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Purpose The purpose of this study was to leverage agency theory to examine the impact of board attributes on cash flow management in Ghana’s financial institutions. Design/methodology/approach Data for the study was collected from the annual published financial statements of selected financial institutions, which were obtained from their respective websites. The sampling technique used was purposive, resulting in the selection of 15 financial institutions in Ghana, of which 10 were listed on the Ghana Stock Exchange and 5 were non-listed. The study covered a period of 10 years, ranging from 2011 to 2020. The two-step generalized method of moments estimation was used to determine the relationship between the board attributes and cash flow management. Findings The study found that board size had a positive and significant influence on net cash flow from operating, investing and financing activities. The study also discovered that the proportion of nonexecutive directors had a positive and significant influence on net cash flow from operating, investing and financing activities. In addition, it was revealed that the proportion of female directors on the board exhibited a positive and significant influence on net cash flow from operating activities but a negative and significant influence on net cash flow from investing and financing activities. Practical implications The study recommends increasing female representation on corporate boards to 25%, as women bring valuable skills, knowledge and experience that positively impact the financial institutions’ cash flows. Originality/value This study focused on the impact of board attributes on cash flow management within Ghana. It explored how corporate governance affects strategic decisions related to cash flow management, contributing original insights to this field of research.
Mensah et al. (Sat,) studied this question.