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Cited by 60Corporate Finance and GovernanceFinancial Analysis and Corporate GovernanceWorking Capital and Financial Performance

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Financial Reform and Financing Decisions of Listed Firms in Zimbabwe

Open access
Mutenheri, Enard, Green, Christopher J.·2003·Journal of African Business
DOI 10.1300/j156v04n02_08
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Abstract

We examine the impact of the economic reform programme on the financing choices of Zimbabwean listed companies. Using the published accounts of a sample of companies, we show that listed firms rely heavily on external finance, especially short-term bank financing. We estimate an eclectic econometric model of firms' capital structure based on key predictions from the theory of finance, augmented by variables aimed at capturing the impact of Zimbabwe's reform programme. The analysis shows that an orthodox model has little explanatory power over firms' capital structure in the pre-reform period, but in the post-reform period it does better. The differences between the pre-reform and post-reform era suggest that the reforms achieved partial success in opening up the capital markets and improving the transparency of firm financing behaviour.

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Metadata

Authors
Mutenheri, E., & Green, C. J.
Affiliations
Loughborough University (GB)
ORCID
Green, Christopher J.
Venue
Journal of African Business
Publisher
Informa UK Limited
Published
2003-04
Volume
4
Issue
2
Pages
155-170
ISSN
  • 1522-8916 (ISSN-L)
  • 1522-9076
DOI
10.1300/j156v04n02_08
OpenAlex
W2166182900
Cited by
60
References
2
Citations by year
2023: 1 · 2022: 2 · 2020: 3 · 2019: 2 · 2018: 2 · 2017: 1 · 2016: 4 · 2015: 5 · 2014: 5 · 2013: 6 · 2012: 10
FWCI
7.40
Type
journal article
Language
en
Open access
Licence
cc-by-nc-nd
Locations
  • Journal of African Business (publishedVersion)
  • Loughborough University Institutional Repository (Loughborough University) (submittedVersion, cc-by-nc-nd)
  • Loughborough University Research Repository (Loughborough University) (submittedVersion, cc-by-nc-nd)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
  • Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
Keywords
financial reform, capital structure, financing decisions, listed companies, bank financing, short-term debt, capital market liberalization, financial transparency, Zimbabwe

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CoChat. (2026). Citation check: Financial Reform and Financing Decisions of Listed Firms in Zimbabwe. https://app.cochat.ai/papers/10.1300/j156v04n02_08
The paper
Mutenheri, E., & Green, C. J. (2003). Financial Reform and Financing Decisions of Listed Firms in Zimbabwe. Journal of African Business. https://doi.org/10.1300/j156v04n02_08