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STRATEGIC PLANNING, MACRO-ENVIRONMENTAL FORCES AND PERFORMANCE OF NON-GOVERNMENTAL ORGANIZATIONS IN NIGERIA
Full text linkThis study examines the influence of macro-environmental forces on the relationship between strategic planning and performance of non-governmental organizations in Nigeria. Nigeria is featured amongst the 10 countries with the highest number of INGOs (Murdie & Kakietek, 2012). The primary motivation for this study therefore is predicated by the face validity and the notable absence of similar research in Nigeria, regarding the relationships between strategic planning, micro-environmental forces and performance of the numerous NGOs in an otherwise complex and dynamic environment. This study is premised upon the resource based view (RBV) theory, the dynamic capabilities theory and the design school. The specific research objectives were to determine the relationship between strategic planning and performance of the NGOs in Nigeria and the influence of the macro-environment on this relationship. The research philosophy in this study was based upon the fundamental positivism approach. A proportionate stratified random sampling technique based on the Zikmund formula was used and yielded a final sample size of 70 (to cater for the anticipated non-response level) from a population frame of 667 NGOs (Dillman, 2000). A web-based survey questionnaire approach (Qualtrics) was administered and duly completed by the respondents with a 68.57% response rate. Descriptive statistics, correlation and parametric statistical (simple linear and multiple regression) techniques were used to systematically analyze the data. The influence of strategic planning on organization performance was statistically significant (R2=0.264, F=16.504, β= 0.504, t= 4.126, p<0.05). The macro-environmental forces in this study exist as a moderating factor. The findings of this study have a number of implications for theory, practice and policy. This study addresses a previously existing gap by examining the NGO sector in Nigeria and contributes immensely to the NGO realm regarding strategic planning and performance. Research has in the area of strategic planning, largely concentrated in developed countries, and this is an epic examination with no previous study traced, that makes a distinct focus on the NGOs in Nigeria. Despite the study limitations encountered, the quality of the study was not compromised. This study considered only NGOs and it is recommended that future researchers should consider carrying out similar studies using different performance measures under different economic sectors to assess any response variations or engage an expanded sample size or study a specific core-sector of the NGOs in Nigeria
FINANCING STRATEGIES, MACROECONOMIC FACTORS, INSTITUTIONAL QUALITY AND THE ACHIEVEMENT OF SUSTAINABLE DEVELOPMENT GOALS: A CRITICAL LITERATURE REVIEW
Full text linkPurpose of the Study - The world through United Nations leadership has defined the post-2015 development agenda comprising of 17 goals, 169 targets and 230 global indicators, cutting across social, economic and environmental pillars, which when attained by all nations by the year 2030, will create the future the world needs. The purpose of this study is to critically review the existing literature on the effects of financing strategies, macroeconomic factors and institutional quality on the achievement of the development goals. Findings - Africa has embraced the Sustainable Development Goals framework and relies on domestic finances, foreign direct investment, external debt, trade, official development assistance, financial and technical cooperation to fund various development programs. The implementation of the post-2015 sustainable development goals has shifted from global to national and local perspective. Most of the existing studies focused on the eight millennium development goals with a global perspective. As a consequence, the significance and effectiveness of the diverse and conflicting policy recommendations founded on Millennium Development Goals studies and their contribution to the achievement of the post-2015 SDGs remains doubtful. This paper concludes that Africa in particular, will require more than identification of appropriate financing strategies in order to achieve the target development goals. The success of the financing strategies on the achievement of development goals will depend on how African nations address macroeconomic factors and institutional quality factors in its quest to achieve the sustainable development goals by year 2030. Implications – Africa will need policy intervention to address institutional quality factors such as political stability, corruption levels, financial market developments and human capital development. These factors affect the direction and or strength of the relationship between the financing strategies and development goals. In additional Africa nations need to address the macroeconomic factors such as the employment levels, income levels, inflation rates and economic growth. The microeconomic factors emerge to explain the impact of the financing strategies on the achievement of the development goals. Value of the study - the study identifies and document existing knowledge gaps and proposes study approaches to address the gap thereby enriching existing body of knowledge. In addition, this study provide in-depth analysis that will inform the understanding of the direction and impact of the various financing strategies on the achievement of development goals, which can form the basis for the policy review.
THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND PROFITABILITY OF FIRMS LISTED AT THE NAIROBI SECURITITES EXCHANGE
Full text linkPurpose: The purpose of this study was to examine the relationship between capital structure and profitability of firms listed at the Nairobi Securities Exchange. Methodology: The researchers used longitudinal research design, by making use of secondary quantitative data derived from the firms’ annual audited reports and information from Nairobi Securities Exchange handbooks. Findings: It was found that the firm’s profitability (measured by return on capital employed) was significant and positively correlated with internal equity (r=0.601, p<.01). Implications: The researchers concluded that non-financial firms listed in NSE are more reliant on equity financing than debt financing. Value: Kenyan firms should use more internal equity to ascertain profitability as it does not involve costs of acquisition compared with external equity and debt finance
Effect of Financial Deepening on Economic Growth in East Africa Community
Full text linkThis study determined effects of financial deepening on economic growth in East Africa. Various studies have recognized that since the restructuring and regulation of financial institutions in East Africa from 2012, myriad changes have been witnessed in relation to economic growth. Some countries have witnessed economic growth while other have fully sunk in debts. The study identified that increased level of financial default in the financial sector, unregulated supply of money in the economy, real estate bubble, inflation; limited market information and high level of borrowing in the public sector are among the many financial related challenges affecting economic growth in East Africa. The study aimed at finding solutions to the existing study problems through investigating the effects of rate of broad money in the economy, effects of rate of credit financing and effects of rate of financial markets investment. In the research methodology, the study adopted descriptive research design. The study collected secondary data from Nairobi Securities Exchange, first tier banks and also Central bank financial reports. Data analysis was conducted through SPSS. The study used both descriptive and inferential statistics where inferential statistics composed of correlation and regression analysis. In the study findings, the current study identified that the rate of broad money has grown with a rate of 2.9 Billon Kenya shillings in the last five years, the rate of credit financing in East Africa has dropped with 20% from 2012-2017 while rate of financial markets investment has increased from 0.4 trillion to 1.3 trillion Kenya shillings. In relation to economic growth, findings identified that the economy has grown with a current rate of 6.2%, being the top most witnessed economic growth in Africa. Finding also identified that at Sig P<0.05, there is a relationship between rate of broad money and economic growth, rate pf credit financing and economic growth and also rate of financial markets investment and economic growth. Similarly, the study concluded that broad money in the economy, credit financing and financial market investment affects economic growth. In recommendations, the study urged EAC leadership to encourage free trade, amend policies to encourage investment in financial markets and also educate her community on the need to invest in the local financial markets. In relation to future recommendations, current study suggest that future studies should expand and investigate more on other factors affecting economic growth. Studies should focus on addressing obstacles preventing East Africa from achieving full potential. Future studies should also conduct comparison between effects of financial deepening in short run and long run because previous studies have provided conflicting account on in relation to financial deepening and its effects on economic growth in short run and long run. Key Words: Financial Deepening, Economic Growt
DETERMINANTS OF GROWTH IN THE BANKING INDUSTRY IN KENYA
Full text linkThis study sought to establish the determinants of growth in the bankingindustry in Kenya. The study used the population of 43 banks by employingdescriptive cross sectional survey design and semi structured questionnaire.Descriptive statistics was used to analyze the quantitative data while regressionwas used to establish the relationship between the variables. The studyestablished that firm size, profitability, product development, marketpenetration and innovation and technology significantly enhance growth. Themost significant determinant of growth is size of the firm followed byprofitability, market penetration, product development, and innovation andtechnology respectively. The study recommends that banks must be focused interms of their needs and using the right technology and innovation to achievegoals, rather, than imitate their competitors. Government’s participation inensuring focused telecommunication industry must be visible to reduce orremove avoidable costs of investing in innovation and technology by the banks.Slow market penetration is another major problem militating against thegrowth. Government must make right policy to ensure fair competition in theindustry and promote market penetration by respective banks. The banks shouldinvest more in research to understand the changing trends in customer need andalso reinvest in market expansion
