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Dividend Policy in Ghana: Do Boards Comply?

Author

Listed:
  • Jonas Bawuah
  • Peter Kwame Kuutol
  • Osman Babamu Halidu
  • George Ohene Djan
  • Frimpong Stephen

Abstract

This paper seeks to investigate whether directors of firms listed on Ghana Stock Exchange (GSE) conform to laws governing dividend policy during the period of 2001-2012. Generalized Least Squares (GLS) was used in the estimation of functions relating the dividend so as to determine compliance of the law. Eighteen (18) firms listed on GSE were used consisting of 12 non-financial institutions and 6 financial institutions. The study revealed significantly, positive relation among corporate tax, retained earnings, cash and past dividend on dividend payment, thus, giving evidence that directors operate within the corporate laws in Ghana. The study therefore submits that directors of firms listed on Ghana Stock Exchange conform to laws governing dividend payment in Ghana.

Suggested Citation

  • Jonas Bawuah & Peter Kwame Kuutol & Osman Babamu Halidu & George Ohene Djan & Frimpong Stephen, 2016. "Dividend Policy in Ghana: Do Boards Comply?," International Journal of Financial Markets, Research Academy of Social Sciences, vol. 2(3), pages 51-59.
    • Handle: RePEc:rss:jnljfm:v2i3p1
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