Stratford Peer Reviewed Journals and Books
Not a member yet
2323 research outputs found
Sort by
Determinants of Financial Leverage in Non-Financial Firms Listed At the Nairobi Securities Exchange, Kenya
No full textThe determinants of financial leverage are of significant importance to every single company. Non- financial firms are in particular sensitive to variations in leverage level because of the complexity of their capital structure composition, which must be adequate in order to provide an advantage in the financial performance. Presently most of the non-financial firms listed at the Nairobi securities exchange have undertaken growth strategies which necessitate enormous sum of funds. In many cases non-financial firms listed at the Nairobi securities exchange are taking debt as a major source of funding. For that reason, the objective of the research was to analyze the determinants of financial leverage level of non-financial firms listed at the Nairobi securities exchange, which consisted of finding out the impact of the firm size, tangibility of assets, profitability, taxes and non-debt tax benefits on financial leverage level of non-financial companies listed at the at the Nairobi securities exchange. The study used a quantitative research design with secondary data from audited and published annual reports of 12 non-financial firms randomly selected from a population of 44 non-financial listed at the Nairobi security exchange. The study covered a time period of 11 years (2008-2018) in order to get an accurate examination of the relationship between independent and dependent variables. After diagnostic tests and correlation tests, the research used a descriptive statistics and a panel least squares regression analysis with the help of E-views to measure the effect of the independent variables on the dependent variable. The results of the research confirmed a positive and significant relationship between firm size and leverage level, the results additionally revealed a significant and positive relationship between tangibility and leverage of non-financial firms quoted in Nairobi securities exchange, the growth opportunity was found with a positive relationship with the leverage of non-financial firms quoted in Nairobi securities exchange. However, the results of the research confirmed a significant negative relationship between profitability and financial leverage and a significant negative relationship between taxes and financial leverage of non-financial firms quoted in Nairobi securities exchange. The non-debt tax benefits were found insignificantly and negatively correlated with the financial leverage level of non-financial companies listed at the at the Nairobi securities exchange. The research concluded that the firm size, tangibility of assets, profitability and taxes affect the financial leverage of non-financial firms quoted in Nairobi securities exchange. However, the non-debt tax benefit did not affect financial leverage of non-financial firms quoted in Nairobi securities exchange. The study also concluded the non-financial firms with a better financial performance; prefer self-finance than debt in order to invest in new project. The research recommended that the non-financial companies should not emphasize in contracting more debt as the primary source of finance, they should use the debt on a certain level which is advantageous for the future growth of the company.
Keywords: Determinants, Financial, Leverage, Non-financial, Nairobi Security Exchange, Kenya, Tangibility, Firm Siz
Influence of Adoption of Agency Banking Strategy on the Financial Performance of Micro-Finance Institution in Nanyuki Town, Kenya
No full textThe study aims at evaluating the influence of adoption of agency banking on the financial performance of Micro Finance Institutions in Nanyuki town, Kenya. The theory guiding the study is the Bank Focused theory. The research design adopted was descriptive research design. The target population was 142 management level employees from the three-deposit taking Micro-Finance institutions. The sample size comprised of 41 respondents. Data was collected using questionnaires while data analysis was conducted using Statistical Package of Social Sciences (SPSS) Version 22.0. Descriptive and inferential statistical techniques were used in data analysis. The findings established that market effectiveness was the top attribute of adoption of agency banking strategy for the managers. Regression analysis indicated that agency banking had a positive linearly significant influence on financial performance of MFIs. The study concluded that since investment in agents by MFIs has led to increased market share, Return on Equity and profitability, efforts should continue to increase and support these agents for enhanced financial performance of MFIs. The study recommended that continuous investment in agency banking through increased recruitment, training and empowering of agents is an important avenue for MFIs to enhance financial performance.
