Effects of Indigenization Policy on Entrepreneurship in Zimbabwe - Essay Example

Effects of Indiginsation Policy on Entrepreneurship in Zimbabwe Table of Contents Table of Contents 2 CHAPTER 3: LITERATURE REVIEW 3 3.0 Conceptual Framework 3 3.1 Contribution to Knowledge 4 3.2 Overview 4 3.3 Definition and Common Dynamics of Indiginsation Policy affecting Entrepreneurial Trends 5 3.4 Entrepreneurial Trends in Zimbabwe 7 3.5 Impacts of Indiginsation Policy on Entrepreneurs in Zimbabwe 10 3.6 Practical Illustrations 12 3.7 Summary of the Findings 14 References 15 CHAPTER 3: LITERATURE REVIEW 3.0 Conceptual Framework Figure 1: Conceptual Framework 3.1 Contribution to Knowledge The study explores the impact of indiginsation policy on entrepreneurship in Zimbabwe. In this study extensive research of literatures has been conducted. The study would thus facilitate in construing the meaning as well as implications of indiginsation policy on an economy as well as on the entrepreneurship. The study would further provide an-in-depth understanding regarding the feasibility of indiginsation policy for the growth and development of an economy in the current turbulent economic environment. 3.2 Overview There are five fundamental features that make up the structure of this literature review. At the onset definition and common dynamics of indiginsation policy affecting entrepreneurial trends is presented. This presentation mainly includes the meaning of indiginsation from the economic perspective and the primary features of indiginsation policy influencing the entrepreneurial trends. This information will aid in understanding the fundamentals of indiginsation policy necessary for structuring the subsequent sections of this study. Next the discussion regarding the entrepreneurial trends in Zimbabwe has been outlined. This will facilitate in comprehending the prevailing the entrepreneurial trends in Zimbabwe as well as opportunities and challenges faced by the Zimbabwean entrepreneurial (Moore & et. al, 2013). Again, the discussion regarding the impacts of indiginsation policy on entrepreneurs in Zimbabwe has been conducted with the aim of exploring the pros and cons of this policy on the entrepreneurs. In addition, the discussion regarding the practical illustrations has been presented. This information will help in acquiring coherent understanding regarding the impact of indiginsation policy on the economic growth and development of Zimbabwe. Lastly, the summary of the findings which include the summarized information of the contents discussed in the preceding sections. This section highlights the most relevant facts and information regarding the entrepreneurial trends in Zimbabwe and the impact of indiginsation policy on entrepreneurships. This will help to comprehend the most relevant facts in a precise manner. 3.3 Definition and Common Dynamics of Indiginsation Policy affecting Entrepreneurial Trends According to Kovacic & Shapiro (2000), the governments across the world have undertaken numerous policies and measures to promote economic growth and welfare of its citizens. These policies have profound impact on the various national and international aspects (Kovacic & Shapiro, 2000). In this regard, Wilson III (1990) noted that indiginsation is a strategy of a nation to extort greater domestic control over the political economy. It has been argued that the terms nationalization and indiginsation are often used interchangeably but these two concepts varies significantly. Accordingly, the nationalization is a strategy or a policy that is more direct wherein the government of a nation places requirements for the private foreign ventures to sell or transfer certain portion or the entire equity to the government. On the other hand, indiginsation refers to a government policy requiring the private foreign firms to sell or transfer their equity to the citizens of a country (Wilson III, 1990). Zhou & Hardlife (2012) noted that indiginsation policy is generally directed towards empowering the citizen of a country. Accordingly, the policy is ascertained to have much positive impact on the citizens as it involves increasing their stake in the corporate sector (Zhou & Hardlife, 2012). Similarly Munyedza (2011) affirmed that indiginsation policy is a measure undertaken by the government of a particular nation to balance the unstable economic condition of a country. In this regard, indiginsation policy is regarded as a positive move of a country towards promoting economically the noble development. In addition, indiginsation policy is witnessed to have widespread interference from the government agencies. At the same time it has been ascertained that in a country that has adopted indiginsation policy, it has experienced increased dominance of the government while the role of private sector is recognized to be limited in the economy. The indiginsation policy has significant and negative implications of the foreign direct investment. Notably, the indiginsation policy makes the country an undesirable destination of foreign investment and reduced the power of the investors. Indiginsation policy is also witnessed by the increased regulations from the government of a country (Munyedza, 2011). In the words of Khomba & Kangaude-Ulaya (2013) indiginsation policy promotes congruency of the management tools with the local beliefs and the local ideologies prevailing within the society (Khomba & Kangaude-Ulaya, 2013). Zhou & Hardlife (2012) further claimed that the indiginsation policy has been subject to numerous political contentions and controversies. Accordingly, it has been noted that under this policy community share ownership trusts wherein the local people are largely benefitted. In other words it has been claimed that the policy involves broad-based participation of the local communities in the shareholding of the businesses (Mabhena & Moyo, 2014; Zhou & Hardlife, 2012). According to Murwirapachena & Sibanda (2014), the indiginsation policy has radical implication on the entrepreneurship trend. The indiginsation policy empowers the employees with numerous facilities and encourages them to turn themselves into employers (Murwirapachena, & Sibanda, 2014). Similarly, Lawal & Oluwatoyin (2011) stated that indiginsation policy promotes democratization of the labours and increases the participation of citizens in the corporate sectors, which has favourable impact on the development of entrepreneurship (Lawal & Oluwatoyin, 2011). 