Corporate Governance and Firm Performance: An Empirical Analysis of Manufacturing Listed Firms in Ghana

Beatrice Sarpong‐Danquah · Prince Gyimah · Richard Owusu-Afriyie · Albert Asiama

46 citations0/0 files storedAccounting and Finance Research

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Finance and Governance Gender Diversity and Inequality Corporate Governance and Financial Management

Abstract

This paper assesses the effect of corporate governance on the financial performance of manufacturing firms in a developing country. Specifically, the paper investigates whether gender diversity, board independence, and board size affects return on asset (ROA) and return on equity (ROE) of manufacturing listed firms in Ghana. We use the generalized least squares (GLS) panel regression model to analyze the dataset of 11 listed manufacturing firms from 2009-2013. Our result reveals an insignificant representation of women on boards. Also, the empirical result shows that board independence and board gender diversity have significant positive effect on ROE and ROA. However, there is no statistical significant relationship between board size and firm performance (ROE and ROA). We suggest that manufacturing firms should appoint female board members as well as outside directors on their boards as this can make significant contribution to firm’s performance. Our study provides the first comprehensive explicit exposition of corporate governance-performance nexus using data from the manufacturing sector in Ghana.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 46 citations exist upstream.

References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1976Markets and Hierarchies: Analysis and Antitrust Implications.1996Higher market valuation of companies with a small board of directors 2003Corporate Governance, Board Diversity, and Firm Value 1998Meta-analytic reviews of board composition, leadership structure, and financial performance 1991The Effects of Board Composition and Direct Incentives on Firm Performance 1998Larger board size and decreasing firm value in small firms 1990The Composition of Boards of Directors and Strategic Control: Effects on Corporate Strategy

Cited by

2023Boardroom dynamics: The power of board composition and gender diversity in shaping capital structure 2022Corporate governance and the performance of manufacturing firms in Ghana: Does ownership structure matter?2021Corporate governance and firm performance in the emerging market: A review of the empirical literature 2022Corporate Governance research in Ghana through bibliometric method: review of existing literature 2019

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.