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This study aims to examine the relationship between financial inclusion and financial system development in emerging and frontier markets.

Using data across 35 countries over 19 years (2004–2022), the improved GMM estimation technique reveals that financial inclusion significantly contributes to the development of financial systems.

The study uses a segmented approach, dividing financial development indices into subindices: financial depth, financial access and financial efficiency. Indicators of bank financial inclusion show a positive and highly significant relationship with bank depth and access but a negative relationship with bank efficiency. Similarly, indicators of the debt market and stock market financial inclusion demonstrate positive relationships with market depth and access but negative relationships with debt and stock market efficiency. The study further examines composite indexes of financial inclusion for bank, debt and stock market segments, finding strong and highly significant relationships with market development. These results underscore the importance of promoting financial inclusion across all segments of the financial sector to achieve an inclusive financial system.

The implications of this research highlight the need for policymakers and practitioners to implement policies and regulations that enhance financial inclusion and foster the development of robust financial systems. By extending access to mainstream financial instruments and services, financial institutions can stimulate financial intermediation and support, thereby accelerating the development of the banking, debt and stock markets.

The study is robust to the use of several indicators of financial inclusion and financial development, and it forms part of the early studies that examine the close relationship between the two variables.

The marginalization of women on boards is a heavily discussed topic across the world, especially in Ghana. Apart from estimating the link between boardroom gender diversity and technical efficiency of banks, this study aims to test the presence of upper echelons theory in the Ghanaian banking sector.

The study examines data from 2000 to 2019 annual reports of 23 banks in Ghana. The stochastic frontier analysis is used to estimate the impact of boardroom gender diversity on technical efficiency of banks in Ghana.

This study finds that greater boardroom gender diversity generates technical efficiencies for banks. The results remain unchanged after accounting for bank types (listed and non-listed). Thus, all banks benefit in terms of technical efficiency from more boardroom gender diversity. The upper echelons theory is validated in the Ghanaian banking context. Overall, the study supports pro-gender diversity on boards.

The results have implications at corporate, social and national levels. It supports the need for policies that improve greater boardroom gender diversity.

This study adds to a growing number of non-developed countries by investigating the link between the boardroom gender diversity and technical efficiency of banks in Ghana, a country which historically has had minimal female participation in the workforce. New insight is, therefore, offered into this relationship by using data which examines the technical efficiency of banks periods before and after the Women in Finance Charter in 2016.

This paper aims to examine the impact of diversity of board members’ educational qualifications on the financial performance of banks in Ghana.

The present study applies system generalized methods of moments as an econometric model in carrying out the analysis. The study yielded a usable sample of 28 banks spanning from 2001 to 2016.

The paper concludes that the Ghanaian banking sector profit diverges and invalidates the convergence theory or “catch-up effect”. Specifically, educational qualifications of board members are relevant to banks’ financial performance. Across all the models used, board members with a first degree have a significant positive impact on performance. The opposite is the case for board members with Doctor of Philosophy (PhD).

Unobservable characteristics such as entrepreneurial skills and intellectual competence experiences are excluded from the study because of the difficulties in measuring these variables. Notwithstanding, the exclusion of these characteristics does not invalidate the general outcome of the study.

The present study examines the impact of diversity of board members’ educational qualification on financial performance in the context of Sub-Saharan Africa, particularly Ghana. It also extends the existing literature by decomposing the banking sector into listed, non-listed, foreign and domestic banks.

The purpose of this paper is to investigate the relative impact of bank-based and market-based financial developments on economic growth from 1984 to 2015, using 60countries.

This study uses fixed effect and generalized method of moments (GMM) to investigate the relative impact of bank-based and market-based financial developments on economic growth from 1984 to 2015, using 60 countries. The study further controls regional effects and the Asian crisis, as well as the global economic crisis.

The empirical results of the study revealed that market-based development positively affects economic growth. Besides, market-based financial development indirectly promotes investment, which has the potential to strongly enhance growth. The findings of this study, therefore, provide more support to pro-market-based financial development policies in these regions. Interestingly, bank-based development has no direct impact on development, but indirectly encourages investment, which also promotes growth.

This paper is the first of its kind to empirically examine fixed effect and GMM to investigate the relative impact of bank-based and market-based financial developments on economic growth from 1984 to 2015, using 60 countries.

