Advanced International Journal for Research

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Impact of Real Effective Exchange Rate on Equity Financing of Zambian Companies Listed on Lusaka Securities Exchange (2020-2024)

Author(s) Mr. Wiza Simuchimba, Prof. Lubinda Haabazoka
Country Zambia
Abstract This study examines the impact of real effective exchange rate (REER) fluctuations on equity financing for Zambian companies listed on the Lusaka Securities Exchange (LuSE). Employing a mixed-methods approach, the research combines the quantitative analysis of macroeconomic variables with the qualitative insights of financial professionals. Quantitative data, including descriptive statistics, unit route tests, and econometric models, are used to model the relationship between REER, inflation, liquidity, and stock market performance. The qualitative data, collected through surveys, explore the impact of REER, operational strategies, sector-specific weaknesses, institutional factors, and perceptions about the impact of Foreign Direct Investment (FDI). Triangulation strategies improve the analysis by comparing quantitative results with qualitative responses to validate the findings. Methodological triangulation integrates time series analysis with survey research, while analytic triangulation or investor triangulation is strategy used to ensure that the findings are objective and are not skewed by personal perspective of a single individual to reduce bias. The study addresses potential limitations, such as respondent bias and sample size, by comparing responses in professional roles and experience levels, supplementing survey data with objective financial data, and conducting sector-specific case studies. The results highlight the importance of REER fluctuations, as recognised by financial professionals, with implications for Zambia's economy and listed companies. The research emphasises the need for effective exchange rate management, macroeconomic stability and a supportive institutional framework to build investor confidence and promote equity financing in Zambia. The policy recommendations include introduction of a flexible exchange rate regime, increasing transparency in monetary policies and streamlining regulatory processes. This study provides information to policymakers, investors, and business decision-makers to improve the resilience and growth of the equity market in Zambia.
Keywords Real effective exchange rate, liquid asset ratio, equity financing, LuSE all share index
Field Business Administration
Published In Volume 7, Issue 3, May-June 2026
Published On 2026-05-28
DOI https://doi.org/10.63363/aijfr.2026.v07i03.4836
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