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Effect of Budgeting Control on the Financial Performance of SMEs in Germany
No full textThe study sought to examine the effect of budgeting control on the financial performance of SMEs in Germany. The study used the quantitative technique where data was gathered from the local business owner of SMEs located in Germany's three cities Munich, Berlin and Stuttgart because they have a high number of SMEs. Surveys were self-administered and also sent out to the business owners. The research instruments adopted included questionnaires and the interview guide. The study found that budgetary control integrates the organization’s strategic planning with budgets and processes of cost control. The budgetary control also identifies the budgeting /financial skills required for better decision-making and identifies key financial indicators for the business and how and when to monitor them. The budgetary control identifies sources of financial and business data that provide insights into business and financial strategies when converted into budgets. The budgetary control helps interpret budgets and performance measurements as communication tools and finally helps to think pro-actively beyond budgeting. The study also found that budgetary control economizes management time by using the management by exceptional principle. The study concluded that budgeting control has a significant and positive relationship with financial performance. The adoption of the budgeting control allows SMEs to boost their financial performance while improving contributions to the economic situation, and employment in Germany. The study recommended that SMEs in Germany should pay very close attention to the budget control procedure. The Federal government needs to proceed with the protection of the SMEs to promote income generation, financial development as well as enhance the task chances to the young generation. The study recommended various other nations ought to emulate the German method of SMEs defense for them to be able to totally manipulate their potential in their citizens as well as completely utilize its resources. The Federal government needs to continue with the protection of the SMEs because they are mostly playing an essential function in promoting Germany's economic development through employment creation and generating revenue for the nation. The business owners need to be subjected to brand-new skills and also emerging technologies to be able to make products that can compete both locally and also internationally.
Keywords: Budgeting control, budgets, performance, SMEs, German
Effect of Credit Financing on Financial Performance of Small and Medium Enterprises in Nairobi Central Business District, Kenya
No full textThe purpose of the study was to establish the effect of credit financing on financial performance of SMEs in Nairobi Central Business District, Kenya. The specific objectives of the study were to: establish the effect of access to credit on financial performance of SMEs, to determine the effect of vested interest on SMEs, assess the effect of credit history on SMEs and distinguish the effect of credit worthiness on SMEs in Nairobi Central Business District Kenya. The study was anchored on Credit Rationing Theory, Information Asymmetry Theory and Financial Intermediation Theory. The study used stratified random design. The target population of this study comprised of 1,842 registered Small and Medium Enterprises licensed in Nairobi Central Business District. The study used a sample size of 184 SMEs. The study adopted primary data collection by interviewing the top owners or top managers, from the Small and Medium Enterprises by making use of structured questionnaire. Collected data was analysed through descriptive and inferential statistics with the aid of SPSS software. The analysis findings were presented on tables, charts and bars. The study findings revealed that access to credit had a positive and significant effect on the financial performance (B =.123, p=.031<.05), vested interest had a positive but insignificant effect on the financial performance of SMEs (B=.056, p=.391>.05), credit history had a positive and significant effect on the financial performance of SMEs (B =.416, p=.000<.05) and finally the findings revealed that credit worthiness had a positive and significant effect on the financial performance of SMEs (B =.405, p=.000<.05). The study concluded that access to credit is the lifeblood of small and medium-sized enterprises (SMEs) as they evolve into profitable and sustainable businesses over the years. It was thus recommended that managers of SMEs operating in Nairobi City County CBD should strive to improve their ability to access credit, improve their vested interest, credit history and improve their credit worthiness.
