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Article

Albert Danso, Theophilus A. Lartey, Daniel Gyimah and Emmanuel Adu-Ameyaw

This paper contributes to the capital structure literature by examining the impact of financial leverage on firm performance and also the extent to which firm size and…

Abstract

Purpose

This paper contributes to the capital structure literature by examining the impact of financial leverage on firm performance and also the extent to which firm size and crisis matter in the leverage -performance relationship.

Design/methodology/approach

Using data from 2403 Indian firms during the period 1995–2014, generating a total of 19,544 firm-year observations, panel econometric methods are employed to test the leverage-performance relationship.

Findings

Drawing insights from agency theory and using Tobin's Q (TQ) as our main measure of performance, the authors uncover that financial leverage is negatively and significantly related to firm performance. The authors also observe that the impact of financial leverage on firm performance is lower for smaller firms than larger ones. Finally, the authors show that the 2007/08 financial crisis had no significant impact on the relationship between financial leverage and firm performance.

Originality/value

The paper provides fresh evidence on the impact of leverage on performance, particularly from the Indian context. This study is also among the first studies to examine the role of firm size and financial crisis in the leverage-performance relationship.

Details

Managerial Finance, vol. 47 no. 5
Type: Research Article
ISSN: 0307-4358

Keywords

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Article

Albert Danso, Theophilus Lartey, Samuel Fosu, Samuel Owusu-Agyei and Moshfique Uddin

This paper aims to demonstrate how financial leverage impacts firm investment and the extent to which this relationship is conditional on the level of information…

Abstract

Purpose

This paper aims to demonstrate how financial leverage impacts firm investment and the extent to which this relationship is conditional on the level of information asymmetry as well as growth.

Design/methodology/approach

The paper relies on data from 2,403 Indian firms during the period 1995-2014, generating a total of 19,544 firm-year observations. Analysis is conducted by using various panel econometric techniques.

Findings

Drawing insights from agency theories, the paper uncovers that financial leverage is negatively and significantly related to firm investment. It is also observed that the impact of financial leverage on firm investment is significant for high information asymmetric firms. Finally, the paper shows that the relationship between leverage and firm investment is significant for low-growth firms. However, no significant relationship is found between leverage and investment for high-growth firms.

Originality/value

This paper provides fresh evidence on the leverage–investment nexus and, to the authors’ knowledge, it the first paper to examine the extent to which this leverage–investment relationship is driven by the level of information asymmetry.

Details

International Journal of Accounting & Information Management, vol. 27 no. 1
Type: Research Article
ISSN: 1834-7649

Keywords

Abstract

Details

Managerial Finance, vol. 40 no. 12
Type: Research Article
ISSN: 0307-4358

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Article

Samuel Adomako, Albert Danso, Moshfique Uddin and John Ofori Damoah

– The purpose of this paper is to examine the moderating effects of cognitive style dimensions on the relationship between entrepreneurs’ optimism and persistence.

Abstract

Purpose

The purpose of this paper is to examine the moderating effects of cognitive style dimensions on the relationship between entrepreneurs’ optimism and persistence.

Design/methodology/approach

This theoretically derived research model is empirically validated using survey data from 198 small and medium-sized enterprises in Ghana.

Findings

The study’s empirical findings are that the relationship between entrepreneurs’ optimism and entrepreneurial persistence is enhanced at higher levels of cognitive planning and creating styles. Somewhat interestingly, cognitive knowing style negatively moderates the relationship between optimism and entrepreneurial persistence.

Research limitations/implications

The cross-sectional design of the study does not permit causal inferences to be made regarding the variables examined. Future studies may use longitudinal design to examine the causal links of the variables.

Practical implications

The results of this paper can assist entrepreneurs and policy-makers in understanding the dynamics and processes involved in entrepreneurial decision making. The understanding of this issue can promote the development and maintenance of entrepreneurial ventures.

Originality/value

The paper has a strong theoretical value as it relies on cognitive explanations of human behaviour, and seeks to advance the theoretical field by demonstrating the value of cognitive style within the domain of entrepreneurship.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 22 no. 1
Type: Research Article
ISSN: 1355-2554

Keywords

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Article

Albert Danso and Samuel Adomako

The purpose of this paper is to contribute to the capital structure literature by examining the determinants of capital structure from the context of South Africa and to…

Abstract

Purpose

The purpose of this paper is to contribute to the capital structure literature by examining the determinants of capital structure from the context of South Africa and to provide evidence of the effects of the 2007/2008 global financial crisis on firm-level determinants of debt-equity choice.

