Papers by Ellis K Akwaa-Sekyi
Intangible Capital, Jan 19, 2017
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Journal Article, 2022
The global financial crisis affected the supply of funds to finance equity capital, thus calling... more The global financial crisis affected the supply of funds to finance equity capital, thus calling for innovative risk capital financing methods. The paper explores the sources of venture capital (VC henceforth) fundraising and determines the relationship between VC fundraising, stock market returns, and market capitalization in Spain. The study uses time-series data of VC fundraising and stock market variables from 1989 to 2020 in a vector error correction model analysis after performing cointegration. The paper reports short-run and long-run causal relations between VC fundraising, stock market returns, and market capitalization when VC fundraising and stock market returns are used as dependent variables. However, such relations do not exist when the model is dependent on market capitalization. Our results show that the VC market raises funds from diversified (geographical and institutional) sources. Our findings support the risk diversification theory of VC financing. The paper provides implications for using alternative innovative ways of financing equity risk capital to spur economic growth.
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Cogent Business & Management, Jun 17, 2022
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Cogent Business & Management
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Benchmarking: An International Journal
PurposeThis paper explores stakeholder perceptions on the nature and extent of sustainability rep... more PurposeThis paper explores stakeholder perceptions on the nature and extent of sustainability reporting on the websites of technical universities (TUs) in Ghana.Design/methodology/approachThe authors collected data from the websites of the 10 TUs in Ghana and interviewed the stakeholders of the TUs. In analyzing the data, the authors used thematic analysis for the interview responses. The authors also adopted the global reporting initiative (GRI) guidelines and campus sustainability assessment tools for the presentation and analysis of the sustainability disclosures on the websites of the TUs.FindingsThe authors found that due to weak institutional coercions, there were limited disclosures on the websites of the TUs, which aimed at gaining stakeholders' legitimacy; the disclosures were more focused on organizational profile, governance and educational aspects of sustainability. To a large extent, while some external stakeholders such as parents, regulators and alumni appear to b...
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Green Finance, 2022
In this paper, we investigate the mean and volatility spillover between the price of green bonds ... more In this paper, we investigate the mean and volatility spillover between the price of green bonds and the price of renewable energy stocks using daily price series from 02/11/2011 to 31/08/2021. The unrestricted trivariate VAR-BEKK-GARCH model is employed to examine potential causality, mean, and volatility spillover effects from the green bond market to the renewable energy stock market and vice-versa. The results from the VAR-BEKK-GARCH model indicate that there exists a unidirectional Granger causality from renewable energy stock prices to green bond prices. While the price of green bonds is positively influenced by its own lagged values and the lagged values of renewable energy stock prices, only the past price value of renewable energy stocks has a positive effect on the current price value. We identified a uni-directional volatility spillover from renewable energy stock prices to green bond prices. However, there was no shock spillover from both sides of the market. This research shows that investors in the green bond market should always consider information from the renewable energy stock market because of the causal link between renewable energy stocks and green bonds.
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Aquesta tesis preten explorar els determinants del incompliment de prestecs bancaris i la relacio... more Aquesta tesis preten explorar els determinants del incompliment de prestecs bancaris i la relacio entre els controls interns, les caracteristiques del consell d’administracio i del risc de credit en la banca europea. Dades primaries i dades de panell de Ghana i Europea respectivament varen ser utilitzades en un analisi quantitatiu mitjancant models OLS, GLS, 2-SLS i GMM per abordar la endogeneitat. La propietat, les caracteristiques dels prestecs, prestataris i prestadors, aixi com factores macroeconomics i factors especifics dels bancs son determinants significatius del incompliment del prestec en economies emergents. El estudi informa tambe sobre la percepcio del problema d’agencia que podria soscavar els mecanismes de control intern exposant als bancs a Espanya al risc de credit. Els elements compliment normatiu, objectius d’acompliment dels controls interns, factors bancaris i especifics del pais afecten significativament els controls interns dels bancs. Els mecanismes de contro...
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Green Finance
In this paper,we investigate the mean and volatility spillover between the price of green bonds a... more In this paper,we investigate the mean and volatility spillover between the price of green bonds and the price of renewable energy stocks using daily price series from 02/11/2011 to 31/08/2021. The unrestricted trivariate VAR-BEKK-GARCH model is employed to examine potential causality,mean,and volatility spillover effects from the green bond market to the renewable energy stock market and vice-versa. The results from the VAR-BEKK-GARCH model indicate that there exists a uni-directional Granger causality from renewable energy stock prices to green bond prices. While the price of green bonds is positively influenced by its own lagged values and the lagged values of renewable energy stock prices,only the past price value of renewable energy stocks has a positive effect on the current price value. We identified a uni-directional volatility spillover from renewable energy stock prices to green bond prices. However,there was no shock spillover from both sides of the market. This research s...
