Graduate School of Business
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- ItemAn assessment of the effects of COVID-19 pandemic on performance of small and medium enterprises (SMEs) in selected townships of Lusaka province.(The University of Zambia, 2024) Miti, Pherguson SundayThe outbreak of the Coronavirus of 2019 (COVID-19) Pandemic affected the entire globe socially and economically. The Small and Medium Enterprises (SMEs) were not spared. This study aimed at assessing the effects of the COVID-19 Pandemic on the Performance of SMEs due to the significant economic roles they play. The Zambian economy comprises 97% SMEs, who create employment for over 88% of citizens and contribute 70% of the GDP. Therefore, the objective of the study was to assess the effect of the COVID-19 Pandemic on the SMEs in selected townships of Lusaka Province. The snowballing method was used to collect data using the mixed method approach and SPSS version 20 for data analysis. The results showed that 62.9% of the SMEs employed less than 5 employees, 17% employed between 5 and 10 employees and 19.98% employed more than 10. From the total study population 99.4% had registered businesses with the local authorities. The results from the study on SMEs financial liquidity reviewed that 97% of the SMEs experienced reduction in revenue. The SMEs experienced a 75% reduction in the number of customers and 36.8% of the SMEs confirmed experiencing disruptions in the supply chain for essential goods. However, the SMEs devised mitigation measures to withstand the effects of the Pandemic, such as offering promotions, credit, and discounts to royal customers, extended their working hours, shared spaces with other businesses to reduce the costs of rentals. There was also a rise in electronic business (ECommerce). The SMEs advertised their products and services on social media platforms, conducted virtual meetings and trainings. To ensure that they had capital for their business the SMEs formed informal banking group called village banking. Therefore, the SMEs have shown that they are able to adapt to change. Key words: Small and Medium Enterprise, COVID-19 Pandemic, mitigation measures.
- ItemThe state of performance - based contracts in the public service: a case for permanent secretaries in Zambia.(The University of Zambia, 2025) Malupenga. AmosThis study’s aim was to generate evidence to Cabinet Office of correlates of shortfalls in the implementation of the performance-based contract system for Permanent Secretaries since 2016 that could be used as evidence for improvements in performance appraisal practice. A mixed methods study approach was used. Correlational analysis was done using SPSS version 20 and qualitative data was analysed using qualitative content analysis. Appraisals were adequate in just 10% of the cases and in the majority of the cases (90%) they were inadequate. Ministers did not appraise civil service executives every year. The maximum they went to appraise civil service executives was zero and this accounted over half 61.7% and this was not expected. Spearman's rank-order correlation shows a weak, positive non-statistically significant correlation between the two variables (observed outcome of performance appraisals and inhibitors or facilitators (rs, = .0.252, p = 0.87). There was also a very weak, negative correlation between the two variables (inhibitors or facilitators and appraisal implementation process) (rs, = -.002, p = 0.989). There were unclear performance indicators, unclear ineffective rating instrument, overly guessing reviews and political based reviews, immediate supervisors were not available, excess workload and suddenness of conducting appraisals. There was a missing link with Ministers when it comes to appraising, Ministers had less information on how to do the actual appraisal and permanent secretaries experienced a lack of ongoing performance feedback from the Minister. These key issues influenced the poor state of performance appraisal of civil service executives. This study has explored the state of performance based contracts for Permanent Secretaries in Zambia. The conclusion is that the state of implementation of the appraisal process of the performance-based contract system for Permanent Secretaries’ is influenced a great deal by an ineffective rating instrument, overly negative/second guessing review and political reviews, immediate supervisors in ministers who are not available, excess workload and suddenness of conducting appraisals. If all these factors are taken into consideration, then performance appraisal system the potential of being a good performance management tool. Key words: Appraisal, Performance, Contract, Public Service, Permanent Secretaries
- ItemThe role of venture capital funding on the performance of small and medium-sized enterprises (SMEs) in Lusaka, Zambia: a case study.(The University of Zambia, 2024) Ketani, Sitwala H.This Study aimed to investigate the role of venture capital funding in the performance of small and medium enterprises (SMEs) in Lusaka, Zambia. SMEs play a vital role in the economic development of many countries, including Zambia. However, access to financing remains a significant challenge for SMEs, particularly in the early stages of their development. Venture capital funding has been identified as a potential solution to this problem, as it can provide the necessary capital and expertise to help start-up SMEs grow and succeed. Despite the potential benefits that venture capital can offer to SMEs, there is a gap in understanding the specific mechanisms through which venture capital funding influences the growth trajectory and overall performance of these enterprises. Additionally, the contextual factors that may either facilitate or hinder the positive impact of venture capital on SMEs are not thoroughly explored. The study was underpinned by the economic theory of the entrepreneur under the theoretical framework. This theory emphasises the role of the entrepreneur in driving innovation, fostering economic growth, dynamism, and job creation. The research employed a mixed study design with data collection conducted through questionnaires that achieved a 100% response rate from the 102-sample size. A purposive sampling method was employed to select managers and owners of SMEs. Analysis of the findings, utilizing Excel, pie charts, mean and standard deviation indicate a positive influence of venture capital funding on SME performance in Lusaka. Furthermore, a positive relationship was identified between venture capital funding and other financial sources for SMEs, with financial management skills demonstrating a favourable impact on SME performance. The identified challenges encompassed limited access to venture capital firms, awareness issues, scalability concerns, regulatory and legal hurdles, challenges in market size assessment, and varying valuations by start-ups and venture capitalists. Recommendations include the development of growth-centric business plans, utilising venture capital funding to enhance investor confidence, investment in financial management training, especially for start-ups, and implementing initiatives to increase awareness of the benefits of venture capital funding in supporting SMEs.
