We test the effect of institutional quality on capital structure in the microfinance setting. In doing this, we rely on data from 532 microfinance institutions (MFIs) located in 73 countries dotted across the six microfinance regions in the world. We observe that institutional quality exhibits a robust negative and statistically significant relationship with capital structure in both the short and long run, implying that MFIs in countries with a better institutional environment are less likely to utilize more debt. Our moderation analysis furnishes us with evidence that the presence of women on the board of an MFI significantly moderates the relationship between institutional quality and its capital structure. We show that in the presence of more female representation on the boards of MFIs, the tendency of MFIs using less debt is higher.

The study assesses the financial literacy level among tertiary students in Sub-Saharan Africa country, Ghana. The study uses primary data through self-administered questionnaires, and employs purposive sampling to select four hundred and eighty (480) students across tertiary institutions in Ghana for data analysis. The study reaffirms that on the average, students lack ISSN 2162-3082 2018 http://ijafr.macrothink.org 77 financial knowledge especially on insurance (mean = 40.54 percent). However, students portray the highest level of financial literacy in savings and borrowing (mean = 52.88 percent). Also, information technology positively influences 95 percent of student's financial literacy. We recommend that tertiary institutions should inculcate educational program on financial literacy to broaden understanding of financial issues among students. Policy makers should redesign curriculum to include financial literacy courses especially for non-business students. Finally, financial seminars and talks should be focused on teaching relevant financial concepts and the youth should be educated and encouraged to utilize digital or technological platforms to enable them gain more knowledge in finance. International Journal of Accounting and Financial Reporting

This paper assesses the effect of corporate governance on the financial performance of manufacturing firms in a developing country. Specifically, the paper investigates whether gender diversity, board independence, and board size affects return on asset (ROA) and return on equity (ROE) of manufacturing listed firms in Ghana. We use the generalized least squares (GLS) panel regression model to analyze the dataset of 11 listed manufacturing firms from 2009-2013. Our result reveals an insignificant representation of women on boards. Also, the empirical result shows that board independence and board gender diversity have significant positive effect on ROE and ROA. However, there is no statistical significant relationship between board size and firm performance (ROE and ROA). We suggest that manufacturing firms should appoint female board members as well as outside directors on their boards as this can make significant contribution to firm’s performance. Our study provides the first comprehensive explicit exposition of corporate governance-performance nexus using data from the manufacturing sector in Ghana.

The impact of board gender diversity on the financial performance of firms is not known. This is because empirical investigations have yielded inconclusive outcomes. This study engages data from 408 microfinance institutions (MFIs) covering the period 2010-2018 from the six microfinance regions to investigate this impact using the Least Squares Dummy Variable (LSDV) and the System Generalized Method of Moments (SYS-GMM) estimation techniques. The study also explores whether judicial efficiency exerts any significant effect on the board gender diversity-financial performance nexus. The study observes that board gender diversity exhibits a strong negative effect on the financial performance of MFIs. The study also observes that the effect of board gender diversity on the financial performance of MFIs escalates in the presence of judicial inefficiency. The study, therefore, unveils the judicial system as a channel through which gender diversity drives the financial performance of MFIs negatively.