ghanaopendata/ghanaian-research-english huggingface dataset:
Corporate governance and financial performance: evidence from ghanaian manufacturing industry

Corporate success and sustainability depend on several factors aside factors like efficiency, innovation and quality management of internal activities. Corporate governance plays the most essential role in promoting business performance and sustainability since corporate laws are only meant for operational efficiency and transparency. Corporate governance controls operational activities, reduces errors in a firm and integrate organizational members towards effectiveness and consistency. Managers are expected to promote compliance among members within the firm so that performance can be enhanced through efficiency, consistency and effectiveness. The main objective of this study is to assess the impact of corporate governance on financial performance of Ghanaian manufacturing companies. With a specific focus on assessing size of the board, independence of the board, duality of the CEO impacts on manufacturing companies in Ghana financial performance. Quantitative research method was used in obtaining data from the financial statements of manufacturing firms; random and fixed point panel regression was conducted using E-Views version 12 software. The results revealed that, size of the board was a significant determinant of performance. Independence of the board was a significant determinant of performance. Also, diversity of the board was a significant determinant of performance. On the contrary, size of the board was not a key determinant of performance. The study concludes that corporate governance practices impact on manufacturing firms. This study therefore recommends that business units should actively encourage corporate governance practices in order to ensure better performance to get the eyes of potential investors. The recommendation of the study is that management of manufacturing companies should actively encourage corporate governance practices in order to enhance financial performance.

Source: KNUST
Corporate governance and firm performance: evidence from Ghana.

The corporate failures and scandals over the last 2-3 decades worldwide including Ghana have highlighted the need for guidance to tackle the various risks and problems that can arise in the systems of governance in many organizations. As a result, the implementation of good corporate governance at every firm has been a necessity. This paper investigates the influence of quality corporate governance practices on firm performance in Ghana. A sample size of 22 firms listed on the Ghana stock exchange and their 5-year dataset within 2010 to 2014 were collected for the study. Regression analysis was conducted to determine the association between corporate governance mechanisms (board composition, board gender diversity, audit committee effectiveness, board size and CEO-duality) and firm performance (return on asset and return on equity). The result of the study indicates that at the 5% level of significance; board composition, board gender diversity and audit committee presence have insignificant negative relationship with the performance of firms listed on the Ghana stock exchange. Meanwhile board size and CEO-duality was found to relate negatively significant with firm performance. The result again showed that as leverage relate negatively significant with firm performance, firm size relates positively significant with the performance of firms listed on the Ghana stock exchange. This study therefore makes an important contribution to the global discourse on corporate governance mechanisms prediction on firm performance in an increasingly globalised world.

Source: KNUST
Corporate Governance and Stock Returns Variability: A Study of Ghanaian listed firms

This research bridges the gap in the literature in Ghana by finding out the effect of corporate governance on stock returns variability of companies listed on the Ghana stock exchange. The literature on corporate governance research in Ghana dwells on aspects like corporate governance and firms‟ performance; corporate governance and financing decisions and others. However, a research is yet to be done to find out the influence and its extent of corporate governance on stock returns variability. Investors are not only interested in the accounting and market-based performance measures such as return -on -assets, return-on-equity and Tobin‟s q but investors are also concerned about the unpredictable variations in returns they face for holding equity shares. The research thus focuses on the unsystematic risk or idiosyncratic risk listed companies on the Ghana stock exchange face as a result of corporate governance. The research uses 28 companies listed on the Ghana stock exchange over the period 2004-2013 using panel data regression. The research reveals that corporate governance variables such as board size, presence of outside directors on boards, concentration of shareholding increase companies‟ unsystematic risk. Interestingly, firms audited by the big four audit firms experience more variability in stock returns than companies audited by small audit firms. Most companies listed on the Ghana stock exchange have the CEO and board chairman positions separated but this step does not have any significant influence on stock returns variability. Management ownership is not prevalent among companies on the Ghana stock exchange and the research reveals that management ownership has no significant influence on stock returns variability

