Corporate governance, ownership structureand performance of SMEs in Ghanaimplications for financing opportunities【外文翻译】.doc

Corporate governance, ownership structureand performance of SMEs in Ghanaimplications for financing opportunities【外文翻译】.doc

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外文题目:Corporate governance, ownership structureand performance of SMEs in Ghana:implications for ?nancing opportunities 出 处: corporate governance 作 者: Joshua Abor and Nicholas Biekpe Introduction: Entrepreneurial ?rms require external ?nancing to ?nance their growth and investments in order to achieve full pro?ts potential of the business. They also require inputs on business operations, good strategy and best practices in the industrial sector. These resources can be provided for through the presence of non-executive directors or external board members as in the case of listed ?rms. Research on listed ?rms has shown that strategy in?uences corporate performance and external board members challenge strategies by management. It is also argued that good corporate governance practices assist SMEs in improving on their prospects of obtaining funding from investors and ?nancial institutions. This is an exact consequence of proper bookkeeping and accounting practices and information disclosure which increase the con?dence of investors in the ?rm. The SME will also have a healthier growth and be committed to business ef?ciency due to the presence of external supervisory parties. The structure of the remainder of the paper is as follows: The second section provides a review of the extant literature. Section three explains the methodology employed for the study. The empirical results are presented and discussed in the fourth section. Section ?ve concludes the discussion Literature review Theoretical underpinnings for the extant research in corporate governance come from the classic thesis, ‘The Modern Corporation and Private Property’by Berle and Means (1932). The thesis describes a fundamental agency problem in modern ?rms where there is a separation of ownership and control. Since the seminal work by Berle and Means (1932),different theories have been propounded in explaining the corporate governa

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