Dividend policy and performance of listed firms on Ghana stock exchange

Figures & data

Figure 1. Dividend policy and financial performance.

Table 1. Variable names, meaning, and source(s) of data

Variables	Definition/unit of measurement	Source(s) of data
Financial Performance:$lnRO{A}_{it}$$lnRO{E}_{it}$$lnStkP{x}_{it}$$lnTobs{Q}_{it}$	Natural logarithm of return on assets, return on equity, the stock price at year-end, and Tobin’s Q respectively for a given firm at a given time. They were measured as the ratio of net income to total assets, net income to total equity, stock market data, and market value of shares to total assets, respectively.	ANNUAL REPORTS GHANA GSE—Annual Reports Ghana | Annual Reports Ghana GHANA STOCK EXCHANGE Daily Shares and ETFs Trades—Ghana Stock Exchange (gse.com.gh)
$lnDivCa{p}_{it}$	The natural logarithm of dividend capacity for firm i at time t measured as the firm’s free cash flows to profit after tax	ANNUAL REPORTS GHANA GSE—Annual Reports Ghana | Annual Reports Ghana
$lnDivPy{t}_{it}$	The natural logarithm of dividend payout for firm i at time t, measured as the ratio of the amount of dividend paid to profit after tax.	ANNUAL REPORTS GHANA GSE—Annual Reports Ghana | Annual Reports Ghana
$lnFCFSv{n}_{it}$	The natural logarithm of free cash flow savings for a given firm at a given time. This was measured as the ratio of the savings from free cash flow to profit after tax.	ANNUAL REPORTS GHANA GSE—Annual Reports Ghana | Annual Reports Ghana
$FmSz{e}_{it}$	Size of a given firm at a given time. This was measured as the natural logarithm of total assets.	ANNUAL REPORTS GHANA GSE—Annual Reports Ghana | Annual Reports Ghana
$CapSt{r}_{it}$	The capital structure of a given firm at a given time, and was measured as the ratio of long-term debt to total equity.	ANNUAL REPORTS GHANA GSE—Annual Reports Ghana | Annual Reports Ghana
$lnA{e}_{it}$	Natural logarithm of the age of a given firm at a given time.	EMIS EMIS—Ghana Emerging markets—Main
$lnGo{v}_{it}$	Natural logarithm of the number of females on the board for a given firm at a given time.	ANNUAL REPORTS GHANA GSE—Annual Reports Ghana | Annual Reports Ghana
$FSC{D}_{it}$	Financial sector clean-up dummy defined as 1 in the years in which the financial sector was cleaned up, otherwise, 0.	GhanaWeb Will Ghana’s financial sector clean-up build a stronger banking system? (ghanaweb.com)

Table 2. Descriptive statistics

Variable	Obs	Mean	Std. Dev.	Min	Max
ROA	144	−.0122363	.3352414	−2.449478	1.591933
ROE	144	.0456018	.6055999	−4.123195	1.644695
TobsQ	141	17.89588	97.37788	.000015	651.8122
StkPx	142	5.035915	8.305937	.02	37
DivCap	144	.8670622	7.685282	−83.14702	14.82955
DivPyt	144	.1545747	.862858	−6.302991	7.383173
FCFSvn	144	.7124875	8.358646	−90.5302	21.13254
FmSze	144	13.04388	3.147028	5.370224	18.6901
CapStr	144	55.3779	377.5452	−3.945086	3823.406
Gov	144	1.631944	1.138927	0	5
Age	145	40.34483	26.19144	2	124

Notes¹: This table presents the descriptive statistics for all sampled firms (n = 29) used in this study covering the period 2015–2019. Differences in observations are attributable to unavailable data for some firms. ROA is the return on assets, ROE represents the return on equity, TobsQ is Tobin’s Q, StkPx is Stock Price at the end, DivCap is Dividend Capacity, DivPyt is Dividend Payment, FCFSvn is Free Cash Flow Savings, FmSze is Firm Size, CapStr is Capital Structure, FmGrth is Firm Growth, Gov signifies Governance, and Age is firm age.

