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Impact of Regular Audit Practices on Financial Health among Tulip Bulb Suppliers in the Netherlands: An In-depth Study
No full textThis in-depth study aimed to evaluate the effect of regular audit practices on the financial health of tulip bulb suppliers in the Netherlands. Data was collated from 150 tulip bulb enterprises, representing both large-scale suppliers and smaller family-run operations, spanning a period of 10 years (2015-2020). To assess financial health, key indicators such as liquidity ratios, solvency ratios, and profitability ratios were considered. Statistical analysis revealed that companies subjected to regular audit practices demonstrated a 15% higher median profitability ratio compared to those that had infrequent or no audits. Furthermore, liquidity ratios, indicative of a company's short-term financial health, were on average 18% more favorable among frequently audited suppliers, signifying a better capacity to cover short-term liabilities with short-term assets. In contrast, solvency ratios, which reflect long-term financial health, showed a less pronounced difference between the two groups, with regularly audited firms having only a 5% advantage. Qualitative data, gathered through interviews with CEOs and CFOs of the tulip suppliers, provided insights into the observed statistical results. A significant number of respondents (82%) believed that regular audits instilled a sense of financial discipline and accountability, subsequently impacting their financial decisions and strategies favorably. In conclusion, the research shows the positive implications of regular audit practices on the financial health of tulip bulb suppliers in the Netherlands. While profitability and liquidity were notably better among those subjected to consistent audits, the influence on long-term solvency was less pronounced.
Keywords: Regular Audit Practices, Financial Health, Tulip Bulb Suppliers, Netherlands, Profitability Ratio
Corporate Social Responsibility and Financial Performance of Firms. A Case Study of Greek Companies in Athens, Greece
No full textCorporate social responsibility (CSR) practices mostly results in cost savings through improved efficiency, reduced risks, and better resource management. The integration of CSR into business strategies attracts and retains top talent, fostering employee productivity and reducing turnover costs, which positively affects financial performance. Embracing CSR can lead to better access to capital and investment opportunities, as investors increasingly consider environmental, social, and governance factors when making investment decisions, contributing to improved financial stability and growth. The descriptive research method was employed for this study. Thirty Greek companies were selected as the primary focus. Twenty-five participants were randomly chosen from a larger pool of thirty Greek companies for the research. The information was gathered with the use of questionnaires. In conclusion, the influence of corporate social responsibility (CSR) on the financial performance of Greek companies is significant. Embracing sustainable practices, engaging in social impact initiatives, fostering stakeholder collaboration, and ensuring transparent reporting are key drivers that can positively impact financial outcomes. By integrating CSR into their business strategies, Greek companies have the opportunity to reduce costs, attract loyal customers, build stronger relationships with stakeholders, and enhance their reputation, ultimately leading to improved financial performance. Embracing CSR not only aligns businesses with societal and environmental values but also positions Greek companies as responsible and sustainable leaders, contributing to the long-term success and sustainability of the Greek business landscape. The study recommended that Greek companies should prioritize the integration of corporate social responsibility (CSR) into their business strategies to enhance financial performance. By embracing sustainable practices, engaging in social impact initiatives, and fostering stakeholder collaboration, Greek companies can create a positive impact on society while improving their financial bottom line. Transparent reporting and accountability should also be emphasized to build trust with stakeholders and attract responsible investors, further contributing to long-term financial success.
Keywords: corporate social responsibility, financial performance, firms, Gree
Effect of Microfinance Institutions Services on Socio Economic Welfare of Women in Rwanda. A Case of Selected Umurenge SACCOs in Kigali City
No full textThe general objective of this study was to assess the effect of microfinance institutions services on socio economic welfare of women in Rwanda. The following were the specific objectives; analyse the effect of access to credit on socio-economic welfare of women in Kigali City, evaluate the impact of savings facilities on socio-economic welfare of women in Kigali City and assess how collaterals facilities affect socio-economic welfare of women in Kigali City. The study used descriptive and correlational research design. For this study, the entire population was 1463 including 1455 women members, 9 BDF staff, 4 Managers and 4 loan officers of Umurenge SACCOs of Nyarugenge, Kimisagara, Kicukiro and Kimironko. The sample size was 314 respondents. Data was analysed using both descriptive and inferential statistics. The findings indicated that access to credit and social-economic welfare of women have a positive and moderately strong correlation (r = 0.614, p<0.05). Saving facilities and social-economic welfare of women also have a positive and moderately strong correlation (r = 0.606, p<0.05). Collaterals facilities and social-economic welfare of women have a positive and strong correlation (r = 0.536, p<0.05). These correlations suggest that women's socio-economic welfare of women in Kigali City is positively influenced by better access to credit, saving facilities, and collateral facilities. The multiple regression R is 0.704, indicates the strength and direction of the overall linear relationship between the study variables. Indicating a moderately strong positive relationship between the predictors and the dependent variable. The coefficient of determination (R Square) represents the proportion of variance in the dependent variable that is explained by the predictors. In this model, the R Square value is 0.495, which means that approximately 49.5% of the variance in the dependent variable can be explained by the combined effects of collaterals facilities, access to credit, and saving facilities. Microfinance institutions should further enhance access to credit for women, providing flexible loan products with reasonable interest rates and simplified application processes.
