Capital structure and shareholders' value
by Regina Asantewaa Aboagye; Kingsley Opoku Appiah
EuroMed J. of Management (EMJM), Vol. 3, No. 1, 2019

Abstract: This paper empirically examines the relationship between capital structure and shareholders' value of non-financial firms listed on the Ghana Stock Exchange from 2005 to 2014. Panel regression model, specifically the estimated generalised least square (E-GLS) was used to analyse data from 11 non-financial listed firms. We find that non-financial listed firms on the Ghana Stock Exchange used more debt than equity. Debt exhibits a significant negative relationship with shareholders' value, proxy by earnings per share. Equity, however, display a significant positive relationship with shareholders' value. The study contributes to capital structure literature from the perspective of Ghana, a country characterised by high cost of borrowing and underdeveloped debt market.

Online publication date: Wed, 29-May-2019

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