Other affiliations: Stellenbosch University
Bio: Joshua Abor is an academic researcher from University of Ghana. The author has contributed to research in topic(s): Capital structure & Debt. The author has an hindex of 36, co-authored 143 publication(s) receiving 6268 citation(s). Previous affiliations of Joshua Abor include Stellenbosch University.
Papers published on a yearly basis
01 Jan 2010
TL;DR: In this article, the authors discuss the characteristics of SMEs to economic development, and the constraints to SME development in developing countries with particular reference to Ghana and South Africa, and provide some relevant recommendations to policy makers, development agencies, entrepreneurs, and SME mangers to ascertain the appropriate strategy to improve the SME sector in these countries.
Abstract: This paper discusses the characteristics of SMEs to economic development, and the constraints to SME development in developing countries with particular reference to Ghana and South Africa. SMEs in Ghana have been noted to provide about 85% of manufacturing employment of Ghana. They are also believed to contribute about 70% to Ghana’s GDP and account for about 92% of businesses in Ghana. In the Republic of South Africa, it is estimated that 91% of the formal business entities are SMEs. They also contribute 52-57% to GDP and provide about 61% to employment .Notwithstanding the recognition of the important roles SMEs play in these countries, their development is largely constrained by the number of factors such as lack of access to appropriate technology; limited access to international markets, the existence of laws, regulations and rules that impede the development of the sector; weak institutional capacity, lack of management skills and training, and most importantly finance. This paper provides some relevant recommendations to policy makers, development agencies, entrepreneurs, and SME mangers to ascertain the appropriate strategy to improve the SME sector in these countries.
01 Dec 2005-The Journal of Risk Finance
TL;DR: In this article, the relationship between capital structure and profitability of listed firms on the Ghana Stock Exchange (GSE) during a five-year period was investigated, which revealed a significantly positive relation between the ratio of short-term debt to total assets and ROE.
Abstract: Purpose – This paper seeks to investigate the relationship between capital structure and profitability of listed firms on the Ghana Stock Exchange (GSE) during a five‐year period.Design/methodology/approach – Regression analysis is used in the estimation of functions relating the return on equity (ROE) with measures of capital structure.Findings – The results reveal a significantly positive relation between the ratio of short‐term debt to total assets and ROE. However, a negative relationship between the ratio of long‐term debt to total assets and ROE was found. With regard to the relationship between total debt and return rates, the results show a significantly positive association between the ratio of total debt to total assets and return on equity.Originality/value – The research suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion (85 percent) of the debt is represented in short‐term debt.
01 Mar 2006-The Journal of Risk Finance
TL;DR: In this article, the determinants of dividend payout ratios of listed companies in Ghana were examined using data derived from the financial statements of firms listed on the Ghana Stock Exchange during a six-year period.
Abstract: Purpose – This study seeks to examine the determinants of dividend payout ratios of listed companies in Ghana.Design/methodology/approach – The analyses are performed using data derived from the financial statements of firms listed on the Ghana Stock Exchange during a six‐year period. Ordinary Least Squares model is used to estimate the regression equation. Institutional holding is used as a proxy for agency cost. Growth in sales and market‐to‐book value are also used as proxies for investment opportunities.Findings – The results show positive relationships between dividend payout ratios and profitability, cash flow, and tax. The results also show negative associations between dividend payout and risk, institutional holding, growth and market‐to‐book value. However, the significant variables in the results are profitability, cash flow, sale growth and market‐to‐book value.Originality/value – The main value of this study is the identification of the factors that influence the dividend payout policy decisio...
27 Feb 2007-Corporate Governance
TL;DR: In this article, the authors examined the relationship between corporate governance and the capital structure decisions of listed firms in Ghana and found statistically significant and positive associations between capital structure and board size, board composition, and CEO duality.
Abstract: Purpose – This paper seeks to examine the relationship between corporate governance and the capital structure decisions of listed firms in Ghana.Design/methodology/approach – Multiple regression analysis is used in the study in estimating the relationship between the corporate governance characteristics and capital structure.Findings – The empirical results show statistically significant and positive associations between capital structure and board size, board composition, and CEO duality. The results generally indicate that Ghanaian listed firms pursue high debt policy with larger board size, higher percentage of non‐executive directors, and CEO duality. The results also show a negative (though statistically insignificant) relationship between the tenure of the CEO and capital structure, suggesting that, entrenched CEOs employ lower debt in order to reduce the performance pressures associated with high debt capital.Originality/value – The main value of this paper is the analysis of the effect of corporat...
19 Jun 2007-Corporate Governance
TL;DR: In this paper, the authors assess how the adoption of corporate governance structures affects the performance of SMEs (small to medium-sized enterprises) in Ghana and find that board size, board composition, management skill level, CEO duality, inside ownership, family business, and foreign ownership have significantly positive impacts on profitability.
