The Strength of Sound Corporate Governance on Economic Growth in an Emerging Market Context


  • Alexander Maune University of South Africa


The study examined the impact of sound corporate governance on economic growth in an emerging market, Zimbabwe, using an econometric model. A multiple linear regression analysis was employed to examine the relationship. Secondary data for the period from 1968 to 2015 was collected from World Bank`s Worldwide Governance and World Development Indicators databases. It was found that sound corporate governance is significantly related to economic growth in an emerging market, Zimbabwe, in a positive and negative manner with a p-value of 0.000023235 at 5% level of confidence. On one hand, control of corruption is negatively significantly related to economic growth and on the other hand political stability and absence of violence/terrorism positively significantly related to economic growth. Government effectiveness, regulatory quality, rule of law and voice and accountability are insignificant in influencing economic growth in Zimbabwe at 5% level of significance. The findings from this article will assist policy formulation, policy implementation and future research. This article, however, is of great importance to government, private sector and the academia.

Keywords: Corporate Governance; Economic Growth; Economic Development; Gross Domestic Product; Investor Protection; Emerging Market.

JEL Classifications: O11, O16, F43, G34, M14


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Author Biography

Alexander Maune, University of South Africa

Alexander Maune is a prolific researcher and practitioner whose research career started at the University of South Africa (UNISA) as a Research Fellow in 2014 in the College of Economic and Management Sciences (CEMS) in the department of Business Management. Prior to joining UNISA, he was a Business Finance Analyst with Standard Chartered Bank Zimbabwe for seven years. Alexander Maune has published a book, a number of journal articles and a book chapter. He has also presented papers at international conferences. His research interests include Competitive & Business Intelligence, Corporate Governance & Ethics, Banking & Finance, Start-ups, Indigenous Knowledge Intelligence and the Talmud. Alexander Maune is an environmental activist, a youth advisor and a member of the Strategic & Competitive Intelligence Professionals (SCIPs).  Alexander Maune is a part-time Senior Lecturer at local Universities in Zimbabwe. He was awarded a three year (2016-2019) Academic Associate research programme in the Office of the Graduate Studies and Research at CEMS, UNISA. He was also awarded another three year (2016-2018) Research Fellowship programme with the African Union Financial and Economic Markets Analysis Unit at CEMS, UNISA. He is a reviewer in a number of Journals. Alexander Maune holds a Ph.D in Business Intelligence, MSc Banking and Financial Services, BCom (Hons) Accounting Degree and a Diploma in Management Accounting (Operational Level) (CIMA) and is currently studying BCom in Law with UNISA as well as MSc in International Trade Law and Policy. He is also a Talmudic scholar.




How to Cite

Maune, A. (2017). The Strength of Sound Corporate Governance on Economic Growth in an Emerging Market Context. International Journal of Economics and Financial Issues, 7(5), 6–13. Retrieved from