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Analysis of the effect of efficiency on liquidity in Kenya’s next derivatives market moderated by market innovation
No full textFull - text thesisLiquid and efficient derivatives markets are essential for financial resilience, effective risk management, and capital market development. This study examines how efficiency influences liquidity in Kenya’s NEXT derivatives market, and by assessing the effect of operational efficiency on liquidity, analyzes the dynamics between liquidity and market efficiency; and evaluates the moderating role of market innovation on the relationship between efficiency and liquidity. Anchored in market microstructure and efficiency theories, the study adopted a positivist research philosophy within a quantitative descriptive research design. The study population included all Futures contracts and their underlying asset prices, with a census sampling technique used to select and collect secondary data from January 2021 to December 2024 in the Nairobi Securities Exchange (NSE). Data analysis combined descriptive and econometric methods. Descriptive statistics were applied to calculate means, standard deviations for each variable. Econometric techniques, including panel regression, vector autoregressive, and Granger causality, were applied. A Market Innovation Index was constructed using principal component analysis to test moderation effects, reflecting a dimensionality reduction technique of eight standardized innovation-related related. STATA and EViews were used for data processing. The findings indicated that trading volume and order books enhance liquidity, while high transaction costs and exchange rate volatility had adverse effects. Price discovery is more efficient in futures contracts, though asymmetry volatility reveals inefficiencies in price adjustment. Innovation was found to significantly moderate the effect of trading volume on liquidity but not the impact of transaction costs. Granger causality tests identified a unidirectional relationship from efficiency to liquidity. These findings suggest that regulatory and technological improvements are crucial for strengthening Kenya’s derivatives market. The study provides a data-driven foundation for reforms and comparative analysis in other emerging derivatives markets.
Keywords: Liquidity, Efficiency, Operational Efficiency, Market Efficiency, Market Innovation
The Price of exclusion: an analysis of the inadequate inclusion of clear provisions on data sharing of sensitive personal data of data subjects in Kenya
No full textFull - text undergraduate research projectIn Kenya, data sharing of sensitive personal data is provided for under sec 44 and 55 of the Data Protection Act (2019). The General Data Protection laws require that data subjects be accorded specific rights and interests while their sensitive personal data. However, there is a lack of a supporting framework to facilitate the inclusion of data subject’s rights such as ownership and self-determination rights. Failure to include these rights and interests will expose their data to misuse and abuse of their rights and freedoms. Furthermore, the legislative framework surrounding data sharing of sensitive personal data fails to clearly provide for obligations that data processors have while handling sensitive personal data of data subjects. This study will attempt to deconstruct the concept of informational self-determination as a principle and as a right of data subjects. Building on the existing data subjects rights under sec 25 of the Data Protection Act, this study asks; how can the principle of informational self-determination be incorporated in the legislative framework to ensure data sharing of sensitive personal data is effectively done without the misuse or abuse of the patient data. Based on the review on the existing literature relating to data sharing of sensitive personal data in Kenya, there is currently an insufficient framework that is contradictory and unclear to its aims with relation to data sharing of sensitive personal data. Nonetheless, the results of this study indicate that a framework that encompasses fundamental rights such as informational self-determination, data ownership and personal autonomy rights will serve as useful in ensuring no privacy breaches in data sharing of sensitive personal data. Failure to incorporate these rights and ensuring clarification of the same in the legislative framework surrounding data sharing of sensitive personal data will result in abuse and misuse by data processors
A Study of the impact of dual career on marital relationships and stability with special reference to Nairobi
No full textFull - text thesisThe growth of dual-career marriages is one of the most pervasive changes in family and labour force structure around the world. It is generally anticipated that dual-career couples with high double incomes will have a relatively comfortable and happy marriage, as they can easily afford the family's current basic needs and make provisions for their future requirements. While doing so, it is anticipated that these couples would attain a significantly higher level of marital satisfaction. Even though these marital arrangements have financial benefits for the spouses and can provide opportunities for personal self-fulfillment, they also create intricate problems that affect marital quality and stability. Empirical data shows that dual-career couples face new and different challenges that affect what would otherwise have been marital bliss. This study examined the impact of dual careers on the quality and stability of marital relationships of professional couples regarding the three aspects of role overload and stress-coping mechanisms, gender role perceptions, and family financial management. The study is grounded in an African urban setup and sought to understand to what extent the African outlook on marriage influenced these three aspects of marital life. The researcher used a qualitative design approach for the interviewees to share their expectations, experiences, and challenges. The interviewees, who were professional individuals from diverse sectors, were carefully selected to meet age, religion, career, and income diversity. The qualitative data underwent thematic analysis to capture and interpret lived experiences. The findings suggest that role overload coming from competing professional and domestic responsibilities significantly increased marital dissatisfaction and led to emotional exhaustion. Gender-role perceptions also proved a strong influence on the marital relationship, where more egalitarian couples reported much greater levels of marital happiness. Disagreements over financial management, especially on long-term investments, due to differing priorities and asymmetry of financial information, were