Tag Archives: stock exchange

Whistleblowing and its link on Corporate Governance and Compliance: The case of Financial Companies listed on the Ghana Stock Exchange (Published)

Whistleblowing in institutions is key for corporate governance and compliance in organizations. In this study we determine whether there exist whistleblowing mechanisms and policies in the financial institutions listed on the Ghana Stock Exchange (GSE). The study also sought to examine the level of staff knowledge and perceptions on those policies and procedures.  A two-stage sampling scheme was adopted in selecting the samples. Four out of nine banks listed on the Ghana Stock Exchange were selected using simple random sample. For each bank selected two branches in greater Accra were included randomly in the sample from which 100 was selected. The results of the analysis indicated that majority of the respondents were eager to blow the whistle at all cost, however education on knowledge on procedures for reporting at the time of appointment was little. Out of the 80 participants who took part in the study, none of them responded no to reporting wrongdoing even when their report will lead to the closure of the company, or dismissal. The chi-square test of independence also shows that, there is a link between whistleblowing, corporate governance and compliance in the financial companies listed on Ghana Stock Exchange (GSE). It is recommended that organizations carry out periodical education on policies and procedures on whistleblowing to increase the consciousness of all employees.

Keywords: Compliance, Corporate Governance, Ghana, Whistleblowing, financial companies, stock exchange

An Assessment of the Factors That Affect the Financial Performance of the Cross-Listed Companies in the Rwanda Stock Exchange (Published)

This research study entitled An Assessment of the Factors that Affect the Financial Performance of the Cross-Listed Companies in the Rwanda Stock Exchange aimed at assessing the factors that affect the financial performance of the cross listed companies on the RSE. As a guidance, the research examined the relationship between the level of awareness of the market by the public and the financial performance of cross-listed companies in RSE, assessed how the regulation framework affect the financial performance of the cross-listed companies on the RSE feature, and finally determined how technology affects the performance of cross-listed companies. The companies under consideration were the primary stakeholder of the RSE totalling to 14 firms which included Capital Market Authority, Rwanda Stock Exchange, the 9 brokerage firms and the 3 cross listed firms in the RSE employing 97 workers. Through a descriptive survey design, a sample size of 67 participants were selected from the 97 workers and 100 other informants identified purposively and their responses to various data collection tools particularly questionnaires and interview guides captured for analysis. The data were analysed through Hermeneutics, Thematic analysis, and Multiple Regression techniques to answer the questions that the research ventured out to investigate. The result of the analysis showed that there was a negative correlation between awareness and financial performance of the firms, regulation framework was positive and significant with r (67) = .684, P = .037, while technology correlated with r = .506, p = .094. Market capitalization of the domestic companies was larger than that of cross-listed, and return on equity of the domestic firms was better than for the cross-listed companies. Generally the cross-listed companies did not perform any better than the domestic firms though overall the public awareness, technology and regulation framework positively correlated with financial performance of the cross-listed firms. The recommendation is that more awareness strategy needed to be devised so as to increase public awareness of investors and cross-listing companies need to be motivated by other factors other than making profits when choosing.

Keywords: Capital market, Financial Performance, Market Capitalization, Rwanda, profit, stock exchange


The aim of this article is to determine the relationship between learners’ familiarity with domain knowledge and their comprehension of specialized texts. In fact learner production capacity may be affected by their difficulties in understanding the words, and also the content, when the students are not familiar with the subject dealt with in a text. With a French written-text on the stock exchange and open English-written questions to be answered in English, a large number of my students were unable to show much comprehension of the content of the text although the latter provided very clear explanations in their official language, i.e. French. With no stock exchange in Benin, and only one stock exchange for the whole of West African Economic and Monetary Union (WAEMU) of which Benin is a member-country, the students who have no stock exchange culture could not display much understanding of the concepts relating to the specific domain of the stock-exchange, the New York Stock Exchange (NYSE) index, the Dow Jones Industrial Average, and many of them failed in their inferential comprehension, even though they may easily have a literal comprehension of the text. In conclusion, literal understanding is not enough to ensure the inferential comprehension of a text no matter the language it is written in.

Keywords: inferential comprehension domain knowledge, language for specific purposes., literal comprehension, stock exchange, the Dow Jones Industrial Average (DJIA)