Stratford Peer Reviewed Journals and Books
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Evaluating Strategies for Cost Reduction in Supply Chain Management (SCM) Relating To Exports and Imports in Japan
No full textJapan's export and import sectors have a significant impact on its overall economy, with exports accounting for around 17% of the country's GDP and imports accounting for around 14%. Strategies for cost reduction are diverse and can be implemented in various ways to help businesses reduce operating costs. Developing a cost reduction plan that outlines specific goals and strategies can help keep cost reduction efforts focused and measurable. SCM encompasses all activities that take place from raw material acquisition to the delivery of the finished product or service to the end customer. Research indicates that Japanese companies have implemented various strategies for cost reduction in supply chain management (SCM) relating to exports and imports. One of the key strategies is supplier management. Japanese companies have established long-term relationships with suppliers to ensure stable and reliable supply of goods and services. These relationships are based on mutual trust, cooperation, and collaboration. The study concluded that Japanese companies can implement several strategies to achieve cost reduction in their SCM processes related to exports and imports. These strategies include supplier management, streamlining transportation, lean manufacturing, outsourcing, supply chain automation, inventory optimization, collaborative planning, standardization, sustainable SCM, risk management, continuous improvement, cross-functional collaboration, multi-modal transportation, and data analytics. Risk management strategies can help companies mitigate risks in SCM processes and minimize costs associated with disruptions or delays. It is crucial for companies to assess their SCM processes and identify the strategies that are most suitable for their unique requirements. The study recommended that companies should consider implementing multi-modal transportation methods to optimize their supply chain operations. By using a combination of sea, air, and land transportation modes, companies can reduce transportation costs, improve delivery times, and enhance their supply chain flexibility.
Keywords: Strategies, Cost Reduction, SCM, Exports, Imports, Japa
Voluntary Disclosure and Stock Market Return of Non-Financial Firms Listed on the Nairobi Securities Exchange
No full textVoluntary disclosure is empowering the public to get more informed about the company and portrays how the organization wants the outsiders to perceive it in their decision-making process. Voluntary disclosure provides information beyond the compliance requirement by the law. This study examined the effect of voluntary disclosure on stock market return of non-financial firms listed on the Nairobi Securities Exchange. The study adopted positivism as data collection and hypothesis development and testing was achieved. The study used quantitative research design to correlate study variables using mathematical analysis methods. The correlation results indicated that voluntary disclosure portrayed a positive association to stock market return. Regression of coefficients of the static model results indicate that voluntary disclosure and stock market return of non-financial firms listed on the Nairobi securities exchange is positively and significantly related. The results implied that there exist a positive and significant relationship between voluntary disclosure on stock market return since their coefficient values were positive. The regression coefficients result of lagged stock market return and stock market return was positively and significantly related. The regression of coefficients results indicate that voluntary disclosure and stock market return is positively and significantly related. The study concluded that voluntary disclosure has a positive and significant effect on stock market return in non-financial firms on the Nairobi securities exchange. Therefore, voluntary disclosure was found to play a significant role in the stock market performance that generated return predictability. These results imply that when more information is disclosed about the firm then the market generating excess returns. Voluntary disclosure of information could facilitate the public to be more confident in the company. The study also shows that voluntary disclosure is relatively correlated with stock returns over time. The study recommends that by taking the voluntary disclosure into account as a significant determinant of stock market volatility in asset price models, investors can enhance their stock returns. The results can also help policymakers’ efforts to stabilize stock market volatility and uncertainty in order to protect investors’ wealth and attract more investors.
Keywords: Voluntary Disclosure, Stock Market Return & Non-Financial Firm
Assessing the Impact of Audit Quality on Accountability and Transparency among Financial Institutions in the United States: A Systematic Review and Meta-Analysis
No full textThis study conducted a systematic review and meta-analysis on the impact of audit quality on accountability and transparency among financial institutions in the United States. By synthesizing empirical evidence from relevant literature, the study aimed at providing a comprehensive understanding of the relationship between audit quality and financial reporting practices in the banking and financial sector. This research not only evaluated the effectiveness of current auditing standards but also offers valuable insights for policymakers, regulators, and industry stakeholders seeking to enhance the overall quality and trustworthiness of financial reporting. The review methodology involved a rigorous selection process to identify and analyze relevant studies that have investigated the relationship between audit quality, accountability, and transparency in financial institutions. By aggregating the findings of these studies, the study conduct a meta-analysis to identify trends, patterns, and areas of consensus or divergence. This approach enabled the researcher to assess the strength and generalizability of the evidence, as well as highlight potential gaps in the literature. The findings of the study revealed a significant positive association between audit quality and the level of accountability and transparency in financial institutions. Enhanced audit quality leads to more accurate financial reporting, which in turn strengthens the trust of stakeholders in the financial sector. The meta-analysis also identified the effectiveness of a risk-based audit approach, the importance of auditor independence, and the need for greater regulatory oversight in fostering higher-quality audits. Furthermore, study observed a positive relationship between transparency in the auditing process and stakeholder trust, underscoring the importance of robust disclosure requirements. The study concludes by providing recommendations for improving audit quality, promoting transparency, and strengthening accountability among financial institutions in the United States.