Keywords: Agency banking, financial performance, Micro Finance Institution
Strategy Implementation and Performance of Tana River County Government, Kenya
No full textThe environments in which organizations operate have become increasingly uncertain posing a lot of challenges. County governments like any other organizations are also faced with similar challenges in strategy implementation since devolution is still a new concept of governance in Kenya. The implementation of the County Integrated Development Plan of 2013 has not been fully implemented in most counties because of inherited managerial and resource problems from former municipalities, town councils and county councils which form part of the county governments today. In this regard, this study aimed at determining the influence of strategy implementation practices and performance of county government in Kenya: A case of Tana River County, Kenya. The study's specific objectives were to examine the influence of organizational structure, organizational culture, resource allocation and communication on the performance of Tana river County, Kenya. The study was anchored by resource based theory, systems theory and stakeholder theory. Descriptive survey research design was used for this study. The target population of this study was management employees of Tana River County Government. The total population was 166 respondents comprising of County Executive, County Chief Officers, Directors, Administrators and County Officers. The study used proportionate stratified sampling method. Simple random sampling was used to select the sampled respondents. The sample size was 66 respondents. The instrument that was used to collect data was questionnaires for all the respondents. Qualitative data from the open ended questions was analyzed thematically in line with study objectives and presented in narrative form. Quantitative data was analyzed using descriptive statistics. Regression analysis was used to test association between dependent variable and against dependent variables. The study established that a positive and significant influence was established between organizational structure, organizational culture, resource allocation, communication and organizational performance. The study concluded that organizational structure allows for the chain of command. Department leaders are in charge of delegating tasks and projects to subordinates so the department can meet project deadlines. Flexible, strong and unified cultures will approach strategy implementation and affect implementation in a positive manner by aligning goals. Resource allocation is a central management activity that allows for strategy execution. The real value of any resource-allocation program lies in the resulting accomplishment of an organization's objectives. Communications is a major component, which should be recognized, embraced and its activities adequately funded. Communications function was found to be important to communication of the vision and mission. The study recommended the improvement of the organization structures through enhancing communication, involvement of employees in decision making, relevant training of employees and flexibility of policies and regulations related to strategy implementation. Leadership of the County need to invest in creating a defined culture and effective strategy implementation techniques. There is also need for the County to employ latest technological resources in their mandate to effectively fight crime in the 21st century. The County need to document internal communications channels and procedures, as part of the communications strategy. This applies not just to internal communication, but how staff communicate to external parties and possible feedback channels.
Keywords: Organizational Structure, Organizational Culture, Resource Allocation, Communication Performance of Tana River County Governmen
Strategic Market Share Analysis of Opportunities and Risks for Australian Pharmaceutical Companies
No full textCompanies have the dreams that one day they would grow and become a global entity with high returns. Several Australian companies such as Amcor, Telstra and Wesfarmers have been successful whereas others have tried and not succeeded for different reasons. There are usually several factors to put under consideration and many crossroads on the road to success of becoming a profitable multinational company. Whichever way a company decides to follow, clear strategies are usually paramount. This paper presents a comparative analysis of the opportunities and risks of expanding to either China or Africa. The paper an analysis the opportunities and risks that Australian pharmaceutical companies looks into in its aspiration to expand its market base after sales recorded indicated a stall. For sustainability, Australian pharmaceutical companies looks into expanding its products to either China or Africa, which are foreign markets. The paper further expounds on the factors that favor market entry into the foreign market and makes a justification for the preferred choice.
Keywords: Market Share Analysis, Opportunities and Risks, China, Africa & Australian Pharmaceutical Companies
Influence of economic regulatory environment on the liberalization of the air transport industry in East Africa
No full textThe study sought to examine the influence of economic regulatory environment on the liberalization of air transport industry in East Africa. Data were analysed using descriptive and multiple regression analyses to examine the effect of the economic regulatory environment on the air transport sector in east Africa. The results confirmed that there is interdependency of economic activities in EAC and of the services of air transport industry and thus the need to liberalize the industry. The study revealed that achieving air transport liberalization will increase profit margins of airline companies, facilitate effective common market, customs union and regional integration. The results confirmed that economic environment has a significant effect on liberalization. The study concluded that there is significant influence of the economic environment on the liberalization of the air transport industry in East Africa. Thus, economic environment positively affects the performance of air transport in East Africa. The study recommended that the East African countries needs to develop their economics mostly hotel facilities and tourism sector which can help to increase the movement of people.