widespread. Intentional effort to create time for each other away from children paid dividends in remaining connected emotionally. Spending time with either set of parents enhanced the marital bond of the couple. Attending parenting and marriage classes together enhanced communication skills between couples and led to marital harmony. The role of the man as a breadwinner cannot be replaced without serious consequences to the stability of the marriage because men are defined by what they do. In contrast to African traditional marriage, which places a high value on having many children, dual career couples prefer to have few. Many of them claim they would not be impacted by childless marriages and would reject any worldview that sets procreation as the primary marital goal. In general, the study indicates that while dual-career marriages can enhance relationships through shared goals and financial security, they also require active negotiation, equitable role sharing, and good communication to sustain marital quality and minimise instability. The study's theoretical framework was Von Hildebrand's Nature of Love, which does not differentiate the genders as is typical of the philosophy of man. The philosophy of love, such as Von Hildebrand’s, provides an ethical or normative picture of what couples should strive for, but is not adequate in analyzing the political, structural, and pragmatic realities that characterize dual-career marriages in the modern world. The study recommends a theoretical framework that combines philosophical ideas with social, feminist, and economic perspectives for a more effective analysis of dual career marriages. The study provides useful insights for marriage counsellors, policymakers, family therapists, Human Resource Officers, Church ministers, pastors and dual-career couples dealing with the stresses of modern professional life. The research adds to a nascent body of knowledge on work-family dynamics
Heuristics, digital financial services, and the moderating role of risk tolerance, financial literacy, and cognitive biases in SACCO members' saving and investment decisions
No full textFull - text PhD thesisThe study aimed at assessing the influence of heuristics (representativeness, availability, and anchoring), digital financial services (DFS), and the moderating role of financial risk tolerance, financial literacy, and cognitive biases in SACCO members' saving and investment decisions in Kenya. Grounded in heuristic theory, prospect theory, financial self-efficacy theory, the theory of planned behavior, and technology acceptance theory, the study collected primary data from 334 members across 86 SACCOs. Correlational and ordered probit regression analyses tested the hypotheses. Results showed that representativeness and anchoring heuristics positively influenced saving and investment decisions, while availability heuristic was not significant. Financial risk tolerance moderated the effect of representativeness but not availability and anchoring, while financial literacy moderated representativeness and anchoring but not availability. DFS benefits (speed, security, transparency) significantly influenced financial decisions, with availability heuristic positively moderating DFS speed and security but negatively moderating transparency, while anchoring negatively moderated security. Income, house location, and SACCO membership duration also predicted financial decisions. The findings highlight the role of cognitive biases, financial literacy, and DFS benefits in shaping investment behavior, emphasizing the need for targeted interventions. The study recommends tailored financial education programs addressing heuristics, enhancing DFS accessibility and security, and implementing financial risk tolerance assessments to support informed financial decision-making. Future research should explore longitudinal designs to establish causality and examine additional cognitive biases.
Key words: Heuristics, behavioral biases, financial risk tolerance, financial literacy, digital financial services, saving and investment decisions, SACCO
Predicting the success of early-stage African startups using machine learning
No full textFull - text undergraduate research projectAfrica's share of global venture funding is estimated to be around 1%; meaning that only a very small portion of worldwide venture capital investment goes towards African startups. This presents a challenge for entrepreneurs, investors, and policymakers seeking to foster innovation and economic growth. This study aims to bridge this gap by leveraging machine learning models to predict the success of African startups based on key factors: business operating status, number of funding rounds, and business age. Unlike prior research, which has predominantly focused on Western markets and defined success through acquisitions or IPOs, this study specifically examines African startups, addressing the continent’s unique entrepreneurial landscape. The research utilizes CrunchBase data spanning from 2000 to 2024, encompassing 28,851 startups, applying three machine learning models—Logistic Regression, Support Vector Machines, and Random Forest—to evaluate startup success. The dataset was split into training and validation sets, ensuring robust model performance assessment. Results indicate an exceptionally high accuracy of 99-100%, with strong sensitivity but lower specificity, highlighting potential dataset imbalance. Despite this, the machine learning models outperform traditional probability-based approaches by capturing non-linear relationships and complex interactions between startup success factors. This provides a more nuanced and data-driven approach to early-stage business evaluation compared to simplistic probabilistic models. The findings offer practical implications for investors by enabling more informed decision making, for entrepreneurs by identifying key success drivers, and for policymakers by informing strategies that enhance startup ecosystems in Africa. Future work should focus on balancing the dataset, incorporating additional predictive features, and expanding testing to ensure greater generalizability. This study contributes to the growing body of research on startup success prediction, offering a tailored approach for the African market and providing valuable tools for practitioners in the entrepreneurial and investment space
Taming tensions: legal strategies for navigating human-wildlife conflict in Kenya
No full textFull - text undergraduate research projectHuman-wildlife conflict (HWC) in Kenya, presents a complex challenge for balancing human safety and wildlife conservation. This study explores the various dynamics contributing to HWC, including habitat loss, urbanization, and competition for resources, while evaluating the effectiveness of current legal frameworks in mitigating these conflicts.