The purpose of this paper is to use bank-level panel data to examine the determinants of Ghanaian banks credit to SMEs often referred to as the “Missing Middle.” Demands for bank credit by SMEs sector have been over flogged by researchers in recent times. Determinants of banks’ credit to SMEs from the supply side using most recent data for both micro (bank level) and macro (country) level data is a contribution to empirical literature.

The study employed the Generalized methods of moments using ten banks listed on the Ghana Stock Exchange to examine factors that determine banks credit to SMEs in Ghana. Bank-specific and country-specific data were collected from the financial statements of the sampled commercial banks operating in Ghana compiled by Ghana Association of Bankers over the period 1997-2014 consisting of 180 observations. The macroeconomic variables were retrieved from Ghana Statistical Service and Bank of Ghana, respectively.

The result of the study reveal that apart from the size of top management and GDP growth, the rest of micro (bank-specific variables) and macro (country) level sampled statistically influences bank credit to SMEs. Specifically, the coefficient of bank size, its profitability and inflation variables are negative demonstrating that in Ghana, bigger, most profitable banks and high inflation period limit credit to the SMEs sector. The coefficients of board size and bank origin variables were found to be positive indicating banks with huge board size and foreign banks tend to provide more credit to SMEs.

The main value of this paper is to examine determinants of Ghanaian banks credit to the “Missing Middle.” A supply side approach.

The purpose of this study is to explore how an authentic leader’s internal (self-regulation, self-awareness and internalised moral perspective) and external competencies (relational transparency and balance processing) influence nepotism, favouritism and cronyism (NFC).

The study used a quantitative research approach and respondents were sampled from private and public banks across the ten regions of Ghana using survey questionnaires. Overall, 127 branch managers and 997 subordinates were sampled. The collected data were analysed using exploratory and confirmatory factor analysis, and multiple regression was used to explore the influence the of authentic leadership (AL) competences on NFC.

On leader’s internal competences, the results revealed that self-awareness had a significant decreasing influence on nepotism in terms of operations, while internalised moral perspective had a significant increasing influence on favouritism in the context of position. Self-regulation did not have any significant influence on NFC. Regarding the leader’s external competences, relational transparency had a significant positive influence on favouritism and nepotism, while balance processing had a significant negative influence on favouritism and nepotism in the context of position and operations, respectively.

The results suggest that AL competences have a mixed influence on NFC in the context of this study. However, the findings are limited to Ghana and cannot be generalised to countries that do not share a similar culture with Ghana such as countries in Europe, North and South America, Asia and even certain countries in Africa.

The authors advise family businesses to use free and fair measures to appoint or promote employees who have the required skills to manage the office rather than appointing family members to positions without merit. Training on AL and NFC should be conducted for managers to enable them to understand the potential negative effects of NFC on the employees and the organisation at large.

Laws must be passed to guard against appointments or recruitments of employees in the public sector organisations based on NFC to minimise these unethical behaviours.

This is the first study which empirically explores AL competences influence on the leaders’ behaviour in the context of NFC.

For the last two decades economics literature and debates have increasingly referred to institutions as the answers to the long-lasting queries regarding how stock market performance rises and what policies can be implement to encourage best outcomes in terms of stock market performances in Malaysia so that the analysis of the institutional basis under which any stock market functions has now converted an essential issue of investigation. This study attempts to capture the relationship between stock market movements and institutional quality (IQ) using autoregressive distributed lag bounds testing approach, over 33 years during the period of 1984–2016. The finding suggests that IQ positively and significantly affects stock market performance. Moreover, it is also showing that there is, in fact, a causal relationship between institutions and stock market performance. The findings are robust to changes in specification and a host of transparency measures.

The purpose of this paper is to investigate the factors that cause government construction projects failure in a developing economy.

The study used the sequential data collection approach through an in-depth semi-structured interview (16 participants) and questionnaire survey (230 participants) to solicit their perceptions from project management practitioners (PMP), contractors and client (government officials) about the factors that lead to Ghanaian Government construction projects. The relative importance index was used to determine the relative importance of the factors identified. This was followed by Spearman rank correlation coefficient and Kendall’s coefficient of concordance to measure the degree of agreement among the participants on their perceptions.

