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Gopza by Gopza Gopza Submission date: 20-Aug-2021 04:11AM (UTC+0700) Submission ID: 1633358657 File name: gopoza_plagiarism_2.doc (1,012K) Word count: 11139 Character count: 61478 3 8 20 33 38 2 2 2 2 2 2 22 3 10 2 2 3 3 3 3 3 8 23 35 1 1 1 9 13 27 1 1 1 1 5 11 1 4 9 1 1 1 1 1 1 7 25 1 1 1 1 1 1 18 30 1 4 11 6 6 15 15 19 24 1 1 12 12 12 28 1 8 10 10 17 1 21 32 36 3 3 3 16 3 26 37 3 3 34 6 9 9 10 29 5 31 3 14 14 14 14 3 3 3 14 2 3 3 14% SIMILARITY INDEX 10% INTERNET SOURCES 2% PUBLICATIONS 10% STUDENT PAPERS 1 3% 2 2% 3 2% 4 1% 5 1% 6 <1% 7=""><1% 8=""><1% gopza="" originality="" report="" primary="" sources="" azbigmedia.com="" internet="" source="" submitted="" to="" midlands="" state="" university="" student="" paper="" ir.msu.ac.zw:8080="" internet="" source="" www.lexology.com="" internet="" source="" submitted="" to="" higher="" education="" commission="" pakistan="" student="" paper="" submitted="" to="" north="" east="" wales="" institute="" of="" higher="" education="" student="" paper="" submitted="" to="" strategy="" first="" institute="" student="" paper="" docplayer.net="" internet="" source="" 9=""><1% 10=""><1% 11=""><1% 12=""><1% 13=""><1% 14=""><1% 15=""><1% 16=""><1% 17=""><1% samuel="" sejjaaka.="" "determinants="" of="" ipo="" readiness="" in="" emerging="" markets:="" the="" case="" for="" ugandan="" firms",="" macroeconomics="" and="" finance="" in="" emerging="" market="" economies,="" 2011="" publication="" www.imf.org="" internet="" source="" www.lrrc.com="" internet="" source="" submitted="" to="" charles="" sturt="" university="" student="" paper="" www.thefinancialexpress-bd.com="" internet="" source="" yenni="" carolina,="" maryana="" maryana,="" nieke="" yunianti.="" "sustainability="" report="" disclosure="" and="" corporate="" financial="" performance="" (evidence="" from="" indonesia)",="" proceedings="" of="" the="" 2020="" 12th="" international="" conference="" on="" information="" management="" and="" engineering,="" 2020="" publication="" submitted="" to="" cvc="" nigeria="" consortium="" student="" paper="" submitted="" to="" women's="" university="" student="" paper="" submitted="" to="" top="" education="" institute="" student="" paper="" 18=""><1% 19=""><1% 20=""><1% 21=""><1% 22=""><1% 23=""><1% 24=""><1% 25=""><1% 26=""><1% 27=""><1% 28=""><1% submitted="" to="" southern="" new="" hampshire="" university="" -="" continuing="" education="" student="" paper="" submitted="" to="" university="" of="" lincoln="" student="" paper="" submitted="" to="" harare="" institute="" of="" technology="" student="" paper="" submitted="" to="" university="" of="" malaya="" student="" paper="" jll.uoch.edu.pk="" internet="" source="" submitted="" to="" ghana="" technology="" university="" college="" student="" paper="" submitted="" to="" curtin="" university="" of="" technology="" student="" paper="" aznow.biz="" internet="" source="" submitted="" to="" oxford="" brookes="" university="" student="" paper="" mafiadoc.com="" internet="" source="" submitted="" to="" davenport="" university="" student="" paper="" 29=""><1% 30=""><1% 31=""><1% 32=""><1% 33=""><1% 34=""><1% 35=""><1% 36=""><1% repository.out.ac.tz="" internet="" source="" ir.hancockjaffe.com="" internet="" source="" hdl.handle.net="" internet="" source="" ama="" samarasinghe,="" katherine="" uylangco.="" "an="" examination="" of="" the="" effect="" of="" stock="" market="" liquidity="" on="" bank="" market="" power",="" international="" review="" of="" financial="" analysis,="" 2021="" publication="" pdfs.semanticscholar.org="" internet="" source="" www.mdpi.com="" internet="" source="" rabson="" magweva,="" tafirei="" mashamba.="" "stock="" market="" development="" and="" economic="" growth:="" an="" empirical="" analysis="" of="" zimbabwe="" (1989-="" 2014)",="" financial="" assets="" and="" investing,="" 2016="" publication="" al-="" shubiri,="" faris="" nasif.="" "analysis="" the="" determinants="" of="" market="" stock="" price="" movements:="" an="" empirical="" study="" of="" jordanian="" commercial="" banks",="" international="" journal="" of="" business="" and="" management,="" 2010.