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All Journal JURNAL ECONOMIA IMAGE IJBE (Integrated Journal of Business and Economics)
Ampomah, Philipina
Unknown Affiliation
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Financial Literacy Among Female Entrepreneurs in Ghana: Evidence from Traditional Markets Ahiase, Godwin; Sari, Maya; Nugraha, Nugraha; Andriana, Denny; Kpodo, Percy Chris; Ampomah, Philipina
Image : Jurnal Riset Manajemen Vol 12, No 1 (2024): Image : Jurnal Riset Manajemen
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/image.2024.003

Abstract

This study examines the financial behaviour and utilisation of e-finance among female entrepreneurs in traditional marketplaces in Ghana. The researchers collected data from 385 female entrepreneurs using a quantitative research method. The data was collected through a descriptive survey design and analysed using ordinary least squares regression models. The results show significant correlations between e-finance adoption, financial literacy, and financial behaviour. This highlights the importance of financial literacy in enabling women to participate in the market. The study also found that financial literacy had a greater impact on the financial behaviour of younger women, suggesting the need for targeted interventions that leverage technology. Additionally, the study found that the level of education had a significant impact on the adoption of electronic finance. This emphasises the importance of improving digital literacy to bridge the skills divide. Based on these findings, the study suggests the need for tailored financial education programmes and comprehensive initiatives to promote responsible financial practices and the adoption of modern financial technologies by female entrepreneurs in traditional markets.
Board Gender Diversity’s Moderating Effect on Capital Structure–ESG Relationship in Ghanaian Non-financial Firms Ampomah, Philipina; Andriana, Denny; Nugraha, Nugraha; Sari, Maya
Jurnal Economia Vol. 21 No. 2 (2025): June 2025
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v21i2.83080

Abstract

The study examines the relationship between capital structure and ESG (Environmental, Social, and Governance) performance of listed non-financial Ghanaian firms, emphasizing the moderating role of board gender diversity. Using panel data from 16 firms enlisted on the Ghana Stock Exchange from 2015 to 2022, the research adopts a fixed-effects model. Findings reveal that debt and equity negatively impact ESG performance, challenging traditional financial theories like Modigliani and Miller's capital structure irrelevance. Surprisingly, board gender diversity does not significantly moderate the capital structure–ESG performance link. The study underscores the need for cautious capital structure decisions to mitigate informational asymmetry costs and suggests revisiting female representation on corporate boards, given its limited influence in this context. This research advances sustainability discourse by exploring unique capital market dynamics in developing countries; in Sub-Saharan Africa and providing new insights into ESG impacts of capital structure and gender diversity in Ghanaian firms.
The Mediating Role of Financial Performance on the Relationship between Capital Structure and ESG performance of Ghanaian Non-Financial Firms Ampomah, Philipina; Andriana, Denny; Nugraha, Nugraha; Sari, Maya; Mac-Moqu, Francis Kortey
Integrated Journal of Business and Economics (IJBE) Vol 10, No 1 (2026): Integrated Journal of Business and Economics
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/ijbe.v10i1.1269

Abstract

This study empirically analyzes the mediating effect of financial performance on the relationship between capital structure and the ESG performance of listed non-financial firms in Ghana. Using panel data from 16 firms enlisted on the Ghana Stock Exchange from 2015 to 2024, the study adopts the random-effects model. The results show that (1) both debt and equity capital have a negative influence on ESG performance, corroborating the agency theory; (2) debt capital does not significantly influence financial performance, but equity capital positively influences financial performance, violating the Modigliani and Miller theory; and (3) financial performance has a positive influence on ESG performance, corroborating the resource-based view theory. Further analysis regarding the mediating effect shows that financial performance partially mediates the relationship between capital structure and ESG performance. The study emphasizes the need for managers to be cautious when choosing the optimal capital structure, bearing in mind that improved financial performance is one of the ways their capital structure decisions can enhance ESG performance. The novelty of this study lies in the development and validation of a mediation model of capital structure, financial performance, and ESG performance in a sub-Saharan African context, enhancing our understanding of corporate finance in underdeveloped capital markets.
Co-Authors Ahiase, Godwin Andriana, Denny Kpodo, Percy Chris Mac-Moqu, Francis Kortey Maya Sari Nugraha Nugraha