05247oam 22012374 450 991082608750332120230828232608.01-4623-2861-X1-4527-8545-71-283-51336-697866138258101-4519-9307-2(CKB)3360000000443573(EBL)3014354(SSID)ssj0000939937(PQKBManifestationID)11600606(PQKBTitleCode)TC0000939937(PQKBWorkID)10948417(PQKB)11703740(OCoLC)174996490(MiAaPQ)EBC3014354(IMF)WPIEE2006201(EXLCZ)99336000000044357320020129d2006 uf 0engur|n|---|||||txtccrThe Stock Market and the Financing of Corporate Growth in Africa : The Case of Ghana /Charles Amo YarteyWashington, D.C. :International Monetary Fund,2006.1 online resource (44 p.)IMF Working Papers"September 2006".1-4518-6461-2 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. THEORIES OF CORPORATE FINANCE""; ""III. CORPORATE FINANCING PATTERNS AROUND THE WORLD""; ""IV. THE STOCK MARKET IN GHANA""; ""V. METHODOLOGY""; ""VI. EMPIRICAL RESULTS""; ""VII. THE RESULTS IN COMPARATIVE PERSPECTIVE""; ""VIII. SUMMARY AND CONCLUSIONS""; ""APPENDIX I. DEFINITION OF VARIABLES USED IN THE ANALYSIS""; ""REFERENCES""This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh's methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important.IMF Working Papers; Working Paper ;No. 2006/201Stock exchangesGhanaCorporationsGrowthCorporate FinanceimfFinance: GeneralimfInvestments: StocksimfCorporate Finance and Governance: GeneralimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfGeneral Financial Markets: General (includes Measurement and Data)imfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfFinancial Institutions and Services: GeneralimfFinanceimfInvestment & securitiesimfOwnership & organization of enterprisesimfCorporate financeimfStock marketsimfStocksimfBusiness enterprisesimfCorporate sectorimfFinancial marketsimfFinancial institutionsimfEconomic sectorsimfStock exchangesimfCorporations--FinanceimfGhanaimfStock exchangesCorporationsGrowth.Corporate FinanceFinance: GeneralInvestments: StocksCorporate Finance and Governance: GeneralFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillGeneral Financial Markets: General (includes Measurement and Data)Pension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsFinancial Institutions and Services: GeneralFinanceInvestment & securitiesOwnership & organization of enterprisesCorporate financeStock marketsStocksBusiness enterprisesCorporate sectorFinancial marketsFinancial institutionsEconomic sectorsStock exchangesCorporations--FinanceYartey Charles Amo1593231DcWaIMFBOOK9910826087503321The Stock Market and the Financing of Corporate Growth in Africa3990369UNINA