Antidepressant activity of ethanol leaf extract of Panicum maximum
Full text linkBackground: Panicum maximum is used in Ibibio ethnomedicine for the treatment of various diseases including central nervous system disorders. Objective: To investigate the in vivo antidepressant activity of Panicum maximum. Methods: The ethanol leaf extract of Panicum maximum (48 -144 mg/kg) was investigated for antidepressant activity in in Swiss albino mice using open field, force swimming and tail suspension tests. Results: The extract was found to significantly (p<0.05-0.01) increase the frequency of line crossing, rearing and walling activities of mice in open field test. The extract also decreased significantly (p<0.05-0.001) duration of immobility time of mice in force swimming and tail suspension tests. Conclusion: The leaf extract of P. maximum has antidepressant activity and this supports its use in ethnomedicine for the treatment of central nervous system disorders. Keywords: Panicum maximum, antidepressant, CNS stimulan
Antimicrobial susceptibility of bacteria that infect diabetic foot ulcers at Kenyatta National Hospital, Kenya
Full text linkBackground: Diabetic foot ulcers are prone to bacterial infection and this forms the major cause of hospital admission among patients with diabetes. Local bacterial sensitivity patterns to antimicrobials used to treat the infections is necessary in guiding drug selection for prompt management of the diabetic foot infections. Objective: To determine the etiology and antimicrobial sensitivity patterns of bacteria that infects diabetic foot ulcers at Kenyatta National Hospital. Methodology: A cross- sectional study was carried out on 75 adult diabetic patients attending Kenyatta National Hospital. The patients were selected by convenient sampling and data obtained via a questionnaire and antimicrobial susceptibility determination of bacteria from the diabetic foot ulcers using disk diffusion method. Results: A total of 85 bacterial isolates were identified with Staphylococcus aureus (37.3%), Proteus spp (21.3%) and Klebsiella spp (14.7%) as the most prevalent organisms. Among the Staphylococcus aureus, 39.3% were methicillin resistant. All the bacteria were sensitive to imipenem. Gram positive and negative bacteria were sensitive to ciprofloxacin and piperacillin-tazobactam, respectively. Varied sensitivities to commonly used antibiotics: amoxicillin-clavulanate, meropenem, clindamycin, ceftriaxone, piperacillin-tazobactam and ciprofloxacin to different isolates are reported. Conclusion: In Kenyatta National Hospital, diabetic foot ulcers are infected with both gram negative and positive bacteria that are highly sensitive to imipenem. This study recommends the initiation of empirical antibiotic therapy with imipenem for moderate to severe diabetic foot infections as culture and sensitivity tests to determine more specific antimicrobials are awaited. Key words: Antimicrobial, Antimicrobial susceptibility, Diabetic foot ulcers
The Effect of Dividend Policy on the Value of Firms Listed at the Nairobi Securities Exchange
Full text linkPurpose – The study sought to determine the effect of dividend policy on the value of firms listed at the Nairobi Securities Exchange. Methodology – This study adopted a quantitative approach that was modeled as a descriptive survey. Secondary data was collected in the form of published financial reports between years 2012 – 2016 from the Nairobi Securities Exchange (NSE) library. The financial reports were for thirty randomly sampled companies listed at NSE. This data was analysed by use of descriptive analysis, correlation analysis and multiple regression analysis which would effectively test the relationship between the dividend policies of the companies and their value. Findings – The results of the study showed that there is a strong positive correlation between dividend policy and firm value such that an increase in dividends increases the firm value and vice versa. A regular dividend policy, residual dividend policy and firm size have a positive significant relationship with a firm’s value. The study also found that irregular dividend policy, non-dividend policy and investment positively influence the value of the firm but they have no significant effect thereon. Implications – Regular and stable dividend policies