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Role of Auditors in Enhancing Corporate Governance in Commercial Banks.
No full textA Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Masters in Business Administration (MBA)The need to focus on corporate governance has increased particularly in the wake of economic collapse and financial crises. Additionally, scholars have found that corporate governance influences a firm’s performance. Corporate failures and scandals have imposed the demand for reforms and for improved regulations particularly on governance matters.
The purpose of the study was to identify ways of enhancing corporate governance through auditing. The study focused on the following research questions: What is the role of auditors on Corporate Governance? What is the role of an audit committee on Corporate Governance? And What can be done to enhance Corporate Governance through audits?
The target population for this study was made up of the ten (10) Commercial Banks licensed by the Central Bank of Kenya of which five banks are listed in the NSE while another five banks that are not listed in the NSE. The target population was 169 respondents which constitute the members of the audit function of the banks. The sample size was 119 respondents. The researcher distributed questionnaires to the identified groups of respondents. The data collected was coded and interpreted with the use of SPSS software and Microsoft excel workbook. The findings were presented in form of tables and charts and inferential statistics were also used to interpret the data.
The study conclude that the role of audit or that can enhance corporate governance were evaluating risks, evaluating controls and operations, advising managers, assessing compliance with policies and procedures, verifying the existence of assets and providing opinion on financial statements.
The study also concluded that the role of audit committee that can enhance corporate governance were review internal audit plans, report and significant figures, monitor choice of accounting principles, ensuring risk management process is comprehensive and ongoing, establishing a direct reporting relationship with the external auditors, oversee financial reporting and disclosure and ensuring that financial statements are understandable, transparent and reliable.
The study was able to able to conclude that the banks used audit to enhance corporate governance in the banks by prioritizing risk management, setting and enforcing clear lines of responsibility, ensuring timely and effective information policy, promoting appropriate ethics and values, clarifying board’s role in strategy, enhance information transparency, engaging stakeholders and making accountability real and promoting good values for the whole organization and demonstrating this values.
The study recommends that the auditors be given more autonomy so that they can be able to produce quality financial statements. This will help in increasing stakeholder’s confidence and attract new potential investor’s. The study recommends that the audit committee be given the authority to initiate an audit. This will help the audit committee to be able to do audits when there seems to be a problem rather than when the audit is set. The study recommends more support to the audit function in preparation of proper financial records. This will help more consistent and better records for the banks
Book Review: Journalism and Political Exclusion by Debra M. Clarke
No full textA Journal Article by Dr. Kioko Ireri, an Assistant Professor of Journalism in the School of Science and Technology in USIU- Afric
The Impact of Employee Engagement on Organization Performance: A Case of Pact, Nairobi
No full textA Project Report Submitted to the School of Business in Partial Fulfillment of the Requirement of the Degree of Masters in Organizational Development (MOD)The purpose of this study was to investigate the impact of employee engagement in Pact Kenya. The study will be guided by the following research questions: What are the effects of lack of employee engagement on organization performance at Pact? What engagement strategies exist for employees at pact? What is the impact of engaging employees at Pact organization?
The research adopted a census descriptive design with a target population of all 28 employees of pact organization. Questionnaires were used to collect data after which the data was analyzed using descriptive statistics to allow conclusions to be drawn. The research begun with a pilot survey this is because the researcher needed to establish whether the questionnaires that were used were suitable enough to allow respondents to understand the questions and as well as to meet the overall objective of the study. The pilot study was also done to ensure accuracy and completeness of the research instrument. The process of data collection was be enhanced by the use of a research assistant. Data coding was then done followed by data presentation via tables and, figures and graphs. In this study, a descriptive approach to data analysis was used to analyze data collected. Quantitative data collected was analyzed using SPSS software version 21 and presented through percentages, means, standard deviations and frequencies. Data was collected by use of likert scale questionnaire of 1-5 which was administered to the respondents through the drop and pick method.
From the findings on the study Pact as an organization has committed to ensuring employees are engaged through participation of all employees in the strategy formulation from all levels. From the study it was found that Pact has ensured that there is a clear link on what the employees do on a day to day basis with the organization’s strategy and overall goal. The study also shows that employee engagement has a positive impact on organization performance. Employees at Pact are involved in the decision making and this has attributed to more committed employees at the work place. Most of the employees alluded to the fact that they have all the tools and resources needed to work effectively across department. The study also showed that employee skills and abilities cannot be fully utilized without involving employees in the organization. Pact has prioritized on communication flow in the organization through weekly webinars, brown bags in the afternoons and this has ensured a clear direction on the employees on what the organization strives to achieve in the long run.