Nairobi's rapid urban growth has significantly reduced wildlife habitats, resulting in animals like elephants and monkeys increasingly interacting with human settlements. These interactions often lead to crop damage, property disruption, and threats to human safety, highlighting the need for effective conflict management strategies. Economic losses due to these encounters further underscore the urgency of addressing HWC.
The study assesses Kenya’s Wildlife Conservation and Management Act of 2013 (WCMA) and other related laws, identifying shortcomings in their enforcement and application. It also explores innovative legal approaches and community-driven conservation strategies that could fill these gaps, aiming to develop a sustainable framework for human-wildlife coexistence. The research emphasizes the integration of both traditional and modern legal solutions to foster a balanced relationship between humans and wildlife.
The theoretical framework combines Natural Law Theory and Social Contract Theory. Natural Law Theory focuses on the moral underpinnings of laws, promoting the protection of both human and animal lives. Social Contract Theory stresses the importance of collective agreements in creating laws that serve the mutual interests of communities and wildlife.
Methodologically, the study employs desktop and doctrinal research, analysing literature, statutes, and policies related to HWC. Despite challenges such as limited data and stakeholder access, the research seeks to provide a comprehensive evaluation of legal strategies, with recommendations for enhancing conflict resolution, promoting sustainable development, and ensuring harmonious coexistence between humans and wildlife
Threading the needle: assessing the balance between the state’s legal obligations and the progressive realisation of the right to education in Kenya
No full textFull - text undergraduate research projectThis study explores the realisation of the right to education in Kenya, focusing on the challenges posed by the doctrine of separation of powers and its interaction with the political question doctrine, particularly concerning economic, social, and cultural (ESC) rights. It examines how the inclusion of ESC rights in the Bill of Rights under the Kenyan Constitution does not breach the separation of powers, despite the long-standing belief that such rights are non-justiciable due to their association with resource allocation, which traditionally falls under the purview of political actors. Through an analysis of case law, including landmark rulings like Ndoria Stephen v Minister of Education, and international frameworks such as General Comment No. 13 from the Committee on Economic, Social, and Cultural Rights (CESCR), this study scrutinises judicial remedies like structural interdicts in ensuring state accountability. A comparison of Kenya’s approach with South Africa's progressive legal framework highlights best practices for balancing immediate and long-term obligations in the right to education. South Africa’s use of minimum core obligations in education serves as a benchmark for Kenya's legal and policy reforms. The study also investigates Kenya’s historical and contemporary efforts to fulfill the right to education since independence, analysing the impact of international instruments and the 2010 Constitution. Additionally, it critiques the Kenyan government’s recurrent reliance on resource constraints as justification for inadequate educational provisions, calling for the establishment of a minimum core of immediate obligations that the state must meet regardless of financial limitations. This study underscores the need for stronger judicial oversight to ensure that the Executive is held accountable beyond policy formulation, focusing on tangible and sustainable improvements in access to quality education. Ultimately, this work aims to contribute to a more robust legal framework that promotes justice, equality, long-term sustainability, and transparency in realizing children’s right to education in Kenya, while addressing challenges related to mismanagement and corruption
The Impact of organizational resilience, business continuity planning, work scheduling processes, and strategic agility on balanced scorecard performance: a case of Kenya Airways
No full textFull- text thesisThis study investigated Kenya Airways’ post-pandemic recovery by examining the impact of organizational resilience, business continuity planning (BCP), adaptive work scheduling, and strategic agility on its Balanced Scorecard (BSC) performance. Against a backdrop of financial strain, operational disruptions, and structural inefficiencies, the study explored how targeted recovery strategies influenced key organizational dimensions: financial health, customer satisfaction, internal operations, and employee development. Guided by Dynamic Capabilities Theory, the study adopted a positivist research philosophy and employed a descriptive correlational design. Primary data were collected through structured questionnaires administered to 356 Kenya Airways employees using stratified random sampling. Data analysis involved descriptive statistics and Ordinary Least Squares (OLS) regression, supported by validity and reliability tests. The findings revealed statistically significant positive relationships between the four independent variables and BSC performance. Organizational resilience and strategic agility emerged as particularly strong predictors of performance, underscoring the value of internal adaptability and forward-looking strategy in turbulent environments. Key recommendations include: enhancing investment in agile scheduling systems to improve operational flexibility, institutionalizing business continuity frameworks across departments, and strengthening employee training programs to support resilience. The study also recommends that Kenya Airways and similar carriers in resource-constrained markets prioritize strategic partnerships to bolster competitive positioning. The study is limited by its exclusive focus on Kenya Airways and reliance on employee perceptions, which may not fully capture customer or financial data realities. Future research should consider multi-stakeholder perspectives and comparative studies across multiple airlines in the region to generalize findings more broadly
