The Impact of Corporate Governance in The Operations of the Stock Market.

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TABLE OF CONTENTS:

DECLARATION.................................................................................................................. II

APPROVAL OF SUBMISSION..................................................................... .......... III

ACKNOWLEDGEMENT....................................................................................................... IV

DEDICATION........................................................................................................................ V

TABLE OF CONTENTS......................................................................................... VI

LIST OF TABLES....... .......................................................................................... VII

LIST OF DIAGRAMS .. . ... . . . .. . . .. . .. .. . . . . .. . . .. . . . .. . . .. . . . ... . .. . . . . . . . .. . . . . . . ... . .. .. . . .. .. . .. . . .. . . . . ... VIII

LIST OF APPENDICES........................................................... ....... .... ............. ....... IX

ABBREVIATIONS .......................................................... :...................................................... X

ABSTRACT............................................................................................................................ XI

CHAPTER ONE.... .. .................................... ............ ... .... .................... ..... .............. -!-

INTRODUCTION... ........................ ... .................................................. .... ......... ..... -1-

BACK GROUND OF THE STUDY........................................................ ............................... .. .............. -1-

HISTOR Y OF CORPORA TE GOVERNANCE....................................................................................... -ICAP IT AL MARKETS AUTHORITY........................................ ........................... ........................ .......... -3-

UGANDA SECURITIES EXCHANGE........................................................................ ..... ... .................. -4-

STATEMENT OF THE PROBLEM........................................................................ ....................... ....... -5-

SIGNIFICANCE OF THE STUDY................................................................. .............. ............ ............. -5-

SCOPE OF THE STUDY........................................................................... ................ ................. ......... -6-

-Managerial scope: -6-

............................................................................................ .................................................................

Geographical scope. . . . .. .. . . . . . . .. . . . . . . . . .. . . . .. . . .. .. . .... .. . . . . . . .. . . . . . . .. .. ... . . ... . . . .. ... . . .. . . . . . . . .. . . . .. .. . .. ... . . . . . . . . . . . . . . . . .. . . . . . .. . . .. . . .. . . . .. . . . . . . . . .. . . . -6- OBJECTIVES OF THE STUDY............................................. ....................................................................................... -7-

GENERAL OBJECTIVES OF THE STUDY.............................................................................. ............. ........................ -7-

SPECIFIC OBJECTIVES OF THE STUDY.......... ................................................................................................. .. ...... . -7-

RESEARCH QUESTIONS................................. ........................................................................................................... -7-

CONCLUSION................... .... ......... . .. ................................... .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . -8-

CHAPTER TWO.................................................................................................................... -9-

LITERATURE REVIEW........................................................................................................ -9-

INTRODUCTION........... ................. .......................................... ... .......................................... .... .......... -9-

DEFINITION OF CORPORA TE GOVERNANCE.................................................................................. -10-

DEFINITION OFCAPITAL OF MARKETS............................................. ...... .... .. .............. ........ ..... ....... -12-

TYPES OF CAPITAL MARKETS............................................................................................ ............. -13-

BOND MARKETS............................................................................... ............................ .................... . -13-

MORTGAGE MARKETS...................... ....... ......................... ... ............. ........................................... ... .. -14-

STOCK MARKETS..................................................... ....................... .............. ............. ................... .... -14-

IMPORTANCE OF CORPORATE GOVERNANCE............................... ................... ................ ........... . -ISHOW UGANDA SECURITIES EXCHANGE OPERATES.. ....................... .. ... ... .................. ................... -16-

THE IMPACT OF CORPORATE GOVERNANCE ON THE OPERATIONS OF THE UGANDA

VI

SECURITIES EXCHANGE.............................. ................................................. . ........ . ......... .... ...... -1 8-

CONCLUSION............................................................................................................................................ -21-

CHAPTER THREE ...................................................... :......................................................... -22-

METHODOLOGY .................................................................................................................. -22-

APPROACH TO THE STUDY ............................................................ ..................... ......... .... :.. ............. -22-

RESEARCH DESIGN........................ ... ............................................................................... -22-

STUDY AREA .................................................................................................. , ... ,............................. -23-

RESEARCH PROCEDURE.................................................................................................................. -24-

SAMPLE AND PROCEDURE SIZE........................................ .. .......................... .. . .. . . .. .. . . . . .. . . . . .. .... .. -24-

DA TA COLLECTION . . . .. .. . .. .. . .. .. .. .. .. . . . .. .. . ... ... .. .. .. .. . .. .. . . . . .. .... .. .. .. ... . . .. . . .. . . . . . . . . . .. ..... .. .. . . . . . .. .. . . . .. ... .. . . .. -24-

PRIMARY DATA.................................................................................................. ...... . ..... -25-

/nterviews ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... . ... ... ... ... ... .... ... ...... .. ..... ...... . .. .. .. ..... . .. .. ..... .. .. .. .... -2 5-

Questionnaires ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... . ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -2 5-

