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Small business finance in Sub-Saharan Africa: the case of Ghana

机译：撒哈拉以南非洲地区的小企业融资：以加纳为例

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Purpose - This paper aims to examine how unlisted companies in Ghana finance their growth and to what extent do they rely on internal finance relative to external sources of finance. Additionally, the paper seeks to investigate the determinants of the capital structure of unlisted companies in Ghana. Design/methodology/approach - The paper uses the Singh-Hamid methodology as well as panel data techniques to evaluate the financing decisions of unlisted companies in Ghana. Findings - The analysis shows that unlisted firms in Ghana finance most of their growth from external debt and they are also characterized by shorter debt maturity. The results also show that the dominant factors affecting the debt equity ratios of unlisted firms in Ghana are size, firm growth, tangibility, profit margin, and financial development. Research limitations/implications - Overall, the evidence in this paper suggests that standard models of corporate finance can be applicable to unlisted companies in Ghana. Practical implications - Informative when planning for future development of the small business sector of the Ghanaian economy. Originality/value -.Provides empirical evidence on how unlisted companies in Ghana finance their growth and what determines their capital structure.
机译：目的-本文旨在研究加纳的非上市公司如何为其发展提供资金，以及它们在多大程度上依赖内部资金而相对于外部资金来源。此外，本文旨在调查加纳非上市公司资本结构的决定因素。设计/方法/方法-本文使用Singh-Hamid方法以及面板数据技术来评估加纳未上市公司的融资决策。调查结果-分析表明，加纳的非上市公司大部分的经济增长是通过外债来融资的，而且它们的债务期限较短。结果还表明，影响加纳非上市公司债务权益比的主要因素是规模，公司增长，有形性，利润率和财务发展。研究的局限性/意义-总体而言，本文中的证据表明，公司融资的标准模型可以适用于加纳的非上市公司。实际意义-在计划加纳经济的小企业未来发展时提供信息。独创性/价值-提供有关加纳未上市公司如何为其增长提供资金以及决定其资本结构的经验证据。

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