In total, 34 factors were identified as the main factors that lead into Ghanaian Government construction projects failure. The top ten most important factors that cause Ghanaian Government construction projects failure are: political interferences, delays in payment, partisan politics, bureaucracy, corruption, poor supervision, lack of commitment by project leaders, poor planning, starting more projects than the government can fund and change in government. The failure factors were grouped into four main themes and found that the most important failure factors are leadership. This is followed by management and administrative practices, resources and external forces, respectively.

This study is limited to only the public sector, and therefore the findings may not be applicable in the private sector.

Policy makers and construction PMP would be able to use the findings as a guide during the implementation of government projects in order to reduce and/or avoid government construction projects failure.

Construction projects failure in developing countries is high. Accordingly, the extant literature has been devoted to identifying the factors that lead to failure; however, they have mainly been discussed from a generic point of view or individual case studies. Researches that focus exclusively on government construction projects in developing countries are rare despite the dynamics in which these projects are implemented. This research extends the construction project management literature by focussing on government construction projects in a developing economy, where there are weak public institutional systems coupled with partisanship politics and bad cultural orientation towards government sector work inherited from a colonial rule.

With the recent increasing relevance of sustainability, multinational enterprises are faced with divergent stakeholder demands and persistently shifting priorities. This study aims to examine stakeholders’ perceptions of the sustainability performance of a gold mining subsidiary in Ghana.

Using a purposive sampling technique, the authors interviewed managers and employees of the case enterprise, officials of regulatory institutions and host community members on their perceptions of the case enterprise’s sustainability performance. The authors triangulated the opinions expressed by these stakeholders with data from annual reports. The data were analysed through the lens of stakeholder theory.

The authors found that while members of the host community and the regulatory institutions were keenly interested in the case enterprise’s social and environmental activities, they perceived their performance as unimpressive, considering the economic benefits derived from the mining operations. On the contrary, the managers and employees of the case enterprise were satisfied with their environmental compliance and social intervention programmes, even though the company’s economic position had declined. The authors submit that the variations in the sustainability performance perceptions among the stakeholders are due to the lack of a deeper understanding of the other stakeholders’ expectations.

To equitably satisfy diverse stakeholder expectations, the study highlights the role of stakeholder collaborations in understanding the expectations of more salient stakeholder groups such as community members and employees, as well as the lesser salient groups such as academics. It also demonstrates the fluidity of sustainability and its benefits in designing a consensual sustainable management strategy. This implies that managers of the case mining enterprise make the necessary efforts to meet the diverse stakeholder needs while attaining their primary objective of creating wealth for shareholders.

Compared to advanced economies, studies on sustainability performance in emerging economies are limited. Nonetheless, these limited studies leave out stakeholder perceptions, focusing more on quantitative performance indicators. Using thematic and content analyses, the authors investigate stakeholder perceptions on the sustainability performance of a case mining subsidiary operating in Ghana. The study focused on Ghana because it is ranked with South Africa as the top two producers of gold in Africa. Nonetheless, unlike South Africa, Ghana faces more sustainability challenges from the mining sector due to weak institutions in enforcing sustainability standards.

Using a subsidiary of a multinational mining company in Ghana as a case, the purpose of this study is to examine the formal and informal forms and channels of sustainability reporting in the emerging economy’s context.

Semi-structured interviews were conducted amongst managers and employees of the mining company and members of their host community. Based on the interview themes, archival data were extracted from the 2020 Integrated Annual Report of the case company to corroborate the results from the interviews.

The authors found that most of the stakeholders from the host community interviewed were not aware and, to an extent, not interested in formal sustainability reports. In place of that, the management of the mining subsidiary uses informal channels of communication, including meetings and durbars, to verbally engage the local community and their representatives on sustainability matters. Whilst the formal sustainability reports met the internal requirements set by the parent company, the informal engagements were critical for gaining external legitimacy from the host community and other interest groups. Hence, the authors argue that mining companies and their subsidiaries, particularly in developing economies, need to consider informal forms of sustainability reporting alongside the formal channels to engage local communities to address sustainability issues and avert disruptions to their operations.

Sustainability reporting studies have focussed mainly on annual reports published in print or corporate websites, ignoring informal forms of sustainability reporting. This study sheds light on the informal forms of sustainability reporting. This is important as formal forms of sustainability reporting may be less useful for engaging local mining communities in developing economy contexts.