Table 3. Descriptive statistics—financial firms

Variable	Obs	Mean	Std. Dev.	Min	Max
ROA	55	.0299306	.0255191	−.0370054	.0860946
ROE	55	.1562708	.1181288	−.2372384	.371751
TobsQ	52	.225925	.1675702	.000015	.7122987
StkPx	52	3.956731	5.524298	.08	25.25
DivCap	55	.6365157	11.94632	−83.14702	14.19567
DivPyt	55	.3772812	1.014063	−.394788	7.383173
FCFSvn	55	.2592344	12.89894	−90.5302	14.19567
FmSze	55	14.94221	1.707524	11.72251	18.6901
CapStr	55	.469175	.5326105	0	2.201094
Gov	55	2.036364	.9222283	1	5
Age	55	50.27273	32.17743	7	124

Notes: This table presents the descriptive statistics for the financial firms (n = 11) used in this study covering the period 2015–2019. Differences in observations are attributable to unavailable data for some firms.

Table 4. Descriptive statistics—non-financial firms

Variable	Obs	Mean	Std. Dev.	Min	Max
ROA	89	−.0390502	.4250029	−2.449478	1.591933
ROE	89	−.0242822	.7651318	−4.123195	1.731562
TobsQ	88	399.7713	1763.092	.0346673	9384.447
StkPx	90	5.659444	9.5255	.02	37
DivCap	89	.9485184	2.619954	−6.133709	12.60754
DivPyt	89	.0259446	.7023184	−5.986792	2.172813
FCFSvn	89	.9225738	2.995644	−6.173722	16.19314
FmSze	89	11.01683	2.737644	4.142862	14.91101
CapStr	89	70.66269	371.371	−3.945086	2823.173
Gov	89	1.382022	1.191882	0	5
Age	90	34.27778	19.58504	2	68

Notes: This table presents the descriptive statistics for the non-financial firms (n = 18) used in this study covering the period 2015–2019. Differences in observations are attributable to unavailable data for some firms.

Table 5. Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) ROA	1.000
(2) ROE	0.404*	1.000
(3) TobsQ	−0.077	−0.249*	1.000
(4) StkPx	0.061	−0.017	0.026	1.000
(5) DivCap	0.018	0.017	−0.036	0.099	1.000
(6) DivPyt	0.034	0.050	−0.033	−0.252*	−0.758*	1.000
(7) FCFSvn	0.013	0.010	−0.030	0.117	0.998*	−0.801*	1.000
(8) FmSze	0.192*	0.121	−0.215*	0.403*	0.016	0.032	0.011	1.000
(9) CapStr	−0.013	0.080	0.517*	−0.040	0.003	−0.026	0.005	−0.276*	1.000
(10) Gov	−0.002	0.059	0.020	0.015	0.015	0.128	0.001	0.187*	−0.006	1.000
(11) Age	0.081	0.117	−0.123	−0.010	0.005	0.102	−0.006	0.142	−0.084	0.104	1.000

Notes: This table presents the pairwise correlations between the study variables gathered on all sampled firms (n = 29) covering the period 2015–2019. *** p < 0.01, ** p < 0.05, * p < 0.1.

Table 6. Regression outputs with ROA and ROE as dependent variables

	DivCap		DivPyt	FCFSvn	DivCap	DivPyt	FCFSvn
Variables	lnROA		lnROA	lnROA	lnROE	lnROE	lnROE
L.lnROA	0.510***		0.148**	0.501***
	(0.148)		(0.0637)	(0.134)
L.lnROE					0.320***	0.371***	0.251***
					(0.0527)	(0.0832)	(0.0832)
DivCap	0.0402***				0.0270**
	(0.0105)				(0.0109)
DivPyt			−0.404***			−0.437***
			(0.0484)			(0.0655)
FCFSvn				0.0207***			0.0491***
				(0.00465)			(0.0107)
FmSze	−0.274***		−0.371***	−0.334***	0.156***	0.00180	0.110**
	(0.0722)		(0.0824)	(0.0783)	(0.0492)	(0.0345)	(0.0411)
CapStr	0.370		−0.486	0.931*	−1.988***	−0.397***	0.214
	(0.495)		(0.360)	(0.452)	(0.268)	(0.0864)	(0.195)
Gov	0.215		0.400**	0.108	0.141	0.423***	−0.157**
	(0.189)		(0.142)	(0.197)	(0.0982)	(0.0728)	(0.0636)
lnAge	0.111		0.243	−0.147	−0.0894	−0.00289	−0.222
	(0.114)		(0.313)	(0.293)	(0.0804)	(0.0535)	(0.281)
FSCdummy	0.0501		0.190	0.338	0.169**	0.135**	−0.139*
	(0.252)		(0.119)	(0.248)	(0.0638)	(0.0628)	(0.0689)
Constant	1.291***		0.912	2.948*	−3.021***	−1.849***	−1.748
	(0.367)		(0.954)	(1.599)	(0.767)	(0.458)	(1.164)
AR (1) [p-value]	0.217		0.279	0.022	0.230	0.229	0.070
AR (2) [p-value]	0.143		0.177	0.191	0.244	0.120	0.979
Sargan OIR	0.078		0.144	0.206	0.610	0.124	0.120
Hansen OIR	0.348		0.760	0.621	0.304	0.503	0.233
DHT for Instruments
(a)GMM Instruments for levels
H excluding group	0.607		0.627	0.165	0.669	0.298	0.149
Diff (null, H = exogenous)	0.256		0.677	0.812	0.183	0.589	0.326
(b) IV (years, eq(diff))
H excluding group	0.286		0.690	0.575	0.313	0.449	0.234
Diff (null, H = exogenous)	0.604		0.670	0.487	0.263	0.571	0.245
Fisher	837.53***		762.94***	389.24***	10,285.63***	533.64***	109.85***
Instruments	18		17	18	22	22	18
Observations	71		71	71	75	75	75
Number of Firms	22		22	22	23	23	23