It was concluded that there is a relationship between employee engagement and employee performance. This is because lack of employee engagement lowers employee commitment and employee competence. In the same way lack of employee engagement affects employee understanding of why the company is going in a particular direction. Additionally designing and implementing an effective employee engagement system is critical to employee performance.
This research recommended that Pact should enhance and strengthen its engagement strategies to the employees through awareness creation so that as employees continue performing their daily functions they may feel proud of working in that particular organization and discharge their daily duties in the right manner. Further recommendation was that Pact should allow its employees to make inputs in decision making in the organization. Pact organization should enhance Effective employee communication, employee empowerment, effective strategy formulation and monetary rewards which encourage employees to carry out their duties effectively hence improving the performance of the organization at Pac
An Investigation of Competitive Strategies Adopted By Small and Medium Enterprises in Kenya
No full textA Research Project Report Submitted to the School of Business in Partial Fulfilment of the Requirement for the Degree of Masters of Business AdministrationThis study sought to investigate the competitive strategies adopted by small medium enterprises in Kenya. The specific objective of the study were; to determine the cost leadership strategies adopted by small medium enterprises in Kenya, to establish the differentiation strategies adopted by small medium enterprises in Kenya and to find out the cost focus strategies adopted by small medium enterprises in Kenya.
Descriptive research design was used to analyze the research problem. The target population of this study was top 100 Small and Medium Enterprise in Kenya. The researcher administered questionnaires to each member of the sample population and collected both primary and secondary data. The researcher analyzed quantitative data gathered by use of SPSS (Version 20) and displayed the information using bar charts, graphs, pie charts and in prose-form.
The study findings of objective one revealed that by adopting a cost leadership strategy SMEs were able to defend their market share from their competitors through innovation, importation of raw materials and improving internal business processes. It was evident that cost plays a critical part in SMEs competitive strategy since they try to maintain a low cost so that they can be able to price their products at a much lower price and at the same time be able to earn a profit.
The findings of objective two revealed that differentiation strategy enabled SMEs to have different products from those of their competitors making their products stand out from those of the competitors through different packaging, personalized service and value the consumer derived from the products. The study further revealed that the benefit of differentiation is that perceived quality and brand loyalty which protects the company from competitors and also limits the threats of substitutes.
The findings of objective three revealed that SMEs segment their customers to be able to manipulate cost as they deem fit which in turn helps the SMEs grow their market share to areas which have been ignored by the larger competitors. The study recommended that SMEs need to evaluate their operations critically, perform a SWOT analysis, engage the government regularly on matters of competition and be innovative so as to remain competitive.
The researcher concludes that for an SME to successfully adopt a cost leadership strategy it should be able to lower costs by adopting process innovations, learning curve benefits, economies of scale, product designs, reducing manufacturing costs and reengineering activities into their operations. A low-cost strategy is successfully implemented when the business designs, produces, and markets a comparable product more efficiently than its rivals.
From the study it can be concluded that innovation plays a key role in designing differentiation and cost focus strategies because this will ultimately lead to new products, services and process that will make the firm become more competitive since a change in consumer taste or a technological change could cause such a firm’s niche to disappear.
The study recommends that cost leadership strategy is very vital to the operations of SMEs hence the need of professional staff who will be able to advice and improve the operations of the SMEs. It has also been recommended that they should come up with their own association to be able to share on problems facing the implementation of cost leadership strategy.
From the study it has also been recommended that SMEs need to carry out SWOT analysis when it comes to implementation of differentiation strategy due to the frequent changes in the operating environment. It is also important for SMEs to be innovative in there processes and product ii order to remain competitive in the market.
