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Daniel Gyimah
- Associate Professor
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Dr Daniel Gyimah is an Associate Professor of Finance at Ajman University’s College of Business Administration. He has over a decade of experience in teaching, research, and programme leadership. Dr Gyimah earned his PhD in Accounting and Finance from the University of Glasgow, holds an MSc in Investment Analysis from the University of Stirling and a BCom in Accounting from the University of Cape Coast in Ghana. He is a CFA charterholder and a Fellow of the UK Higher Education Academy (FHEA), demonstrating both his academic rigour and commitment to teaching excellence. Before relocating to the UAE to join Ajman University, Dr Gyimah was Senior Lecturer (Associate Professor) in Finance at the University of Aberdeen. Dr Gyimah's research has been widely published in internationally recognised peer-reviewed journals, including the Journal of Corporate Finance, British Accounting Review, and Journal of International Financial Markets, Institutions & Money. In 2021, Dr Gyimah and his co-authors received the Best Paper Award in Finance published in the British Accounting Review. At Ajman University, Dr Gyimah is committed to advancing the College of Business Administration’s mission through innovative teaching, high-impact research, and mentoring future finance professionals.
Education
- PhD in Accounting and Finance, University of Glasgow, United Kingdom, 2016
- MSc (Distinction) in Investment Analysis, University of Stirling, United Kingdom, 2011
- B.Com (First Class Honours) in Accounting, University of Cape Coast, Ghana, 2008
PhD in Accounting and Finance, University of Glasgow, United Kingdom, 2016
MSc (Distinction) in Investment Analysis, University of Stirling, United Kingdom, 2011
B.Com (First Class Honours) in Accounting, University of Cape Coast, Ghana, 2008
Experience
- Senior Lecturer (Associate Professor) in Finance, University of Aberdeen, United Kingdom, 2022-2025
- Lecturer (Assistant Professor) in Finance, University of Aberdeen, United Kingdom, 2019-2022
- Lecturer in Finance, Coventry University, United Kingdom, 2018-2019
- Lecturer in Accounting and Finance, University of Gloucestershire, United Kingdom, 2016-2018
Senior Lecturer (Associate Professor) in Finance, University of Aberdeen, United Kingdom, 2022-2025
Lecturer (Assistant Professor) in Finance, University of Aberdeen, United Kingdom, 2019-2022
Lecturer in Finance, Coventry University, United Kingdom, 2018-2019
Lecturer in Accounting and Finance, University of Gloucestershire, United Kingdom, 2016-2018
Teaching Area
- Corporate Valuation and Financial Modelling
- Financial Institutions, Markets and Money
- Personal Finance
Corporate Valuation and Financial Modelling
Financial Institutions, Markets and Money
Personal Finance
Research
- Corporate Finance
- Executive Compensation and Corporate Governance
- Banking and Financial Intermediation
Corporate Finance
Executive Compensation and Corporate Governance
Banking and Financial Intermediation
Publications
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JournalAndrews Owusu Kamil Omoteso Daniel Gyimah Amanze Ejiogu, Are lead independent directors greener? Evidence from climate change commitment and ESG performance, Journal of Accounting Literature, Feb 2025, doi: https://doi.org/10.1108/JAL-07-2024-0183
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JournalMichael Machokoto Daniel Gyimah Marvelous Kadzima Dzidziso Samuel Kamuriwo, Ripple effects of innovation: How does peer influence shape corporate innovation across countries?, The British Accounting Review, Vol: 57, pp.101514 - , Jul 2025, doi: https://doi.org/10.1016/j.bar.2024.101514
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JournalDaniel Gyimah Albert Danso Emmanuel Adu-Ameyaw Agyenim Boateng, Firm-level political risk and corporate leverage decisions, International Review of Financial Analysis, Vol: 84, pp.102354 - , Sep 2022, doi: https://doi.org/10.1016/j.irfa.2022.102354
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JournalMichael Machokoto Daniel Gyimah Boulis Maher Ibrahim, The evolution of trade credit: New evidence from developed versus developing countries, Review of Quantitative Finance and Accounting, Vol: 59, pp.857 - 912, May 2022, doi: https://doi.org/10.1007/s11156-022-01061-z
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JournalErnest Gyapong Daniel Gyimah Ammad Ahmed , Religiosity, borrower gender and loan losses in microfinance institutions: A global evidence, Review of Quantitative Finance and Accounting, Vol: 57, pp.657 - 692, Feb 2021, doi: https://doi.org/10.1007/s11156-021-00958-5
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JournalDaniel Gyimah Ernest Gyapong , Managerial entrenchment and payout policy: A catering effect, International Review of Financial Analysis, Vol: 73, pp.101600 - , Jan 2021, doi: https://doi.org/10.1016/j.irfa.2020.101600
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JournalDaniel Gyimah Nana Abena Kwansa Anthony K. Kyiu Anywhere (Siko) Sikochi, Multinationality and capital structure dynamics: A corporate governance explanation, International Review of Financial Analysis, Vol: 76 , pp.101758 - , Apr 2021, doi: https://doi.org/10.1016/j.irfa.2021.101758
