Journal articles: 'Ghana Stock Exchange'

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Israel, Adikah, Hu Yue, and Chen Lanlan. "Dependency between Stock Movements Using the Clayton Copula Method (Ghana Stock Exchange)." International Journal of Science and Research (IJSR) 9, no. 3 (March 5, 2020): 511–18. http://dx.doi.org/10.21275/sr20306131610.

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Alagidede, Paul, and Theodore Panagiotidis. "Calendar Anomalies in the Ghana Stock Exchange." Journal of Emerging Market Finance 8, no. 1 (April 2009): 1–23. http://dx.doi.org/10.1177/097265270900800101.

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Amfo-Antiri, George, and Edward Quansah. "Cointegration of Stock Prices and Domestic Portfolio Diversification Opportunities: Evidence from the Ghana Stock Exchange." Applied Economics and Finance 4, no. 5 (August 28, 2017): 78. http://dx.doi.org/10.11114/aef.v4i5.2475.

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This paper employed Engle-Granger test of cointegration and the Bound Test to explore potential domestic portfolio diversification opportunities that are available for individual investors, institutional and other portfolio managers from constructing domestic portfolios. Daily stock prices for the period 1st August, 2011 to July 29th, 2016 have been employed as well as monthly stock return from the Ghana Stock exchange. The result from the cointegration analysis indicated that most equity stocks listed on the Ghana Stock Exchange are not cointegrated with each other in the long run. In addition, majority of the stock returns are statistically insensitive to the GSE– Composite index during the period under consideration. The empirical evidence indicates that domestic investors can benefit from constructing portfolios that consist of equities from the financial sector and other non-financial sectors which are not cointegrated.

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Antwi, Osei, Kyere Bright, and Kwasi Awuah Wereko. "Jump Diffusion Modeling of Stock Prices on Ghana Stock Exchange." Journal of Applied Mathematics and Physics 08, no. 09 (2020): 1736–54. http://dx.doi.org/10.4236/jamp.2020.89131.

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Antwi, Osei. "Stochastic Modeling of Stock Price Behavior on Ghana Stock Exchange." International Journal of Systems Science and Applied Mathematics 2, no. 6 (2017): 116. http://dx.doi.org/10.11648/j.ijssam.20170206.12.

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Boachie, Micheal Kofi, Isaac Osei Mensah, Albert Opoku Frimpong, and Martin Ruzima. "Interest rate, liquidity and stock market performance in Ghana." International Journal of Accounting and Economics Studies 4, no. 1 (April 18, 2016): 46. http://dx.doi.org/10.14419/ijaes.v4i1.5990.

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In this study, we examined the effect of interest rate and liquidity growth on stock market performance in Ghana using monthly data from the Ghana Stock Exchange and Bank of Ghana for the period 2010:12 to 2013:11. After employing robust linear regression (M-Estimation), there is a compelling evidence that performance of the Ghanaian stock market is highly influenced by liquidity growth, exchange rate and inflation; and that interest rate effect is insignificant though positive on the stock market index for the period under study.

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Ogbogbo, C. P., and N. Anokye-Turkson. "Assessing portfolio and asset returns of some financial and non- financial companies on the Ghana stock exchange using a 3-factor model." Global Journal of Pure and Applied Sciences 27, no. 2 (June 24, 2021): 193–202. http://dx.doi.org/10.4314/gjpas.v27i2.11.

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This study on the Ghana Stock Exchange (GSE), investigated, if the overall size of the market, affects the fundamentals of the Fama French 3-Factor model, and to ascertain if the Fama French model can be used effectively to assess portfolio and assets return for companies listed on the Ghana Stock Exchange. In this paper, portfolios of assets of companies on the Ghana Stock Exchange are constructed and analyzed using the Fama-French 3-factor model. The empirical data which consists of assets of 15 companies listed on the GSE, including assets of both financial and non-financial companies for good representation of the Ghana Stock Exchange. We found that the basic principle of the model is not satisfied. This is attributed to a number of factors which include overall size of the market, volume of trade, and high leverage (more debt than equity) associated with financial firms. High debt/equity ratio is linked to high risk. Keywords: Market Capitalization, Book-to-market ratio, Portfolio, Small minus big, High minus low

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Ampofi, Isaac, Akyene Tetteh, Eric Neebo Wiah, and Sampson Takyi Appiah. "Hurst Exponent Analysis on the Ghana Stock Exchange." American Journal of Mathematical and Computer Modelling 5, no. 3 (2020): 77. http://dx.doi.org/10.11648/j.ajmcm.20200503.13.

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Michael, Adusei. "The Inflation-Stock market returns Nexus: Evidence from the Ghana Stock Exchange." Journal of Economics and International Finance 6, no. 2 (February 28, 2014): 38–46. http://dx.doi.org/10.5897/jeif2013.0556.

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Omari-Sasu, Akoto Yaw, Nana Kena Frempong, Maxwell Akwasi Boateng, and Richard Kena Boadi. "Modeling Stock Market Volatility Using GARCH Approach on the Ghana Stock Exchange." International Journal of Business and Management 10, no. 11 (October 26, 2015): 169. http://dx.doi.org/10.5539/ijbm.v10n11p169.

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The study examined and modeled stock market volatility of financial return series for three listed equities on the Ghana Stock Exchange (GSE). A historical data from 25th June 2007 to 31st October 2014 was considered for the analysis. The series for each of the three equities were tested for stationarity using the KPSS test. Series found to be non-stationary were transformed to be stationary. The study fitted a GARCH (p, q) model for volatility. GARCH (1, 1), GARCH (1, 2), GARCH (2, 1) and the GARCH (2, 2) models were fitted to residual series of some three equities. Results revealed the presence of volatilities in all three equities and also showed that volatility though present was not persistent in the three equities. For each of the companies under study, the GARCH (1, 1) model was found to outperform the other three models based on the comparison of the AICc for each model. The study recommended the use and comparison of other variants of the GARCH model in estimation of volatility.