On cost focus strategy it is important for the SMEs to engage the government on policy regarding unfair competitive practices. It has also been recommended that SMEs need to adopt the latest technology so as to expand their market through superior and affordable products
Competitive Strategies Employed In The Banking Industry In Kenya: A Case Of Barclays Bank Of Kenya Ltd
No full textA Research Project Report Submitted to the Chandaria School of Business in Partial Fulfilment of the Requirement for the Degree of Masters in Business Administration (MBA)The purpose of this study was to determine the competitive strategies employed in the banking industry in Kenya using a case of Barclays Bank of Kenya Ltd. To achieve the purpose of this study, the study was guided by three research questions: The forces of competition in the banking industry, the competitive strategies employed by Barclays Bank of Kenya Ltd, Effectiveness of the competitive strategies adopted by Barclays Bank of Kenya.
The target population of this study included 1645 employees at Barclays Bank Kenya Limited as at December, 2015. The sampling frame consists of the different cadres of employees at Barclays Bank of Kenya Limited. The cadres were used in order to ensure that the sampling frame is current, complete and appropriate for the attainment of the study objective. The study applied stratified sampling technique in selection of the appropriate sample. A representative sample size of 142 employees was selected for the study. The study used a semi structured questionnaire in the collection of data. A five point Likert scale was applied for closed ended questions. The study conducted a pilot study to establish the content validity and reliability of the questionnaire. Data was analyzed using Statistical Package for Social Sciences (SPSS) Version 22.0. Measures of central dispersion including mean and standard deviation were used. Tables and figures were used to present the data.
The study found that on the forces of competition in the banking industry, the levels of rivalry in banking services, the advertising campaign by other commercial banks, the level of rivalry in market segments, the level of rivalry in interest rates, rivalry in new product development among commercial and the level of service improvements by other banks affect competitiveness of Barclays. The patents at Barclays, the stringent regulation by CBK, the financial resource capability of Barclays, the scope of financial services offered by other banks, the size of other banks within the Industry and the level of capital requirement in the Banking industry promote the competitiveness of Barclays. Flexibility in controlling the suppliers, the number of commercial banks relying on a given supplier, the bargaining power of outsourced suppliers and the competitiveness of ATM support partners affects competitiveness of Barclays in Kenya. On the competitive strategies employed by Barclays Bank of Kenya, the study established that Barclay’s banks had created competitive advantage by adopting the strategies cost leadership strategy, by offering low cost prices of their products and services, differentiation strategy and focusing on a certain type of market niche. The bank used and emphasized on the application of cost leadership strategy to a large extent. The bank also uses differentiation, whereby it strive to be unique in the products they offer and market penetration strategies. For Barclays bank gain competitive advantage over its rivals, by providing comparable value to the customer, performing activities more efficiently than its competitors (lower cost), or performing activities in a unique way that creates greater buyer value and commands a premium price (differentiation). On Effectiveness of adopted competitive strategies by Barclays Bank of Kenya, the competitive strategies employed at Barclays bank were effective to a great extent.
The study concluded that the Bank faced threats of new entrants and there was high rivalry among commercial banks forcing Barclays Bank of Kenya to use market intelligence to differentiate its products and services. The study also concluded that Barclay’s banks had created competitive advantage by adopting the strategies cost leadership strategy, by offering low cost prices of their products and services, differentiation strategy and focusing on a certain type of market niche and that that strategies are essential for effective functioning of any organization.
The study recommends that Barclays bank operate in an environment full of competition thus it must be able to attract and retain the target customers and market. The competitive strategies which Barclays Bank can use to deliver superior value include the cost leadership, differentiation and diversification. In addition, the study recommends that commercial banks should focus on developing and implementing effective strategies that will enable them survive in the competitive environment under which they operate. The banking sector is currently facing lots of challenges and new products like Mpesa seem to threaten the industry but if proper strategies are put in place, commercial banks will stay operational in the competitive environment.
ACKNOWLEDGEMENT
I would like to acknowledge my supervisor Professor Peter Lewa for his guidance during the development of this thesis. I would also like to acknowledge my Business Research Methods instructor Dr. George K’aol for the deep knowledge he imparted in me during the development of my research proposal. I also acknowledge the respondents for taking time out of their busy schedules to fill out the questionnaires. Finally I am sincerely grateful to God for the gift of serenity throughout my studies from the beginning of the course to its completion
Sustainability Funding Strategies for Multilateral Organizations: A Case of United Nations Environment Programme (Unep)
No full textA Research Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Master of Business Administration (MBA)Every organization exists to achieve certain goals and objectives as highlighted in its mission statement. The achievement of these goals is however dependents on several factors and how well the organization position itself in its environment. For sustainability purposes, an organization has to put forward a strong argument as to why it needs to be in place. The future of an organization depends highly on its capability to address problems within the community in which it plans to exist.
