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The central theme of John Maynard Keynes’s The General Theory of Employment, Interest and Money (henceforth, The General Theory) is that uncertainty governs economic activity. Because people lack the information needed to make informed decisions and pursue their best interests, they can only act in ways they believe will best serve them or fall back on convention. However, the conventions households rely on may lead to deficient or excessive demand for commodities. As businesses respond to demand deficiencies or excesses, production and employment may also become unstable. When demand is modestly deficient or excessive, contractions and expansions will be mild, as in the trade cycle. However, if demand is extremely deficient or excessive, contractions and expansions could be severe, as in the Great Depression and the 2008 Financial Crisis. This paper examines how uncertainty leads to the trade cycle in Keynes’s theory, while setting aside the more severe form of instability for another occasion.

Road infrastructure is essential for socioeconomic development, market access and public service delivery. However, effective implementation requires leadership capabilities that address emerging challenges and operational constraints. This study examined the influence of problem-solving skills on road infrastructure project implementation in Kitui County, Kenya. The study was guided by Path–Goal Theory and adopted a positivist research philosophy and descriptive survey research design. The target population comprised 600 employees involved in planning, procurement, supervision, technical implementation and administration of road infrastructure projects within the Kitui County Department of Public Works and Infrastructure. Proportionate stratified random sampling was used to select 240 respondents. Data were collected using structured questionnaires and analysed using the Statistical Package for the Social Sciences (SPSS) Version 26. Descriptive statistics, Pearson’s correlation and simple linear regression were employed. Of the 240 questionnaires distributed, 175 were returned, representing a response rate of 72.9%. The findings revealed a positive and statistically significant relationship between problem-solving skills and road infrastructure project implementation (r = 0.640, p < 0.001). Regression results further indicated that problem-solving skills significantly predicted project implementation (β = 0.640, B = 0.707, p < 0.001), explaining 41.0% of the variation in implementation outcomes (R² = 0.410). The study concludes that problem-solving skills are important for addressing implementation challenges and improving road infrastructure project outcomes. It recommends that the County Government of Kitui strengthen leadership development through training in problem identification, analytical decision-making, adaptive responses and innovative problem-solving to support timely project completion, efficient resource utilization and compliance with required quality standards.

Namibia’s farming sector faces recurrent drought, water scarcity and uneven access to agricultural services. This structured narrative review examines the relevance of Big Data to commercial and small-scale farming through the pathway from data collection to usable decisions. It draws on research and institutional reports on remote sensing, precision agriculture, analytics, advisory services and data governance. Search dates, executed queries, selection counts and source-level appraisal records remain unverified; systematic coverage is not claimed. The synthesis distinguishes Namibia-specific documentation, findings from African settings whose comparability requires assessment, and potential local uses inferred from international research. Namibian sources establish sector context but do not substantiate measured farming benefits attributable to Big Data. African literature informs adoption and access considerations, while international reviews describe technical applications and implementation requirements. Candidate uses include crop and pasture monitoring, irrigation support, livestock information, forecasting and drought preparedness. The review’s contribution is a Namibia-focused interpretation of where data-to-decision pathways may fail, particularly when farmers cannot afford or act on advice. Proposed responses identify advisory services, farmer organisations, public data custodians and technology providers as potential actors, subject to local validation, affordability and accountable governance. These are recommendations for testing, not demonstrated effects. Locally evaluated changes in decisions, resource use, productivity, resilience and income are needed before impact claims can be made.

The fluctuation of firm value of companies listed in Nairobi Securities Exchange (NSE) has been a consequence of a number of determinants. Carbon emission disclosure has been a subject of concern by many stakeholders since the advent of global warming aspect worldwide. On this basis this study investigated the effect of carbon emission disclosure on firm value of listed companies in the NSE and further, interrogated the moderating role of corporate characteristics (firm size, leverage and profitability) on this relationship. The inquiry focuses on listed companies in the NSE for the period 2022 to 2024. Anchored on the stakeholder, legitimacy and resource-based-view theories, the study combined explanatory longitudinal and ex-post-facto research designs. From a population of 64 listed companies by December 2024, an initial sample of 54 companies was purposively selected. The final response rate was 43 (80%) firms that entered the final analysis. The study was anchored on the stakeholder theory, legitimacy theory and resource-based view theory. Secondary data obtained from the sampled company annual integrated reports and/or sustainability report for the 3 year period was described using descriptive statistics and analyzed using hierarchical regression methods in SPSS version 27. From the study findings it is revealed that carbon emission disclosure has a statistically significant negative effect on firm value. While corporate characteristics of firm size and leverage were found not to significantly influence the relationship, profitability was found to moderate the relationship between carbon emission disclosure and firm value. The negative interaction with profitability does not however support the argument that firms can buffer profitability through carbon disclosure. There is a need for enhanced assurance and comparability in carbon disclosure by regulators. Firms should also endeavor to link carbon disclosure to credible transition plans and financially responsible decarbonization strategies.

