Corporate Governance Attributes Affecting Firm Financial Performance in State-Owned Enterprises in Zambia: 2002 – 2017

The study's aim was to suggest solutions to the problem of weak corporate governance in State-Owned Enterprises (SOEs) in Zambia by proposing ideal elements of corporate governance that could be embraced in their operations. A concurrent mixed methods approach based on philosophical pragmatism, critical theory was used. The findings reveal that corporate governance attributes significantly affect the financial performance of SOEs in Zambia. Also revealed is that several corporate governance challenges in SOEs led to a lack of accountability and transparency and that overall, the SOEs had poor financial performance compared to that of companies listed on the Lusaka Securities Exchange. The study proposes solutions including; developing systems for enhanced board accountability and transparency, a competitive and transparent process for board recruitment based on individual merit not designated by position, and a reduction of the number of Government representatives on any SOE boards