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Finance in Africa

Special issue call for papers from Qualitative Research in Financial Markets

Guest Editor: Dr Suzanne Fifield, University of Dundee.

Recent years have witnessed a significant increase in interest in African finance and African capital markets (Fifield and Power, 2011). For example, economic growth in many African countries has outpaced that of developed economies, and stock markets in the region are building a presence in globally-recognised indices that are used by investors (ACM Insight, 2013; African Development Bank, 2013; World Bank, 2014). Nevertheless, African capital markets remain underdeveloped, the pace of economic development across the region is uneven, and the continent faces significant challenges to (i) improve liquidity and corporate listings; (ii) promote transparent and accountable institutions; (iii) provide and promote shareholder protection and investor education; (iv) strengthen regional collaboration; and (v) encourage financial innovation (Fifield and Power, 2011; World Bank, 2014).

In order to support and encourage development of this important line of research, this special issue is calling for studies that examine issues pertinent to African finance and capital markets. Specifically, given recent developments in African finance, it seems an opportune time to examine the current status of finance and capital markets in the region, as well as to analyse the factors that can contribute to the future development of African economies in general, and African companies and stock markets in particular.

Thoughtful analyses that spur insightful reflections about the past, present, and future directions of research on African finance and capital markets are encouraged.  This special issue is also looking for new insights, creative solutions, and innovative ideas as well as scholarship that takes us in new directions. Empirical studies making use of interview, case study and survey methods to investigate the following (non-exhaustive) list of topics are welcomed:

  • The development of African emerging stock markets;
  • The link between stock market development and economic growth in Africa;
  • Corporate responsibility in African emerging markets;
  • Ownership structure, corporate governance and firm performance of African companies;
  • Managerial and investor perspectives of African emerging stock markets;
  • The effect of political risk and corruption on firm and stock market development in Africa;
  • Debt markets and corporate debt structure in African emerging markets;
  • Capital budgeting in African firms;
  • Emerging African multinational companies;
  • Foreign direct investment in Africa;
  • Financial inclusion in Africa;
  • Financial crises and African financial systems.

Articles of 5000-8000 words for consideration for publication should be submitted via Manuscript Central at to the special issue entitled “Finance in Africa” by 31st December 2017. All articles will go through double blind peer review process.

For queries, please contact Suzanne Fifield at [email protected] . Full information for authors and further details about the journal are available at:


Fifield, S. G. M. & Power, D. M. (2011): Introduction to special issue on African Equity markets, Managerial Finance, Vol. 37, No. 3. DOI:


World Bank (2014): Africa's Pulse, Vol. 9, April, Pp. 1-52.


ACM-Insight (2013): Africa's Equity Capital Markets, Vol. 4, No. 3, Pp. 6-10.