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ZCAS/ZCAS University Institutional Repository

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School of Business
This school incorporates all the best business aspects that ZCAS University has to offer.
School of Computing, Technology and Applied Sciences
This Collection incorporates all Research works, Thesis and Dissertations under the School of Information Communication Technologies
School of Law
This Collection incorporates all Research works, Thesis and Dissertations under the School of Law
School of Social Sciences
This Collection incorporates all Research works, Thesis and Dissertations under the School of Humanities and Social Sciences
ZCAS Professional
This Collection incorporates all Research works, Thesis and Dissertations under ZCAS Professional

Recent Submissions

An Assessment on the Effect of the International Monetary Fund (IMF) Bailout Package on Zambia's Economic Performance
(ZCAS University, 2026-08) Wiggins Mupango
In the last decade, the Zambian government has faced various macroeconomic challenges stemming from both internal and external factors. Domestically, the economy suffered from fiscal and monetary imbalances caused by populist political policies which led to excessive borrowing to meet balance of payments support. The situation was exacerbated by global external shocks like the geopolitical crisis posed by the 2014 Russia/Ukraine war and the 2019 Covid pandemic. The debt burden resulting in the country defaulting on her Eurobond payments of $42.5 million in 2020, an action that resulted in the downgrading of Zambia’s sovereign rating downgrade to ‘junk’ status by Moodys, Fitch and Standards and Poors (S&P). Most external funding and portfolio investments ceased leading to a fiscal funding gaps and reduced capital for investments. Similarly, the local economic environment was characterised by high inflation and exchange rates, reduced portfolio inflows and harsh social-economic environment citizens. To bridge this gap and restore economic stability, the Zambian government was faced with no option but to reach out to the IMF for a bailout program under the G20 common framework. The IMF program was meant to offer some relief on debt servicing and provide emergency funding support through SDR disbursements. The Zambian government was required to embark on a series of structural adjustments programs, debt consolidation and implementation of austerity measures aimed at curbing further debt contraction and restoring economic stability. This study evaluated the effectiveness of the IMF bailout program on Zambia’s economic performance. The researcher interrogated the interplay between GDP growth rate and the movements in inflation rate, exchange rate, investment portfolio flows and social cash transfers using both qualitative and quantitative techniques. The study concluded that the IMF bailout package had a positive effect on GDP growth as evidenced by the drop in inflation rate to single digit, stability in the USDZMW rate movements, increased committed and actualised investment portfolio flows and scaling up of social protection programs. The study further provides recommendations to the Zambian authorities to sustain economic gains from the IMF program to avoid any relapse. Recommendation includes economic diversification, boosting gross international reserve and other fiscal and monetary policy changes.
Effects of Monetary Policy on Small and Medium Enterprises Financing for Hardware Stores in Kabwata Constituency of Lusaka District
(ZCAS University, 2026-07) Thembela Kakoma Sefulo
Monetary policy, including high-interest rates and tight credit conditions, significantly constrains financing for hardware store SMEs in Kabwata, leading to high financing costs and limited growth, while poor record-keeping and lack of collateral further exacerbate credit access challenges. Based on this background, this study aims to investigate the specific effects of monetary policy on small- scale enterprise financing focusing on the experiences of hardware stores in Kabwata constituency of Lusaka, Zambia. This study is important because it addresses a gap in existing literature by focusing specifically on how monetary policy affects small-scale enterprises in the hardware retail sector. The study adopted an explanatory research design. An explanatory research design is a structured qualitative research method used to investigate why and how a phenomenon occurs by testing hypotheses and establishing causal relationships between variables. The study was qualitative which adopts an inductive approve in its investigation. Purposive sampling was used to select the study participants. Furthermore, primary data collected from the study participants which was purposively sampled and analyzed through thematic analysis. The study findings note that monetary policy primarily affects hardware stores in Kabwata by dictating the cost of borrowing and the availability of credit through commercial banks and microfinance institutions. The monetary policy has both negative and positive effects on SME financing for hardware stores in Kabwata constituency of Lusaka KEY WORDS: Monetary policy, Small and medium-sized enterprises (SMEs) and Kabwata.
An Assessment on the Relationship Between Selected Underwriting Risk Management Practices and Insurer Profitability: A Case of Professional Insurance Corporation Zambia
(ZCAS University, 2026-05) Joseph Dennis Mulenga
