Department of Organisation and Human Resource Management
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Item Financial Policy and Corporate Performance: Evidence from Emerging Market Economies(2009) Bokpin, G.A.; Abor, J.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 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 Macroeconomic Development and Capital Structure Decisions of Firms: Evidence from Emerging Market Economie(Emerald Group Publishing Limited, 2009) Bokpin, G. A.Purpose – The purpose of this study is to examine the effect of macroeconomic factors on capital structure decisions of emerging firms. Design/methodology/approach – A panel data covering a period from 1990 to 2006 for 34 emerging market countries were analyzed using the seemingly unrelated regression approach to mitigate the effects of multicollinearity and to test for the stability of parameter estimates across the countries. Findings – The results largely suggest that the effect of macroeconomic factors on capital structure varies with capital structure measurement variable in most cases. Bank credit is significant in predicting capital structure choices of firms. The findings of the research also indicate a significantly negative relationship between gross domestic product (GDP) per capita and capital structure choices. Inflation on the other hand positively influences the choice of short‐term debt over equity. Stock market development is however insignificant in predicting capital structure decisions of firms and expectations of increasing interest rate positively influences firms to substitute long‐term debt for short‐term debt over equity. Most of the control variables namely asset tangibility, return on equity, return on assets and Tobin's Q were significant predictors of corporate financing. The results of the study generally supports existing literature on the impact of investment opportunity set, profitability, and stock market development, inflation, interest rate GDP per capita and bank credit on the capital structure decisions of firms. Originality/value – The main value of this paper is to analyze the effect of macroeconomic factors on the capital structure decisions of firms using large dataset from emerging countries.Item Risk Exposure and Financial Policy: An Empirical Analysis of Emerging Markets(2009) Abor, J.; Sarpong-Kumankoma, E.; Fiawoyife, E.; Osei, K.A.Purpose – This paper aims to evaluate the effect of risk on the financial policy of emerging market firms. Design/methodology/approach – Using data from 34 emerging markets during a 17‐year period, 1990‐2006, a panel data model is employed for the analysis. Findings – The results of this study indicate that firms with high probability of survival are likely to employ more debt. The level of risk exposure, particularly business risk is important in influencing the financial decisions of firms in emerging market economies. It is argued that since the use of debt increases firms' exposure to financial risk, firms with high business risk would shy away from using more debt. Also, finance providers in the financial market may not be interested in lending to firms with high business risk. This study also identified profitability, dividend, asset tangibility, growth opportunities, and GDP per capita as important determinants of the financial policy of emerging market firms. Originality/value – This study contributes to the extant literature by providing empirical evidence regarding the effect of risk on the financial policy of emerging market firms.Item Explaining Interest Rate Spreads in Ghana(2008) Aboagye, A.Q.Q.; Akoena, S.K.; Antwi-Asare, T.O.; Gockel, F.A.The question of the optimal spread between bank lending rates and rates that banks pay on deposits, which is fair to bankers, depositors and borrowers, has dogged economies for some time. In Ghana, there is widespread perception that the spread is too wide. Bankers, on the other hand justify the spread on the basis of economic variables that affect them. This paper contributes to the literature by identifying, in the case of Ghana, the short-run response of the net interest margin of banks to changes in bank-specific, industry-specific and macroeconomic variables within the broad framework of Ho and Saunders (1981). We find that increases in the following factors significantly increase net interest margin — bank market power (or concentration), bank size, staff costs, administrative costs, extent of bank risk aversion and the rate of inflation. On the other hand, increases in the following variables decrease net interest margin significantly — bank excess cash reserves, the central bank lending rate, management efficiency and the passage of time. To help reduce interest rate margins, we recommend that banks should not get too big, the central bank should consider lowering the capital adequacy ratio and banks should be required to pass on to borrowers the full extent of reductions or increases in the central bank lending rate. Continued efforts at keeping inflation at bay will also help.Item Cost Analysis and Efficiency of sub-District Health Facilities in Two Districts in Ghana(2008) Aboagye, A.Q.Q.; Degboe, A.N.K.To establish the full costs borne by sub-district health facilities in providing services, we analysed the costs and revenues of 10 sub-district health facilities located in two districts in Ghana. The full costs were obtained by considering staff costs, cost of utilities, cost of using health facility equipment, cost of non-drug consumables, equipment maintenance expenses, amounts spent on training, community information sessions and other outreach activities as well as all other costs incurred in running the facilities. We found that (i) a large proportion of sub-district health facility costs is made up of staff salaries; (ii) at all facilities, internally generated funds (IGFs) are substantially lower than costs incurred in running the facilities; (iii) average IGF is several times higher in one district than the other; (iv) wide variations exist in efficiency indicators and (v) there is some evidence that sub-district health facilities may not necessarily be financially more efficient than hospitals in using financial resources. We suggest that the study should be replicated in other districts; but in the mean time, the health authorities should take note of the conclusions and recommendations of this study. Efforts should also be made to improve record keeping at these facilitiesItem Stochastic Variance Models in Discrete Time with Feedforward Neural Networks. Neural Computations 21(2009) Andoh, C.The study overcomes the estimation difficulty in stochastic variance models for discrete financial time series with feedforward neural networks. The volatility function is estimated semiparametrically. The model is used to estimate market risk, taking into account not only the time series of interest but extra information on the market. As an application, some stock prices series are studied and compared with the nonlinear ARX-ARCHX model.Item Viability Analysis of an Enterprise I.(2008) Andoh, C.
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