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What Determines the Capital Structure of Listed Firms in Ghana?

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  • Joshua Abor
  • Nicholas Biekpe

    ()
    (University of Stellenbosch)

Abstract

This paper seeks to empirically identify the determinants of the capital structure of listed firms on the Ghana Stock Exchange during the most recent six-year period. Ordinary Least Square model is used to estimate the regression equation. The results indicate that, total debt constitutes more than half of the capital of listed firms in Ghana. The results also show positive associations between debt ratio (capital structure) and firm size and growth, while asset tangibility, risk, corporate tax and profitability are negatively related to debt ratio. The results generally support the pecking order theory proposed by the theoretical model.

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Bibliographic Info

Article provided by Africagrowth Institute in its journal African Finance Journal.

Volume (Year): 7 (2005)
Issue (Month): 1 ()
Pages: 37-48

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Handle: RePEc:afj:journl:v:7:y:2005:i:1:p:37-48

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Related research

Keywords: Capital Structure; Leverage; Debt Ratio; Ghana;

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Cited by:
  1. Uwuigbe Olubukunola Ranti, 2013. "The Effects of Board Size and CEO Duality on Firms’ Capital Structure: A Study of Selected Listed Firms in Nigeria," Asian Economic and Financial Review, Asian Economic and Social Society, Asian Economic and Social Society, vol. 3(8), pages 1033-1043, August.
  2. Godfred A. Bokpin & Anastacia C. Arko, 2009. "Ownership structure, corporate governance and capital structure decisions of firms: Empirical evidence from Ghana," Studies in Economics and Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 26(4), pages 246-256, October.

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