The link between firms’ investment opportunity set and corporate governance In Africa: an empirical evidence

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Date

2010

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Leadership & Organizational Management Journal

Abstract

This study examines the link between corporate governance and firm investment and growth opportunities in Africa. Panel data covering the period 1997-2001 from 103 firms selected from Ghana, South Africa, Nigeria and Kenya is used and analysis carried out within the panel data framework. Results show that, indeed, firms with investment or growth opportunities employ large board sizes (high board and auditor fees), have longer CEO tenure and are profitable, and that the extent of growth response to governance structures are influenced by both country and sector specific effects.

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Keywords

Coporate Governance, Investment-Opportunity-Set, Panel Data, Africa

Citation

Leadership & Organizational Management Journal (3): 64-77

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