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Mensah, Lord, Godfred Alufar Bokpin, and George Owusu-Antwi. "Time your investment on the Ghana Stock Exchange (GSE)." African Journal of Economic and Management Studies 7, no. 2 (June 13, 2016): 256–67. http://dx.doi.org/10.1108/ajems-07-2013-0064.

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Purpose – The purpose of this paper is to investigate the day of the week effect on the Ghana Stock Exchange (GSE) by using the GSE all-share index from November 1990 to August 2012. The presence of the day of the week effect has been reported on several markets. Design/methodology/approach – The study utilizes one-sample t-test, dummy variable regression, autoregressive and generalized autoregressive conditional heteroskedastic models to investigate whether day of the week effect exist on the GSE. Findings – The study reveals the presence of day of the week effect on the GSE, specifically, highest returns on Tuesday and lowest on Thursday. Monday, Wednesday and Friday also record significant positive returns, however, the significance returns is captured by a strong auto-regression in the returns. Therefore, investors may not have the opportunity to increase their returns by timing their investments. Further, the significance of the anomalies is not robust across time since different sub periods with different trading days per week shows different results. Originality/value – The study provides additional evidence on the day of the week effect by using utilizing frontier market data.

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Kwofie, Charles, and Richard Kwame Ansah. "A Study of the Effect of Inflation and Exchange Rate on Stock Market Returns in Ghana." International Journal of Mathematics and Mathematical Sciences 2018 (2018): 1–8. http://dx.doi.org/10.1155/2018/7016792.

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The study examined the effect of exchange rate and inflation on stock market returns in Ghana using monthly inflation and exchange rate data obtained from the Bank of Ghana and monthly market returns computed from the GSE all-share index from January 2000 to December 2013. The autoregressive distributed lag (ARDL) cointegration technique and the error correction parametization of the ARDL model were used for examining this effect. The ARDL and its corresponding error correction model were used in establishing the long- and short-run relationship between the Ghana Stock Exchange (GSE) market returns, inflation, and exchange rate. The result of the study showed that there exists a significant long-run relationship between GSE market returns and inflation. However, no significant short-run relationship between them existed. The result also showed a significant long- and short-run relationship between GSE market returns and exchange rate. The variables were tested for long memory and it was observed that such property did exist in these variables, making it a desirable feature of which investors can take advantage of. This is due to the establishment of long-run effect of inflation and exchange rate on stock market returns.

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Acheampong, Prince, and Sydney Kwesi Swanzy. "Empirical Test of Single Factor and Multi-Factor Asset Pricing Models: Evidence from Non Financial Firms on the Ghana Stock Exchange (GSE)." International Journal of Economics and Finance 8, no. 1 (December 24, 2015): 99. http://dx.doi.org/10.5539/ijef.v8n1p99.

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This paper examines the explanatory power of a uni-factor asset pricing model (CAPM) against a multi-factor model (The Fama-French three factor model) in explaining excess portfolio returns on non-financial firms on the Ghana Stock Exchange (GSE). Data covering the period January 2002 to December 2011 were used. A six Size- Book-to-Market (BTM) ratio portfolios were formed and used for the analysis. The paper revealed that, a uni-factor model like the (CAPM) could not predict satisfactorily, the excess portfolio returns on the Ghana Stock Exchange. By using the multi-factor asset pricing model, that is, the Fama-French Three Factor Model, excess portfolio returns were better explained. It is then conclusive enough that, the multi-factor asset pricing model introduced by Fama and French (1992) was a better asset pricing model to explain excess portfolio returns on the Ghana Stock Exchange than the Capital Assets Pricing Model (CAPM) and that there exist the firm size and BTM effects on the Ghanaian Stock market.

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Osei, Prince Mensah, and Anokye M. Adam. "Quantifying the Information Flow between Ghana Stock Market Index and Its Constituents Using Transfer Entropy." Mathematical Problems in Engineering 2020 (August 28, 2020): 1–10. http://dx.doi.org/10.1155/2020/6183421.

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We quantify the strength and the directionality of information transfer between the Ghana stock market index and its component stocks as well as observe the same among the individual stocks on the market using transfer entropy. The information flow between the market index and its components and among individual stocks is measured by the effective transfer entropy of the daily logarithm returns generated from the daily market index and stock prices of 32 stocks ranging from 2nd January 2009 to 16th February 2018. We find a bidirectional and unidirectional flow of information between the GSE index and its component stocks, and the stocks dominate the information exchange. Among the individual stocks, SCB is the most active stock in the information exchange as it is the stock that receives the highest amount of information, but the most informative source is EGL (an insurance company) that has the highest net information outflow while the most information sink is PBC that has the highest net information inflow. We further categorize the stocks into 9 stock market sectors and find the insurance sector to be the largest source of information which confirms our earlier findings. Surprisingly, the oil and gas sector is the information sink. Our results confirm the fact that other sectors including oil and gas mitigate their risk exposures through insurance companies and are always expectant of information originating from the insurance sector in relation to regulatory compliance issues. It is our firm conviction that this study would allow stakeholders of the market to make informed buy, sell, or hold decisions.

