The Impact of Capital Adequacy and Corporate Governance on Financial Performance of Universal Banks in Ghana
Keywords:
capital adequacy ratio, return on assets, board independence, bank size, board size
Abstract
The study seeks to determine the influence of capital adequacy ratio (CAR) and corporate governance attributes on financial performance of listed universal banks in Ghana. The authors sampled five banks from a population of nine banks listed on the Ghana Stock Exchange (GSE) using a simple random sampling method. The study employed quantitative design and procedures using secondary quarterly data from annual financial statements published from 2012 to 2022. The data was analysed using the fixed-effects regression model with STATA (ver. 17). The findings indicate that some universal banks have board sizes less than 13, which is at variance with the number required by the Corporate Governance Guidelines (CGGs) of the Bank of Ghana (BoG). Again, CAR, bank size, monetary policy rate, and inflation rate have a statistically significant impact on return on assets, while board size, board of directors (BoD) independence, GDP, and non-performance loan ratio have an insignificant influence on the financial performance of listed universal banks in Ghana. It was concluded that the number of non-executive officers on the board does not matter rather their quality and effectiveness. The study recommends that the management of universal banks listed on the GSE should seriously consider the BoG’s CGGs and suggests that the BoD should not have less than 13 members. The study recommends that universal banks adhere to the required CAR from the Central bank religiously. Again, universal banks should open more branches in all district capitals to ensure they mobilize liquidity from those with surplus funds to boost the availability of loanable funds for businesses to borrow for their operations. The study also recommends that more research be conducted to determine the optimal number of directors on the board to ensure the optimal performance of universal banks in Ghana.
References
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Adane, M. (2022). Assessment of Banks Lending Practice to Small and Medium Enterprise (SME) Case of Selected Banks Operating in Addis Ababa (Doctoral Dissertation, St. Mary’s University).
Affes, W., & Jarboui, A. (2023). The impact of corporate governance on financial performance: a cross-sector study. International Journal of Disclosure and Governance, 1-21.
Afiani, R. K., & Bernawati, Y. (2019). The mediating effect of financial performance on the association between good corporate governance and firm value. KnE Social Sciences, 604-621.
Afriyie, E. Y., Aidoo, G. K. A., & Agboga, R. S. (2021). Corporate governance and its impact on the financial performance of commercial banks in Ghana. Journal of Southwest Jiaotong University, 56(4).
Ahmed, H. M. S., El-Halaby, S., & Albitar, K. (2023). Board governance and audit report lag in the light of big data adoption: the case of Egypt. International Journal of Accounting & Information Management, 31(1), 148-169.
Al-Ardah, M., & Al-Okdeh, S. (2022). The effect of liquidity risk on the performance of banks: Evidence from Jordan. Accounting, 8(2), 217-226.
Alfisah, E., & Zulfikar, R. (2022). How Capital Structure and Financial Performance Impact on Food and Beverage Company Value? International Journal of Science, Technology & Management, 3(1), 104-112.
Alves, S. (2023). CEO duality, earnings quality and board independence. Journal of Financial Reporting and Accounting, 21(2), 217-231.
Amenu-Tekaa, K. S. (2022). Financial Sector Regulatory and Supervisory Framework in Ghana-the Pre and Post 2017 Banking Crisis. International Journal of Economics, Commerce and Management, X, 1, 1-29.
Asiamah, S., Appiah, K. O., & Agyemang Badu, E. (2023). Do board characteristics moderate capital adequacy regulation and bank risk-taking nexus in Sub-Saharan Africa? Asian Journal of Economics and Banking.
Ayadi, M. A., Ayadi, N., & Trabelsi, S. (2019). Corporate governance, European bank performance, and the financial crisis. Managerial Auditing Journal, 34(3), 338-371.
Bhattarai, D. R. (2021). Capital adequacy ratio and financial performance of commercial banks in Nepal. Tribhuvan University Journal, 36(01), 96-105.
Bsse, D. A., & Phillips, R. A. (2016). Agency theory and bounded self-interest. Academy of Management Review, 41(2), 276-297.
Boukattaya, S., Ftiti, Z., Ben Arfa, N., & Omri, A. (2022). Financial performance under board gender diversity: The mediating effect of corporate social practices. Corporate Social Responsibility and Environmental Management, 29(5), 1871-1883.
