Data for our study were derived from the Ghana Stock Exchange Factbook series and from our own survey
results. Data relates to the period 2001-2007. Data on board size, the number of board meetings, board composition, and percentage of inside ownership were obtained through a survey. We model the implications of
cash holdings, corporate governance variables, and ownership structure variables on firm value as follows:
Equation 1 [Figure omitted. See Article Image.] where subscript i and t represent the firm and time, respectively.
In this case, i represents the cross-section dimension, t represents the time-series component, and Yit is the
dependent variable and measures share price. We used year-end share prices.