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Owiredu, Alexander, Moses Oppong, and Ransford Q. Churchill. "Effects of Ownership Structure on the Performance of Listed Companies on the Ghana Stock Exchange." Archives of Business Research 2, no. 4 (August 30, 2014): 70–86. http://dx.doi.org/10.14738/abr.24.346.

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Onyina, Paul Adjei, and Daniel Kojo Gyanor. "Do corporate governance practices affect the performance of firms listed on the Ghana Stock Exchange?" Corporate Ownership and Control 17, no. 1 (2019): 107–15. http://dx.doi.org/10.22495/cocv17i1art10.

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This paper investigates whether the performance of a firm matters if it has strong corporate governance practices and listed on the Ghana Stock Exchange. It uses annual financial statements between 2007 and 2016 from firms that have been certified by the Security and Exchange Commission and listed firms on the Ghana Stock Exchange. By means of the random effects model, the study does not provide statistically compelling evidence that listed corporate governance variables affect the performance of firms listed on the Ghana Stock Exchange. However, the study found weak evidence in favour of board size, leverage, firm size, growth, and asset tangibility. We find that many of the corporate governance variables used in the model have no significant impact on the performance of the firms. The relevance of the study is that it shows the relationship between policies on corporate governance and performance of firms, and governing bodies of firms informed about the type of corporate governance practices that will support business performance. Hence we recommend that policymakers take this up to embark on rigorous modification of practices on corporate governance involving listed companies in Ghana to ascertain first-hand how these firms are practising what has been documented in their annual reports

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Ahiadorme, Johnson Worlanyo, Emmanuel Sonyo, and Godwin Ahiase. "Time Series Analysis of Interest Rates Volatility and Stock Returns in Ghana." Emerging Economy Studies 5, no. 2 (September 30, 2019): 89–102. http://dx.doi.org/10.1177/2394901519870765.

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The study utilized time series analysis models and employed the Johansen’s cointegration procedure and the vector error correction model to examine the short-run and long-run dynamics of the relationship between interest rates and stock market returns. The results of this study show that contrary to popular evidence from extant research, interest rate changes positively and significantly affect stock market returns in the long run and the deviation from the long-run equilibrium is corrected each period following a shock to the stock market in the short run. The positive linkages between interest rate changes and stock market outturns may be explained by the relative strength of banking stocks on the Ghana Stock Exchange. The analysis shows that as the long-run equilibrium is approached, the deviations in the short term decrease significantly.

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Musah, Alhassan, and Margaret Aryeetey. "Determinants of Share Price of Listed Firms in Ghana." Economic Insights – Trends and Challenges 2021, no. 1 (2021): 57–71. http://dx.doi.org/10.51865/eitc.2021.01.06.

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The price of a company’s share represents investors’ confidence in the future profitability of the company and also used to represent the value of shareholders’ wealth The study examined factors that influence share price of firms listed on the Ghana stock Exchange. The study specifically examined firm specific factors, book ratios and macroeconomic factors that influence share price of listed firms in Ghana. The firm-specific variables include firm size and the firm being a financial institution. The book ratios used in the study include earnings per share, debt ratio, return on assets, return on equity and dividend per share. The macroeconomic variables include economic growth, inflation rate and interest rate. The study sampled 21 firms over a 10-year period, from 2009 to 2018. The study used descriptive statistics, correlation analysis and panel regression analysis to achieve the objectives of the study. The results of the study show that firm-specific variables such as firm size and the firm being financial institution were positive and statistically significant determinants of share price of listed firms in Ghana. The book ratios of debt to asset ratio, return on asset and return on equity were statistically insignificant association with share price of firms listed on the Ghana Stock Exchange. Other book ratios, such as earnings per share and dividend per share, were positively associated and statistically significant with share price of the sampled firms listed on the Ghana Stock Exchange. On the macroeconomic variables, only economic growth was positively associated with share price and statistically significant at 10% significance level. The other variables – inflation and interest rate – were statistically insignificant. The results show that book or investment ratios are the main determinants of share price for firms listed on the Ghana Stock Exchange.

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John, Abonongo. "Asymmetry and Persistence of Stock Returns: A Case of the Ghana Stock Exchange." International Journal of Business and Economics Research 5, no. 6 (2016): 183. http://dx.doi.org/10.11648/j.ijber.20160506.11.

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MacCarthy, John, and Richard Amoasi-Andoh. "Could the Altman Z-score model detect the financial distress in Ghana? Multivariate discriminant analysis." Corporate Governance and Sustainability Review 4, no. 2 (2020): 8–19. http://dx.doi.org/10.22495/cgsrv4i2p1.

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The purpose of this paper is to assess the effectiveness of the Altman Z-score model to discriminate between financially distressed and non financially distressed manufacturing firms listed on the Ghana Stock Exchange. Eleven firms consisting of two financially distressed and nine non-financially distressed manufacturing firms were analysed. Independent descriptive statistics, independent sample t-test, and multivariate discriminant analysis were the analytical tools used to analyse the hypotheses of this study. The study revealed that working capital/total assets and sales/total assets were the major discriminators of financially distressed firms on the Ghana Stock Exchange. Multivariate discriminant analysis revealed an accuracy rate of 79.9% to detect financially distressed firms in Ghana.

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Quartey, Nii Kwartei Perry. "Stock Prices Reaction to Dividend Announcements in Ghana: An Empirical Investigations of Banks Listed on the Ghana Stock Exchange." TEXILA INTERNATIONAL JOURNAL OF MANAGEMENT 4, no. 2 (July 30, 2018): 139–51. http://dx.doi.org/10.21522/tijmg.2015.04.02.art014.

