Facteurs externes et internes influant sur la valeur des actions bancaires au Ghana
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La valeur ou le cours des actions bancaires est influenc� par l'�volution des variables macro�conomiques, les perspectives du secteur bancaire ainsi que les performances op�rationnelles et financi�res des banques. L'objectif de cet ouvrage �tait d'analyser les influences et la capacit� pr�dictive de certaines variables externes et internes susceptibles d'avoir un impact sur la valorisation des banques au Ghana. Une approche quantitative non exp�rimentale utilisant des mod�les de r�gression multiple bas�s sur la th�orie du mod�le d'�valuation par l'arbitrage (APM) a �t� employ�e comme m�thodologie de recherche. La population couvrait toutes les banques cot�es en bourse au Ghana, mais l'accent a �t� mis davantage sur la Standard Chartered Bank (SCB) et la Ghana Commercial Bank (GCB). Les r�sultats ont montr� que les variables externes permettent de mieux pr�dire la valorisation de la SCB que celle de la GCB, tandis que les variables internes permettent de mieux pr�dire la valorisation de la GCB que celle de la SCB. L'auteur recommande aux investisseurs d'accorder davantage d'importance � l'analyse des facteurs internes lors de la valorisation d'une banque publique. En revanche, pour la valorisation d'une banque priv�e �trang�re, il convient d'accorder davantage d'importance aux facteurs macro�conomiques du pays d'accueil.
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