Corporate Governance and Performance of Pension Funds in Ghana: A Mixed-Method Study

Isaac Akomea-Frimpong, Emmanuel Senior Tenakwah, Emmanuel Junior Tenakwah and Mary Amponsah
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Isaac Akomea-Frimpong: School of Engineering Design and Built Environment, Western Sydney University, Penrith, NSW 2751, Australia
Emmanuel Senior Tenakwah: Asia Pacific College of Business and Law, Charles Darwin University, Darwin, NT 0800, Australia
Emmanuel Junior Tenakwah: School of Business, Western Sydney University, Parramatta, NSW 2150, Australia
Mary Amponsah: Newcastle Business School, The University of Newcastle, Newcastle, NSW 2300, Australia

IJFS, 2022, vol. 10, issue 3, 1-19

Abstract: This paper assesses the relationship between corporate governance practices and the performance of pension funds in Ghana, which is an emerging market. Data for this study came from two sources: surveys of pension fund managers and annual financial reports of pension funds. Data analysis techniques include mean score ranking and panel regression. The results showed that corporate governance practices such as upholding the rights of shareholders to know the capital structure of the pension funds, equitable treatment of all shareholders, effective internal controls, and timely supervisory functions of audit committees influence the performance of pensions funds. In addition, ensuring proper board composition, the ethnic and gender diversity of board members affect the success of pension funds in the country. The study indicates that the current challenges facing pension funds in the country include poor investment decisions and market volatilities in the investment market. This study provides insight into the governance practices of pension funds. It is relevant for policies and corporate practices to be strengthened to enhance the performance of the firms.

Keywords: corporate governance; mixed method; pension funds; performance; sustainability (search for similar items in EconPapers)
JEL-codes: F2 F3 F41 F42 G1 G2 G3 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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