Sustainability of organizations ensures continuity of service to the community. The objective of the study was to determine the sustainability funding strategies for multilateral organizations: a case of United Nations Environment Programme (UNEP). The study used descriptive survey method. The population of the study was all the 323 employees working in UNEP. Stratified sampling was used to arrive at a sample size of 33 respondents. The study used primary data that was collected using a questionnaire. The collected data was analyzed using statistical package for social sciences and presented in tables and charts.
The findings of the study was that income diversification, Management of organization’s cost and unrestricted funding were the strategies used in UNEP for sustainability. Income diversification was achieved through establishment of commercial ventures to supplement the external sources, internal sources of financing other than donor funding being advocated by the organization UNEP sourcing capital from multiple sources to diversify the income stream. Management of organization’s cost was achieved through improving level of efficiency, outsourcing some of its services such as accounting to reduce its cost, offering similar programs and project at the same time to capitalize on the economies of scale and use of volunteers. The study concludes that
The major conclusion was that United Nations environment Programme has adopted various sustainability strategies which place it strategically for donor funding. It is evident from the study that organization must adopt strategies that suit their organizations as these strategies will lead to an improved performance and subsequently the organizational become sustainable in the long run. From the findings, it can be concluded that the organizational internal sources of financing and outsourcing of services must be improved to reduce cost. UNEP was forced to outsource some operation such as security and cleaning supplies of foods as supported. Revenue diversification enhances organizational sustainability however there is a need to balance between internal and external sources of revenue. Majority of donors attach conditions to their funds and specifies the activities their fund should support.
The study recommended that to attain financial sustainability, UNEP need to keenly look for ways to strategically align themselves towards financial sustainability. UNEP should focus more on internally generated funds and more income generating activities should be implemented without diverting from the core business of the organization. Internally generated funding will not only supplement the donor funds but also evoke a sense of independence and enhanced sustainability. They need to radically invest some of the funds in income generating activities. This will enhance its financial muscle and assist them in achievement of their goals. The study further recommends that organization need to improve internally generated funds and more income generating activities should be implemented without diverting from the core business of the organization
An Evaluation of How Strategic Financial Management Enhances Performances of Small & Medium Enterprises in the Nairobi County
No full textA Research Project Report Submitted to the Chandaria School of Business in Partial Fulfilment of the Requirement for the Degree of Masters in Business Administration (MBA)The purpose of this study was to evaluate how strategic financial management can improve the performances of Small and Medium Enterprises (SMEs) in Nairobi. The study sought to answer the following questions: What are the components for the formulation of Strategic Financial Management for SMEs? What are the potential alternatives for implementation of Strategic Financial for SMEs? And lastly, What are the challenges against Strategic Financial Management for SMEs. This study tends to be important for the Kenyan economy as a whole, for various investors, business managers, and the general public. The research had also taken into consideration concepts, methodologies as well as theories on the foundation which had been built by various other researchers in the past, which has been elaborated in the literature review, which sets the core of the study from different perspectives.The research used descriptive and explanatory research design to evaluate the performance of the variables in order to justify the research findings. The data that was examined for the purpose of the study contained both secondary and primary data which was obtained by central bank of Kenya, the Kenya Chamber of Commerce and Industry and data was also obtained through filled questionnaires from the selected sample of operating SMEs. The population of the study were from the SMEs which were situated in industrial area, according to the data obtained there were ten thousand SMEs located in industrial area. The study used purposive and random sampling technique to select a sample of fifty one SMEs, upon which the data was gathered. The study used descriptive statistics and inferential statistics such as correlation to answer the research questions. Statistical Package for the Social Sciences was the tool used to analyse the data collected through descriptive and inferential statistics. Furthermore the analysed data was presented using tables. The findings of the study indicated that there was significant relationship between the components for the formulation of strategic financial management and the performance of SMEs. There were four major components which were dealt with in order to bring out the concept of Strategic Financial Management in SMEs, from the results that were obtained an average of 80% of the SMEs have the respective four components in access in their organization. However, there was still a gap of 20% downpour which also needs to be incorporated, never the less the milestones