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Nkuah, Evans Fayol, and Hadrat Yusif. "Investigating the Effect of Dividend Policy on the Wealth of Stockholders of Listed Companies on the Ghana Stock Exchange." International Journal of Economics and Finance 8, no. 7 (June 23, 2016): 47. http://dx.doi.org/10.5539/ijef.v8n7p47.

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This paper has examined the impact of dividend policy on the wealth of stockholders of selected registered companies on the Ghana Stock Exchange (GSE). Secondary data were collected on 25 listed firms using annual reports from 2005 to 2011. The dependent variable was wealth of stockholders proxied by market price per stock. The explanatory variables included dividend per stock (DPS), retained earning per stock (REPS), financial leverage (FLEV), and price earning ratio (PER). Fixed-effect model was fitted to the data. The regression results showed that dividend payment, retained earning, and price earning ratio have significant positive impact on the stock market price. It was also found that the impact of dividend is more pronounced than that of retained earning in the context of companies registered on the Ghana Stock Exchange. It is therefore recommended that optimal trade-off between dividend payment and retained earning be established by corporate management to maximise the wealth of stockholders.

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Quaicoe, Alexander, and Paul Quaisie Eleke-Aboagye. "Behavioral factors affecting investment decision-making in bank stocks on the Ghana stock exchange." Qualitative Research in Financial Markets 13, no. 4 (June 9, 2021): 425–39. http://dx.doi.org/10.1108/qrfm-05-2020-0084.

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Purpose The finance literature is awash with papers bordering on the classical assumption that investors are rational in their decision-making, and hence, would always take decisions rationally given the right information, thus making the stock market efficient. This assumption has, however, been found to be at least inadequate given the fact that investors are complex psychological beings full of emotions. This paper aims to investigate the psychological factors that tend to influence the decisions of investors. Design/methodology/approach The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the Ghana Stock Exchange (GSE). Findings The study found the existence of various behavioural biases among the investors surveyed. The most dominant factor or bias found to be influencing investment decisions of respondents was herding with nearly 62% weight. Again, biases such as regret aversion and gambler’s fallacy were also found to strongly influence the decisions of investors, along with mental accounting, overconfidence and anchoring. Practical implications The presence of these behavioural biases, therefore suggests that investors do not always take rational decisions, and hence, making the stock market efficient and that as psychological beings, their investment decisions are impacted strongly by their psychology. Originality/value The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the GSE with a special focus on overconfidence, anchoring, herding, gambler’s fallacy, mental accounting and regret aversion as the variables of interest, the first of its kind in Ghana.

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Wiredu, Sampson, Abubakari A. Ghaniyyu, and W. Abazing Mavis. "Investigating the Markov Property on Stock Returns: A Case Study of Ghana Stock Exchange." Current Research Journal of Economic Theory 6, no. 1 (March 20, 2014): 1–6. http://dx.doi.org/10.19026/crjet.5.5529.

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Owiredu, Alexander, Moses Oppong, and Sandra A. Asomaning. "Macroeconomic Determinants of Stock Market Development in Ghana." International Finance and Banking 3, no. 2 (August 1, 2016): 33. http://dx.doi.org/10.5296/ifb.v3i2.9555.

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Financial systems have been found to have a positive influence on the economic development of most countries. The stock market, which is also a component of the financial system is said to play an integral role in economic growth. This paper examines the macroeconomic determinants of stock market development in Ghana for the period 1992 to 2012 using annual secondary data from Bank of Ghana Quarterly Economic Bulletins, Ghana Statistical Service, Ghana Stock Exchange Market Statistics, the World Bank and IMF’s International Financial Statistics. The macroeconomic indicators such as the real income (GDP per capita income), domestic saving, stock market liquidity, financial intermediary growth, macroeconomic stability (inflation) and private capital flows with stock market capitalization used as a proxy for the study were collected and used for the analysis. These variables were examined to establish a relationship with stock market developments based on a linear regression model.The regression analysis found stock market liquidity to be statistically significant to stock market developments as opposed to the other determinants (such as macroeconomic stability (inflation) real income and domestic savings and private capital flows) which were found to be non-significant. This result suggests that macroeconomic stability (inflation), real income, domestic savings and private capital flows proved not to have any significant impact on stock market development, since their regression coefficients were not statically significant at the 5% level of significance.

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Coleman, Martha, Mengyun Wu, and Mark Baidoo. "Corporate Governance and Working Capital Policy: An Unobserved Influence." Emerging Economy Studies 6, no. 1 (April 3, 2020): 106–22. http://dx.doi.org/10.1177/2394901520907710.

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This study examines the effect of corporate governance on working capital policy; Aggressive and Conservative of 103 firms listed on Nigeria and Ghana Stock Exchange from 2012 to 2016. This study used a panel data of nonfinancial companies listed on Nigeria and Ghana stock exchange for the period 2012–2016. Data extracted from the annual financial report. Companies with missing data were dropped given a total of 103 companies from both countries (Nigeria and Ghana) with total observation of 510. We discovered that corporate governance on implemented aggressive/conservative working capital policy by firms produced a mixed result. Aggressive working capital policy implementation calls for strict control mechanism to ensure less investment in current assets. Therefore, there is strong corporate governance influence on working capital management of firms that operate aggressive working policy than firms which have implemented conservative working capital policy.

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Arhenful, Peter, Augustine Kwadwo Yeboah, and Kofi Sarfo Adjei. "Effect of Interest Rate on Stock Prices in Ghana." Journal of Social and Development Sciences 12, no. 1(S) (June 22, 2021): 1–7. http://dx.doi.org/10.22610/jsds.v12i1(s).3187.