Notes: This table presents the regression outputs with ROA and ROE as dependent variables for all sampled firms (n = 29) over the period 2015–2019. *** p < 0.01, ** p < 0.05, * p < 0.1.

Table 7. Regression outputs with stock price and Tobin’s Q as dependent variables

	DivCap	DivPyt	FCFSvn	DivCap	DivCap	DivCap
Variables	StkPx	StkPx	StkPx	TobsQ	TobsQ	TobsQ
L.lnStkPx	0.913***	0.947***	0.835***
	(0.0338)	(0.0742)	(0.106)
L.lnTobsQ				0.695***	0.863***	0.728***
				(0.144)	(0.0482)	(0.152)
DivCap	0.0112			0.193
	(0.0462)			(0.161)
DivPyt		0.0453			0.0528***
		(0.0371)			(0.0169)
FCFSvn			−0.180**			−0.192*
			(0.0730)			(0.107)
FmSze	0.0834**	0.0111	0.127**	−0.329***	−0.0474	0.0475
	(0.0392)	(0.0568)	(0.0471)	(0.0686)	(0.0715)	(0.0884)
CapStr	0.000122*	−0.0115	8.25e-05	−0.00231***	0.00630	−0.000108
	(6.56e-05)	(0.299)	(0.000101)	(0.000733)	(0.172)	(0.000672)
Gov	−0.152	0.0331	0.537***	0.879**	0.0393	0.310
	(0.0940)	(0.115)	(0.144)	(0.369)	(0.0607)	(0.183)
Age	−0.0767	0.257	−0.916***	0.221	0.0783	−0.391***
	(0.0943)	(0.265)	(0.314)	(0.605)	(0.194)	(0.119)
FSCdummy	0.154**	0.270***	0.283**	0.146	0.0714**	−0.219
	(0.0611)	(0.0329)	(0.129)	(0.221)	(0.0311)	(0.211)
Constant	−0.602*	−1.286	0.695	1.728	−0.0769	0.0397
	(0.328)	(1.030)	(1.137)	(1.570)	(1.210)	(0.709)
AR (1) [p-value]	0.083	0.165	0.116	0.457	0.821	0.221
AR (2) [p-value]	0.167	0.111	0.634	0.128	0.242	0.126
Sargan OIR	0.141	0.063	0.778	0.217	0.167	0.451
Hansen OIR	0.333	0.409	0.414	0.769	0.307	0.531
DHT for Instruments
(a) GMM Instruments for levels
H excluding group	0.289	0.389	0.652	0.598	0.901	0.587
Diff (null, H = exogenous)	0.381	0.386	0.283	0.711	0.169	0.430
(b) IV (years, eq(diff))
H excluding group	0.322	0.268	0.354	0.737	0.298	0.534
Diff (null, H = exogenous)	0.339	1.000	0.659	0.496	0.313	0.313
Fisher	133,345.05***	7413.08***	196,216.80***	28.63***	270,047.78***	165.54***
Instruments	22	17	22	21	17	22
Observations	90	51	86	90	51	86
Number of Firms	29	17	29	29	17	29

Notes: This table presents the regression outputs with stock price and Tobin’s Q as dependent variables for all sampled firms (n = 29) over the period 2015–2019. *** p < 0.01, ** p < 0.05, * p < 0.1.

