Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/2716
Title: THE DETERMINANTS OF THE FINANCING DECISIONS OF LISTED AND NON-LISTED FIRMS IN GHANA
Authors: Andani, A.
Al-hassan, S.
Keywords: Capital Structure
financial leverage
debt instruments
investments
Issue Date: 2012
Publisher: Asian Economic and Social Society
Series/Report no.: Vol. 2;Issue 7
Abstract: The study examines the financing decisions of 19 listed companies in comparison with 16 nonlisted companies in Ghana. The study tests some hypotheses related to capital structure determinants and debt policy decisions. The study finds support for the pecking order hypothesis across all firms. The free cash flow hypothesis holds for long-term debt decisions across firms but not the capital structure decisions. All forms of debt policy decisions are consistent with the matching principle except non-listed firms’ long term debt. The study does not find any significant differences between listed and non-listed firms in the application of debt. Policy recommendations are provided.
URI: http://hdl.handle.net/123456789/2716
ISSN: 22226737
Appears in Collections:Faculty of Mathematical Sciences

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