The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Financial Reform and Financing Decisions of Listed Firms in Zimbabwe
Open accessAbstract
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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In the citing paper
“Equity financing was the most important source of long term finance at 7.8 percent.”
From Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges (2007) · cites this paper as Mutenheri and Green, 2003
In the citing paper
“In Zimbabwe, external finance contributed 75.4 percent of total funds and internal finance provided the remaining 25 percent between 1990-1999.”
From Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges (2007) · cites this paper as Mutenheri and Green, 2003
Citations
Cites
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The Determinants of Capital Structure Choice
TITMAN, S., & WESSELS, R. (1988) · The Journal of Finance · doi:10.1111/j.1540-6261.1988.tb02585.x · Cited by 6,112
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Cited by
Sorted by citations
Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges
Adjasi, C. K., & Yartey, C. A. (2007) · IMF Working Papers · doi:10.2139/ssrn.1012992 · Cited by 260
Metadata
- Authors
- Mutenheri, E., & Green, C. J.
- Affiliations
- Loughborough University (GB)
- 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
- 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
- green
- dspace.lboro.ac.uk
- 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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