https://cris.library.msu.ac.zw//handle/11408/169 Sun, 17 May 2026 04:42:05 GMT 2026-05-17T04:42:05Z https://cris.library.msu.ac.zw//handle/11408/7023 Title: Evaluating Equity Portfolio Performance and the Role of Gold and USD in Porfolio Management in Zimbabwe Authors: Mutambanadzo, Tatenda Abstract: Over the past few decades equity investors in Zimbabwe have experienced recurrent episodes of capital depreciation due to raising inflation and debilitating economic conditions. The equity market delivered risk adjusted returns of 15% from 2009 to 2015 during the multi-currency regime. The global boom, wider involvement of emerging markets in stock trading, high capitalisation levels of stock markets and economic crises that have been experienced during the last few years which has adversely affected investors returns have awakened the need to improve portfolio management strategies. Modern Portfolio Theory was developed to reduce portfolio risk of high volatile assets by diversifying portfolios with negatively related assets. To evaluate equity only portfolio and the role of Gold and USD in portfolio management data for 10 years was collected from 2009 to 2019. Gold international price, USD index and ZSE industrial index was used to investigate equity only portfolio, equity and Gold portfolio and equity and USD portfolios’ average returns during distress times to measure average returns during these times. The findings of the study were that USD and Equity portfolio performs better during financial turmoil and USD asset is the best equity portfolio effective hedge in Zimbabwe. Also, we noted that Equity and Gold portfolio performs best on a risk adjusted basis compared to Equity and USD portfolio. From these findings we recommend that investors and portfolio managers should also invest in hard international recognised assets especially in commodities like Gold and hard currency like USD and practice portfolio diversification strategies by increasing assets investments portfolios to reduce portfolio management risk and increase portfolio returns. Fri, 01 Jan 2021 00:00:00 GMT https://cris.library.msu.ac.zw//handle/11408/7023 2021-01-01T00:00:00Z Mutambanadzo, Tatenda https://cris.library.msu.ac.zw//handle/11408/7022 Title: Corporate Governance Indicators and Firm Value: The Case of Zimbabwean Commercial Banks Authors: Mchenyenya, Zacks Abstract: The financial crisis that occurred between the period 2008-2009 left many banks collapsed, and this raised more questions than answers on the relationship between corporate governance and firm value. In Zimbabwe more than 20 banks were closed during the period of 1980 to 2017. This dissertation investigated the relationship between firm-level corporate governance and firm value based largely on previously used questions measuring corporate governance from Leal and Carvalhal-da-Silva which comprise 24 questions. However, the researcher used only a set of 13 individual questions as they suit the Zimbabwean commercial banks, to come up with three corporate governance indices. The researcher employed explanatory research methodology. For all three indices the researcher found a strong and positive relationship between firm-level corporate governance and firm valuation. In addition, disclosure of information was found to be improving the Tobin’Q by 0.7% and a strong causation was found on the board composition and performance as indicated by an increase of 26% on Tobin’s Q of banks. However, ethics and conflict of interest was found to be reducing firm’s value by 0.2%. Regardless of whether these attributes are considered individually or aggregated into indices, and even when “standard” corporate governance attributes are controlled for, they exhibit a positive and significant effect on firm value. The findings are robust to alternative calculation procedures for the corporate governance indices and to alternative estimation techniques. The study found out that firm value was driven by information disclosure and board composition and thus the researcher recommends that banks should continue improving their information disclosure and keep abiding by IFRS and IAS in doing so. The board composition was found to be contributing more to firm valuation, thus the researcher recommends that the shareholders should chose the appropriate board members and any member underperforming must be removed from the board. The ethics and conflict of interest was found to be reducing the firm valuation implying that banks should revisit their ethical standards and what constitute conflict of interest. By so doing the banks can improve their firm valuation. Fri, 01 Jan 2021 00:00:00 GMT https://cris.library.msu.ac.zw//handle/11408/7022 2021-01-01T00:00:00Z Mchenyenya, Zacks https://cris.library.msu.ac.zw//handle/11408/7021 Title: The Relationship Between Financial Inclusion and Household Income in Zimbabwe (2000- 2020) Authors: Chimene, Memory Abstract: This study was motivated by the need to ascertain the relationship between financial inclusion and household income. The sub-objectives of the study were to establish financial indicators that can be used to measure financial