Browsing by Author "Chizindu, Wonu"

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    Corporate Board Reform and Capital Structure Dynamics: Evidence from UK
    (Springer, 2024-10-15) Ezeani, Ernest; Fulgence, Samuel; Hu, Wansu; Kwabi, Frank; Chizindu, Wonu
    Theoretical arguments suggest that corporate board reform will influence firms' capital structure choices. Consistent with this argument, we examine the impact of corporate board reform on the capital structure dynamics of UK firms. Using 12,384 firm-year observations between 2006 and 2020, we provide evidence of a higher speed of adjustment (SOA) after board reform. Using an additional analysis, we find that firms with higher agency costs (in the pre-reform phase) are more likely to implement the monitoring effect of debt. Also, our decomposition analysis shows that firms increased both short-term and long-term debt after the board reform, suggesting that improved board monitoring positively impacts firm leverage. Our results are robust to alternative leverage proxies and batteries of robustness tests.
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    The impact of the media on tourism development and income inequality
    (Taylor and Francis, 2023-01-20) Kwabi, Frank; Ezeani, Ernest; Owusu, Andrews; Chizindu, Wonu; Hu, Wansu
    This paper examines whether the relationship between tourism development and income inequality is sensitive to the media environment. Using panel data from 88 countries for the period 1996 to 2020, we find that countries with uncensored media environments experience lower income inequality as the tourism industry develops. We also find that a favourable media environment enhances tourism development. Further analysis shows that asymmetries in a hostile media environment; namely, media biasedness, media corruption, and harassment of journalists, inhibit tourism development, particularly in emerging countries. This paper calls for strong support for press freedom to develop the tourism industry as countries emerge from the adverse effects of the COVID-19 pandemic.
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    Political Uncertainty and Cross-Border Equity Portfolio Allocation Decisions: International Evidence
    (Elsevier, 2023-02-04) Kwabi, Frank; Boateng, Agyenim; Chizindu, Wonu; Kariuki, Charles; Du, Anna
    Political risk models highlight that political uncertainty matters for corporate investment decisions. However, how political uncertainty matters for investment allocation decisions is relatively under-explored. In this study, we examine the impact of political uncertainty associated with national elections on foreign equity portfolio in 48 countries. Our results indicate that political uncertainty reduces international equity allocations to the host country and such reduction appears more pronounced in the election year. Further analysis shows that the interaction between political uncertainty and institutional quality has a positive and significant effect on international equity portfolio flow, suggesting that the value of institutional quality outweighs the negative effects of political uncertainty. Lastly, we find equity home bias to be negative and significant; however, the interaction between political uncertainty and equity home bias appears insignificant.