Keywords: Audit quality, accountability, financial transparency, financial growt
Exploring the Ripple Effect and Consequences of Correspondent Banking De-Risking on Global Financial Inclusion and Stability: Evidence from Europe
No full textThis study explored the ripple effect and consequences of correspondent banking de-risking on global financial inclusion and stability, with a specific focus on evidence from Europe. Driven primarily by increased compliance requirements and the need to mitigate risks associated with anti-money laundering and combating the financing of terrorism regulations, de-risking led to the termination of correspondent banking relationships with various countries and financial institutions. The research aimed to understand the implications of this phenomenon on financial integration, access to essential financial services, and the exacerbation of economic disparities among different regions and demographic groups in Europe. A descriptive research design approach was employed, mainly quantitative analysis of CBR data and regulatory changes. The findings demonstrated that de-risking had a significant negative impact on financial inclusion and stability, particularly for small and medium-sized enterprises, non-profit organizations, and marginalized communities. Moreover, the termination of CBRs disrupted the flow of remittances, trade finance, and development aid, and led to an increased reliance on less-regulated, informal channels, which in turn undermined the global AML/CFT regime and exacerbated financial crime and systemic risks. Based on these findings, the study recommended enhancing collaboration and coordination among regulatory authorities, financial institutions, and affected stakeholders to develop a harmonized regulatory framework across European countries, implement a risk-based approach, and establish a centralized information-sharing platform. Additionally, targeted capacity-building efforts, exploration of innovative financial solutions, and the development of financial inclusion strategies prioritizing the needs of the most vulnerable segments of the population were recommended to counteract the negative effects of de-risking and promote financial inclusion and stability in Europe.
Keywords: Correspondent banking de-risking, financial inclusion, global financial stability, anti-money laundering, combating the financing of terroris
Internal Audit Practices and Financial Performance of Public Institutions in Rwanda: A Case of Rwanda Social Security Board
No full textThis study investigated effect of internal audit practices on the financial performance of public institutions in Rwanda with reference to Rwanda Social Security Board. The study used both descriptive and correlational research design. The target population 148 using census approach all respondents were considered as the sample size. The study used simple random sampling method. The study employed primary data obtained using questionnaires first pilot tested to ensure they were valid and reliable. Secondary data was obtained from Rwanda Social Security Board. The collected data was analyzed using descriptive statistics such as means, standard deviation and frequencies and inferential statistics such as correlation and regression with help from statistical product and service solution. Results from the first objective show that the tenure was strongly agreed by 44.7%, ensured of the qualification as strongly agreed by 30.1%, for tenure influence, there was a positive significant correlation between tenure and compliance with policies (r=.320**, p-value =0.001), reliability and integrity of information (r=0.0317, p-value =0.001). There was positive significant correlation between qualification and compliance with policies (r=0.408*, p-value=0.048), qualification and cost relative to the intended results (r 0.716, p-value=0.000). Results to the second objective felt unrestricted adopted by strongly agreement with 54.4%., and 40.8% strongly agreed with the fact that involvement in budget. There were significant correlations found between unrestricted access organizational and compliance with policies (r=0.424**, p-value=0.000), compliance with policies (0.740**, p-value= 0.000), compliance with policies reliability and integrity of information (0.484**, p-value=0.000). To the third objective, the study found segregation of duties as agreed by 36.9%, using password evidenced that 53.4% strongly agreed, 44.7% strongly agreed with security for authorization and approvals. Results indicated, significant correlations were established between the segregation of duties and compliance with policies (r=0.244**, p-value=.013). Significant positive correlations were found between physical control and reliability and integrity of information (r=0.253**, p-value=0.010), physical control and cost relative to the intended results (r=.796*, p-value=0.000) and not correlation found between physical control and cost relative to the intended results (r=-0.127*, p-value=0.203). The researcher recommends that the management should focus on the supporting internal audit with adequate budgetary allocations, the management should ensure that the auditors are recruited in their right proportion to reduce shortage of staff members in these organizations for effectiveness. Similar studies should be simulated in other institutions with the view of establishing the factors affecting the effectiveness of staff members in public institutions.