="" publication="" 37=""><1% 38=""><1% exclude quotes off exclude bibliography on exclude matches off liboasis.buse.ac.zw:8080 internet source tarak nath sahu. "macroeconomic variables and security prices in india during the liberalized period", springer science and business media llc, 2015 publication university of zimbabwe university of zimbabwe name of student : gopoza t .vincent reg number : r1712951 programme : hbsctc department : business studies and economics supervisor : mr p bhasera topic :comparative analysis of impact of listing (zse) on business growth of zimbabwean telecommunications companies from 2015 to 2020 chapter one 1.0 introduction this chapter will covers the background to the study which highlights the problem and its source. the statement of the problem is also given, on which the research topic is summarized. other areas covered are research questions, research objectives, significance of study, delimitations, limitations and definition of key terms. assumptions of this study are detailed in brief in this study. 1.1 background of study according to the stock market internet websites (2011), zimbabwe stock exchange (zse) was legally established in 1896 as the rhodesia stock exchange (rse). it started operating in harare in 1974 and operates according to the stock exchange act (chapter 198). the zse has 20 stock broking firms and 78 listed companies. it was opened to foreign investment in june 1993, following the partial lifting of exchange control regulations. the zse is headed by a chief executive officer (ceo) and consist of 9 committees. these include the listings, executive, surveillance, central securities depository (csd) settlement, disputes, legal and lobbying, finance and budgeting, membership, management and audit, and the business development committee. business development committee was established in 2011 and it seeks to grow zse business by finding strategies. zimbabwe stock exchange consist of 5 key departments which include listing; market participants; enforcement; surveillance and compliance. the zse therefore satisfies the criteria of being a stock exchange with requisite organizational structures. in zimbabwe, stock trading was done manually until the introduction of the automated trading system in june 2015.the horizon of zimbabwe investment has been showing signs of “anguish” as shown by the underperformance of the local bourse economic headwinds persisting in the economy, such as liquidity constraints, policy inconsistences unstable political arena as well as absence of news to excite investors, have continued to pull down equity return. zimbabwe stock exchange performance (figure 1) from 2016 to 2020 gives a clear testimony that equity investments are under pressure. source: mmc capital according to the graph above, the zimbabwe stock exchange has 2 market indices namely the industrial and the mining indices. it suggests a mixed trading for the mining and industrial counters. the fluctuations are more pronounced for the mining counters. the reason is partly attributed to perceptions relating to the indigenization and empowerment plans affecting mining companies and lack of funding for listed mining companies. all the 4 listed mining companies are arguably facing challenges in sourcing funds for recapitalization, working capital and to retire expensive debt accumulated over time. it is understood that more mining companies are being enticed to list on zse, a move that is expected to boost the performance of the mining index and market capitalization. one of the most serious challenges affecting activity of the parastatals listed on zse is persisting liquidity constraints. at viable interest rates, accessing adequate levels of funding has proved difficult for most local companies. the multicurrency system which has been introduced on zse is associated with limited inter-bank lending and limited access to the lender of the last resort (lolr) facility at the central bank. inter-bank lending is limited because banks are not sure about each other’s risk levels, hence cautious inter-bank lending. low liquidity levels imply that it would be harder for the zse to support a local market with its own trading system; market analysis and stock brokers. this is because the business volumes would simply be too low. it then implies that stock brokers, who get a commission from trading, would have less income. as a result, use of manual trading and settlement systems. frequent power outages, among other capacity constraints, have contributed to the