Chiaramonte, L., & Casu, B. (2017). Capital and liquidity ratios and financial distress. Evidence from the European banking industry. The British Accounting Review, 49(2), 138-161.
Combey, A., & Togbenou, A. (2017). The bank sector performance and macroeconomics environment: Empirical evidence in Togo. International Journal of Economics and Finance, 9(2), 180. https://doi.org/10.5539/ijef.v9n2p180.
Dougherty, C. (2011). Introduction to econometrics. Oxford University Press, USA.
El-Chaarani, H., Abraham, R., & Azzi, G. (2023). The Role of Liquidity Creation in Managing the COVID-19 Banking Crisis in Selected Mena Countries. International Journal of Financial Studies, 11(1), 39.
Eldaia, M., Hanefah, M., & Marzuki, A. (2023). Moderating role of Shariah committee quality on relationship between board of directors’ effectiveness and the performance of Malaysian Takaful. Competitiveness Review: An International Business Journal, 33(1), 62-84.
El-ghonemey, A. G. O. (2023). Capital Adequacy Ratio: Determinants and Its Effect on the Bank’s Efficiency in MENA Region Islamic Versus Conventional Banks (Doctoral dissertation, University of Portsmouth United Kingdom).
Evans, O., & Kiganda, E. (2014). Effect of Macroeconomic Factors on Commercial Banks Profitability in Kenya: Case of Equity Bank Limited. Journal of Economics and Sustainable Development, 5(2), 46-56.
Evered, D., & Roger, I. S. (2022). An assessment of the scientific merits of action research. An assessment of the scientific merits of action research, 135-161.
Fidanoski, F., Mateska, V., & Simeonovski, K. (2014). Corporate governance and bank performance: Evidence from Macedonia. Economic analysis, 47(1-2), 76-99.
Gupta, A., & Gupta, N. (2022). Research methodology. SBPD Publications.
Gupta, P., & Chauhan, S. (2023). Dynamics of corporate governance mechanisms-family firms’ performance relationship-a meta-analytic review. Journal of Business Research, 154, 113299.
Gyamerah, S., Amo, H. F., & Adomako, S. (2020). Corporate governance and the financial performance of commercial banks in Ghana. Journal of Research in Emerging Markets, 2(4), 33-47.
Haddad, A., & Souissi, M. N. (2022). The impact of Shariah Advisory Board characteristics on the financial performance of Islamic banks. Cogent Economics & Finance, 10(1), 2062911.
Hasan, S. A. K., & Mildawati, T. (2020). Pengaruh good corporate governance terhadap nilai perusahaan dengan kinerja keuangan sebagai variable intervening. Jurnal Ilmu dan Riset Akuntansi (JIRA), 9(8).
Hayashi, P., Abib, G., & Hoppen, N. (2019). Validity in qualitative research: A processual approach. The Qualitative Report, 24(1), 98-112.
Hidayat, T., Triwibowo, E., & Marpaung, N. V. (2021). Pengaruh good corporate governance dan kinerja keuangan terhadap nilai perusahaan. Jurnal Akuntansi Bisnis Pelita Bangsa, 6(01), 1-18.
Kakabadse, N. K., Yang, H., & Sanders, R. (2010). The effectiveness of non‐executive directors in Chinese state‐owned enterprises. Management Decision, 48(7), 1063-1079.
Kallel, H., Ben Hamad, S., & Triki, M. (2019). Modeling the efficiency of Tunisian and Moroccan banks using the SFA approach. International Journal of Productivity and Performance Management, 68(5), 879-902.
Kanwal, S., & Nadeem, M. (2013). The impact of macroeconomic variables on the profitability of listed commercial banks in Pakistan. European journal of business and social sciences, 2(9), 186-201.
Kim Quoc Trung, N. (2022). Does leverage fit non-performing loans in the COVID-19 pandemic–evidence from the Vietnamese banking system? Cogent Business & Management, 9(1), 2119675.
Kiptoo, I. K., Kariuki, S. N., Ocharo, K. N., & Ntim, C. G. (2021). Corporate governance and financial performance of insurance firms in Kenya. Cogent Business & Management, 8(1), 1938350.
