Department of Banking and Finance
Permanent URI for this collectionhttp://197.255.125.131:4000/handle/123456789/23056
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Item Drivers of income diversification in credit unions: Do size, resource, liquidity, and environment matter?(M.D.E., 2021) Bokpin, G.A.; Amoah, B.; Ohene-Asare, K.; et al.Abstract This paper investigates income diversification in credit unions in Ghana. We make use of the random effect, Hausman–Taylor, and fractional regression to assess income diversification. We find empirical support that there exist differences between workplace credit union income diversification and other types of credit union. We also find that within nonfinancial income, size, liquidity, loan portfolio, net worth, and economic growth are important. For within liquid financial investment diversification, size, liquidity, resource usage, age, net interest margin, bank concentration, inflation, and economic growth matter. We recommend that with excess reserves, credit unions should pursue liquid financial investment.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 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 Ownership concentration and corporate performance on the Ghana stock exchange: A panel data analysis(Corporate Ownership and Control, 2008) Bokpin, G.A.Corporate governance is linked to corporate performance. The study examines the effect of ownership concentration on corporate performance on the Ghana Stock Exchange. Panel data covering a period from 2001 to 2006 for 28 firms were analyzed within the framework of both the fixed and random effects techniques. The results indicate that the effect of ownership concentration on corporate performance varies with the performance measurement variable. The results indicate a significant positive relationship between ownership concentration and return on assets and Tobin's Q, whilst there is negative insignificant relationship with return on equity. We also document that insider system of corporate governance is practiced on the Ghana stock exchange as shareholding is highly concentrated in the hands of a few individuals or institutional investors. Other governance features such as board size, board composition and CEO duality are all essential in predicting corporate performance. The results of the study generally support existing literature on the impact of ownership concentration on corporate performance.Item Foreign Exchange Moments and FDI in Ghana(Springer International Publishing AG, 2017) Mensah, L.; Bokpin, G.A.; Ofosu-Hene, E.D.In this paper, we estimate the effect of exchange rate moments on foreign direct investment (FDI). Using data from a developing country (specifically Ghana) during the years 1990–2012 and robust regression and bootstrap method, the study finds that FDI increases as a result of the depreciation of the local currency. Secondly, using standard deviation as a measure of volatility, we find positive relationship between exchange rate volatility and FDI. Skewness did not show any significant relationship with FDI, which is straight to the heart of the mean reverting principle of the exchange rate. We find the political atmosphere as one of the main factors of drawing FDI into Ghana. These results are robust in the presence of all the standard control variables having significant coefficients under the various methodologies.Item Assessing the impact of export processing zones on economic growth in Ghana(2017) Aboagye, A.Q.Q.; Bokpin, G.A.; Quaico, A.The study examines the impact of free zones exports and investments on economic growth in Ghana. A vector error correction model (VECM) was employed to ascertain the impact of the Free Zones Programme on economic growth in Ghana on a quarterly time series data spanning 1998–2015. The results show that both free zones exports and free zones investments have significant negative relationship with economic growth. Trade openness also has a significant negative relationship with economic growth but insignificant positive relationship with investment and export. The study concludes that the Free Zones Programme has not served its purpose of promoting economic growth in Ghana. It is universally known that the concept of free zones is actually a second best option and as such is not meant be a lasting policy for promoting economic growth. For this reason, given the negative effect the programme has had on economic growth, the Government of Ghana should scrap it and possibly look at opening up the whole country, especially in terms of infrastructure and other incentives for all firms, so that economic activity can freely take place in every corner of the country to realise balanced and more sustainable growth of the economy.