- ItemCapital structures, and savings and credit cooperative organizations - developing a growth model for Zambia.(The University of Zambia, 2024) Milambo, FidelityGlobally, countries are paying attention to the potential of Savings and Credit Cooperative Organizations (SACCOs) as one form of enterprise with a meaningful impact on the economic empowerment of their citizens. Despite SACCOs recording growth in various countries, the growth of SACCOs in Zambia driven by Capital Structure (CS) remains largely under-researched. The main objective of this study was to develop a SACCO Growth Model underpinned by CS. The study area was Lusaka Province. Data were collected from the target population of 59 active SACCOs that had audited financial statements for the period 2017 - 2021. The study was a mixed method, and adopted a multi-paradigmatic position. Epistemologically, the research was objectivist and positivist in paradigm. Ontologically, the study adopted a realist and parmenidean approach. Structured interviews and questionnaire surveys were used to collect data. Qualitative textual data was analysed manually using hierarchical coding frames. Statistical Package for the Social Sciences (SPSS) Version 26 was used to analyse Quantitative panel data. The results under objective one established growth patterns of increases in capital reserves by 54.5 percent, assets increased by 25.0 percent, membership increased by 149.5 percent; number of employees increased by 31.3 percent; member savings increased by 63.7 percent; retained earnings increased by 33 percent; equity financing increased by 5.0 percent; employee competency increased by 61.9 percent, and 50.0 percent of SACCOs reported increase in dividends. Under objective two, key determinants of SACCOs’ CS at 97.6 percent was through savings, while 78.6 percent attribute profitability as a key determinant. The impact of CS on SACCO growth under Objective 3 revealed that for every 1 percent increase in savings, share capital, and retained earnings, the growth index increases by 0.17/100, 0.09/100, and 0.00/100, respectively, statistically significant (p value <0.05). A computerized SACCO growth model was developed under objective 4, which revealed that CS was a strong contributor to SACCO growth. The model was validated for usefulness and functionality with select 9 SACCOs. Seamlessly combining results from both methods in building a model was a challenge. The study recommended inclusion of CSs in SACCOs’ bye-laws, revision of the Cooperative Act of 1998 to prescribe how capital structure should be raised, and a further study on optimal CS mix for SACCOs growth.
- ItemAn assessment of the implementation of corporate governance values in non-governmental organisations (NGOs) in Zambia.(The University of Zambia, 2022) Hanjalika, NchimunyaThe overall objective of this study was to assess the implementation of corporate governance values in network NGOs in Zambia. It was principally based on three (3) specific objectives and these were: 1) To evaluate the implementation process of corporate governance values in NGOs; 2) To establish the corporate governance values being implemented in NGOs; and 3) To determine the extent to which corporate governance values have been implemented in network NGOs. The study adopted a concurrent mixed approach using descriptive research design through which involving both qualitative and quantitative data collected using interview temples and questionnaires. The sample size of 46 respondents was used from which the heads of departments were picked using purposive while subordinate staffs were selected using simple random sampling techniques. Analysis and interpretation of qualitative data was done using thematic analysis whereas Statistical Package for Social Science (SPSS) version 20, and Microsoft Excel applied on quantitative data analysis in which Chi-square test to determine the relationship between variables was used. Findings from the study revealed that several processes were used in implementing corporate governance values in NGOs in Zambia. However, most of the organisations implemented corporate governance values through established policies and guidelines that existed at the time of the study. Among the corporate governance values implemented included financial reporting, transparency, and accountability, board existence with proper stipulated term of office. They also ensured good board culture, and safeguarding the environment and work place, adherence to professionalism and engaging participation of various stakeholders in the operations of the organisation. These stakeholders included funders, directors, employees and the community members from which the projects were implemented. Further, the NGOs upheld such corporate values as moral integrity and commitment in running of their affairs. In determining the extent to which corporate governance values have been implemented in network NGOs, it was found from the Pearson’s Correlation Coefficient test that board size, financial reporting, transparency, and accountability as well as board culture positively influenced the implementation of cooperate government in NGOs to a higher extent, whereas board size to a lower extent. To this effect it was recommended that the organisations must consider reviewing the laid down regulatory framework or policies and rules often to amend the ones not functioning to enhance the process of implementing corporate governance values. The Non-Governmental Organizations should put in place a governance framework that stipulates clear guidance to the function of the organization governance body. They need to consider putting in robust systems for recruitment of qualified board members and further enhance communication and information flow among the board, management, staff, donors and other key stakeholders to enhance the implementation of corporate governance values. Key Words: Corporate governance