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Influence of Selected Macroeconomic Factors on Stock Market Performance in Kenya
No full textStock markets are crucial in promoting growth and development of any country. However, several stock markets around the world continue to produce mixed results. The literature suggests that different variables are potentially important in explaining the variations in stock performance beyond a single market facto. Using the Nairobi Securities Exchange case, this research aimed to assess the macroeconomic factors influencing stock market performance in Kenya. The research was guided by four particular goals: to determine the impact of exchange rate on stock market performance in Kenya; to determine the impact of interest rate on stock market performance; to determine the impact of inflation on stock market performance and to determine the impact of money supply on stock market performance in Kenya. The literature was directed by the Arbitrage Pricing theory, the Capital Asset Pricing Model and the Theory of Efficient Market Hypothesis. A multivariate time series econometric design was adopted to establish the direction and magnitude of the relationships. The target population was the Nairobi Stock Exchange stock prices data and statistical data from Nairobi Securities Exchange, Central Bank of Kenya, and from Kenya National Bureau of Statistics. Average monthly Nairobi Securities Exchange All Share Price Index, Exchange rate of the Kenyan Shillings against the United States dollar, the Consumer Price Index, the Commercial bank lending rate and the broad Money supply were the data used for a period starting from 2008 to 2017. Diagnostic and model specification tests were performed on the data using E-Views version 7. The Hausman test showed that the random-effects model is suitable to be used for our study. The Normality test showed that the disturbance term was almost same as being normal. The series were found to be stationary at first difference and not at level. The data were treated of the serial correlation problem and suitable model was chosen. An unrestricted vector autoregressive model was used to model the relationship between the dependent variable and the explanatory variables. Results based on the VAR output were interpreted. The research discovered that the four independent variables represented by the adapted R2 explain 87.9 percent of the variation in the dependent variable. All the independent variables were shown to be statistically significant. The results of the regression revealed that lagged Exchange rates have a long run negative effect on the stock market performance as well as the Interest Rate and Inflation, but Money Supply showed to have a long run positive effect on the Stock Market performance in Kenya. The study recommends that Kenyan regulators should continue trying to find all possible means to adjust levels of the concerned macroeconomic factors (Exchange rates, Interest rates, Inflation and Money supply) in order to improve the performance of the Kenyan Stock Market. The study further suggested more research to be carried out in order to bring more knowledge to the literature by including more macroeconomic variables and an extended period of time or by using a different research design.
Keywords: Exchange Rate, Inflation, Interest Rate, Money Supply, Performance and Kenyan Stock Marke
Financial Management Practices and Financial Performance of Services Industry in Kenya: Case of Kenya Airways
No full textThe main purpose of this study was to examine financial management and performance of the listed firms in the commercial and services segment using Kenya Airways as a case study. The paper established the effect of the financing, dividend, liquidity and investment decisions on the financial performance of the firms listed in the commercial and services segment. A quantitative time series research design was adopted in the study. The target population included all the management practices and financial performance data for Kenya Airways since listing. The sample period was the period 2008 - 2017. Secondary data was collected for the construction of the variables under study using a secondary data collection template. Both descriptive and inferential statistics were used to analyze the data collected. From the first objective the study found a negative and statistically significant effect of financing decision on financial performance of Kenya Airways; concerning the second objective the study found that the dividend decision had a negative and statistically insignificant effect on the financial performance of Kenya Airways. From the third objective the findings show that liquidity decision had a positive and statistically insignificant on the financial performance of Kenya Airways. From the fourth objective findings showed that the investment decision on had a positive and statistically financial performance of Kenya Airways was positive and statistically insignificant. From the findings of first objective which was to establish the effect of financing decision on firm performance of Kenya Airways, the study concludes that for the period under study, financing decision a negative and statistically significant on financial performance of Kenya Airways while dividend decision, liquidity decision and the investment decisions had no significant effects on the financial firm performance of Kenya Airways. From objective one the study recommended that firms should be wary of the capital expenditure to total assets ratio and should always work towards an optimal ration that does not negatively affect their financial performance. On the second objective the study recommended that more studies be done in this area to ascertain the exact effect of the dividend decision on firm financial performance. Concerning the third objective the study recommended that more studies be done in this area to ascertain the exact effect of the liquidity decision on firm financial performance and on the fourth objective the study recommended that more studies be done in this area to ascertain the exact effect of the investment decision on firm financial performance.
