Effect of board-ownership dynamics on shareholders' wealth in Sub-Saharan Africa

Kwabena Agyarko Gyekye and Msizi Vitalis Mkhize

International Journal of Managerial and Financial Accounting, 2026, vol. 18, issue 7, 1-23

Abstract: This paper ascertains the effect of board attributes and ownership structure on shareholders' wealth (SW) of listed firms in Sub-Saharan Africa (SSA). We utilised a 10-year panel dataset of 1,570 firm-year from non-financial listed firms in SSA. The GMM model was adopted for data analysis which reveals that, board-ownership dynamics (BODy) has a significant positive influence on SW. Specifically, large and gender diverse boards correlate positively with SW. Conversely, CEO duality, managerial and state ownership have negative effect on SW. Board independence, meeting frequency, and institutional and foreign ownership do not have any significant effects, while firm size has a positive effect on earnings per share but negative on market price per share. These outcomes reduce the inconclusiveness on the subject matter in SSA. Boards need effective monitoring functions in line with the agency theory to strengthen firm value and ensure that BODy operate as a value-creation link.

Keywords: board attributes; ownership structure; shareholders' wealth; Sub-Saharan Africa; SSA; panel data; GMM. (search for similar items in EconPapers)
Date: 2026
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