Keywords: Economic regulatory environment, liberalizatio
Influence of Sustainable Strategic Management Practices on the Performance of Technical and Vocational Education and Training: A Literature Based Review
No full textThe study examined the influence of sustainable strategic management practices on the performance of technical and vocational education and training in Kenya. The specific objectives was to investigate the effect of strategic planning, Strategy formulation, strategy implementation and strategy monitoring & evaluation on the performance of technical and vocational education and training in Kenya. The study was anchored on two theories: Balanced scorecard model and the theory of change. Based on the literature reviewed, it was found that strategic management practices included strategic planning, strategy formulation, strategy implementation and strategy monitoring & evaluation. The study also found that sustainable strategic management has been identified as a veritable tool for improving the competitiveness, performance levelsand structural development of organizations.. The study also established that sustainable strategic management not only gives a firm a competitive advantage but also improves its performance. . The study concluded that a positive and significant relationship was found to exist between strategic planning, strategy formulation, strategy implementation and strategy monitoring & evaluation and performance. Sustainable strategic management involves understanding the strategic position of an organization, strategic choices for the future and managing strategy in actions. The study recommended that sustainable strategic management practices need continuous and sustained supervision, improvement and proper implementations if an organization desire to achieve any organization growth. The study also suggested institutions develop and select the most appropriate courses of action to accomplish its defined goals and objectives will, in turn, enhance its performance.. The study recommended that the technical and vocational education and training should ensure that all the components of strategic management practices (strategic planning, strategy formulation, strategy implementation and strategy monitoring & evaluation) are evaluated from time to time. .
Keywords: Strategy planning, Strategy formulation, strategy implementation, strategy monitoring & evaluation, performance, TVET, Keny
Determinants of Bank Liquidity Creation: Empirical Evidence from Commercial Banks in Brazil
No full textCommercial Banks are major players in the financial sector across the world; the commercial financial institutions carry out the crucial role as transfer surplus funds from developed markets to clingy fields as well as this way financial institutions develop a balance between surplus financial devices as well as deficit service systems and strengthen the general financial problem of a certain country. The objective of this study was to review the factors of bank liquidity production: empirical evidence from commercial banks in Brazil by accomplishing an empirical examination based on the currently existing literature. This research study experienced 15 noted business financial institutions with state the Brazilian reserve bank. A convenience sampling method was utilized to collect information through of 10 years, beginning with 2008 as much as 2017. The stock technique method was utilized to determine the financial institution liquidity the results of balance set result design revealed that the independent variables like CAP and also GDP have positive and also substantial effect on bank liquidity while NPL as well as BS had statistically significant and unfavorable effect on financial institution liquidity. Consequently we found that ROE and INF had statistically insignificant yet positive relationship with financial institution liquidity. Furthermore, industrial financial institutions in Brazil need to not only be focused regarding financial institution specific variables, yet they need to think about both the internal as well as external aspects together in creating strategies to improve the liquidity placement of the banks. The outcomes of this study are very important for credit rating supervisors, regulatory authorities and also academician, in the sense, that they can facilitate industrial banks in reliable resource allotment. The findings of the research study indicated that earnings are among one of the most crucial factors affecting liquidity in the Brazilian industrial financial institutions. The other determinants with essential favorable effects on liquidity are delayed value of liquidity, non-performing loan and Central bank interest rate. On the other hand, just the dimension of the financial institution was located to be significantly vice versa related to financial institution liquidity. The resources adequacy and GDP development rate are not statistically significant aspects of Brazilian financial institutions liquidity.
Keywords: Bank, Liquidity, creation, commercial, profitability, leverage, firm siz
Relationship between Leadership Development and Organizational Success in Selected Universities in Meru County, Kenya
No full textLeadership development is a key ingredient to the success of every organization since leaders show the organizational direction in terms of goals setting and achievement. If organizations fail in developing their leaders then it means that there is likelihood of losing the focus leading to organizational failure. Studies have revealed that if proper leadership development is done then organizations tend to perform well in terms of production, profitability and competitiveness. The purpose of this study was to examine the relationship between leadership development and organizational success in selected Universities in Meru County. The study was based on the human capital theory and adopted a descriptive research design. It targeted 58 members of staff who were drawn from the selected Universities in Meru County. The study conducted a census where all the targeted population took part in the study. The findings revealed that the organizations had practices on job training that helped employees cope with the work around them. The employees were also allowed for a study leave which helped them further their studies. The regression results found a very strong relationship between training and organizational success. In conclusion, organizations seem to be putting emphasis on training whereby there is on job training that helps enhance employee competences. To some extent the organizations are able to grant study leave to employees, which enables them further their studies. The knowledge acquired is used in the organization thus enhancing efficiency and effectiveness. The study recommended that Universalities should continually offer job training as this equips the employees with hands on skills that increase employee competency and adoptability. The Universities should also be open minded on issues of granting study leave to employees even if it means a paid study leave since the skills acquired are used for the benefit of the organization.