Keywords: Financial Management Practices, Services Industry, financing decision, dividend decision, liquidity decision, investment decision, financial performance, Kenya Airways
Influence of Socio-Economic Factors on the Demand for Life Insurance in Kenya
No full textThe business of life insurance has been receiving attention in recent years as a critical driving force of economic growth in both developed and developing countries. Additionally, insurance industry forms an integral part of the global financial market, with insurance companies being significant institutional investors. The demand of life insurance industry in Kenya is lower than the country's average economic growth meaning that other sectors of the economy are growing faster than life Insurance. This study assisted in understanding the socio-economic factors affecting the demand for life Insurance in Kenya. The specific objectives are the effects of level of income, insurance premium, perception and awareness on demand for life insurance in Kenya. The study population target was the 17 licensed life insurance providers in Kenya. The sample size included sales agents totaling to 290 respondents. The study used both primary data and secondary data. Primary data was collected through the administration of the questionnaires. Secondary data was used to collect life insurance demand using fund size growth for the period 2014-2018. Descriptive statistics was used to perform data analysis. This study used correlation and regression to link the relationship between the independent and dependent variables. The study found out that income level and life Insurance demand is positively and significantly related (β=3.264, p=0.000). The results further indicated that insurance premiums and life Insurance demand are negatively and significantly related (β =-7.135, p=0.000). Customer perception and life Insurance demand were positively but not significant (β =1.786, p=0.056). Lastly, insurance awareness and life Insurance demand were positively and significantly related (β =2.616, p=0.001). Based on the findings the study concluded that level of income had a significant effect of life insurance intake. Most of the defaulters in our insurance company are the low income earners and many of were customers are high income earners. Most of the customers asserted the premiums are high. Further, majority of the customers are not. Lastly, the study concluded that there was low level of awareness and lack of knowledge of insurance products. The study recommends that insurance companies should push and market policies that provide for both risk coverage and savings component because that what the customers prefer. The Association of Kenya Insurers (AKI) must sensitize its members on the best training opportunities to ensure that the services offered to the life insurance clients by the sales staff are value adding and in the best possible way.
Keywords: Level of Income, Life Insurance Demand, Insurance Premium, Customer Perception and Kenya
Factors Associated with efficacy of Healthcare Workers in Prevention and Control of Cervical Cancer in Machakos, Kenya
No full textCancer of the cervix is one of the leading causes of deaths among women of reproductive age in the world. It is the most common cancer among women in 45 countries, with global reports of more than 500,000 new cases annually for each death from cancer of the cervix. In 2013, the estimated number of new cases and deaths from cervical cancer in China were 100,700 and 26,400, respectively. An estimated 54,000 women are diagnosed with cervical cancer and 25,000 women die from the disease each year in Europe. In Kenya cervical cancer is responsible for 25 deaths per 100,000 cases due to lack of awareness; mismanagement and incompetence, late diagnosis as a result of poor attitudes and perceptions; lack of treatment facilities; high cost of treatment; and high poverty indexes among other factors. This notwithstanding, the disease is preventable when detected early and through regular screening as well as administration of cervical cancer vaccine at the right age. Healthcare workers play a central role in the prevention and control of cervical cancer. As such their competence, awareness, attitudes and grasp of the right treatment interventions and technologies is critical in the fight against the disease. Inspired by advances in health information and successes in utilizing the same in western countries to reduce mortality and incidence rates, the goal of this study was to examine factors associated with efficacy of healthcare workers in battling advanced stages of cervical cancer in Machakos County, Kenya. The study adopted a descriptive cross-sectional survey that used quantitative method. The target population comprised of healthcare workers that deal directly with patients susceptible to cervical cancer. Simple random sampling was used to give each element of the target population an equal chance of being selected. The researcher used a questionnaire for data collection because of its effectiveness in eliciting respondents feelings, beliefs and experiences. Data was analyzed using descriptive and inferential statistics. After the data was summarized, the researcher identified the existing relationships and using inferential statistics made generalizations from the data in view of the study objectives. There was a gap in healthcare workers training and their attitude towards cervical cancer patients was poor. The study concluded that training, awareness, attitudes and perceptions, as well as technology use by healthcare workers were positively and significantly related to prevention and control of cervical cancer. The study recommended that, health facilities should strive to enhance work experience by providing specialized oncology training to their staff, as well as the right technologies to control and prevent cervical cancer. In addition, it is recommended that all hospitals assess healthcare workers attitudes regularly to ensure that patient care is not compromised.
