Ownership Structure, Corporate Governance and Capital Structure Decisions of Firms: Empirical Evidence from Ghana

Show simple item record

dc.contributor.author Bokpin, G. A.
dc.contributor.author Arko, C. A.,
dc.date.accessioned 2015-07-24T17:20:24Z
dc.date.accessioned 2017-10-16T11:08:06Z
dc.date.available 2015-07-24T17:20:24Z
dc.date.available 2017-10-16T11:08:06Z
dc.date.issued 2009
dc.identifier.issn 1086-7376
dc.identifier.uri http://197.255.68.203/handle/123456789/6703
dc.description.abstract Purpose – The purpose of this paper is to examine the effect of ownership structure and corporate governance on capital structure decisions of firms on the Ghana Stock Exchange (GSE). Design/methodology/approach – To analyze the impact of ownership structure and corporate governance on firms' financing decisions, unbalanced panel data covering a period from 2002 to 2007 is employed using the seemingly unrelated regression approach to mitigate the effects of multicollinearity among the regressors. Findings – The regression results reveal that managerial shareholding significantly positively influences the choice of long‐term debt over equity. Among the corporate governance variables, board size is found to be positively and statistically significantly related to capital structure choices. Firm level factors such as volatility in earnings, asset tangibility, dividend payout ratio and profitability are significant determinants of corporate capital structure decisions on the GSE. The findings are largely consistent with theories of capital structure decisions observed in the literature. Originality/value – The main value of this paper is to provide a comprehensive understanding of the impact of forms of ownership and other governance practices on capital structure decisions of firms from an emerging market perspective. en_US
dc.language.iso en en_US
dc.subject Capital structure en_US
dc.subject Corporate governance en_US
dc.subject Finance en_US
dc.subject Ghana en_US
dc.subject corporate ownership en_US
dc.title Ownership Structure, Corporate Governance and Capital Structure Decisions of Firms: Empirical Evidence from Ghana en_US
dc.type Article en_US


Files in this item

Files Size Format View

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record

Search UGSpace


Browse

My Account