Abstract:
Purpose – The purpose of this paper is to examine the interaction between corporate governance,
ownership structure, cash holdings, and firm value on the Ghana Stock Exchange.
Design/methodology/approach – A multiple regression approach using the seemingly unrelated
regression to mitigate the problems of multicollinearity between the cash-holding variable and other
control variables is adopted.
Findings – Board size is found to be positively and statistically significantly related to share price
among the corporate governance variables. However, a significant relationship between inside
ownership and share price is not found. The results also indicate that additional units of cash holdings
do not have a statistically significant influence on share price. Finally, leverage and income volatility
are found to be significant determinants of share price.
Originality/value – This is the first of its kind in the country that considers the impact of corporate
governance, ownership structure, and firm value on the Ghana Stock Exchange (GSE).