Keywords: Competence, cancer awareness, Attitudes of healthcare workers, Technology, Efficiency of healthcare workers and cervical cancer
Influence of Customer Capital on Growth of Women-Owned Micro and Small Enterprises in Central Kenya Counties
No full textCustomer capital is an important entrepreneurial intangible resource that is crucial in driving growth of women-owned enterprises. Women-owned enterprises in Kenya face a number of challenges. They are less likely to grow, are smaller, and are twice as likely to be operating from home compared to male-owned ones. They also lack the necessary entrepreneurial intangible resources critical for success. Due to these challenges, the Government of Kenya established the Uwezo Fund in 2014, for youth women empowerment in entrepreneurship. Women-owned micro and small enterprises supported by Uwezo fund have shown phenomenon growth in Central Kenya counties. However, the casualty level is still high like in rest of the country. Counties like Kiambaa, Tetu and Gatundu North have been performing dismally with some of the least growth in women enterprises. Despite the increasingly importance of customer capital in supporting growth of women enterprises, few studies have given a considerable attention to this area. The specific objective was to assess the influence of customer capital on growth of women-owned MSEs in Central Kenya counties. The target population was 1228 women entrepreneurs registered and recipients of Uwezo Fund. Sample size was 399 respondents. Data was collected through questionnaires. Descriptive and inferential statistics were used in data analysis. Findings showed that customer capital had the most significant positive contribution to the growth of women enterprises. For the women entrepreneurs, customers were the most important aspect of their enterprises. Based on the findings, the study concluded that customer capital through customer loyalty; knowledge and marketing capabilities had the most significant influence on growth of women-owned MSEs. Customers were important attributes to the growth of women enterprises and the women entrepreneurs therefore need to invest more in harnessing the loyalty of the customers in terms of availing new markets and products. Recommendations were that women entrepreneurs should invest on self-knowledge in order to sustain the customers and even attract new ones to their enterprises.
Keywords: Customer Capital, Growth of Women-Owned Micro and Small Enterprises
Effects of Training Project Teams on Project Performance: A Case Study of Keiyo South Constituency Development Projects
No full textThe purpose of this study was to establish the effects of training project teams on performance; a survey of Keiyo south constituency Development projects. This is due to an observation the researcher has made on several projects exceeding its project duration hence causing cost overruns. The study was guided by the following specific objectives; to determine the effects of project teams training on cost management at Keiyo South Constituency Development Projects; to determine the effects of project teams training on risk management at Keiyo South Constituency Development Projects; to evaluate the effects of project teams training on project duration at Keiyo South Constituency Development Projects; to assess the effects of project teams training on project scope at Keiyo South Constituency Development Projects; and to assess the effects of project team training on project quality at Keiyo South Constituency Development Projects. This study employed a survey design in obtaining responses from the respondents. Survey research design was considered appropriate due to the area of study which is Keiyo South Constituency, having three administrative units namely; Metkei, Chepkorio and Soy Divisions. This study targets a population of 120 projects run by the national government in Keiyo south constituency. In this study, the researcher assumed that the national government conducts training on all project teams; the researcher interviewed the team leaders on behalf of the entire team. To derive the study sample, the researcher will use stratified random sampling using 50% of the population since 50% is ideal for survey research. The main tools used for data collection were questionnaires; interview schedules, secondary data and checklists. The use of these tools was preferred because they were in a position of guiding the nature of data to be collected, time availability as well as the objectives of the study. The overall aim of data collection was to find out the respondents’ views, opinions and perceptions, regarding the topic of study. The data was analyzed descriptively; collected information was examined, categorized and tabulated into various frequency tables and percentages to help in easier interpretation of data. The use of tables, percentages and charts was meant to ensure easy understanding of data and information collected because of its summarized nature and use of figures. The idea behind this type of research is to study frequencies, averages, and other statistical calculations. Although this research is highly accurate, it does not gather the causes behind a situation.
