Exploring the corporate governance challenges in selected state-owned enterprises: Evidence from a least developed country

This study provides a nuanced and context-specific analysis of the corporate governance frameworks of the Zambia Telecommunications Company Limited (ZAMTEL) and the Industrial Development Corporation (IDC), addressing the gap in empirical research on governance dynamics within Zambia’s state-owned enterprises (SOEs). Unlike previous studies that broadly focus on governance failures in the public sector, this study offers a comparative, organization-level assessment that reveals how systemic challenges—political interference, limited board autonomy, and weak oversight—manifest within distinct SOE structures (Committee on Parastatal Bodies, 2024). Drawing on a qualitative research design, with a sample size of 50, it captures in-depth insights from key participants, thereby generating evidence that is largely absent in the existing literature on SOE governance in sub-Saharan Africa. Through the application of agency and institutional theories, this study advances current debates by demonstrating how contextual institutional norms and behavioral incentives jointly shape governance outcomes in government-controlled enterprises. This study contributes new knowledge by proposing context-grounded governance reforms, including stricter adherence to the Organisation for Economic Co-operation and Development (OECD) principles and merit-based, depoliticized board appointments, supported by comparative lessons from the Industrial Development Corporation of South Africa (IDC South Africa) (World Bank, 2024).