Kwashie, A. A., Baidoo, S. T., & Ayesu, E. K. (2022). Investigating the impact of credit risk on the financial performance of commercial banks in Ghana. Cogent Economics & Finance, 10(1), 2109281.
Le, H. T. M., Ting, I. W. K., Kweh, Q. L., & Ngo, H. L. T. (2023). CEO duality, board size, and firm performance: evidence in Vietnam. International Journal of Business Excellence, 29(1), 98-120.
Marios, M. (2023). Corporate Governance and Agency Problems. In Governance and Financial Performance: Current Trends and Perspectives (pp. 85-103).
Martins, A., Sá, C., & Taborda, D. (2022). Fair Value and Corporate Taxation: Out through the Door, back through the Window? Accounting, Economics, and Law: A Convivium, (0).
Masitha, Z. (2019). Influence of Corporate Governance on Firm Value Through Intellectual Capital and Corporate Social Responsibility. Journal of Public Administration and Governance, 9(4), 148-163.
Meindarto, A., & Lukiastuti, F. (2017). Pengaruh Corporate Governance terhadap Nilai Perusahaan pada Perusahaan Perbankan yang Terdaftar di BEI Tahun 2011-2014. Telaah Bisnis, 17(2).
Morekwa Nyamongo, E., & Temesgen, K. (2013). The effect of governance on performance of commercial banks in Kenya: a panel study. Corporate Governance: The international journal of business in society, 13(3), 236-248.
Musah et al. (2019). Corporate governance, gender diversity and bank performance: evidence from Ghana. Indonesian Journal of Corporate Governance and Social Responsibility, 1(1).
Musah, A., & Adutwumwaa, M. Y. (2021). The effect of corporate governance on financial performance of rural banks in Ghana. International Journal of Financial, Accounting, and Management, 2(4), 305-319.
Nashier, T., & Gupta, A. (2023). Ownership concentration and firm performance in India. Global Business Review, 24(2), 353-370.
Ngatno, Apriatni, E. P., & Youlianto, A. (2021). Moderating effects of corporate governance mechanism on the relation between capital structure and firm performance. Cogent Business & Management, 8(1), 1866822.
Nyebar, A., Obalade, A. A., & Muzindutsi, P. F. (2023). Effectiveness of Credit Risks Management Policies Used by Ghanaian Commercial Banks in Agricultural Financing. In Financial Sector Development in Ghana: Exploring Bank Stability, Financing Models, and Development Challenges for Sustainable Financial Markets (pp. 231-264). Cham: Springer International Publishing.
Ofori, E. (2023). The effects of Ponzi schemes and revocation of licences of some financial institutions on financial threat in Ghana. Journal of Financial Crime, 30(2), 583-593.
Okolie, A. O., & Uwejeyan, J. C. (2022). Board characteristics and financial performance of conglomerates in Nigeria. European Journal of Business and Management Research, 7(2), 12-18.
Olokoyo, Felicia, Oyakhilome Ibhagui, Abiola Babajide, and Chika Yinka-Banjo. 2021. The impact of macroeconomic variables on bank performance in Nigeria. Savings and Development, 43, 31–47.
Omagwa, J., & Muathe, S. (2019). Corporate Governance, Financial Performance and Firm Value; Empirical Evidence from Commercial Banks in Kenya. International Journal of Finance & Banking Studies (2147-4486), 8(4), 41-48.
Owiredu, A., & Kwakye, M. (2020). The effect of corporate governance on financial performance of commercial banks in Ghana. International Journal of Business and Social Science, 11(5), 18-27.
Pandey, N., Andres, C., & Kumar, S. (2023). Mapping the corporate governance scholarship: Current state and future directions. Corporate Governance: An International Review, 31(1), 127-160.
Ramadhan, I. R., Pangestuti, I. R. D., & Wisesa, B. B. (2022). The Effect of Corporate Governance on Firm Value in Non-Financial Companies Listed on the Indonesia Stock Exchange for the 2017-2019 Period. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(1), 2904-2917.
Sahyouni, A., & Wang, M. (2019). Liquidity creation and bank performance: evidence from MENA. ISRA International Journal of Islamic Finance, 11(1), 27-45.