produce certainty for investors that they get regular income for their investments. Firms that adopt the above dividend policies have a benchmark for doing well and are able to accumulate or raise a large base of capital at a very low cost. On the other hand, firms that adopt irregular and non-dividend policies do not attract investors since they do not attach much importance to them given that they are focussed on the dividends that they get. Hence, management of publicly listed firms should be keen to adopt regular and stable dividend policies. Value – The outcome of this study will to add to the available knowledge in this discipline, and it will also enable scholars to carry out further research by identifying information gaps in this study. The study will also be of interest to the management of publicly quoted companies, in determining the impact of the policy of dividends on the firm value, so as to make very crucial financial choices, to enhance performance of shares at NSE, thus increasing investors’ confidence. Regulators and government agencies will be able to formulate good policies related to dividends and taxes seeing that they have a fundamental role in regulating the industry as well as protecting investors. The study will be guide investors to determine the value of firms based on their dividend policies and thereby make informed investment decisions.
The Effect of Behavioral Factors on Investment Decisions in Real Estate Sector in Nairobi County
Full text linkPurpose-This study was intent on establishing the effect of behavioral factors on investment decisions in the real estate sector in Nairobi County. The behavioral factors explored for this study were herd behavior, representativeness, anchoring and overconfidence. Methodology-The study exploited descriptive research design to explicate how investors in real estate sector in Nairobi County make investment decisions from a behavioral finance point of view. Descriptive statistics and inferential statistics were used to scrutinize the data. Descriptive statistics adopted in this study included frequencies, mean, percentages and standard deviation. Additionally, inferential statistics of regression models and correlation analysis were used to examine the relationship of the study variables. The scrutinized data were presented in form of frequency tables and pie charts. Findings-The results of the study revealed that 53.71% of the respondents make use of the intuitions when evaluating investment decisions. The outcomes of the study further showed that representativeness, herd behaviour, anchoring and overconfidence have positive correlation coefficients of 0.21, 0.31, 0.16 and 0.32 respectively with the investment decisions in the real estate sector. The multiple R for the regression was 0.817, suggesting a strong positive correlation between the values that the model predicts and the actual values of the dependent variable. The R Square was 0.667 suggesting that about 66.7% of the variation in the real estate investment can be explained by the variation in the extent to which they are influenced by the behavioral factors. The Multiple R and the R Square suggest that behavioral factors exert influence on the investment decisions in the real estate sector. Implications- Behavioural factors analysis provides explanations on the trend of the investors in making critical investment decisions which portray a particular pattern of behaviour in the investment. Investors lack rationality when making decisions about their investments but rather make decisions based on emotions, feelings, mood and sentiments. Value- The study findings will enable investors to acquire skills necessary in eliminating various behavioral biases and increasing their rationality when making investment decisions in the real estate sector
EMPIRICAL VALIDATION OF AN MICRO AND SMALL ENTERPRISES TYPOLOGY: IMPACT OF PERFORMANCE ON MICRO AND SMALL ENTERPRISES IN NAIROBI
Full text linkThe Micro and Small Enterprises (SMEs) typology suggests competitive business strategies that MSEs can use to overcome the challenges they face and improve their performance. The typology combines strategic alliance (collaboration) and competency (differentiation and low cost) theories. The general objective of this study was the empirical determination of the extent to which the application of business strategies based on the MSE typology is associated with better performance. The study was carried out among Nairobi informal sector MSEs in the manufacturing sector. From the results, the ideal types captured in the typology were supported. In addition, there was partial support of better performance among four of the nine classes of strategies within the typology. These accounted for 64.8 percent of the sampled enterprises. None of the enterprises that did not fit into any of the classes, however, performed better than those that did