This article examines the relationship among foreign direct investment ( FDI ), institutions and economic growth in sub-Saharan Africa in different country environs. We employ a two-step generalized methods of moments estimator with Weidmeijer corrected standard errors and orthogonal deviations to examine the empirical relations. In the full sample, we do not fi nd evidence that FDI promotes growth. We also do not fi nd a signifi cant relationship between institutions and economic growth. Finally, we do not fi nd convincing evidence that institutions alter favorably the effect of FDI on economic growth. In the subsample that excludes countries with developed fi nancial markets, again we do not fi nd a signifi cant relation between FDI and economic growth. However, we fi nd evidence suggesting that institutions play a direct role in spurring economic growth. Further, the quality of institutions seems to alter favorably the relationship between FDI and economic growth. Finally, in the sample that excludes countries with abundant natural resources, we fi nd a direct and positive relationship between FDI and economic FEATURE ARTICLE 480 FEATURE ARTICLE growth. We also fi nd a direct relationship between institutions and economic growth. The growthenhancing effects of FDI , however, seem to reduce as the quality of institutions improves. The major implication from our study is that countries should take into consideration their own realities when they fashion policies to benefi t from FDI in terms of achieving better growth outcomes.

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Board gender diversity, corporate governance and bank efficiency in Ghana: a two-stage data envelope analysis (DEA) approach

No abstract

Board gender diversity, corporate governance and bank efficiency in Ghana: a two-stage data envelope analysis (DEA) approach