Sandri, D., Grigoli, F., Gorodnichenko, Y., & Coibion, O. (2023). Keep calm and bank on: panic-driven bank runs and the role of public communication (No. w31644). National Bureau of Economic Research.
Sarpong-Danquah, B., Oko-Bensa-Agyekum, K., & Opoku, E. (2022). Corporate governance and the performance of manufacturing firms in Ghana: Does ownership structure matter? Cogent Business & Management, 9(1), 2101323.
Sheefeni, J. P. S. (2015). The Macroeconomic Determinants of Profitability among Commercial Banks in Namibia. Journal of Emerging Issues in Economics, Finance & Banking, 4(1), 1414–31.
Shirya, A. I., Njoka, C., & Abdul, F. (2023). Relationship between Monetary Policy Instruments and Financial Performance of Commercial Banks in Nigeria. Open Journal of Business and Management, 11(3), 945-962.
Sidki, M., Boerger, L., & Boll, D. (2023). The effect of board members’ education and experience on the financial performance of German state-owned enterprises. Journal of Management and Governance, 1-38.
Simiyu, C. N., & Ngile, L. N. (2015). Effect of macroeconomic variables on profitability of commercial banks listed in the Nairobi securities exchange. International Journal of Economics, Commerce and Management, 3(4), 1-16.
Syafrizal, A., Ilham, R. N., & Muchtar, D. (2023). Effect of Capital Adequacy Ratio, Non-Performing Financing, Financing to Deposit Ratio, Operating Expenses, and Operational Income on Profitability at PT. Bank Aceh Syariah. Journal of Accounting Research, Utility Finance and Digital Assets, 1(4), 312-322.
Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2). Data & Statistical Services, Princeton University, 112, 49.
Torku, K., & Laryea, E. (2021). Corporate governance and bank failure: Ghana’s 2018 banking sector crisis. Journal of Sustainable Finance & Investment, 1-21.
Wahyuni, S., Tursinawati, A. D., Dirgantari, N., & Hapsari, I. (2022). Determinant Factors Analysis of Company Value (Empirical Study on Health Industry Sector during the Covid-19 Pandemic). IOSR Journal of Business and Management (IOSR-JBM), 24(4), 36-42.
Westreich, D., Edwards, J. K., Lesko, C. R., Cole, S. R., & Stuart, E. A. (2019). Target validity and the hierarchy of study designs. American journal of epidemiology, 188(2), 438-443.
Wicks, A. C., Gilbert Jr, D. R., & Freeman, R. E. (2023). A feminist reinterpretation of the stakeholder concept. In R. Edward Freeman’s Selected Works on Stakeholder Theory and Business Ethics (pp. 133-155). Cham: Springer International Publishing.
Adane, M. (2022). Assessment of Banks Lending Practice to Small and Medium Enterprise (SME) Case of Selected Banks Operating in Addis Ababa (Doctoral Dissertation, St. Mary’s University).
Affes, W., & Jarboui, A. (2023). The impact of corporate governance on financial performance: a cross-sector study. International Journal of Disclosure and Governance, 1-21.
Afiani, R. K., & Bernawati, Y. (2019). The mediating effect of financial performance on the association between good corporate governance and firm value. KnE Social Sciences, 604-621.
Afriyie, E. Y., Aidoo, G. K. A., & Agboga, R. S. (2021). Corporate governance and its impact on the financial performance of commercial banks in Ghana. Journal of Southwest Jiaotong University, 56(4).
Ahmed, H. M. S., El-Halaby, S., & Albitar, K. (2023). Board governance and audit report lag in the light of big data adoption: the case of Egypt. International Journal of Accounting & Information Management, 31(1), 148-169.
Al-Ardah, M., & Al-Okdeh, S. (2022). The effect of liquidity risk on the performance of banks: Evidence from Jordan. Accounting, 8(2), 217-226.
Alfisah, E., & Zulfikar, R. (2022). How Capital Structure and Financial Performance Impact on Food and Beverage Company Value? International Journal of Science, Technology & Management, 3(1), 104-112.
Alves, S. (2023). CEO duality, earnings quality and board independence. Journal of Financial Reporting and Accounting, 21(2), 217-231.
