Rationale of Establishing Public Accounts Committees: A Critical Review of Literature

According to the UK Parliament, “The Public Accounts Committee examines the value for money of Government projects, programmes, and service delivery. Drawing on the work of the National Audit Office the Committee holds government officials to account for the economy, efficiency, and effectiveness of public spending.” Therefore, the purpose of this study is to provide the background information on the creating of Public Accounts Committees (Parliament). The paper further attempts to cover issues relating to external audit and legislative scrutiny. The paradigm for the Public Accounts Committees is also covered in this article. In this article, a critical review of literature has been used as a methodology. The key literature reviewed is from Google Scholar and EbscoHost, Researchgate, and other scholarly databases. Further, websites for some Parliaments and associations for parliaments across the globe have been an invaluable source of information on this subject. From the literature that has been reviewed it can be concluded that both Public Accounts Committees (PACs) and Auditors General can help to attract Foreign Direct Investment (FDI) or international capital investment to a country by providing assurances on the integrity of public sector finances, especially if challenges faced in building their capacity and performing their functions can be overcome. Keywords: Public Accounts Committee (PAC), Auditor General’s Office, Legislative Scrutiny DOI: 10.7176/PPAR/12-6-03 Publication date:August 31st 202

An Analysis of the Causes of Financial Irregularities in State-Owned Institutions in Zambia

The aim of this study was to determine the predictors of the frequency of being cited for financial irregularities. This cross-sectional study employed a self-administered standard structured questionnaire. One hundred and eight respondents comprising directors and deputy directors, heads of accounting, budget and audit units. The findings are that sixty-four (59.3%) of the participants indicated that there institutions were cited frequently for financial irregularities as compared to n = 44 (40.7%) being cited always. There was, however, no statistically significant association between type of institution and the frequency of being cited for financial irregularities (Pearson Chi-Square obs = 0.917; df = 2        and p = 0.632). The Parliamentary Accounts Committee and the Institutional Audit Risk Committees did not perform oversight functions as the composite scores were below the thresholds. The causes of financial irregularities in State Owned Institutions and ministries show two of the predictor variables (a) Audit and Risk Committee and (b) The Parliamentary Accounts Committee have an effect on the institutions being cited for financial irregularities. However, the findings point to the fact that ongoing budget performance monitoring during the fiscal year (of a living and executed budget) in the public sector in these institutions should be done. It is concluded that the findings point to the fact that negative reports by the Auditor General are due to The Parliamentary Accounts Committee and the Board’s Audit and Risk Committee inability to undertake oversight functions. The findings may contribute to the further study of causes of financial irregularities in state owned institutions in Zambia and serve as a reference for policy makers and institutional managers in mitigating financial irregularities and reduce the frequency of being cited for financial irregularities. Keywords: Oversight, Financial Irregularities, State Owned Institutions, Zambia DOI: 10.7176/JLPG/123-01 Publication date:August 31st 202

Parliamentary Oversight: A Critical Review of Literature

The main of this paper is to define what is meant by ‘legislative’ or parliamentary oversight. The other objective is to assess the role of the Legislature in the Budget Ex Post. The Objectives, tools, and mechanisms of parliamentary oversight shall be discussed. The review of the literature was used as a methodology in this paper. The review found that there are various definitions of parliamentary oversight The Portal for Parliamentary Development was a great source of literature that was reviewed and analyzed in this study. It was reviewed that different scholars define parliamentary oversight differently. Not all definitions capture all the key roles of parliamentary oversight. paper reviews several scholarly articles that provides various definitions of parliamentary oversight. Furthermore, it is revealed that government reporting and legislative scrutiny of public accounts is more common in parliamentary and semi-presidential systems than in presidential systems; even so, 84 percent of legislatures in presidential systems analyze financial reports from the government. From the literature reviewed, it has been concluded that the robust monitoring of the executive by the parliament is an indicator of good governance. Besides the parliament’s legislative function, it is through oversight that the parliament can ensure a balance of power and assert its role as the defender of the people’s interests. Keywords: Parliamentary Oversight; Legislative Oversight; Public Accounts Committee DOI: 10.7176/PPAR/12-6-01 Publication date:August 31st 202

