The Impact of Board Structure on Firm Performance: Evidence from the Nonfinancial Companies Listed on Ghana Stock Exchange

Kong Yusheng, Emmanuel Anyigbah


The authors are thankful to the National Science Foundation of China (71371087) for the financial support.


The fundamental aim of this study is to examine the relationship that exit between board structure and firm performance of non-financial Ghanaian listed companies. In order to achieve the objectives of the study, unique data were collected from a sample of 28 non-financial  companies covering five financial year periods 2012-2017 was used and thereafter analysis done within panel data framework/multiple linear regression framework. The variables such as CEO duality, CEO tenure, board size, board composition and its independence were considered as predictors of the firm performance that was measured employing accounting based performance measures such as the return on assets (ROA), return on equity (ROE) and EPS. I found board size to have a positively significant relationship with firm performance.

Keywords: Corporate governance, Board composition, Block holder, CEO-duality, Firm performance

DOI: 10.7176/RJFA/10-6-12

Publication date:March 31st 2019

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