Lewis Makosa

• Ph.D. CPA
• University of Hull

We study whether public announcements (through delisting warnings) of financial distress of some firms in an industry affect the conditional accounting conservatism of intra-industry non-distressed firms. We hypothesize that the lenders of non-distressed firms perceive higher riskiness and demand for stricter debt covenants and more efficient monit...

We examine the effects of targeted economic sanctions on the performance of nontargeted firms sharing a common supply chain with targeted firms. We build on sanctions literature and contagion theory to develop a conceptual model that encapsulates the nexus between targeted sanctions, supply chains, and firm performance. Drawing on data from Zimbabw...

This paper investigates the effect of targeted economic sanctions by the United States and the European Union on the performance of intra‐industry non‐sanctioned firms. Using data of non‐sanctioned firms listed on the Zimbabwe stock exchange during the period 2009‐2018, our regression results show that non‐sanctioned firms in the same industry as s...

This paper examines the impact of economic policy uncertainty on economic growth due to its effects on firms' investment decisions, which subsequently justify firms' financial constraints. Using a sample of Chinese listed firms, the study documents that economic policy uncertainty reduce firms' financial constraints. The reduction in financial cons...

We hypothesize that tax planning behaviour mitigates a firm's financial constraints, and this effect is more pronounced in non‐state‐owned enterprises and big firms compared to their counterparts. We use data for Chinese listed firms during the period 2010–2018 to test the hypotheses, based on both ordinary least squares and fixed‐effect models. Th...

Economic policy uncertainty is an important factor determining the external environment of an enterprise, and it affects firm behavior, with consequences including financial distress risk. Using A-share listed companies on the Shanghai and Shenzhen Stock Exchanges in China from 2007 to 2017, this paper finds a negative relationship between economic...

In this article, we examine the effect of mandatory disclosure of corporate social responsibility on firm's investment behavior. Our analysis exploits China's 2008 mandatory requirement that firms disclose their corporate social responsibility activities. Using difference-indifference design, the study finds that firms that were made to report thei...