Finance Academic Contributes New Knowledge in Corporate Finance
“The Working Capital Management Practices of JSE-Listed Firms”, was the title of a thesis which secured Finance Lecturer Dr Farai Kwenda a PhD in Finance at the Graduation ceremony of UKZN’s College of Law and Management Studies.
Kwenda is one of eight College staff members to graduate with a PhD this year.
The academic quest to generate new knowledge motivated Kwenda to embark on his research which will contribute to the field of Corporate Finance. He has been working tirelessly ensuring the findings of his study are shared with fellow researchers – three research papers have been published out of his thesis.
‘My desire is to pioneer working capital management surveys; first in South Africa and later the whole continent in order to spread the message about the importance of working capital management,’ said Kwenda. ‘Such surveys are already running in America, Asia and Europe.’
He admits that his achievement would not have been possible if he did not burn the midnight oil. ‘I can literally count days that I slept more than four hours during the period of the study. Admittedly the study affected my family time and temporarily displaced them in my life. However, the family is happy as they can see the fruit of my labour.’
Kwenda is indebted to his supervisor Professor Merle Holden and his colleagues in the School of Accounting, Economics and Finance for their support. ‘The methodology was the most challenging part of my study because I don’t have a good background in econometrics. I had to teach myself most of the things and I got help from colleagues in the School and fellow PhD candidates and researchers.’
He encourages fellow colleagues not to be deterred by the challenge ahead because there are many generous experts in the School.