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The paper assesses the effect of interest rate on stock prices, with emphases on Ghana Stock Exchange; using monthly time series data from July 2007 to December 2019. The Augmented Dickey-Fuller (ADF) test was employed to establish the stationarity properties of the data or otherwise. Using the Ordinary Least Squares (OLS) estimation technique of Multiple Regression, the results (? = – 0.891, p < 0.05) revealed an indirect association between interest rates and stock prices in the Ghanaian context; which is consistent with the theoretical conclusion that an increase in interest rate results in a decrease in stock prices. Thus, in the light of this finding, it was recommended that policymakers should consider the stock market dynamics due to the significant relationship that exists between the two macroeconomic variables.

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KaoDui, Li, Zou Muyun, and Osei-Assibey Bonsu Mandella. "Social and Environmental Accounting Reporting and Financial Performances in Ghana." International Journal of Economics and Finance 11, no. 4 (March 20, 2019): 82. http://dx.doi.org/10.5539/ijef.v11n4p82.

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The paper seeks to ascertain the effects of social and environmental accounting disclosure on the financial performance of companies registered on the Ghana Stock Exchange over the period of three years from 2015 to 2017. The study similarly seeks to determine the extents of social and environmental accounting issues reported and finally document the extent to which companies included SEAR issues in their corporate strategy plan in Ghana. The study used secondary data from a published corporate annual statements of all the registered companies on the Ghana Stock Exchange. A regression model and t-test were used to ascertain the effects of social and environmental accounting reporting on firm’s financial performance. However, questionnaires and content analysis were also used in company reports as a system to measure the degree and nature of corporate social accounting reporting as maintained by the number of words disclosed over the three periods. Results shows that there is a positive correlation between CSR score measuring the social and environmental accounting practices and the company's financial performance registered on the Ghana Stock Exchange. Thus, the effects are insignificant. However, the findings show that companies in Ghana are now hugging social and environmental accounting reporting practices since the course of adoption of SEAR was above 60% from 2015 to 2017. The positive correlation between social and environmental accounting and reporting and companies financial performance specify reliable step pace for top managers in companies grasp and embrace social and environmental accounting reporting practices in Ghana, West African countries and all developing Africa countries. The study backs to the literature and information of corporate social and environmental accounting in West Africa and all developing Africa countries. Besides, it also may be terrific to corporate institutions for comprehension of the social responsibilities be obliged to their stakeholders and community in general.

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Kwarteng, Amoako. "The impact of budgetary planning on resource allocation: evidence from a developing country." African Journal of Economic and Management Studies 9, no. 1 (March 12, 2018): 88–100. http://dx.doi.org/10.1108/ajems-03-2017-0056.

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Purpose The purpose of this paper is to empirically examine whether firms in Ghana allocate resources through the use of budgetary planning principles. Design/methodology/approach A survey was conducted using top business executive and budget holders of the firms listed on the Ghana Stock Exchange. The data were analyzed using the structural equation modeling (SEM) and, in particular, the PLS-SEM approach. Findings The study demonstrates that there is a statistically significant relationship between budgeting, performance management, and resource allocation constructs. The results indicate that performance management partially mediates the relations between budget planning and resource allocation. This indicates that firms in Ghana behave optimally by allocating resource using budgetary planning principles. Research limitations/implications The study is limited to the firms listed on the Ghana Stock Exchange. As a policy implication, this study has established that efficiency revolves around making the possible use of a given set of resources and as such firms in Ghana allocate resources through the use of budget. Originality/value There have been just a few studies that tried to integrate budgeting, performance management, and resource allocation in a comprehensive framework to deal with agency problems.

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Bokpin, Godfred A., Anthony Q. Q. Aboagye, and Kofi A. Osei. "Risk exposure and corporate financial policy on the Ghana Stock Exchange." Journal of Risk Finance 11, no. 3 (May 25, 2010): 323–32. http://dx.doi.org/10.1108/15265941011043684.

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Newlove Asamoah, Gordon, and Anthony Quartey‐Papafio. "Beta risk estimation of companies listed on the Ghana stock exchange." Journal of Risk Finance 12, no. 3 (May 24, 2011): 195–207. http://dx.doi.org/10.1108/15265941111136941.

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Asante-Darko, Disraeli, Bright Adu Bonsu, Samuel Famiyeh, Amoako Kwarteng, and Yayra Goka. "Governance structures, cash holdings and firm value on the Ghana Stock Exchange." Corporate Governance: The International Journal of Business in Society 18, no. 4 (August 6, 2018): 671–85. http://dx.doi.org/10.1108/cg-07-2017-0148.

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Purpose There is an existing relationship among shareholders, boards of directors and management of companies. Corporate governance practices of companies are expected to ensure that this relationship maximises the wealth of shareholders. Differences exist among corporate governance of companies listed on the Ghana Stock Exchange. Companies, for purposes of liquidity, hold cash, but cash holdings also add to the cost of financing, according to working capital theories. The study, thus, sought to examine the relationship between corporate governance practices, ownership structure, cash holdings and firm value. Design/methodology/approach The study deployed the seemingly unrelated regression to reduce the problem of multicollinearity resulting from the strong relationship between cash reserves and some control variables. Findings The study found no significant relationship between board size and firm value. Similar findings were also made on the relationship between proportion of non-executive directors on the board and firm value. However, firms audited by the big four audit firms are valued higher by the capital market. Cash holdings of firms negatively affect performance, and this is statistically significant. A positive relationship arises between a firm’s cash holdings and its value as a result of debt financing, even though this is not significant. Originality/value The study is the first of its kind that deploys Tobin’s Q as a measure of firms’ value to reflect investors’ valuation of firms in Ghana. The study is also the first of its kind to test the interactive effect of debt financing and cash holdings on firm value in Ghana.

