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Ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange

Author

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  • Godfred A. Bokpin

Abstract

Purpose - This paper aims to document the interaction between ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange (GSE). Design/methodology/approach - Panel data covering a period from 2002 to 2007 for 23 firms were analyzed within the framework of fixed effects techniques. Findings - The paper reports that foreign share ownership significantly, positively, influences dividend payment among firms on the GSE. It found board size to have a statistically positive effect on dividend payment among the corporate governance variables. It did not, however, find a significant relationship between inside ownership, board independence, board intensity, CEO duality and dividend performance. The results also indicate that highly leveraged firms will significantly reduce dividend payments. Finally, age and income volatility were found to be significant determinants of dividend performance on the GSE. Originality/value - The paper considers a much broader approach to investigating the impact of ownership structure and corporate governance on dividend performance on the GSE, a marked departure from other studies conducted on the GSE.

Suggested Citation

  • Godfred A. Bokpin, 2011. "Ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange," Journal of Applied Accounting Research, Emerald Group Publishing Limited, vol. 12(1), pages 61-73, May.
    • Handle: RePEc:eme:jaarpp:v:12:y:2011:i:1:p:61-73
    DOI: 10.1108/09675421111130612
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    Citations

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    Cited by:

    1. Collins G. Ntim, 2013. "Corporate Governance, Affirmative Action and Firm Value in Post-apartheid South Africa: A Simultaneous Equation Approach," African Development Review, African Development Bank, vol. 25(2), pages 148-172, June.
    2. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    3. Vasanthan Subramaniam & Shaista Wasiuzzaman, 2019. "Corporate diversification and dividend policy: empirical evidence from Malaysia," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(3), pages 735-758, September.
    4. Haroon Hussain & Rohani Md-Rus & Hamdan Amer Ali Al-Jaifi, 2017. "Board Size and Dividend Policy: A Review," International Journal of Business and Administrative Studies, Professor Dr. Bahaudin G. Mujtaba, vol. 3(5), pages 197-201.
    5. Anthonia T. Odeleye, 2018. "Quality of Corporate Governance on Dividend Payouts: The Case of Nigeria," African Development Review, African Development Bank, vol. 30(1), pages 19-32, March.
    6. Hussain Haroon & Md-Rus Rohani & Al-Jaifi Hamdan Amer & Hussain Rana Yassir, 2022. "Determinants of Corporate Pay-Out Policy and the Moderating Effects of Firm's Growth: Evidence from Pakistan," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 32(3), pages 65-101, September.
    7. Tola Akinto, 2021. "A systematic review of corporate governance and ownership," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(6), pages 63-72, September.
    8. Khalil Jebran & Shihua Chen & Muhammad Zubair Tauni & Hassan Ahmad, 2019. "Corporate Governance, Ultimate Owner, and Target Cash Holdings: Evidence From China," SAGE Open, , vol. 9(4), pages 21582440198, December.
    9. Muhammad Sadiq Shahid, PhD & Dr.Faid Gul & Muhammad Rizwan & Muhammad Hassan Bucha, PhD, 2016. "Ownership Structure, Board Size, Board Composition And Dividend Policy: New Evidence From Two Emerging Markets," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 12(2), pages 25-36.
    10. Gupta, C.P. & Bedi, Prateek, 2020. "Corporate cash holdings and promoter ownership," Emerging Markets Review, Elsevier, vol. 44(C).
    11. Sabeeh Ullah & Yasir Kamal, 2017. "Board Characteristics, Political Connections, and Corporate Cash Holdings: The Role of Firm Size and Political Regime," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 9(1), pages 157-179, March.
    12. Berezinets, I. & Ilina, Y. & Alekseeva, L., 2014. "Ownership structure and dividend policy: A study of Russian public companies with dual class shares," Working Papers 6384, Graduate School of Management, St. Petersburg State University.
    13. Jean-Michel Sahut & Frédéric Teulon, 2017. "What are the determinants of dividend policies? A new perspective in Emerging Markets," Economics Bulletin, AccessEcon, vol. 37(3), pages 2234-2246.
    14. Akbar, Muhammad & Hussain, Shahzad & Ahmad, Tanveer & Hassan, Shoib, 2020. "Corporate Governance and Firm Performance in Pakistan: Dynamic Panel Estimation," CAFE Working Papers 6, Centre for Accountancy, Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University.
    15. Adegbite, Emmanuel, 2015. "Good corporate governance in Nigeria: Antecedents, propositions and peculiarities," International Business Review, Elsevier, vol. 24(2), pages 319-330.
    16. Sarah Anobil Okyere & Vera Fiador & Emmanuel Sarpong‐Kumankoma, 2021. "Earnings management, capital structure, and the role of corporate governance: Evidence from sub‐Saharan Africa," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(6), pages 1525-1538, September.
    17. Akhtar Tahir, 2022. "Corporate governance, excess-cash and firm value: Evidence from ASEAN-5," Economics and Business Review, Sciendo, vol. 8(4), pages 39-67, December.

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