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-
