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Corporate governance and the performance of manufacturing firms in Ghana: Does ownership structure matter?

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  • Beatrice Sarpong-Danquah
  • Kwasi Oko-Bensa-Agyekum
  • Emmanuel Opoku

Abstract

This study investigates the moderating role of ownership structure in the nexus between corporate governance and the financial performance of manufacturing firms in Ghana. The study uses GLS regression to analyze a panel dataset of 7 manufacturing firms over 14 years. We find a positive and significant effect of board size, audit committee independence, and size on firm performance. We, however, find a negative relationship between board remuneration and performance. We observe that block ownership moderates the relationship between board size, board independence, and the financial performance of manufacturing firms. Block shareholdings of the listed manufacturing firms in Ghana play a significant moderating role in the corporate governance-firm performance nexus. This study provides key insights into the influence of block shareholders on corporate governance activities and the eventual impact on the financial performance of manufacturing firms in Ghana, a phenomenon that has not been examined in the literature.

Suggested Citation

  • Beatrice Sarpong-Danquah & Kwasi Oko-Bensa-Agyekum & Emmanuel Opoku, 2022. "Corporate governance and the performance of manufacturing firms in Ghana: Does ownership structure matter?," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2101323-210, December.
    • Handle: RePEc:taf:oabmxx:v:9:y:2022:i:1:p:2101323
    DOI: 10.1080/23311975.2022.2101323
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    Cited by:

    1. Yakubu, Ibrahim Nandom & Bunyaminu, Alhassan & Doumbia, Musah Osumanu & Abdul-Fatawu, Mohammed, 2023. "The effect of board characteristics and life-cycle on corporate performance," MPRA Paper 117661, University Library of Munich, Germany.
    2. Mohamad Azwan Md Isa & Norashikin Ismail & Mohd Halim Kadri, 2024. "Sustainability Performance and Corporate Financial Stability of Shariah-Compliant Companies in Malaysia: The Moderating Effects of Ownership Concentration," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(14), pages 28-46, October.

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