3.4 Entrepreneurial Trends in Zimbabwe According to Masaka (2011), the Zimbabwean Economy is paralyzed due to numerous factors such as slow economic growth rate, increasing poverty and unemployment. The political tensions amid the two major party including ZANU (PF) and the MDC has further exacerbated the socio-economic and political condition of the country (Chikuhwa, 2013; Masaka, 2011). Thus, in the words of Mataranyika (2014) in order to deal with the slow economic growth and eroded profitability of the businesses operating in the country, the Zimbabwean government has undertaken indiginsation policy (Mataranyika, 2014). Nevertheless, Antonites (2011) affirmed that entrepreneurship is one of the major areas that the government and the people of Zimbabwe need to focus and work together in order to restructure the declining economic performance of the country. In addition, it has been advocated that it is essential for the Zimbabwean government and people to explore the subject of entrepreneurship for promoting new business set ups and innovation necessary for raising the economic condition of the country (Vivarelli, 2012; Antonites, 2011; Desai, 2010). Notwithstanding, Antonites (2011) further noted that current entrepreneurial trends in Zimbabwe is influenced with several obstacles. In this regard, two major obstacles have been identified by the author. Firstly, the widespread prevalence of informal rules and rigid social norms has led to legal dualism and has undermined the creditability as well as the reliability of the modern statutory requirement of the country. The implications of such prevalence are further argued to de-motivate entrepreneurial drive. Secondly, the prevailing social norms, customs and the culture are also identified to have an adverse impact on the individual perception towards capital accumulation, which has further lowered the performance of individual as entrepreneur (Antonites, 2011). According to Mudamburi (2012), the Small and Medium Enterprises (SMEs) are the backbone of the Zimbabwean economy. Accordingly, it has been estimated that SMEs in Zimbabwe contributes almost 60% of the total GDP and provides 50% of the employment. Besides, it has been claimed that the Zimbabwean government has established a ministry that is dedicated towards formulating developmental and administrating policy related to SMEs. In addition, this ministry is also responsible for addressing the challenges faced by the small business sector in the country. However, it has been claimed that despite the government support and the support from the community, the outcome from this establishment has not been favorable enough (Mudamburi, 2012; Mlambo & Raftopoulos, n.d.) Bukaliya & Aleck (2012) noted that the entrepreneurs in Zimbabwe are seriously challenged with the lack of finance to make the best possible use of the available resources. At the same time, lack of proper infrastructure has dramatically lowered the entrepreneurship drive in the country (Bukaliya & Aleck, 2012). In this regard, Munyanyi (2013), stated that poor road and transport facilities, coupled with high level of poverty and unemployment has negatively influenced the entrepreneurial trend in Zimbabwe (Munyanyi, 2013). In addition, entrepreneurs in the country are largely claimed to be less skilled, which has been serving as the impeding factor behind their growth and success (Bukaliya & Aleck, 2012). Moreover, Chidoko & et. al. (2011) stated that lack of appropriate equipment has imposed radical challenge for entrepreneur to execute their duties (Chidoko & et. al., 2011; Lockren, & Malpass, 2010). According to Victor (2014), the Zimbabwean economy primarily relies on agriculture, mining, manufacturing and tourism. At the same time, the manufacturing sector in the country is observed to face with the challenges with low capacity utilization accompanied with obsolete machinery and intense competition as a result of cheap imports from Asian countries like China. The business owners Zimbabwe are simply subsistence entrepreneurs owing to the fact that they are engaged in the business process for themselves and are less concerned with investment activities, building sustainable enterprise, job creation or paying tax necessary for the development and the progress of the country. The role of entrepreneur in the growth and the prosperity of the Zimbabwean economy have further been argued to be questionable (Nhemachena & et. al., 2014; Victor, 2014; Simbabrashe & Lovemore, 2012). Victor (2014) further noted that the entrepreneurs in Zimbabwe are unproductive (Victor, 2014; Oshisanya, n.d.). According to Nyanga & et. al. (2013) small business owners in Zimbabwe are faced with numerous challenges particularly due to the sluggish economic growth compounded with economic crisis witnessed in the recent years (Chikuhwa, 2004). The entrepreneurs in Zimbabwe are encountered with the massive problem of meeting payroll, making long-range plans and maintaining customers essential for their survival. In addition, SMEs in Zimbabwe are observed to be relatively small in size and are characterized by risk aversion approach. Thus, the uncompetitive pricing, lack of experiential knowledge and unsupportive business environment have exerted profound impact on the entrepreneurs of the country (Nyanga & et. al., 2013). Mauchi & et. al. (2014) noted that women entrepreneurs in Zimbabwe are faced with myriad problems such as lack of support from government and lack of training, which has negatively influenced the growth of women entrepreneurship in the country (Mauchi & et. al. 2014; Msipah & et. al., 2013). 