Browsing by Author "Isshaq, Z."
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Item Board expertise and the relationship between bank risk governance and performance(Cogent Business & Management, 2023) Boadi, L.A.; Isshaq, Z.; Adu-asare idun, A.The aim of this paper is to analyze the correlation between risk govern ance and bank performance while taking into consideration the influence of board expertise. The study argues that the connection between risk governance and performance depends on the level of expertise among board members who are integral to the risk governance framework. By analyzing data from 83 bank-year observations, which includes information from the bank focus database and hand collected data from annual reports spanning the period from 2012 to 2021, this research employs panel models to analyze the impact of board expertise on bank risk governance and performance relationships among a selection of banks in Sub Saharan Africa. The research reveals two significant findings: Firstly, the establish ment of risk governance structures is negatively associated with bank performance. Secondly, there exists a negative association between the expertise of the board members and their performance. Finally, the study found the risk governance and performance relationship to be positively and significantly moderated by board expertise. The evidence in this study suggests that for risk governance structures to achieve the desired objectives of enhancing performance, board members must possess the required technical expertise. Regulators and shareholders may find this result useful in strengthening regulatory requirements on board expertise and in appointing board members, respectively.Item Corporate governance, disclosure and foreign share ownership on the Ghana Stock Exchange(Managerial Auditing Journal, 2009-07) Bokpin, G.A.; Isshaq, Z.Purpose: The purpose of this paper is to examine the interaction between corporate disclosure and foreign share ownership on the Ghana Stock Exchange (GSE). Design/methodology/approach: The paper follows the trinary procedure of Aksu and Kosedag and uses the Standard & Poor's transparency and disclosure items in the construction of the disclosure index. Therefore, the paper adopts a panel data analysis covering a period from 2002 to 2007 using the seemingly unrelated regression approach. Findings: The results indicate a statistically significant interaction between corporate disclosures and foreign share ownership among the sample firms. The market value of equity and market-to-book value ratio is documented; free cash flow and financial leverage have statistically significant relationships with foreign share ownership. Originality/value: This is the first of its kind in the country that considers the impact of corporate governance and disclosure on foreign share ownership despite the numerous studies carried out on the GSE. © Emerald Group Publishing Limited.Item Corporate governance, ownership structure, cash holdings and firm value on the Ghana Stock Exchange(The Journal of Risk Finance, 2009) Onumah, J.M.; Isshaq, Z.; Bokpin, G.A.Item Corporate liquidity management of listed firms in Ghana(Asia-Pacific Journal of Business Administration, 2009-09) Isshaq, Z.; Bokpin, G.A.Purpose The purpose of this paper is to examine corporate liquidity management of companies listed on the Ghana Stock Exchange (GSE) with the aim of ascertaining the determinants of corporate liquidity holdings. Design/methodology/approach The paper adopts a dynamic panel model where a lagged dependable variable is introduced as an explanatory variable. Annual data from the annual reports and financial statements of the firms together with the ITGSE Factbook/IT are used in the gathering of data spanning 1991-2007. The Arrellano-Bond estimator is used which incorporates the Sargan test for over identification. Findings Leverage is found to be not significant to Ghanaian-listed firms' liquidity demand perhaps due to the developmental stage of the financial market. However, liquidity is found to be statistically significantly influenced by a target liquidity level, size of the firm, return on assets and net working capital. Originality/value This is the first of its kind in the country despite the numerous studies carried out on the GSE. © 2009 Emerald Group Publishing Limited. All rights reserved.Item Dynamic Connectedness between Indicators of the Ghana Stock Exchange Returns and Macroeconomic Fundamentals(Risks, 2022) Idun, A.A.; Isshaq, Z.; Asafo-Adjei, E.; Adam, M.The performance of the Ghana Stock Exchange (GSE) over the years has been susceptible to both crises and country-specific factors reflected in its macroeconomic fundamentals. Accordingly, the GSE composite index (GSECI) has experienced rapid fluctuations across time, coupled with a declining market capitalisation from a reduction in the number of existing firms. The plunge in the number of firms is partly linked to the banking sector clean-up in 2017, which induced the collapse and consolidation of some financial institutions as well as weaknesses in other macroeconomic variables. This ignites an investigation into whether the synergistic impact of listed firms that represent the financial sector and the soundness of banking sector measures are dominant factors that could drive or respond to shocks. Hence, the study investigates the lead-lag relationships and degree of integration among two indicators of the GSE—GSECI and GSE financial index (GSEFI), seven banking financial soundness indicators and eight interest rate measures. The wavelet approaches (biwavelet and wavelet multiple) are utilised to address the research problem. The DCC-GARCH connectedness approach is then employed as a robustness check. We found high interconnectedness between the indicators of the GSE and banking sector financial soundness, relative to the interest rates. Notwithstanding, the Treasury bill measures drive the GSE indicators in the short- and medium-terms. In comparison with the two indicators of the GSE, significant changes are dominant between the GSEFI and the two forms of selected macroeconomic variables. We advocate that the comovements among the indicators of the GSE, banking sector financial soundness, and interest rate measures are heterogeneous and adaptive, especially during crises, but more significant comovements are germane to the GSEFI. The study provides further implications for policy, practice, and and theoryItem Risk Premium and Foreign Direct Investment in Africa(University of Ghana, 2015-06) Effah-Mensah, D.; Bokpin, G.; Isshaq, Z.; University of Ghana,College of Humanities, Business School,Department of Banking and FinanceCanonical finance theory holds that capital should move to the assets with the greater risk premium. Does foreign direct investment (FDI) move to countries with a higher country risk premia? We address this question in this study. We proxied country risk premium as the difference between the equity risk premium of an Africa country and the equity risk premium of US, sovereign bond spread and we measured foreign direct investment as the foreign inflows scaled by gross domestic product. Using a dynamic panel model and data from African countries from 2000-2012, we find that country risk premium has a positive and statistically significant effect on FDI irrespective of how the risk premium is measured. Variables commonly associated with FDI in the literature such as infrastructure availability and log of labor availability showed varying statistical significance, varying with the measurement of country risk premium. Alas, can we say international investors in the last decade are hunting for premia?