Keywords: Internal audit practices, financial performance, public institutions, Rwanda Social Security Board, Rwand
Internal Controls and Financial Performance of Deposit Taking Savings and Credit Co-Operative Societies in Nairobi City County, Kenya
No full textSavings and credit cooperatives play a significant role in this country's financial well-being, promoting savings and providing accessible loans to members of all social classes. This study aimed to investigate the impact of internal controls on the financial performance of Savings and Credit Cooperative Societies (SACCOs) operating in Nairobi County, Kenya. More specifically, the research sought to understand the effects of segregation of duties, approval controls, physical controls, arithmetic controls, and organizational plans on the financial performance of deposit-taking SACCOs in Kenya. The study was grounded in agency theory, stakeholder theory, and systems theory. It utilized a descriptive survey design and focused on a target population of 42 registered deposit-taking SACCOs. A census survey technique was adopted, incorporating all 42 SACCOs in Nairobi County. Primary and secondary data were gathered via structured questionnaires, administered using a drop-and-pick method. The data was analyzed using the Statistical Package for Social Sciences (SPSS) software, with descriptive statistics such as mean and standard deviation and inferential statistics including correlation and regression analyses used. The study found that the segregation of duties, approval of accounting transactions, physical controls, arithmetic controls, and the organization's plan significantly influence the financial performance of SACCOs in Nairobi County. Thus, the study concluded that these variables greatly impact the performance of deposit-taking SACCOs in the county. The study further recommended that government bodies such as the Sacco Societies Regulatory Authority (SASRA) should develop policies guiding deposit-taking SACCOs on improving their segregation of duties, approval of accounting transactions, physical controls, arithmetic controls, and organizational plans. This will substantially enhance the financial performance of these firms.
Keywords: Internal Controls, Financial Performance, Deposit Taking, SACCOs, Nairobi City County
 
Microfinance Credit and Financial Performance of Small and Medium Enterprises in Nairobi City County
No full textThe study examined the impact of microfinance credit the financial performance of SMEs situated in Nairobi CBD. The research employed a cross-sectional descriptive survey methodology and focused on business owners and managers of SMEs located in the Nairobi CBD. The licensing department of Nairobi City County in 2017’s data informed the sample selection process. The researchers utilized a stratified random sampling methodology in order to include 70 individuals in the investigation. The primary instrument employed for data collection was a semi-structured questionnaire. The research was carried out utilizing SPSS 25.0, which encompassed the application of both descriptive and inferential statistical methods. The researchers employed a multivariate linear regression model to assess the variable’s statistical significance. The findings of the analysis were graphically represented through the utilization of tables and bar charts. The study’s coefficient was 0.631, accompanied by an adjusted R-squared value of 0.606. Both of these values were determined to have statistical significance with 95% CI. The findings of this research indicate that several factors, such as collateral security, loan-income ratio, branch penetration, and credit rating, collectively account for 63.1% of the variability SMEs performance in the Nairobi CBD. The findings of the study indicate that the inclusion of collateral security has a significant impact on performance (β = 0.251, p = 0.014 < 0.05). In a similar manner, it was found that the ratio of loans to income and the level of branch penetration had a statistically significant positive effect on financial performance (β = 0.238, p = 0.024 < 0.05; β = 0.382, p = 0.004 < 0.05, respectively). However, the study indicated that there was a positive trend in association between credit rating and SME performance. However, this trend was not statistically significant (β = 0.022, p = 0.844 > 0.05). This study draws a conclusion based on the empirical evidence provided, suggesting that collateral security has a significant and beneficial influence on SMEs performance in Nairobi CBD. Furthermore, the sustainability of small and medium companies (SMEs) inside the Central Business District of Nairobi is contingent upon some essential aspects pertaining to microfinance funding. Additionally, they should engage in thorough pre-loan planning and steadfastly adhere to their initial strategies in order to augment their financial performance.