Keywords: Access to Credit, Financial Performance, Vested Interest, Credit History, Credit Worthiness, SMEs, Nairobi Central Business Distric
Determinants of Effective External Audits for Independent Constitutional Commissions: A Case of Teacher’s Service Commission, Kenya
No full textEffective external auditing enables institutions to meet their financial obligations by instituting effective controls and risk management mechanism to obtain good governance. The current study established the determinants of effective external audits for independent commissions in Kenya: a case of Teachers Service Commission (TSC). The study was premised on three objectives; to determine the influence of audit technical competency, audits independence, and audit duration on effective external audits at TSC. The study adopted a descriptive research design. The study targeted all staff in the finance related departments at the Headquarter, Upper Hill-Nairobi totaling to 299. Questionnaire was distributed through purposive sampling method. The study used descriptive statistics and multiple regression analysis. Multicollinearity and heteroscedasticity were used to test the model’s reliability. The study established that technical competence, audit independence, audit duration, and ethical practices had positive relationship with effective external audits. The study concluded that external auditors adhered to quality standards, exercised good forensic skills, and provided reliable and verifiable reports. The study concluded that TSC ensured that auditors have free and unrestricted access to all financial operations and to the relevant staff at TSC. It concluded that auditors with longer duration possessed adequate experience with TSC systems. The study concluded that external auditors continuously complied with reporting procedures, made professional disclosures of auditing reports, upheld fair, and truthful representation of financial issues. The study recommends that the line Ministry should procure modern ICT external audit tools (software) that can promote efficient and faster audit service delivery including offering adequate compliance with expenditure management, fraud prevention, and detection measures. The study recommends that the commission should create conducive environment so that auditors can adequately plan their activities using auditing guidelines to ensure impartial reporting exercise free from conflict of interests.
Keywords: Effective External Audits, Technical Competency, Audits Independence, Audit Duration, and Ethical Practices
Maternal Views on Neonatal Pain Treatment in the Newborn Unit of Nakuru Referral Hospital – Kenya
No full textThe study aimed at exploring the maternal views in pain treatment in the newborn unit (NBU), Nakuru referral Hospital. The study was a cross-sectional survey using a semi-structured questionnaire. The study was conducted in the NBU of Nakuru referral Hospital located in Nakuru Town, the administrative center of Nakuru County. The sample size for the study was 108 mothers of neonates admitted to the NBU. Data were collected using a researcher-administered questionnaire. Data were summarized using descriptive statistics. Mean, standard deviation (SD) and range were computed for continuous variables while frequencies were used for categorical variables. Chi-square test was used to check for significant relationship between categorical variables. Independent samples t-test was used to compare means for continuous variables. For all statistical tests, a p-value < .05 was considered to be statistically significant. Majority of mothers who were interviewed (95.1%, n = 97/102) reported that their neonates felt pain while hospitalized in the neonatal unit. From this study most mothers believe that their neonates experience pain varying from mild to severe pain while admitted in the NBU. Majority of mothers have expressed their wish to be totally involved during painful procedures during the hospitalization period. In order to manage this pain appropriately there is need to improve the clinical practice by creating more awareness HCPs on the importance of involving mothers in planning and managing procedural pain in neonates. The use Non pharmacological methods of pain management should be encouraged and utilized in the resource limited set ups especially in neonatal units.
