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Does Firm Size Moderate the Effect of Leverage on Performance of Firms in Ghana: A Dynamic Panel Estimation Approach

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  • Michael Kwakye

    (Universidad Empresarial de Costa Rica, Senior Tutor- University of Cape Coast, Code – Zenith Campus, Accra)

  • Edward Domina Attafuah

    (Accountant, University Health Service, University for Development Studies, Senior Tutor- New Life College)

Abstract

Leverage has been argued to be a crucial factor in determining profitability, and a number of studies have looked at its direct impact on firm performance, but the conclusions have been equivocal and contested. Using a dynamic panel model, the study attempted to contribute to the growing literature by first examining the impact of leverage on firm performance in Ghana, as well as the moderating function of firm size. The objectives that guided the study were the effect of leverage on firm performance and how firm size moderates the effect of leverage on firm performance. The study’s data came from listed companies. The study’s sample consisted of all the companies listed on the Ghana stock exchange with particular focus on the financial firms.

Suggested Citation

  • Michael Kwakye & Edward Domina Attafuah, 2024. "Does Firm Size Moderate the Effect of Leverage on Performance of Firms in Ghana: A Dynamic Panel Estimation Approach," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 11(3), pages 245-265, March.
    • Handle: RePEc:bjc:journl:v:11:y:2024:i:3:p:245-265
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