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UniversityofZimbabweFacultyofCommerceDepartmentofAccountingProjectTopicAnanalysisoftheeffectivenessofcapitalbudgetingprocessinthemobiletelecommunicationindustryinZimbabwe:ACaseStudyofEconetWirelessZimbabweDoneby:TozivepiDesireMR164112R DECLARATIONNameofauthor:TozivepiDesireMRegistrationnumber:R164112RTitle:Ananalysisofeffectivenessofcapitalbudgetingprocessinthemobiletelecommunicationindustry.(ACaseStudyofEconetWireleesZimbabwe)Degreeprogram:BachelorofcommerceHonorsDegreeinAccountancyDissertationsupervisor:MrJ.TChikondoYearofaward:2017TheauthorgrantstheUniversityofZimbabwelibrarytherightstoproducecopyandcopiesofthisdissertationandtolendsuchcopiesforscholarlyandscientificresearchesonly.Thisdissertationmaybephotocopied,scanned,storedinretrievabledevicesorreproducedonlywithpriorpermissionfromtheauthor.InquiriesconcerningreproductionoutsideaforementionedtermsshouldbesenttotheUniversityofZimbabwelibrary.Ideclarethatthisresearchprojecthereinismyoriginalworkandhasnotbeencopiedorextractedfromprevioussourcewithoutdueacknowledgementofthesource.………/……………/………………………………………NameofStudentSignatureDate………/………………../………………………………………………………NameofSupervisorSignatureDat2 DEDICATIONThisresearchstudyisdedicatedtomyparentsMr&MrsTozivepiwhohaveworkedhardthroughouttheirlife,raisedmeupandeducatedme.Idedicatethemthisimportantprofessionalachievement,becausewithouttheirpresenceandsupportIwouldhavenotachievedmystudies.3 ACKNOWLEDGEMENTThisresearchworkwouldnothavebeensuccessfulwithoutthecontributionofmanydifferentpeople.IwishtoprofoundlythankmySupervisor,Mr.Chikondoforhissteadfastsupport,guidanceandencouragementduringtheentireresearchperiod.Mygratitudegoestoallmylecturerswhosuccessfullytookmethroughmycoursesandinthesamebreadthprovidedadvicethatprovedinvaluableinachievingmygoals.Specialthanksareextendedtomyfriends,MonalisaTNyamarebvuandRutendoMagayafortheirendurance,unfailingsupport,continuedencouragement,andunderstanding.Iamalsogratefultomyparentsandothermembersofmyfamilyfortheirencouragementandsupport.ToeveryonewhohadahandincompletingthisresearchprojectIwouldliketosayMaytheGoodLordrichlyblessyou.i4 TABLEOFCONTENTSPageAcknowledgementIAcronymsofTermsIiiListofTablesIvListofAbbreviationsVListifFiguresViListofAppendixViiAbstractViiiChapter111.0Introduction11.1Background2­31.2ProblemStatement41.3ResearchObjectives4­51.4ResearchQuestions51.5ResearchHypothesis51.6JustificationoftheResearch5­61.7ScopeoftheStudy61.8ResearchMethodology6­71.9LiteratureReview71.10ChapterSummary81.11OrganizationoftheStudy8Chapter2:LiteratureReview92.1Introduction92.2RelevantTheory110­115 2.3RelevantTheory211­132.4RelevantTheory313­152.5RelevantTheory415­172.6RelevantTheory518­192.7ConceptualFramework19­202.8ChapterSummary20Chapter3:ResearchMethodology213.1Introduction213.2ResearchDesign223.2.1ResearchPhilosophy22­233.2.2ResearchStrategy23­253.2.3PopulationandSamplingTechniques25­263.2.4DataCollectionMethods26­283.3ResearchProcedure28­293.4ResearchLimitations293.5ChapterSummary29Chapter4:ResultsandDiscussion304.1Introduction304.2ResponseRate30­354.3Reportonresearchresults35­444.4Conclusion45Chapter5:ConclusionandRecommendations465.1Introduction465.2Conclusion47­485.3Recommendations48­496 