This study assessed the relationship between selected underwriting risk management practices and insurer profitability using a case study of Professional Insurance Corporation Zambia (PICZ) Head Office in Lusaka, Zambia. Specifically, the study examined the relationship between risk assessment processes, underwriting risk selection practices, pricing and premium-setting methods, reinsurance arrangements, and insurer profitability. The study adopted a positivist research philosophy and employed a quantitative case study research design. A census approach was used to collect data from 23 employees in the Underwriting Department at Professional Insurance Corporation Zambia. Primary data were collected using a structured questionnaire and analysed using SPSS version 21.0. The data were analysed using descriptive statistics, reliability analysis, and Spearman's rank correlation analysis to determine the relationships between the study variables. The findings revealed that respondents generally perceived the organisation's underwriting risk management practices to be effective. The study further found positive relationships between all the selected underwriting risk management practices and insurer profitability. However, only the relationship between pricing and premium-setting methods and insurer profitability was statistically significant at the 5% level, while the relationships involving risk assessment processes, underwriting risk selection practices, and reinsurance arrangements were positive but not statistically significant. The study concluded that sound underwriting risk management practices are positively associated with insurer profitability and remain important components of effective underwriting decision-making. The study recommends that Professional Insurance Corporation Zambia continue strengthening its risk assessment processes, underwriting risk selection practices, pricing and premium-setting methods, and reinsurance arrangements to enhance underwriting performance and support long-term financial sustainability. Future studies should consider including multiple insurance companies and a larger sample to improve the generalisability of the findings.
Impact of Corporate Governance on Financial Performance of Selected SMEs in Lusaka District
(ZCAS University, 2026-05) Kabwe Musonda
This study examined the impact of corporate governance practices on the financial performance of Small and Medium Enterprises (SMEs) in Lusaka District, Zambia. The research focused on three key governance variables, namely board composition, transparency practices, and risk management, and how they influence financial performance indicators such as profitability, liquidity, and financial stability. A quantitative research design was adopted, guided by a positivist research philosophy. Structured questionnaires were administered to a sample of 398 SME respondents, of whom 314 returned completed questionnaires, yielding a response rate of 78.89%. Reliability analysis confirmed strong internal consistency across all constructs (Cronbach's alpha range: 0.841 to 0.891). Data were analysed using SPSS through Spearman rank-order correlation and ordinal logistic regression, following confirmation that the data violated the assumption of normality as established by Kolmogorov-Smirnov and Shapiro-Wilk tests. The findings revealed that board composition, transparency practices, and risk management all have positive and statistically significant effects on SME financial performance. Board composition emerged as the most influential determinant (Exp(B) = 108.271, p < 0.001), followed by risk management (Exp(B) = 34.478, p < 0.001) and transparency practices (Exp(B) = 34.288, p < 0.001). Spearman correlations corroborated these findings, with board composition recording the strongest bivariate association with financial performance (rs = 0.712). The model demonstrated excellent fit (Omnibus LR Chi-Square = 682.669, p < 0.001), confirming the collective significance of the independent variables. The study concludes that SME financial performance is driven by the combined effect of governance structures, transparency, and risk management practices. It recommends the adoption of flexible governance frameworks, simplified reporting systems, and capacity-building initiatives. The study contributes empirical evidence on corporate governance within the Zambian SME context and offers practical insights for policymakers and business practitioners. Keywords: Corporate Governance, Financial Performance, Board Composition, Transparency, Risk Management, SMEs, Ordinal Logistic Regression, Spearman Correlation
Effects of Foreign Direct Investment on Zambia's Exports
(ZCAS University, 2026-06) Khondwani Mbewe
Foreign Direct Investment (FDI) is commonly viewed as an important contributor to export growth in host countries. It promotes human capital development by improving worker’s skills as well as managerial and technical expertise, thereby increasing productivity and efficiency. These improvements enhance a country’s competitiveness in international markets. In addition, FDI provides access to global production networks and foreign markets, which can stimulate export growth. Due to these potential benefits, Zambia has continued to attract FDI as part of its export-led growth strategy. This study examined the effect of Foreign Direct Investment on Zambia’s export performance over the period 1993 to 2024. The study employed the Autoregressive Distributed Lag (ARDL) approach, while the Augmented Dickey-Fuller (ADF) test was used to test for unit roots. The results indicated that the variables became stationary at first difference, I(1). The Bounds test further confirmed the existence of cointegration and a long-run relationship among exports, FDI, Gross Domestic Product, and inflation. The Error Correction Model (ECM) was applied to estimate the short-run effects. The findings revealed that FDI had a negative and statistically insignificant effect on exports in the long run, but a negative and significant effect in the short run. This may suggest that Zambia mainly attracts market-seeking and efficiency-seeking FDI, which focuses more on domestic demand and low-cost production structures rather than export expansion. The study further recommends the diversification of FDI into sectors beyond mining in order to expand export opportunities in other international markets. Additionally, policies aimed at attracting export-oriented FDI should be strengthened through the provision of appropriate infrastructure, specialized services, and skilled human capital required by export-oriented firms.