ABSTRACT

This study investigates how credit information sharing conditions debt financing to boost the profitability of 20 listed enterprises on the Ghana Stock Exchange between 2003 and 2013. We employ robust least squares and simultaneous bootstrapping models in a panel setting. Our findings show that the impact of debt financing on profitability increases when it is subject to information sharing and takes the shape of short, long, and total debts. In the worst-case situation, contingent debt financing reduces the negative impact of debt financing on profitability. Therefore, authorities must adopt laws and legislation that deepen, widen, and strengthen credit information sharing to offset the negative impact of information asymmetry on loan financing and business profitability.

摘要

本研究调查了 2003 年至 2013 年间信用信息共享如何影响债务融资以提高加纳证券交易所 20 家上市企业的盈利能力。我们在面板设置中采用稳健的最小二乘法和同步自举模型。我们的研究结果表明，当债务融资受制于信息共享并采取短期、长期和总债务的形式时，它对盈利能力的影响会增加。在最坏的情况下，或有债务融资减少了债务融资对盈利能力的负面影响。因此，当局必须通过法律和立法深化、扩大和加强信用信息共享，以抵消信息不对称对贷款融资和企业盈利能力的负面影响。