Table 8. Regression outputs with ROA and ROE as dependent variables—financial firms

	DivCap	DivPyt	FCFSvn	DivCap	DivPyt	FCFSvn
Variables	ROA	ROA	ROA	ROE	ROE	ROE
L.ROA	0.938**	0.660***	0.605***
	(0.405)	(0.149)	(0.171)
L.ROE				0.587**	0.542***	0.519***
				(0.233)	(0.113)	(0.103)
DivCap	−0.000178			−0.00135
	(0.000249)			(0.00213)
DivPyt		0.00355			0.0288
		(0.00609)			(0.0325)
FCFSvn			−4.44e-05			−0.000938
			(0.000574)			(0.00299)
FmSze	−0.0269	−0.0165	−0.0127	−0.0629	−0.0790	−0.0676
	(0.0244)	(0.0104)	(0.0118)	(0.0703)	(0.0514)	(0.0628)
CapStr	0.0495**	0.0495**	0.0415	0.292*	0.283**	0.227
	(0.0186)	(0.0195)	(0.0263)	(0.145)	(0.116)	(0.145)
Gov	0.0120	0.0125	0.0103	0.0656	0.0816	0.0740
	(0.00950)	(0.00852)	(0.0114)	(0.0397)	(0.0498)	(0.0611)
Age	−0.000890	−0.000193	−0.000105	−0.000108	−0.000642	−0.000736
	(0.00148)	(0.000486)	(0.000474)	(0.00370)	(0.00219)	(0.00221)
FSCdummy	0.0288	0.0131	0.00447	0.0679	0.0786	0.0486
	(0.0373)	(0.0206)	(0.0210)	(0.122)	(0.0873)	(0.0927)
Constant	0.392	0.211	0.165	0.731	0.948	0.851
	(0.401)	(0.142)	(0.151)	(1.081)	(0.717)	(0.825)
AR (1) [p-value]	0.420	0.179	0.148	0.079	0.066	0.057
AR (2) [p-value]	0.712	0.131	0.204	0.223	0.307	0.310
Sargan OIR	0.790	0.742	0.724	0.422	0.491	0.435
Hansen OIR	0.585	0.447	0.318	0.261	0.322	0.220
DHT for Instruments
IV (years, eq(diff))
H excluding group	0.806	0.426	0.151	0.611	0.285	0.101
Diff (null, H = exogenous)	0.314	0.323	0.632	0.119	0.289	0.564
Fisher	15.07***	23.46***	20.23***	28.45***	93.75***	112.56***
Instruments	10	10	10	10	10	10
Observations	44	44	44	44	44	44
Number of Firms	11	11	11	11	11	11

Notes: This table presents the regression outputs with ROA and ROE as dependent variables for financial firms (n = 11) over the period 2015–2019. *** p < 0.01, ** p < 0.05, * p < 0.1.

Table 9. Regression outputs with stock price and Tobin’s Q as dependent variables—financial firms

	DivCap	DivPyt	FCFSvn	DivCap	DivPyt	FCFSvn
Variables	StkPx	StkPx	StkPx	TobsQ	TobsQ	TobsQ
L.lnStkPx	0.839***	0.885***	0.842***
	(0.114)	(0.0902)	(0.112)
L.lnTobsQ				0.833***	0.899***	0.839***
				(0.117)	(0.0983)	(0.115)
DivCap	0.00930**			0.0119***
	(0.00308)			(0.00313)
DivPyt		−0.108***			−0.138***
		(0.0333)			(0.0369)
FCFSvn			0.00857**			0.0110***
			(0.00282)			(0.00289)
FmSze	−0.156	−0.205	−0.160	−0.336	−0.311	−0.334
	(0.152)	(0.158)	(0.153)	(0.310)	(0.307)	(0.310)
CapStr	−0.586	−0.519	−0.581	−0.697***	−0.612***	−0.690***
	(0.346)	(0.308)	(0.343)	(0.168)	(0.161)	(0.168)
Gov	−0.0782	−0.0825	−0.0786	−0.0536	−0.0750	−0.0553
	(0.0975)	(0.0957)	(0.0974)	(0.0942)	(0.101)	(0.0947)
Age	0.00879	0.00838	0.00876	0.0120	0.00889	0.0118
	(0.0143)	(0.0138)	(0.0143)	(0.0221)	(0.0214)	(0.0221)
FSCdummy	0.182	0.188	0.182	−0.0654	−0.0767	−0.0664
	(0.129)	(0.127)	(0.129)	(0.166)	(0.172)	(0.166)
Constant	2.204	2.955	2.264	4.224	4.240	4.224
	(2.508)	(2.602)	(2.515)	(4.134)	(4.137)	(4.133)
AR (1) [p-value]	0.179	0.161	0.178	0.162	0.139	0.160
AR (2) [p-value]	0.627	0.729	0.636	0.917	0.945	0.930
Sargan OIR	0.638	0.657	0.640	0.616	0.611	0.616
Hansen OIR	0.319	0.331	0.320	0.230	0.235	0.230
DHT for Instruments
IV (years, eq(diff))
H excluding group	0.135	0.141	0.136	0.283	0.293	0.284
Diff (null, H = exogenous)	0.819	0.832	0.820	0.181	0.181	0.181
Fisher	499.03***	474.41***	497.54***	1544.31***	1267.81***	1579.67***
Instruments	10	10	10	10	10	10
Observations	41	41	41	41	41	41
Number of Firms	11	11	11	11	11	11

