Journal of Business and Enterprise Development (JOBED)

The Devil is in the Tails - Modeling the Fat-Tails in Sub-Saharan Africa Equity Markets Using Extreme Value Theorem

Carl Hope Korkpoe, George Amofa Sarpong — Fri, 31 Oct 2025 00:00:00 +0000

This paper investigates the presence and implications of fat-tailed return distributions in Sub-Saharan African equity markets using Extreme Value Theory (EVT). While traditional asset pricing models often assume normality, frontier markets, characterised by low liquidity, regulatory asymmetries, and episodic volatility in returns, frequently exhibit return dynamics that deviate from Gaussian assumptions. We apply both block maxima and peaks-over-threshold approaches to daily equity index returns from selected Sub-Saharan exchanges, including Ghana, Nigeria, Kenya, and Botswana, over a 6-year period. Our findings reveal statistically significant tail heaviness and asymmetric risk exposures across markets, with implications for Value-at-Risk (VaR) estimation, portfolio optimisation, and systemic risk monitoring. The EVT-based models consistently outperform conventional parametric alternatives in capturing extreme downside risk. These results drive home the importance of tail-sensitive risk management frameworks in sub-Saharan stock markets and offer new insights into the structural fragility and resilience of frontier financial systems. The paper contributes to the literature by extending EVT applications to under-represented markets and by providing a robust empirical foundation for regulatory stress testing and financial innovation in the region.

Rent Tax Education, Rent Tax Compliance Cost and Rent Tax Compliance in Ghana

Fri, 31 Oct 2025 00:00:00 +0000

This study investigated the moderating role of the cost of complying with the rent tax on the relationship between rent tax education and tax compliance in Ghana, using a quantitative approach with 146 property owners and renters as the audience. Employing PLS-SEM analysis, the research revealed a significant positive relationship between rent tax education and compliance and, between compliance cost and compliance. However, the study found no significant moderating effect of compliance costs on the education-compliance relationship. The Importance-Performance Map Analysis showed that rent tax education was a very important and effective way to get people to comply, while compliance cost was only moderately important and effective. These findings suggest that targeted educational programmes could significantly improve compliance rates for rent tax, while the impact of compliance costs, though positive, is less pronounced. The study recommends investing in extensive education programmes for rent tax, simplifying compliance procedures, and implementing effective communication strategies to enhance voluntary compliance. This paper contributes to an understanding of compliance dynamics regarding rent tax in Ghana; hence, it is valuable information for policymakers and tax authorities in developing focused compliance strategies that would enhance revenue generation in developing economies.

Employment contracts renewal policy and academic talents in the University of Cape Coast: A critical discourse analysis

Nana Oppong, Anastasia Asante, Charity Abraham — Fri, 31 Oct 2025 00:00:00 +0000

The paper evaluates the employment contract policy and how it regulates the employment of academic talents at the University of Cape Coast in Ghana. A qualitative research approach, the paper employed the symbolic ethnographic methodology, and the critical discourse analytical tool was employed to analyse the qualitative text produced from two employment contract renewal letters. The analysis revealed that the practice is a problem being sustained by both the authorities of the university and the academics. The analysis further reveals some unfavourable HRM practices, with possible solutions identified and recommended, therefore activating the problem-identification and problem-solving powers of CDA. The study recommends that UCC amend its statutes to discontinue the policy, or a lump sum should be paid at the end of a contract term comparable to some fixed-term office holders in the country. The paper contributes valuable literature and has policy implications for the university authorities and the government on the management of the employment status of PhD-holding university lecturers.

Socioeconomic Determinants of Entrepreneurship among Older Persons in Ghana

Dr George Domfe, Dr Kwadwo Opoku, Dr Emmanuel Kumi — Fri, 31 Oct 2025 00:00:00 +0000

Despite the substantial involvement of older persons in entrepreneurial activities in Ghana, limited scholarly attention has been directed towards understanding the motivations behind enterprise creation in later life. Much of the existing research on entrepreneurship in the country has focused on youth, leaving a gap in knowledge regarding the socioeconomic factors that influence entrepreneurial engagement among older adults. This study addresses that gap by examining the determinants of grey entrepreneurship using a probit regression model applied to data from the Seventh Round of the Ghana Living Standards Survey. The analysis reveals that both necessity-driven factors (gender [woman], limited access to pensions and remittances, and low educational attainment) and opportunity-driven factors (wealth, urban residence, and good health status) significantly shape entrepreneurial decisions in old age. Importantly, the study contributes to the evolving discourse on entrepreneurship by challenging the traditional binary classification of entrepreneurial motivation. The evidence suggests that older entrepreneurs in Ghana navigate a continuum of motivations, influenced by both personal agency and structural conditions. This complexity highlights the need for inclusive and context-sensitive policy interventions. Therefore, the study advocates for the establishment of a non-contributory pension scheme to safeguard the economic security of all older adults and calls for collaborative action among state agencies, credit institutions, and other stakeholders to provide a supportive and enabling environment for entrepreneurial activity among Ghana’s ageing population.

Psychological Distress and Intention to quit. The Moderating role of Compensation among teachers in Second-cycle Institutions in Cape Coast, Ghana.

Fri, 31 Oct 2025 00:00:00 +0000

This research aimed to investigate the link between psychological distress’s dimensions and the intention to quit with the moderating role of compensation system among teachers in Second Cycle Institutions in Cape Coast Metropolis, Central Region of Ghana. The study employed a quantitative approach with a cross-sectional survey and explanatory research design. Using a sample of 167 responses from teachers, a Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed to analyse the relationships among the variables. The findings revealed a significant positive relationship between the various dimensions (emotional, cognitive, behavioural, and physiological) of psychological distress and teachers’ intention to quit. The study also found out that compensation plays a full moderating role in the relationship between psychological distress and the intention to quit. It was therefore recommended that management of Second Cycle Institutions in Cape Coast Metropolis should have a better system of compensation put in place so as to motivate teachers to remain in the profession.