The Effect of Ownership Structure and Corporate Governance on Capital Structure of Ghanaian Listed Manufacturing Companies

Agyei, Albert; Owusu, Appiah Richard

doi:10.6007/ijarafms/v4-i1/547

Cited by 39 publications

(52 citation statements)

References 26 publications

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“…outcomes of this study also support the prior research work that CG negatively influ ences CS (Agyei & Owusu, 2014;Driffield, Mahambare, & Pal, 2007;Gaaniyu, & Abiodun, 2012).…”

Section: Resultssupporting

confidence: 89%

“…This verifies the second hypothesis that examines the negative impact of CG on CS. Agyei, & Owusu, 2014;Gaaniyu, & Abiodun, 2012) also proved that CG has a negative impact on CS.…”

Section: Regression Analysesmentioning

confidence: 95%

“…The fundamental purpose of code of CG around the world is to ensure transparency and accountability in a firm entire affair to protect the interest of each stakeholder: shareholder, government, creditor, employees, society, customer, and business at large. As it has been experienced that mostly the minority stakeholders' rights have been violated (Agyei, & Owusu, 2014). The mechanism of CG could vary to a great extent depending on the mechanism that corporate owners utilize to persuade managers (Brown & Caylor, 2004).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Therefore firms must ensure a balance between debt and equity ratio. The proportion of debt to equity is known as CS (Agyei, & Owusu, 2014). The combination of debt and equity is termed as CS (Driffield, Mahambare, & Pal, 2007).…”

Section: Literature Reviewmentioning

confidence: 99%

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Effects of Corporate Governance on Capital Structure and Financial Performance: Empirical Evidence from Listed Cement Corporations in Pakistan

Ullah

Afgan

Afridi

2019

GSSR

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The key aim of current research is to investigate the influence of CG on financial performance (FP) and capital structure (CS) of cement companies listed on Pakistan Stock Exchange (PSX). To accomplish this purpose, twenty cement firms listed on the PSX was deployed from 2005 to 2014. Auto-correlation and heteroscedasticity were tested and Regression analyses were used to test the hypotheses. SPSS 21 is conducted to perform the analyses.CG is analyzed via board size, board independence, and institutional ownership while, return on assets and return on equity are employed to analyze FP, whereas CS is calculated via debt to equity. The outcomes document that CG positively affects FP, however, negatively impact CS. This research not only contributes to examining the impact and association between CG, FP, and CS but also prove the outcomes of previous studies that have presented a significant influence and association between CG, FP, and CS.

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“…outcomes of this study also support the prior research work that CG negatively influ ences CS (Agyei & Owusu, 2014;Driffield, Mahambare, & Pal, 2007;Gaaniyu, & Abiodun, 2012).…”

Section: Resultssupporting

confidence: 89%

“…This verifies the second hypothesis that examines the negative impact of CG on CS. Agyei, & Owusu, 2014;Gaaniyu, & Abiodun, 2012) also proved that CG has a negative impact on CS.…”

Section: Regression Analysesmentioning

confidence: 95%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 2 more Smart Citations

Effects of Corporate Governance on Capital Structure and Financial Performance: Empirical Evidence from Listed Cement Corporations in Pakistan

Ullah

Afgan

Afridi

2019

GSSR

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“…Again, Sanda et al (2005) examined corporate governance and its influence on financial performance in Nigeria whiles Kyereboah-Coleman and Biekpe (2006) conducted a comparative study of listed and non-listed banks in Ghana, by looking at relationships between corporate governance and financial performance. Recently, Agyei and Owusu (2014) focused on corporate governance, ownership and capital structure in relation to listed manufacturing firms in Ghana. Although the current study combines all three variables it focuses on non-listed manufacturing firms.…”

Section: Introductionmentioning

confidence: 99%

Capital Structure, Ownership Structure and Corporate Governance of SMEs in Ghana

Ahmed

2019

jabm

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The purpose of this paper is to investigate the relationship between three variables; capital structure, ownership structure and corporate governance. Although these issues have been largely researched, less attention has been focused on small and medium enterprises (SMEs). At the time of this study, evidence was not found for a study analyzing all three variables in relation to SMEs, within the context of a developing country. This current study examines the link between capital structure, ownership structure, and corporate governance. Using an appropriate regression model, the study assesses how governance mechanisms and ownership decisions affect the choice of financing SMEs. The results show a positive relationship for all corporate governance variables except for board size. Ownership structure is found to be positive and significantly related to capital structure. The signs indicated by control variables are those which are in consonance with conventional capital structure literature. Generally, ownership and corporate governance are found to affect the financing mix of SMEs in Ghana.

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Earnings management, capital structure, and the role of corporate governance: Evidence from sub‐Saharan Africa

2021

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This study investigates the effect of earnings management and corporate governance on the capital structure decision of firms. We utilized data of non‐financial firms from selected sub‐Saharan African countries over the period 2008 to 2018. Both fixed and random effect regressions were the methods of analysis employed. Our findings indicate that earnings management is associated with low equity usage and by implication, high leverage levels among firms. Importantly, the presence of corporate governance was found to mitigate the high leverage implication of earnings management. We therefore recommend an improvement in corporate governance practices to minimize the occurrence of earnings management.

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The Effect of Ownership Structure and Corporate Governance on Capital Structure of Ghanaian Listed Manufacturing Companies

Cited by 39 publications

References 26 publications

Effects of Corporate Governance on Capital Structure and Financial Performance: Empirical Evidence from Listed Cement Corporations in Pakistan

Effects of Corporate Governance on Capital Structure and Financial Performance: Empirical Evidence from Listed Cement Corporations in Pakistan

Capital Structure, Ownership Structure and Corporate Governance of SMEs in Ghana

Earnings management, capital structure, and the role of corporate governance: Evidence from sub‐Saharan Africa

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