文章基本信息

标题：Concentrated Share Ownership and Financial Performance of Listed Companies in Ghana
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作者：Dadson Awunyo-Vitor ; Emmanuel Baah
期刊名称：Research Journal of Finance and Accounting
印刷版ISSN：2222-1697
出版年度：2012
卷号：3
期号：2
页码：78-85
语种：English
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：Investment on the Ghana Stock Exchange has attracted keen interest from within and outside the country. Foreign investors have grown substantially in developing markets over the last two decades, parallel with the increase in their impact. These investors seek to own large proportions of equities as well as acquire State Owned Enterprises, and as a result they have become influential on the performance of companies in which they invest. Previous studies show no conclusive evidence on the direction of the role of share ownership on the financial performance of firms especially in developing economies. This research attempts to examine the effect of share ownership and investors' involvement on performance of investee companies. The study was conducted using panel data regression analysis and Performance was measured by using Tobin's Q and Return on Asset (RoA). Significant statistical relationships were found in this research. The results of the research suggest that share ownership on the Ghana Stock Exchange is heavily concentrated in the hands of Ghanaians and that ownership concentration, institutional and insider ownership precipitate higher firm financial performance. There is the need to encourage concentrated ownership structure. Also, investments by insider and institutional ownerships should be promoted in order to ensure proper monitoring, reduced agency costs and improve performance.
关键词：ownership structure; concentration; financial performance; Ghana stock exchange