Amenu-Tekaa, K. S. (2022). Financial Sector Regulatory and Supervisory Framework in Ghana-the Pre and Post 2017 Banking Crisis. International Journal of Economics, Commerce and Management, X, 1, 1-29.
Asiamah, S., Appiah, K. O., & Agyemang Badu, E. (2023). Do board characteristics moderate capital adequacy regulation and bank risk-taking nexus in Sub-Saharan Africa? Asian Journal of Economics and Banking.
Ayadi, M. A., Ayadi, N., & Trabelsi, S. (2019). Corporate governance, European bank performance, and the financial crisis. Managerial Auditing Journal, 34(3), 338-371.
Bhattarai, D. R. (2021). Capital adequacy ratio and financial performance of commercial banks in Nepal. Tribhuvan University Journal, 36(01), 96-105.
Bsse, D. A., & Phillips, R. A. (2016). Agency theory and bounded self-interest. Academy of Management Review, 41(2), 276-297.
Boukattaya, S., Ftiti, Z., Ben Arfa, N., & Omri, A. (2022). Financial performance under board gender diversity: The mediating effect of corporate social practices. Corporate Social Responsibility and Environmental Management, 29(5), 1871-1883.
Chiaramonte, L., & Casu, B. (2017). Capital and liquidity ratios and financial distress. Evidence from the European banking industry. The British Accounting Review, 49(2), 138-161.
Combey, A., & Togbenou, A. (2017). The bank sector performance and macroeconomics environment: Empirical evidence in Togo. International Journal of Economics and Finance, 9(2), 180. https://doi.org/10.5539/ijef.v9n2p180.
Dougherty, C. (2011). Introduction to econometrics. Oxford University Press, USA.
El-Chaarani, H., Abraham, R., & Azzi, G. (2023). The Role of Liquidity Creation in Managing the COVID-19 Banking Crisis in Selected Mena Countries. International Journal of Financial Studies, 11(1), 39.
Eldaia, M., Hanefah, M., & Marzuki, A. (2023). Moderating role of Shariah committee quality on relationship between board of directors’ effectiveness and the performance of Malaysian Takaful. Competitiveness Review: An International Business Journal, 33(1), 62-84.
El-ghonemey, A. G. O. (2023). Capital Adequacy Ratio: Determinants and Its Effect on the Bank’s Efficiency in MENA Region Islamic Versus Conventional Banks (Doctoral dissertation, University of Portsmouth United Kingdom).
Evans, O., & Kiganda, E. (2014). Effect of Macroeconomic Factors on Commercial Banks Profitability in Kenya: Case of Equity Bank Limited. Journal of Economics and Sustainable Development, 5(2), 46-56.
Evered, D., & Roger, I. S. (2022). An assessment of the scientific merits of action research. An assessment of the scientific merits of action research, 135-161.
Fidanoski, F., Mateska, V., & Simeonovski, K. (2014). Corporate governance and bank performance: Evidence from Macedonia. Economic analysis, 47(1-2), 76-99.
Gupta, A., & Gupta, N. (2022). Research methodology. SBPD Publications.
Gupta, P., & Chauhan, S. (2023). Dynamics of corporate governance mechanisms-family firms’ performance relationship-a meta-analytic review. Journal of Business Research, 154, 113299.
Gyamerah, S., Amo, H. F., & Adomako, S. (2020). Corporate governance and the financial performance of commercial banks in Ghana. Journal of Research in Emerging Markets, 2(4), 33-47.
Haddad, A., & Souissi, M. N. (2022). The impact of Shariah Advisory Board characteristics on the financial performance of Islamic banks. Cogent Economics & Finance, 10(1), 2062911.
Hasan, S. A. K., & Mildawati, T. (2020). Pengaruh good corporate governance terhadap nilai perusahaan dengan kinerja keuangan sebagai variable intervening. Jurnal Ilmu dan Riset Akuntansi (JIRA), 9(8).
Hayashi, P., Abib, G., & Hoppen, N. (2019). Validity in qualitative research: A processual approach. The Qualitative Report, 24(1), 98-112.
Hidayat, T., Triwibowo, E., & Marpaung, N. V. (2021). Pengaruh good corporate governance dan kinerja keuangan terhadap nilai perusahaan. Jurnal Akuntansi Bisnis Pelita Bangsa, 6(01), 1-18.
