Corporate Governance Dissertation

Corporate Governance Dissertation-71
The key question addressed is whether or not the corporate governance initiatives and legal and regulatory reforms in Zimbabwe are sufficient to enable boards of public entities to effectively discharge their duties and meet internationally accepted corporate governance standards.

The key question addressed is whether or not the corporate governance initiatives and legal and regulatory reforms in Zimbabwe are sufficient to enable boards of public entities to effectively discharge their duties and meet internationally accepted corporate governance standards.A comparative analysis of Zimbabwe’s public entities corporate governance framework to that of South Africa (a developing country like Zimbabwe) and Australia (a developed country with similar common law heritage) is also conducted.Corporate governance (CG) is the process and mechanism by means of which the business is managed aimed at attaining firm well-being. (2000) argued CG to be a range of tools using which external non-controlling investors secure themselves from power usurpation by the insiders.

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At the same time, CEO remuneration and tenure, ownership concentration and affiliation of companies to either financial or non-financial sphere do not have a significant effect on firm performance.

Along with that, the effect of the ratio of long-term debt to total assets taken as the control variable is also insignificant.Executive managers may apply this data in routine managerial practices.Finally, non-performing may employ the outcomes of the research for understanding and enhancing mechanisms of corporate governance.Explanatory variables belong to three categories, namely board parameters, CEO characteristics and ownership specifics. An analysis is conducted using a panel ordinary least squares regression and the Hausman specification test applied to determine whether a model with fixed or random effect is more appropriate to employ.The outcomes of the analysis expose board size, number of independent directors, firm size and crisis to be significant determinants of firms’ return on assets.The board consists of executive top-managers such as Chief Executive Officer (CEO), Chief Financial Officer (CFO) and others and a number of non-performing (outsider, non-executive, NEDs) directors who are not directly engaged in company’s everyday activities but mostly play a role of supervisors and controllers of executives (Aluchna and Pindelski, 2014).Particular structure of the board remains an object of discussion.The idea of CG indicates how a firm should be managed by those assigned responsible for strategic decisions and company prosperity.Since the division of ownership and executive functions among medium and large businesses, an issue of proper and sufficient control of managers by shareholders of the company has arose.A number of theories tried to explain the effect of CG on firm performance.Agency theory remains the most influential theory, suggesting that the board is mainly an instrument of control over executives.

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