If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -This study seeks to examine the determinants of dividend payout ratios of listed companies in Ghana. Design/methodology/approach -The analyses are performed using data derived from the financial statements of firms listed on the Ghana Stock Exchange during a six-year period. Ordinary Least Squares model is used to estimate the regression equation. Institutional holding is used as a proxy for agency cost. Growth in sales and market-to-book value are also used as proxies for investment opportunities. Findings -The results show positive relationships between dividend payout ratios and profitability, cash flow, and tax. The results also show negative associations between dividend payout and risk, institutional holding, growth and market-to-book value. However, the significant variables in the results are profitability, cash flow, sale growth and market-to-book value. Originality/value -The main value of this study is the identification of the factors that influence the dividend payout policy decisions of listed firms in Ghana.

PurposeThe purpose of this paper is to investigate the dynamics involved in the determination of capital structure of banks in Ghana.Design/methodology/approachThe study employs panel regression model in examining the capital structure of banks in Ghana.FindingsThe results of this study show that profitability, corporate tax, growth, asset structure and bank size influence banks' financing or capital structure decision. The significant finding of this study is that, more than 87 per cent of the banks' assets are financed by debts and out of this, short‐term debts appear to constitute more than three quarters of the capital of the banks. This highlights the importance of short‐term debts over long‐term debts in Ghanaian banks' financing.Originality/valueThe main value of this paper is identification of factors that determine capital structure of banks in Ghana.

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Purpose This paper aims to investigate how transfer pricing (TP) and earnings management affect tax avoidance of firms in Ghana. Design/methodology/approach The authors use a panel data set from 2008 to 2015 to further shed light on transfer pricing-tax avoidance nexus by examining the complex interaction of three key variables: transfer pricing, earnings management and tax avoidance. Findings The results show that almost all the sample firms have engaged in some form of transfer pricing strategies and the manipulation of earnings to avoid tax during 2008-2015. There is evidence to suggest that non-financial multinational corporations manipulate more earnings than the financial firms while financial firms also use more TP than non-financial firms. The overall results suggest that the sensitivity of tax avoidance to transfer pricing decreases as firms increase their earnings management. By extension, these results have important policy implication for policymakers in assessing the effectiveness of tax laws relating to transfer pricing. Originality/value The authors investigate how transfer pricing and earnings management affect the avoidance of firms operating in Ghana.

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Purpose – The purpose of this paper is to examine the determinants of the dividend decisions of firms in Sub-Saharan Africa (SSA). Design/methodology/approach – The paper applies a two-step estimation procedure using firm-level panel data for firms in selected SSA countries during the period from 1997 to 2007. In the first step the paper employs a probit model to estimate the parameters of the determinants of the decision to pay or not to pay dividends. In the second step the paper estimates the parameters of the dividend payout and dividend per share models by applying the generalised least squares techniques. Findings – The results provide consistent evidence that dividend decision and its payments are influenced by firm profitability level, investment opportunity sets, taxation, leverage, institutional shareholding and risk. The results affirm the signalling, agency cost and free-cash flow theories of dividend policy. Originality/value – The main value of this paper is identification of factors that influence dividend decisions of firms in SSA.

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