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This study explores the relationship between financial market development and choice of finance (debt-equity) of listed firms in Ghana in a panel data framework. The core concern of this study is to test whether debt and equity finance are complements or substitutes. The study used panel data which involves pooling of twenty-one listed firms on the Ghana Stock Exchange (GSE) over the period 1995-2005. The study finds evidence of complementarity between banking and stock market developments in financing decisions of listed firms in Ghana. The stock market development is indicated to have a positive effect on the capital structure decisions of listed firms. However, substitution effect between debt and equity mainly in favour of equity financing sets in as the financial landscape develops further. This finding emphasises the important role equity markets in developing countries play in capital structure of listed firms. .

Financial market development and capital structure of listed firms: Empirical evidence from Ghana