In Africa, energy plays an important role in the processes of economic and sustainable development. However, inefficiency such as mismanagement of resources constrains productivity. Prior energy efficiency studies in Africa have failed to provide the paths through which energy efficiency improvement can be achieved. The current study aims to assess energy efficiency improvement among 25 selected countries in Africa. First, the dynamic slack-based measure (DSBM) data envelopment analysis (DEA) model is applied to gauge the efficiency measurement. Further, the Malmquist productivity index (MPI) is employed to investigate the energy efficiency improvement during 2006–2014. Empirically, the results from the dynamic slack-based measure (DSBM) model show that energy efficiency in Africa is generally low. Also, the findings from the MPI suggest there is no significant improvement in energy efficiency in Africa. Based on the estimated results, some energy efficiency improvement strategies are further proposed for sample countries in Africa.

Sustainable economic prosperity has become a major policy initiative for economies worldwide. To accomplish this objective, it is imperative to reduce CO 2 emissions, which makes attaining sustainable development goals problematic. In this regard, improving economic growth without disastrously hampering the environment is a key factor in the fight against climate change. As such, many nations and multinational organizations have promulgated laudable and sound policy initiatives to achieve CO 2 emission reduction targets. One such policy directive is the reduction of CO 2 emission drastically by the end of the 21st century formulated by the intergovernmental panel on climate change (IPCC) in 1996. 1

Asset allocation is a critical concern for any investor in the financial market. This paper aims to prioritize five randomly selected firms from the top ten stocks by market capitalization of the Shanghai Stock Exchange (SSE) by opting for adequate financial procedures and practical criteria under uncertain conditions. Decision makers want not only the ranking order of stocks but also capital proportions to be allocated. Therefore, this study uses a hybrid multi-criteria decision-making (MCDM) approach comprising of an integrated analytic network process (ANP) and decision making trial and evaluation laboratory (DEMATEL) in a grey environment for optimal portfolio selection to provide both ranking and weighting information for decision makers. Results indicate that return, financial ratios, dividends, and risk are causal criteria group, which are the most influential determinants for obtaining high benefits with regards to stock portfolio selection in SSE. The free float of stocks is the least influencing criterion among all identified criteria of stock portfolio selection of SSE. The Industrial and Commercial Bank of China Ltd. stocks have the highest allocated proportion with the highest priority shown by investors and can be described as a suitable alternative. The practical implications of this research are that the approach, when applied, highlights how the grey system theory minimizes the uncertainties in all stages of decision-making of portfolio selection.

PurposeThe purpose of this study is to analyze the performance of indigenous innovation in developing countries in the era of trade liberalization. It analyzes indigenous innovation from research and development (R&D) investments to innovation output and its effect on economic growth.Design/methodology/approachThe sample for this study includes 20 middle-income countries across five continents for the period between 1994 and 2018. The study employs the Crepon Duguet and Mairessec CDM model in a panel data setting to do a multistage analysis of the innovation process. A vector error correction model VECM is employed to test for Granger causality between the variables investigated.FindingsThe results show that imports and foreign direct investments (FDI) have generally have short-run and long-run causal effects on domestic R&D investments. In regions where imports and FDI do not have individual causal effects on innovation output, a joint increase in each of them and R&D have both short-run and long-run causal effects. Indigenous innovation is a significant contributor to economic growth when a country can produce and export novel products.Research limitations/implicationsThe sample is only limited to developing economies, and due to the unavailability of data, only 20 countries were captured.Practical implicationsImported products and FDI are critical to the innovation drive when such activities are targeted at enhancing indigenous innovation from R&D to the production of new products. Hence, policy formulation should encourage the absorption of foreign technologies that serve as inputs to indigenous innovation.Originality/valueThis paper focuses specifically on indigenous innovation and analyses the influence of foreign technologies in this effort. It tests the moderating roles of imports and FDI in the relationship between R&D and innovation output, concluding that both variables enhance the effect of R&D on innovation output.

Background: Gains in bank efficiency improvement have widely been regarded as one of the most effective and efficient means of ensuring sustainability of a financial system. Aim: This article proposes a relative dynamic two-stage network data envelopment analysis model for measurement of bank efficiency based on the slack-based measure. Setting: Twenty-seven banks in Ghana during the period of 2009–2014. Methods: By considering simultaneous processes within the framework of two-stage data envelopment analysis, the slack-based measure approach identifies the sources of inefficiency in the banks. Results: In the empirical analysis, non-performing loans are an undesirable output in one production process, which should also be treated as a carry-over factor; that is to say, some non-performing loans from the preceding year can be collected in the current year. The carry-over factors should be used to indicate the presence of performance gaps that exist in the banks. The proposed model was used to measure the efficiency of the 27 banks in Ghana during the period of 2009–2014. We also present useful suggestions for improvement in bank efficiency based on the empirical results. Conclusion: The 27 main commercial banks in Ghana are far from efficient. For all banks, the efficiency score in the second stage is much higher than that of the first stage. That means more attention should be paid to the first stage of production in order to increase the banks’ efficiency.