3.5 Impacts of Indiginsation Policy on Entrepreneurs in Zimbabwe According to Murombo (2010) despite abundant natural resources Zimbabwean economy suffered significant crisis and economic meltdown, characterized by increasing level of poverty and unemployment. Accordingly, the economic challenges in Zimbabwean economy is claimed to originate immediately after its independence and since then the country has unable to stabilize its deteriorating economic condition. In order to deal with the challenges of the rapidly declining economic growth, the Zimbabwean government has emerged with the ideology of “ideology of indiginsation” (Murombo, 2010; Carmody & Taylor, 2003). According to Shangahaidonhi & Gundani (2014) the Zimbabwean government passed The Indiginsation and Empowerment bill into the Parliament and on April 17 2008, it was signed as law. The law created a requirement for the all foreign owned companies having the share capital in excess of US$ 500000 involved in business practice in Zimbabwe to cede 51% of their total shares to the Zimbabwean citizens. The law was effective from January 29, 2010. The law further created a requirement for the foreign companies operating in the country to render certain requisite information to the ministry of Youth Development and Economic Empowerment (Shangahaidonhi & Gundani, 2014). Accordingly, it is claimed that the indiginsation policy was adopted by the government to empower the black population and alleviate their living standard. The policy was discredited during the initial years of its implementation (Murombo, 2010; Carmody & Taylor, 2003). According to Zamponi (n.d.), the indiginsation project was developed under the umbrella of the neo-liberal procedures of Economic Structural Adjustment Programme (ESAP). The policy sought the increased participation of the middle class black entrepreneurial. However, it has been argued that the indiginsation policy was not supported by appropriate economic development policies (Zamponi, n.d.). According to Damiyano & et. al., (2012), the policy was thought to have significant benefits to the local communities of the country but at the same time this policy had certain adverse impact on the development of entrepreneurship in the country. In this regard, it is claimed that this policy imposes profound risks on the investment aspects of the business in the country (Damiyano & et. al., 2012). According to Zinyama & Takavarasha (2014), the indiginsation policy has resulted in reducing participation of the foreign shareholders and the investors, the local entrepreneurs has to face the shortages of finance required to establish new ventures. Accordingly, it has been further claimed that the policy has considerable destabilizing impact on the economy. As consequences of this policy, the poor investor’s confidence accompanied with week flow of FDI has been witnessed by the economy, which has much adverse impact on the entrepreneurship of Zimbabwe (Zinyama & Takavarasha, 2014). Dumbu (2014) noted that the Zimbabwean government with the integration of the indiginsation policy in the university curriculum has attempted to promote entrepreneurship. Accordingly, it is perceived that such initiative of the government will result in embedding entrepreneurial skills in young citizen of the country (Dumbu, 2014). Matunhu & Mago (2013) stated that the rural populaces in Zimbabwe are primarily engaged in agricultural activities. The indiginsation policy is thus claimed to empower the rural communities by assisting them to alleviate from poverty (Matunhu & Mago, 2013). Munyanyi (2014) noted that indiginsation policy promotes rural banking, which has positively influenced the rural women entrepreneurs to acquire financial support for their business. The implication of improvement is ascertained to promote entrepreneurship in the country (Munyanyi, 2014). According to Muzari & Jambwa (2014), the ownership associated with the manufacturing sector in Zimbabwe is largely inequitable. In this regard, over 50% is owned by foreign large scale entrepreneurs. The implementation of indigenistion policy is thus perceived to have increased the percentage of shares held by the indigenous Zimbabwean entrepreneurs. This would further facilitate in reducing the economic imbalances currently faced by the country (Muzari & Jambwa, 2014; Anna & et. al., 2012; Gumbe & Kaseke, 2008.). Mabvure & et. al. (2012) noted that the indiginsation policy protects the interest of the indigenous labors as well as the national rights, which would possibly lead towards increasing participation of employees in the corporate sector (Mabvure & et. al., 2012). Similarly, Raftopoulos (2013) claimed that the indiginsation policy would increase the indigenous ownership of national resources that will continue towards the growth of entrepreneurship in Zimbabwe as well as employment opportunities for the Zimbabwean (Raftopoulos, 2013). Dodo (2012) noted that the indiginsation policy would promote young Zimbabwean to engage in informal business and would further aid in eliminating the unemployment among the indigenous populaces of Zimbabwe (Dodo, 2012). 