Key words: microfinance institutions services, access to credit, savings facilities, collaterals facilities, socio economic welfare of women
Impact of Mobile Banking Platforms Paytm and Google Pay on Financial Inclusion in Rural and Semi-Urban Areas in India
No full textThis study aimed to investigate the impact of mobile banking platforms, specifically Paytm and Google Pay, on financial inclusion in rural and semi-urban areas in India. The study was motivated by the fact that there had been limited access to formal financial services in these regions, resulting in financial exclusion and diminished economic development. Utilizing a mixed-methods approach, the study combined surveys of 1,200 households, focus group discussions, and interviews with local financial institutions. Findings revealed significant improvement in financial inclusion. Approximately 72% of surveyed households indicated increased ease in carrying out financial transactions, including savings, remittances, and bill payments, using Paytm and Google Pay. Furthermore, local businesses reported a 35% increase in revenue, attributing it to simplified payment processes. Additionally, a 40% decrease in cash-based transactions was observed, which has implications for reducing fraud and increasing transparency. However, the study also identified challenges such as lack of internet connectivity and digital literacy, which acted as barriers to adoption for 28% of surveyed households. The study concluded that mobile banking platforms like Paytm and Google Pay have had a profound and largely positive impact on financial inclusion in rural and semi-urban areas in India. Despite existing barriers, the adoption of these platforms has facilitated easier and more secure financial transactions, contributing to increased economic activities in these areas. Recommendations include launching government-backed digital literacy programs and public-private partnerships for expanding internet infrastructure. Future studies should also consider evaluating the long-term sustainability of these platforms in fostering financial inclusion and exploring the possibility of integrating additional services like insurance and loans.
Keywords: Financial Inclusion, Mobile Banking, Rural and Semi-Urban Areas, Paytm, Google Pa
Contribution of Microfinance Institutions Towards Wealth Creation in Rwanda: The Case Study of Kagarama Umurenge Sacco in Kicukiro District
No full textThe general objective of this study was to assess the microfinance institutions and the wealth creation in Rwanda. The study was carried out in Kagarama Umurenge SACCO as case study. The findings were intended to supplement the body of knowledge on microfinance organizations and how their operations impact members' ability to create wealth in Rwanda. The following goals guide this study: To assess the influence of micro saving services (Ease of access and cost-effective savings) on the wealth creation in Kagarama U-SACCO, to assess the impact of the lending process (credit access and collateral) on the wealth creation in Kagarama U-SACCO, and to assess the impact of business development (outreach and digital financial services) on the wealth creation in Kagarama U-SACCO. The study population, 623 SACCO members who had received two or more loans since the Kagarama U-SACCO's founding, was selected using a descriptive research approach. With the aid of stratified sampling, a sample size a sample size of 162 respondents was established through calculations carried out using Wayne (2014) formula. The researcher used primary and secondary data in this study. A closed end questionnaire will be utilized. Descriptive research design and correlation analysis were also utilized to assess the data and results generalized for the entire population, while multiple regression will be used to test hypotheses. To compute and analyze the data in this study, available statistical packages was used. Secondary data was obtained from available documentation in Kagarama U-SACCO and elsewhere on the project. The multiple regression analysis proved that other factors being constant, Lending Process increases the wealth creation of Kagarama U-SACCO per 28.7%, Micro-saving services by 41.4%, and Business Development by 32.1% meaning that microfinance institutions have an important effect on the wealth creation of Kagarama U-SACCO in Rwanda. The study recommended that Kagarama U-SACCO may involve members in the determination of service fees and a reasonable percentage of the loan that is supposed to be saved in advance. Also, the U-SACCO is recommended to adopt technological utilization in its services.
