Purpose Amid growing stakeholder needs, this study aims to assess the effect of boardroom characteristics on the disclosure of forward-looking information by listed firms on the Ghana stock exchange (GSE). Further, it investigates the mediating role of firm size in the relationship between boardroom characteristics and forward-looking information disclosure (FLID). Design/methodology/approach Using data from the annual reports of a sample of firms on the GSE in 2019 and multiple regression analysis, the effect of boardroom characteristics on the disclosure of forward-looking information is ascertained. Findings The results depict that board gender diversity, i.e. female representation on the board, is positive and significantly related to firms’ disclosure levels on the GSE. Similarly, board independence and auditor type have a positive and significant relationship with FLID, whereas profitability and financial leverage do not affect disclosure levels. The further analysis depicts that the relationship between board size and FLID is mediated by firm size. Practical implications This study’s findings would aid management, market regulators and investors in Ghana and other developing contexts assess mechanisms that would increase FLID among firms to satisfy stakeholders. Originality/value This paper focuses on the extent of FLID after the setbacks and subsequent rejuvenation of Ghana’s financial and nonfinancial system. Specifically, this paper adds to the few studies on the African continent that examined the influence of boardroom characteristics on FLID.

This study utilizes firm-level data from the World Bank's Enterprise Survey Indicator Database, conducted between 2009 and 2018 for 32 countries in Africa, to examine the causal relationship between firm productivity, innovation, and financial development. We show evidence that firm innovation significantly and positively affects firm productivity. We also show the mediating role of well-developed financial markets on productivity. In a well-developed financial market, the impact of firm innovation is significant through the facilitation and financing of innovation activities; and innovative firms to boost productivity and lower production costs. These findings are significant for countries in Africa (and other less-developed countries) who spend less on R&D but can adopt or imitate existing innovative ideas from technology-rich countries for accelerated economic growth and increased productivity.

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This study contributes to the existing literature on innovation by examining how manufacturing firms in Africa fund innovation activities. This study specifically seeks to identify whether innovative companies exhibit financing patterns distinct from those of non-innovative ones. Besides, this study seeks to gauge the association between innovation and firm features, such as ISO certification, firm age, exporter firms, firm size, internal funding, top female manager, top managers' experience, bank financing, obstacle to access to finance, financial constraints, government ownership, and foreign ownership, among others. This study finds that the main drivers of firm innovation in Africa are ISO certification, firm age, firms communicating with customers through emails, and websites, exporter firms, firm size, internal funding, top female manager, top manager's experience, bank financing, trade credit, firm location, and location size. We also found that only 19.6% of the sampled firms have ISO certification within the last three years. As captured by the innovation index, a summary of the level of innovation among firms shows that only 31.7% of the firms fall within high innovation. The study, therefore, recommends that to salvage the low levels of firm innovation among African firms, it will be prudent to 1) increase R & D spending (the ratio of R & D expenditure to GDP), 2) attract and incentivize highly qualified researchers into public, and privative enterprises, not only into higher institutions of learning, and 3) incentivize and promote patent activities.

The study employed the two steps systems GMM technique to examine the effect of FDI inflow in 54 countries in Africa from 2004 -2020. The effects of FDI on the economy and growth are positive, provided that policymakers meet minimum conditions. The advantages of FDI are conditioned by the ability of the host country to assimilate technologies and by a local environment that is secure and transparent. The effects of FDI on the environment are inescapable. The results show that there is indeed a positive relationship between FDI inflows and CO2 emissions in Africa. The results also show that the intensity of CO2 emissions does depend on the increase in GDP growth (economic growth). However, with robust, sustainable environmental policies and legal quality, the effect of FDI inflow on CO2 emissions can be mitigated.