Corporate Board Attributes And Agency Cost: Evidence From Listed Companies In Ghana

Peter Kwame Kuutol and Ebenezer Badu Agyemang

International Journal of Empirical Finance, 2015, vol. 4, issue 2, 86-96

Abstract: Using a penal data approach, we aim at finding evidence whether board attributes affect agency cost of listed non-financial companies from 2005-2013 in Ghana. In this paper, concentration was on board attributes ignored by previous studies. Using assets turnover (utilization) as a measure of agency cost and controlling for size, our results reveal that board size and board independence are statistically and inversely related to agency cost. However, board gender diversity was found to be positively related to agency cost. It was also discovered that boards of the listed firms who are being dominated by male directors helped in mitigating the agency cost.

Keywords: Agency Cost; Gender diversity; Board independence; Board Size (search for similar items in EconPapers)
Date: 2015
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