Keywords: Training, Project duration, Cost Management, Risk Management, Project Scope, Performanc
Determinants of Sustainable Implementation of Food Programs for Marginalized Communities in Kenya: A Case of Plan International, Kwale County
No full textProgram implementation can be achieved by viewing and adopting development strategies and sustainability standards historical successfully implemented at a community level. The main purpose of the study was to examine the Determinants of Sustainable Implementation of Food programs for Marginalized Communities in Kwale County. The study resorted to descriptive research survey design. Target population was 100 employees from 4 departments of Plan International Organization in Kwale County. Questionnaires were used for data collection and reliability was tested using test-retest technique and analyzed using Cronbach alpha. Validity of the questionnaire was tested by use of content validity as well as experts opinion. Data was analyzed by descriptive statistics with the aid of the software for social sciences (SPSS) and presented using frequency tables. Hypothesis was tested after each question using Chi-square test and regression analysis was initiated to exhibit the extent of the association among the inconstant. Hypotheses test was done and the results were as follows; H01: Financial resources donate have significant influence on sustainable programs with Chi-square statistic of 746.741, P-value of 0.000, was rejected and H1 was accepted and concluded that Financial resources had statistically significant influence on sustainable implementation of programs. H02: Community involvement has no significant influence on sustainable implementation of programs with Chi-square statistic of 707.697, P-value of 0.559 was accepted and H2 rejected and confirmed that Community involvement had no statistically influence on the sustainable implementation of programs. H03: Monitoring and evaluation have no significant influence on sustainable programs with Chi-square statistic of 685.558, P-value of 0.000, was rejected and H3 was accepted and confirmed that Monitoring and Evaluation had statistically significant influence on sustainable implementation of programs. H04: Capacity building has no significant influence on sustainable programs with Chi-square statistic of 880.867, P-value of 0.001, was rejected and H4 was accepted and concluded that Capacity building had statistically significant influence on sustainable implementation of programs. From regression analysis, the findings further showed that all the four determinants have a positive influence on sustainable implementation of food programs in Kenya as per model equation; Y=1.679 + 0.177 (X1) + 0.231(X2) + 0.103(X3) + 0.245(X4)
Key words: Sustainable implementation, financial resources, community involvement, Monitoring and Evaluation and capacity building
Organisational Factors and Uptake of Venture Capital by Small and Medium Enterprises: A Case of Selected Venture Capital Beneficiaries of Kenya Commercial Bank
No full textVenture capital is a recent source of capital for businesses in Kenya. Most businesses tend to look internally for primary funding before considering finances from banks and cooperative societies. Venture capitalists are important source of equity that can invest in any form of business, regardless of size, depending on their assessment and postulation of the success of the business. The main objective of this research study was to establish the influence of organisational factors and uptake of venture capital by small and medium enterprises: a case of selected venture capital beneficiaries of Kenya Commercial Bank. Specific objectives were to determine how organisational innovativeness affects uptake of venture capital by SMEs and to establish how ownership structure of business affects uptake of venture capital by SMEs. The study was anchored on resource view-based, institution and pecking order theory. The study employed descriptive research design with a target population of 300 SMEs who had benefited from venture capital in Kenya through KCB Lions Den and KCB 2Jiajiri. The researcher sampled 90 respondents, randomly selected and gathered primary data by use of questionnaires in a Likert scale. However, the researcher conducted a piloting exercise to build up reliability and validity of the instrument before data collection. Data gathered from correctly filled questionnaires was coded, tabulated and analysed using Statistical Package for Social Sciences (SPSS) Version 24. The study adopted descriptive and inferential statistics to capture the characteristics of variables under study and analyse the relationship between dependent and independent variables. The researcher conducted this study within the set ethical standards. The study established that organisational innovativeness had a positive and significant effect on uptake of venture capital with B=0.586, t=5.228 and R2 of 0.259, hence influence uptake of venture capital by SMEs to a great extent and a fundamental pillar to growth and entry to a new market place. Ownership structure had a positive and significant effect on uptake of venture capital (B=0.685, t=5.747) and R2 of 0.297, thus, determines uptake of venture capital by SMEs to a great extent and primary driving factor for investor and creditors decision. The study recommends that SMEs should invest in research to create innovative products and least cost processes thus continuously enhancing organisational innovativeness. Owners/managers should strive to take up more venture capital since the venture capitalists do not only assist in provision of funds but can also contribute to the internal operations of the businesses, especially policy formulation.