The implementation of Artificial Intelligence (AI) in the oil and gas sector is increasingly expanding as an effort to improve operational efficiency and support employees’ work activities. However, the successful adoption of AI depends not only on the availability of technology but also on employees’ level of acceptance and ability to utilize it effectively. This study aims to analyze the impact of AI Acceptance on employee productivity at PT Seashore and identify the factors that cause AI acceptance to have not yet resulted in optimal productivity improvements. This study employs a qualitative approach using a case study method through semi-structured interviews with three AI-using employees and four key informants. Data were analyzed thematically based on the Technology Acceptance Model (TAM) perspective using Open Code. The findings indicate that AI Acceptance has a good impact on productivity, particularly in administrative, repetitive, and structured tasks, by saving time and improving efficiency. However, this impact remains suboptimal due to limitations in prompting, inaccuracies and hallucinations, the need for verification and rework, the risk of overreliance, limited technical understanding, task suitability, and constraints related to AI access and governance.

This article examines financial and non-financial constraints reported by township small businesses and considers their implications for enterprise support in emerging economies. A descriptive secondary analysis uses reported survey results from a research project commissioned by the Small Enterprise Development Agency (SEDA), comprising 521 completed responses across ten broader city regions in South Africa. Results are organised into finance, business capability, market access and the operating environment. Lack of finance was reported by 55.9% and inadequate training by 55.7%; infrastructure deficiencies, staffing and service provision were also prominent. Obtaining funding was regarded as difficult by 88.4%, while 49.0% regarded market access as very difficult. These aggregate results identify prominent constraints across the sample but do not establish their co-occurrence within individual enterprises or their effects on performance. The contribution is an organising framework for interpreting township evidence and developing an enterprise diagnostic approach. Coordinated, needs-based support is proposed for future evaluation; its effectiveness is not tested in this study. Coverage of registered businesses in the SEDA database, non-response and unverified item response bases limit wider applicability.

Risk monitoring has become increasingly important in enhancing the financial performance of financial institutions by facilitating the early detection of risks, strengthening internal controls, and improving operational efficiency. However, empirical evidence on its effect remains inconclusive, particularly among Deposit-Taking Savings and Credit Cooperative Societies (DT-SACCOs) in Kenya. This study examined the effect of risk monitoring on the financial performance of Deposit-Taking SACCOs in Kenya. The study was anchored on Risk Management Theory and the Basel Framework and adopted a positivist research philosophy and a causal research design. A sample of Deposit-Taking SACCOs licensed by the Sacco Societies Regulatory Authority (SASRA) was selected using stratified random and purposive sampling techniques. Primary data were collected using structured questionnaires, while secondary data were obtained from SASRA reports and audited financial statements. Risk monitoring was measured using monitoring tools, surveillance, risk tracking, and risk communication, whereas financial performance was measured using the reverse-coded operational cost ratio. Descriptive statistics and simple linear regression were used to analyze the data. The findings revealed that risk monitoring had a positive and statistically significant effect on financial performance (β = 0.803, p < 0.001), explaining 54.8% of the variation in financial performance (R² = 0.548). The study concludes that strengthening continuous risk monitoring enhances operational efficiency and financial sustainability.

