The Zimbabwe Code on Corporate Governance (Zimcode) and Financial Performance

Nyakurukwa, Kingstone

doi:10.1080/15228916.2021.1889871

Cited by 6 publications

(9 citation statements)

References 29 publications

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“…Nyakurukwa (2021) departs from using individual corporate governance provisions as used in the above studies and instead constructs a corporate governance index from the provisions of the ZIMCODE. Two proxies of firm performance are used: the ROAs (signalling performance from the perceptive of the manager) and Tobin’s Q (signalling performance from the perspective of the investor).…”

Section: Resultsmentioning

confidence: 99%

“…In terms of the size of the sample, the greatest number of companies used in a single study was 67 (Mangena and Tauringana, 2007) and the least number of companies was 5 (Shungu et al , 2014). In terms of the sample period, Nyakurukwa (2021) and Mangena et al (2012) used the longest sample periods in their studies (six years) while the shortest period was one year (Siwadi et al , 2015). In terms of the analyses used in the studies, the majority of the studies used methods based on the ordinary least squares’ (OLS) estimators.…”

Section: Resultsmentioning

confidence: 99%

“…In terms of the analyses used in the studies, the majority of Note: The last column shows the sample period covered in each article while the number of years is shown in square brackets the studies used methods based on the ordinary least squares' (OLS) estimators. Nyakurukwa (2021) uses the least absolute value estimators which are robust in the face of outliers and nonlinearities. Shungu et al (2014) augmented the OLS with Granger causality.…”

Section: Independent Directors Information Disclosurementioning

confidence: 99%

“…Over the past few years, the regulatory authorities have been working hard to place the corporate governance practices in Zimbabwe within international best practices (Nyakurukwa, 2021). This has been done through, for example, revamping the Companies Act as well as the codification of corporate governance in Zimbabwe.…”

Section: Introductionmentioning

confidence: 99%

“…Since its controversial land reform programme in 2000, which culminated in the country being placed under the radar of punitive economic sanctions by Western countries, the economy of Zimbabwe has been facing various macroeconomic and political challenges (Nyakurukwa, 2021). These macroeconomic and political challenges have impeded and weakened most state institutions, including the legal system.…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Nyakurukwa

Seetharam²

2022

QRFM

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Purpose Literature shows that corporate governance matters more in countries with weak legal environments. The purpose of this study is to synthesise and map research that has been done so far on corporate governance in Zimbabwe, a country that has been characterised by weak legal systems and lack of respect for property rights. Design/methodology/approach A systematic review and bibliometric analysis of 20 articles indexed in the Scopus and Web of Science databases was carried out to establish the trends and evolution of corporate governance in Zimbabwe. Findings The articles reviewed looked at the association between corporate governance attributes and firm performance, disclosure of information and economic growth. The proportion of independent directors was found to significantly affect firm performance and information disclosure in most of the studies. The majority of the studies used descriptive statistics and simple regression in their methodologies. The stakeholder theory is the most used in the studies reviewed. Originality/value The study highlights the need to strengthen the state infrastructure that enhances corporate governance at the firm level. When state-owned companies adhere to good corporate governance practices, this can cascade to the private sector.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: Independent Directors Information Disclosurementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Nyakurukwa

Seetharam²

2022

QRFM

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Enhancement of state-owned enterprises’ financial reporting through e-governance

Chiuriri,

Arshad

2023

E3S Web Conf.

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State-owned enterprises in Zimbabwe often take long to report their financial statements due to unfunded policy mandates, weak governance, and a lack of capacity of governments to oversee the enterprises/parastatals. Information systems can help improve the operation of state enterprises and expedite financial reporting by interfacing e-governance and corporate governance. This paper aims to present a systematic empirical literature review to examine the role of corporate governance in the timeliness of financial reporting and opportunities of e-Corporate Governance in State-owned enterprises. Specifically, the proposed study’s motivation aroused from vast literature focusing on the role of corporate governance in the timeliness of financial reporting and opportunities of e-Corporate Governance in State-owned enterprises. The study reviewed some of the articles for literature that deliver robust suggestions on the timeliness of financial reporting and opportunities of e-Corporate Governance in State-owned enterprises. Findings suggest that effective corporate governance can improve the performance and accountability of state enterprises. E-corporate governance can help state enterprises report their financial statements promptly. Adoption of e-governance can improve corporate governance in state enterprises by providing best practices and independent oversight mechanisms.

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Information Flow Between the Zimbabwe Stock Exchange and the Johannesburg Stock Exchange: A Transfer Entropy Approach

Nyakurukwa

2021

OMEE

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The purpose of this paper is to determine whether there was information flow between the stock markets of Zimbabwe and South Africa during the time the Zimbabwean economy was dollarized. The author used econophysics-based Shannonian and Rényian transfer entropy estimates to establish the flow of information between the markets in tranquil periods as well as at the tails of return distributions. The only significant Shannonian transfer entropy estimate was from Johannesburg Stock Exchange (JSE) resources index to Zimbabwe Stock Exchange (ZSE) mining index. The findings show that the only significant tail dependence was between JSE All Share Index (JALSH) and ZSE Mining on the one hand, and between JSE Resources and ZSE Mining on the other hand. However, the magnitudes of the effective transfer entropy values are relatively low, showing that there are weak linkages between the Zimbabwe Stock Exchange and the Johannesburg Stock Exchange. The lack of significant information flows between the exchanges of the two countries offer opportunities to fund managers for portfolio diversification. From a government point of view, it is imperative that the tempo of economic and political reform be accelerated so that integration between the markets can be fast-tracked. Integrated markets will benefit Zimbabwe as this will reduce the cost of equity and accelerate economic growth.

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The Zimbabwe Code on Corporate Governance (Zimcode) and Financial Performance

Cited by 6 publications

References 29 publications

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Enhancement of state-owned enterprises’ financial reporting through e-governance

Information Flow Between the Zimbabwe Stock Exchange and the Johannesburg Stock Exchange: A Transfer Entropy Approach

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