The stock market and the financing of corporate growth in Africa
the case of Ghana
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Author
Contributions
- International Monetary Fund. Research Dept. - Contributor
Publication
2006 - International Monetary Fund, Research Dept., Washington, D.C., District of Columbia
Language
English
Word Count
10,500 words, Guess
Page Count
42 pages
Identifiers
- Better World Books9781452785455
- Better World Books9781451993073
- Better World Books9781451864618
- Open LibraryOL19374077M
Classifications
- LCCHG4551
Description
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.
Subjects
Topics
Places
Series Statement
- IMF working paper -- WP/06/201
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