This study aims to investigate the relationship between the language used by companies in their official communications and their financial performance, as well as their tax compliance, based on the hypothesis that the optimistic tone reflected in annual and sustainability reports may be associated with specific economic outcomes. The analysis is based on a sample of 231 companies in the European Union for the year 2024. More specifically, the research aims to quantify the degree of optimism in corporate discourse using text analysis methods and to examine how it correlates with key financial indicators, namely profitability. At the same time, the study includes a tax component, analyzing the relationship between the tone of communication and the effective tax rate to determine whether there are trends indicating that companies with more positive discourse also exhibit specific tax behaviors. The results suggest that profitability is negatively associated with optimism, while, after conducting robustness tests, there is insufficient evidence to support a relationship between the degree of tax compliance and an optimistic tone. Through this approach, the study contributes to the literature on corporate transparency and non-financial reporting, offering insights into the extent to which the narrative style adopted by companies may signal actual performance or, conversely, may be used as a strategic tool to influence the perceptions of investors and other stakeholders. To the best of our knowledge, the literature does not provide an in-depth analysis of profitability and tax compliance components simultaneously, nor of their impact on corporate discourse.

This study analysed the influence of socio-economic factors on willingness to pay (WTP) for livestock insurance among cattle farmers in Tanga Region, Tanzania. Guided by the Theory of Planned Behavior (TPB) and a pragmatist philosophy, the study employed a cross-sectional explanatory mixed-methods design. A sample of 385 farmers was targeted and 380 questionnaires were analysed, complemented by semi-structured interviews with 15 informants. WTP was modelled as a binary outcome using probit model. Monthly income (β = 0.00142, p < 0.001) and education (β = 0.324, p < 0.001) were positively associated with WTP, while occupation was negatively associated with WTP (β = −0.285, p = 0.012). Average marginal effects (AMEs) were 0.00057 for monthly income, 0.1293 for education and −0.1137 for occupation. Qualitative findings explained these relationships through irregular income and premium affordability, insurance literacy and comprehension of policy conditions, livelihood dependence on livestock, and competing household financial priorities. The patterns are consistent with evidence that affordability, information and education constrain agricultural-insurance participation, while off-farm diversification can either complement or substitute for formal insurance depending on context. The study concludes that improving WTP requires affordable and flexible premium arrangements, simplified insurance information and differentiated outreach that recognizes farmers’ livelihood structures.

The aim of this article is to examine how diaspora remittances could be more effectively channelled to support rural development and, where the evidence permits, productive investment in Zimbabwe. Using the PRISMA systematic review approach, thirty-two sources published between 2013 and 2025 were reviewed, comprising peer-reviewed journal articles alongside doctoral theses, working papers, and institutional and policy reports; this composition is grey-literature-inclusive rather than confined to peer-reviewed articles. The review synthesizes evidence on the challenges, opportunities, and policy instruments relevant to the developmental use of remittances. The reviewed evidence most strongly supports remittances' role in sustaining rural household welfare improving access to food, healthcare, and education, and reducing poverty and vulnerability to shocks. Evidence connecting remittances to productive investment and, more specifically, to Gross Capital Formation (GCF) a national-accounts concept that is not synonymous with household saving or spending is considerably thinner and is treated here as suggestive rather than established. Only two of the 32 included studies directly estimate a remittance–GCF relationship specifically for Zimbabwe. High transaction costs, weak institutional coordination, and limited financial inclusion appear, across the reviewed studies, to constrain the share of remittances directed toward saving and investment. The article discusses policy instruments including diaspora bonds, remittance-linked savings products, digital financial platforms, and investment cooperatives -that are proposed, on the basis of international experience and the authors' own analysis, as potential mechanisms for increasing the productive use of remittances, while noting that Zimbabwe-specific evidence for their effectiveness remains limited. This review was conducted by two authors without independent duplicate screening or a formal risk-of-bias appraisal instrument, limitations that are discussed explicitly and that readers should bear in mind when interpreting the synthesis.