have been put in place for the Small and Medium Enterprises. Secondly, the results obtained also determined that there was significant relationship between implementation of Strategic Financial management and the performance of SMEs. There were eight major factors which were tackled under the implementation procedures so as to get the most appropriate success for the running of the SMEs. The results showed that an average of 85% of the SMEs positively inhabited the implementation factors and techniques in the organization, creating a ladder of improvement and development for the Small and Medium Enterprises. However, there was no significant relationship that was drawn towards some factors for implementation that now needs to be taken into consideration in further researches.Thirdly, SMEs are the growing business opportunities in the country, due to their respective constrains which put a halt in their progress, similarly, there are challenges against Strategic Financial management, that needed to be taken into consideration for SMEs while implementing Strategic Management. There were five major elements that were taken into consideration under the challenges against Strategic Financial management for SMEs. The results which were obtained from the research showed that with an average of 80% of the SMEs taken into consideration, that there was no significant relationship between challenges against strategic financial management and the performance of SMEs. Concluding that more precision needs to be put under for these factors to gauge some level of accuracy. From the results, the researcher concluded that, there needs to be a strict precision of rules that need to be incorporated to enhance that the components of strategic financial management are taken into consideration in the SMEs. Furthermore when it is about the implementation process, then appropriate implementation techniques need to be elaborated and imbibed in the organization, to achieve respective growth, additionally, there will be the need of the local government to put in an initiative especially for SMEs so that the organizations are able to successfully operate in the competitive environment. Therefore, lastly once the components and the implementation of strategic financial management is done with effectiveness and efficiency, then the room for challenges is no longer likely to be in existence. The overall conclusion drawn from the study is that finance is the key to any successful business and in the similar way incorporation of Strategic Financial Management in SMEs, will definitely improve the performance of the SMEs. Major recommendations for improvement were: to encourage more government intervention to support the growing market of SMEs in Nairobi, through which they will be able to boost up the performances of SMEs, Secondly, wide and broad research coverage is recommended for a more precise and elaborate research outcome, as the population of SMEs is very high in Nairobi and it wasn’t possible in this study to be able to carry out wide-spread analysis
Factors That Affect Financial Performance of Small and Medium Enterprises in Kenya
No full textA Research Project Report Submitted To the Chandaria School of Business in Partial Fulfillment of the Requirements for the Degree of Masters of Business Administration (MBA)The purpose of this study was to determine factors that affect financial performance of small and medium enterprises (SMEs) in Kenya. The research questions for this study were: What was the effect of corporate governance on financial performance in the SMEs in Kenya, the effect of human resource capacity on financial performance of SMEs and the influence of access to financing on financial performance of SMEs?
A descriptive research design was adopted for this study. The target population of the study included the 4,560 SMEs in Nairobi County. Data available from the Ministry of Trade and Ministry of Industrialization, (2013) revealed that there were 2500 SMEs in Manufacturing, 1500 SMEs Trading and 560 SMEs in the service industry. Stratified sampling technique was used to determine a sample size of 100 from the total population. For this study, data was collected using structured questionnaires based on the research questions. Descriptive statistics included frequencies distribution, and percentages and mean, while inferential statistical analysis used included correlations, and regression.
The first research question of the study was to investigate the influence of corporate Governance on financial performance of SMEs. The findings of the study indicated that majority (81.6%) of the respondents agreed that corporate governance affects financial performance. Equally, the study findings revealed a positive relationship between corporate governance and financial performance, (r= 0.491) p <0.05.
The second research question of the study was to determine the effect of human resource on financial performance of SMEs. The study findings indicated that majority (89.5%) of the respondents agreed that HR department ensures that employees are conversant with new trends in technology adopted in market. The study findings also revealed that there existed a strong positive relationship between human resource and financial performance, r (0.414) p < 0.05, indicating the relationship was statistically significant.
The third research question of the study was to determine whether access to financing affects financial performance of SMEs. According to the findings, the majority (81.6%) of the respondents agreed that access to financing was important for growth of SMEs r (0.612); p<0.05. The relationship was therefore statistically significant. In conclusion corporate governance, human resource and access to finance were statistically significant
in explaining financial performance. This implies that SMEs generally had effective factors that improved their financial performance.
