Department of Organisation and Human Resource Management
Permanent URI for this collectionhttp://197.255.125.131:4000/handle/123456789/23062
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Item Foreign Direct Investment and Natural Resources in Africa(2015) Bokpin, G. A.; Mensah, L.,; Asamoah, M.E.Item Corporate Disclosure and Foreign Share Ownership: Empirical Evidence from African Countries(2014) Bokpin, G. A.; Isshaq, Z.,; Nyarko, S. E.Item Financial Market Development and Corporate Financing: Evidence from Emerging Market Economies(Emerald Group Publishing Limited, 2010) Bokpin, G. A.Purpose – The purpose of this paper is to examine the effects of financial market development on corporate financing of emerging market firms to ascertain whether or not interactions in the financial market has any impact on the available choice of financing of firms. Design/methodology/approach – Panel data covering the period 1990‐2006 for 34 emerging market economies were analyzed within the framework of Pesaran's dynamic fixed effect model and the pooled mean group estimator to capture the short‐ and long‐run effects of the covariates on the endogenous variables. Findings – The findings of the research indicate significantly that the direction and magnitude of the impact of financial market development and macroeconomic variables on capital structure vary with the maturities of the security issue. It is also documented that firm level variables such as profitability, investment opportunity, asset tangibility and risk are equally important in predicting firms' capital structure decisions. The findings also indicate that economy wide variables such as gross domestic product per capita are significant predictors of financing choices of firms. The results of the study generally support existing literature on the impact of financial market development, macroeconomic variables and certain firm level factors on capital structure. Originality/value – The paper considers unique data from emerging market economies over a 17‐year period.Item Assessing the Corporate Governance Practices of the Hospitality Industry(2009) Bokpin, G. A.; Stella, N.E.,The purpose of this study is to examine the governance practices of the hospitality industry in Ghana. The study compares the governance practices of two sets of hotels (3-star and 4-star hotels) within the context of best practices around the world. The study adopts a comparative case study methodology by comparing the governance structures of 3-star and 4-star hotels. This is meant to ascertain whether these classes of hotels exhibit different or similar governance practices. The findings revealed that governance practices did not meet best practices around the world. Even though, the corporate governance practices are in line with the provisions of the Companies Code, lapses are widespread reflected in board composition and board sub-committee (audit committee) to slate of other procedures that depart from international best practices. It was ascertained that there were similarities and differences in the governance practices of the two classes of hotels. This raises serious concerns which must be addressed if the hospitality industry is to offer the needed boost to the economy of Ghana. The originality of the paper lies in the fact that it considers a unique sector often neglected by researchers in Ghana and also within Sub-Saharan Africa.Item Ownership Structure, Corporate Governance and Bank Efficiency: An Empirical Analysis of Panel Data from the Banking Industry in Ghana”, Corporate Governance(Emerald Group Publishing Limited, 2013) Bokpin, G. A.Purpose – The purpose of this paper is to document the effect of ownership structure and corporate governance on bank efficiency in the Ghanaian banking industry. Design/methodology/approach – The author applies both accounting data and efficiency measures from the period 1999‐2007 via panel data analysis. Efficiency is measured by computing distances from the stochastic frontiers of estimated translog cost and profit functions. These efficiency measures are regressed on ownership and governance variables with dummy variables for bank types. Findings – The results show that foreign banks are more cost‐efficient than domestic banks, but not necessarily more profit‐efficient. Nevertheless, foreign banks are more profitable than domestic banks and enjoy better quality loans. Managerial ownership leads to the cost inefficiency of banks. Banks with inside ownership are unprofitable overall but maintain a high loan quality. Governance (a larger board size) strongly improves profit efficiency but slightly worsens banks' cost efficiency. Finally, the capital adequacy ratio and bank size are both significant predictors of bank efficiency in Ghana. Originality/value – Few, if any, studies have been carried out in the Ghanaian banking industry.Item Corporate Governance and Transparency: Evidence from Stock Return Synchronicity(Emerald Group Publishing Limited, 2014) Ntow-Gyamfi, M.,; Bokpin, G. A.; Gemegah, A.,Purpose – The purpose of the study is to examine the influence of corporate governance on the flow of firm-specific information in an emerging market. Design/methodology/approach – Synchronicity is estimated under assumptions of contemporaneous and non-contemporaneous relationship between individual stock returns and the market return. Possible thin-trading effect is also corrected using the Dimson’s Beta approach to estimate synchronicity. In the main empirical model, both the Panel-Corrected Standard Errors and the Generalized Least Square estimations were used to provided robust evidence of governance influencing transparency. Findings – Corporate governance was found to broadly influence the release of firm-specific information in a relatively opaque market through the information environment. However, no evidence in support of the “auditor-reputation effects” theory was found. As well, CEO duality does not create an individual powerful enough to reduce the monitoring role of boards. We further document the presence of noise trading on the Ghana Stock Exchange. Practical implications – This study suggests that specific corporate mechanism practices have implications for stock selection in a relatively high information asymmetry Capital Market. Investors require transparency; hence, firms with governance mechanisms that elicit such transparency are likely to attract investors. Originality/value – This study is the first to examine the relationship between governance and transparency while using stock return synchronicity as a proxy for transparency in an emerging Ghanaian Capital Market.Item Determinants and Value Relevance of Corporate Disclosure: Evidence from the Emerging Capital Market of Ghana(2013) Bokpin, G. A.Purpose – The purpose of this paper is to document the determinants and value relevance of corporate disclosure and transparency on the Ghana Stock Exchange (GSE). Design/methodology/approach – The paper employs the Fama and French model by relating firm value to firm level characteristics, with a sample of 27 firms on the GSE over a six-year period (2003-2008) Findings – The author found positive though statistically insignificant relationship between corporate disclosure and firm value represented by market to book value ratio and negative for stock price. Consistent with the political cost, signalling, agency and economic theories of corporate disclosure, the author found firm size, financial leverage, audit quality, age and profitability to be significant firm level characteristics determining corporate disclosure in Ghana. Though the adoption of IFRS is significant, it has marginally improved disclosure, though perhaps it is observed more in breach than in compliance and practical steps must be taken to improve disclosure practice on the GSE. Originality/value – The main value of the paper lies in providing further evidence of the value relevance and determinants of corporate disclosure using emerging data.Item Ownership Structure, Corporate Governance and Capital Structure Decisions of Firms: Empirical Evidence from Ghana(2009) Bokpin, G. A.; Arko, C. A.,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.Item Time Your Investment on the Ghana Stock Exchange(2014) Mensah, L.,; Bokpin, G. A.; Owusu-Antwi, G.