Artificial Intelligence (AI) is increasingly reshaping strategic decision-making by enabling predictive analytics, pattern recognition, and organizational responsiveness. While global evidence highlights AI’s transformative potential, research on managerial acceptance remains uneven, particularly in emerging economies such as South Africa. This gap is essential, as socio-economic and organizational conditions strongly influence adoption outcomes. This narrative literature review synthesizes the existing knowledge on managerial acceptance of AI-driven decision-making, evaluates the applicability of established technology acceptance frameworks, and identifies challenges and future research needs. The review adopts a narrative approach and emphasizes conceptual synthesis rather than systematic database searching. It focuses on the Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology (UTAUT), Theory of Planned Behavior (TPB), and emerging AI-specific approaches such as the AI Acceptance–Avoidance Model (IAAAM), with emphasis on managerial decision-making in organizational contexts. Findings indicate that determinants such as perceived usefulness, ease of use, trust, transparency, and organizational support strongly influence adoption, while inhibitors include opacity, ethical concerns, and perceived loss of autonomy. The review highlights theoretical gaps in applying traditional acceptance frameworks to AI’s socio-technical complexities and underscores the absence of empirical validation of the emerging AI-specific Model in South Africa. Practical implications stress the importance of organizational readiness, leadership support, and ethical governance. Future research should prioritize longitudinal, context-sensitive studies to advance both theory and practice in AI adoption.

Local Economic Development (LED) is an important mechanism for promoting inclusive economic growth, employment creation, and improved livelihoods at the local level. However, the effectiveness and sustainability of LED interventions remain constrained by uneven economic opportunities, limited institutional capacity, inadequate community participation, and weaknesses in planning and accountability. This study explores strategies for enhancing local economic development outcomes in KwaZulu-Natal (KZN) by examining the perspectives of LED experts and community members in Umlazi Township. The study adopted a qualitative research approach and utilised semi-structured interviews with five KZN LED experts and fifteen community members from Umlazi Township. The findings indicate that several initiatives, including mentorship on the provincial social economy, training of LED officers, information-sharing sessions and funding support for social entrepreneurs, are being implemented to promote local economic development. However, the findings also reveal that the impact of these interventions is constrained by inadequate continuous skills development, uneven distribution of economic benefits between urban, township and rural areas, limited adaptation of LED strategies to local conditions, institutional capacity constraints and perceived weaknesses in accountability. The study further identifies community participation, continuous capacity building, improved accountability and monitoring, and proper and consistent planning as critical mechanisms for strengthening LED outcomes. The findings suggest that LED interventions should move beyond short-term project implementation towards locally responsive, inclusive and sustainable development approaches that actively incorporate community priorities and strengthen collaboration among government, businesses and communities. The study contributes to the understanding of how expert and community perspectives can inform more effective LED implementation in KZN.

This conceptual article advances adult education as a strategic framework for cultivating workplace collegiality between civilian academics and military professionals within Professional Military Education institutions. Grounded in Self-Directed Learning, Informal and Incidental Learning, and the Theory of Work Adjustment, the article conceptualizes collegiality as an intentional, learnable and sustainable professional practice that strengthens collaboration across diverse institutional cultures. Drawing on the reflective experiences of the inaugural civilian Dean of Academic Affairs and a Military Protocol Officer at the Botswana Defence Command and Staff College, the paper explores how adult learning principles foster mutual understanding, trust, respect and a shared professional purpose. The analysis demonstrates that mutual respect, experiential learning, recognition of prior expertise, open communication, reflective practice and commitment to common goals are critical enablers of workplace collegiality. Particular attention is given to the interface between academic autonomy and military protocol, illustrating how institutional procedures can serve as catalysts rather than barriers to collaboration when viewed through an adult education lens. The paper argues that workplace collegiality flourishes when professional differences are valued as complementary strengths and individuals adapt constructively to organizational expectations. It concludes that adult education provides a powerful foundation for building collegial civilian-military workplaces that enhance professional effectiveness, teamwork and organizational cohesion while preserving the distinctive identities of both professions

Zimbabwe’s manufacturing sector stands at a crossroads, caught between the promise of industrial resurgence and the persistent drag of structural constraints. This is occurring when Zimbabwe seeks to rebuild its productive base and grow its economy to achieve an upper middle economy by 2030. To promote the growth of the manufacturing sector in Zimbabwe, the ability to identify the determinants of manufacturing output growth is critical for evidence-driven policy direction. Otherwise, the sector risks remaining trapped in a cycle of stagnation rather than leading economic transformation. To provide evidence-based policy insights, the study adopted the Autoregressive Distributed Lag (ARDL) model using data from 1980 to 2023. The results revealed that external debt as a percentage of gross national income has a significant positive effect on manufacturing output growth, suggesting that external borrowing remains a critical driver of industrial expansion. Gross fixed capital formation and economic growth have shown a significant positive effect on manufacturing sector output growth, indicating that capital formation support growth in the manufacturing sector. Furthermore, trade openness has exhibited a negative significant effect, highlighting the vulnerability of domestic manufacturing to import pressures. Domestic credit to private sector has shown an insignificant negative effect on manufacturing growth, implying that credit allocation to the private sector is not effectively supporting productive manufacturing sector activities. The study recommends redirecting domestic capital towards productive sectors, establishing policies that protect local manufacturing firms and promoting sustainable public debt management.

