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A COMPARATIVE STUDY OF THE RETURNS OF QUOTED SIN AND NON SIN STOCKS AT THE NAIROBI SECURITIES EXCHANGE
Full text linkSin stocks are of increased interest since more and more investors and fund managers avoid them whileintegrating social screening with their investment decisions. As a reflection of social norms, sociallyresponsible investing has become a niche of its own in determining investors’ portfolio decisions in the pastdecade. The study adopted an explanatory research design with the population consisting of all firms listen inthe NSE. The sample of the study involved the 20 firm that make up the NSE index. Secondary data usedsecondary data sources in gathering data for analysis which was done using the Statistical Package forSocial Sciences (SPSS version 20) to generate the descriptive statistics and also to generate inferentialresults. T-Tests used to check whether the mean returns of Sin stock differ from the mean returns of non sinstocks. Regression analysis done showed that the type of firm that is either sinstock or non sinstock have apositive and significant relationship with return. T-test statistics indicate that capital gains for sinstocks werehigher than that of non sinstocks. Dividends of nonsinstocks, were slightly lower than that of sinstocks. Fromthe given results, it is evident to conclude that sinstocks have a higher capital gain, return and dividends thanin nonsinstocks
STRATEGIC PLANNING PROCESS AND PERFORMANCE OF ACCREDITED UNIVERSITIES IN KENYA: THE MODERATING EFFECT OF ORGANIZATIONAL CHARACTERISTICS
Full text linkThe extensiveness, intensity and formality of a strategic planning process in an organization may have an effect on the organization performance. The degree and direction of this effect still remains an unresolved management concern due to lack of consensus in research findings. This indicates that, there are other possible factors that may influence the relationship necessitating further empirical investigations. Every organization has unique characteristics like age, ownership and size, which define and differentiate it from other organizations in the same industry and these may have a bearing on the relationship between strategic planning process and organization performance. The population of interest was all accredited universities in Kenya as at November 2016. The findings indicate that age, size and ownership structure are statistically significant moderators for the relationship between strategic planning process and growth performance of accredited universities in Kenya while size and age are statistically significant moderators for the relationship between strategic planning process and ranking performance of accredited universities in Kenya. The study recommends that, as universities endeavor to use the strategic planning process as a management tool to enhance performance, they must consider their unique characteristics which will enhance or hinder their planning effort
The Effect of Domestic Public Debt on Financial Market Development in The East African Community
Full text linkPurpose -- The focus of this study was to investigate the relationship between public debt and financial market development in the East African Community Countries. Methodology – The study adopted a descriptive study and used secondary data collected from the National Treasury, Central Bank of Kenya and the Kenya National Bureau of Statistics. The study period was between the financial years 2012 - 2016. The data was analyzed using descriptive and multiple regression analysis to test the relationship between Domestic Public Debt and Financial Market Development in East African Community Countries. Findings – The results of the study found a negative relationship between domestic debt and financial markets development. Furthermore, there was a weak relationship between inflation rate and financial markets development. The study also revealed that there was a high variation on domestic debts due to various policies of debt management, Political instability, external debts and grants received from foreign donors, in the various countries in EAC community. Implications – Most countries depend on external borrowings for their development projects and minimal domestic borrowings are acquired from the domestic market owing to the fact that domestic debt is has high interest rates when compared to the external debt which is acquired mainly on a concessional term, therefore it can be expensive to maintain. Domestic debt should be reduced by use of privatization programs, grants from donors. The government should, therefore, develop a framework to monitor and manage domestic public debt since it is growing at a high rate, reforms on private investments in Treasury bonds and treasury bills and commercial papers should be encouraged since it does not involve foreign currencies that have higher rate of interest. Value – The study will be of great impact to the financial market sectors stakeholders would get a clear understanding of the major role they play in assisting the development of the country, how the domestic debt increases financial market development and reduces external public debt that tends to affect the country’s interest rates. The government of Kenya being the main beneficiary of the domestic Public debt will clearly see and align their internal debt borrowings from the financial markets institutions to promote development in the financial markets. The investors in the Bond Markets and Financial Institutions will be informed of the factors that lead to Government issuance of Treasury Bonds and Treasury Bills to the market and the impact it has on financial markets development and the economy at large
The Effect of Audit Committees on the Performance of County Governments in Kenya
Full text linkPurpose - The chief objective of this management research study was to determine the effect of county audit committees on the performance of county governments in Kenya. Methodology - This management research paper was based on a conceptual framework that elaborates this relationship theoretically based on the exploratory empirical studies. This management research paper uses three theories as the anchoring theories based on the research variables of county audit committees and performance. Thus, this research paper built an all-inclusive structure that answers the research question of whether county audit committees had an effect on the county government performance in Kenya. The study uses a purposive judgement sampling model. The target population was all 47 county governments in Kenya and the county audit committees was the preferred unit of analysis. Hypotheses were tested using regression analysis and Pearson’s Product Moment Correlation analysis. Descriptive statistics were computed for the study objectives on the main characteristics of the study variables. Findings - The findings revealed that there was a strong relationship between county audit committees and county government performance. Implications - The findings of this study give managers and policy makers in the county government an in-depth understanding of the best practices in the management of public sector establishments by the use of county audit committees to promote their performance. Value - This study significantly contributes to the understanding and use of theories and practice of the correlation between county audit committees and performance of organizations. The key terms are; audit committees, county and performance.
