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The Stock Market and the Financing of Corporate Growth in Africa: The Case of Ghana
Open accessAbstract
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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Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges
Adjasi, C. K., & Yartey, C. A. (2007) · IMF Working Papers · doi:10.2139/ssrn.1012992 · Cited by 260
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Metadata
- Authors
- Yartey, C. A.
- Affiliations
- International Monetary Fund (US)
- Corresponding author
- Yartey, Charles Amo
- Venue
- IMF Working Papers
- Publisher
- International Monetary Fund (IMF)
- Published
- 2006-09
- Volume
- 2006
- Issue
- 201
- Pages
- 1
- ISSN
- 1556-5068 (ISSN-L)
- 1018-5941
- OpenAlex
- W1975564910
- Cited by
- 31
- References
- 0
- Citations by year
- 2017: 1 · 2016: 1 · 2015: 3 · 2014: 5 · 2013: 2 · 2012: 5
- Type
- posted content
- Language
- en
- Open access
- green
- doi.org
- Locations
- SSRN Electronic Journal (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- stock market development, external financing, short-term debt, long-term financing, share issuance, listed companies, developing countries, Ghana, asset growth
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