Corporate Governance Characteristics and Financing Decisions of Listed Firms in Ghana

Autor:	Doku, James Ntiamoah, Ametorwobla, Godsway Kofi, Boadi, Isaac, Adzoh, Francisca Adzoa
Rok vydání:	2022
Předmět:	Social Sciences and Humanities Corporate governance Capital structure Sciences Humaines et Sociales Gender diversity Ghana
Zdroj:	Journal of Comparative International Management. 25:194-220
ISSN:	1718-0864 1481-0468
DOI:	10.55482/jcim.2022.33292
Popis:	This study examined the relationship between corporate governance attributes, firm-specific characteristics, and financing decisions of listed firms in Ghana using panel data for a nine-year time frame spanning 2011 to 2019. The study adopted multivariate regression analysis using Prais-Winsten regression, correlated panels corrected standard errors (PCSEs). The findings show that corporate board structures in Ghana play a significant role in influencing the financing decisions of listed firms on the Ghana Stock Exchange. Specifically, corporate boards with bigger sizes and more female representation prefer more debt financing of their assets. Also, the findings provide support for the Pecking Order Theory and identifiable firm-specific determinants of financing decision of listed firms. The evidence provided by this study is robust to alternative estimators. The outcome of this study further provides strong policy support for enforcing proper corporate governance features and gender diversity dimensions for corporations in Ghana.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0d45f4c492b81819cf66d1f7a26c8cbf https://doi.org/10.55482/jcim.2022.33292 Zobrazit plný text záznamu Plný text ve formátu PDF