Oyewande, Toyin <br/><br/>
THE IMPACT OF ECONOMIC UNCERTAINTY ON  CORPORATE INVESTMENT IN AFRICA / 
TOYIN OYEWANDE; SUPERVISOR: ASSOC. PROF. DR. ASIL AZIMLI  
 - viii, 63 sheets;  31 cm  1 CD-ROM 
<br/><br/>Thesis (MSc) - Cyprus International University. Institute of Graduate Studies and Research Accounting and Finance Department 
<br/><br/>Includes bibliography (sheets 55-63) 
<br/><br/> ABSTRACT<br/>The level of uncertainty in African country economies has been a matter of concern in <br/>the market and business world. Most countries and firms report the detrimental effect <br/>of uncertainty on their investment, employment, and business decisions. Some firms <br/>and countries consider the option to wait when there is a high uncertainty rate and restrategize on the best option and time to make investments. This challenge has become <br/>a norm in most economies and has been ascertained by different scholars. These <br/>scholars found that uncertainty possesses a detrimental effect on investments and <br/>investment decisions both domestic and foreign. To add to this body of knowledge, <br/>this study conducted research to ascertain the impact of economic uncertainty on <br/>corporate investments in Africa. The study also aims to find out how inflation rate and <br/>GDP per capita moderates the relationship amongst economic uncertainty and <br/>corporate investment. The study used economic uncertainty (calculated by the annual <br/>% GDP growth rate) as the independent variable and corporate investment (measured <br/>by the gross fixed capital formation – %GDP and LOG_CAP) as the dependent <br/>variable. The control variables were inflation rate and GDP per capita of each of the <br/>sample countries. Data was collected using secondary source, using the WUI (created <br/>by Ahir et al., 2018) of 2 African countries (Nigeria and South Africa). The study also <br/>collected the financial report of 269 firms within the period 2003 to 2021 as a sample, <br/>the study conducted a panel data regression analysis with fixed effect model to <br/>measure the relationship between the variables. Findings from the panel data <br/>regression result revealed that inflation rate and GDP per capita are negative <br/>moderators of the connection amongst dependent and the independent variable. The <br/>study generally found that economic uncertainty has a negative impact on corporate <br/>investments. It was concluded based on results and reviewed literatures that when there <br/>is high inflation rate, political uncertainty, economic policy uncertainty, exchange rate <br/>uncertainty, the investment decisions are affected thereby discouraging investors from <br/>making any future investment. From findings, the study recommended that investors <br/>should wait and study the trend of uncertainty to make proper investment decisions.<br/>Keywords: Africa, Corporate Investment, Economic Uncertainty, Exchange Rate,<br/>Inflation, Macroeconomics, Political Uncertainty, Uncertainty Shock, Unemployment<br/> 
<br/><br/><label>Subjects--Topical Terms: </label><br/>Investments --Dissertations, Academic<br/>Uncertainty--Dissertations, Academic<br/>Exchange--Dissertations, Academic<br/>Inflation (Finance) --Dissertations, Academic<br/>Macroeconomics--Dissertations, Academic<br/>Uncertainty--Dissertations, Academic<br/>Unemployment --Dissertations, Academic