low capacity utilization in the economy, implying low potential participation at the zse. there is a challenge involved in listing parastatals on zse since it has not been spared by the government’s drive to compel foreign-owned businesses to sell stake to indigenous zimbabweans. the procedure requires local and international firms with a value of more than us$500,000.00 to transfer 51% ownership to indigenous zimbabweans. this development has brought investor uncertainty because of a number of investors are no longer keen to invest in the country. political developments have played a big role in influencing the performance of the zse, resulting in some investors adopting a wait-and-see attitude. there is still political uncertainty surrounding the government of national unity (gnu), national elections, the dates for the referendum and the completion of the constitution-making process. stock market performance is highly sensitive to political and economic developments, as well as rumours and news about such developments. it is still difficult to attract more investors into zimbabwe because of these developments. there is uncertainty surrounding the global political agreement (gpa), indigenization and economic empowerment laws and the completion of the constitution-making process. this makes it difficult to attract more foreign investors which affects listed parastatals on zse. the operations of the zse are not well known to most ordinary people. some savers do not have enough information about this market. the stock market is commonly overshadowed by the banks in terms of attracting customers. hence it is costly since there is a weak public awareness and education. listed parastatals on zse are prone to low domestic disposable incomes and low savings as the economy will have less income for investment and also corporate governance issues are still outstanding at the stock market. the market also has a high money market interest rates which continues to discourage leveraged positions on the zse. when interest rates are subdued, traders invest in equities with funds borrowed cheaply from the fixed income market, which supports the performance of the equities. currently in zimbabwe, this cannot work because the cost of funds on the local money market is higher relative to the expected returns on the zse. the area of listing parastatals on zse has received wide scholarly attention in zimbabwe and many challenges were cited. however, the researcher feels that in-depth analysis of the challenges have not been done and hence this study evaluates the relationship between each challenge and the level of listing parastatals on zse. the aim is exclude="" quotes="" off="" exclude="" bibliography="" on="" exclude="" matches="" off="" liboasis.buse.ac.zw:8080="" internet="" source="" tarak="" nath="" sahu.="" "macroeconomic="" variables="" and="" security="" prices="" in="" india="" during="" the="" liberalized="" period",="" springer="" science="" and="" business="" media="" llc,="" 2015="" publication="" university="" of="" zimbabwe="" university="" of="" zimbabwe="" name="" of="" student="" :="" gopoza="" t="" .vincent="" reg="" number="" :="" r1712951="" programme="" :="" hbsctc="" department="" :="" business="" studies="" and="" economics="" supervisor="" :="" mr="" p="" bhasera="" topic="" :comparative="" analysis="" of="" impact="" of="" listing="" (zse)="" on="" business="" growth="" of="" zimbabwean="" telecommunications="" companies="" from="" 2015="" to="" 2020="" chapter="" one="" 1.0="" introduction="" this="" chapter="" will="" covers="" the="" background="" to="" the="" study="" which="" highlights="" the="" problem="" and="" its="" source.="" the="" statement="" of="" the="" problem="" is="" also="" given,="" on="" which="" the="" research="" topic="" is="" summarized.="" other="" areas="" covered="" are="" research="" questions,="" research="" objectives,="" significance="" of="" study,="" delimitations,="" limitations="" and="" definition="" of="" key="" terms.="" assumptions="" of="" this="" study="" are="" detailed="" in="" brief="" in="" this="" study.="" 1.1="" background="" of="" study="" according="" to="" the="" stock="" market="" internet="" websites="" (2011),="" zimbabwe="" stock="" exchange="" (zse)="" was="" legally="" established="" in="" 1896="" as="" the="" rhodesia="" stock="" exchange="" (rse).