Kakabadse, N. K., Yang, H., & Sanders, R. (2010). The effectiveness of non‐executive directors in Chinese state‐owned enterprises. Management Decision, 48(7), 1063-1079.
Kallel, H., Ben Hamad, S., & Triki, M. (2019). Modeling the efficiency of Tunisian and Moroccan banks using the SFA approach. International Journal of Productivity and Performance Management, 68(5), 879-902.
Kanwal, S., & Nadeem, M. (2013). The impact of macroeconomic variables on the profitability of listed commercial banks in Pakistan. European journal of business and social sciences, 2(9), 186-201.
Kim Quoc Trung, N. (2022). Does leverage fit non-performing loans in the COVID-19 pandemic–evidence from the Vietnamese banking system? Cogent Business & Management, 9(1), 2119675.
Kiptoo, I. K., Kariuki, S. N., Ocharo, K. N., & Ntim, C. G. (2021). Corporate governance and financial performance of insurance firms in Kenya. Cogent Business & Management, 8(1), 1938350.
Kwashie, A. A., Baidoo, S. T., & Ayesu, E. K. (2022). Investigating the impact of credit risk on the financial performance of commercial banks in Ghana. Cogent Economics & Finance, 10(1), 2109281.
Le, H. T. M., Ting, I. W. K., Kweh, Q. L., & Ngo, H. L. T. (2023). CEO duality, board size, and firm performance: evidence in Vietnam. International Journal of Business Excellence, 29(1), 98-120.
Marios, M. (2023). Corporate Governance and Agency Problems. In Governance and Financial Performance: Current Trends and Perspectives (pp. 85-103).
Martins, A., Sá, C., & Taborda, D. (2022). Fair Value and Corporate Taxation: Out through the Door, back through the Window? Accounting, Economics, and Law: A Convivium, (0).
Masitha, Z. (2019). Influence of Corporate Governance on Firm Value Through Intellectual Capital and Corporate Social Responsibility. Journal of Public Administration and Governance, 9(4), 148-163.
Meindarto, A., & Lukiastuti, F. (2017). Pengaruh Corporate Governance terhadap Nilai Perusahaan pada Perusahaan Perbankan yang Terdaftar di BEI Tahun 2011-2014. Telaah Bisnis, 17(2).
Morekwa Nyamongo, E., & Temesgen, K. (2013). The effect of governance on performance of commercial banks in Kenya: a panel study. Corporate Governance: The international journal of business in society, 13(3), 236-248.
Musah et al. (2019). Corporate governance, gender diversity and bank performance: evidence from Ghana. Indonesian Journal of Corporate Governance and Social Responsibility, 1(1).
Musah, A., & Adutwumwaa, M. Y. (2021). The effect of corporate governance on financial performance of rural banks in Ghana. International Journal of Financial, Accounting, and Management, 2(4), 305-319.
Nashier, T., & Gupta, A. (2023). Ownership concentration and firm performance in India. Global Business Review, 24(2), 353-370.
Ngatno, Apriatni, E. P., & Youlianto, A. (2021). Moderating effects of corporate governance mechanism on the relation between capital structure and firm performance. Cogent Business & Management, 8(1), 1866822.
Nyebar, A., Obalade, A. A., & Muzindutsi, P. F. (2023). Effectiveness of Credit Risks Management Policies Used by Ghanaian Commercial Banks in Agricultural Financing. In Financial Sector Development in Ghana: Exploring Bank Stability, Financing Models, and Development Challenges for Sustainable Financial Markets (pp. 231-264). Cham: Springer International Publishing.
Ofori, E. (2023). The effects of Ponzi schemes and revocation of licences of some financial institutions on financial threat in Ghana. Journal of Financial Crime, 30(2), 583-593.
Okolie, A. O., & Uwejeyan, J. C. (2022). Board characteristics and financial performance of conglomerates in Nigeria. European Journal of Business and Management Research, 7(2), 12-18.
Olokoyo, Felicia, Oyakhilome Ibhagui, Abiola Babajide, and Chika Yinka-Banjo. 2021. The impact of macroeconomic variables on bank performance in Nigeria. Savings and Development, 43, 31–47.
