determinants of performance, performance of SMEs.

DADEM KEMGOU Edouard Guilaire, ONGONO AMOGO Tobie Nicaise & AKOSO Wilfred Nebasi (2023). The Impact of Internal Control on the Performance of SMEs in Cameroon. Journal of International Economics and Finance, 3: 1, pp. 29-47.

The Study investigated macroeconomic fundamentals as enhancers of the attraction of Diaspora remittance in Nigeria. The study used remittance inflows as measure of Diaspora Remittance and the Gross Domestic Product (GDP), inflation rate, exchange rate and unemployment rate as measures of macroeconomic fundamentals. The Ordinary Least Square (OLS) regression technique was deployed to analyse the data collected from the World Bank data base from 1990 to 2021. The findings revealed that the relationship between inflation rate and Diaspora remittance is positive and not significant, Gross Domestic Product (GDP) has both positive and significant relationship with Diaspora remittance, likewise unemployment rate and only exchange rate has a negative but significant relationship with Diaspora remittance in Nigeria. Following from the foregoing findings, the study recommended that the Central Bank of Nigeria (CBN) being the monetary and regulatory authority of the banking system, should formulate policies that would encourage the inflow of Diaspora remittance through the banking system, and also, the monetary authority should make efforts to reduce inflation rate to a single digit in Nigeria; such that Diaspora remittances are well utilized to boost employment generation in the economy.

Keywords: Macroeconomic Fundamentals, Diaspora Remittance, Gross Domestic Product, Monetary Authority

OSAYI, Valentine Igbinedion and KASIMU, Abudu (2023). Macroeconomic Fundamentals and Attractions of Diaspora Remittance in Nigeria. Journal of International Economics and Finance, 3: 1, pp. 49-65.

In a particularly difficult economic situation, such as the outbreak of the COVID-19 pandemic that completely reversed the positive development of the relevant figures by the beginning of 2020, the importance of tourism is increasing, as it is not only the heavy industry of Greece, but also a direct financier of the economy. Previous research highlights the importance of cooperation as a crucial element in the development of regional tourism. In this context of cooperative relationships, the role of primary production, agri-food and manufacturing in promoting and raising awareness of existing tourism-related activities, including those related to food and drink, is vital.

The proposed study sought to identify and highlight those factors that favour or hinder the development of entrepreneurship in the primary sector, focusing on the impact of the current outbreak of the Covid-19 coronavirus pandemic, as well as the business opportunities that will be created by linking tourism with primary production, agri-food and manufacturing on the island of Kefalonia.

This island belongs to the Ionian Islands Region and is a tourist destination with great potential.

Data were collected from multiple sources, such as secondary data, information from the internet, by filling in a questionnaire from a statistically sufficient sample of the population consisting of primary production manufacturing enterprises. The analysis of the data revealed the key role of the agri-food sector. This in turn underlines the need for a greater focus on how to exploit it in the hospitality sector, so that it can become a top development prospect for Kefalonia and can contribute decisively to its economic progress. Further studies on the common denominators and criteria for distinguishing between sustainable business practices would be valuable for researchers and practitioners, destination management organizations and regional development policy makers

Keywords: Kefalonia, primary sector, tourism product, COVID-19.

Evangelia D Parisi (2023). The Interconnection of Tourism with the Agri-food Sector and Manufacturing, Development Tools in the Era of COVID-19 and Beyond. Journal of International Economics and Finance, 3: 1, pp. 67-79.