Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange

Zangina Isshaq, Godfred A. Bokpin and Joseph Mensah Onumah

Journal of Risk Finance, 2009, vol. 10, issue 5, 488-499

Abstract: Purpose - The purpose of this paper is to examine the interaction between corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. Design/methodology/approach - A multiple regression approach using the seemingly unrelated regression to mitigate the problems of multicollinearity between the cash-holding variable and other control variables is adopted. Findings - Board size is found to be positively and statistically significantly related to share price among the corporate governance variables. However, a significant relationship between inside ownership and share price is not found. The results also indicate that additional units of cash holdings do not have a statistically significant influence on share price. Finally, leverage and income volatility are found to be significant determinants of share price. Originality/value - This is the first of its kind in the country that considers the impact of corporate governance, ownership structure, and firm value on the Ghana Stock Exchange (GSE).

Keywords: Corporate governance; Corporate ownership; Share prices; Ghana (search for similar items in EconPapers)
Date: 2009
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