Source: KNUST
Corporate governance and performance of banks in Ghana

Corporate governance is a subject that has become of paramount interest to all economic and business stakeholders, especially since the onset of undesirable global events in the corporate world in the recent past which pointed to weaknesses in governance mechanisms. The purpose of this study was to identify whether there was a relationship between corporate governance practices and performance of banks in Ghana. This study also sought to examine the level of compliance with the Corporate Governance code by banks in Ghana and also compare the corporate governance practices of banks which are listed on the Ghana Stock Exchange with those which are not, and ascertain whether there were notable differences in compliance levels. Nine (9) out of the twenty-eight (28) banks currently operating in the country were involved in this study. Data were gathered mainly from their annual reports over a four-year period. A scorecard approach was used to assess the corporate governance practices of the banks. Return on equity, return on assets, and earnings per share were selected as the performance indicators of the banks. The results of the study showed a general improvement in the corporate governance practices of the banks over the period. Higher levels of corporate governance were found with banks listed on the Ghana Stock Exchange, as compared to those which are not. Further analysis of the results revealed a weak, positive correlation between corporate governance and both return on equity and earnings per share. However, a weak negative correlation was found between corporate governance and return on assets. Recommendations were made that regulations which will compel banks to adhere to corporate governance principles be instituted by the Bank of Ghana. Similar research work on corporate governance practices by firms in other industries in Ghana was also suggested.

Source: KNUST
Corporate governance mechanisms and financial performance: evidence of quoted and unquoted firms in ghana

The global impact of corporate governance practices has increased in response to the collapse of large multinational corporations. The objective of this study is to examine the influence of corporate governance procedures on the financial performance of both publicly listed and privately held companies in Ghana. The research used a purposive selection methodology to choose a sample of 32 companies, consisting of 15 publicly traded organizations and 17 privately held enterprises. The data collection spans a duration of 9 years, namely from 2014 to 2022. The research used a panel quantile regression (PQR) methodology to examine the findings. The findings indicate that companies with a more diverse board of directors have improved financial performance. The study further emphasizes the need of having a diverse board in order to improve financial performance. It also warns against the possible negative consequences of CEO duality. In order to improve corporate governance and resolve the potential risks associated with CEO dualism, it is advisable for organizations to consider the separation of these responsibilities and establish comprehensive mechanisms for oversight and accountability

Source: KNUST
Corporate governance practices and performance of Rural Community Banks In Ashanti Region.

The mechanism within which corporations are governed and directed known as corporate governance (Cadbury, 1992) was assessed by this study to examine its impact on performance of rural banks. The importance of rural banks in collaborating the efforts of commercial banks in the financial system of the Ghanaian economy cannot be over emphasized. However corporate governance variables such as board size, audit committees, CEO duality and others have been identified in the literature to have statistically significant influence on performance of companies, whiles in some instances no statistical relationship between these variables and performance was found. This study sought to examine the impact of corporate governance variables namely board size, non-executive directors, CEO duality, gender diversity and audit committee on performance of rural banks in Ghana. The study achieved this by using five rural banks in Ashanti region by deploying the financial reports of the selected banks for the years 2010-2014. The panel regression approach was used and the Ordinary Least Square (OLS) was used to estimate the results. The study found that board size of rural banks is statistically significant in influencing performance of rural banks and there is a positive relationship. Merging of the positions of CEO and board chairman has positive influence, a result that reinforces the findings of Abor & Biekpe (2007) in relation to the SMEs in Ghana, which asserts that CEO duality has positive influence on performance. Non-executive directors, gender diversity and audit committee of rural banks was also identified to have negative relationship with performance. On the basis of these significant findings, the study among others recommends that, there should be a balance of executive and non-executive directors should be achieved by rural banks since their boards are entirely dominated by nonexecutive directors as recommended by the regulatory framework of corporate governance in Ghana.

Source: KNUST
Corporate governance and the asset quality of listed banks in ghana

The study investigates the relationship between corporate governance and asset quality of listed banks in Ghana. It employs the quantitative approach and the explanatory research method, coupled with the desk strategy to pursue the objectives of the study. Secondary panel data spanning the period from 2013 to 2022 are used. The study employs the panel regression analysis to estimate the relationship between the variables. The stata software is employed to aid the analysis. The study reveals that the size of the governing board, board diversity, and board financial expertise have no significant relationship with asset quality. Additionally, the study discovers that there is a significant positive relationship between board independence and asset quality of the banks. The study recommends that there is the need to strengthen and improve the independence of the board since it is critical in enhancing the asset quality of banks. The study concludes that the result of the findings of the study challenges the validity of agency theory in the banking sector of Ghana and call for alternative explanations to understand the performance implication of corporate governance on the banking sector of Ghana.