Keywords: Microfinance Institution, Wealth Creation, Kagarama Umurenge Sacco, Kicukiro District, Rwand
Accounts Receivable Management Practices and Financial Performance of Manufacturing Companies in Rwanda; A Case Study of CIMERWA Plc
No full textThe general objective of this study was to determine the effects of accounts receivable management practices on financial performance of manufacturing companies in Rwanda. The specific objectives were to: analyze the effect of Credit policy on financial performance of manufacturing companies in Rwanda, examine the effect of Collection policy on financial performance of manufacturing companies in Rwanda, establish the effect of Credit analysis on financial performance of manufacturing companies in Rwanda and assess the effect of Billing and invoicing on financial performance of manufacturing companies in Rwanda. The study adopted a descriptive cross-sectional survey research design which allowed the collection of primary quantitative data through structured questionnaires. The target population was 61 employees from Cimerwa Plc. Census approach was used in this study. Both primary and secondary data was used for the study. Primary data was collected using a well-structured questionnaire. The study utilized questionnaires as an instrument for data collection. Data was analyzed for descriptive and inferential statistics using SPSS version 21. Descriptive statistics such as mean, standard deviation was used to test the data. Ordinary Least Square method was utilized to establish the cause-effect relationship between variables while hypotheses were tested at 5% significance level. The findings reveal that Credit Policy and Credit Analysis have a statistically significant positive impact on Financial Performance (B = 0.502, Beta = 0.274, p = 0.033 and B = 0.595, Beta = 0.548, p = 0.004, respectively), suggesting that a more favorable credit policy and more robust credit analysis positively affect financial performance. In contrast, the results suggest that Collection Policy and Billing and Invoicing do not have a significant influence on Financial Performance (B = -0.007, Beta = -0.008, p = 0.942 and B = -0.377, Beta = -0.327, p = 0.069, respectively). This study in Rwanda emphasizes the significant impact of effective accounts receivable management on manufacturing companies' financial performance. It advocates for prudent credit policies, streamlined billing processes, and comprehensive credit analysis to enhance liquidity, profitability, and overall financial health. The recommendation for CIMERWA PLC includes implementing efficient credit policies and collection procedures for improved financial outcomes. Future research addressing Rwanda's specific economic context is suggested for tailored insights.
Keywords: Accounts Receivable Management Practices, Financial Performance, Manufacturing Companies, Cimerwa Plc, Rwand
Cashflow Management Practices and the Financial Performance of Five-Star Hotels in Nairobi County, Kenya
No full textFinancial performance of entities in the hospitality industry continue to elicit widespread scholarly interest in the modern competitive business landscape. Effective cashflow management practices remain the mainstay of financial performance in most organizations. However, scholarly research on cashflow management practices enable performance improvement in Kenya’s hospitality industry particularly five-star hotels in Nairobi County is largely limited. The current study examined cashflow management practices’ impact on the financial performance of five-star hotels in Nairobi County, Kenya. The theory that underpinned the study is the Liquidity Preference Theory. A descriptive research design was used and it involved using a survey distributed to all five-star hotels in Kenya. Financial and general managers and their assistants from each five-star hotel provided insights through a closed-ended questionnaire that enabled the researcher to collect and analyze numeric data. Data collected was coded and entered into the package referred to as the Statistical Package for Social Sciences (SPSS) used to analyze quantitative data. The analyzed data revealed that there is a significant relationship between cashflow management practices (p=0.039; p<0.05) and the financial performance of five-star hotels in Nairobi City County, Kenya. The study recommended that five-star hotels in Nairobi County should adopt effective strategies for cashflow management to actualize improved financial performance.
Keywords: cashflow management practices, financial performance, Nairobi County, five-star hotels
Integrated Macroeconomic Variables and Financial Growth of the Real Estate Sector in Kenya
No full textThe real estate sector has been growing over the years because of major infrastructural developments and high population growth in Kenya. However, the sector has been facing some challenges that have been affecting its growth. This research aimed to assess how macroeconomic factors influence Kenya’s real estate financial success. The research primarily focused on determining inflation, interest rates, exchange rates’ impact and economic growth on Kenya’s real estate sector. The study was underpinned by demand-pull inflation theory, the classical/neo classical theory for interest rates, the classical growth theory and purchasing power parity. The study employed causal research design and targeted three main Kenyan real estate developers in Kenya; Cytonn Investments, Hass Consult, and Knight Frank. In light of the small target population, a census approach was used and the research employed secondary data. As a result, secondary data from the property developers’ yearly market reports from 2016 to 2022 was gathered. Pearson’s correlation and panel data analysis methods were also employed. The findings revealed that the relationship between inflation, interest rates, exchange rates and economic growth revealed R-squared value of 0.8057, implying that the macroeconomic variables explains around 81% of the variation in financial growth within the real estate sector. The study also found that inflation had positive and significant effect on financial growth (β =0.0045187, p=.048<.05), interest rate had positive and significant effect on financial growth (β =0.044177, p=.011<.05), exchange rate had negative but insignificant effect on financial growth (β =-0.0178337, p=0.227>.05), economic growth had positive and significant effect on financial growth (β =0.0980943, p=0.007<.05). The study recommends that financial institutions, policy makers, and developers should implement measures to mitigate the adverse effects of high inflation on the real estate sector.
