Public Sector Governance and Capital Investment Financing: Evidence from Zimbabwe


  • Alexander Maune UNISA
  • Ephraim Matanda Great Zimbabwe University


This article examined the relationship between governance and capital investment financing in Zimbabwe. Secondary data was collected from World Bank`s World Development and Worldwide Governance Indicators database, to empirically examine the relationship between the two variables, from 1996 -2020. A multiple linear regression model was used to examine the relationship. The study found a strong positive correlation between the six measures of governance and the averaged dependent variables. The R-squared of the data was 0.5165. This implies that the six measures of governance explain 51.65% of the value of the combined dependent variable. The adjusted coefficient of determination of about 32.31% is used as a stable, consistent, and reliable measure of the contribution of the independent variables to the dependent variables. Based on the estimated multiple linear regression model results, two measures of governance namely control of corruption and government effectiveness had a negative and fairly significant effect on the country’s capital investment financing. However, by comparison, control of corruption had a more negative effect on the dependent variable compared to government effectiveness. This article has practical implications, especially for policy formulation and implementation in the government. The article closed the gap in knowledge by drawing attention to the relationship between governance and capital investment financing in Zimbabwe.


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How to Cite

Maune, A., & Matanda, E. (2022). Public Sector Governance and Capital Investment Financing: Evidence from Zimbabwe. The Journal of Accounting and Management, 12(3). Retrieved from