Department of Accounting

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Eradicating extreme poverty in Africa through productive inclusion: A comparative assessment of two social protection programmes in Ghana
(International Review of Administrative Sciences, 2022) Amofa, S.K.; Owusu, G.M.Y.; Bawole, J.N.; Atta, M.
Ghana has experimented with two social protection programmes: the Livelihood Empowerment Against Poverty (LEAP) programme, and the Japan Social Development Fund (JSDF) pilot project aimed at reducing extreme poverty and improving the standard of living of beneficiaries. This study comparatively assessed how the LEAP programme and the JSDF-LEAP project have contributed to improving the standard of living of beneficiaries. A sample of 167 respondents, comprising 81 LEAP households, 82 JSDF-LEAP beneficiaries and four District Social Welfare Officers, took part in the study. The study findings suggest that cash transfers alone, such as the LEAP program, may not yield significant improvement in the standard of living of the extreme poor without complementary programmes such as the JSDF-LEAP project to address the livelihood and other socio-economic challenges that they encounter. The study recommends a holistic approach to tackling extreme poverty through ‘cash plus. programmes.
Environmentally Sustainable Business Practices in Micro, Small, and Medium Enterprises: A Sub-Saharan African Country Perspective
(Business Perspectives and Research, 2023) Anaman, P.D.; Ahmed, I.A.; Suleman, A.; Dzakah, G.A.
In line with the natural resource-based view, this paper explores sustainable business practices (SBPs) of Ghanaian micro, small, and medium enterprises (MSMEs). Qualitatively, the study interviewed eight MSME operators and middle-level managers purposefully assess their use of SBPs and how it affects their businesses. The collected data were edited, coded, and grouped under themes based on the Braun and Clarke thematic framework. The study identified holistic environmental management, eco-preneurship, and regenerative practices as the environmental stewardship drivers among Ghanaian MSMEs. Also, integrated vision and strategy, process efficiency and resource optimization, and risk profiling drive process excellence. Finally, sustainability-focused leadership, internal advocates and change agents, and ongoing education and awareness as drivers for sustainability-oriented culture. The business practices of organizations have continually impacted the immediate environment within which they operate. Consequently, there is a clarion call for businesses to engage in SBPs to mitigate the effect of their operations on the environment. The study brings to bear the SBPs Ghanaian MSMEs are engaged in and how they affect their operations and survival, especially in this era of sustainability.
Time-varying connectedness and contagion between commodity prices and exchange rate in Sub-Saharan Africa
(Cogent Economics & Finance, 2023) Opoku, R.T.; Isshaq, Z.M.; Adam, A.M.; Owusu, P.J.
Market participants, policymakers, and practitioners might have ignored the connection between global commodities and the currency markets in sub-Saharan Africa and the potential for contagion at various time scales. We examine the degree of time-varying connectivity and contagion between commodities and the exchange rates of sub-Saharan African countries (SSA). We use the Barunik and Krehlik (BK18) spillover index on monthly data from 1990 to 2019 to illustrate the dynamic connectivity in the time and frequency domains. The BK18 captures the nonlinear, nonstationary, asymmetric, and time-dependent comovements in the relationship. Our analysis indicates that the relationship between commodity returns and exchange rates in Sub-Saharan Africa (SSA) is both time- and frequency-dependent, but stronger at higher frequencies. We observe that, among Of the three commodities, only crude oil is a dominant spillover propagator. The exchange rates of South Africa dominate spillover transmission among metal-producing countries, and those of Cote d’Ivoire dominate agricultural-producing countries. countries. The dynamic results reveal significant spillovers between commodities and exchange rates during economic turmoil, indicating contagion among the markets. Since uncertainty spillover is more severe amid market upheaval, investors should use their awareness of market dynamics and fluctuations to protect their holdings from lower asset returns. Policymakers should keep a close eye on spillovers because they endanger cross-market connections
Predictors of tax compliance intentions among self-employed individuals: the role of trust, perceived tax complexity and antecedent-based intervention strategies
(Small Enterprise Research, 2021) Owusu, G.M.Y.; Bekoe, R.A.; Mintah, R.
