Board gender diversity, governance and financial performance of firms listed in Ghana

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Date
2021
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knust
Abstract
The study examines the relationship between gender issues in corporate governance and financial performance of listed firms in Ghana. Specifically, the study determines the effect of female presence on boards on firm performance, investigates the effect of female presence on audit committee on firm performance, evaluates the effect of female CEO on firm performance and finally, explores the moderating effect of female CEO on female board membership financial performance. The study first and foremost employs an explanatory research design through the application of quantitative analysis in its presentation of results. The study samples 31 listed companies from the Ghana Stoch Exchange. The period under studying is between the year 2008-2019. By the application of unbalanced panel data estimation and ordinary least regression method, the study concludes that while there is a negative insignificant effect of female directorship on stock market performance which is being represented by Tobin’s Q as a proxy, there is a negative significant effect of female board directorship on financial sustainability which is that of return on capital employed. Secondly, there is a reflection of a negative significant relationship between that of female audit committee member and financial performance of listed firms in Ghana. None of the estimation methods show any significant effect between that of female CEO and firm performance. Lastly, moderation estimation shows a negative significant relationship between female directorship and financial sustainability. The study recommends that firms should include women on their corporate boards. The study therefore recommends women should undergo relevant seminars and training. This will help them to contribute positively to the improvement of the stock performance of the firms they represent. GSE should make it a requirement for all listed firms to disclose corporate governance issues such as audit, nomination, compensation, gender composition.
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A thesis submitted to the department of accounting and finance, in partial fulfilment for the award of master of philosophy in finance
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