Maintaining adequate liquidity while preserving profitability remains a central challenge for commercial banks because liquid assets strengthen resilience but typically generate lower returns than loans and other earning assets. This study investigates the effect of liquidity on the profitability of U.S. commercial banks using 8,000 quarterly bank observations for 2010–2024. Profitability is measured by return on assets (ROA), with return on equity (ROE) used for robustness, while liquidity, capital adequacy, the loan-to-asset ratio, and bank size are modeled as explanatory variables. Pooled OLS, fixed-effects, and random-effects estimators are compared, and diagnostic tests support a two-way fixed-effects model with standard errors clustered by bank and quarter. The preferred estimates show that a one-percentage-point increase in the liquidity ratio reduces annualized ROA by 0.0183 percentage points (SE = 0.0031; p < 0.001). A one-standard-deviation rise in liquidity, equal to 5.52 percentage points, lowers ROA by approximately 0.101 percentage points, representing 9.2% of the sample mean ROA of 1.097%. Capital adequacy increases ROA by 0.0530 percentage points, and the loan-to-asset ratio increases it by 0.0148 percentage points, both at p < 0.001, whereas bank size is insignificant (β = 0.1008; p = 0.352). The ROE robustness model also yields a negative liquidity coefficient of −0.1074 (p < 0.001). The findings confirm a measurable liquidity–profitability trade-off and support risk-sensitive liquidity regulation that protects financial stability without encouraging persistently excessive holdings of low-yield liquid assets.

This study examines whether risk asset exposure affects the financial performance of commercial banks in Cameroon, a bank-dominated economy of the Central African Economic and Monetary Community (CEMAC). Risk asset exposure is measured by lending intensity (the loan-to-deposit ratio) and credit expansion (annual loan growth), and performance by return on assets (ROA). The data form a balanced panel of ten commercial banks over 2014–2024, compiled from the prudential reporting system of the Central African Banking Commission (COBAC) as published by Cameroon's National Economic and Financial Committee. Bank fixed-effects regressions with bank-clustered standard errors are complemented by a wild-cluster bootstrap suited to few clusters, Driscoll–Kraay standard errors, lagged regressors, panel Granger non-causality tests and a within–between (Mundlak) decomposition that separates changes in a bank's own exposure from persistent differences between banks. The main findings are that (i) neither lending intensity nor credit expansion is significantly associated with profitability in any specification (bootstrap p = 0.81 and 0.30), and the confidence intervals exclude effects larger than about one percentage point of ROA; (ii) lending intensity is unrelated to profitability both within banks over time and between banks (between-effect bootstrap p = 0.88); and (iii) the COVID-19 years of 2020–2021 were associated with ROA about 0.70 percentage points lower (bootstrap p = 0.009). The results indicate a limited role for lending exposure, while significant bank fixed effects and the COVID-19 coefficient point to persistent bank heterogeneity and common systemic shocks. Because the sample comprises ten banks under a single regulator, the findings should be interpreted with caution.