Keywords: Maternal/parental views, neonate, pain treatment, newborn unit (NBU
Factors Influencing Delivery of Quality Health Care in Kasarani Sub County
No full textQuality in health service delivery is key in ensuring patient satisfaction since delivering quality service has a direct influence on the customer satisfaction and management outcome. An assessment done in 2019 using Kenya Quality Model of Health (KQMH) monitoring and evaluation checklist showed that many facilities in Kasarani Sub County had stopped holding quality improvement meetings and lacked minutes for their quality improvement team. Some of the projects they were implementing in the comprehensive care centres had collapsed. Quality improvement meetings and total quality management are key indicators of KQMH activities and progress. This has necessitated this research, which sought to evaluate the factors influencing delivery of quality health care in Kasarani Sub-County. The study sought to determine factors influencing delivery of quality health care in Kasarani Sub-County. Specifically, the study analyzed how organizational factors, interpersonal factors, environmental factors and economic factors influence delivery of quality health care in Kasarani Sub County. The research was quantitative adopting a descriptive research design. The target population included 110 Health officers who are members of work improvement teams, quality improvement teams or departmental heads. The research was based on primary data acquired through a self-administered questionnaire. The data was analyzed using SPSS Version 24.0. For quantitative data, descriptive and inferential statistics were generated. Under inferential statistics both correlation and regression analysis were undertaken. The analysis' findings were given in tabulated form, along with relevant interpretations as well as discussions. In conclusion organization factors (r=0.516; p<0.05), interpersonal factors (r=0.457; p<0.05), environmental factors (r = 0.378; p < 0.05), and economic factors (r = 0.614; p < 0.05) were substantially linked to provision of quality healthcare in Kasarani Sub County. Organization, interpersonal, environmental, and economic factors explained 50.1 percent of the variation in the delivery of quality health care in Kasarani Sub County, according to the data. Economic factors (?4 = 0.274) were found to be the most critical factors while environmental factors (?3 = 0.179) were the least important factors. All the 4 null hypotheses were rejected and a conclusion made that organization, interpersonal, environmental and economic factors have a significant influence on delivery of quality health care. The availability of cash to acquire medicine, remunerate staff, and assure the daily running of health facilities was determined to be critical to the delivery of high-quality healthcare. It was also determined that a good organizational structure could improve the delivery of high-quality health care. It was critical to have a well-paid, motivated, and sufficient quantity of employees in order to improve health-care delivery. Economic issues were found to be extremely important in the provision of high-quality healthcare. Kasarani Sub County's health facilities should look for additional funding to cover their operating expenditures. They also should make certain that responsible leadership is in place, one that promotes transparency and accountability. The labor must be fairly compensated and motivated. Additionally, medicine and drug distribution should be prioritized based on need to avoid stock outs and guarantee that the quality of health-care delivery is not jeopardized.
Keywords: Organizational factors, interpersonal factors, environmental factors, economic factors, delivery, quality health care, Kasarani Sub County, Keny
Fetus papyraceous: A case report of Kapkatet Sub-County Hospital, Kenya
No full textFetus papyraceous is a rare obstetric complication in multiple gestations, the incidence of which in case of twins is 1 in 12,500. It may be associated with maternal complication of disseminated intravascular coagulation and brain damage in the surviving co-twin. Fetus papyraceous can occur both in uniovular and binovular twin pregnancies. The study reports a case of binovular twin pregnancy with one twin fetus papyraceous and the other twin born preterm.
Keywords: Fetus papyraceous, uniovular, biovula
Stakeholders’ Involvement and Success of Strategy Implementation
No full textStakeholders by virtue of their interest in a project outcomes, they attribute their involvement and recognize a relation to its success in implementation. This is due to improvement of organizational performance. The higher learning institutions could be one of the institutions to adopt strategic planning to align activities with available resources. The purpose of this paper therefore was to determine the relationship between stakeholders’ involvement and success of strategy implementation at University of Rwanda, Gikondo campus. This paper employed correlation research design. The target population of this study was 1167 people corresponding to the sample size of 92respondents obtained by using Yamane (1967) formula and questionnaire was the main tool used to collect the data. The findings revealed that there is a statistical significant high positive relationship between implementation of strategic plan and the stakeholders’ involvement in Rwanda institutions of high learning thus r = 0.901 and P= 0.000<0.01. This paper also showed that there was 81.2% in success of strategy implementation affected by stakeholders’ involvement and the remaining 18.8% could be affected by other variables. The study concluded that stakeholders influence the implementation of strategic plans in Rwandan higher learning institutions The study also recommended that stakeholders at University of Rwanda, Gikondo Campus should engage themselves in strategic implementation at their campus to enhance success of the university’s strategy.
