5307 research outputs found
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The Effects of public debt on monetary policy in the Gambia: moderating role of political leadership
No full textFull - text thesisPublic debt is crucial in shaping a country's macroeconomic environment, influencing monetary policy decisions, economic stability, and growth. Managing these debts is critical for developing economies, particularly in sub-Saharan Africa, especially Gambia, where fiscal imbalances often intersect with monetary policy challenges. This study examines the impact of public debt on monetary policy indicators in The Gambia from 1983 to 2022. The method employed was the ARDL approach for the Short-Run, as the results from the F-bound tests indicated that there is no co-integration existing among variables. The correlation results suggested that an increase in foreign debt growth is associated with an increase in the money supply and exchange rate of The Gambia. The study found a moderate positive correlation between public debt and foreign debt, with a weak relationship with inflation and a negative correlation with interest rates. Foreign debt showed a moderate negative correlation with inflation and a strong correlation with both interest and exchange rates. Relationships between foreign debt and money supply or political leadership were weak. Conversely, strong positive correlations were observed among exchange rates, money supply, and political leadership. Increases in public debt positively affect money supply, interest rates, and inflation. Higher public debt correlates with rising exchange rates. Foreign debt significantly affects monetary policy and also positively affects interest rates, inflation and exchange rates. Public and foreign debts significantly influence key economic indicators, with political leadership moderating their effects on monetary policy. The study recommends that The Gambia should prioritize effective foreign debt management alongside domestic debt to achieve sustainable growth and inflation control. Enhanced collaboration between fiscal and monetary authorities, stable political leadership, and adopting proactive fiscal strategies and flexible monetary policies are also recommended to bolster resilience against external economic pressures and ensure long-term stability.
Keywords: Short-Run ARDL, Public Debt, Monetary Policy, Political Leadership, Debt Management, Economic Stability, The Gambia
Influence of strategic agility on competitiveness of petroleum companies in Nairobi County, Kenya
No full textFull - text thesisThe petroleum sector plays a critical function in driving global economic transformation, influencing key policy objectives such as decarbonization, inflation control, and improvements in living standards. However, the sector faces mounting challenges due to rapid technological advancements, globalization, shifting customer preferences to other sources of energy, and heightened sustainability expectations. These dynamics necessitate greater innovation and strategic agility among firms to sustain competitiveness. This study investigated the influence strategic agility on the competitiveness of petroleum companies in Kenya. There are many other forms of strategic agility like IT agility, awareness/sensing, decision and implementation, resilience, versatility and transformation. However the study narrowed down to leadership capability, resource configuration, strategic sensitivity and marketing orientation. Specifically, it examined the effect of leadership capability, resource configuration, strategic sensitivity, and market orientation on firm competitiveness. The investigation was based on the dynamic capabilities’ theory and evolutionary theory. A positivism research paradigm and descriptive survey design were employed. The target population comprised 60 registered petroleum companies in Kenya targeting one operations manager, sales manager and one of the pump attendants from each of the petroleum firm hence a census population of 180 employees. A structured questionnaire was adapted in collecting primary data and analysed by use of SPSS version 29 and the result presentation done using tables and charts. Both descriptive and inferential findings were explored. The findings indicated that leadership capability, resource configuration, strategic sensitivity, and market orientation positively and significantly influence competitiveness in the petroleum sector. It was concluded that strategic agility play a fundamental role in influencing competitiveness within the petroleum sector. The investigation recommends for investing in visionary and adaptive leadership, embrace technological advancements and automation, establish robust mechanisms for monitoring industry trends and regulatory changes, and enhance responsiveness to evolving customer needs and sustainability imperatives. These strategies are essential for maintaining competitiveness and ensuring resilience in a rapidly evolving energy landscape
Appraisal of 100% school transition in Kenya: challenges and policy options
No full textFull - text thesisThis study draws important lessons from international best practices to inform Kenya’s 100% school transition policy. Key models include Rwanda’s needs-based funding mechanism, Saudi Arabia’s Public-Private Partnerships (PPPs) for infrastructure expansion, New Zealand’s ICT-driven education monitoring system, and Brazil’s integration of technology in learning. These cases provide actionable insights for improving policy implementation, equity, and sustainability in Kenya’s context. The study was guided by three main objectives: to assess the key factors hindering 100 percent school transition in Kenya; to appraise the transition policy by identifying issues emerging from its implementation; and to draw lessons from international best practices to inform policy improvement. A descriptive qualitative research design was adopted to enable in-depth exploration of stakeholder experiences and policy dynamics. Using purposive sampling, 30 participants were selected from across Kenya’s former eight administrative regions. Data was collected through semi-structured interviews and analyzed thematically to identify patterns, trends, and policy gaps. Findings reveal that the effectiveness of Kenya’s transition policy is undermined by weak implementation frameworks, including the absence of a structured student tracking system and delays in financial disbursements. Governance challenges, high student-teacher ratios, inadequate professional development, and inequitable deployment of teachers further exacerbate the problem. Additionally, external environmental and socio-economic factors—such as insecurity, climate disruptions, and poverty—disproportionately impact vulnerable communities, making full transition difficult to achieve. The study concludes that while the 100% transition policy reflects a commendable commitment to universal secondary education, its long-term success depends on strategic reforms. These include implementing a real-time education data system, adopting a data-driven teacher deployment strategy with rural incentives, and expanding infrastructure through innovative financing mechanisms like PPPs. Without such reforms, the policy risks becoming a numerical success with limited educational quality or equity
