This has led to the loss of deposits and savings by the banking public, leading to public skepticism about the banking industry. Bankscope (2010) argues that the smooth functioning of the financial sector is enhanced by building stability and public confidence in the financial system.
Impact of public confidence on bank performance
Most of the major crises experienced around the world are due to this type of concern and these developments are related to economic cycles (Chitumba, 2014).
METHODOLOGY 1 Data collection
Data Analysis
FINDINGS
- General Level of Public Confidence
- Current measures contribution to public confidence in Zimbabwe’s banking sector
- Tests of Normality
- Factor Analysis
- Non-parametric Correlations
These results mean that an effective deposit protection system; offering innovative financial services and products; effective monitoring and regulation of banks, as well as good corporate governance and management in the banking sector, has a significantly strong positive impact on the level of bank performance. These results are consistent with Ameur and Mhiri (2013), who show that the factors that influence public trust in the banking sector and that contribute to bank performance are an effective deposit protection system.
SUMMARY AND CONCLUSIONS
Therefore, this analysis has proven that public trust in the banking sector is brought about by an effective deposit protection system, the provision of innovative financial services and products; effective monitoring and regulation of banks, as well as good corporate governance and management in the banking sector, has a significant impact on the performance of banks in this sector. Therefore, the research was based on the hypothesis that public trust has had a significant impact on the performance of banks in Zimbabwe.
RECOMMENDATIONS
The results showed that there was a strong positive correlation between all four variables and level of performance, as they all had correlation coefficients above positive 0.5. In addition, all of their p-values were less than 0.05, meaning they all have a significant relationship with performance level.
2010), Deposit Insurance System in Serbia - Weaknesses and Improvements, Petroleum-Gas University of Ploiesti BULLETIN, Economic Sciences Series, Vol. 2011), Impact of Information and Communication Technology on Bank Performance: A Study of Selected Commercial Banks in Nigeria European Scientific Journal, March 2013 edition, vol. 2013), Determinants of the financial performance of commercial banks in Kenya, International Journal of Economics and Financial Issues, Vol. 2010) “The Collapse of the Icelandic Bank: Challenges to Governance and Risk Management,” Corporate Governance: The International Journal of Business in Society, Vol. 2012), FinScope MSME Survey Zimbabwe 2012, FinMark Trust, Johannesburg, South Africa. The reporting of non-financial information was viewed from the perspective of sustainability reporting or environmental, social and governance (ESG) reporting. The results showed that 86% of annual report content, per page, was primarily financial information.
INTRODUCTION
This paper presents the findings of an investigation into the corporate reporting of public companies on the Zimbabwe Stock Exchange (ZSE). The research findings make a business case for corporate reporting reform on the Zimbabwe Stock Exchange.
RESEARCH BACKGROUND
The results confirmed the hypothetical assumption that corporate reporting by public companies listed on the ZSE may not be legitimate due to corporate failures in the balanced disclosure of financial and non-financial information as generally practiced internationally and mature corporate reporting. Legitimate corporate reporting should be able to provide content ranging between 50% - 60% of financial and non-financial information content.
LITERATURE REVIEW
Critical Perspective of Corporate Reporting
There are many studies that highlight the importance of disclosure of information in published annual reports on financial and non-financial information (Binh, 2012; Yuen et al, 2009, Swanson and Pintér, 2006; Steurer, 2010; ACCA, 2012). . In addition, annual reports can be vital as a medium for communicating financial and non-financial information to shareholders, investors, users and stakeholders (Al-Shammari, 2008).
Principles of Effective Corporate Reporting
Singhvi and Desai (1971) stated that the quality of corporate disclosure in annual reports greatly affects the extent of reporting. The guidelines provide a new era for companies' reporting framework, which guides the reporting of non-financial information in annual reports.
