Corporate governance and the performance of manufacturing firms in Ghana : does ownership structure matter?
Beatrice Sarpong-Danquah, Kwasi Oko-Bensa-Agyekum and Emmanuel Opoku
This study investigates the moderating role of ownership structure in the nexus between corporate governance and the financial performance of manufacturing firms in Ghana. The study uses GLS regression to analyze a panel dataset of 7 manufacturing firms over 14 years. We find a positive and significant effect of board size, audit committee independence, and size on firm performance. We, however, find a negative relationship between board remuneration and performance. We observe that block ownership moderates the relationship between board size, board independence, and the financial performance of manufacturing firms. Block shareholdings of the listed manufacturing firms in Ghana play a significant moderating role in the corporate governance-firm performance nexus. This study provides key insights into the influence of block shareholders on corporate governance activities and the eventual impact on the financial performance of manufacturing firms in Ghana, a phenomenon that has not been examined in the literature.
Year of publication: |
2022
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Authors: | Sarpong-Danquah, Beatrice ; Oko-Bensa-Agyekum, Kwasi ; Opoku, Emmanuel |
Published in: |
Cogent business & management. - London : Taylor & Francis, ISSN 2331-1975, ZDB-ID 2837523-3. - Vol. 9.2022, 1, Art.-No. 2101323, p. 1-19
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Subject: | performance | corporate governance | ownership structure | Ghana | manufacturing firms | Corporate Governance | Corporate governance | Eigentümerstruktur | Ownership structure | Industrie | Manufacturing industries | Unternehmenserfolg | Firm performance |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Aufsatz in Zeitschrift ; Article in journal |
Language: | English |
Other identifiers: | 10.1080/23311975.2022.2101323 [DOI] hdl:10419/289074 [Handle] |
Classification: | G32 - Financing Policy; Capital and Ownership Structure ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; G30 - Corporate Finance and Governance. General |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10014433712