Results led to the conclusion that corporate governance is a key determinant of financial performance. Results also led to conclusion that the SMEs had embraced and put into practice the structures of corporate governance and it worked for their good. The study clearly demonstrated the importance and the impact of human resource capacity on financial performance. SMEs ensured that their workers were being trained well for the betterment of the firms. The study came to a conclusion that access to finances was a key determinant of financial performance. Accessing bank loans easily improved the financial status of SMEs that subsequently led to reduction on the cost of finance which included higher interest rates, application fees, loan insurance premium, and legal fees. This in turn made it easy for SMES to grow as accessing finance became easier and less costly.
The study recommended that the government of Kenya be supportive to the SMEs by providing incentives to help them in implementing the corporate governance practices. SMEs were also encouraged to embrace corporate governance to the fullest to achieve better financial performance. SMEs were also recommended to consider financial monitoring to be done by the board and managers and board sub-committees. The board and managers also needed to be enlightened on the importance of corporate governance. The study recommended that SMEs should encourage employees training, compensation, performance appraisal and employee participation which were significant components to SMEs performance
Contribution of Technology to the Performance of Agribusiness Firms in Kenya: A Case of Sasini Limited
No full textA Research Project Report Presented to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Master of Business Administration (MBA)The purpose of this study was to establish the contribution of technology to the performance of Sasini Limited. The study was guided by the following research questions: How has the use of technology influenced marketing at Sasini Limited? Is the use of technology a determinant to procurement as Sasini Limited? What is the effect of technology to trading at Sasini Limited? The findings are of significance to the agribusiness industry, policy makers, researchers and academicians. The survey targeted Sasini Limited Head Office staff based at Sasini House, Loita Street. This research was conducted between February 2016 and May 2016.
Descriptive research design was adopted in the study. The target population under the study was 100 employees were picked based on stratified random sampling given the nature of staff. Structured questionnaire was used as the data collection instrument. Data analysis was done with the help of Statistical Package for Social Sciences (SPSS) included one way ANOVA and frequency distribution given that the study incorporated the use of descriptive research design. The results of the study were presented in the form of graphs, charts and figures.
In relation to the influence of technology on marketing. The study results revealed that technology positively by assisting in reducing marketing cybercrime; helps in setting appropriate prices; promote faster product distribution; and is used as a promotional tool.
The study has sufficiently demonstrated the influence of technology on procurement, the study established that technology positively influence procurement processes at Sasini Limited, majority confirmed that technology ease procurement logistics; facilitate online search for supplies; used as an inventory tool; used to monitor procurement systems; and enhance flexibility through e-procurement.
The survey has also illustrated the influence of technology on trading, majority of the respondents indicated that technology positively influences trading to great extent. Technology enhances customer relationship to great extent. Similar high score was recorded for improvement of operational efficiency; promotion of trading innovation; and increase efficiency.
The study concludes that technology positively influence marketing. This influence realized given that technology is used to reduce marketing cybercrime; helps in setting appropriate prices; promote faster product distribution; and is used as a promotional tool.
The study further deduces that technology positively influence procurement processes at Sasini Limited. The positive influence is achieved since the adopted technology ease procurement logistics; facilitate online search for supplies; used as an inventory tool; used to monitor procurement systems ; and enhance flexibility through e-procurement.
Finally, the study concludes that technology positively influence trading at Sasini Limited. The study affirms that technology enhances customer relationship; improve operational efficiency; promote of trading innovation; and increase efficiency.
The study therefore recommends that since technology helps in reducing marketing crime, setting appropriate prices, promotes faster product distribution and is used as promotional tool therefore it is important for agribusiness firms like Sasini Limited to invest in sophisticated technology so as to reduce costs associated with cybercrime and related effects and instead maximize returns generated through marketing.
Procurement has been made simpler with the modernization of the industry therefore organizations should continue to invest in appropriate technologies to ensure real time processing and business transactions to reduce the cost of doing businesses.
The study recommends strategic adoption of technology by the agribusiness firms to strengthen the management of existing customer relations, create flexibility in operations, continuously invest in innovation and above all explore trade related activities so as to increase revenue