Keywords: Leadership development, organizational success, universities in Meru Count
Knowledge Sharing Among Communities of Practice in Public Universities in Kenya
No full textKnowledge as the fourth factor of production is significant in the knowledge economy. In particular, it can be asserted that Knowledge sharing through Communities of Practice (CoPs) creates a competitive advantage for Universities. The purpose of this study was to analyze knowledge sharing among communities of practice in selected public universities in Kenya. The study was guided by Wenger’s Communities of Practice Theory.The paper used a desk-top research strategy where appropriate empirical literature were reviewed to provide insights to the main themes on knowledge sharing among CoPs. The reviewed literature indicates that universities are not regular to allow for meaningful KS and socialization. Most universities lack a KS policy to front the process. Both personal and institutional motivators were found to encourage staff to share their knowledge among CoPs. These include monetary and non- monetary incentives. Numerous inhibitors to knowledge sharing were identified as: lack of time and inconsistent incentives. It is recommended that: universities increase the number of opportunities (both formal and informal) that will make it possible for members of academia to interact, share knowledge and socialize to enhance bonding relationships which help create trust critical for the formation of CoPs. The strategic approach to KS requires instituting the pre- requisite policy which is core in ensuring successful knowledge sharing among CoPs. Such a policy would have an impact on the motivation of staff and in supporting the development of a KS culture. Identified inhibitors should be mitigated by university managements to ensure effective knowledge sharing among CoPs. Generally, universities must provide a conducive working environment with both formal and informal meeting spaces in addition to an appropriate ICT infrastructure for ease of staff interaction.
Keywords: Knowledge Sharing, Communities of Practice, Public Universities & Kenya
 
Critical Success Factors Influencing the Implementation of Electronic Procurement Projects: A Case of Kenya Revenue Authority
No full textThe purpose of the study was to evaluate critical success factors determining the implementation of electronic (E-) procurement projects in a case of Kenya Revenue Authority. The study focused on four objectives: To examine the influence of Information technology infrastructure, Staff competence, Top management support and Levels of management involvement in the implementation of E-Procurement projects. The study employed a descriptive survey. The target population was 6,900. Yamane formula was utilized to obtain the sample size of 56 respondents. Questionnaires, telephone and the use of email were employed to collect data which was analysed by descriptive and inferential model through SPSS. The results of the study showed that taking (information technology infrastructure, staff competence, top management and level of management involvement) to be constant, the implementation of E-procurement projects in Kenya Revenue Authority would be 3. 847.The increase in the information technology infrastructure by one unit leads to 1.317 growth in the implementation of E-procurement projects and it was significant variable (p= 0.000 which was < than 0.05). An increase in the staff competence by one unit increases the growth of implementation of E-procurement projects by 0.436 units holding other factors constant and was significant. In addition, top management would lead to 0.179 increases in implementation of E-procurement projects holding another factors constant. The variable was insignificant since 0.176 was more than 0.05. Further, a unit increases in the level of management involvement would lead to a 0.282 rise in implementation of E-procurement projects. The variable was significant since 0.035 was less than 0.05. All the variables were significant since their p-values were less than 0.05 except top management The study concluded that the independent variables were statistically significant predicting the dependent variable since adjusted R square was 0.606. This implied that 60.6% variations in the implementation of E-procurement projects was explained by information technology infrastructure, staff competence, top management and level of management involvement. The study also concluded top management support had a weak influence statistically, that r=0.169. This indicated that top management had a weak relationship with the implementation of E-procurement projects in Kenya Revenue Authority. The results on a test of significance indicated that top management (β=0.300, p=0.214) was insignificant at p<0.05 and 95% confidence level. The study recommended that there is need to have a soft infrastructure in all counties and located in strategic entries to boost efficiency on E-procurement. Concerning staff competence, whereas most of Kenya Revenue Authority staff are competent in handling E-procurement tasks, they need continuous refresher courses either through Kenya school of Government or KRA training school. There is a need to rethink going forward where top managers have to focus by giving support and be fully involved and not only mere participation. Further, there is a need for more motivation and direction at operation level managers indeed who are key to critical success factors for better and future enhancement on E-procurement.
Keywords: Information technology infrastructure, Staff competence, Top management support, Levels of management involvement and E-procurement implementatio