Source: KNUST
Corporate governance determinants of capital structure, evidence from listed manufacturing firms on the ghana stock exchange (gse)

The study seeks to evaluate the effect the corporate governance determinants on the capital structure of manufacturing firms listed on the Ghana stock exchange. The Ghanaian-listed manufacturing firms are chosen as the demographic for this research. Purposive sampling is used in this study to sample 15 manufacturing firms in Ghana. Secondary data is gathered through annual reports submitted by companies for the period (2005-2021). A GMM method of estimation is adopted to estimate the parameters involved in the study objectives. The total debt ratio and the long-term debt ratio have a positive correlation with board size. The relationship between managerial and institutional ownership and a company's capital structure is substantial. There is a statistically significant and positive relationship between ownership concentration on both the short and long-term debt ratios. Based on the findings of this study, it is evident that block holders, as opposed to widely dispersed shareholders, can exert pressure on management to incur additional debt to minimize managerial opportunism. There will be fewer agency disputes between management and shareholders if shareholders own a greater percentage of the company. In terms of managing a company's finances, the research offers several recommendations and real-world implications. The results will help policymakers build corporate governance rules and practices and make value-relevant capital structure decisions in line with the implications of the corporate governance mechanism. The research also provides empirical support for the idea that businesses might benefit from reduced agency costs and lower cost of capital if they implement governance procedures—specifically if they disclose key information voluntarily.

Source: KNUST
Corporate governance practices and capital structure decisions: the moderating effect of gender diversity

This study examines the moderating role of gender diversity on the relationship between corporate governance and capital structure. Employing a positivist paradigm, the study adopts a deductive approach for hypothesis testing and model estimation. Panel data from companies listed on the Ghana Stock Exchange over 12 years is analysed using the generalized method of moments (GMM) estimation technique, along with descriptive statistics. The results reveal several important relationships. Firstly, a positive association is observed between board size and capital structure, suggesting that firms with larger boards tend to have higher levels of debt financing. This finding highlights the significance of diverse board composition in terms of perspectives and expertise, which enhances monitoring and decision-making processes, ultimately influencing capital structure choices. Secondly, board independence is found to be positively correlated with capital structure. The presence of independent directors, who prioritize shareholders' interests and mitigate agency conflicts, is associated with higher levels of capital structure. This underscores the importance of effective corporate governance mechanisms and oversight in shaping a firm's financing decisions. Furthermore, the study demonstrates a positive relationship between audit committee size and capital structure. Firms with larger audit committees exhibit a higher capital structure, indicating a preference for increased debt financing. The diverse expertise and perspectives within larger audit committees enhance monitoring, transparency, and accountability, leading to improved financial outcomes and potentially lower borrowing costs. Additionally, gender diversity within both the board and audit committee is found to have a moderating effect on the relationship between corporate governance factors and capital structure. Gender-diverse boards and audit committees bring unique viewpoints, experiences, and networks, thereby enhancing decision-making processes, monitoring capabilities, and transparency. This diversity strengthens corporate governance practices and positively influences capital structure decisions.

Source: KNUST
Corporate governance, ownership structure and cash Holdings on value of a firm (Ghana stock exchange).

Corporate governance in Ghana has seen changes in the regulatory framework such as prohibition of CEO duality, emphasis on board size ceiling and others. This suggests that corporate governance mechanisms of listed firms affect the decisions of the investing community. Also the nature of ownership structure as to whether it is purely owned by outsiders or there is an element of insiders in theory affects firm value. Cash holding at the year- end is also linked to firm valuation. The study sought to find out whether corporate governance mechanisms, ownership structure of firms as measured by management and employee ownership, and cash holdings of firms have significant relationship with firm value. The study used panel regression by deploying twenty listed companies on the GSE using data from 2010-2014. The Seemingly Unrelated Regression (SUR) estimation technique was used. The study found mixed results for the relationship between corporate governance mechanisms and firm value. Corporate governance of firms was measured using board size, proportion of nonexecutive directors on the board, and audit quality. The study revealed that board size is not significant in affecting firm value even though there is a negative relationship. Also the proportion of non-executive directors on the boards of companies is rewarded by the market but this is statistically insignificant. However firms audited by the big four auditors are valued higher by the capital market. On the relationship between ownership structure and firm value, the study found that management and employee ownership positively influence firm value. The relationship between cash holdings and firm value was negative as expected by the study, but this was not statistically significant. However cash holdings negatively and significantly affect firm value when there is management ownership, a result contrary to the positive relationship expected by the study.

