Table II [Figure omitted. See Article Image.] reports the marginal contribution of the independent variable to
Firm value. It also reports the Z -scores and P -values that test significance of the relationship. We used shares
held by directors, managers, and employees as ownership and we found a negative but statistically insignificant
relationship with firm value. This implies that investors will discount shares of companies with inside share
ownership. Investors on the Ghana Stock Exchange (GSE) will shy away from companies with inside
ownership