Examining the Innovation Drive for Revenue Collection Purposes: The Case of Zambia Law Development Commission

The public sector plays a very significant role in modern economies. As in the business sector, innovation can be a major source of productivity growth, cost savings, and improvements in service quality; benefits which then also positively affect businesses and citizens who rely on an efficient and effective public sector. The purpose of this research was to examine the innovation drive at ZLDC for revenue increase purposes. The study employed a Census based design. data was collected quantitatively and qualitatively. The sample size of the study was 33: (4) mangers, (4) directors and (25) other staff.  covering all the workers at ZLDC. Questionnaires and interview guides were used as instruments for data collection. The quantitative data was analyzed using SPSS 22.0 statistical package while the qualitative data was analyzed thematically. The findings were that the staff at ZLDC had the will power to innovate, that the ZLDC staff do not see themselves developing new products, goods and services, they do not consider exploiting new markets for the existing product, goods and services as well as promoting existing products, goods and services. In conclusion, for innovation to take its course, the commission ought to consider product and product performance innovation and marketing / sales – new channel innovation. Keywords: Innovation, revenue, collection DOI: 10.7176/PPAR/12-6-04 Publication date:August 31st 202

Evaluating the Correlates of Diversification at Zambia Law Development Commission in the Tenacity of Revenue Increase

The study evaluated the correlates of diversification for the Zambia Law Development Commission. A positivism research design was employed supported by quantitative and qualitative data collection approach. The sample size comprised of 33 respondents. The study was a census based one and purposive sampling was used to select the participants while data was collected through use of questionnaires and interviews. Thematic analysis and a statistical package of SPSS 22.0 was used to analyse the data collected. The Findings reviewed that Staff demonstrated moderate intention to diversify, the correlates of constraints to business of diversification show a weak to moderate correlate and that while the Commission has intentions to embark on related diversification than unrelated diversification, four constraints are prominent and these are value, money, people and clientele related. By employing the Theory of Constraints, this study has added various nuances and textures to eliciting diversification and constraints in a public institution. Should the Commission desire to increase its revenue and be sustainable, it would be ideal to employ the theory of constraints. Keywords: Innovation, diversification, sustainability and performance DOI: 10.7176/PPAR/12-6-02 Publication date:August 31st 202

Business Research Methods: Theoretical Demystification of The Use of Multivariate Analysis Techniques in Research

Multivariate data analysis techniques observe and analyse multiple statistical variables. These are more advanced than univariate methods (methods that analyse one variable) and bivariate methods (methods that analyse two variables). Multivariate analysis methods were developed to analyse datasets containing multiple variables simultaneously and are ideal for analysing large datasets to reveal causal and effect relationships between variables. This paper identifies different categories of multivariate analysis methods, discusses the assumptions they are based on, analyses their goals and objectives, and describes their advantages and limitations. It also discusses the factors researchers must consider when determining the best technique for a particular research project. The article concludes with a discussion of commonly used methods of multivariate data analysis. This is not a discussion of the statistics underlying each method, but rather an introduction to multivariate methods and their capabilities and limitations in answering research questions. Keywords: Multivariate analysis, Univariate analysis, Bivariate analysis, ANOVA, MANOVA, DOI: 10.7176/JEP/14-21-06 Publication date:July 31st 202

An Empirical Analysis of the Relationship Between Fuel Pricing and Demand in Zambia

