Template-Type: ReDIF-Article 1.0
Author-Name: Isaac Luke Agonbire Atugeba
Author-Email: aatugeba@gmail.com
Author-Name: Emmanuel Acquah-Sam
Author-Email: acquah.sam@wiuc-ghana.edu.gh
Title: Economic development, corporate governance, and firm performance in Sub-Saharan Africa
Abstract: he study examines the impact of corporate governance on firm performance in five Sub-Saharan African countries, focusing on the role of economic development. The research uses a two-stage least squares (2SLS) regression approach to examine data from 309 publicly traded companies spanning the years 2016–2022. The study found that firms in upper-middle-income (UMI) countries outperform those in lower-middle-income (LMI) countries. Corporate governance positively influences firm performance in LMI countries but negatively affects it in UMI countries. The study further observed that economic development significantly impacts corporate governance-performance relationships in LMI countries compared to UMI countries. Policymakers, especially in UMI countries, are urged to re-assess their current institutional frameworks and consider reforms aimed at alleviating bureaucratic obstacles that impact businesses.
Keywords: economic development, Firm Value, corporate social responsibility, corporate governance, firm performance, 2SLS regression , multi-theoretical framework, Ghana, Kenya, Nigeria, Botswana, South Africa, Sub-Saharan Africa
Journal: Modern Finance
Pages: 67-90
Volume: 3
Issue: 1
Year: 2025
Subtitle : 
File-URL: https://mf-journal.com/article/view/243
File-Format: text/xml
Handle: RePEc:bdy:modfin:v:3:y:2025:i:1:p:67-90:id:243