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Female in top management and firm performance nexus: Empirical evidence from Ghana

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  • Joseph Dery Nyeadi
  • Kofi Kamasa
  • Stephen Kpinpuo
  • Christian Nsiah

Abstract

This study investigates empirically the link between females in top management and firm performance in Ghana. This study employs the Instrumental Variable (IV) Two Stage Least Squares (2SLS) technique of estimation in determining the impact of females in top management on firm performance using World Bank Enterprise Survey (WBES) data across 720 firms in Ghana. This technique is very robust as it has the power to control for any possible endogeneity bias, which can lead to spurious results. After controlling for reverse causality, our results reveal that the inclusion of females in top management impacts positively on firm performance in Ghana. We further note that though innovation has direct positive impact on firm performance, there is no evidence of any moderating roles played by innovation or education in the link between female in top management and firm performance in Ghana. The results of our study should however be interpreted with a bit of caution as we have not been able to examine the time dynamics of our findings due to lack of reliable panel data. Apart from serving as a reference literature for future studies, the study is very useful to both government and firms who make decisions in respect of females in management.

Suggested Citation

  • Joseph Dery Nyeadi & Kofi Kamasa & Stephen Kpinpuo & Christian Nsiah, 2021. "Female in top management and firm performance nexus: Empirical evidence from Ghana," Cogent Economics & Finance, Taylor & Francis Journals, vol. 9(1), pages 1921323-192, January.
    • Handle: RePEc:taf:oaefxx:v:9:y:2021:i:1:p:1921323
    DOI: 10.1080/23322039.2021.1921323
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    Cited by:

    1. Bambang Tjahjadi & Noorlailie Soewarno & Khairul Anuar Kamarudin & Sazkiya Aldina & Tsanya El Karima & Annisa Ayu Putri Sutarsa, 2023. "Effect of Top Management Team Characteristics and Green Innovation on Firm Performance in Indonesia: Role of Carbon Emission Disclosure," International Journal of Energy Economics and Policy, Econjournals, vol. 13(5), pages 44-53, September.
    2. Raymond Elikplim Kofinti & Emmanuel Orkoh & Raymond Boadi Frempong & Samuel Kobina Annim, 2023. "Firms' digital investment and resilience to shocks: Evidence from the COVID‐19 pandemic in Ghana," Journal of International Development, John Wiley & Sons, Ltd., vol. 35(7), pages 2157-2176, October.

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