Legitimacy Theory and Corporate Reporting
The Global Reporting Initiative (GRI) guidelines are considered the global de facto standards in sustainability reporting (reporting of non-financial information) and are widely used for corporate reporting (ACCA). Overall, the GRI and IIRC provide a balanced approach to the coverage of corporate reporting of non-financial information (IFAC, 2013, KPMG, 2013).
METHODOLOGY
RESULTS AND FINDINGS
- Financial and Non-Financial Content in Annual Reports
- Proportion of Annual Reports Contents
- Non-Financial Information Topics Reporting
- Non-Financial Information Disclosure Practices by Companies
The results show that disclosure of financial information predominates in the annual reports of the sampled companies. The results indicate that the disclosure of non-financial information is more focused on social information than on environmental information.
CONCLUSION AND RECOMMENDATION
The results showed that 43% of the 10 companies reported on the environmental impact while 57% reported on social impact activities. An analysis of the companies showed that only 2 companies out of the 10 companies apply international standards to non-financial information disclosure while none of the companies subjected the information to external assurance.
- Background
- Problem Statement
- Research Objectives
- Research Hypothesis
That is why this study seeks to find out the impact of ZSE trading automation on the development of the local capital market. H0: ZSE trading automation has no significant impact on the development of the Zimbabwean capital market.
LITERATURE REVIEW 1 Stock Exchange
- Stock Exchange Trading Automation
- Capital Market Development
- Pre-conditions for Capital Market Development
- General Impact of Stock Exchange Trading Automation: A Theoretical Evaluation
- Challenges of Stock Exchange Trading Automation .1 Mechanical failures
- Impact of Stock Exchange Trading Automation on Capital Markets: An Empirical Overview
The automation of the exchange trading systems usually precedes or is preceded by the adoption of a Central Depository System (CDS), which is a springboard in reducing the costs and losses associated with the default risk of financial market institutions (Yartey and Adjasi, 2007 ). ). Sukcharoensin, Srisopitsawat and Chuenjit (2004) found evidence of increased trading volume and reduced information asymmetry among market participants after the implementation of the automated trading systems on the respective stock exchange.
RESEARCH METHODOLOGY 1 Research Design
Research Strategy
Furthermore, Mailafia (2011) found that with the introduction of the ATS in 1999, there was a very significant improvement in the performance of sales by value, sales by volume and capitalization on the Nigeria Stock Exchange. This thus led to the conclusion that the ATS paradigm has positively incentivized the NSE towards achieving its mission.
Population and Sampling Techniques
He concludes that investor confidence and general transparency have improved, while the volume of cleared stocks has increased significantly with the introduction of the ATS, and the general level of operational efficiency has significantly improved. Mailafia (2011) notes that the regulatory framework in Nigeria has been improved with the SEC given more powers and some amendments to some sections of its relevant statutes to enable the smooth operation of the central securities clearing system in Nigeria.
Data Collection Procedure .1 Questionnaire
FINDINGS
- Aggregate influence of Trading Automation on Capital Market Development
- Antecedents of Capital Market Development
- Supporting Factors for Capital Market Development
- Extent of Capital Market Development in Zimbabwe
This may be the result of the current macroeconomic environment which stakeholders believe does not support capital market development. Essentially, from an operational perspective, the local capital market is not yet fully developed.
CONCLUSIONS
Trading Automation and Capital Market Development
High custody fees contribute to high transaction costs in the local capital market and as such undermine investment returns. A longer than considered appropriate settlement time affects the speed at which new and relevant information is incorporated into securities prices and affects the price efficiency of the capital market in one way or another.
Extent of Capital Market Development in Zimbabwe
There is a need to reduce custody fees, which have been deemed high by stakeholders, and to reduce settlement and clearing times from current levels. As such, management must take this into account when making trading decisions in the market.
RECOMMENDATIONS
- Government
- Securities Exchange Commission
- Zimbabwe Stock Exchange
- Chengetedzai Depository Company (CDC)
- Pre-Trade Institutions
The CDC should review its operational structure in order to support the development of the local capital market. The Relationship between Electronic Trading and Stock Market Efficiency: A Case Study of the Nairobi Stock Exchange.
