Corporate Governance Characteristics and Financing Decisions of Listed Firms in Ghana


  • James Ntiamoah Doku University of Professional Studies Accra (UPSA)
  • Godsway Kofi Ametorwobla Societe Generale Ghana
  • Isaac Boadi University of Professional Studies Accra (UPSA)
  • Francisca Adzoa Adzoh National Insurance Commission of Ghana



Corporate governance, Capital structure, Gender diversity, Ghana


This study examined the relationship between corporate governance attributes, firm-specific characteristics, and financing decisions of listed firms in Ghana using panel data for a nine-year time frame spanning 2011 to 2019. The study adopted multivariate regression analysis using Prais-Winsten regression, correlated panels corrected standard errors (PCSEs). The findings show that corporate board structures in Ghana play a significant role in influencing the financing decisions of listed firms on the Ghana Stock Exchange. Specifically, corporate boards with bigger sizes and more female representation prefer more debt financing of their assets. Also, the findings provide support for the Pecking Order Theory and identifiable firm-specific determinants of financing decision of listed firms. The evidence provided by this study is robust to alternative estimators. The outcome of this study further provides strong policy support for enforcing proper corporate governance features and gender diversity dimensions for corporations in Ghana.

Author Biographies

James Ntiamoah Doku, University of Professional Studies Accra (UPSA)

Doku James Ntiamoah is a Senior Lecturer and holds a Ph.D. in Finance from the University of Ghana, Legon. Dr. Doku is a lecturer at the Department of Banking and Finance, University of Professional Studies, Accra (UPSA) where he teaches finance courses and research methods. His main areas of research interest and collaborations are Banking Sector Development, Industrial Organisation of Banking Firm, Capital Structure, Public Debt and Economic Growth, Institutional Quality and Growth; Institutions and Economic Growth. He has published several articles in peer-reviewed/ranked journals and presented papers at international and local conferences.

Godsway Kofi Ametorwobla, Societe Generale Ghana

Godsway Kofi Ametorwobla is a Senior Treasury Analysts and a Global Market Dealer (GMD) at Societe Generale (SG) Bank Ghana. Godsway Kofi Ametorwobla holds a Master of Science degree (MSc) in Accounting and Finance from the University of Salford, UK., a member of the Institute of Chartered Accountants, Ghana (ICAG), and a fellow of the ACI Financial Markets Association (ACI FMA).  His area of research interest and partnership include: debt financing, emerging debt market development, foreign capital inflows and growth, commodity markets development with focus on gold, oil and cocoa.

Isaac Boadi, University of Professional Studies Accra (UPSA)

Dr. Isaac Boadi is Senior Lecturer at the Department of Banking and Finance, University of Professional Studies, Accra, (UPSA), with over fifteen years of experience in teaching and research, as well as administration. Before joining the University of Professional Studies, Dr Boadi worked as a Senior Lecturer in some other Universities and has several years of experience in some government institutions and investment Banking industry, having served in various roles and rising to the top echelons. He has vast experience in corporate valuation analysis, financial advisory services, research, investment and asset management. He teaches Finance courses and has published several articles in peer-reviewed journals. His research areas include Financial market and Institutions, Investment, Corporate Finance, Mergers &Acquisitions, Behavioral Finance and Social Capital. He has presented papers at both local and international conferences and seminars.

Francisca Adzoa Adzoh, National Insurance Commission of Ghana

Francisca Adzoa Adzoh holds a graduate degree (MSc) in Accounting and Finance from the University of Salford, UK. Francisca Adzoa Adzoh currently works as an insurance expert in the industry in Ghana, with the National Insurance Commission (NIC) of Ghana. In addition to insurance business issues, Francisca Adzoa Adzoh is also an astute entrepreneur who manages small-scale business and provide financial management and advisory services to start-up business owners as well as business turn-around strategic initiatives. Francisca Adzoa Adzoh’s interest is largely related to how to develop micro-insurance products to serve small businesses that are largely volatile and vulnerable to shocks as well as provision of financial advisory services. Francisca Adzoa Adzoh attended several international workshops.


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How to Cite

Doku, J. N., Ametorwobla, G. K., Boadi, I., & Adzoh, F. A. (2022). Corporate Governance Characteristics and Financing Decisions of Listed Firms in Ghana. Journal of Comparative International Management, 25(2), 194–220.



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