3.6 Practical Illustrations Antonites (2011) claimed that the serious decline was witnessed in the economic value by the Zimbabwean economy as a result of unprecedented rise in the inflation rate. The decline was accompanied with shortages in the basic commodities within the nation to meet the requirements of its citizen (Antonites, 2011). According to Mataranyika (2014), it is reported that almost all the companies in the country faced dramatic fall with respect to their earnings. In addition, it is further noted that the leaders in the country are unsatisfied with the policy undertaken by the government. In this regard, it has been affirmed that due to the unfriendly economic policy of the government many firms in the country are at the verge of liquidation. Moreover, it has been observed that entrepreneurs in the country are challenged with insufficient finance to run their business smoothly. In addition, it has been claimed that despite the numerous strategies undertaken by the government the economy of the country is struggling to attain balance in its economic condition (Mataranyika, 2014; Laurine, 2014). According to Dodo (2014) land reform together with the indiginsation ideology had profound impact on the proportion of land held by the black and white farmers in Zimbabwe. Accordingly, there were more than 700,000 black small holder farmers in Zimbabwe in the immediate years of independence, holding 14.4 million hectares of land. However, during the year 2004, it reduced to 1.312 866 farmers holding 24.34 million hectares of land. Besides, the radical decline was also witnessed with respect to the number of white farmers in this era (Dodo, 2014). Shukla (2013) stated that in the contemporary world, Foreign Direct Investments (FDI) is considered as one of the most important driving factors for the growth and development of any economy and its importance for developing country is manifold. However, the indiginsation policy has resulted in declining inflows of investments (Shukla, 2013; Azam, 2010; Bengoa, & Robles, 2003). According to Murphy (2012), this policy condemned the use of FDI. Evidently, Shangahaidonhi & Gundani (2014) claimed that during the 1980s averaged FDI contribution to Gross Domestic Product was 18%, which in the 1990s increased to 20% but dropped dramatically to 1.1% during the years 2000-2009. According to Shangahaidonhi & Gundani (2014) the major contributing factor behind the drastically declining FDI in country is the Indiginsationand Empowerment Act of 2007 (Shangahaidonhi & Gundani, 2014). Murphy (2012) stated that the Zimbabwean government through the implementation of indiginsation policy aimed at stabilizing its economic condition but the state has failed to deliver the positive outcome (Murphy, 2012). In this regard, Chimuka & Sibanda (2012) stated that the Zimbabwe as a result of the Indiginsation and Empowerment Act of 2007 and has failed to attract the much needed investments essential for its growth and development (Chimuka & Sibanda, 2012). 3.7 Summary of the Findings The review of literature yielded rich understanding regarding the indiginsation and its impact on entrepreneurial trend. In this regard, indiginsation is referred as a policy of a government that provides foreign companies to cede certain portion or entire equity to the citizens of a host country. The findings from the literature review revealed that indiginsation policy is usually undertaken to empower and increase the participation of indigenous people in the corporate sector. The review of literature further demonstrated that the Zimbabwean economy has bee challenged with sluggish economic growth characterized by increasing rate of poverty and unemployment. The entrepreneurs in Zimbabwe are ascertained to have low skilled and lack appropriate knowledge. Besides, the small business entrepreneurs in the country are mostly engaged in informal business and are encountered with radical challenges of insufficient capital, poor infrastructure and lack of support from the government. The impact of indiginsation policy has been observed to be widespread on the entrepreneurial trends. Notably, the indiginsation policy promotes labour democratization and encourages them to engage in business practice. At the same time, the policy has adversely influenced the flow of FDI in the country. Flow of FDI in the recent years has been observed to dramatically drop in Zimbabwe. In this regard, one of the major reasons behind the significant decline in the FDI is ascertained to be the introduction of indiginsation policy in the country. The reduced flow of FDI has adversely influenced the economic growth and development of the country as well as it has negated impact on the development of entrepreneurships. Although, indiginsation policy has promoted the development of entrepreneurship in Zimbabwe, still the policy needs to be revised to bring Zimbabwean citizen into the mainstream of economic development. References Azam, M., 2010. Economic Determinants of Foreign Direct Investment in Armenia, Kyrgyz Republic and Turkmenistan: Theory and Evidence. Eurasian Journal of Business and Economics, Vol. 3, No. 6, pp. 27-40. Antonites, A. J., 2011. Obstacles to the Entrepreneurial Start-Up Process in Zimbabwe: A Dynamic Market Perspective. The Business Review, Vol. 18, No. 2, 215-223. Anna, C. & et. al., 2012. 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