Abstract
After decades of many corporate scandals and financial meltdowns, the quest for effective corporate governance and firm performance has raised the concern of a lot of academicians, practitioners, and researchers regarding articles written on this issue. This study seeks to review corporate governance and firm performance articles written in Ghana under the author’s keywords in order to fulfill the objective. The goal is to identify the research trend and then to suggest the idea of future research directions. The study has conducted a review of corporate governance research by searching at Scopus and Web of Science research databases from 2006 to 2020 to prepare the list of articles. A comprehensive review of recent corporate governance and firm performance literature is essential because it provides a basis for comparing Ghana’s corporate governance research experience with other emerging economies in other continents. The findings reveal that two keywords on corporate governance analysed in this study – board composition and ownership – have many written articles, while compensation has the least number of articles. However, in the future, gender diversity and audit committee may be investigated since it has received global attention.
Highlights
This paper aims to bring together in one article the recent development of corporate governance and firm performance research in Ghana, reviewing the extant literature whether the empirical evidence supports the trend of research and to recommend research gaps for future studies
This study aims to look at The net asset value per share is value relevant on how corporate governance, the Ghanaian market, and even more so when internal the board size is small or the chief executive officer (CEO) doubles as mechanisms of corporate the board chair
This study examined the impact of board size, board composition and CEO duality on performance measures namely return on assets (ROA), Tobin’s Q and growth in sales of non-financial listed firms on the Ghana Stock Exchange (GSE)
Summary
Corporate governance remains a focus for discussion after decades of many scandals in corporations and banking failures globally.Corporate governance has a considerable effect on the economy as it ensures returns to investors by minimising associated investment risks and contributes to businesses’ success (Shleifer & Vishny, 1997). Wolla (2013) claimed that every economic development is determined by firms whose productivity contributes to economic growth. Fooladi, Shukor, Saleh, and Jaffar (2014) mentioned that the effectiveness of the corporate governance system has a comprehensive impact on how well a company is performing. Agyemang, Aboagye, and Ahali (2013) stated that corporate governance promotes effective and efficient allocation of resources, assists corporate organisations in attracting low-cost capital, and helps corporate organisations boost their performance. Corporate governance has a considerable effect on the economy as it ensures returns to investors by minimising associated investment risks and contributes to businesses’ success (Shleifer & Vishny, 1997). Fooladi, Shukor, Saleh, and Jaffar (2014) mentioned that the effectiveness of the corporate governance system has a comprehensive impact on how well a company is performing. Agyemang, Aboagye, and Ahali (2013) stated that corporate governance promotes effective and efficient allocation of resources, assists corporate organisations in attracting low-cost capital, and helps corporate organisations boost their performance. Several corporate governance studies in the developed and the developing world have found a positive association with firm performance (Jensen & Meckling, 1976; Fama & Jensen, 1983; Wahba, 2015; Kowalewski, 2016; Dzingai & Fakoya, 2017). Others find no association (Merendino & Melville, 2019; Assenga, Aly, & Hussainey, 2018; Bhatt & Bhatt, 2017)
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