Anonymous sperm donation in Kenya: advocating for proper regulation to safeguard the principle of the best interest of the child
No full textFull - text undergraduate research projectAnonymous sperm donation is a widely practiced but ethically nuanced component of Assisted Reproductive Technology (ART), raising critical concerns about the rights and well-being of donor-conceived individuals. In Kenya, the absence of a comprehensive legal framework regulating sperm donation exposes these children to considerable risks, including identity deprivation, restricted access to genetic and medical history, and the potential for accidental incest. Central to this issue is the principle of the Best Interests of the Child (BIC), a cornerstone of international human rights law that remains insufficiently protected in the context of ART. This study examines the legal and ethical challenges surrounding anonymous sperm donation in Kenya and advocates for the development of a regulatory framework that balances the rights of all stakeholders while prioritizing the welfare of donor-conceived children. Utilizing a qualitative methodology, the research incorporates legal analysis, case studies, and comparative reviews of international best practices, with a particular focus on South Africa’s progressive regulatory approach to ART. The findings reveal a critical tension between maintaining donor anonymity and upholding a child’s fundamental right to know their genetic origins—an essential factor in identity formation, psychological well-being, and access to vital health information. While anonymity has historically been safeguarded to encourage sperm donation, evolving legal and ethical norms increasingly emphasize transparency and the rights of donor-conceived individuals, challenging traditional practices. To address these complexities, this paper proposes a structured regulatory framework incorporating donor tracking systems, limitations on the number of offspring per donor, and mechanisms granting donor-conceived individuals access to essential genetic and medical information. As a signatory to international human rights treaties, Kenya has both a legal and moral responsibility to align its reproductive laws with global best practices
The Effect of corporate governance practices on the financial performance of Deposit Taking Savings and Credit Co-operatives in Kenya
No full textFull - text thesisThis research investigates the intricate relationship between corporate governance practices and the financial performance of Deposit Taking Savings and Credit Co-operatives (DTS) in Kenya, addressing a critical gap in existing literature. Motivated by the imperative to enhance organizational effectiveness and financial viability within the cooperative sector, the study aims to illuminate how effective governance practices can drive positive financial outcomes in DTS. Against a backdrop of evolving regulatory frameworks and stakeholder expectations, the research provides a holistic understanding of governance dynamics within DTS and their implications for financial performance. Drawing on a comprehensive review of literature, the research formulates hypotheses and conceptualizes governance dimensions under investigation, focusing on the frequency of board meetings, board size, and transparency and accountability measures. The study employs quantitative analyses to survey 125 DTS in Kenya and conduct rigorous statistical analyses. The findings reveal critical insights into the governance-performance nexus within the cooperative sector, identifying a strong positive correlation between the frequency of board meetings and financial performance. An inclusive board composition emerges as a critical determinant of financial resilience and strategic decision-making within DTS, while transparency and accountability foster investor confidence and enhance overall financial performance. Furthermore, the study identifies that theories such as agency theory and stakeholder theory were supported by the empirical evidence, emphasizing the importance of board composition in providing diverse perspectives and expertise to enhance organizational performance. However, the study also uncovers insights that contradict certain theoretical expectations, such as the positive association between board size and financial performance, challenging previous research findings. In conclusion, the research offers actionable recommendations to empower DTS in Kenya to navigate challenges and achieve long-term prosperity. By advocating for comprehensive governance reforms, the study aims to foster resilience and prosperity within the cooperative sector amidst evolving market dynamics