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The stock market and the financing of corporate growth in Africa : the case of Ghana /
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 h...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund, Research Dept.,
[2006]
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| Colección: | IMF working paper ;
WP/06/201. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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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| Notas: | Title from pdf title page (viewed October 5, 2007). "September 2006." |
| Descripción Física: | 1 online resource (42 pages) |
| Bibliografía: | Includes bibliographical references (pages 39-42). |
| ISBN: | 1283513366 9781283513364 9781451993073 1451993072 146232861X 9781462328611 1452785457 9781452785455 9786613825810 6613825816 |
| ISSN: | 2227-8885 ; |