Keywords: Inflation, Interest rates, Exchange rates, Economic growth, Macroeconomics factor
Financial Ratio Analysis and Investment Decision Makings in Listed Companies in Rwanda; A Case Study of Listed Companies
No full textThe general objective of this study was to assess the financial ratios analysis and the investment decision making in listed companies in Rwanda. The specific objectives of this study were to evaluate the effect of Liquidity Ratio Analysis (current ratio and quick ratio), profitability ratio analysis (ROA and ROE), and efficiency ratio analysis (asset turnover ratio and earnings ratio) on investment decision-making in listed companies in Rwanda. Descriptive research design was used within this study, and the study population comprised 473 licensed brokers working in RSE. Using purposive sampling technique, a sample size of 155 respondents was established, and 139 responses were received. A closed end questionnaire was utilized. Correlation analysis was utilized to assess the data and results generalized for the entire population, while multiple regression analyses was used to test hypotheses. To compute and analyze the data in this study, the SPSS version 27 was used. Correlation between financial ratio analysis in the Rwanda Stock Exchange (RSE) shows that Liquidity ratio analysis has a strong positive correlation (0.724 with P-value = 0.00). Profitability ratio analysis has a very high positive correlation (0.872 with P-value = 0.00) with investment decision-making in RSE, and Efficiency ratio analysis has a moderate positive correlation (0.668 with P-value = 0.00) with investment decision-making in RSE. Regression Model 1 revealed that the two variables of Liquidity ratio analysis contribute to 78.9% of investment decision-making in RSE. The calculated F statistic of 6.351 and the calculated P-value of 0.030 is less than the critical P-value of 0.05, making the entire model significant. Regression Model 2 revealed that the variables in Profitability ratio analysis (measured by ROA and ROE) contribute to 88.2% of investment decision-making in RSE. Findings in ANOVA analysis indicate that the overall model was significant, with a computed F statistic of 11.727 and a calculated P-value of 0.034, which is lower than the key P-value of 0.05. Model 3 revealed that the variables in Efficiency ratio analysis contribute to 72.8% of investment decision-making. Findings in ANOVA indicate that the overall model was significant, as the calculated F statistic of 4.831 and the P-value of 0.012 is less than the critical P-value of 0.05. The study recommends that RSE may improve its efficiency ratio analysis as it was proved that it was not utilized more within the investment decision making. The study recommends a comprehensive approach to enhance investment decision-making in the Rwanda Stock Exchange (RSE), focusing on liquidity, profitability, and efficiency ratio analyses. Furthermore, the study recommends for regular training programs to deepen investors' and financial managers' understanding of these financial metrics.
Keywords: Financial Ratio, Investment Decision Makings, Listed Companies, Rwanda
Prevalence and Factors Associated with Caeserean Section Among Mothers Delivering at Muhima District Hospital
No full textThis study aimed to understand the prevalence and factors associated with caesarean section among expectant women who had delivered from Muhima hospital. Caesarean section is on the rise globally as well as national average where it accounts 24% of all deliveries conducted in hospitals and this increase has exceeded 15% which is recommended by WHO. A cross-sectional survey was conducted using an interview administered questionnaire and data extracted from obstetric chart review between May and June 2022 at Muhima hospital. A sample of 350 pregnant women that gave birth at Muhima District hospital were chosen using a convenience sampling process, whereby every mother that delivered at latter hospital was given same chances of being enrolled into the study. Data was analysed by use of IBM® SPSS 21 version. Out of 350 pregnant women had delivered at Muhima district hospital, 132 women had been delivered by CS making the prevalence of cesarean section to be 37.7%. Factors associated with CS delivery that were found to be significant were maternal age above 30 years (AOR=2.5,95%CI, 1.1-5.6, P=0.03) being single marital status (AOR=2.5,95%CI, 1.2-5.2, P=0.013) and delivering a baby weighing above 4000 grams (AOR=2.5,95%CI, 0.8-7.2, P=0.103). In conclusion, four out of ten pregnant women had delivered by CS at Muhima district hospital. This was common among older maternal age, being single mother, and delivering of big babies. Thus, it is evident that the prevalence of caesarean section is a growing concern in Muhima District Hospital, with a significant number of women undergoing this procedure. Depending on these factors, the country needs further national level policy decisions to reduce the attributed barriers. There is a need to develop and implement targeted educational programs and counselling services for expectant women, particularly older, single, or expecting big babies. These programs emphasize the importance of prenatal care, the risks and benefits of caesarean sections, and possible alternatives to reduce the likelihood of unnecessary caesarean deliveries. Also, it is recommended to strengthen healthcare provider training and adherence to clinical guidelines for caesarean sections. Moreover, it is essential to establish a comprehensive monitoring and evaluation system to track the rate of caesarean sections in the hospital and identify trends in specific patient populations.
Keywords: Cesarean section, Prevalence, Factors, Pregnant women