Source: KNUST
Corporate governance quality and firms financing decisions: evidence from listed firms in ghana

Firms financing behaviour can be affected by various factors among which corporate governance is one. Therefore factors that may affect capital structure of firms should be considered carefully. The purpose of this study is to presents the relationship between corporate governance and capital structure of firms. A sample of fourteen (14) firms quoted on the Ghana Stock Exchange for a period of five years from 2006-2010 was selected. Corporate governance measures employed include board size, board independence and CEO/Chair duality. Similarly, the influence of controlled variables such as firm size, age, growth and profitability on firms financing mechanisms is also investigated. The relationship between the dependent and independent variables were empirically tested using R-square, P-value and F-statistics. Results reveal that corporate governance practices do matter and has important implications for determination of the firms financing policy.

Source: KNUST
Corporate governance, internal audit quality and financial reporting quality of financial institutions: a case of tamale metropolis

Governance of a company may serve as a mechanism for safeguarding the financial interests of shareholders, fostering an atmosphere of predictability, and making a positive contribution to the expansion of an entity. In addition, the planning and execution of an adequate structure within corporate governance bring a reduction in the cost of agency, which is the direct outcome of the agent-principal dilemma. It is against this background that the current study fixated its main objective on how corporate governance mechanisms and internal auditing quality influence financial reporting quality among financial institutions in the Tamale Metropolis. Using financial institutions (credit unions, microfinance institutions, and rural banks) in the Tamale Metropolis, the study found that board role performance, board expertise, and internal auditing quality have a significant positive effect on financial reporting quality. However, the study discovered that board independence has no relationship with financial reporting quality. Based on the findings, the study recommended that special attention have to be paid to the corporate governance processes such as board role performance and expertise. This may be accomplished if the organisation hires people who have experience analysing financial accounts and are already in charge of board committees at other companies. Moreover, the internal auditing team found at all financial institutions ought to have previous experience working in an accounting firm, possess a professional certificate in accounting, and participate in training programmes.

Source: KNUST
Corporate reputation in the Ghanaian banking industry -a case of Ghana Commercial Bank Limited

Corporate reputation captures a combination of social and economic contributions that a firm makes to its different stakeholders. Besides other favourable outcomes, a positive reputation allows a firm to bond customers and charge premium prices, attract better applicants for its workforce, lower costs of capital by attracting investors (Little and Little 2000; Eberl and Schwaiger 2005). Emperical evidence on customer-employee perception of corporate reputation has remained scarce in Ghana. Therefore, the objective pursued by this piece of work is to evaluate, discuss and analyze the level, threats and elements driving corporate reputation in Ghana Commercial bank. Questionnaires and interviews were used to solicit for data. The profit and loss accounts and the balance sheet for the'period of 2002 - 2006 were also used to assess the financial soundness of the bank. After reviewing literature factors such as customer service, quality of products, treatment of employees, social responsibility, and financial performance tend to affect corporate reputation. In terms of quality of products and effective communication, GCB is highly reputable whilst even though reputable in terms of customer service and treatment of employees, it is not highly reputable as the former attributes. The risks that tend to threaten GCB's reputation include unethical corporate behavour, personal malfeasance, customer, media and little government criticism. Again customer service, treatment of employees, quality of product, ability to innovate and ability to communicate effectively mostly drive the bank's reputation.

Source: KNUST
Corporate governance, internal audit quality and financial reporting quality of financial institutions

The main goal of this research was to examine how institutional variables affect banking FRQ. The study's descriptive cross-sectional survey approach informed its statistical analysis. The survey sampled bank managers and accountants. Purposive sampling was used to collect data from 132 individuals. The study assumptions were assessed using SPSS v26. Descriptive statistics and correlation analysis were used to summarise data and find significant relationships. The inquiry hypotheses were tested using multiple regression. The research found a positive correlation between board independence, board job performance, and banking sector financial reporting quality. Both the level of board expertise and the efficiency of internal audit were shown to have little effect on the reliability of financial statements.

Source: KNUST