Omagwa, J., & Muathe, S. (2019). Corporate Governance, Financial Performance and Firm Value; Empirical Evidence from Commercial Banks in Kenya. International Journal of Finance & Banking Studies (2147-4486), 8(4), 41-48.
Owiredu, A., & Kwakye, M. (2020). The effect of corporate governance on financial performance of commercial banks in Ghana. International Journal of Business and Social Science, 11(5), 18-27.
Pandey, N., Andres, C., & Kumar, S. (2023). Mapping the corporate governance scholarship: Current state and future directions. Corporate Governance: An International Review, 31(1), 127-160.
Ramadhan, I. R., Pangestuti, I. R. D., & Wisesa, B. B. (2022). The Effect of Corporate Governance on Firm Value in Non-Financial Companies Listed on the Indonesia Stock Exchange for the 2017-2019 Period. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(1), 2904-2917.
Sahyouni, A., & Wang, M. (2019). Liquidity creation and bank performance: evidence from MENA. ISRA International Journal of Islamic Finance, 11(1), 27-45.
Sandri, D., Grigoli, F., Gorodnichenko, Y., & Coibion, O. (2023). Keep calm and bank on: panic-driven bank runs and the role of public communication (No. w31644). National Bureau of Economic Research.
Sarpong-Danquah, B., Oko-Bensa-Agyekum, K., & Opoku, E. (2022). Corporate governance and the performance of manufacturing firms in Ghana: Does ownership structure matter? Cogent Business & Management, 9(1), 2101323.
Sheefeni, J. P. S. (2015). The Macroeconomic Determinants of Profitability among Commercial Banks in Namibia. Journal of Emerging Issues in Economics, Finance & Banking, 4(1), 1414–31.
Shirya, A. I., Njoka, C., & Abdul, F. (2023). Relationship between Monetary Policy Instruments and Financial Performance of Commercial Banks in Nigeria. Open Journal of Business and Management, 11(3), 945-962.
Sidki, M., Boerger, L., & Boll, D. (2023). The effect of board members’ education and experience on the financial performance of German state-owned enterprises. Journal of Management and Governance, 1-38.
Simiyu, C. N., & Ngile, L. N. (2015). Effect of macroeconomic variables on profitability of commercial banks listed in the Nairobi securities exchange. International Journal of Economics, Commerce and Management, 3(4), 1-16.
Syafrizal, A., Ilham, R. N., & Muchtar, D. (2023). Effect of Capital Adequacy Ratio, Non-Performing Financing, Financing to Deposit Ratio, Operating Expenses, and Operational Income on Profitability at PT. Bank Aceh Syariah. Journal of Accounting Research, Utility Finance and Digital Assets, 1(4), 312-322.
Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2). Data & Statistical Services, Princeton University, 112, 49.
Torku, K., & Laryea, E. (2021). Corporate governance and bank failure: Ghana’s 2018 banking sector crisis. Journal of Sustainable Finance & Investment, 1-21.
Wahyuni, S., Tursinawati, A. D., Dirgantari, N., & Hapsari, I. (2022). Determinant Factors Analysis of Company Value (Empirical Study on Health Industry Sector during the Covid-19 Pandemic). IOSR Journal of Business and Management (IOSR-JBM), 24(4), 36-42.
Westreich, D., Edwards, J. K., Lesko, C. R., Cole, S. R., & Stuart, E. A. (2019). Target validity and the hierarchy of study designs. American journal of epidemiology, 188(2), 438-443.
Wicks, A. C., Gilbert Jr, D. R., & Freeman, R. E. (2023). A feminist reinterpretation of the stakeholder concept. In R. Edward Freeman’s Selected Works on Stakeholder Theory and Business Ethics (pp. 133-155). Cham: Springer International Publishing.
Published
2024-05-03
How to Cite
Akentara, R., Amankwa, I. A., & Awuma, W. (2024). The Impact of Capital Adequacy and Corporate Governance on Financial Performance of Universal Banks in Ghana. European Journal of Science, Innovation and Technology, 4(2), 350-365. Retrieved from https://ejsit-journal.com/index.php/ejsit/article/view/422
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Copyright (c) 2024 Richard Akentara, Isaac Appiah Amankwa, William Awuma
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