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School of Postgraduate Studies Bank Failures: Examining Corporate Governance Principles and Practices of Indigenous Banks in Zi

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School of Postgraduate Studies Bank Failures: Examining Corporate Governance Principles and Practices of Indigenous Banks in Zi SCHOOL OF POSTGRADUATE STUDIES BANK FAILURES: EXAMINING CORPORATE GOVERNANCE PRINCIPLES AND PRACTICES OF INDIGENOUS BANKS IN ZIMBABWE AND THEIR IMPACT ON ORGANIZATIONAL EFFECTIVENESS BY JUSTINE CHINOPEREKWEYI PHDOLD1511443 SUPERVISORS: DR. EMMANUEL P. MULENGA DR. ABEL C. SHIMBA Submitted in fulfilment of the requirement for the award of the Doctor of Philosophy Degree (PhD) in Organizational Leadership and Development at the University of Lusaka, Zambia. 2018 P a g e | i Abstract The health of the banking industry is strongly dependent on the state of corporate governance in an economy. The adoption and enthronement of sound corporate governance principles and practices is regarded as important in ensuring bank organizational effectiveness at institutional, industry and inclusive levels. The inclusive level of organizational effectiveness takes into consideration all the stakeholders of the bank. The Zimbabwean economy has experienced persistent indigenous bank failures allegedly due to internal corporate governance deficiencies during the period 2000-2015. The present study sets out to address two research concerns (1) to identify and discover Zimbabwean indigenous banks’ corporate governance irrationalities with regard to organizational effectiveness and, (2) to achieve regulation change through understanding and explaining the impacts of the adopted corporate governance principles and practices on organizational effectiveness. This research examines the corporate governance mechanisms of Zimbabwean indigenous banks and their impact on organizational effectiveness. The research adopts a methodological pluralism approach using the phenomenology and symbolic interactionism epistemological strands. These techniques are used in an effort to address the cardinal points of this research being to identify, discover, understand, explain, predict and recommend controls to the bank failures in light of internal corporate governance deficiencies phenomenon in Zimbabwe. Based on these cardinal points, this study offers a unique insight and constructionist inquiry into the multidimensional subject of corporate governance in banking sector in Zimbabwe for the period under study. The unique insight is proffered through the examination of internal corporate governance principles and practices of the Zimbabwean indigenous banks. The present research found out that there is a significantly positive relationship between sound corporate governance and organizational effectiveness among indigenous banks in Zimbabwe. The eight study variables proposed in the conceptual framework of the present study are essential in driving organizational effectiveness and minimizing bank failures. These variables are leadership and management interaction, strategic (transformational) planning, organizational learning, exceptional boards, corporate financial reporting, P a g e | ii engaged and committed employees, and workplace spirituality. Internal corporate governance deficiencies are central to the persistent bank failures experienced in Zimbabwe during the period 2000-2015. This result is supported by the number of indigenous bank failures, the extent of non-performing loans, and the alleged malpractices among indigenous banks as compared to foreign-owned banks. The research therefore confirms the importance of sound corporate governance in ensuring institutional, industry, and inclusive effectiveness among indigenous banks in Zimbabwe. This research contributes to the literature gap in the field of internal corporate governance. The main contribution of this research is the examination of internal corporate governance principles and practices of indigenous banks in Zimbabwe in light of the persistent bank failures that the economy faced during the period 2000-2015. This examination contributes to knowledge to all other developing and transition economies given the fact that bank failures are inevitable. In terms of theory, this study contributes through determining that the stakeholder perspective is significantly ideal in Zimbabwe due to the country’s macro- environmental influences. The present study is also understood to be the first corporate governance study to incorporate workplace spirituality in examining the governance framework for organizational effectiveness. The main value of this research is derived from its focus on banking institutions, as it examines the corporate governance principles and practices that determine organizational effectiveness. The present research contributes to theory by proposing a conceptual framework of eight variables that can fill the internal corporate governance information gap in the context of Zimbabwe. The conceptual framework can be used to measure and evaluate corporate governance effectiveness and for future corporate governance studies. Moreover, SADC and developing economies can use the conceptual framework in the monitoring of sound internal corporate governance. Keywords Corporate governance, indigenous banks, bank failure, organizational effectiveness, Zimbabwe P a g e | iii Table of Contents Abstract ................................................................................................................................ i Declaration .......................................................................................................................... xi Dedication ........................................................................................................................... xii Acknowledgements ............................................................................................................ xiii Abbreviations ..................................................................................................................... xiv CHAPTER 1: INTRODUCTION TO THE STUDY ................................................................. 1 1.0 Introduction ................................................................................................................ 1 1.1 Background to the study ............................................................................................. 3 1.1.1 The Zimbabwean Banking System Developments ............................................... 3 1.1.2 Overview: Corporate Governance, Organizational Effectiveness and Bank Failures ......................................................................................................................... 7 1.1.3 Zimbabwe Today: Reform Attempts ................................................................... 14 1.2 Statement of the Problem ......................................................................................... 18 1.3 Objectives of the study ............................................................................................. 18 1.4 Research Questions ................................................................................................. 22 1.5 Rationale for the study .............................................................................................. 22 1.6 Limitations ................................................................................................................ 26 1.7 Delimitations ............................................................................................................. 27 1.8 Assumptions ............................................................................................................. 27 1.9 Study Context or Setting ........................................................................................... 28 CHAPTER 2: LITERATURE REVIEW ................................................................................ 29 2.1 Historical Analysis: Corporation and Corporate Governance expound ...................... 29 2.2 Corporate Governance Defined ................................................................................ 35 2.2.1 Recent Developments in Corporate Governance ............................................... 38 2.2.2 The Role of Corporate Governance ................................................................... 40 2.3 The Corporate Governance of Banks ....................................................................... 42 2.3.1 Distinctive Features of the Banking Sector ......................................................... 46 2.4 Bank Failures and Corporate Governance ................................................................ 49 2.5 Bank Performance Measurement ............................................................................. 55 2.5.1 Factors affecting Bank Performance .................................................................. 66 2.6 Corporate Governance: A Multi-disciplinary Concept ................................................ 74 2.6.1Theories of Corporate Governance ..................................................................... 74 2.6.2 Principles and Practices of Corporate Governance ............................................ 90 2.6.3 Corporate Governance in the international arena: UK and Asia ....................... 104 2.7 Organizational Effectiveness: Theoretical Underpinnings ....................................... 109 2.7.1 Organizational Effectiveness: Frameworks and Methodologies ........................ 116 2.8 Corporate Governance Variables and Organizational Effectiveness in Banking ..... 124 2.8.1 Leadership and Management Interaction ......................................................... 124 P a g e | iv 2.8.2 Strategic (Transformational) Planning .............................................................
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