Notes: This table presents the regression outputs with stock price and Tobin’s Q as dependent variables for financial firms (n = 11) over the period 2015–2019. *** p < 0.01, ** p < 0.05, * p < 0.1.

Table 10. Regression outputs with ROA and ROE as dependent variables—non-financial firms

	DivCap	DivPyt	FCFSvn	DivCap	DivPyt	FCFSvn
Variables	ROA	ROA	ROA	ROE	ROE	ROE
L.ROA	0.957***	0.624***	0.626***
	(0.0551)	(0.00895)	(0.00927)
L.ROE				0.567**	0.304***	0.648***
				(0.203)	(0.0424)	(0.193)
DivCap	0.367***			0.117**
	(0.0670)			(0.0525)
DivPyt		0.0791***			0.0316
		(0.0266)			(0.0282)
FCFSvn			0.00673**			0.0866**
			(0.00261)			(0.0407)
FmSze	−0.0882	0.102***	0.0945***	0.162*	0.203***	0.215**
	(0.0526)	(0.00703)	(0.0140)	(0.0852)	(0.0303)	(0.0783)
CapStr	−0.000304**	0.000394***	0.000629	0.00102**	0.000974***	0.00122***
	(0.000127)	(3.71e-05)	(0.000379)	(0.000395)	(0.000101)	(0.000371)
Gov	0.357***	−0.0823***	−0.0735**	−0.122	0.293**	−0.171
	(0.0534)	(0.0126)	(0.0337)	(0.124)	(0.106)	(0.124)
Age	−0.0396***	−0.00443	−0.00839**	−0.0108	−0.00786*	−0.00759
	(0.0123)	(0.00651)	(0.00360)	(0.0152)	(0.00423)	(0.0156)
FSCdummy	−0.422***	−0.0708***	−0.0315***	−0.177*	−0.0967***	−0.159*
	(0.0413)	(0.0217)	(0.00966)	(0.0988)	(0.0277)	(0.0890)
Constant	1.683***	−0.848***	−0.674***	−1.335	−2.435***	−1.951
	(0.504)	(0.206)	(0.184)	(1.302)	(0.445)	(1.218)
AR (1) [p-value]	0.031	0.095	0.215	0.163	0.156	0.152
AR (2) [p-value]	0.885	0.328	0.317	0.225	0.754	0.234
Sargan OIR	0.151	0.273	0.504	0.950	0.997	0.945
Hansen OIR	0.427	0.309	0.492	0.368	0.613	0.427
DHT for Instruments
(a)GMM Instruments for levels
H excluding group	0.406	0.636	0.294	0.817	0.302	0.869
Diff (null, H = exogenous)	0.397	0.211	0.543	0.226	0.674	0.265
(b) IV (years, eq(diff))
H excluding group	0.344	0.436	0.517	0.313	0.519	0.357
Diff (null, H = exogenous)	0.708	0.110	0.264	0.509	0.919	0.595
Fisher	3934.01***	591,924.13***	10,416.99***	5.94e+07***	8.39e+06***	1.56e+08***
Instruments	17	17	17	17	18	17
Observations	71	71	71	71	71	71
Number of Firms	18	18	18	18	18	18

Notes: This table presents the regression outputs with ROA and ROE as dependent variables for non-financial firms (n = 18) over the period 2015–2019. *** p < 0.01, ** p < 0.05, * p < 0.1.