0bservation ... ... ... ... ... ... ... ... ... ... ... ... . ... ... ... ... ... ... ... ... ... ... .... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. -26-

SECONDARY DATA............................................. .. ...................................................... ....... ..... ......... ....... -26-

DATA PROCESSING AND ANALYSIS........................................................ .. ................. ... ...... ........... ...... ... .. -26-

EXPERIENCED LIMITATIONS OF THE STUDY................................................ ..... ..... .................................... .......... -27-

CONCLUSION............................................................................................................................................ -27-

CHAPTER FOUR.................................................................................................................. -28-

DATA PRESENTATION, INTERPRETATION AND DISCUSSION................................................. - 28-

INTRODUCTION............................................................................................... ........ .......... ... ... .... -28-

PRESENTATION AND FINDINGS........................................................ ....... ..................... .................. -28-

CATEGORIZATION OF RESPONSES................................................................ .. .... .... .. ............. ..... -30-

RESPONSE FROM MANAGEMENT AT USE............................................................................................................... -30-

RESPONSE FROM PERSONNEL OF LISTED COMPANIES. ..................................................................... -32-

RESPONSE FROM MEMBERS OF THE PUBLIC ........................................................................................................ .

-35-

RESPONSE FROM SHAREHOLDERS ................................................... .......... :.. .. . . .. .. . .. . . .. .. .. .. .. .. . -36-

RESPONSE FROM NON SHAREHOLDERS................................. ........................................... ............ -36-

CONCLUSION.................................. ................................. ....................... ........... ..... .......... ............ ... ......... -36-

CHAPTER FIVE........................................................................................................................................ -38-

SUMMARY, CONCLUSION AND RECOMMENDATION......................................................................... -38-

INTRODUCTION............................................... ......................................... .......... ..................... .. ........ -38-

SUMMARY....................................................................................................................... ................... -38-

Accounting standards.................................................................................................... ......... ...... .... -38-

/ntegrity........................................... ............... ..... . . . .. .. ... .. . .. .. . ... . . .. .. . .. . . . .. .. . . . .. . . . .. . . . .. . .. .. . .. . . . . .... . . .. . . ..... -3 9-

lack of awareness........................... ........................................ . ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. . ... ... ... -39-

Recommendation................ ... .... . . . .. .. ... .. .. . . . . .... .. . . . .. ..... . .... .... . . . . . ... . . .. . . . .. . . . . . . . . . . . . . . . . . . . .. . . . . . . .. . . . . . . .... .. . . ... . -3 9-

Actively encouraging shareholding............................................................... .......... ............... ................ -40-

Sensitization campaigns....................... ........................................... .................................. ....... ... ....... .. -4 /-

CONCLUSION........................... ........... .. ...................................... ... ......... ......................... -41 -

REFERENCES....................................................................................................................... -42- 

ABSTRACT 
The practice of corporate governance is becoming increasingly important in today's global market. It is the demand from growing businesses for external domestic and international capital in quantities and ways that would have been inconceivable just a decade ago. Corporate governance in this study brings the value of democracy to the corporate level and ensures that effective rules allow equal access and protection for all participants. This achievable only with good corporate culture and applies to all kinds of firms, irrespective of ownership structure. Stakeholders here include shareholders, management, workers as well as all groups of persons that come into contact with the firm in its day to day activities. The principle of corporate governance as a necessity for economic development in Africa is one that is recognized by the New Partnership for African Development (NEPAD) Declaration adopted by the Organization for African Unity (OAU) in July 2001. High profile corporate financial scandals such as those affecting the Enron Corporation and Barings Bank have shown that it is a truly global phenomenon and not simply a problem that is restricted to developing countries. It affects not just the corporations, their shareholders and employees but also national and global economies. This study sets out to address the various dimensions of corporate governance and assess its relevance and impact on the ·operations of the Uganda Securities Exchange.

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APA

F., A (2022). The Impact of Corporate Governance in The Operations of the Stock Market.. Afribary. Retrieved from https://afribary.com/works/the-impact-of-corporate-governance-in-the-operations-of-the-stock-market

MLA 8th

F., Achieng "The Impact of Corporate Governance in The Operations of the Stock Market." Afribary. Afribary, 16 Jul. 2022, https://afribary.com/works/the-impact-of-corporate-governance-in-the-operations-of-the-stock-market. Accessed 18 Aug. 2022.

MLA7

F., Achieng . "The Impact of Corporate Governance in The Operations of the Stock Market.". Afribary, Afribary, 16 Jul. 2022. Web. 18 Aug. 2022. < https://afribary.com/works/the-impact-of-corporate-governance-in-the-operations-of-the-stock-market >.

Chicago

F., Achieng . "The Impact of Corporate Governance in The Operations of the Stock Market." Afribary (2022). Accessed August 18, 2022. https://afribary.com/works/the-impact-of-corporate-governance-in-the-operations-of-the-stock-market