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1 – 3 of 3Otuo Serebour Agyemang, Mavis Osei-Effah, Samuel Kwaku Agyei and John Gartchie Gatsi
This paper aims to examine how country-level corporate governance structures influence the level of protection of minority shareholders’ rights in the context of Africa.
Abstract
Purpose
This paper aims to examine how country-level corporate governance structures influence the level of protection of minority shareholders’ rights in the context of Africa.
Design/methodology/approach
Data are collected from the world competitiveness report for the period 2010-2015. To examine the validity of the study’s hypotheses empirically, the authors use ordinary least squares with correlated panel-corrected standards error (PCSE).
Findings
This paper offers additional empirical evidence on the level of protection of minority shareholders’ rights in Africa. It highlights that country-level corporate governance structures such as efficacy of corporate boards, strength of investor confidence, regulations of securities exchanges and the operation of the Big 4 accounting firms have significant positive impacts on the level of protection of minority shareholders’ rights.
Research limitations/implications
This paper fails to include all African countries because of non-availability of a report for some African countries. Thus, the findings on the level of protection of minority shareholders’ rights in a country are applicable to the countries used in this study.
Practical implications
This paper emphasizes on the relevance of country-level corporate governance structures to ensuring a reasonable level of protection of minority shareholders’ rights.
Originality/value
This paper partially fills the gap regarding the absence of an empirical cross-country study on how country-level corporate governance structures influence the level of protection of minority shareholders’ rights.
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Samuel Kwaku Agyei and Benjamin Yankey
The purpose of this paper is to assess the motivations of timber firms in Ghana to undertake environmental accounting and reporting (EAR) and the perceived benefits from it.
Abstract
Purpose
The purpose of this paper is to assess the motivations of timber firms in Ghana to undertake environmental accounting and reporting (EAR) and the perceived benefits from it.
Design/methodology/approach
Survey method involving primary data from a census of 13 timber firms in Kumasi (Ghana) and descriptive statistics including Kendall’s coefficient were used to analyze the perceptions of practitioners on EAR.
Findings
The study offered support for the political economy, legitimacy and stakeholder theories generally applied to the study of EAR. Specifically, the study concluded that EAR is common to timber firms in Ghana. Pressure from government, media, shareholders’ influence and the existence of environmental committee or department in the company are perceived to influence timber firms’ level of environmental disclosure. Meanwhile, perceived benefits from EAR include fostering cordial relationship between timber firms and the society, preventing government fines and improving firm reputation.
Research limitations/implications
The presence of biases in the responses of survey method studies can be difficult to eliminate. However, given the benefits associated with getting practitioners views on EAR and the reliability/validity procedures that the instruments and respondents were subjected to, this weakness was reduced to its barest minimum.
Practical implications
The study recommends that governments should adopt green tax policy to encourage EAR while regulatory bodies make EAR mandatory.
Originality/value
This study contributes to the discussion on EAR from the perspective of practitioners in the timber industry of Ghana, which has been neglected in previous studies.
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The aim of this paper is threefold: (1) to develop a new measure of investor sentiment rational (ISR) of developing countries by applying principal component analysis (PCA), (2…
Abstract
Purpose
The aim of this paper is threefold: (1) to develop a new measure of investor sentiment rational (ISR) of developing countries by applying principal component analysis (PCA), (2) to investigate co-movements between the ten developing stock markets, the sentiment investor's, exchange rates and geopolitical risk (GPR) during Russian invasion of Ukraine in 2022, (3) to explore the key factors that might affect exchange market and capital market before and mainly during Russia–Ukraine war period.
Design/methodology/approach
The wavelet approach and the multivariate wavelet coherence (MWC) are applied to detect the co-movements on daily data from August 2019 to December 2022. Value-at-risk (VaR) and conditional value-at-risk (CVaR) are used to assess the systemic risks of exchange rate market and stock market return in the developing market.
Findings
Results of this study reveal (1) strong interdependence between GPR, investor sentiment rational (ISR), stock market index and exchange rate in short- and long-terms in most countries, as inferred from (WTC) analysis. (2) There is evidence of strong short-term co-movements between ISR and exchange rates, with ISR leading. (3) Multivariate coherency shows strong contributions of ISR and GPR index to stock market index and exchange rate returns. The findings signal the attractiveness of the Vietnamese dong, Malaysian ringgits and Tunisian dinar as a hedge for currency portfolios against GPR. The authors detect a positive connectedness in the short term between all pairs of the variables analyzed in most countries. (4) Both foreign exchange and equity markets are exposed to higher levels of systemic risk in the period of the Russian invasion of Ukraine.
Originality/value
This study provides information that supports investors, regulators and executive managers in developing countries. The impact of sentiment investor with GPR intensified the co-movements of stocks market and exchange market during 2021–2022, which overlaps with period of the Russian invasion of Ukraine.
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