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Business Model Innovation (BMI) has been widely recognised by management scholars as a significant approach to analyse complex organisational issues and address challenges in volatile business contexts.  Small and Medium Enterprises (SMEs) operating in highly turbulent business environments struggle to be viable. Hence, the need to adopt appropriate business models to ensure resilient and viability. This study sought to examine the influence of BMIs on the ability of SMEs in developing nations to withstand and recover from challenges posed by unstable business environments. This study uses a quantitative approach, with a cross-sectional survey to collect empirical evidence from 327 SMEs selected through quota sampling.  Using Structural Equation Modeling (SEM) method, results of the study reveal that BMI has a positive impact on the resilience of SMEs. The findings demonstrated that implementing innovative modifications in the business model, namely value creation, value capture, and value proposition positively influence the resilience of SMEs. The study concludes that implementing innovative business models contributes to the development of resilience among SMEs in emerging economies. This paper is relevant to SMEs operating in developing economies as well as those in volatile business environments.

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.

In small and emerging markets like Botswana, what drives the financial resilience of non-life insurers? This study takes a closer look at this question, evaluating audited financial statement data from 14 Non-Bank Financial Institutions Regulatory Authority (NBFIRA) licensed insurers across the year 2010–2022 period. The resulting unbalanced panel dataset of 127 firm-year observations in total is used to test ten potential determinants: profitability, underwriting risk, reinsurance dependence, firm size, leverage, liquidity, asset tangibility, premium growth, firm age, and ownership structure. Following diagnostic testing via the F-test, Breusch-Pagan LM test, and Hausman specification test, the Fixed Effects (FE) model was retained as the preferred estimator. As findings, underwriting risk, rather than weakening solvency, showed the strongest positive association with capital adequacy. The most credible explanation for this is regulatory, companies with heavier claims exposure appear to respond to supervisory pressure by holding more capital, not less. Reinsurance dependence, firm size, liquidity, and asset tangibility were also positively significant, highlighting the importance of risk-transfer mechanisms and effective liquidity management. On the other hand, profitability, leverage, growth, and firm age fell short of significance reflecting the structural constraints of a concentrated, domestically oriented market rather than any theoretical irrelevance of these factors. Risk management practices and firm-specific structural characteristics positively influence solvency adequacy among Botswana's non-life insurers instead of profitability or growth considerations. This research adds to the already existing limited empirical evidence of drivers of solvency margins in Botswana and the Sub-Saharan Africa providing useful insights for insurers, regulators, and policymakers seeking to strengthen risk-based supervision and promote the long-term stability of the insurance sector in Botswana.

This paper analyses the impact of economic globalisation on income inequality in Botswana, emphasising both direct and indirect transmission mechanisms. The study utilises annual time-series data from 1990 to 2023, employing the Autoregressive Distributed Lag (ARDL) model and the Toda–Yamamoto Distributed Lag (TYDL) Granger causality method to examine the interrelations among economic globalisation, trade openness, inflation, economic growth, and income inequality. The results indicate a consistent long-term link among the variables, wherein economic globalisation diminishes income disparity, whilst broader globalisation and trade openness likely to intensify it. The causation findings indicate that both economic globalisation and globalisation directly impact income disparity, while globalisation also indirectly influences inequality via inflation. Real GDP per capita indirectly affects inequality via globalisation, while exports directly contribute to inequality. The study indicates that while economic globalisation fosters economic growth and integration, its advantages are inequitably allocated. It advocates for inclusive economic globalisation policies, targeted fiscal redistribution, financial inclusion, and export diversification to guarantee equitable and sustainable growth in Botswana.

This study examines the corporate governance frameworks of family-owned enterprises in Botswana. Family enterprises constitute a fundamental component of the nation's private sector, accounting for over 70% of GDP and providing employment for approximately 60% of the labour force. Notwithstanding their economic significance, these firms encounter ongoing issues in governance, especially concerning leadership succession, board composition, and professionalisation. This study utilises agency theory, stewardship theory, and the resource-based view, employing a mixed-methods strategy that includes the distribution of 150 structured questionnaires across several sectors such as retail, agriculture, hospitality, and professional services. The results indicate that companies with formal governance frameworks, including independent professional boards, written succession plans, and family protocols, consistently excel in strategic decision-making, transparency, and long-term sustainability compared to their competitors. Nonetheless, obstacles to implementation persist, since numerous enterprises are impeded by cultural opposition to non-family leadership, insufficient understanding of governance mechanisms, and a tendency towards informal decision-making. The article finishes by providing pragmatic ideas for policymakers, entrepreneurs, and development agencies to enhance resilience and competitiveness in this crucial industry.