BACKGROUND AND STUDY OBJECTIVES
The study revealed that the financial crisis did not adversely affect CSR practices in banks in Kuwait. This study therefore aims to gain a better understanding of how corporate social responsibility works in practice from the perspective of the decision makers of CSR in banks in Kuwait.
LITERATURE REVIEW ON CORPORATE SOCIAL RESPONSIBILITY
Global Financial Crisis and CSR
The global financial crisis has led to economic recessions in many countries around the world. As Özkan (2009; 2) stated, 'the biggest social responsibility this year is to keep businesses alive' and emphasized the importance of business survival to maintain profitability, which is in line with the CSR pyramid of Carroll (1979) and the economic dimension of the pyramid.
DATA COLLECTION AND ANALYSIS
Furthermore, Karaibrahimoglu (2010) in his survey of the top 100 companies selected from the 500 list indicated that there was a significant decrease in the number and size of CSR projects during the financial crisis. The literature review shows that the definition and implementation of CSR is country specific, with the local context playing a unique role in shaping CSR in organizations.
FINDINGS AND ANALYSIS
As an interesting area, the impact of the financial crisis on the conceptualization and practices of corporate social responsibility was investigated. When asked whether the global financial crisis has had any effect on CSR spending, we surprisingly find that a few banks have reduced their CSR budgets due to the financial crisis, while others have maintained or increased it.
DISCUSSION AND CONTRIBUTION TO KNOWLEDGE
Unfortunately, it was found that none of the banks had a dedicated CSR department or a dedicated CSR professional, as PR professionals tend to be the ones handling CSR activities. Little attention was paid to environmental initiatives, with most of the activities taking the form of tactical campaigns rather than sustainable and long-term initiatives.
RECOMMENDATIONS
It was also observed that CSR in all banks falls under the Public Relations department, which comes under the Corporate communication department. It is worth mentioning that all banks in Kuwait have received awards and recognitions for their CSR programs.
Zimbabwe’s corruption level Corruption Perception index (CPI)
While there are various organizations that provide corruption indices, Table 1 shows the country's corruption trends over the years from 1998 to 2012 using the Transparency International Corruption Perception index (CPI) series. As the tabular information shows, although Zimbabwe was a relatively low-corrupt country in 1998 and 1999, the country's index has worsened since 2000.
LITERATURE REVIEW
The study further found that the police pocket a minimum of US annually from a sample of 285 kombis in the two towns alone. Regarding the perception of police corruption, 62 percent of Zimbabweans surveyed said that most or all of the police are corrupt.
METHODOLOGY 1 Theoretical model
Empirical model
In measuring the nation's performance, daily expenditure (ie, the sum of all passenger fees collected by the nation's crew) constitutes our main variable of interest alongside zij. Thus, in modeling the sustainability of nation operations, the known and fixed labor and capital can be replaced by the number of round trips.
Data sources
1n(yij/l) = â0 + â1 + 1n(kij/l) + â2 zij + a0φ'X+ εij) (2) In the van business in Zimbabwe, the workers mainly consist of two individuals, namely the driver and the conductor (assistant), the main capital is the van itself.
Discussion of findings 1 Descriptive evidence
In extreme cases, refusing a bribe can result in the arrest of the combi driver. The findings of the study indicate that the profits pocketed by the kombi crew (lnprofits) are an important factor determining the profitability of kombis.
CONCLUSIONS AND POLICY RECOMMENDATIONS 1 Conclusions
Policy recommendations
Although the number of police roadblocks along a given route was found to be insignificant in affecting daily consumption, the government is however recommended to reduce the number of roadblocks to ensure smooth traffic flow within the country.
