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This study empirically examines the impact of working capital management (WCM) on the profitability of Small and Medium Scale Enterprises (SMEs) in the context of a developing economy, Ghana. We analyzed data on 366 SMEs over a 10-year period, spanning 2007 to 2016. Generalized method of moment (GMM) estimation was employed. The results reveal a positive relationship between trade payable period and profitability. The inventory conversion period and cash conversion cycle show a negative association with profitability. The results show an inverted U-shaped relationship between trade receivables collection period and corporate profitability, an indication of an optimal trade receivables collection period that maximizes profitability. Further check suggests a deviation from the optimal trade receivables collection period significantly and negatively affects corporate profitability. The study reveals the need for firms to ensure efficient management of working capital to maximize profitability.

Several studies have evolved to deal with the determinants of stock market volatility. However, there exists a gap in literature with regards to the interrelation among the broad categories of factors that trigger stock market reaction namely company fundaments, technical factors and market sentiments. This paper provides a holistic and comprehensive theoretical review of drivers of stock markets’ reaction as well as designs an interrelated conceptual framework of the factors that influence investors’ decision making to fill the gap in literature. Brexit is presented as a case study to illustrate how investors and stock markets are affected by new events or information. This study will reveal some of the global staggering effects of Brexit at the end of trading on June 24, 2016 in areas such as currencies, stock markets, banks, commodities, bonds, automakers and homebuilders as well as hedge fund. Barely 24 hours after the results of Brexit were declared; global stock markets lost about $2 trillion in value. The British pound plunged to almost $1.33, its lowest level in over 30 years against the US dollar and gold proved to be one of the few safe havens for investors on that day. In order for investors to insulate themselves against loses from Black Swans events, the conclusion of this study recommends some protective mechanisms for investors which include avoidance of overexposure and stockpiling of cash.

The paper investigates the challenges faced by Non-Executive and Independent Directors in ensuring that good corporate governance practices are adhered to in non-listed Ghanaian family business at all times using non-listed family business in the Ashanti Region of Ghana. The findings revealed that the presence of non-executive and independent directors had no significant effect on the performance of non-listed family businesses in Ghana since they were dormant in most of the roles expected to be discharged by them and active in only few responsibilities or roles. It is also discovered that the boards of non-listed family businesses meet only when there is a problem to solve and not regularly. The owner-manager-chief executive office-board chairman, makes all decisions and ensures its implementation. The results draw the attention of policy makers to the position of non-executive and independent directors in family businesses given the enormous positive contribution they play to the economic development of the nations and their contributions to the society in general.