This study examines the tax compliance intentions of self-employed individuals in the informal sector and evaluates the effect of antecedent-based intervention strategies, trust and perceived tax complexity on tax compliance intention. Using the extended version of the Theory of Planned Behavior as the theoretical base, the study additionally investigates whether attitude, subjective norms, perceived behavioural control and moral obligation may be good predictors of tax compliance intention. Data were gathered from 725 self-employed individuals in Ghana using a structured questionnaire, and analysed using the structural equation modelling technique. We find from our empirical analysis that, although our respondents exhibit greater intention to comply with tax payment duties, most respondents consider non-compliance to be justifiable if the tax rates are too burdensome. Our results further suggest that trust in the tax system, perceived tax complexity, antecedent-based intervention strategies, attitude, subjective norms, and moral obligation relevant predictors of tax compliance intention.
Assurance of environmental, social and governance disclosures in a developing country: perspectives of regulators and quasi-regulators
(Accounting Forum, 2021) Simpson, S.N.Y.; Aboagye-Otchere, F.; Ahadzie, R.
The paper explores the assurance of environmental, social, and governance (ESG) disclosures in a developing country. Unlike other papers, this study focuses on regulators and quasi-regulators understanding of ESG assurance, their perception and preferences for assurance providers, and the considerations in choosing an assurance provider. Using qualitative research design, the Strong Structuration Theory was employed to draw meanings from data gathered through semi-structured interviews. Findings reveal that external factors such as the emerging nature of ESG in Ghana, the working fields of interviewees, the developing nature of the internal audit function, non-Big 4 audit firms, and the accounting profession were crucial to interviewees’ conceptualization of ESG assurance and their preferences for various assurance providers. Also, there is low preference for accountants, internal auditors, and non-Big 4 firms as ESG assurance providers, particularly for environmental and social disclosures. Regulators, however, received a high endorsement. It It was evident that expertise and regulatory oversight were the main factors interviewees considered in choosing assurance providers. Accountants, non-Big 4 audit firms, and internal auditors would need to improve stakeholders’ perception of their capacity and independence for ESG assurance. Moreover, considerations such as the value for expertise, independence, and reputation for regulators affect the choice of an ESG assurance provider. The findings have implications (outcomes) for regulators to consider their ESG assurance participation and its consequences.
Country-Level corporate governance and Foreign Portfolio Investments in Sub-Saharan Africa: The moderating role of institutional quality
(Cogent Economics & Finance, 2022) Agyei, S.K.; Isshaq, M.Z.; Obuobi, N.K.; et al.
Given the declining volumes of Foreign Portfolio Investments (FPI) in In Africa, the study sought to examine the moderating role institutional quality (INST) plays in the relationship between country-level corporate governance (CG) and FPI in Sub-Saharan Africa. This is motivated by arguments from the hierarchy of institutions hypothesis, which posits that the quality of political institutions (INST) determine the strength of economic institutions (CG) and how they affect economic activities. Data was collected on 33 SSA countries from 2009 to 2017 and analysed using the systems GMM approach. The results revealed that economies characterized by strict adherence to international auditing and reporting standards, ethically behaved firms, effective corporate boards, and well-regulated security markets tend to attract more FPI inflows, even though weak shareholder protection regimes are likely to deter FPI. We also confirmed the positive impact of robust institutions in luring FPI into SSA. Finally, we found the FPI-CG nexus to be significantly moderated by the quality of institutions prevalent in a country. This implies that the effectiveness of country-level corporate governance mechanisms can be affected by the existing institutions, thereby impacting the level of FPI an economy receives. We recommend that SSA firms take pragmatic steps to develop and practice sound CG mechanisms while the institutional setting in SSA is strengthened to harness more FPI inflows to support their economic growth agenda.
Determinants of tax compliance costs of small and medium enterprises in emerging economies: Evidence from Ghana
(Social Sciences & Humanities Open, 2022) Bruce-Twum, E.; Asare, N.; Schutte, D.
Small and medium enterprises (SMEs) are important to emerging economies, especially in tackling economic growth and unemployment challenges. SMEs bear a disproportionate burden in complying with many forms of regulations, in particular tax rules and legislation. Complying with tax regulations often results in increased costs and a significant reduction in profits. There is very little information available about the various factors that determine the tax compliance costs of SMEs, especially in Africa. The study attempted to identify the determinants of tax compliance cost using a survey of 132 SMEs in Ghana. From the analysis of three models and In OLS regression, the study found that the size of the business, the age of the business, the business sector and technological costs were significant determinants of tax compliance cost. The results provide meaningful insight to the revenue authorities in knowing the determinants of SMEs’ tax compliance costs. Furthermore, the findings provide valuable information to SMEs to assist in evaluating and managing their tax compliance costs. Finally, the study offers an empirical contribution to the scanty literature on SMEs’ tax compliance cost in emerging economies.