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JournalDaniel Gyimah Antonios Siganos Chris Veld, Effects of financial constraints and product market competition on share repurchases, Journal of International Financial Markets, Institutions and Money, Vol: 74 , pp.101392 - , Aug 2021, doi: https://doi.org/10.1016/j.intfin.2021.101392
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JournalMichael Machokoto Daniel Gyimah Collins G. Ntim , Do peer firms influence innovation?, The British Accounting Review, Vol: 53, pp.100988 - , Sep 2021, doi: https://doi.org/10.1016/j.bar.2021.100988
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JournalAlbert Danso Theophilus A. Lartey Daniel Gyimah Emmanuel Adu-Ameyaw, Leverage and performance: Do size and crisis matter?, Managerial Finance, Vol: 47 , pp.635 - 655, Apr 2021, doi: https://doi.org/10.1108/MF-10-2019-0522
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JournalDaniel Gyimah Michael Machokoto Anywhere (Siko) Sikochi, Peer influence on trade credit, Journal of Corporate Finance, Vol: 64, pp.101685 - , Jul 2020, doi: https://doi.org/10.1016/j.jcorpfin.2020.101685
Andrews Owusu Kamil Omoteso Daniel Gyimah Amanze Ejiogu, Are lead independent directors greener? Evidence from climate change commitment and ESG performance, Journal of Accounting Literature, Feb 2025, doi: https://doi.org/10.1108/JAL-07-2024-0183
Purpose This paper sheds light on how appointing a lead independent director (LIDIR) affects a firm’s commitment to climate change and to what extent environmental, social and governance (ESG) performance is affected by a firm’s commitment to climate change in the presence of a LIDIR. Design/methodology/approach The authors utilise ordinary least squares (OLS) and a sample of 12,236 firm-year observations in the United States of America (USA) over the 2002–2019 period to test the predictions. The authors also apply alternative research designs such as propensity score matching, Heckman two-step and instrumental variable techniques to address endogeneity concerns. Findings The authors find that a LIDIR representation on the board is positively associated with a firm’s commitment to climate change. The authors also find that the association between a LIDIR representation on the board and a firm’s commitment to climate change is more pronounced in firms with a combined chief executive officer (CEO) and board chair positions than firms with both positions separated. Additional analysis suggests that increased commitment to climate change in the presence of a LIDIR improves ESG performance. Originality/value While the effect of a LIDIR on firm financial outcomes has received much attention, there is a lack of empirical evidence on whether lead independent directors are greener. The authors provide new and important contribution to the literature by investigating the relationship between an LIDIR representation on the board and non-financial outcomes from the perspective of climate change commitment and ESG performance. The findings may be informative to policymakers seeking to deal with climate change impacts on society to encourage the appointment of a LIDIR.
About the journal
Michael Machokoto Daniel Gyimah Marvelous Kadzima Dzidziso Samuel Kamuriwo, Ripple effects of innovation: How does peer influence shape corporate innovation across countries?, The British Accounting Review, Vol: 57, pp.101514 - , Jul 2025, doi: https://doi.org/10.1016/j.bar.2024.101514
Using a large firm-level dataset encompassing 41 countries spanning from 2000 to 2019, and employing an instrumental variables approach to address endogeneity, we find significant positive peer effects on investments in innovation. Notably, these peer effects are more pronounced in emerging countries, where firms use peer benchmarking or mimicking to overcome institutional constraints. However, our findings suggest that the mechanisms driving imitative behaviour in innovation vary between developing and developed countries. Furthermore, we find that mimicking peer firms’ innovation positively correlates with shareholder value, particularly in emerging economies with weak institutions, where imitative strategies may be more beneficial. Overall, our study highlights the influence of institutions on how firms respond to the investment strategies of their peers and how such responses impact shareholder value.
About the journal
Daniel Gyimah Albert Danso Emmanuel Adu-Ameyaw Agyenim Boateng, Firm-level political risk and corporate leverage decisions, International Review of Financial Analysis, Vol: 84, pp.102354 - , Sep 2022, doi: https://doi.org/10.1016/j.irfa.2022.102354
This study examines the effects of firm-level political risk on firm leverage decisions and speed of adjustment. We uncover that firm-level political risk has a negative impact on a firm's total and long-term leverage. We also find that firms facing high political risk tend to prefer debts with short-term maturity. However, firm-level political risk is positively related to debt specialisation, suggesting that firms are more inclined to adopt fewer debt types when they face high political risk. Further analysis reveals that firms with high political risk are associated with a faster speed of adjustment to target than those with low political risk. Our results are robust to endogeneity concerns and the effects of financial crisis.
