Corporate governance in Ghana: A proposal for multi-faceted determinants of corporate governance information disclosure

Organizations' diverse stakeholdership and competing interest often times result in conflicts which if not managed well may have negative consequences on the very existence of the organization. One of the best ways to avoid or mitigate the conflict is to manage diverse stakeholder-interest fairly through information management and disclosure. This has to do with corporate governance, basically regulating stakeholder relationships. This paper’s objective is to review the contemporary corporate governance situation in Ghana as well as to establish the determinants of corporate governance information disclosures (CGID) under a multi-theoretic framework underpinned by agency, signaling, stakeholder, and contingency theories. The review explored six databases (WoS, Scopus, Google scholar, Ghana Stock Exchange website, Securities and Exchange Commission website, and Bank of Ghana website). Only papers published in English that concentrated on corporate governance, corporate governance compliance dimensions, ownership characteristics, board characteristics and decisions, auditor characteristics, strategic corporate information disclosure, corporate social and financial performance, firm-specific variables, and macroeconomics factors and were published in peer reviewed journals were included in the review. The review led to the development of a framework that vividly explains how various variables in the perspectives of agency, stakeholder, signaling, and contingency theories can influence the level of corporate governance information disclosure. The findings suggest the need for the development of a comprehensive index or instrument to aid corporate institutions to be able to measure CGID levels based on multiple determinants.