Management control and supply chain operational performance of public health emergency to pandemic control
(Management Research Review, 2021) Nartey, E.; Aboagye-Otchere, F.K.; Simpson, S.N.Y.
Purpose: The purpose of this paper is to first determine the implications of management control system (MCS) information characteristics for controlling the COVID-19 pandemic through four performance indicators (quality, speed of delivery, availability and cost-effectiveness) of the public health supply chain and second, the mediating effect of four dimensions (broad scope, timeliness, integration and aggregation) of the MCS on external integration, internal integration, customer integration and operational performance of public health institutions in Ghana. Design, methodology, and approach: using covariance-based structural equations modelling and based on contingency theory, a hypothesized model was developed and tested. The sample involves a survey of 214 . public health institutions in Ghana Findings: Both external and internal integration were found to have a significant positive effect on MCS information and, in turn, on the supply chain operational performance of public health institutions. Also, customer integration has a significant positive impact on the four dimensions, with a corresponding impact on supply chain's operational performance. Practical implications: The paper provides practitioners and policymakers with the usefulness of the contingency paradigm in enhancing the supply chain network of public health institutions during epidemics, hence, the need to adopt and develop the contingency approach in designing MCS within the public health sector. Effective public health management through a collaborative process between stakeholders (suppliers, customers and personnel) will mitigate stockouts of medical supplies and systematic disruptions in the public health supply chain. Originality/value: The MCSs-supply chain integration interaction on organizational performance is one of the areas that has received very little attention in the literature, particularly in service-oriented organizations. In this regard, this paper represents one of the few studies in Africa that examines performance implications of MCS supply chain nexus with respect to public health emergencies service-orientec organizations. The paper contributes to the literature by providing invaluable insights into the usefulness of the MCS in enhancing the supply chain performance of public health emergencies.
The effect of personality traits and tax morale on tax evasion intention
(Journal of Financial Crime, 2022) Owusu, G.M.Y.; Bart-Plange, M.; Koomson, T.A.A.; Arthur, M.
Purpose: This paper aims to explore the relationship among personality traits, tax morale and tax evasion intention of students. Using the five-factor model of personality ratings, this study hypothesizes that agreeableness, openness to experience, conscientiousness, extraversion and neuroticism are good predictors of both tax morale and tax evasion intentions of individuals. Further, this paper argues that tax morale correlates negatively with tax evasion intention. Design/methodology/approach – A survey method was adopted and questionnaires were developed to elicit responses for the study. The study hypotheses were tested structurally using the partial least squares structural equation modelling technique. Findings: The results of the study demonstrate the existence of a positive and statistically significant relationship between three dimensions of the personality traits (agreeableness, conscientiousness and openness to experience) and tax morale. Consistent with expectations, the study also finds tax morale to be significant and negatively associated with tax evasion intention. Research limitations and implications: This study concludes from the findings that improving the tax morale of individuals could be an important way by which tax authorities can improve voluntary tax compliance and reduce the incidence of tax evasion by individuals. Originality/value: The study uses all the dimensions of the five-factor model to examine tax evasion intention of individuals. It also contributes to the theoretical literature by highlighting the mediating role of tax morale in the relationship between personality traits and tax evasion intention from an African perspective.
Examining the predictors of fraud in state-owned enterprises: an application of the fraud triangle theory
(Journal of Money Laundering Control, 2022) Owusu, G.M.Y.; Koomson, T.A.A.; Alipoe, S.A.; Kani, Y.A.
Purpose: This paper aims to investigate the views of employees on the motives behind frequently reported fraudulent activities at the workplace. Using the fraud triangle theory (FTT) as the theoretical lens, the study examines the effect of pressure, opportunity and rationalization on fraudulent acts by employees at the workplace. Design/methodology/approach – The study follows a correlational-quantitative approach using questionnaires as the main data collection tool. A total of 243 valid responses from employees working in different state-owned enterprises in Ghana were used in the empirical analysis. The hypothesized relationships in the study were tested using the partial least squares structural equation modelling technique. Findings: The results from the structural analysis showed that pressure, rationalization and opportunity are important in explaining why employees engage in fraudulent activities at the workplace. Originality/value: The findings do not only provide empirical support for the applicability of the FTT in the Ghanaian context but most importantly, offer some useful insights into the fraud discourse from the public sector workers’ perspective.