="" it="" started="" operating="" in="" harare="" in="" 1974="" and="" operates="" according="" to="" the="" stock="" exchange="" act="" (chapter="" 198).="" the="" zse="" has="" 20="" stock="" broking="" firms="" and="" 78="" listed="" companies.="" it="" was="" opened="" to="" foreign="" investment="" in="" june="" 1993,="" following="" the="" partial="" lifting="" of="" exchange="" control="" regulations.="" the="" zse="" is="" headed="" by="" a="" chief="" executive="" officer="" (ceo)="" and="" consist="" of="" 9="" committees.="" these="" include="" the="" listings,="" executive,="" surveillance,="" central="" securities="" depository="" (csd)="" settlement,="" disputes,="" legal="" and="" lobbying,="" finance="" and="" budgeting,="" membership,="" management="" and="" audit,="" and="" the="" business="" development="" committee.="" business="" development="" committee="" was="" established="" in="" 2011="" and="" it="" seeks="" to="" grow="" zse="" business="" by="" finding="" strategies.="" zimbabwe="" stock="" exchange="" consist="" of="" 5="" key="" departments="" which="" include="" listing;="" market="" participants;="" enforcement;="" surveillance="" and="" compliance.="" the="" zse="" therefore="" satisfies="" the="" criteria="" of="" being="" a="" stock="" exchange="" with="" requisite="" organizational="" structures.="" in="" zimbabwe,="" stock="" trading="" was="" done="" manually="" until="" the="" introduction="" of="" the="" automated="" trading="" system="" in="" june="" 2015.the="" horizon="" of="" zimbabwe="" investment="" has="" been="" showing="" signs="" of="" “anguish”="" as="" shown="" by="" the="" underperformance="" of="" the="" local="" bourse="" economic="" headwinds="" persisting="" in="" the="" economy,="" such="" as="" liquidity="" constraints,="" policy="" inconsistences="" unstable="" political="" arena="" as="" well="" as="" absence="" of="" news="" to="" excite="" investors,="" have="" continued="" to="" pull="" down="" equity="" return.="" zimbabwe="" stock="" exchange="" performance="" (figure="" 1)="" from="" 2016="" to="" 2020="" gives="" a="" clear="" testimony="" that="" equity="" investments="" are="" under="" pressure.="" source:="" mmc="" capital="" according="" to="" the="" graph="" above,="" the="" zimbabwe="" stock="" exchange="" has="" 2="" market="" indices="" namely="" the="" industrial="" and="" the="" mining="" indices.="" it="" suggests="" a="" mixed="" trading="" for="" the="" mining="" and="" industrial="" counters.="" the="" fluctuations="" are="" more="" pronounced="" for="" the="" mining="" counters.="" the="" reason="" is="" partly="" attributed="" to="" perceptions="" relating="" to="" the="" indigenization="" and="" empowerment="" plans="" affecting="" mining="" companies="" and="" lack="" of="" funding="" for="" listed="" mining="" companies.="" all="" the="" 4="" listed="" mining="" companies="" are="" arguably="" facing="" challenges="" in="" sourcing="" funds="" for="" recapitalization,="" working="" capital="" and="" to="" retire="" expensive="" debt="" accumulated="" over="" time.="" it="" is="" understood="" that="" more="" mining="" companies="" are="" being="" enticed="" to="" list="" on="" zse,="" a="" move="" that="" is="" expected="" to="" boost="" the="" performance="" of="" the="" mining="" index="" and="" market="" capitalization.="" one="" of="" the="" most="" serious="" challenges="" affecting="" activity="" of="" the="" parastatals="" listed="" on="" zse="" is="" persisting="" liquidity="" constraints.="" at="" viable="" interest="" rates,="" accessing="" adequate="" levels="" of="" funding="" has="" proved="" difficult="" for="" most="" local="" companies.="" the="" multicurrency="" system="" which="" has="" been="" introduced="" on="" zse="" is="" associated="" with="" limited="" inter-bank="" lending="" and="" limited="" access="" to="" the="" lender="" of="" the="" last="" resort="" (lolr)="" facility="" at="" the="" central="" bank.="" inter-bank="" lending="" is="" limited="" because="" banks="" are="" not="" sure="" about="" each="" other’s="" risk="" levels,="" hence="" cautious="" inter-bank="" lending.="" low="" liquidity="" levels="" imply="" that="" it="" would="" be="" harder="" for="" the="" zse="" to="" support="" a="" local="" market="" with="" its="" own="" trading="" system;="" market="" analysis="" and="" stock="" brokers.