Abstract: Purpose – This study seeks to assess how the adoption of corporate governance structures affects the performance of SMEs (small to medium‐sized enterprises) in Ghana.Design/methodology/approach – Regression analysis is used to estimate the relationship between corporate governance and ownership structure and performance.Findings – The results show that board size, board composition, management skill level, CEO duality, inside ownership, family business, and foreign ownership have significantly positive impacts on profitability. Corporate governance can greatly assist the SME sector by infusing better management practices, stronger internal auditing, greater opportunities for growth and new strategic outlook through non‐executive directors. It is clear that corporate governance structures influence performance of SMEs in Ghana.Originality/value – This paper provides insights on the effects of corporate governance and ownership structure on the performance of Ghanaian SMEs. The paper also shows the implicat...
01 Jan 1998
01 Jan 2009
TL;DR: The Human Side of Enterprise as mentioned in this paper is one of the most widely used management literature and has been widely used in business schools, industrial relations schools, psychology departments, and professional development seminars for over four decades.
Abstract: \"What are your assumptions (implicit as well as explicit) about the most effective way to manage people?\" So began Douglas McGregor in this 1960 management classic. It was a seemingly simple question he asked, yet it led to a fundamental revolution in management. Today, with the rise of the global economy, the information revolution, and the growth of knowledge-driven work, McGregor's simple but provocative question continues to resonate-perhaps more powerfully than ever before. Heralded as one of the most important pieces of management literature ever written, a touchstone for scholars and a handbook for practitioners, The Human Side of Enterprise continues to receive the highest accolades nearly half a century after its initial publication. Influencing such major management gurus such as Peter Drucker and Warren Bennis, McGregor's revolutionary Theory Y-which contends that individuals are self-motivated and self-directed-and Theory X-in which employees must be commanded and controlled-has been widely taught in business schools, industrial relations schools, psychology departments, and professional development seminars for over four decades. In this special annotated edition of the worldwide management classic, Joel Cutcher-Gershenfeld, Senior Research Scientist in MIT's Sloan School of Management and Engineering Systems Division, shows us how today's leaders have successfully incorporated McGregor's methods into modern management styles and practices. The added quotes and commentary bring the content right into today's debates and business models. Now more than ever, the timeless wisdom of Douglas McGregor can light the path towards a management style that nurtures leadership capability, creates effective teams, ensures internal alignment, achieves high performance, and cultivates an authentic, value-driven workplace--lessons we all need to learn as we make our way in this brave new world of the 21st century.
TL;DR: Thaler and Sunstein this paper described a general explanation of and advocacy for libertarian paternalism, a term coined by the authors in earlier publications, as a general approach to how leaders, systems, organizations, and governments can nudge people to do the things the nudgers want and need done for the betterment of the nudgees, or of society.
Abstract: NUDGE: IMPROVING DECISIONS ABOUT HEALTH, WEALTH, AND HAPPINESS by Richard H. Thaler and Cass R. Sunstein Penguin Books, 2009, 312 pp, ISBN 978-0-14-311526-7This book is best described formally as a general explanation of and advocacy for libertarian paternalism, a term coined by the authors in earlier publications. Informally, it is about how leaders, systems, organizations, and governments can nudge people to do the things the nudgers want and need done for the betterment of the nudgees, or of society. It is paternalism in the sense that "it is legitimate for choice architects to try to influence people's behavior in order to make their lives longer, healthier, and better", (p. 5) It is libertarian in that "people should be free to do what they like - and to opt out of undesirable arrangements if they want to do so", (p. 5) The built-in possibility of opting out or making a different choice preserves freedom of choice even though people's behavior has been influenced by the nature of the presentation of the information or by the structure of the decisionmaking system. I had never heard of libertarian paternalism before reading this book, and I now find it fascinating.Written for a general audience, this book contains mostly social and behavioral science theory and models, but there is considerable discussion of structure and process that has roots in mathematical and quantitative modeling. One of the main applications of this social system is economic choice in investing, selecting and purchasing products and services, systems of taxes, banking (mortgages, borrowing, savings), and retirement systems. Other quantitative social choice systems discussed include environmental effects, health care plans, gambling, and organ donations. Softer issues that are also subject to a nudge-based approach are marriage, education, eating, drinking, smoking, influence, spread of information, and politics. There is something in this book for everyone.The basis for this libertarian paternalism concept is in the social theory called "science of choice", the study of the design and implementation of influence systems on various kinds of people. The terms Econs and Humans, are used to refer to people with either considerable or little rational decision-making talent, respectively. The various libertarian paternalism concepts and systems presented are tested and compared in light of these two types of people. Two foundational issues that this book has in common with another book, Network of Echoes: Imitation, Innovation and Invisible Leaders, that was also reviewed for this issue of the Journal are that 1 ) there are two modes of thinking (or components of the brain) - an automatic (intuitive) process and a reflective (rational) process and 2) the need for conformity and the desire for imitation are powerful forces in human behavior. …
01 Jun 1978-Canadian Woman Studies