https://cris.library.msu.ac.zw//handle/11408/170 Thu, 21 May 2026 17:27:49 GMT 2026-05-21T17:27:49Z 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/11408/3979 Title: Regulatory and small-to-medium enterprise perception on equity crowd funding in Zimbabwe Authors: Mafunga, Itai Abstract: Equity crowd funding provides a novel opportunity for small and medium enterprise to initiate business enterprise without having to rely on traditional funding mechanisms, such as banks and angel investing and in return get a stake of ownership. The use of a critical mass leveraged by internet based platforms make the raising of funds quick and less costly for entrepreneurs. In previous years, small to medium enterprises were funded through banks, angel investors and private equity/venture capital. However, in post financial crisis most players in the financial sector shifted their investment strategies from maximizing profits to minimization of risks. Government and other state enterprise are finding it difficult to intermediate because of the unfavorable fiscus position. The birth of this conspicuous form of financial innovation is tipped to transform the global business environment. However in spite of its speedy growth little is known on how it is perceived by the policy makers and small to medium enterprises in particular. In the same vein there is an absence of a regulatory framework that governs the practice of equity crowd funding in Zimbabwe. In an endeavor to better comprehend this and other phenomenon, a qualitative research was carried out. The target sample consisted of SMEs and various stakeholders that are part of the financial law making process in Zimbabwe. The research utilizes primary data coupled with secondary information. We identify theories that augments the study and further explore into the opportunities and threats associated with equity crowd funding. The study also highlighted the key elements that drive the success of the model. The research proves that equity crowd funding can be a sustainable sources of funding in Zimbabwe. However, regulations will continue to underpin the development until a comprehensive regulatory framework is in place. Technology is outpacing both entrepreneurs and the regulator at a faster rate and will continue to do so unabated. The study recommends an urgent need for a standalone local regulatory framework, availability and sharing of data, educational program and a completely new behavioral finance mindset. Lastly, we also notify the imperative need of up to date crowd funding statistical data that will provide a benchmark for subsequent quantitative equity crowd funding researches. Wed, 01 Nov 2017 00:00:00 GMT https://cris.library.msu.ac.zw//handle/11408/3979 2017-11-01T00:00:00Z Mafunga, Itai