About the journal
Michael Machokoto Daniel Gyimah Boulis Maher Ibrahim, The evolution of trade credit: New evidence from developed versus developing countries, Review of Quantitative Finance and Accounting, Vol: 59, pp.857 - 912, May 2022, doi: https://doi.org/10.1007/s11156-022-01061-z
Using a large sample of listed firms from 72 countries over the period 1990–2019, we document a marked decrease in trade credit that is more pronounced for firms in developed economies relative to those in emerging economies. We find little evidence that firm characteristics drive this trend, as their relation with trade credit remains relatively stable throughout the sample period. We test several competing propositions and find that the listing decade, institutional factors, and financial development explain the downward trajectory in trade credit. We also report diminishing returns to trade credit that are higher in the US and other developed economies than in emerging economies. These results are robust to alternative definitions of trade credit and to controlling for several firm-specific and macroeconomic factors.
About the journal
Ernest Gyapong Daniel Gyimah Ammad Ahmed , Religiosity, borrower gender and loan losses in microfinance institutions: A global evidence, Review of Quantitative Finance and Accounting, Vol: 57, pp.657 - 692, Feb 2021, doi: https://doi.org/10.1007/s11156-021-00958-5
We examine the impact of religious beliefs on loan repayments in 770 microfinance institutions (MFIs) across 65 countries over the period 2006–2018. We find robust evidence of a negative relationship between religiosity and loan losses in MFIs. We also find that the relationship between religiosity and loan losses is stronger for MFIs in Protestant-dominated countries than in Catholic-dominated countries. Moreover, religiosity improves the operational self-sufficiency of MFIs through a reduction in loan losses. We find that religiosity does not improve the loan repayment behaviour of women borrowers, but it reduces the loan size per borrower. Overall, our evidence suggests that although religiosity reduces loan losses through religiosity-induced lender-risk aversion, it does not improve the loan repayment behaviour of borrowers. We also use several approaches to evaluate our results to the effects of endogeneity.
About the journal
Daniel Gyimah Ernest Gyapong , Managerial entrenchment and payout policy: A catering effect, International Review of Financial Analysis, Vol: 73, pp.101600 - , Jan 2021, doi: https://doi.org/10.1016/j.irfa.2020.101600
Agency theory suggests that entrenched managers are less likely to pay dividends. However, according to the catering theory, external pressures from investors can force managers to increase dividend payments. Hence, we test whether entrenched managers respond to investor demand for dividends and share repurchases. Using a large sample of 9677 US firms over the period 1990–2016 (i.e. a total of 80,478 firm-year observations), we test and find evidence that managerial entrenchment negatively impacts dividend payments. Our findings suggest that catering effects weaken the negative impact of managerial entrenchment on payout policy and that in firms with entrenched managers an increase in the propensity to pay dividends is conspicuous only when there is external investor demand for dividends. Our results indicate that while insiders and institutional owners might not necessarily favour dividend payments, firms respond to catering incentives when dominated by insiders but not institutional owners. Overall, our findings are consistent with the view that dividend payments are a result of external pressures to reduce agency problems associated with firms run by entrenched managers.
About the journal
Daniel Gyimah Nana Abena Kwansa Anthony K. Kyiu Anywhere (Siko) Sikochi, Multinationality and capital structure dynamics: A corporate governance explanation, International Review of Financial Analysis, Vol: 76 , pp.101758 - , Apr 2021, doi: https://doi.org/10.1016/j.irfa.2021.101758
This paper examines the impact of corporate governance on capital structure dynamics. Using ordinary least squares regressions on 17,496 firm-year observations for 2,294 US multinational companies (MNCs) over the period 1990–2018, we find that MNCs with strong corporate governance use more debt than those with weak governance. Furthermore, strong corporate governance is associated with a faster speed of adjustment to capital structure. This relationship is more pronounced for MNCs than domestic companies, particularly for overlevered firms. We also use the two-part zero-inflated fractional regression model, instrumental variable, and structural equation model estimations to deal with any endogeneity concerns associated with the explanatory variables. Overall, our findings, which withstand a battery of robustness checks, suggest that improvements in corporate governance reduce the costs of monitoring for bondholders, resulting in increased debt financing.