inclusion in Zimbabwe and also to ascertain the individual characteristic that determine household income. This study adopted an explanatory research design based on econometric modelling of secondary numeric data. The author collected time-series data from 2000 to 2020. Household income was used as the dependent variable and the explanatory variables were adult account ownership, domestic credit, deposit rates, dependency ratio and the unemployment rate. Amongst the explanatory variables adult account ownership, domestic credit and deposit rates were used to proxy the level of financial inclusion in Zimbabwe. On the other hand, unemployment and the dependency ratio were adopted as the household characteristics which have an impact on household income. The data were tested for multicollinearity, stationarity and the overall model was tested for stability. The diagnostic test results showed that the data was non-stationary at the level and after modification the data series became stationary at first difference. E-views 9 was used to run an Ordinary Least Squares Regression analysis. The results of the study showed that there is a negative and statistically significant relationship between household income and account ownership. To add on, the study also found a positive and statistically significant relationship between household income and the dependency ratio. Domestic credit, deposit rates and unemployment were found to have a statistically insignificant relationship with household income. In this regard, the author concluded that there is a weak relationship between financial inclusion and household income in Zimbabwe. The findings of the study are reflective of the major economic issues that Zimbabwe is facing and these relate to high inflation, liquidity challenges and unavailability of long term credit facilities. The author recommends that the government must firstly achieve price stability to benefit from any programs of financial inclusion. Fri, 01 Jan 2021 00:00:00 GMT https://cris.library.msu.ac.zw//handle/11408/7021 2021-01-01T00:00:00Z Chimene, Memory https://cris.library.msu.ac.zw//handle/11408/6857 Title: The role of financial inclusion on smallholder farming performance in Zimbabwe: A case of Gokwe South District Authors: Senga, Tsitsi Linia Abstract: Financial inclusion is a major determining factor in the financial development of societies. Financial inclusion alleviates poverty, reduces income inequality and employment. Access to financial services has prompted debate to both emerging markets and advanced economies with an aim to promote economic development through functional financial systems. The purpose of this study was to determine the role of financial inclusion on smallholder farming performance in Zimbabwe’s Gokwe South District. This was achieved by identifying major financial inclusion challenges encountered by smallholder farmers and investigating how they manage their income generated from crop farming. In addition, it sought to establish how financial inclusion affects smallholder farming performance and analysed financial literacy ways to improve strategic financial decisions. Furthermore, the study investigated how commercial farming impacts on financial security of smallholder farmers in Gokwe South District. Adopting a qualitative approach underpinned by the transformative paradigm, the study followed a single case study design. The target population was 62 000 smallholder farmers. A non-probability sampling strategy was used to purposively sample five wards notably Chisina, Nemangwe and Mapfungautsi geographical zones out of 33 wards. An interview guide, focus group discussion guide and participant observation guide were tools used to collect data from eight key informants and 47 participants in focus group discussions. Based on the findings, it was established that smallholder farmers possessed seasonal bank accounts and faced challenges that financially excluded them such as withdrawal limits, exorbitant bank charges, limited use of mobile and digital banking and lack of financial sector confidence. Instead of payments for crops being made in cash, they were paid for in kind or electronically, but the electronic payments were not done instantly. Furthermore, it was established that these smallholder farmers underpriced their products, lacked financial management knowledge and record keeping, and lacked financial education, among other challenges. The study recommends the establishment of financial inclusion hubs, commercial farming among smallholder farmers, financial literacy support programmes, financial management awareness campaign, elementary financial education, provision of low-cost bank accounts, agency banking, satellite banks and agribusiness unit development. In terms of further studies, focus could be on financial inclusion of other disadvantaged members of society such as the disabled and women, use of mixed methodology study on the same subject and climate change impact on smallholder farming and business growth. Wed, 01 Jan 2025 00:00:00 GMT https://cris.library.msu.ac.zw//handle/11408/6857 2025-01-01T00:00:00Z Senga, Tsitsi Linia