Effects of board and firm characteristics on cash conversion cycle in Kenyan non-financial listed firms: moderated by inflation rate
No full textFull - text thesisIn 2022, the liquidity ratio of eight (8) business stocks was below 10 percent, which is an increase compared to six (6) stocks in 2021. This indicates a further decline in liquidity. This study sought to assess the effect of board, firm characteristics and cash conversion cycle in Kenyan Listed Firms, moderated by inflation. Specifically, the study sought to examine the effect of firm characteristics on the cash conversion cycle of Listed Firms in Kenya. Also, the study assessed the effect of board characteristics on the cash conversion cycle of Listed Firms in Kenya. Additionally, it investigated the moderating role of inflation rate on the relationship between board characteristics and firm characteristics on the cash conversion cycle of Listed Firms in Kenya. The study was based on two theories: the Liquidity Preference Theory and Resource Dependency Theory. The current study used a correlational research design and the positivism philosophy. The 63 companies listed on the NSE were the study's target population. The study focused on 45 non-financial listed firms. Panel data was gathered from publicly available financial statements on the websites of 45 publicly traded companies for the years 2019 to 2023, as well as published audited financial statements. The data abstraction tool was used to acquire the panel data. Descriptive statistics, panel regression analysis, and spearman's simple correlation analysis were used to analyze the data. The study included ethical considerations. The results showed that independent directors had a positive and significant effect on the cash conversion cycle. Further results showed that board diversity in terms of proportion of male directors in the board had a negative and significant effect on the cash conversion cycle. In addition, results showed that board size had a positive and significant effect on the cash conversion cycle. Regression results showed that firm age had a negative and significant effect on the cash conversion cycle amongst the firms listed in the NSE. Furthermore, the data indicated that the cash conversion cycle was positively and marginally impacted by business size. In addition inflation moderated the relationship between board characteristics and cash conversion cycle of companies listed on the NSE. However, inflation did not moderate the relationship between firm age, firm size and cash conversion cycle of firms listed in NSE. Therefore, our study suggests that companies listed on the NSE keep their board member count at an ideal number. The management of the listed company should make sure that board members have a great deal of autonomy so they can participate freely in the appropriate decision-making process. Legislators ought to enact measures that promote diversity on the board among board members. This would guarantee the fusion of concepts that would maximize the performance of the SACCOs by integrating ideas from both genders. Businesses can add value by building up their inventory, but only to the point where doing so will optimize returns and reduce maintenance costs while accounting for the effects of inflation and the cash conversion cycle. By doing this, finance managers may monitor their different industries and maintain a short cash conversion cycle. The study also relied on secondary data from the financial statements of the NSE firms in Kenya. While these are a reliable source of data, it is quantitative in nature and therefore it was not possible to fully interrogate issues of the NSE firms as may have been the case if interviews were conducted
Impact of organizational characteristics on change management practices at digital credit providers in Kenya
No full textFull - text thesisThe Central Bank of Kenya's 2022 Digital Credit Providers Regulations introduced clear standards to ensure transparency and ethical practices in digital lending. This study aimed to examine the effect of organizational characteristics on change management practices implemented by Digital Credit Providers in Kenya in response to these regulations. The specific objectives were to determine the influence of governance structure, financial performance, firm age, and ownership structure on strategic changes and operational changes among Digital Credit Providers in Kenya. The research employed a mixed-methods approach, combining qualitative insights and quantitative analysis through questionnaires administered to employees of Digital Credit Providers regulated by the Central Bank of Kenya. Descriptive and inferential statistics were used to analyze the quantitative data, while qualitative data from open-ended questions were examined using content analysis techniques to provide deeper insights into the providers' experiences and perspectives. The study found that governance structure, financial performance, firm age, and ownership structure had significant positive influences on both strategic changes and operational changes. Regression analysis revealed that these organizational characteristics collectively explained a substantial portion of the variation in strategic changes and operational changes. Financial performance emerged as the strongest predictor of strategic changes, while ownership structure showed the strongest influence on operational changes. Governance structure demonstrated a significant impact on both strategic adaptations and operational adjustments, with robust governance mechanisms enabling