THE RELETIONSHIP BETWEENFINANCIAL LIBERALIZATIONANDECONOMIC GROWTH INKENYA.
Full text linkFinancial liberalization in Kenya is much more recent. Ceilings on bank lending rates werenot removed until July 1991. The central bank continued to announce guidelines for thesectoral composition of bank credit expansion, although these were not strictly enforced afterinterest rate liberalization. Although the Kenyan authorities have allowed market forces toplay a relatively influential role in the financial system, the government maintains aformidable presence in the financial sector. The primary function of the central bank is toregulate the flow of money and credit in order to maintain economic stability, efficiency andgrowth of the country. To earn profit is the secondary objective of the Central Bank but themain motive is to regulate the monetary and credit system of the country and to foster itsgrowth in the best national interest with a view to securing monetary stability and fullutilization of the country's productive resources. These regulations provide guidelines foropening of accounts, limit against advances, setting up of internal audit system, requirementfor minimum capital and reserves for a banking company, maintenance of liquidity assets forevery banking company, detecting banking frauds etc. The Central Bank of Kenya wasestablished in May 1966. The powers and operations of the Central Bank of Kenya aregoverned by the Central Bank of Kenya Act 1966, and the Banking Act 1968. The study useddescriptive technique and carried out a meta- analysis study. This study exclusivelysecondary data. The study used Statistical Package for Social Sciences for data analysis(SPSS) to analyze the data and the data findings were presented in tables and figures. Thestudy carried out regression analysis to establish the relationship. The study findingsestablished that in the year 2003, the lending rates were rates were 16.37%. These rates decreased in the year 2004 to 12.53%. Since then, the lending interest rates increasedgradually to 19.65% by the year 2011. In the year 2012, there was a rapid increase inlending interest rates whereby the rates increased to 19.65%. Foreign assets as found by thestudy had been increasing over the study period with exception of the 2008 financial year.Foreign assets stood at USD. 110,991 million in the year 2003. Foreign assets increasedthereafter to stand at USD. 115,774. After the year 2007, foreign investment dropped slightlyin the year 2008 to USD 223,549 before picking up a positive trend again from the year 2009till 2012 were it amounted to USD 374,457.The study inferences established a positive perfect correlation between the dependentvariable, Financial Liberalization and the independent/ explanatory variable, Economicgrowth as evidenced by the empiricism from the operational variables in lieu of the current account, Lending rates and Capital controls
ENTERPRISE RESOURCE PLANNING SYSTEM IMPLEMENTATION AND VALUE REALIZATION IN SAVINGS CREDIT CO-OPERATIVE SOCIETY OF NAIROBI
Full text linkIn the dynamic business environment, organizations have implemented Enterprise Resource Planning (ERP) system solutions to gain competitive advantage and fasten service delivery for value realization. Despite their benefits, ERP solutions have not been fully embraced by SACCOs, and those that have implemented the ERPs are not able to justify the benefits of the investment. Therefore, the purpose of the study was to establish the value realizations for SACCO’s after the implementation of ERP solutions, Nairobi region. Specific objective was to establish the levels of ERP implementation and the value realized by SACCOs through ERP implementation. Questionnaires to the respondents were randomly given on a drop and pick basis. The data collected was to give both quantitative and qualitative results and it was analyzed using descriptive and regression model. It was found out that there was a strong relationship between the implementation level and the benefits of the ERP systems to SACCOs. The recommendation was that ERP systems should be implemented for customer relationship management; education, training and mentorship; monitoring and evaluation; and for research and development and for these reason, SACCOs should invest in the ERP systems
BRAND ASSETS AND CHOICE CRITERIA OF FAST-MOVING CONSUMER GOODSAMONG UNERGRADUATE STUDENTS AT THE UNIVERSITY OF NAIROBI
Full text linkBranding is increasingly becoming important in organizations as a competitive strategy. Brand assets are perceived to influence the consumer choice of various brands, but the extent to which the various assets do this is not clear. The purpose of this study was to determine the influence of brand assets on the choice criteria of Fast Moving Consumer Goods (FMCG) among Bachelor of Commerce (BCom) students of the University of Nairobi. The study adopted the descriptive cross-sectional research design, with the population being BCom degree students of the University of Nairobi. The study targeted 90 conveniently selected students, 30 in the regular programme, 30 in module 11 (day class) and 30 in module 11 (evening class) . Of the 90 students targeted, a total of 55 responded, mainly from module 1 and module 11(day) class, which was a response rate of 61 percent. Validity and reliability was done by first issuing the questionnaires to 4 students and checking their responses. The questions were also thoroughly checked to ensure that they were correct, before doing the final study. Descriptive analysis as well as factor analysis, and regression analysis were used to analyze the data. The study found that brand assets, namely, brand awareness, brand association, brand loyalty and perceived quality have a positive influence on the selection criteria that a customer makes. Brand awareness, brand association, and perceived quality have a positive influence on the selection criteria, while brand loyalty has a negative influence. The results of this study demonstrate that in making decisions, marketers need to always be guided by the various brand assets. It is therefore recommended that manufacturers and marketers consider these assets in marketing their products. Since this study was based on BCom students in one campus of the University of Nairobi, the findings may not be generalizable to all the students. A wider study focusing on several universities may therefore shed more light on the choice behavior of the student