Design/methodology/approach

This paper begins by embarking on an extensive review of literature on extant empirical research on capital structure. The panel econometric technique is further adopted to examine firm-level determinants of capital structure and also the impact of 2007/2008 financial crisis.

Findings

The findings of the paper suggest that theories of capital structure underpinning debt-equity choice of firms in developed economies are also applicable in the South African context. The authors also find a strong evidence of the effects of the financial crisis on the capital structure of firms in South Africa.

Practical implications

This paper serves as springboard on which further research can be grounded and also highlights the interaction between the South African economy and the global economy.

Originality/value

The paper provides a fresh evidence on the determinants of capital structure from the Sub-Saharan African context and to the authors’ knowledge, this is the first paper that examines the effects of the 2007/2008 financial crisis on capital structure of firms in South Africa.

Details

Managerial Finance, vol. 40 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

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Article

Samuel Adomako, Albert Danso and Ernest Ampadu

Previous scholarly studies on institutions tend to create a sombre picture of institutions by ignoring to examine the antecedents of formal and informal institutions. The…

Abstract

Purpose

Previous scholarly studies on institutions tend to create a sombre picture of institutions by ignoring to examine the antecedents of formal and informal institutions. The purpose of this paper is to overcome this limitation by proposing a conceptual framework of the antecedents of formal and informal institutions of entrepreneurial climate in a less developed market setting.

Design/methodology/approach

This study builds on a comprehensive survey of the literature on institutions by using a synthesis thematic methodology to identified key scholarly studies which have been published in previous theoretical and empirical studies and proposes a conceptual framework of the role of formal and informal institutions in defining entrepreneurial climate in a developing economy’s context.

Findings

The findings of the paper suggest that political factors and economic factors define formal institutions whilst socio-cultural factors define informal institutions. These factors rooted in political, economic and socio-cultural factors have a major influence on the rate and nature of entrepreneurial activity in a developing country setting.

Practical implications

This paper contributes to the literature on entrepreneurship and intuitional theory by focusing on the antecedents of formal and informal institutional factors that shape entrepreneurial climate in Ghana.

Originality/value

To the authors’ knowledge, this is the first review that explores the nature of entrepreneurial climate and proposes a conceptual framework of the role of formal and informal institutions in defining entrepreneurial climate in Ghana.

Details

International Journal of Social Economics, vol. 42 no. 6
Type: Research Article
ISSN: 0306-8293

Keywords

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Article

Samuel Adomako and Albert Danso

Regulatory environment, environmental dynamism, and political ties are typically modelled as separate antecedents of firm performance. However, the boundary conditions for…

Abstract

Purpose

Regulatory environment, environmental dynamism, and political ties are typically modelled as separate antecedents of firm performance. However, the boundary conditions for such models are less examined in a developing country context where regulatory environments have been argued to be weak. Accordingly, drawing on institutional and social capital theories, the purpose of this paper is to examine the interrelationship between regulatory environment, political ties, environmental dynamism, and firm performance.

Design/methodology/approach

The study uses primary data gathered from 372 entrepreneurial firms in Nigeria, a Sub-Saharan African country.

Findings

The findings of the paper suggest that that regulatory environment is negatively related to firm performance. However, political ties and environmental dynamism moderate the regulatory environment-firm performance relationship such that such relationship is positive and significant.

Research limitations/implications

First, the study provides important insights on how weak and underdeveloped regulatory environment negatively affect the performance of firms. In other words, the study represents a response to call for the development of better regulatory environment since regulatory environment plays significant role in firm performance. Second, this study also demonstrates the importance of political ties and environment dynamism on firm performance in an emerging economy such as Nigeria where regulatory environment is weak.

Originality/value

To the authors’ knowledge, this study is the first study from the perspective of Sub-Saharan Africa that examine the moderating role of political ties and environmental dynamism on regulatory environment-firm performance relationship.

Details

Journal of Small Business and Enterprise Development, vol. 21 no. 2
Type: Research Article
ISSN: 1462-6004

Keywords

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Article

Titus Ebenezer Kwofie, Samuel Amos-Abanyie and Samuel Owusu Afram

The identification and development of appropriate competencies remain very critical and central to performance measures in mainstream human resource management genre…

Abstract

Purpose

The identification and development of appropriate competencies remain very critical and central to performance measures in mainstream human resource management genre towards effective teams. It is posited as a viable means for validating and engendering best practices and developing suitable competencies towards acceptable performance outcome in construction project delivery. The purpose of this paper is to identify the critical professional competencies of an architect in the Ghanaian construction industry (GCI) towards effective performance in the construction project delivery.