effective decision-making and compliance management. Firm age had a positive effect on strategic changes and operational changes, with established regulatory relationships and accumulated operational insights facilitating smoother adaptation. The study concludes that organizational characteristics play a pivotal role in shaping digital credit providers' ability to implement strategic and operational changes in response to regulatory requirements. The findings underscore the importance of well-designed governance frameworks, robust financial standing, accumulated experience through firm age, and clear ownership structures in driving successful regulatory compliance and adaptation. The study recommends that policymakers should consider providing guidance on optimal board compositions and structures, implementing supportive measures to help providers manage the financial impact of compliance, adopting a tiered approach to compliance requirements based on firm age, and establishing guidelines related to ownership structure to promote transparency and responsible practices
The Effect of employee motivation on customer loyalty in commercial banks in Nairobi County, Kenya
No full textFull - text thesisThe competitive nature of the commercial banking sector in Nairobi County, Kenya, compels industry players to focus on the relationship between employee motivation and customer loyalty. Despite significant investments in employee training and technology, customer loyalty levels among commercial banks remain suboptimal, often attributed to low employee motivation and engagement, which are key drivers of customer experience. Existing studies revealed contradictory findings, with most conducted in contexts outside the commercial banking sector, necessitating further investigation. This study addressed these gaps by investigating the effect of employee motivation on customer loyalty in commercial banks in Nairobi County, Kenya. The general objective was to determine the effect of employee motivation on customer loyalty, with specific objectives focused on assessing the roles of employee response time, attitude, and loyalty. The study was anchored on Herzberg's Two-Factor Theory and supported by Vroom's Expectancy Theory. The study adopted a positivist philosophy and a descriptive cross-sectional survey design. Primary data was collected from the 38 commercial banks using structured questionnaires distributed via online platforms. The findings revealed statistically significant positive effects of employee motivation on customer loyalty, with employee attitude showing the strongest impact followed by employee responsiveness, while employee loyalty showed no significant effect. For bank managers, HR professionals, and policymakers, these insights offered actionable guidance to refine HR practices and customer service strategies. By empirically validating that employee attitude and responsiveness significantly enhance customer loyalty, this study provided a comprehensive framework for targeted interventions to secure a competitive advantage in Kenya's dynamic banking sector. The study offers significant practical and theoretical implications, providing valuable insights for bank management while enriching organizational behavior literature. However, limitations include its specific geographic scope, cross-sectional design, focus on a narrow set of motivational predictors, and lack of customer demographic analysis, which constrain the generalizability of the findings
Determinants of financing decisions to fund startups by venture capital firms in Kenya
No full textFull - text thesisKenya’s startup ecosystem presents unique dynamics that distinguish it from those of more developed economies, warranting a tailored examination of venture capital determinants. The local ecosystem is shaped by specific needs such as access to scalable funding, sector-focused support (especially in technology and agribusiness), and strategic guidance suited to an emerging market. Unlike established markets, regulatory frameworks in Kenya are evolving, creating an environment where venture funding decisions must consider varying levels of compliance and market volatility. The growing presence of incubators and accelerators further shapes the investment climate by offering essential mentorship, networks, and early-stage funding, which are crucial to the survival and growth of Kenyan startups. These context-specific elements underscore the importance of a region-focused study on venture capital financing and address gaps in existing literature predominantly focused on developed markets. This study sought to address this gap by investigating the determinants of Kenyan venture capital firms’ financing decision for startups Kenya. The specific objectives of the research were to investigate the influence of internal organizational determinants, external determinants, and incubation on Kenyan venture capital firms’ decision to finance startups in Kenya. The study was anchored on the Theory of Equilibrium Credit Rationing. The positivism philosophy was adopted for this research, which was performed using the cross-sectional research design. The sample for the current study comprised of finance and operation managers of venture capital firms in Kenya. The population of the study comprised 50 venture capital firms listed on the East African Venture Capital Association (EAVCA). A census was selected. Primary data was collected using structured questionnaires through a drop and pick approach and analyzed using Statistical Package for Social Sciences (SPSS). The findings showed that internal organizational determinants had a significant positive regression coefficient, suggesting a positive effect on Kenyan venture capital firms’ decision to finance startups. The analysis also showed that external determinants had a significant positive coefficient, indicating the positive influence of external determinants on the decision by venture capital firms to finance startups. Moreover, the findings indicated that incubation had a significant positive regression coefficient, which suggests a positive effect. Based on the findings of this study, it is recommended that policy makers should consider formulating policies to improve the external determinants and support incubation of startups. It is also recommended that owners and managers should improve their internal organizational determinants in order to favorably position themselves among venture capitalists.
