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This paper highlights the effects of intellectual property on technological innovation in Africa from 2007-2022. The Driscoll and Kraay estimation approach was employed to overcome cross-sectional dependence, heteroskedasticity and error autocorrelation. The static panel model specification, followed by the estimation technique robust to cross-sectional dependence augmented by country- and year-fixed effects, enabled overcoming cross-sectional dependence, endogeneity, heteroscedasticity, and error autocorrelation. The results indicate that intellectual property positively affects technological innovation in African countries. Comparative
analysis reveals that membership in an intellectual property organisation is more beneficial. Furthermore, the results also show that in non-member countries, the rule of law can play a significant role in the relationship
between intellectual property and technological innovation. Governments should promote the membership of non-member countries in IP organisations, as such memberships standardise intellectual property protection rules and thus create an environment conducive to innovation.

Keywords: Africa, intellectual property, technological innovation, rule of law.
JEL Classification: F14, O34, O32, P48.

In the context of China’s high-quality economic development, enhancing Total Factor Productivity (TFP) is of great importance. Employing data from 799 non-financial companies listed on the Shanghai and Shenzhen main boards from 2007 to 2024, this study investigates the impact of corporate leverage ratio on TFP and its underlying mechanism. Using fixed-effects models and mediation effect tests, we find that leverage significantly promotes TFP. Shareholding concentration plays a partial mediating role between leverage and TFP, though its indirect effect is negative. These results remain robust after estimating TFP using both the Olley-Pakes and Levinsohn-Petrin methods, as well as multiple robustness checks. The study suggests that moderate leverage helps alleviate financing constraints and supports innovation, yet excessive ownership concentration may inhibit governance efficiency. It is advised to optimise ownership structure while pursuing deleveraging, so as to enhance TFP and achieve sustainable growth.

Keywords: Total Factor Productivity; Debt leverage ratio; Shareholding concentration; Mediating effect.

This study investigates how dividend policy affects the financial performance of eight healthcare companies on the Colombo Stock Exchange (CSE) in Sri Lanka from 2014 to 2023. It uses Dividend Per Share (DPS),
Dividend Yield (DY), Dividend Payout Ratio (DPR), and Dividend Cover (DC) as independent variables. Return on Assets (ROA), Return on Equity (ROE), and Current Ratio (CR) serve as dependent variables. Using a
quantitative method, the study gathered data from annual reports and analysed it with descriptive statistics, correlation, and multiple regression techniques in SPSS. The findings show that DY and DC significantly improve
profitability (ROA and ROE). DPR has a moderate positive effect, while DPS negatively affects liquidity (CR). These results emphasise the need for a balanced dividend policy for financial stability. The study provides several key recommendations for improving dividend policies in Sri Lanka’s healthcare sector. It suggests optimising Dividend Yield (DY) and Dividend Cover (DC) to balance returns with financial stability, while keeping a
moderate level of Dividend Per Share (DPS) for sustainability. It also highlights the importance of promoting transparency in dividend policy development to build trust with stakeholders. By addressing a research gap in the healthcare sector, this study provides useful insights for stakeholders and lays the groundwork for future research on dividend policy dynamics.

Keywords: Dividend Policy, Financial Performance, Healthcare Sector, Sri Lanka, Colombo Stock Exchange.
JEL Codes: G35, G32, I11, C23, O16.

J.R. Hicks is the author of the ordinal approach to consumer equilibrium on which the modern demand theory is founded. Responding to the general criticism against the cardinal approach developed by two fellow predecessors – Stanley Jevons and Alfred Marshall – he claims that consumer equilibrium can be obtained without quantifying utility. This condition is the equality between MRT and MRS. Measuring MRS is not necessary because the value of MRT is known. We argue that the theoretical and empirical merits of Hicks’ claim are contestable because the MRS is the ratio of two cardinal concepts, the marginal utilities of X and Y.

Keywords: Consumer Theory; Cardinal vs. Ordinal Approach; Alfred Marshall, Pareto and J.R. Hicks.

Ethiopia and South Africa are representative economies in Africa. But during the 2000-2024 period, the two countries were significantly different in economic performance because they chose different development models.
Specifically, Ethiopia began to take the Chinese model to develop its economy in 2000, while South Africa has been using the Western model. Based on convergence theory, this paper reveals the followings by econometric method: during the 1960-2024 period, measured by the steady state of per-capita output, the relative position of South Africa in a test sample generally remained slightly lower than the average level of all sample countries and showed a slight downward trend; the relative position of Ethiopia was much lower than the average level of all sample countries and continuously declined from 1960s to 1990s, but began and kept rising significantly since 2000s. The paper gives explanations for the above empirical study results and also provides some suggestions for the future growth of the steady states of per-capita output of the above two countries.

Keywords: Ethiopia and South Africa; steady state of per-capita output; B-convergence.