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Cogent Business & Management
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Borsa Istanbul Review, 2021
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Manuscript type Empirical Research question/issue The state of non-performing loans (NPLs) poses ... more Manuscript type Empirical Research question/issue The state of non-performing loans (NPLs) poses serious threat to the European financial market and this has increased pressure on board of directors to intensify their monitoring functions to safeguard shareholder assets. Yet there is a dearth of research that complement board characteristics with managerial incentives to address NPLs. We examine 102 banks from 22 European countries to ascertain how board characteristics and insider ownership affect NPLs. Research findings/insight We find that whilst gender diversity, board size and insider ownership have negative relation with NPLs, average board age and board tenure show positive relation. The inclusion of insider ownership improves the significance of board characteristics therefore confirming a complementary instead of substitutable approaches in addressing NPLs. We report significant differences in the intrinsic board characteristics of diversified and non-diversified banks. The...
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A thesis presented to the Department of Department of Accounting and Finance, KNUST School of Bus... more A thesis presented to the Department of Department of Accounting and Finance, KNUST School of Business, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the award of Master of Business Administration in Banking and Finance, 2008
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Banking and Finance, 2020
Poor corporate governance practices have been cited as contributory to the 2007 global financial ... more Poor corporate governance practices have been cited as contributory to the 2007 global financial crisis. The chapter explores a qualitative self-regulation approach to address a major risk facing banks using the Basel Committee on Banking Supervision (BCBS) framework of internal controls. The study examines the effect of the qualitative principles of the BCBS internal control framework on credit risk. Corporate institutions use internal control frameworks to address the most operational risks, but the current study hypothesizes a possible relation with the credit risk. This research covers banks from selected EU countries covering some period before and after the 2007 financial crisis using a fixed-effect model. We report a significant relationship between board functions and activities, board structure and board monitoring, and credit risk. The results indicate that investment in high-risk assets, bank profitability and board chair being ex-CEO increases credit risk in European ban...
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Management Science and Engineering, Dec 20, 2013
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The initiation, funding, servicing and monitoring of loans by financial intermediaries has been d... more The initiation, funding, servicing and monitoring of loans by financial intermediaries has been done without regard to some critical factors which could have averted the likelihood of default. The study aimed at measuring the extent that owner-specific, borrower-specific, loan and lender-specific characteristics could determine the probability of loan default. The study used logistic regression for 224 business customers of a bank in Ghana from its nation-wide branches. The study found that owner’s extra income (ownership characteristics), multiple borrowing, diversion of loan purpose (borrower characteristics), loan price, loan purpose, loan age, repayment plan (loan characteristics) and underfunding (lender characteristics) significantly determined the probability of business loan default. The overall model predicted up to 78.5% of variations in the likelihood of default. The hierarchy of strong determinants given by their odd ratios were loan purpose (47.9 times), underfunding (1...
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Intangible Capital, 2016
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Intangible Capital, 2017
Purpose: The study purport to investigate the effectiveness of internal control mechanisms, inves... more Purpose: The study purport to investigate the effectiveness of internal control mechanisms, investigate whether evidence of agency problem is found among banks in Europe and determine how internal controls affect credit risk.Design/methodology/approach: Panel data from 91 banks from 23 European Union countries were studied from 2008-2014. Hausman’s specification test suggest the use of fixed effects estimation technique of GLS. Quantitatively modelled data on 15 variables covering elements of internal controls, objectives of internal controls, agency problem, bank and country specific variables were used.Findings: There is still high credit risk in spite of measures being implemented by the European Central Bank. Banks have individual entity factors that increase or decrease credit risk. The study finds effective internal control systems because objectives of internal controls are achieved and significantly determine credit risk. Agency problem is confirmed due to significant positi...
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Most MFIs especially rural banks have performed creditably well in their operations and have cont... more Most MFIs especially rural banks have performed creditably well in their operations and have contributed a lot towards agricultural development. The study seeks to investigate the impact of micro credit on farming activities but specifically to determine the impact of micro credit on labour employed, working capital, output and income of farmers and other forms of support rural banks give to farmers. A total of 103 farmers were randomly selected from farmer clients of a rural bank to respond to close-ended questions. Paired samples t-test was run to determine the differences and impact of the credit intervention on the four dependent variables. A modified Eta squared formula and paired samples correlation were used to determine the impact of the independent on the dependent variables. The result found significantly large effect of the micro credit intervention on the labour employed, working capital, output and income of farmers. All the dependent variables had increased during the ...
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Cogent Business & Management
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Papers by Ellis K Akwaa-Sekyi