This study examines the determinants of profitability in different firm ownership structures and how different ownership structures impact the profitability of listed firms between 2003 and 2013, using pooled annual data of 23 Ghanaian listed firms. | Ownership structure and profitability of listed firms in an emerging market Accounting 5 2020 51 66 Contents lists available at GrowingScience Accounting homepage ac Ownership structure and profitability of listed firms in an emerging market Richard Angelous Koteya Baah Kusia and Richard Akomateya aDepartment of Finance University of Ghana Business School University of Ghana Ghana CHRONICLE ABSTRACT Article history Motivated by the agency theory and the need to examine the effect of separation of ownership Received May 11 2019 and management this study examines the determinants of profitability in different firm Received in revised format May ownership structures and how different ownership structures impact the profitability of listed 24 2019 firms between 2003 and 2013 using pooled annual data of 23 Ghanaian listed firms. Employing Accepted June 3 2019 Available online a number of static models OLS Random Effects and 3 Stage Least Squares we find evidence June 3 2019 that while profit determinants vary for listed firms given their ownership structures ownership Keywords structures also affected profitability differently. Specifically for listed firms profitability was Ownership structure determined by capital intensity liquidity financial risk age and GDP for non-family owned Profitability listed firms profitability was determined by capital intensity liquidity market share and age for Listed firms foreign-owned firms profitability was determined by capital intensity liquidity age and GDP Ghanaian firms and for non-foreign ownership profitability was determined by capital intensity liquidity financial risk growth age and GDP. When we examine the impact of ownership structure on profitability and find that family-owned listed firms make 30 less profits compared to non- family owned ones whilst foreign-owned firms make 13 more profits than non-foreign owned ones. These findings confirm the agency theory which posits that separation
