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Corporate governance, disclosure and foreign share ownership on the Ghana Stock Exchange

Author

Listed:
  • Godfred A. Bokpin
  • Zangina Isshaq

Abstract

Purpose - The purpose of this paper is to examine the interaction between corporate disclosure and foreign share ownership on the Ghana Stock Exchange (GSE). Design/methodology/approach - The paper follows the trinary procedure of Aksu and Kosedag and uses the Standard & Poor's transparency and disclosure items in the construction of the disclosure index. Therefore, the paper adopts a panel data analysis covering a period from 2002 to 2007 using the seemingly unrelated regression approach. Findings - The results indicate a statistically significant interaction between corporate disclosures and foreign share ownership among the sample firms. The market value of equity and market‐to‐book value ratio is documented; free cash flow and financial leverage have statistically significant relationships with foreign share ownership. Originality/value - This is the first of its kind in the country that considers the impact of corporate governance and disclosure on foreign share ownership despite the numerous studies carried out on the GSE.

Suggested Citation

  • Godfred A. Bokpin & Zangina Isshaq, 2009. "Corporate governance, disclosure and foreign share ownership on the Ghana Stock Exchange," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 24(7), pages 688-703, July.
    • Handle: RePEc:eme:majpps:02686900910975387
    DOI: 10.1108/02686900910975387
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    Cited by:

    1. Emmanuel Mensah & Christopher Boachie, 2023. "Analysis of the determinants of corporate governance quality: evidence from sub-Saharan Africa," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 20(4), pages 431-450, December.

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