="" this="" is="" because="" the="" business="" volumes="" would="" simply="" be="" too="" low.="" it="" then="" implies="" that="" stock="" brokers,="" who="" get="" a="" commission="" from="" trading,="" would="" have="" less="" income.="" as="" a="" result,="" use="" of="" manual="" trading="" and="" settlement="" systems.="" frequent="" power="" outages,="" among="" other="" capacity="" constraints,="" have="" contributed="" to="" the="" low="" capacity="" utilization="" in="" the="" economy,="" implying="" low="" potential="" participation="" at="" the="" zse.="" there="" is="" a="" challenge="" involved="" in="" listing="" parastatals="" on="" zse="" since="" it="" has="" not="" been="" spared="" by="" the="" government’s="" drive="" to="" compel="" foreign-owned="" businesses="" to="" sell="" stake="" to="" indigenous="" zimbabweans.="" the="" procedure="" requires="" local="" and="" international="" firms="" with="" a="" value="" of="" more="" than="" us$500,000.00="" to="" transfer="" 51%="" ownership="" to="" indigenous="" zimbabweans.="" this="" development="" has="" brought="" investor="" uncertainty="" because="" of="" a="" number="" of="" investors="" are="" no="" longer="" keen="" to="" invest="" in="" the="" country.="" political="" developments="" have="" played="" a="" big="" role="" in="" influencing="" the="" performance="" of="" the="" zse,="" resulting="" in="" some="" investors="" adopting="" a="" wait-and-see="" attitude.="" there="" is="" still="" political="" uncertainty="" surrounding="" the="" government="" of="" national="" unity="" (gnu),="" national="" elections,="" the="" dates="" for="" the="" referendum="" and="" the="" completion="" of="" the="" constitution-making="" process.="" stock="" market="" performance="" is="" highly="" sensitive="" to="" political="" and="" economic="" developments,="" as="" well="" as="" rumours="" and="" news="" about="" such="" developments.="" it="" is="" still="" difficult="" to="" attract="" more="" investors="" into="" zimbabwe="" because="" of="" these="" developments.="" there="" is="" uncertainty="" surrounding="" the="" global="" political="" agreement="" (gpa),="" indigenization="" and="" economic="" empowerment="" laws="" and="" the="" completion="" of="" the="" constitution-making="" process.="" this="" makes="" it="" difficult="" to="" attract="" more="" foreign="" investors="" which="" affects="" listed="" parastatals="" on="" zse.="" the="" operations="" of="" the="" zse="" are="" not="" well="" known="" to="" most="" ordinary="" people.="" some="" savers="" do="" not="" have="" enough="" information="" about="" this="" market.="" the="" stock="" market="" is="" commonly="" overshadowed="" by="" the="" banks="" in="" terms="" of="" attracting="" customers.="" hence="" it="" is="" costly="" since="" there="" is="" a="" weak="" public="" awareness="" and="" education.="" listed="" parastatals="" on="" zse="" are="" prone="" to="" low="" domestic="" disposable="" incomes="" and="" low="" savings="" as="" the="" economy="" will="" have="" less="" income="" for="" investment="" and="" also="" corporate="" governance="" issues="" are="" still="" outstanding="" at="" the="" stock="" market.="" the="" market="" also="" has="" a="" high="" money="" market="" interest="" rates="" which="" continues="" to="" discourage="" leveraged="" positions="" on="" the="" zse.="" when="" interest="" rates="" are="" subdued,="" traders="" invest="" in="" equities="" with="" funds="" borrowed="" cheaply="" from="" the="" fixed="" income="" market,="" which="" supports="" the="" performance="" of="" the="" equities.="" currently="" in="" zimbabwe,="" this="" cannot="" work="" because="" the="" cost="" of="" funds="" on="" the="" local="" money="" market="" is="" higher="" relative="" to="" the="" expected="" returns="" on="" the="" zse.="" the="" area="" of="" listing="" parastatals="" on="" zse="" has="" received="" wide="" scholarly="" attention="" in="" zimbabwe="" and="" many="" challenges="" were="" cited.="" however,="" the="" researcher="" feels="" that="" in-depth="" analysis="" of="" the="" challenges="" have="" not="" been="" done="" and="" hence="" this="" study="" evaluates="" the="" relationship="" between="" each="" challenge="" and="" the="" level="" of="" listing="" parastatals="" on="" zse.="" the="" aim="">