THE DETERMINANTS OF THE FINANCING DECISIONS OF LISTED AND NON-LISTED FIRMS IN GHANA
Journal Title: Asian Economic and Financial Review - Year 2012, Vol 2, Issue 7
Abstract
The study examines the financing decisions of 19 listed companies in comparison with 16 non-listed companies in Ghana. The study tests some hypotheses related to capital structure determinants and debt policy decisions. The study finds support for the pecking order hypothesis across all firms. The free cash flow hypothesis holds for long-term debt decisions across firms but not the capital structure decisions. All forms of debt policy decisions are consistent with the matching principle except non-listed firms’ long term debt. The study does not find any significant differences between listed and non-listed firms in the application of debt. Policy recommendations are provided.
Authors and Affiliations
Alhassan Andani| Department of Mathematics, University for Development Studies (UDS), P O Box 24, Navrongo, Ghana, Seidu Al-hassan| Centre for Continuing Education and Interdisciplinary Research, University for Development Studies (UDS) P O Box TL 1350, Tamale, Ghana.
ANALYZING FACTORS TO IMPROVE SERVICE QUALITY OF LOCAL SPECIALTIES RESTAURANTS: A COMPARISON WITH FAST FOOD RESTAURANTS IN SOUTHERN VIETNAM
The top fast food restaurant brands like KFC and MacDonald?s have gone global and demonstrated their successful business strategies through providing quick-service and convenience for customers. Meanwhile, local specialt...
NATURAL RESOURCES, CONFLICT AND GROWTH NEXUS
Using panel data and GMM estimators we find that conflict and less developed countries (LDCs) natural resources have a positive and significant impact on GDP in the developed countries (DCs), while the lagged value of th...
THE TESTING OF HALL’S PERMANENT INCOME HYPOTHESIS: A CASE STUDY OF IRAN
The objective of this study is to test the Hall’s permanent income hypothesis for Iran using cointegration and error correction model from annual data covering the period of 1980-2010 using annual data from 1980 to 2010....
THE STUDY OF CONSUMER PERCEPTION ON CORPORATE SOCIAL RESPONSIBILITY TOWARDS CONSUMERS ATTITUDE AND PURCHASE BEHAVIOR
In today?s competitive conditions which many of competitive indices of companies are similar, corporate social responsibility and morality have found a special place. Environmental issues like environmental pollution, g...
IMPACT OF EXCHANGE RATE IN THE RUN-UP TO EU ACCESSION: AN EMPIRICAL ANALYSIS OF REPUBLIC OF MACEDONIA
Because of the fact that South-eastern European countries rely mainly on exchange rate anchors to reduce inflation, the appreciation of the real exchange rate among countries in the region is significant, and it is sligh...