Keywords: Organisational Factors; Organisational Innovativeness; Ownership Structure; Venture Capital; Venture Capital Beneficiaries; Kenya Commercial Ban
Influence of Information Communication and Technology Project Implementation on Academic Performance in Public Secondary Schools in Taita Taveta County, Kenya
No full textThis study sought to untangle why, despite the implementation of ICT projects, schools have not improved academic performance. The objectives of the study were; to determine the influence of ICT infrastructural implementation on academic performance in public secondary schools, assess the influence of ICT staff training implementation on academic performance in public secondary schools, establish the influence of ICT technical support implementation on academic performance in public secondary schools, find the influence of ICT financing implementation on academic performance in public secondary schools and to determine the influence of ICT policies implementation on academic performance in public secondary schools. A descriptive survey design was applied for the study. The targeted population was 520 out of which a sample size of 84 was used through a simple random sampling method. Questionnaires were used to collect primary data while the interview was used to collect secondary data from the principals and education officers. Data were analyzed through the use of MS Excel and Statistical Package for Social Science. The presentation was done using tables and frequencies. Mean, standard deviation and study hypothesis were processed through the use of descriptive statistics and inferential were used. On findings, hypotheses were tested on 0.05 level of significance and it showed that both ICT infrastructure and ICT staff training were significant at p=0.001 and p=0.047 respectively. The rest of the factors were not significant. Spearman's correlation was also used to find the relationship between the dependent variable of academic performance and factors of ICT infrastructure, staff training, technical support, financing, and policies. Only ICT infrastructure and staff training at r=0.891 and r=0.672 respectively were strongly correlated to academic performance. The conclusion was that there exists a significant relationship between ICT infrastructures and ICT staff training on academic performance. There was no significant relationship between ICT technical support, financing and policy implementation on school academic performance. Recommendations were that more ICT infrastructural resources still needed in schools. Teachers, students, non-teaching and school administrators should be trained better on using ICT. Schools to prioritize ICT budgets in their plans, all students need to be introduced to basic ICT skills in the lower classes, the school's administration needs to embrace ICT as a key resource for modern teaching and learning.
Keywords: School academic performance, ICT infrastructural implementation, ICT staff training implementation, ICT financing implementation, ICT policy implementation
Effect of Creativity and Accountability on the on the Performance of East-Central Africa Division Office of the Seventh-Day Adventist Church
No full textThe objectives of this study were to establish the effect of creativity and instilling accountability, on the performance of East-Central Africa Division Office of the Seventh-day Adventist Church. Literature review was done considering; strategic leadership, the characteristics of strategic leaders, performance indicators, strategic leadership and performance. The study was anchored on Contingency leadership theory. A conceptual framework showing the relationships between the independent and dependent variables of the study was projected with a summary of the operationalization of the variables. The researcher used a quantitative survey design. The target population of the study was forty (40) leaders in various levels of the ECD and it was a census study. The response rate was 100%. Data was collected using a questionnaire which was validated and its reliability tested using the Cronbach alpha. Data was analysed by use of descriptive statistics and hypothesis tested by correlation coefficient and regression analysis. The findings of the study show that creativity and accountability has moderate effect on performance. The findings greatly inform future studies on the influence of strategic leaders' characteristics on performance in faith based organizations and finally it will be of great help to the General Conference of the Seventh-day Adventist Church and many other Christian based institutions policy makers, when they review and come up with their working policies. The following are the recommendations; the top leadership of ECD should focus on ensuring that accountability is implanted in the organization's culture. The researcher recommends that it is good to try to support creativity of leaders and employees at large. Finally, the organization may consider increasing the number of female leaders in all levels.
Keywords: Creativity, Accountability, Performance & Seventh-Day Adventist