POLICE CORRUPTION IN THE MEDIA Box 1: Minimise police roadblocks
Evolution of Real Option Methodology
Since then, Real Options have been applied to various sectors of the economy (Kogut & Kulatilaka, 2004). The broader concepts of Real Options theory began with the inclusion of the technique in the textbook of Brealey & Myers (1983), who demonstrated its use in research and development investment.
Empirical Literature
Trigeorgis' opinion was that the project was worthy of undertaking after considering real options embedded in the projects. This study uses the case study research paradigm, in line with the literature of Muharam (2010) and Trigeorgis (1996) to investigate the applicability of real options to the steel industry in Zimbabwe.
The Model
He reasons that the abandonment value is uncertain because it can shift over the life of the venture, making option pricing methodologies difficult to exploit. For American options, a decision must be made at each time period whether to exercise the option immediately (killing it) or otherwise keep it alive (waiting).
Model Inputs
This is the NPV of the investment given today's expectation of production and the price of the mushroom achieved on world markets. The company's borrowing costs were used as a discount rate to calculate the present value of the investment and were estimated at 20%3.
Data Analysis
The price of sponge iron, driven by supply and demand forces, is steady at $250 per ton. The logarithmic cash flow return approach described by Mun was used to calculate the volatility of the company's future cash flow returns and their respective logarithmic results for the period 2012 to 2016.
RESULTS AND ANALYSIS OF RESULTS 1 DCF Valuation
- Real Options Valuation
- Summary of DCF and Real Option Values
- Analysis of Results
- CONCLUSION AND RECOMMENDATIONS
Kulatilaka, N & Trigeorgis, L (1994), "General Flexibility of Substitution: Real Options Revisited", International Journal of Finance, Vol.6, 778-798. Trigeorgis, L (1993), "The nature of option interactions and the valuation of investments with multiple real options", Journal of Financial.
RESEARCH PROBLEM
There is no clear indication that organizational learning is being implemented to improve business performance in the Zimbabwean transport sector. There are no new products and no new services from the industry, suggesting that organizational learning benefits the sector.
SIGNIFICANCE OF THE STUDY
- Empirical Objectives
Therefore, organizational learning is worth studying considering the contemporary business environments that are constantly changing and highly volatile. The low level of innovation in the transport sector in Zimbabwe is a sign that the companies are not making use of organizational learning to improve the company's performance and their competitiveness.
LITERATURE REVIEW, HYPOTHESIS AND REASEARCH MODEL 1 Information acquisition
- Information sharing
- Information interpretation
- Behaviour and cognitive changes
- Information quality
- Organizational Performance
- Organizational Learning and Performance
The authors reasoned that information gathering in the form of information gathering improves firm performance and competitiveness. Effective organizational learning takes place in an organization where individuals willingly share their knowledge and important information with others in the organization.
RESEARCH METHODOLOGY
- Target population and sampling method
- Data collection procedures
- Data analysis
- Reliability and validity measures
A multiple regression analysis was also performed to determine the extent to which the variables under study influence company performance. To test reliability, Cronbach's Alpha (·), a measure of internal consistency between measurement items, was calculated and the overall reliability showed a Cronbach's alpha value of 0.732, exceeding the minimum threshold of 0.7 recommended by Bryman and Bell (2015). .
RESULTS OF THE STUDY 1 Descriptive statistics
- Correlation analysis
- Regression analysis
These results show that the explanatory power of the model is 27.3%, as measured by the adjusted R2, which shows that 27.3% of the variance in the performance of trucking firms in Zimbabwe is explained by organizational learning variables (information gathering (INFOAQU), information interpretation). (INFOINT), information sharing (INFOSHA), information quality (INFOQUA) and behavior and cognitive changes (BCC)). The regression analysis reveals that not all the five constructs are individually significant in improving organizational performance.
DISCUSSION OF RESULTS
The regression results show that behavioral and cognitive changes lead to better business performance of transport companies in Zimbabwe. These findings are consistent with the views of Bontis, Crossan, and Hulland (2002) and Rayner and Rumbles (2011) that behavioral and cognitive changes lead to better firm performance.