Bank Competition in Africa: Do Institutional Quality and Cross-border Banking Matter?
(Journal of African Business, 2020) Amidu, M.
This paper analyses the implications of cross-border banking (CBB) and institutional quality (IQ) for bank competition in Africa. It applies a two-step estimation procedure using bank-level panel data for 29 African countries. In step one, the Boone indicator and the Lerner index are used to gauge bank competition in a given country in Africa. In the second step, it analyzes the sources of bank competition, placing emphasis on the impact of CBB and IQ. The results suggest that competition increased in the period of 2002–2005, before decreasing somewhat between 2006 and 2007 and increasing again thereafter. The results also show that cross-border banking enhances bank competition in African countries with stronger governance structures and institutional quality. These results are robust to an array of controls, including an alternative methodology, variable specifications, and the regulatory environments that banks operate in.
Financial literacy, financial inclusion and participation of individual on the Ghana stock market
(Cogent Economics & Finance, 2022) Akakpo, A.A.; Amidu, M.; Coffie, M.; Abor, J.Y.
This paper examines the impact of financial literacy and financial inclusion on stock market participation in Ghana. It employs a sample of 1,966 respondents across the 10 regions of Ghana for the year 2018. We employ biprobit models to estimate the influence of financial literacy on financial inclusion, while robust probit models are used to independently analyse the effect of financial literacy and financial inclusion on stock market participation as well as their joint effect. We found the following results: first, financial literacy positively influences financial inclusion. Second, the study does not support previous findings that financial literacy is not a determinant of stock market participation in Ghana. Third, financial inclusion through using an account to save significantly affects stock market participation. Finally, the interaction of financial literacy and financial inclusion on stock market participation provides evidence of no significant effect.
Ethics and curriculum design of accounting programmes in a developing country: a qualitative insight
(Accounting Education, 2021) Onumah, R.M.; Simpson, S.N.Y.; Kwarteng, A.
The paper explores curriculum design and drivers of ethics in universities and professional accounting bodies in Ghana. Data were collected through individual face-to-face interviews. The study revealed that ethics in the curricula of universities and professional bodies are integrated within and across subjects and within all levels of programmes. Also, ethics is integrated using a combination of stand-alone, embedded and narrative approaches. Factors such as faculty initiative, industry demand, international benchmarking and modernisation are some of the drivers of ethics in the universities and the professional accounting bodies. Accounting educators need to understand the nature and drivers of ethics in the design of accounting curricula in order to improve the ethical practices of accounting graduates. The study is among the few that adopts an in-depth qualitative approach in highlighting the nature of ethics curriculum design for universities and professional bodies.
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 theory
Exchange Rate Uncertainty And Foreign Direct Investment In Africa: Does Financial Development Matter?
(Review of Development Economics, 2021) Asamoah, M.E.; Alagidede, I.P.; Adu, F.
The orthodox view is that uncertainty deters investments and, by extension, private capital inflows. Paying With specific attention to the volatility of the domestic exchange rate, foreign direct investment (FDI), and financial development indicators, this study investigates the impact of exchange rate uncertainty on FDI and whether financial development matters in such a situation. We establish our empirical relationship with a system general methods of moments (GMM) two-step robust estimator with orthogonal deviations. We found evidence supporting a nonlinear U-shaped relationship between uncertainty and FDI and that the impact of uncertainty on FDI depends on varying levels of uncertainty. We also document that uncertainty deters FDI flows and that countries with a well-functioning financial development can transform the adverse impact of volatility on FDI. However, curbing the adverse effect depends on the specific indicator and the threshold value of financial development (financial institutions or financial markets).
Drivers of Global Social Network Adoption: A Technology-Organisation Environment Perspective
(International Journal of E-Services and Mobile Applications, 2020) Alhassan, M.D.; Adam, I.O.