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.

In small and emerging markets like Botswana, what drives the financial resilience of non-life insurers? This study takes a closer look at this question, evaluating audited financial statement data from 14 Non-Bank Financial Institutions Regulatory Authority (NBFIRA) licensed insurers across the year 2010–2022 period. The resulting unbalanced panel dataset of 127 firm-year observations in total is used to test ten potential determinants: profitability, underwriting risk, reinsurance dependence, firm size, leverage, liquidity, asset tangibility, premium growth, firm age, and ownership structure. Following diagnostic testing via the F-test, Breusch-Pagan LM test, and Hausman specification test, the Fixed Effects (FE) model was retained as the preferred estimator. As findings, underwriting risk, rather than weakening solvency, showed the strongest positive association with capital adequacy. The most credible explanation for this is regulatory, companies with heavier claims exposure appear to respond to supervisory pressure by holding more capital, not less. Reinsurance dependence, firm size, liquidity, and asset tangibility were also positively significant, highlighting the importance of risk-transfer mechanisms and effective liquidity management. On the other hand, profitability, leverage, growth, and firm age fell short of significance reflecting the structural constraints of a concentrated, domestically oriented market rather than any theoretical irrelevance of these factors. Risk management practices and firm-specific structural characteristics positively influence solvency adequacy among Botswana's non-life insurers instead of profitability or growth considerations. This research adds to the already existing limited empirical evidence of drivers of solvency margins in Botswana and the Sub-Saharan Africa providing useful insights for insurers, regulators, and policymakers seeking to strengthen risk-based supervision and promote the long-term stability of the insurance sector in Botswana.

This paper analyses the impact of economic globalisation on income inequality in Botswana, emphasising both direct and indirect transmission mechanisms. The study utilises annual time-series data from 1990 to 2023, employing the Autoregressive Distributed Lag (ARDL) model and the Toda–Yamamoto Distributed Lag (TYDL) Granger causality method to examine the interrelations among economic globalisation, trade openness, inflation, economic growth, and income inequality. The results indicate a consistent long-term link among the variables, wherein economic globalisation diminishes income disparity, whilst broader globalisation and trade openness likely to intensify it. The causation findings indicate that both economic globalisation and globalisation directly impact income disparity, while globalisation also indirectly influences inequality via inflation. Real GDP per capita indirectly affects inequality via globalisation, while exports directly contribute to inequality. The study indicates that while economic globalisation fosters economic growth and integration, its advantages are inequitably allocated. It advocates for inclusive economic globalisation policies, targeted fiscal redistribution, financial inclusion, and export diversification to guarantee equitable and sustainable growth in Botswana.

This study examines the corporate governance frameworks of family-owned enterprises in Botswana. Family enterprises constitute a fundamental component of the nation's private sector, accounting for over 70% of GDP and providing employment for approximately 60% of the labour force. Notwithstanding their economic significance, these firms encounter ongoing issues in governance, especially concerning leadership succession, board composition, and professionalisation. This study utilises agency theory, stewardship theory, and the resource-based view, employing a mixed-methods strategy that includes the distribution of 150 structured questionnaires across several sectors such as retail, agriculture, hospitality, and professional services. The results indicate that companies with formal governance frameworks, including independent professional boards, written succession plans, and family protocols, consistently excel in strategic decision-making, transparency, and long-term sustainability compared to their competitors. Nonetheless, obstacles to implementation persist, since numerous enterprises are impeded by cultural opposition to non-family leadership, insufficient understanding of governance mechanisms, and a tendency towards informal decision-making. The article finishes by providing pragmatic ideas for policymakers, entrepreneurs, and development agencies to enhance resilience and competitiveness in this crucial industry.

Business Model Innovation (BMI) has been widely recognised by management scholars as a significant approach to analyse complex organisational issues and address challenges in volatile business contexts.  Small and Medium Enterprises (SMEs) operating in highly turbulent business environments struggle to be viable. Hence, the need to adopt appropriate business models to ensure resilient and viability. This study sought to examine the influence of BMIs on the ability of SMEs in developing nations to withstand and recover from challenges posed by unstable business environments. This study uses a quantitative approach, with a cross-sectional survey to collect empirical evidence from 327 SMEs selected through quota sampling.  Using Structural Equation Modeling (SEM) method, results of the study reveal that BMI has a positive impact on the resilience of SMEs. The findings demonstrated that implementing innovative modifications in the business model, namely value creation, value capture, and value proposition positively influence the resilience of SMEs. The study concludes that implementing innovative business models contributes to the development of resilience among SMEs in emerging economies. This paper is relevant to SMEs operating in developing economies as well as those in volatile business environments.