Appendix151­53Appendix253ii7 AcronymsofTermsAcronymPageZSE3CBD3CEO4US2CDE2DCF9ARR131RR15NPV15CFO32MIRR40WACC47iii8 ListofTablesTablePageTable1:Interviewandquestionnaireresponserate30Table2:Thetitleusedforpersonnelinchargeofcapitalbudgeting32Table3:Themajorrolesofmanagementaccountantincapitalbudgeting32Table4:Informationasymmetryincapitalbudgetingprocess33Table5:Controlstominimizeinformationasymmetry34Table6:Responsetoaprojectdepartment35Table7:Aboardcommitteeinchargeofcapitalbudgeting36Table8:Themembersofcommitteeandtheirnumbers37Table9:Cashflowmethodused38Table10:Capitalbudgetingtechniques39Table11:Capitalbudgetingtechniquesintermsofhigheruncertainty41Table12:Thepossibleresultsabouttheyield42Table13:Riskanalysistechniques42Table14:Internalandexternalfactors43iv9 ListofAbbreviationsZSE­ZimbabweStockExchangeCBD­CentralBusinessDistrictUS­UnitedStatesDollarCDE­ComradeCEO­ChiefExecutiveOfficerWACC­WeightedAverageCostofCapitalDCF­DiscountedCashFlowIRR­InternalRateofReturnNPV­NetPresentValueARR­AccountingRateofReturnv10 ListoffiguresFiguresPageFigure1:Apiechartshowingresponserateofquestionnaires31Figure2:Apiechartshowingresponserateofinterviews31Figure3:Agraphshowingquantitativeandqualitativeresponses33Figure4:Agraphshowingsymmetryofinformation34Figure5:Achartshowingresponseforcontrol35Figure6:Abargraphshowingtheresponsefortheprojectmanagement36Figure7:Abargraphrepresentingboardofcommitteeresponses37Figure8:Abargraphillustratingthenumbersineachofthethreecompanies38Figure9:Explodedpiechartrepresentingcashflowforecasting39Figure10:Abargraphillustratingthemostconsideredtechnique40Figure11:Agraphshowingtheoutstandingpayback41Figure12:Adominatinggraphillustratingthenotalwaysresult42Figure13:Thebarshowingriskanalysistechnique43Figure14:Apiechartinthreedimensionsshowingthepercentageofeachfactor44vi11 ListofAppendixAppendixPageResearchProjectQuestionnaire51­52ResearchPopulation53vii12 ABSTRACTThisresearchstudywastriggeredbytheresearcher’sinterestbythemassiveinvestmentsparticularlybyEconetWirelessZimbabweinthenetworkexpansionandintroductionofdataservicestechnologies.Thelevelofcapitalcommitmentsinjectedinthemobilephoneindustryrequiresaneffectivecapitalbudgetingprocess.Theresearchaimstoexploretheeffectivenessofthevariouscapitalbudgetingtechniquesandriskanalysisintheprocessandhowfirmsinthemobileindustrycanimprovetheprocess.Chapter1ofthisresearchprojecthighlightsbrieflythepurposeofthestudy,aswellastheapproachtakenbytheresearchertoaddresstheResearchproblem.Chapter2reviewstheavailableliteratureoncapitalbudgeting.Itfocusesoncapitalbudgetingtechniques,inputinformationintheprocessandtechniquesutilizedinassessingriskoutlininglimitationsforthesolepurposeofhavinganeffectiveprojectappraisalprocess.Chapter3detailstheresearchmethodology.Itshowsthetypeofresearchcarriedoutandthefieldworkconductedbytheresearcher.Chapter4summarizestheFindingsfromtheauthor’sobservations,andanalysestheresponsesfromquestionnairesunderanumbrellaofPresentationandAnalysis.Chapter5concludesthewholeresearchprojectandsuggestssomerecommendationsastohowtoincreasetheeffectivenessofthecapitalbudgetingprocess.13 viii14 