Fuel is essential to the smooth running of any industry. Without fuel, many processes would stop and be difficult to restart. Fuel can come in many forms; it can be liquid or gaseous and be a fossil fuel or renewable source. A country’s reliance on fuel imports is usually because it lacks sufficient resources to produce fuel domestically. In this study, fuel refers to gasoline and diesel. There are periods in Zambia when there are shortages of fuel in the domestic markets. Indeni oil refinery was put on care and maintenance as it has become obsolete and the country now imports final finished fuel products. The implication of all this is that fuel will now get delivered by road as opposed to delivery by pipeline to Indeni which was refined into various products. Additionally, this decision removes government bureaucrats from making procurement decisions of crude oil and puts procurement decisions of final fuel products in the hands of individual oil marketing companies which sell the products to the final consumers. These developments inadvertently will have a big impact on the price of petroleum products.  The result of estimating a VAR model indicates that fuel demand in Zambia is negatively related to price changes in fuel. Past values of fuel consumption are found to be important determinants of the present demand for fuel. GDP surprisingly doesn’t determine fuel demand. This may be an indicator that GDP growth is not filtering through to the ordinary citizen. There is a need to design inclusive economic policies so that benefits from growth filter through to the ordinary citizens. Keywords: Fuel Demand, VAR model, Hubbert Peak Theory, Error Correction Model (ECM), Autoregressive Distributed Lag Model (ARDL); Fuel Subsidy Reforms. DOI: 10.7176/JESD/13-20-12 Publication date:October 31st 202

Business Research Methods: Determinants of Usage of Graphic Presentation and Statistical Tests in Business Research

Data summarization and presentation skills, as well as data analysis skills through the application of statistical tests, are important skills that every graduate student must master. These skills enable researchers to reach research conclusions and recommendations. The main purpose of this work is  to first describe the best selection of  tables and graphs for examining and describing various aspects of the data in the study. Second, we describe the relationships between variables and trends in study data and discuss the selection of the most appropriate statistical tests for examining them. The methodology used in this study was descriptive as it discussed and explained how the data were presented and analyzed. This white paper will therefore consist of  two parts: Part 1 focuses on summarizing and presenting data  using tables and graphs, while Part 2 focuses on data analysis by applying various statistical tests. Keywords:Tabular and graphic data presentations; Statistical tests, Data analysis, Parametric Tests, t-Test, Z-test, Chi-Square, ANOVA, Regression Analysis DOI: 10.7176/JMCR/90-04 Publication date:July 31st 202

Theories of Exchange Rate Determination: A Brief Theoretical Review

This paper endeavored  to categorise and evaluate exchange rate theories. These theories included the International Fischer's Effect Theory, the Purchasing Power Parity Theory, the Interest Rate Parity Theory, the Balance of Payments Theory, the Monetary Approach to Foreign Exchange, and the Portfolio Balance Approach. The paper analyses these theories' advantages and disadvantages. Keywords: Exchange Rate; Purchasing Power Parity Theory; Interest Rate; Portfolio Balance Approach; Monetary Approach; Foreign Exchange DOI: 10.7176/EJBM/14-20-08 Publication date:October 31st 2022

A Theoretical Review of The Relationship Between Financial Inclusion and Human Development

The main objective of this study is to evaluate the relationship between Financial Inclusion and Human Development with a special focus on Sub-Saharan Africa. The specific objectives of the study include the following: to understand the concept of Financial Inclusion and Human Development; to analyze the factors that influence Financial Inclusion in Sub-Sahara Africa; to determine the type of relationship between Financial Inclusion and Human Development in the case of Sub-Saharan Africa, and to examine the relationship between Financial Inclusion and human development. A critical review and analysis of selected theoretical reviews and empirical articles and policy documents on Financial Inclusion and Human Development have been used as the methodology for this study. Using empirical and theoretical evidence, the study concludes that, in Sub-Saharan Africa, there is a strong relationship between Financial Inclusion and Human Development. Further, from the empirical and theoretical evidence provided in the study, it is recommended that SSA countries need to remove financial, bureaucratic, and physical barriers to financial inclusiveness. Therefore, Sub-Saharan Africa should formulate and implement policies that will enhance Financial Inclusion, consequently, the Human Development of the masses. Finally, it  can be considered that enhanced GDP is an eminent gauge of financial inclusion. Unequal wealth distribution can consequent in financial inclusion and thus can harm overall Human Development. The study further concludes that there is a positive correlation between Human Development and Financial Inclusion. Furthermore, the study considers that economic development is undeniably a vital element in enhancing financial inclusion. Keyword: Financial Inclusion; Human Development; Human Development Index; HDI; Inequality-Adjusted Human Development Index; IHDI, Sub-Saharan Africa; SSA; Sustainable Development Goals; SDGs DOI: 10.7176/JESD/13-20-11 Publication date:October 31st 202