Browsing by Author "Gyan, K.K."
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Item Debt Capital Structure and Credit Information Sharing: Evidence on Listed Firms from an Emerging Market(Journal of African Business, 2020-04-01) Kusi, B.A.; Dzeha, G.; Gyan, K.K.; Turkson, F.E.This study examines the effect of credit information sharing on debt financing structure of listed firm on the Ghana Stock Exchange market between 2003 and 2013. Employing a panel data of 20 listed non-financial firms in Ghana in robust ordinary least squares, random effect and fixed effect models, findings are presented on how information sharing affect debt financing structure. Findings show that information sharing, coverage quality and the presence predominantly promote short-term debt financing options while these at the same time detract long-term debt financing options. While the positive nexus between credit information sharing and short-term debt financing confirms the information asymmetry and information sharing theories, We attribute the negative nexus between credit information sharing and long-term debt financing options to the shallow and weak nature of credit information sharing activities and institutions; hence making it difficult to permeate risks and uncertainties surrounding long-term financing options. This is an indication that credit information can increase access to debt financing for firms. These findings imply that policymakers must enact policies and laws that deepen, expand and enhance the coverage and quality of credit information in order for the full potency of information sharing can be realized on the debt financing structure of firms.Item Institutional quality and social cost of intermediation in Africa: Does the level of financial market development matter?(International Journal of Finance & Economics, 2021) Karikari, N.K.; Kusi, B.A.; Gyan, K.K.; Khan, M.A.H.This article examines the effect of institutional quality on social cost of intermediation in high and low-developed financial markets across 29 African countries between 2006 and 2013. Employing bootstrap-quantile and two-step system generalized methods of moments models with bank-level data of about 330 banks, the results provide interesting and new insights. The results show that improvement in institutional quality in high- or low-developed financial markets translates into reduced social cost of intermediation for society. However, it is evident from the results that improvement in institutional quality is more robust, persistent and weightier in reducing the social cost of intermediation in low-developed financial markets, which are often characterized by with weak regulatory regimes and enforcement. Hence, improvement in institutional quality shores up regulatory supervision, monitoring and enforcement which translates into heavier dampening of social cost of financial intervention in less developed financial markets. Moreover, bank size, credit shocks, return on equity and liquidity are key drivers of social cost of intermediation both in low- and high-developed financial markets. These findings have policy implications and recommendations for policymakers and regulators of financial institutions. Policymakers and regulators, especially those in less developed financial markets, must endeavour to create, implement and advanced mechanisms and enabling environment that enhances the quality of institutions since improved institutional quality reduces social cost of interaction to the benefit of society