CHAPTER11.0INTRODUCTIONTheoverallsuccessofacompanydependsuponitscapitalbudgetingprocess,socapitalbudgetingshouldbehandledproperlybecauseitshowstheefficiencyandfinancialstrengthofacompany.Capitalbudgetingprocessisveryimportantincompaniesbecauseitisusedtogeneratereturnsandprofitstothecompanyanditsstakeholders.Capitalbudgetingisthemostimportantfunctiondonebyfinancialmanagersanditisnotonlyapopularcorporatefinancetopicbutonethathasbeenwidelyresearchedbyacademicsparticularlyininternationalresearches.Acapitalbudgetingprojectisadecisiontomakeacashoutlaytoreceivefuturecashinflows,thereforeshareholdervalueiscreatedifthepresentvalueofcashinflowsexceedsthatoftheoutlay.JHall(2001)1,Theimportanceofthecapitalbudgetingprocessforthefirmliesinthefactthatrelativelylargeamountsofmoneyarecommittedforalongtimethusoncethedecisionismadetoembarkonaparticularprojecttheprocesscannotbereversedunlessavaluedestructiondecisionistakentosalvagewhathasbeeninvested.Anumberofstages,calculations,evaluationmethodsandrefinementstothecapitalbudgetingprocesscanbeusedanditistheseaspectsofthecapitalbudgetingprocessthatareinvestigatedinthisstudyandtheuncertaintyinvolvedintheprocess.CapitalBudgetingprocessinvolvestherelationshipbetweenafirm'sinitialcapitaloutlay,netcashflowsaswellastheterminalcashflows.GMuponda(2007)2,Definescapitalbudgetingasaprocesswhichissubjectedtocashflowsthatisdeterminedtocertainappraisaltechniques.Acapitalexpenditureisanexpenditureonfixedassetsandotherlong­terminfrastructurenecessaryfortheimplementationofprojects.Theassetsboughtfortheprojectareexpectedtogeneratecashflows.Theappraisalofcapitalprojectsisdoneintwosteps.Firstly,wemustdeterminethecashflowsthatareexpectedtobegeneratedbytheproject.Secondly,wemustestimatethecostoffunds(costofcapital)thathavebeenusedintheproject.Finally,wesubjecttheexpectedcashflowstocertainappraisaltechniques.Footnote(s)1JHall(2001),”AnEmpiricalInvestigationoftheCapitalBudgetingProcess”,UniversityofPretoriaPublications,Pretoria,2001,Chapter11,p5172GMuponda(2007),FinancialManagement:DevelopedfromCorporateFinance,UniversityofZimbabwe,DepartmentofBusinessStudiesPublications,Harare,2007,p.4215 1.1BackgroundtotheStudyChinamasa(2009)3,”Honorablememberswillbeawarethatinthehyperinflationaryenvironmentcharacterizingtheeconomyatpresent,ourpeoplearenowusingmultiplecurrenciesfordaytodaybusinesstransactions,alongsidetheZimbabweDollar.ThesecurrenciesincludetheSouthAfricanrand,UnitedStatesdollar,Botswanapula,Euro,poundSterling,amongothers.Inlinewiththe­+prevailingpracticesbythegeneralpublic,Governmentis,therefore,allowingtheuseofmultipleforeigncurrenciesforbusinesstransactions,alongsidetheZimbabwedollar.”Theintroductionofthemulti­currencysystembythethenActingMinister,HonorableComradePatrickChinamasasawanewleaseoflifeinlocalbusinessoperations,containmentininflationandadrasticreductionincurrencyriskgreatlyassociatedwiththemoribundlocalcurrency.ThenewdispensationoftheGovernmentofNationalUnitysawtheresurrectionofplanningandbudgetingwhichhadbecomealmostobsoleteinthehyperinflationaryeconomyasthepoliticalclimatecalmedandmorestablecurrencieswereinuseinthetransactionprocesssystemofthenation.Theerahasseenorganizationsmakingoutcapitalexpenditureseithertoreplaceoutdatedequipmentusuallyinheritedbeforethenation’sindependenceorequipmentforexpansiontomeetthegreaterdemandforlocalproducts.Mininghouses,organizationsinthecommunicationindustryandthebeveragesectorhavebeeninvolvedinmulti­million(US)dollarcapitaloutlaystoenhancecapacityandrealizeeconomicgainsinthemorestableenvironmentincomparisonwithyesteryears.Capitalbudgetingorinvestmentappraisalistheplanningprocessusedtodeterminewhetherfirms’longterminvestmentssuchasnewmachinery,newplants,newproductsandresearchanddevelopmentprojectsareworthpursuing.Itisabudgetformajorcapital,orinvestmentexpendituresofanorganizationandrequireshigheraccuracyinthedecision­makingprocessandinvolveshigherlevelmanagement.Therefore,whetheringoodtimesorinanticipationofmarketcontractions,theexpenditureofcashinexchangeforfuturegenerateduncertainbenefitsrequiresadistinctivedecisionmakingFootnote(s)3PChinamasa(2009),”Chinamasaconfirmstothemulti­currencyregime”,HeraldHousePublications,Harare,TheHerald,29January2009,p1016 structure.Centraltothisdecisionmakingframeworkiscapitalbudgeting.Thecapitalbudgetingprocessisthedecisionmakers’primarytoolforevaluatingthebenefitsofprojectsunderconsiderationandforselectinglongterminvestmentsfromamongalternativeavailableprojects.Themethodsandanalysisusedintheacceptanceorrejectionofaprojectareimportantbecausethecommitmenttoagivencapitalprojectinvolvesasignificantlylarge,futureorientedsumofmoneyandisfrequentlyirreversible?i.e.thedecision,oncemade,locksthefirmintoaproductiontechnologyforanextendedperiodoftime.Thesedecisionswilldirectlyimpactthefirm’sexpectedfutureearningsandfuturecashflowsaswellastheirtimingandrisklevels.Capitalbudgetingisthemostimportantfunctionperformedbyfinancialmanagerssinceresultsofinvestmentappraisaldecisionsspanforyearsandafirmlosesitsflexibility.Thereforeafirm’scapitalbudgetingdecisionsdefineitsstrategicdirectionasmovesintonewmarkets?productsareprecededbycapitalexpenditures.Thereforetomorrow’sbusinesssuccessdependsoninvestmentdecisionsmadetoday,prospectsoraspectsoftheinvestmentdecisionwhichareusedtohelpmanagementmakeinvestmentdecisionsareofteninadequateandmisleading.Businessorganizationsarecontinuallyfacedwiththeproblemofdecidingwhetherthecommitmentofresourcesi.e.timeandmoney,isworthwhileintermsoftheexpectedbenefits.Iftheexpectedbenefitsarelikelytoaccrueoverarelativelylongterm,thesolutionismorecomplexandchancesofmakinganincorrectdecisionincrease.MobileTelecommunicationshaveanimportantroletoplayZimbabwedevelopment.TheextentofcontributionthesebusinessunitscanmaketowardsthegrowthanddevelopmentofZimbabweisdependentonthelevelofsuccessattainedbytheiroperations.Thefactisthat,underlyingthesuccessofabusinessenterpriseistheestablishmentandapplicationofcontrolsbytheownersormanagementinadditiontothesystematicrecordkeepingofbusinesstransactions,whichattheendoftheperiod,keepstheownerwellinformedabouttheperformanceofthebusiness.Furthermore,analysisofcapitalbudgetingisneededsothatfinancialstatementswillbefairlyandconsistentlydescribeasafinancialperformance.Withoutinformationandstandards,usersoffinancialstatementswouldneedtolearntheaccountingrulesofeachbusiness,andcomparisonsbetweenthefirmswouldbedifficult.InZimbabweMobileTelecommunicationshavedominatedontheZimbabweStockExchangewithrespecttoEconetWirelessZimbabwe.TheheadofficesareusuallylocatedintheCentralBusinessDistricts.1.2StatementoftheProblem17 “Mobilesectorrequiringlargecapitaloutlaywhileexperiencingunderinvestmentasaresultofeconomiccrisis”Theselectionofcapitalinvestmentsisoneofthemostimportantstrategicdecisionsfinancialmanagersofafirmcanmakethereforecapitalbudgetingisoneofthemostdecisiveinfluencesonfirmvalue,competitivenessandultimately,survival.Themotivationtoundertakethisstudystemsfromthebetteroutlookinthenationthoughhingedonthesuccessoftheinclusivegovernmentwhichhasresultedincapitalexpendituresbeingundertakenthereforenecessitatingacriticalanalysisoftheappraisalmethodsinthewirelesscommunicationsindustry,particularlythethreeserviceprovidersEconetWirelessZimbabwe,Net­oneandTelecelZimbabwe.AnindustryrequiringlargecapitaloutlaywithavastuntappedmarketinZimbabwe,andhighpotentialforexponentialgrowth,thetelecomsindustryisonitsboom.Theuseofmultiplecurrenciesspawnedmassiveinvestmentsinthesectorasmobileoperatorsembarkonprogramstogrowtheirsubscriberbase.Theindustryhavingenduredadecadelongofunderinvestmentastheeconomiccrisistookatollonthesector,themassiveexpansionprogramshaveresultedintheincreaseinthemobilepenetrationrateto21%asofAugust2009from14%inFebruary2009.Mobilepenetrationratedescribesthenumberofactivemobilephonenumbers,(usuallyasapercentage)withinaspecificpopulation.TMboweni(2009)4″TheequipmentfacilityisvaluedatUS93.9m.WehavenotbeenabletoidentifyabankoranequipmentsupplierwillingtotakethefinancialandpoliticalriskforsuchalargefacilitytoaZimbabweancompany.”Theaimistoanalyzetheapplicabilityofinvestmentappraisaltechniquesinanenvironmentofhighpoliticalrisk,andbringoutlimitationsinsuchtools.1.3ResearchObjectivesTheobjectivesoftheresearchfocusonthethreeaspectsofthecapitalbudgetingprocesswhichincludeappraisaltechniques,importanceofcapitalbudgetingaswellastheeffectivenessandtheyaredetailedasfollows?Tobringoutthelimitationsfacedbyafinancialmanagerwhenusinginvestmentappraisaltechniquesformakingcapitalexpendituredecisionsinenvironmentsofpoliticaluncertainty.?Toestablishtheimportanceofcapitalbudgeting.Footnote(s)4TMboweni(2009),”Mr.MboweniinresponsetoaquestionbyfinancialGazettereporter,MunyaradziMugowo”SpeaksonEWHdeal,www.fingaz.co.zw,5April2009.18 ?Totesttheeffectivenessofinvestmentappraisaltechniques.1.4ResearchQuestionsTheseinvolvestrategiesthatareusedbyfinancialmanagersinthecapitalbudgetingprocessinanenvironmentofuncertaintyandtheeffectivenessofinvestmentappraisaltechniquesindecisionmakingandareasfollows?Whatarethelimitationsfacedbyafinancialmanagerinusingappraisaltechniques??Whatstrategiesareusedbyfinancialmanagersinthecapitalbudgetingprocessinanenvironmentofuncertainty??Whatistheeffectivenessofinvestmentappraisaltechniquesindecisionmaking?1.5ResearchHypothesisThefollowinghypothesiswillbetestedinthisinvestigationandfocusesontheuncertaintyandriskinvolvedincapitalbudgetingtechniquesusedinprojectswhichincludethenullhypothesisandthealternativeandareasfollows?Ho:Afirminanenvironmentofhighuncertaintyandriskwhenassessingcomplexprojectsusessophisticatedcapitalbudgetingtechniquesandriskbasedanalysis.?H1:Afirminanenvironmentofhighuncertaintyandriskwhenassessingcomplexprojectsdoesnotusesophisticatedcapitalbudgetingtechniquesandriskbasedanalysis.1.6JustificationoftheStudyExtensiveresearchhasbeencarriedoutundernormaleconomiesandonageneralspectrum.Verylittlehasbeenproducedontheeffectsandimplicationsoftheanalysisonthetelecommunicationindustryconcern’scapitalbudgeting.ThetelecommunicationindustryisoneofthesectorsthatreceivedthehardestblowofthebudgetingprocessandthereforewarrantsafurtherprobeintotheproblemespeciallyconsideringthefactthatthetelecommunicationsectorcontributessignificantlytotheGrossDomesticProductofthecountry.Thisresearchisgoingtodrawattentionofthemanagementontheanalysisofthecapitalbudgetingprocessinthetelecommunicationindustryforplanning,organizingasameansofdecisionmaking.Thestudyisalsodesignedforevaluationoftheanalysisofcapitalbudgetingprocessintelecommunicationindustryandcanbeusedforfutureinterestedresearchesincapitalbudgeting.TothestudentthestudyisinpartialfulfillmentoftherequirementsoftheBachelorof19 HonorsinAccountancyDegreeattheUniversityofZimbabwe.TotheUniversityofZimbabwetheresearchmaybeavaluedresourcetoothermembersoftheinstitutionwhomayhaveaninterestintheareaofworkingcapitalmanagementinmanufacturingfirms.Itmayalsocontributetowardsaplatformforfutureresearch.ToEconetWirelesstitallowsrecommendationsforfurtherconsideration.1.7ScopeoftheStudyEconetWirelessZimbabwe,havingmadethelargestinvestmentintoitsnetworkofUS$115masreportedintheinterimresultsforthehalfyearended31August2009,includingTelecelandNet­onewhoalsohaveplannedexpansionprojects.ConceptuallythestudyhoversaroundtheimplicitroleproperanalysisofcapitalbudgetingandthetechniquesplayfarasmobilesectorsbusinesswereinconcerninZimbabwe.TheresearchwaslimitedtoEconetWirelessinZimbabweduetomyschedule.Theeffectivenessofthevariouscapitalbudgetingtechniqueswasalsoputintoconsideration.Theresearchwillbeabletoaccessallcurrentdevelopmentspertainingtocapitalbudgetingtechniques.Theselectedindividualstoprovideinformationwillaffordtheresearcherthetimetorespondtothequestionsandintime.Therespondentswillbecooperative?andfinancialresourcesaregoingtobeenoughtomeetallthecostsinvolved.Thewordscapitalbudgetingandinvestmentappraisalwouldbeusedinterchangeablyastheybothrefertotheevaluationoftheviabilityandprofitabilityofcapitalprojects.Thetermswirelesscommunicationsindustry,telecomsindustrywillimplythemobileindustryinthisresearch.TheresearchwillfocusparticularlyonhowcapitalbudgetingwillaidinmanagementdecisionmakingforEconetWirelessZimbabwe.Theresearcherwilltrytomakeacriticalanalysisofthecapitalbudgetingprocessofparamountimportancetothemanagementofthecompanyintopic.ThescopewillbelimitedtoEconetWirelessZimbabwe.1.8ResearchMethodologyResearchMethodologygivesabriefoverviewthatthestudyintendstoemploy.Appropriatetheoreticalandempiricallessonstobedrawnfromthereviewofliteraturewillassistshapethemethodology.ThereforethissectionhighlightsthemethodsIwilluseingatheringinformationformyresearch.Iwillissueoutthreequestionnairestofinancialmanagersinthewirelesscommunicationsindustrytogettheirviewsonmytopic.IamalsogoingtointerviewthebudgetingstafffromEconetWirelessZimbabweinordertogetviewsontheanalysisoftheircapitalbudgetingprocesses.IwillcomparetheinformationIwillgetfromEconettothe20…

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