The aim of this study is to explore the drivers of social network adoption at a global level. The focus of past research has largely been placed on social network adoption at the country level with few studies conducted at the global level. Furthermore, the mediating role of ICT access on social network adoption has been given limited attention. To fill this gap, thisstudy employsthe Technology Organization-Environment (TOE) framework to investigate factors that may influence global social network adoption. Relying on archival and cross-sectional data from 135 countries and using Partial Least Squares Structural Equation Modelling, our findings show that social network adoption at the global level, is positively influenced by ICT access of a county and that ICT regulation and the development of the human resource will not directly influence social network adoption. Though technological, organizational, and environmental factors all together accounted for 55.5% of the variance in social network adoption, the mediating role of ICT access and the effects of human resource development on social network adoption was found to be significant. Our findings provide a fresh insight into the adoption of social network sites at the global level. Our study provides some implications for research and practice.
Manager attributes, psychological factors and sustainability reporting in small and mediumsized enterprises in Ghana
(Journal of Global Responsibility, 2024) Owusu, A.; Venancio, T.; Asare, N.
factors on the adoption of sustainability reporting (SR) among small and medium-sized enterprises (SMEs) in Ghana. Design/methodology/approach – The study is based on a cross-sectional data gathered using questionnaires administered to managers of SMEs in Ghana. The data is analyzed using structural equation modeling. Findings – The results reveal that SME managers with requisite educational qualifications and knowledge about sustainability accounting adopt SR. The attitudes, subjective norms and perceived behavioral control of managers of SMEs on issues of sustainability also affect the adoption of SR. However, SMEs with old and long-serving managers do not adopt SR. SMEs with manager attributes such as professional education, gender and religious affiliation do not appear to adopt SR. Practical implications – There is the need for regulators and other stakeholders to sensitize, persuade and provide awareness, training and educational certification to support managers of SMEs to enable them to adopt SR. Originality/value – This study contributes to the literature on SR by offering a clear understanding of how manager attributes and psychological factors influence the adoption of SR by SMEs in developing countries.
Determinants of supply chain finance adoption among SMEs: evidence from a developing economy
(Meditari Accountancy Research, 2023) Edward Nartey, E.
Purpose – Little is known about the determinants of supply chain finance (SCF) adoption among small and medium-sized enterprises (SMEs) in developing countries. This study aims to address this relevant research gap and hence, draws on the resource-based view and transaction cost economies to empirically investigate five factors that make SCF adoption practicable among SMEs in Ghana. Design/methodology/approach – The approach involves a sample of 257 SME managers/owners and modelling via structural equations modelling. Findings – All five factors (innovative capability, information sharing, inter- and intra-firm collaboration, external financing and trade process digitization) were found to impact positively and significantly on SCF adoption. The findings provide SME managers/owners with a research model which guides them on how to settle the SCF process. Research limitations/implications – This paper used a cross-sectional survey, which makes it impossible to access changes over time. In addition, the use of quantitative method limits respondents from expressing their feelings fully. Using a mixed or qualitative methodology will provide avenues for future research. Practical implications – This paper offers a completive advantage for Ghanaian SMEs to strengthen their relationships while collaborating with each other. The findings suggest that by adopting SCF solutions, SMEs can optimize their liquidity and working capital. The factors underpinning SCF adoption are of incredible attractiveness for SME managers/owners to discover the relevant practice of SCF solutions. SMEs should adopt SCF strategies for improving their capability to respond promptly to transactions. Originality/value – This paper is among the few papers that have examined these five factors in a developing economy context. The study also provides new understanding of the factors that influence SCF adoption in the context of a developing economy.
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.
What drives the attainment of goals of ethical education in higher institutions? The perception of professional accountants and accounting educators
(Journal of Applied Research in Higher Education, 2023) Onumah, R.M.; Owusu, G.M.Y.
Purpose This study examines the impact of ethics education interventions (EEI) on attaining ethical education goals in higher institutions. Design/methodology/approach The study utilizes a survey method, with questionnaires distributed to accounting instructors from universities and professional accountants in Ghana. The empirical analysis is based on 417 valid responses, and the hypothesized relationships are tested using ordinary least square (OLS) regression. Findings The results indicate that ethics-related courses (ERC), methods of teaching ethics (MTE) and methods of ethics interventions (MEI) have a positive and significant impact on achieving the objective set for EEI in accounting programs. Research limitations/implications This study provides valuable insights for accounting educators and professional body managers in developing accounting ethics curricula in universities and professional accounting institutions. Originality/value This study involves accounting educators and professionals and applies ethical theories of egoism, deontology and utilitarianism to demonstrate the role of ethical interventions in accounting programs in achieving set objectives from a developing country context.

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