SUSTAINING EMPLOYEES AND ORGANIZATIONAL PRODUCTIVITY THROUGH TECHNOLOGICAL CHANGE IN CONSUMERS’ GOODS INDUSTRY
Full text linkThe collapse of most organization in Nigeria to sustain and raise productivity was billedto employees’ opposition to technological change. The major objective of the study is toexamine how to sustain workforce and organizational productivity during technologicalchange in consumers’ goods industry. Purposive sampling technique was used for thestudy. The sample was selected from the population of 400 staff of 7UP BottlingCompany Plc Ilorin. The study sample size was 200 and the total number of 174questionnaire representing 87% of the sample size were returned and analyzed.Primary data was used to gather information from respondents through questionnaire.Data were analyzed using simple percentage, frequency distribution analysis and simpleregression analysis. Findings revealed that technological change has significant effect onemployees and organizational productivity. It was concluded that for technologicalchange to be effective, organizations must not neglect the roles employees in activity ofgoods and services. The study recommended that employers should consider growth ofworkers skills during training, apprentice and increase in order to recover the generalperformance in consumers’ goods industry. Implication of the study is that employeesmust be prepared to adjust to change in the organizations because it has constructiveimpact on the organizational productivity. Consumers goods industry are stronglyencouraged to be conscious of timing they introduce changes. The study further implythat there is awful need for training and retraining of staff and effectively communicatethe magnitude of technological change and its consequences in short and long scuttle onthe life of the organizations and employees
FRANCHISING PROPENSITY AND FINANCIAL PERFORMANCE OF FRANCHISING ORGANISATIONS: A CRITICAL LITERATURE REVIEW
Full text linkABSTRACT Purpose - This paper investigates the relationship between franchising propensity and financial performance of franchising organisations and explores literature on possible intervening and moderating factors on the relationship. Methodology - This is a critical review of theoretical and empirical literature on franchising propensity and financial performance. Findings - Literature reveals that most studies on franchising focus on the antecedents of franchising but very few examine the consequences moreover, the studies are anchored on either agency theory or resource scarcity theory. Studies examining the relationship between franchising and performance provide conflicting results. Some studies indicate that increasing the number of franchised units result to superior performance while other studies find no significant difference between franchising and running company owned units. The effect of franchising on capital structure of the franchisor has been examined by a few studies with no conclusive results. Furthermore, prior studies indicate that the relationship between franchising and performance is influenced by firm characteristics. There is a dearth of studies examining franchising in sectors other than the restaurant industry moreover there is need to use time series data to observe the consequences of franchising over time. Implications: This review of literature mainly consists of studies carried out in developed economies which have superior business models and access to finance. Developing economies are mostly supported by small and medium enterprises and lack the skills and resources similar to advanced economies. Therefore, although developing economies stand to benefit more from the franchising model, there are few studies carried out in developing economies. Therefore, the findings of this study may vary in the developing economies. Value: This study has presented a new dimension that may explain the inconsistent findings from prior studies and contribute to the discussion of franchising and firm performance. The relationship between franchising and firm performance may be moderated by firm characteristics and mediated by capital structure
IMPLEMENTATION OF AVIATION SAFETY STANDARDS AND PERFORMANCE OF AIR TRANSPORT INDUSTRY: A CONCEPTUAL PERSPECTIVE
Full text linkThe air transport industry has played an increasingly important role during the last quarter of the 21st century as a facilitator of overall economic activity and a critical element in certain economic sectors. Kenya has experienced a number of air accidents mostly with light aircrafts and helicopters in the recent years, and preventing accidents has remained a major challenge. Even though Kenya is experiencing challenges in terms of air accidents, the growth of air transport in terms of increased number of passengers through the airports, increase in number of operating aircrafts, increased license registrations, and air business expansion is evident. This paper is based on conceptual literature review on the relationship between monitoring of the implementation of aviation standards and performance of Air Transport. From the literature reviewed it is evident that the operational performance of the air transport industry in Kenya is closely dependent on monitoring of implementation of aviation safety standards which include continuous aviation training programs, proper and quality aviation personnel certification procedures, aviation infrastructure and proper data management on aviation safety procedures and concerns. The monitoring of the implementation of aviation safety standards is done by Civil Aviation Authority of Kenya