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Badu, Bismark, and Kingsley Opoku Appiah. "Value relevance of accounting information: an emerging country perspective." Journal of Accounting & Organizational Change 14, no. 4 (November 5, 2018): 473–91. http://dx.doi.org/10.1108/jaoc-07-2017-0064.

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Purpose This paper aims to examine the value relevance of accounting information from an emerging country perspective. Design/methodology/approach The study adopts Ohlson (1995) Price model to examine the extent to which accounting information explain variation in stock prices of listed firms on the Ghana Stock Exchange. Findings The study reveals that earnings and book value of equity exhibit a positive and significant relationship in stock prices. Earnings explain higher variation in stock market values on the Ghana Stock Exchange compared to book value of equity. The study however finds that despite the introduction of the International Financial Reporting Standards in Ghana, the value relevance of book value and earnings have declined significantly over the period 2005-2014. Research limitations/implications A key implication is that regulators of capital markets, standards setters and accounting practitioners need to consistently improve upon the quality of financial reporting disclosures which will boost the confidence of users in their reliance on financial statements as the basis for choosing among alternative use of scarce resources. The authors adopted only the price model in testing the hypotheses. However, to provide comprehensive understanding of value relevance of accounting information, future studies can combine both the price and the return models. Originality/value The authors extend prior literature in the Ghanaian context with recent data. Finally, the study adds to the efficient market hypothesis by showing how share prices reflect accounting information produced by Ghanaian firms.

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Owusu Junior, Peterson, Baidoo Kwaku Boafo, Bright Kwesi Awuye, Kwame Bonsu, Henry Obeng-Tawiah, and David McMillan. "Co-movement of stock exchange indices and exchange rates in Ghana: A wavelet coherence analysis." Cogent Business & Management 5, no. 1 (January 1, 2018): 1481559. http://dx.doi.org/10.1080/23311975.2018.1481559.

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Duduchoge, Solomon, Hong Xing Yao, Benjamin Chris Ampimah, and Prince Harvim. "A Corporate Social Responsibility of Engineering the Liquidity-Adjusted Capital Asset Pricing Modelling Sub-Sahara Africa: Evidence from Ghana." International Journal of Engineering Research in Africa 28 (January 2017): 199–209. http://dx.doi.org/10.4028/www.scientific.net/jera.28.199.

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This paper estimates a conditional version of liquidity–adjusted capital asset pricing model in an emerging market in line with the corporate social responsibility (CSR) of the Ghana Stocks Exchange. We find out that for several years, Ghana stock market has been excluded from the global financial watch and from empirical verification model for lack of transparency in the performance of Exchange. Our evaluation concludes that illiquidity risk can be measured in the local market and exhibit a strong trend of mix reactions from liquidity premia.While the effect of the recent financial crisis do not show much difference between the different market conditions, the effect is more stronger in the down market than the up market. Finally, we explore the size effect on the market and conclude that the net beta as well as the systematic liquidity risk is pronounced in the smaller market though insignificant.

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Aveh, Felix Kwame, Dadson Awunyo-Vitor, and David McMillan. "Firm-specific determinants of stock prices in an emerging capital market: Evidence from Ghana Stock Exchange." Cogent Economics & Finance 5, no. 1 (January 1, 2017): 1339385. http://dx.doi.org/10.1080/23322039.2017.1339385.

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Adu-Gyamfi, Mike. "Investigating Financial Statement Fraud in Ghana Using Beneish M-Score: A Case of Listed Companies on the Ghana Stock Exchange." International Finance and Banking 7, no. 2 (September 18, 2020): 1. http://dx.doi.org/10.5296/ifb.v7i2.17710.

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This quantitative research was conducted to detect the possibility of earnings manipulation by listed companies on the Ghana Stock Exchange, determine the relationship between company size and earnings manipulation and find out the existence of a correlation between share price and earnings manipulation. Using 22 companies out of a total of 41 listed companies, financial data gathered from published financial statements on the companies’ websites, Ghana Stock Exchange website and Annual Report Ghana website were examined from 2011 to 2016. Applying Beneish M-score model for the period 2011-2016, it was found that 26.2% of the sample size on the average were involved in creative accounting. The study also found that 28.4% of the small companies on the average were involved in earnings manipulation during the period 2011-2016 as compared to 25.4% of the big companies. However, the Mann-Whitney U test conducted revealed that there is no statistically significant difference between the level of earnings manipulation and company size. Spearman’s correlation analysis was conducted, firstly, on the entire sample and separately on the small and big companies. The results of the analysis showed that earnings manipulation and share price, statistically, were not significantly correlated. The quantitative research provides an insight into the level of earnings management amongst listed companies in Ghana and the appropriateness of the M-score model in detecting earnings manipulation. The evidence of incidence of creative accounting amongst the sampled companies is an indication of the need for more stringent measures to curb such practice to ensure the stability of the Ghanaian stock market and protect investor interest.

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Bokpin, Godfred A., and Zangina Isshaq. "Corporate governance, disclosure and foreign share ownership on the Ghana Stock Exchange." Managerial Auditing Journal 24, no. 7 (July 24, 2009): 688–703. http://dx.doi.org/10.1108/02686900910975387.

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Bokpin, Godfred A. "Ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange." Journal of Applied Accounting Research 12, no. 1 (May 31, 2011): 61–73. http://dx.doi.org/10.1108/09675421111130612.

