Risk Exposure and Corporate Financial Policy on the Ghana Stock Exchange

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dc.contributor.author Bokpin, G.
dc.contributor.author Aboagye, A.Q.Q.
dc.contributor.author Osei, K.A.
dc.date.accessioned 2015-07-24T16:30:28Z
dc.date.accessioned 2017-10-16T11:06:25Z
dc.date.available 2015-07-24T16:30:28Z
dc.date.available 2017-10-16T11:06:25Z
dc.date.issued 2010
dc.identifier.issn 1526-5943
dc.description.abstract Purpose – The purpose of this paper is to examine the extent to which corporate managers alter their capital structure in response to risk exposures on the Ghana Stock Exchange (GSE). Design/methodology/approach – A panel data covering the period from 2002 to 2007 was employed under the framework of the seemingly unrelated regression approach. Findings – The paper finds that the direction and magnitude of the impact of risk exposures depends on capital structure measurement variables; namely, financial leverage, debt ratio, or short‐term debt to equity. The paper also finds that corporate managers adjust their capital structure differently in response to different kinds of risk exposures namely business risk or financial risk. Specifically, operating risk, bankruptcy risk, and bankruptcy cost in addition to other firm level characteristics such as asset structure, firm size and profitability are found to be significant driving factors in shaping corporate financial policy on the GSE. Originality/value – The main value of this paper is to analyze the relationship between risk exposures and corporate financial policy from a developing country perspective. en_US
dc.language.iso en en_US
dc.publisher Emerald Group Publishing Limited en_US
dc.subject Financial risk en_US
dc.subject Corporate finances en_US
dc.subject Ghana en_US
dc.subject Stock exchanges en_US
dc.subject Capital structure en_US
dc.title Risk Exposure and Corporate Financial Policy on the Ghana Stock Exchange en_US
dc.type Article en_US

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