About the journal
Daniel Gyimah Antonios Siganos Chris Veld, Effects of financial constraints and product market competition on share repurchases, Journal of International Financial Markets, Institutions and Money, Vol: 74 , pp.101392 - , Aug 2021, doi: https://doi.org/10.1016/j.intfin.2021.101392
This study explores the importance of financial constraints and product market competition on the share repurchase decision. We find that financially constrained firms are more likely to conduct debt-financed share repurchases. Financially unconstrained firms, however, tend to conduct debt-financed repurchases only when debt market conditions are favourable. We also find that the level of industry competition is a significant factor behind managers’ decisions. High (low) industry competition forces financially unconstrained and undervalued firms to reduce (increase) the agency costs of free cash flows from overvalued debt financing. The implication is that firms in high-competition industries disburse excess cash through share repurchases. We find that this effect is strongest in periods outside financial crises.
About the journal
Michael Machokoto Daniel Gyimah Collins G. Ntim , Do peer firms influence innovation?, The British Accounting Review, Vol: 53, pp.100988 - , Sep 2021, doi: https://doi.org/10.1016/j.bar.2021.100988
Using a large sample of 4,545 US firms over the period 1968–2018, we find robust and significant positive peer effects on corporate innovation. Consistent with the need to keep ahead or abreast of rivals, we document an increase in peer firms’ influence with product market competition. Our further analyses show interesting leader–follower interactions with firms following or adopting innovation policies of counterparts perceived or likely to have superior information. This finding supports the information-based motives of mimicking. More importantly, we show that adopting peers’ innovation policies is associated with improvements in long-term innovation outputs and product market performance. Our results suggest that peer effects are a critical determinant of corporate innovation in addition to other factors examined so far in the literature.
About the journal
Albert Danso Theophilus A. Lartey Daniel Gyimah Emmanuel Adu-Ameyaw, Leverage and performance: Do size and crisis matter?, Managerial Finance, Vol: 47 , pp.635 - 655, Apr 2021, doi: https://doi.org/10.1108/MF-10-2019-0522
Purpose This paper contributes to the capital structure literature by examining the impact of financial leverage on firm performance and also the extent to which firm size and crisis matter in the leverage -performance relationship. Design/methodology/approach Using data from 2403 Indian firms during the period 1995–2014, generating a total of 19,544 firm-year observations, panel econometric methods are employed to test the leverage-performance relationship. Findings Drawing insights from agency theory and using Tobin's Q (TQ) as our main measure of performance, the authors uncover that financial leverage is negatively and significantly related to firm performance. The authors also observe that the impact of financial leverage on firm performance is lower for smaller firms than larger ones. Finally, the authors show that the 2007/08 financial crisis had no significant impact on the relationship between financial leverage and firm performance. Originality/value The paper provides fresh evidence on the impact of leverage on performance, particularly from the Indian context. This study is also among the first studies to examine the role of firm size and financial crisis in the leverage-performance relationship.
About the journal
Daniel Gyimah Michael Machokoto Anywhere (Siko) Sikochi, Peer influence on trade credit, Journal of Corporate Finance, Vol: 64, pp.101685 - , Jul 2020, doi: https://doi.org/10.1016/j.jcorpfin.2020.101685
We examine the influence of peer firms on trade credit policies of listed firms in the United States. We posit and find evidence that firms mimic their peers in formulating trade credit policies. The findings are more pronounced for firms that operate in highly competitive product markets and an uncertain information environment. Our results show that firms not only mimic peers in similar circumstances but also imitate their more and less successful peers. We find that the benefits of mimicking peers' trade credit policies increase initially, but for firms that already maintain high levels of trade credit, these benefits diminish faster as the intensity of mimicking increases. Our results are robust to different methods of selecting peers, sampling, different proxies, and estimation techniques.
About the journal
Memberships, Awards and Honors
- Program Committee Member 2022 Financial Management Association (FMA) Asia Pacific Conference at Monash University in Melbourne, Australia.
- External Advisor BSc Banking and Finance Programme at University of East London, UK.
- Fellow Higher Education Academy (FHEA) Advance Higher Education, UK.
- CFA Institute Charlottesville, Virginia, USA.
- 2021 Best Paper Award (Finance), British Accounting Review.
- PhD Scholarship, Adam Smith Business School, University of Glasgow, 2011
- Karen Napier Scholarship, Stirling Management School, University of Stirling, 2010.
- Best Candidate in Advanced Accounting, Institute of Chartered Accountants, Ghana, 2010.
- Best Candidate for First Attempt, Institute of Chartered Accountants, Ghana, 2010.
- Best Candidate in Strategic Management, Institute of Chartered Accountants, Ghana, 2009.
- Best Candidate in Company and Partnership Law, Institute of Chartered Accountants, Ghana, 2009.
- Best Graduating Student - Bachelor of Commerce, School of Business, University of Cape Coast, Ghana, 2008.