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The Stock Market and the Financing of Corporate Growth in Africa: The Case of Ghana
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Author/Editor: |
Yartey, Charles Amo |
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September 1, 2006 |
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Electronic Access: |
Free Full Text (PDF file size is 617KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh's methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important.
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Series: |
Working Paper No. 06/201 |
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Subject(s): |
Ghana | Stock markets |
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Author's keyword(s): |
Stock markets | corporate finance | corporate growth | Ghana |
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Published: |
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September 1, 2006 |
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ISBN/ISSN: |
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0 / 1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2006201 |
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Pages: |
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44 |
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Price: |
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US$18.00
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