This study presents a thematic literature review aimed at understanding the systemic barriers that Black African women face when accessing bank loans in South Africa, as well as the critical role that the humanities can play in addressing these issues. In the context of the persistent economic instability facing South Africa, the small business sector has become a vital source of income and resilience for Black women. Despite this, their economic potential remains constrained by limited access to bank loans. Guided by an intersectionality framework, the study discusses the systemic barriers that contribute to the financial hardships and exclusion of Black African women. It further explores how gender-sensitive and humanities-informed approaches can contribute to more inclusive financial services. This includes emphasizing the need for culturally sensitive financial products, bias awareness training, and supportive policy frameworks. The review calls for strategic interventions to improve economic empowerment among Black African women entrepreneurs. Central to these interventions is the role of humanities faculties in facilitating Short Learning Programs and Skills Training Programs that provide business training, helping women manage finances and scale their ventures sustainably through enhanced financial literacy. This increased knowledge can improve their chances of success, even in the absence of formal funding. Conducting Afrocentric research is another avenue to uncover the barriers and address the current financial exclusion that Black women in South Africa experience. Gender equality in financial inclusion must remain one of the fundamental building blocks for steady and positive economic growth in South Africa.

Despite changing Performance Management System (PMS) to Performance Management and Development (PMD) in 2018, public schools face difficulties in effectively implementing PMD in Botswana. This study, using a mixed methods approach, investigated the capacity of school managers to implement PMD. Quantitative analysis assessed capacity and workload, while qualitative insights explored managers’ perspectives on PMD.  From the study, poor PMD implementation is associated with capacity issues, moral laxity and organizational indifference. The study recommends building capacities at all levels of PMD and embracing PMD as a performance reform.

The AfCFTA presents significant opportunities for manufacturing SMEs in Namibia to expand into regional markets. However, limited evidence exists regarding the extent to which these enterprises are logistically prepared to participate effectively in continental trade. This study aims to examine the logistical readiness of GS1-registered manufacturing SMEs in Namibia to participate in trade under the AfCFTA. In this paper, it is also aimed to assess SMEs’ awareness of AfCFTA compliance requirements, identify key logistical challenges, and evaluate operational capability gaps related to supply chain documentation, inventory management, and export logistics. The study is underpinned by the Resource-Based View, Institutional Theory, and Trade Facilitation Theory. A qualitative research approach was employed using open-ended questionnaires and semi-structured interviews. A dataset comprising responses from representatives of GS1-registered manufacturing SMEs operating in sectors such as food processing, cosmetics, agro-processing, textiles, and light manufacturing was analysed. Data were collected during 2025 and analysed using reflective thematic analysis supported by Atlas.ti 23 software. The main findings of the study demonstrate that: (i) although awareness of the AfCFTA exists among SMEs, knowledge of specific compliance requirements, including rules of origin, customs documentation, and regulatory procedures, remains limited; (ii) significant internal logistical and operational capability gaps persist, particularly in export skills, inventory management systems, and logistics planning; and (iii) external barriers, including high transport costs, regulatory complexities, and inadequate institutional coordination, constrain SMEs’ readiness to exploit AfCFTA opportunities. The study concludes that GS1 registration is a necessary but insufficient condition for trade readiness and recommends targeted capacity-building initiatives, improved trade facilitation measures, and stronger institutional support to enhance SME participation in continental trade.

Does Botswana’s economic growth drive insurance sector development or follows it? This study evaluates the empirical applicability of the supply-leading and demand-following hypotheses. It employs the Autoregressive Distributed Lag bounds testing approach and Granger causality analysis within a Vector Error Correction Model framework, to examines the significance of dynamic long-run, short-run and causal relationship between the Insurance sector development (total insurance penetration) and economic growth (Gross Domestic Product per capita) over the period 2000–2023. To reduce specification bias, the control variables used are gross fixed capital formation for physical capital accumulation, inflation for macroeconomic stability and trade openness for external trade exposure. The findings indicate a statistically significant long-run cointegrating relationship among the variables, with inflation exerting a highly significant negative effect on Gross Domestic Product per capita while total insurance penetration indicates a statistically insignificant direct long-run impact. In the short run, total insurance penetration exerts a robust and statistically significant negative effect on Gross Domestic Product per capita, validating the presence of a 'savings-substitution' effect and domestic capital leakage channel identified in earlier literature. The Pairwise Granger causality analysis yields a strong backing for the demand-following hypothesis at 5% significance level, and a weak evidence of a supply-leading effect at 10% level meaning the insurance market acts primarily as a passive responder to macroeconomic expansion rather than a primary growth locomotive. Policy recommendations stress the need for regulatory reforms to boost domestic insurance premiums reinvestment, stimulate structural product innovation, and deepen financial inclusion to unlock growth-insurance complementarities.