Key words: Stakeholders’ involvement, strategy implementation, strategic management and strategic plannin
Strategic Innovation Practices and Profitability of Entrepreneurial Businesses: Perspective from Malaysia
No full textMore studies indicate that businesses becomes very competitive in an emerging market when they give importance to innovative activities that build their reputation in the market environment. Essentially, the key reason for innovativeness is the desire of firms to obtain increased business productivity and increased competitive edge and the ultimate goal of innovation is to improve business productivity. Strategic innovation is critical for firms that are in pursuit of improved productivity and their reward is often an increase in their profits and their market share. Process of strategic innovation is strongly associated with organizational learning and refers to ability of organization to generate, accept and implement new ideas, processes, products or services. The primary goal of process innovation is to generate a notable increase in productivity or to drive down costs significantly. This approach can help organizations achieve major reductions in process cost, improvements in quality, service levels and other business objectives. Strategic innovation is contributor to creation of new markets and products for the market, however even after the benefits of strategic innovation has been established the impact of strategic innovation on productivity of Businesses has remained misunderstood. The study adopted the use of mixed method approach research design which is the application of both qualitative and quantitative approaches. The study used a desk study review methodology where relevant empirical literature was reviewed to identify main themes. Result findings from literature-based review indicated that innovation had positive and significant influence on the productivity of businesses. It was recommended that innovation information should be available particularly to regulatory and advisory bodies for guidance to the Businesses on the need to craft and employ sound strategies geared towards continuously embracing innovativeness since innovation leads to improved financial productivity.
Keywords: Product Innovation, Service Innovation, Productivity
Effect of Strategic Management Practices on Performance of pharmaceutical companies in India
No full textStrategic management helps the management to select the best feasible strategy alternative. A comprehensive analysis of a company's interior and exterior setting enables one to recognize the strengths and weak points and hazards and opportunities of business. Strategic management allows assessing a business's competitive advantage and outlines objectives and ways to meet all present and future competitors. In India, pharmaceutical companies have been reporting a declining performance on the sales revenue for the past three years since 2018. This formed the motive of the study to examine the effect of strategic management practices on the performance of pharmaceutical companies in India. The study was literature-based. The inferences were based on the research findings from the previous studies. The findings of the study established that strategic management practices are positively and significantly related to performance. The study discovered that strategic management is essential in performance. Strategic management provides overall direction by developing plans and policies designed to achieve objectives and then allocating resources to implement the strategies. Ultimately, strategic management is for organizations to gain a competitive edge over their competitors. The study concluded that strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to assess their strategies for success constantly. The research concluded that many strategic management methods have to do with identifying and describing the processes that managers can use to achieve superior performance and a competitive advantage for their business. The study recommended that strategic supervisors establish promising strategies during a severe economic crisis, organizational cycles, severe financial decline, or business malfunction. The managers should develop a plan that will assist businesses in both the short term and long term.
Keywords: Strategic Management Practices, Performance, pharmaceutical companies, Indi
Community Involvement in Planning and the Success of Rural Development Projects in Rwanda
No full textCommunity involvement in development of project can significantly lead to the success of such projects. The decision making done during planning process would involve community participation and the benefits of development including employment provision and business opportunities. This was also against with backdrop that rural communities sensitize themselves and community resources aim to improving their welfare through effective planning. The purpose of this paper therefore, was to document the contribution of community involvement in planning to the success of rural development projects in cooperative support project in Burera district in Rwanda. The target population was 226 respondents that provided the sample size of 144 got using Yamane formula. Questionnaire, key informants’ interview, focus group discussion and document analysis review were used as data collection instruments. Experimental research design was employed. The findings revealed that the majority of 15-29 community members corresponding to 73.1% indicated to be fully involved. This paper also showed that 72.1% confirmed that they were fully involved in the planning of project success. The effective involvement of community members strengthens the planning of project success. This paper also reveals that engagement level of the community members in project planning is also respective to the intervention of different stakeholders. The study concluded that the use of various channels increases the involvement of the beneficiaries in the project. Communities who are more engaged in the planning phase also in other stages of the project, develop the required capacities to run the project after its phase-out and can sustain the achievements of such projects. The study recommended that government should provide messages, services through the local leaders, cooperative committees and the opinion leaders for a quick and efficient delivery.
Keywords: Community involvement, Planning, Project success and rural developmen