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Logubayom, Anuwoje Ida, and Togborlo Annani Victor. "Portfolio Optimization of Some Stocks on the Ghana Stock Exchange Using the Markowitz Mean-Variance Approach." Journal of Financial Risk Management 08, no. 01 (2019): 29–41. http://dx.doi.org/10.4236/jfrm.2019.81003.

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Bokpin, Godfred Alufar. "Ownership concentration and corporate performance on the Ghana stock exchange: a panel data analysis." Corporate Ownership and Control 5, no. 4 (2008): 196–203. http://dx.doi.org/10.22495/cocv5i4c1p4.

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Corporate governance is linked to corporate performance. The study examines the effect of ownership concentration on corporate performance on the Ghana Stock Exchange. Panel data covering a period from 2001 to 2006 for 28 firms were analyzed within the framework of both the fixed and random effects techniques. The results indicate that the effect of ownership concentration on corporate performance varies with the performance measurement variable. The results indicate a significant positive relationship between ownership concentration and return on assets and Tobin’s Q, whilst there is negative insignificant relationship with return on equity. We also document that insider system of corporate governance is practiced on the Ghana stock exchange as shareholding is highly concentrated in the hands of a few individuals or institutional investors. Other governance features such as board size, board composition and CEO duality are all essential in predicting corporate performance. The results of the study generally support existing literature on the impact of ownership concentration on corporate performance

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Musah, Mohammed, Yusheng Kong, and Isaac Adjei Mensah. "Exploring the Link between Operational Efficiency and Firms’ Financial Performance: An Empirical Evidence from the Ghana Stock Exchange GSE." International Journal of Trend in Scientific Research and Development Volume-3, Issue-4 (June 30, 2019): 842–48. http://dx.doi.org/10.31142/ijtsrd23954.

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Badmus Suleman, Zeliat, Zhao Xiuli, and Shaibu Ali. "Effect of Psychological Contract Fulfillment, Employee’s Job Satisfaction on Organizational Performance: Evidence from Ghana." International Journal of Business and Management 14, no. 12 (November 8, 2019): 32. http://dx.doi.org/10.5539/ijbm.v14n12p32.

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This paper aimed at examining the effects of employees’ psychological contract fulfillment, employees’ job satisfaction on organizational performance from some selected companies on the Ghana Stock Exchange (GSE). Many Companies today have invested more into their organization to achieve Psychological Contract between them and their employees, and other important stakeholders of the company. Random sampling was used to select top employees from selected companies on the Ghana Stock Exchange. Structured questionnaires were used for the collection of data. Based on the analysis, the researcher realized that there is a significant positive relationship between psychological contract fulfillment and employee’s job satisfaction. It also revealed that there is a significant positive relationship between psychological contract fulfillment and organizational performance. Finally, the research revealed that, there is a significant positive relationship between employee’s job satisfaction and organizational performance.

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Ibn Musah, Abdul-Aziz, Jianguo Du, Hira ud din Khan, and Alhassan Abdul-Rasheed Akeji. "The Asymptotic Decision Scenarios of an Emerging Stock Exchange Market: Extreme Value Theory and Artificial Neural Network." Risks 6, no. 4 (November 16, 2018): 132. http://dx.doi.org/10.3390/risks6040132.

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In recent times, investing in volatile security increases the risk of losses and reduces gains. Many traders who depend on these risks indulge in multiple volatility procedures to inform their trading strategies. We explore two models to measure the tails behaviour and the period the stock will gain or fall within a five-month trading period. We obtained data from the Ghana stock exchange and applied generalized extreme value distribution validated by backtesting and an artificial neural network for forecasting. The network training produces and manages more than 90% accuracy respectively for gains and falls for given input-output pairs. Based on this, estimates of extreme value distribution proves that it is formidable. There is a significant development in market prediction in assessing the results of actual and forecast performance. The study reveals that once every five months, at a 5% confidence level, the market is expected to gain and fall 2.12% and 2.23%, respectively. The Ghana stock exchange market showed a maximum monthly stock gain above or below 2.12% in the fourth and fifth months, whiles maximum monthly stock fell above or below 2.23% in the third and fourth months. The study reveals that once every five months’ trading period, the stock market will gain and fall by almost an equal percentage, with a significant increase in value-at-risk and expected shortfall at the left tail as the quantiles increases compared to the right tail.

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Adam, Anokye M., Edward Quansah, and Seyram Kawor. "Working Capital Management Policies and Returns of Listed Manufacturing Firms in Ghana." Scientific Annals of Economics and Business 64, no. 2 (June 27, 2017): 255–69. http://dx.doi.org/10.1515/saeb-2017-0017.

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Abstract This study sought to determine the effects aggressive/conservative current asset investment and financing policies have on firms′ return for six manufacturing firms listed at Ghana Stock Exchange for a period of 2000-2013. Data were obtained from the annual reports of the firms and the Ghana Stock Exchange. The study adopted longitudinal explanatory non-experimental research design applied to dynamic panel ARDL framework in analyzing the data. The results revealed that the current asset investment and financing policies have highly significant positive effects on returns to equity holders in the long-run. The empirical evidence suggests that conservative current asset investment policies increase firms return while conservative financing policies yields negative returns. The study therefore would enable finance managers to be able to fashion out the appropriate working capital management policies. A firm pursuing conservative current asset investment policy should balance it with aggressive current asset financing policy in order to enhance profitability and create value for their investors.

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Adam, Anokye, and Edward Quansah. "Effects of working capital management policies on shareholders’ value: Evidence from listed manufacturing firms in Ghana." Panoeconomicus 66, no. 5 (2019): 659–86. http://dx.doi.org/10.2298/pan161206027a.