Table 11. Regression outputs with stock price and Tobin’s Q—non-financial firms

	DivCap	DivPyt	FCFSvn	DivCap	DivPyt	FCFSvn
Variables	StkPx	StkPx	StkPx	TobsQ	TobsQ	TobsQ
L.StkPx	0.985***	0.869***	0.694***
	(0.0656)	(0.266)	(0.119)
L.lnTobsQ				0.772***	0.742***	0.811***
				(0.200)	(0.0943)	(0.0822)
DivCap	−0.0724***			0.0248
	(0.0169)			(0.0467)
DivPyt		0.177			−0.322**
		(0.831)			(0.117)
FCFSvn			−0.0957**			−0.0437**
			(0.0352)			(0.0190)
FmSze	−0.942***	−0.547***	−0.532***	0.194*	−0.531***	0.101
	(0.103)	(0.163)	(0.133)	(0.108)	(0.111)	(0.0755)
CapStr	−0.00288***	−0.00172***	−0.00121***	−0.00156***	−0.000897***	−0.00154***
	(0.000236)	(0.000206)	(0.000125)	(0.000239)	(0.000113)	(0.000110)
Gov	2.499***	2.651***	−0.0274	0.476**	−0.651***	0.180
	(0.311)	(0.425)	(0.294)	(0.219)	(0.224)	(0.138)
Age	−0.0375	0.0130	−0.00563	−0.0364	0.0215	−0.0105
	(0.0704)	(0.0379)	(0.0168)	(0.0423)	(0.0182)	(0.00654)
FSCdummy	0.672*	−1.155***	−1.202***	−0.312	−0.600**	−0.166
	(0.382)	(0.345)	(0.129)	(0.399)	(0.209)	(0.225)
Constant	7.977***	3.473***	8.056***	−1.375	6.490***	−0.789
	(1.758)	(1.191)	(0.900)	(1.889)	(1.399)	(0.890)
AR (1) [p-value]	0.103	0.053	0.176	0.010	0.009	0.048
AR (2) [p-value]	0.982	0.695	0.846	0.655	0.769	0.682
Sargan OIR	0.439	0.884	0.220	0.101	0.452	0.174
Hansen OIR	0.454	0.403	0.202	0.686	0.881	0.182
DHT for Instruments
(a)GMM Instruments for levels
H excluding group	0.516	0.490	0.873	0.875	0.968	0.225
Diff (null, H = exogenous)	0.379	0.341	0.107	0.521	0.749	0.211
(b) IV (years, eq(diff))
H excluding group	0.359	0.332	0.185	0.598	0.822	0.230
Diff (null, H = exogenous)	0.929	0.648	0.350	0.838	0.932	0.147
Fisher	2.37e+07***	3.05e+07***	1.44e+07***	1516.48***	4.59e+08***	270,658.88***
Instruments	17	18	18	18	18	18
Observations	71	71	71	70	70	70
Number of Firms	18	18	18	18	18	18

Notes: This table presents the regression outputs with stock price and Tobin’s Q as dependent variables for non-financial firms (n = 18) over the period 2015–2019. *** p < 0.01, ** p < 0.05, * p < 0.1.

Table

Share Code	Name of Company
Panel A: Non-Financial Firms
AGA	AngloGold Ashanti Limited
ALU	Aluworks LTD
BOPP	Benso Oil Palm Plantation Ltd
CLYD	Clydestone (Ghana) Limited
CMLT	Camelot Ghana Ltd
CPC	Cocoa Processing Company
FML	Fan Milk Limited
GGBL	Ghana Commercial Bank Limited
GOIL	Guinness Ghana Breweries Ltd.
GSR	Golden Star Resources Ltd.
MAC	Mega African Capital Limited
MLC	Mechanical Lloyd Company
MMH	Meridian-Marshalls Holdings
SAMBA	Samba Foods Ltd
SWL	Sam Wood Ltd.
TLW	Tullow Oil Plc
TOTAL	Total Petroleum Ghana Ltd
UNIL	Unilever Ghana PLC
Panel B: Financial Firms
ACCESS	Access Bank Ghana
ADB	Agricultural Development Bank
CAL	CalBank PLC
EGH	Ecobank Ghana Ltd
EGL	Enterprise Group Limited
ETI	Ecobank Transnational Incorporation
GCB	Ghana Commercial Bank Limited
SCB	Standard Chartered Bank Ghana Ltd.
SIC	SIC Insurance Company Limited
SOGEGH	Societe Generale Ghana Limited
TBL	Trust Bank Limited (The Gambia)