Design/methodology/approach

From a mixed method design involving semi-structured qualitative interview and a questionnaire survey of architects in Ghana, 16 professional architectural competencies were identified for respondents to indicate their importance to effective architectural practice and consulting in the GCI on a five-point Likert scale. Factor analysis was used to explore the interrelations among the variables and make possible empirical explanations.

Findings

Factor analysis revealed four underlying clusters named in order of their significance as efficient design response to client needs, legal aspects of practice, sustainable design and construction and efficient project management skills. The study provides insight into the contextual practice, characteristics and the critical professional architectural competencies needed by architects in the construction industry in Ghana.

Originality/value

The findings have rigorously revealed and provided clear understanding and insight into the thematic critical professional competencies of architects important to the construction industry in Ghana which should be the focus of architectural training and practice. It is also very important towards developing and stimulating a continuous professional development agenda, developing a body of knowledge of professional practice in architecture and conducting curriculum review to meet current emerging competency profiles necessary for influencing performance levels in the GCI.

Details

Engineering, Construction and Architectural Management, vol. 23 no. 5
Type: Research Article
ISSN: 0969-9988

Keywords

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Article

Richard Kwasi Bannor, Helena Oppong-Kyeremeh, Mercy Derkyi, Albert Yingura Adombila and Ernest Christlieb Amrago

This paper aims to examine the factors that influence rural women’s participation in Village Savings and Loans Association (VSLA) and the savings contribution in the…

Abstract

Purpose

This paper aims to examine the factors that influence rural women’s participation in Village Savings and Loans Association (VSLA) and the savings contribution in the Kassena-Nankana West District of Ghana. The study also analysed the impact of VSLA participation on off-farm income and on poverty.

Design/methodology/approach

In total, 120 rural women were selected for this study. The probit and heteroskedasticity linear regression models were used to examine the factors that influence VSLA participation and the savings made by members, respectively. The propensity score matching technique, coupled with Rosenbaum Sensitivity analysis, were used to analyse the impact of VSLA on off-farm income and poverty.

Findings

Demographic and livelihood factors such as human, natural, financial, physical and social capitals have different influences on the participation and the savings contribution in the VSLA. Moreover, VSLA has a significant impact on off-farm income; however, it did not affect poverty.

Originality/value

Despite the numerous studies on VSLA, there is little evidence of literature of its impact on off-farm income of rural women in West Africa, specifically, Ghana. Thus, this paper expands the frontiers of the existing literature on VSLA impact assessment and the factors that influence the savings made by women in the association.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 14 no. 4
Type: Research Article
ISSN: 1750-6204

Keywords

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Article

Joseph Kehinde Fasae, Clement Ola Adekoya and Idowu Adegbilero-Iwari

The study aims to investigate the academic libraries' response to the coronavirus disease 2019 (COVID-19) pandemic situation in Nigeria.

Abstract

Purpose

The study aims to investigate the academic libraries' response to the coronavirus disease 2019 (COVID-19) pandemic situation in Nigeria.

Design/methodology/approach

A survey research design was employed for the study. The population of the study was all the 584 approved academic institutions in Nigeria. A structured questionnaire administered online was designed to collect data with Google Form from heads of library (who are the chief principal officer) in all the academic institutions. The link to the survey was sent to the Nigeria Library Association (NLA) Online Forum, the platform on which Nigerian librarians fete and discuss issues relating to the profession. Social media tools such as WhatsApp and Telegram belonging to groups of academic librarians in Nigeria were also employed. The heads of the library from 108 academic libraries responded to the survey. The data generated were analyzed using a statistical tool and presented in tables.

Findings

The finding reveals that nearly all the students are not on campus since they have been directed to vacate their campus as a result of the lockdown. The study reveals some safety measures that were put in place by the libraries in Nigeria to include total closure of the library (59.3%), provision of hand sanitizer (55.6%) and the use of face mask and nose covers by library users (31.9%). The finding further indicates social distancing measures also put in place to include communication done via social media (59.3%), attendance to patrons (51.9%), class/lecture (51.9%), training/conferences (37%) and paper presentations (37%) that are all canceled, respectively. On access to library materials, a majority (87.96%) of the academic libraries in Nigeria provide only online materials to their users, while 9.26% of the academic libraries provide access to both prints and online materials.

Research limitations/implications

The paper will contribute to the body of literature on academic libraries' response to the COVID-19 pandemic in Nigeria and beyond.

Practical implications

While the disease is still very much with the world, libraries have to continue providing information resources in support of the research studies and sensitize the world on the measures to take to curtail the pandemic.

Originality/value

The results can help other libraries find ways and means to adjust services, so that they can still meet the needs of users in this pandemic.

Details

Library Hi Tech, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-8831

Keywords

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