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Faculty of Management Sciences

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2016 - 20172

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Author: search.filters.author.Sachs, Paul R.

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    Corporate governance and credit financing in a developing economy
    (Virtus Interpress, 2017) Mugova, Shame; Sachs, Paul R.
    Emerging markets have common weaknesses in their financial market development. Financial development is one institutional force that shapes financing and governance of firms in emerging markets. Debt and equity are alternative governance instruments. Trade credit is part of debt and therefore should be treated as such in corporate governance. We used a fixed effect regression of financial sector development and trade credit of firms listed on the Johannesburg Stock Exchange to ascertain the relationship of financial sector development and trade credit. We also analyzed the Socially Responsible Index (SRI) which measures corporate governance. We find that good corporate governance practices do not result in substituting of trade credit, despite its high implicit costs, with bank loans for working capital financing.
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    Corporate governance, structure and accountability as affected by national government infrastructure in developing countries
    (Virtus Interpress, 2016-01) Mugova, Shame; Sachs, Paul R.
    Businesses in developing countries face different challenges than those in economically developed countries. Markets and supply chains are less well-established. Dissemination of information is uneven. Because governmental infrastructure has limited ability to support business operations,, businesses take on responsibilities that elsewhere are handled by a central government. This study revie3ws key elements of corporate governance. The study then reviews the banking and manufacturing sectors in Zimbabwe with attention to the presence or absence of financial infrastructure, legal infrastructure, market challenges, supply chain and government involvement to support corporate governance structures and systems. Recommendations for policy and practice changes are offered. The present analysis of Zimbabwe can guide research on and policy recommendations for governance in other developing countries.