Economics at your fingertips  

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
References: Add references at CitEc
Citations View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link) ... RePEc&WT.mc_id=RePEc (text/html)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
http://emeraldgroupp ... /journals.htm?id=jrf

Access Statistics for this article

Journal of Risk Finance is currently edited by Bonnie Buchanan

More articles in Journal of Risk Finance from Emerald Group Publishing
Series data maintained by Virginia Chapman ().

Page updated 2018-02-10
Handle: RePEc:eme:jrfpps:v:10:y:2009:i:5:p:488-499