Keywords: Microfinance, Credit, Financial Performance, Small and Medium Enterprises (SMEs), Nairobi City Count
Effect of Housing Investments on the Relationship between Mortgage Financing and Economic Growth in EAC Member Countries
No full textMortgage financing is a critical part of financial systems that contribute to financial markets development and deepening and has potential positive effects on a country’s financial and economic growth. Housing investment is important in an economy as it influences on savings, employment, labor productivity and total investment. This study sought to establish the effect of housing investments on the relationship between mortgage financing and economic growth in EAC member countries. The study adopted the Theory of Investment Multiplier. The researcher utilized a positivist research philosophy and both a descriptive and explanatory research designs. Secondary data was gathered through country-specific Central Bank reports, World Bank reports, IMF reports, as well as Africa Development Bank (AfDB) reports between January 2001 and December 2020. Descriptive statistics, correlation analysis, and panel data model estimations were conducted. The study concluded that the association is statistically significant. Failure to reject the hypothesis implies that housing investments does not mediate the relationship between mortgage financing and economic growth among EAC member countries. The study recommends decision makers to come with measures aimed at boosting value of mortgage accounts in the EAC community member countries, as this will translate in growth in real estate sector and perhaps other sectors in the economy.
Keywords: Housing Investments, Mortgage Financing & Economic Growt
Financial Literacy and the Growth of Processing Small and Medium Firms in Japan
No full textFinancial literacy is a vital catalyst for the growth of small and medium-sized firms (SMEs) in any economy, including Japan. SMEs often face challenges in accessing financial resources, making informed investment decisions, and managing their finances effectively. Improved financial literacy equips SME owners with the knowledge and skills necessary to navigate these complexities, enabling them to secure loans, manage cash flow, and make strategic financial decisions. This, in turn, fosters the growth, competitiveness, and sustainability of SMEs, ultimately contributing to the economic development of Japan. Research findings indicate a strong positive correlation between financial literacy and the growth of small and medium-sized firms (SMEs) in Japan. SMEs led by individuals with higher financial literacy tend to perform better, secure financing more easily, and exhibit greater resilience in the face of financial challenges, underlining the significance of financial knowledge for SME success and economic growth. In conclusion, enhancing financial literacy among small and medium-sized firms (SMEs) in Japan is paramount to their individual success and the broader economic growth of the nation. By addressing the financial literacy gap through education, technology adoption, and targeted financial support, Japan can unlock the full potential of its SME sector, drive innovation, and ensure a more resilient and prosperous economic future. The study recommended that the government should expand accessible and sector-specific financial education programs, offering workshops, webinars, and online resources. Additionally, encouraging SMEs to embrace digital tools for financial management and facilitating access to innovative financial products and alternative financing options will be crucial in supporting their growth and enhancing their financial capabilities.
Keywords: Financial Literacy, Growth, Small And Medium Firms, Japa
The Link between Financial Synergy and Financial Performance of Commercial Banks: A Case of Kenya
No full textDespite the significance of commercial banks in Kenya, their financial performance has been fluctuating over the last decade. The overall trend of financial performance (measured by Return on Equity in year 2018 to year 2022) has been inconsistent and largely erratic, with the lowest ratio recorded being 14.1% in 2018: this improved slightly in year 2019 then rose to 14.9% before dropping to 13.9% in 2020. The highest Return on Equity (at 25.6%) was recorded in the year 2022. Although the banking sector has documented growth in Assets, financial performance (in terms of Profitability) has been declining in the recent past. Empirical evidence linking financial synergy and financial performance of commercial banks documents mixed results on the nature and type of relationships. However, it remains an issue for further empirical investigation as to whether financial synergy has a significant effect on the financial performance of commercial banks in Kenya. Hence, the study sought to assess the relationship between financial synergy and financial performance of commercial banks in Kenya. The theories underpinning the study are: synergistic mergers theory and tax incentive hypothesis theory. The target population comprised 13 commercial banks which had undergone mergers and acquisitions in Kenya over the 11-year time scope (2008-2019). Positivism research philosophy and explanatory research design were adopted. The study was a census of the 13 Commercial banks. Panel data was used-the data was obtained from the audited financial statements, and Central Bank of Kenya supervisory reports. The study finds a positive and significant link between financial synergies and financial performance (P = 0.001). In view of the findings, the study recommends that institutions critically evaluate the overall business and operational compatibility of the merging institutions and focus on capturing long-term financial synergies, as this has a positive effect on financial performance.
Keyword: Financial Synergy, Financial Performance, Synergistic Mergers Theory, Tax Incentive Hypothesis Theory, Return on Equity and Leverage Ratio