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1、外文題目：CpategovernanceownershipstructureperfmanceofSMEsinGhana:implicationsffinancingopptunities出處：cpategovernance作者：JoshuaAbNicholasBiekpeIntroduction：Entrepreneurialfirmsrequireexternalfinancingtofinancetheirgrowthinvest
2、mentsindertoachievefullprofitspotentialofthebusiness.Theyalsorequireinputsonbusinessoperationsgoodstrategybestpracticesintheindustrialsect.Theseresourcescanbeprovidedfthroughthepresenceofnonexecutivedirectsexternalboardm
3、embersasinthecaseoflistedfirms.Researchonlistedfirmshasshownthatstrategyinfluencescpateperfmanceexternalboardmemberschallengestrategiesbymanagement.ItisalsoarguedthatgoodcpategovernancepracticesassistSMEsinimprovingonthe
4、irprospectsofobtainingfundingfrominvestsfinancialinstitutions.Thisisanexactconsequenceofproperbookkeepingaccountingpracticesinfmationdisclosurewhichincreasetheconfidenceofinvestsinthefirm.TheSMEwillalsohaveahealthiergrow
5、thbecommittedtobusinessefficiencyduetothepresenceofexternalsupervisyparties.Thestructureoftheremainderofthepaperisasfollows:Thesecondsectionprovidesareviewoftheextantliterature.Sectionthreeexplainsthemethodologyemployedf
6、thestudy.Theempiricalresultsarepresenteddiscussedinthefourthsection.SectionfiveconcludesthediscussionLiteraturereviewTheeticalunderpinningsftheextantresearchincpategovernancecomefromtheclassicthesis‘TheModernCpationPriva
7、teProperty’byBerleMeans(1932).Thethesisdescribesafundamentalagencyprobleminmodernfirmswherethereisaseparationofownershipcontrol.SincetheseminalwkbyBerleneedfcpategovernanceintheiroperations.Alsothequestionofaccountabilit
8、ybySMEstothepublicisnonexistentsincetheydonotdependonpublicfunds.InspiteoftheseargumentsthereisaglobalconcernftheapplicationofcpategovernancetoSMEs.Itisoftenarguedthatsimilarguidelinesthatapplytolistedcompaniesshouldalso
9、beapplicabletoSMEs.TheextantempiricalliteratureoncpategovernanceofSMEsfocusesonanumberoffactsincludingboardsizeboardskilllevelboardcompositioncontrolCEOdualitypercentageofsharescloselyheldfamilyownershipfeignownership。Da
10、taempiricalmethods：ThedatausedintheempiricalanalysiswasderivedfromthefinancialstatementsofSMEsinboththeindustrialservicessectsduringasixyearperiod19982003.Infmationongovernanceownershipissueswasalsoobtainedthroughintervi
11、ewsfromthemanagementofthefirms.Thestudysampled120firmswithlessthanhundredemployeesfromthedatabasesoftheNationalBoardfSmallScaleIndustriestheAssociationofGhanaIndustriesfthisstudy.Profitabilityisusedasameasureofperfmancei
12、sdefinedintermsofreturnonassets.TheindependentvariablesincludeboardSizeboardcompositionboardskillmanagementskillCEOdualityinsideshareholdingfamilyownershipfeignownership.Themeasurefboardsizeisthenumberofboardmembers.Boar
13、dcompositionistheproptionofnonexecutivedirects.InsideownershipisthepercentageofsharesownedcontrolledbytheemployeesaswellastheCEO.Familyownershipisadummyvariablethatequalsoneifthefirmisfamilyowned.Familyownershipisdefined
14、byamajityownership(methan50percent)heldbyafamilyafamilygroup.whiletheyarefamilyownedmanagedifownersarealsomanagersfdailyoperationofthefirms.ThisdefinitionisconsistentwiththedefinitiongivenbyDyer(1986)awidelyaccepteddefin
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