Keywords: Venture capital, financing, startups, Keny
Determinants of non-performing loans among commercial banks in Kenya
No full textFull - text undergraduate research projectNon-performing loans, for a long time have been a huge challenge to the profitability of financial institutions worldwide, Kenyan commercial banks included. This study focused on gender, nature of collateral, credit monitoring and concentration of lending activities as factors affecting the non-performing loans in Kenyan commercial banks and the purpose of the study was to find out if these specific factors have any effect and their significance of their effects if any. The theories used were information asymmetry, moral hazard and behavioural finance. Primary data and a descriptive research design were used in this sh1dy. Additionally, the core data came in the form of questionnaires. This sh1dy's target population consisted of Kenya's 3 8 commercial banks. Because the sh1dy is small, the entire population was used. The data found was analyzed by a statistical software namely SPSS. Both descriptive statistics and inferential statistics was used. The uniqueness of the study was that these factors have been subject of independent studies in the past, this study aims to find out the combined and individual effects of these factors in Kenyan commercial banks. The study found that gender and concentration of lending activities had a positive relationship with non-performing loans while nature of collateral and credit monitoring had no relationship
Renewable Energy-Based Hybrid Power Systems for off-grid Base Transceiver Stations - a case study of BTS site in Kajiado County
No full textFull - text thesisThis study explores the technical and economic feasibility of deploying a renewable hybrid power system comprising solar photovoltaic (PV), battery storage, and hydrogen fuel cells for powering off-grid Base Transceiver Stations (BTS) in Kenya. Motivated by the environmental impact and high operational costs of diesel generators currently used as backup power sources in telecommunications infrastructure, the research proposes an alternative energy solution aligned with Kenya’s carbon reduction targets under the Nationally Determined Contributions (NDC). A case study of a BTS site in Kajiado County was used to evaluate the proposed hybrid configuration. The system was modelled and simulated using MATLAB/Simulink to assess power flow, fuel cell activation, battery state of charge, and solar irradiance behaviour. HOMER software was used for system optimization and economic analysis, incorporating real load data, solar resource inputs, and cost parameters. Results indicate that the hybrid system meets energy demands reliably, with solar PV supplying most of the energy, batteries stabilizing supply, and the proton exchange membrane fuel cell (PEMFC) acting as a backup. The proposed system achieves an annual electricity output of approximately 67.43 MWh, with a Levelized Cost of Electricity (LCOE) of 87,404 lower than the $102,253 NPC of a diesel-based system. Additionally, the system significantly reduces carbon emissions and fuel dependency. The findings demonstrate that integrating hydrogen fuel cells with solar and battery systems can provide a sustainable, cost-effective power solution for off-grid telecom sites. The study supports broader adoption of clean energy in Kenya’s telecommunications sector and contributes to climate action and energy access goals
The Legal gap in vaccine injury compensation advocating for the implementation of a no-fault scheme for state-approved vaccines in Kenya
No full textFull - text undergraduate research projectThe deployment of vaccine programs in Kenya is governed by various legal and ethical frameworks. However, the absence of a national no-fault vaccine injury compensation scheme leaves individuals who suffer adverse effects without adequate legal protection or financial redress. Currently, Kenya’s fault-based system requires victims to prove negligence via tort claims, creating significant barriers to compensation for those with and undermining public trust in vaccination efforts. This study critically examines the legal and policy gaps in compensation for adverse effects following immunization and explores how Kenya can establish a no-fault compensation model that aligns with global best practices. The study uses a comparative legal analysis to evaluate the legislative, judicial, and administrative framework of the UK's Vaccine Damage Payment Scheme (VDPS) as a possible model for Kenya to follow. The study also employs doctrinal and policy analysis to evaluate the effectiveness of Kenya’s existing legal provisions and their compatibility with a no-fault scheme. The results of findings show that although vaccination programs in Kenya have advanced significantly, those who suffer from adverse effects after immunization, especially those who cannot afford legal claims, have limited access to justice due to the absence of a formal vaccine injury compensation scheme. The research highlights key challenges, including jurisprudential gaps, regulatory ambiguities, and financial sustainability concerns. This study contributes to the discourse on health law, equity, and public trust in vaccination programs, offering a new perspective on the role of a no-fault compensation scheme in Kenya’s legal system. It recommends legislative amendments, administrative reforms, and sustainable funding mechanisms to facilitate the establishment of a fair, transparent, and accessible vaccine injury compensation scheme. By addressing this legal gap, Kenya can enhance public confidence, align with international standards, and uphold the constitutional right to health