Dividend Policy in Ghana: Do Boards Comply?

Jonas Bawuah, Peter Kwame Kuutol, Osman Babamu Halidu, George Ohene Djan and Frimpong Stephen

International Journal of Financial Markets, 2016, vol. 2, issue 3, 51-59

Abstract: This paper seeks to investigate whether directors of firms listed on Ghana Stock Exchange (GSE) conform to laws governing dividend policy during the period of 2001-2012. Generalized Least Squares (GLS) was used in the estimation of functions relating the dividend so as to determine compliance of the law. Eighteen (18) firms listed on GSE were used consisting of 12 non-financial institutions and 6 financial institutions. The study revealed significantly, positive relation among corporate tax, retained earnings, cash and past dividend on dividend payment, thus, giving evidence that directors operate within the corporate laws in Ghana. The study therefore submits that directors of firms listed on Ghana Stock Exchange conform to laws governing dividend payment in Ghana.

Keywords: Dividend payout; corporate tax; retained earnings; Ghana (search for similar items in EconPapers)
Date: 2016
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