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This study has sought to determine the effects of working capital management policies on shareholder value creation for six manufacturing firms listed at the Ghana Stock Exchange for the period of 2000-2013. Data were gathered from the annual reports of the firms and the publication of Ghana Stock Exchange. The study employed a longitudinal explanatory non-experimental research design applied to a dynamic panel Autoregressive Distributed Lags methodology framework for analysing the data. The results indicated that conservative current asset investment policies increase economic value added (EVA), whereas aggressive current asset investment policies enhance market-to-book ratio and Tobin?s Q in the long-run. On the other hand, conservative current asset financing policies enhance market-to-book ratio, Tobin?s Q, and EVA in the longrun. Thus, investors discount aggressive current assets? financing policies. A firm pursuing an aggressive current asset investment policy should balance it with a conservative current asset financing policy to create value for its shareholders.

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Agyei-Mensah, Ben K. "Forward-Looking Information Disclosure and Corporate Governance: Empirical Evidence from Year 2013 Listed Firms in Ghana." African and Asian Studies 17, no. 4 (October 29, 2018): 311–39. http://dx.doi.org/10.1163/15692108-12341120.

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Abstract This study investigated the influence of corporate governance on the disclosure of forward looking information by firms listed on the Ghana Stock Exchange. The forward-looking information used in this study were obtained from statements made for management in either the Managing Director or Board Chairman’s reports regarding future operating outcomes. The results of the extent of disclosure of forward looking information, mean of 35%, indicate that most of the firms listed on the Ghana Stock Exchange did not disclose sufficient forward looking information in their annual reports. The low level (35%) of forward looking information disclosure will also make it very difficult for the firms’ stakeholders to determine future performance of the company. In a country where corruption, even within the judiciary, is high one way of hiding corrupt practices is to hide information from the users of the financial reports. The results of the regression analysis indicate that board ownership concentration is the significant variable that explain the level of forward looking information disclosure.

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Nti, Isaac Kofi, Adebayo Felix Adekoya, and Benjamin Asubam Weyori. "Predicting Stock Market Price Movement Using Sentiment Analysis: Evidence From Ghana." Applied Computer Systems 25, no. 1 (May 1, 2020): 33–42. http://dx.doi.org/10.2478/acss-2020-0004.

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AbstractPredicting the stock market remains a challenging task due to the numerous influencing factors such as investor sentiment, firm performance, economic factors and social media sentiments. However, the profitability and economic advantage associated with accurate prediction of stock price draw the interest of academicians, economic, and financial analyst into researching in this field. Despite the improvement in stock prediction accuracy, the literature argues that prediction accuracy can be further improved beyond its current measure by looking for newer information sources particularly on the Internet. Using web news, financial tweets posted on Twitter, Google trends and forum discussions, the current study examines the association between public sentiments and the predictability of future stock price movement using Artificial Neural Network (ANN). We experimented the proposed predictive framework with stock data obtained from the Ghana Stock Exchange (GSE) between January 2010 and September 2019, and predicted the future stock value for a time window of 1 day, 7 days, 30 days, 60 days, and 90 days. We observed an accuracy of (49.4–52.95 %) based on Google trends, (55.5–60.05 %) based on Twitter, (41.52–41.77 %) based on forum post, (50.43–55.81 %) based on web news and (70.66–77.12 %) based on a combined dataset. Thus, we recorded an increase in prediction accuracy as several stock-related data sources were combined as input to our prediction model. We also established a high level of direct association between stock market behaviour and social networking sites. Therefore, based on the study outcome, we advised that stock market investors could utilise the information from web financial news, tweet, forum discussion, and Google trends to effectively perceive the future stock price movement and design effective portfolio/investment plans.

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Boako, Gideon, Maurice Omane-Adjepong, and Joseph Magnus Frimpong. "Stock Returns and Exchange Rate Nexus in Ghana: A Bayesian Quantile Regression Approach." South African Journal of Economics 84, no. 1 (July 22, 2015): 149–79. http://dx.doi.org/10.1111/saje.12096.

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Asiedu, Michael Amoh, Richard Oduro, and Emmanuel Kojo Amoah. "DOES CAPITAL ASSET PRICING MODEL APPLY IN A VARYING MARKET CONDITIONS?" American Journal of Finance 4, no. 1 (October 2, 2019): 57. http://dx.doi.org/10.47672/ajf.412.

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Purpose: Capital asset pricing model (CAPM) has been one of the major asset pricing tools applied on the capital market to price listed securities. Several researchers have challenged the overall efficiency and validity of the model in terms of its ability to explain the behavior of the average returns on the basis of a single variable. The debate is now taking a new trend which aimed at assessing the robustness of the model in varying market conditions and this has been the main focus of the study; that is to determine whether or not CAPM applies to securities on Ghana Stock Exchange at different market conditions.Methodology: Data on monthly returns of 29 shares were selected from the Ghana Stock Exchange spanning from 2010 to 2018 and analyzed using regression analysis on the assumption of constant risk and varying risk situations.Findings: The study evidenced that the systematic risks differ between bulls, tranquil and bear periods. Market conditions therefore have impact on the CAPM model. CAPM is not robust with changes in market conditions after all especially in an emerging market such as the Ghana Stock Exchange.Contribution to theory, practice and policy: The result of this study implies that, the widely accepted CAPM for asset pricing model is not robust to changes in market conditions. It is therefore essential to predict future market conditions when formulating investment strategy as an investor. Again, investors should vary their risk premium depending on their expectation of the market conditions at the time of investment.

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Journal articles on the topic 'Ghana Stock Exchange'

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