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2011, vol. 6, br. 2, str. 155-168
Razvoj finansijskog tržišta i struktura kapitala registrovanih kompanija - empirijska razmatranja situacije u Gani
aMethodist University College, Accra, Ghana
bUniversity of Stellenbosch Business School, Cape Town, South Africa
cUniversity of Ghana Business School, Accra, Ghana

e-adresajmsdoku@yahoo.com
Sažetak
Ova studija istražuje zavisnost između razvoja finansijskog tržišta i izbora načina finansiranja (zaduženost), registrovanih firmi u Gani, u vidu okvirnog panela. Suštinski cilj studije je da testira da li su zaduživanje i finansiranje preko akcija komplementi ili substituti. Studije koristi panel podatke koji uključuju analizu dvadeste i jedne registrovane firme na berzi akcija u Gani, tokom period 1995-2005. Studije pronalazi komplementarnost između razvoja bankarskog i berzanskog razvoja i njihovog uticaja na odlučivanje o finansiranju kompanija registrovanih u Gani. Razvoj tržišta akcija ima pozitivan efekat na odluke o strukturi kapitala ovih firmi. Ipak, efekat supstitucije između kreditnog zaduživanja i plasiranja akcija, koji više ide ka favorizovanju akcija utiče na pravac daljeg razvoja finansijskog tržišta. Ovi rezultati istraživanja ukazuju na to koliko značajnu ulogu ima tržište akcija u zemljama u razvoju.
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O članku

jezik rada: engleski
vrsta rada: neklasifikovan
DOI: 10.5937/sjm1102155D
objavljen u SCIndeksu: 25.10.2011.

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