What Determines the Capital Structure of Listed Firms in Ghana?
AbstractThis 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Africagrowth Institute in its journal African Finance Journal.
Volume (Year): 7 (2005)
Issue (Month): 1 ()
Capital Structure; Leverage; Debt Ratio; Ghana;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Godfred A. Bokpin, 2010. "Financial market development and corporate financing: evidence from emerging market economies," Journal of Economic Studies, Emerald Group Publishing, vol. 37(1), pages 96-116, January.
- Godfred A. Bokpin & Anthony Q.Q. Aboagye & Kofi A. Osei, 2010. "Risk exposure and corporate financial policy on the Ghana Stock Exchange," Journal of Risk Finance, Emerald Group Publishing, vol. 11(3), pages 323-332, May.
- 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, vol. 26(4), pages 246-256, October.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kirk De Doncker) The email address of this maintainer does not seem to be valid anymore. Please ask Kirk De Doncker to update the entry or send us the correct address.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.