LIMITATIONS AND FUTURE RESEARCH
Given a work environment that promotes proper employee behavior, a business organization is bound to perform better. When employee behavior and beliefs are in sync with the company's corporate goals, a company is bound to perform better.
DIRECTIONS FOR FUTURE RESEARCH
On the other hand, if managers are provided with accurate, relevant and correct information, it follows that the decisions they make will improve the performance of their companies. The employees' behavior is also supposed to be adapted to the company's corporate goals and corporate culture.
CONCLUSION
RECOMMENDATIONS
There should be a favorable environment in the transport business sector for the creation to enable organizational learning practices to flourish. This can be achieved by having dedicated individuals whose job it is to gather the information important in the market for decision making.
- Problematisation and Delimitation
- Contributions of the Paper
While Blythe's (2008) general model of consumer behavior implies the coverage of the seven P's of marketing since the textbook in which it is presented. In light of the evidence in specialist marketing fields and some general marketing literature, the paper argues that the marketing stimuli component of consumer behavior models should be underpinned by a comprehensive marketing mix formulation such as seven Ps of marketing – ie.
THEORETICAL EXAMINATION OF MARKETING STIMULI COMPONENT OF CONSUMER BEHAVIOUR FRAMEWORKS
- Complex Models of Consumer Behaviour
- Simplified and Black Box Models of Consumer Behaviour
The above quote is silent on the soft elements of marketing, despite the fact that they are now a recognized part of the marketing mix (see Blythe, 2005; Rafiq & Ahmed, 1995). Interestingly, the input/stimulus component of black box models is limited to the traditional four P's of marketing as are complex and simplified models of consumer behavior.
THE SOFT ELEMENTS OF MARKETING: A THEORETICAL DISCUSSION
- People and Consumer Behaviour
- Processes and Consumer Behaviour
- Physical Evidence and Consumer Behaviour
Although the Seven P's framework achieved a high degree of acceptance as a generic marketing mix in a sample of academic respondents (Rafiq & Ahmed, 1995), the study also found that the participant/people variable is the most accepted element in the new variables - the soft elements of marketing. One of the components of Langeard et al.'s (1981) service system is the invisible organization and system.
CONCLUSIONS AND IMPLICATIONS 1 Conclusions
- Managerial and Academic Implications .1 Managerial Implications
The marketing stimuli dimension of consumer behavior models should therefore be based on the seven Ps of marketing, that is, this theoretical evidence proves the universal relevance of the seven Ps of marketing for services and tangible products.
- Critical Perspective Accounting Profession Regulation
- Structural setting in Accounting Profession Regulation
- Legal Instruments Regulation of the Accounting Profession
- Regulatory Framework
- Regulatory Structure of PAAB
The research adopted a phenomenological position to examine the regulatory framework of the accounting profession in Zimbabwe. The structure is highly influenced by the legal instruments approach to the regulation of the accountancy profession in Zimbabwe.
PAAB
- Legal Instruments Gaps
- OBJECTIVES
- LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 1 The Social exchange theory
- Organizational commitment
- Teamwork
- Organizational Support
- Employee Empowerment
- Employee Relationships
- RESEARCH METHODOLOGY 1 Strategy, population and sample
- Instrumentation
- Data analysis
- Reliability and validity measures
- RESULTS OF THE STUDY 1 Sample distribution
- LIMITATIONS OF THE STUDY
- NATURE OF MANUSCRIPTS ARTICLES
- MANUSCRIPT GUIDELINES
- SUBMISSION GUIDELINES
- GUIDE TO REFERENCING a. Citing Sources
1985 'The regulation of the accountancy profession and the problem of enforcement', in Journal of Comparative Business and Capital Market Law, Issue 7, pp.291-304. Cohen, A., Veled-hecht, A., 2010, "The relationship between organizational socialization and workplace commitment among employees in long-term nursing care facilities", Personnel Review, Vol.
