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The Effect of Demographic Characteristics on the Relationship between Sentiment and Risk Appetite of Individual Investors at Nairobi Securities Exchange
No full textThe effect of demographic characteristics in the market and how it influences investor sentiment and risk appetite is a concept that has not been exhaustively investigated. Moreover, most of the reviewed literature, investigated the moderating influence of demographic characteristics but not the moderated mediation effect. Hence, the objective of the study was to determine the effect of demographic characteristics in the relationship between investor sentiment and risk appetite. Demographic characteristics like age or experience could influence sentiments such as fear, joy or sadness that an investor manifests in the market and thus affect performance. The study adopted a positivistic approach since it wanted to get insights into a phenomenon. In addition, a correlational descriptive survey was deemed appropriate because the study was about investigating the relationship between variables. This implies that primary data was collected from individual investors at NSE using a structured questionnaire and the response rate was 70.3%. ANOVA and stepwise regression were used to examine the moderated mediation effect of demographic characteristics on the relationship between investor sentiment and risk appetite. Moderated mediation occurs when the moderating term impacts the link between the independent and mediating variable meaning that the relationship is not bivariate. The outcome of the study revealed that the coefficient tests were not significant and therefore the study concluded that demographic characteristics did not have a moderated mediation effect.
Keywords: Demographic Characteristics, Investor Sentiment, Risk Appetite, Individual Investors, Moderated Mediatio
Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Exchange
No full textFirm value is an indispensable focus for every establishment since it depicts stockholders’ fortunes. Dividend policy is thought to be a key predictor of firm value. Payout-policy nonetheless, still remains a contested topic. The objective of this paper was therefore, to examine how the relationship between dividend policy and value of firms listed at the Nairobi Securities Exchange is mediated by agency costs. Balanced panel data was obtained from 52 firms listed at the NSE between 2011 and 2020. Firm value was measured using Tobin’s Q (ratio of market value to book value). The proxy for dividend policy was a composite of interim dividend ratio (frequency of dividend payment) and dividend payout ratio (quantum of dividend). Agency costs was measured using asset utilization ratio. Correlation and general least squares (GLS) fixed-effect model were used to analyze the data. The study established that agency costs mediated the relationship between pay-out policy and corporate value. The findings contribute to knowledge by proving that the relationship between payout-policy and firm value is mediated by agency costs. Thus, managers should pay dividends from the free cash flow to mitigate agency costs since minimal agency costs enhance firm value. The findings are also valuable to the Nairobi Securities Exchange and the Capital Markets Authority on investor training and policy formulation.
Keywords: Dividend Policy, Dividend Relevance, Dividend Irrelevanc
The Nexus Between Working Capital Management Practices and the Financial Performance of Service Sector Small and Medium-sized Enterprises (SMEs) in Nairobi City County, Kenya
No full textWorking capital management practices play key roles in the financial performance of organizations. Firms that endeavor to enhance their financial performance strategize on working capital management to improve on cash flow management and earnings quality through efficient use available resources. Scholarly interest on how SMEs can enhance their financial performance through effective working capital management practices has continued to increase due to the significant contribution of the service sector SMEs to the growth of economies around the world. Nevertheless, empirical research linking working capital management practices and the financial performance of service sector SMEs in Nairobi City County is inadequate. The current study sought to investigate the nexus between working capital management practices and the financial performance of service sector SMEs in Nairobi City County, Kenya. The study was anchored by two theories, including, capital budgeting theory and the pecking order theory. The study adopted a correlational research design and targeted a population of 4,857 SMEs owners, managers, or their equivalents from which a sample of 370 participants were selected to participate in the study. The Statistical Package for Social Sciences (SPSS) was used to analyze descriptive and inferential statistics. The study findings confirmed a positive and statistically significant relationship between working capital management practices and the financial performance of sector SMEs in Nairobi City County, Kenya. The study findings may be helpful in informing favorable policy formulation and economic environment conditions that the county and national government can provide to SME firms for enhanced performance.
Keywords: Working capital management practices, financial performance, service sector, SMEs, Nairobi County
Determinants of Value for Money in Education Project in Rwanda: A Case of Building Learning Foundations Programme
No full textThis study investigated determinants of value money in education project in Rwanda the case of Building Learning Foundations Program funded by the government of the United Kingdom through department of international development. Specifically, the research assessed influence of accountability systems on value for money, to analyze the role of financial management practices on value money as well as investigated influence of inclusivity on value for money in education project. A descriptive research design was applied with a target population of 107 Building learning foundation personnel. Simple random sampling technique to obtain a representative group of eighty-four respondents in 2023 and primary was gathered using questionnaires, validity of research instrument was supported by Mount Kenya University supervisor, and the questions' reliability was assessed by pilot testing. A mixed method was applied for analyzing obtained data and findings were drawn. The independent variables of the study, accountability systems, financial management practices, and inclusivity frameworks were the major determinants of value money for considering findings dependent variable. According to the analysis of variance (52.000>8.2984), the estimated value was greater than the critical value, presenting that accountability systems, financial management practices and inclusivity frameworks had a strong correlation on the achievement of value for money. The model’s significance value was less than 0.05. The correlation study confirmed the association between research variables showing a positive relationship between value for money and financial management practices with r = 0.709, P 0.01 and r=0.439 and P value of 0.01 linked to accountability systems and value for money was also substantial and show a relationship between inclusivity frameworks and value for money with r=0.196, p 0.01. Findings with suggest that determinants of value money have a strong correlation with success. This research proposed that further researches should be undertaken on the assessment of effectiveness of education programs in improving educational outcomes such as student performance, enrollment rates and access to quality education. The conclusions of the research are intended to assist the projects and organizations delivering the best possible value for money.
Keywords: Determinants of Value for Money, Education Project, Building Learning Foundations Programme, Rwand
Effect of Cash Ratio on Financial Performance of Agricultural Firms Listed at the Nairobi Securities Exchange, Kenya
No full textThe study was informed by the continuous decline in financial performance of the agricultural firms listed at the Nairobi Securities Exchange, Kenya. The study emanates from the Doctoral dissertation of the first author in which the co-authors served as supervisors. A census approach was adopted where secondary data from audited annual financial reports of all the six Agricultural firms listed at the Nairobi Securities exchange, Kenya was used, covering the period 2015 to 2022. Descriptive analysis and panel regression analysis were applied. Based on the outcome of the panel regression analysis, the study established that cash ratio has significant effect on financial performance of the Agricultural firms listed at the Nairobi Securities Exchange, Kenya. The study recommends that agricultural firms listed at the Nairobi Securities Exchange need to improve on their cash and cash equivalents holdings so as to easily address current liabilities when due. This will in turn sustain the financial performance of agricultural firms listed at the Nairobi Securities Exchange, Kenya. Additional research can be done using a different method of analysis to further investigate the relationship between cash ratio and financial performance of agricultural firms listed at the Nairobi Securities Exchange, Kenya.
Keywords: Agricultural Firms, Cash Ratio, Financial Performance, Liquidity Preference Theory and Stewardship Theor
Influence of Planning Strategy on Performance of County Government in Kenya
No full textThe performance of county governments has always been primarily assessed in terms of the levels of pending bills, own-source revenue collections, development funds absorption rates, infrastructural developments initiated and completed, and staff skills and capabilities development. Both the Controller of Budget's County Governments Annual Budget Implementation Review Reports and the annual Auditor General's Audit Reports have cited underperformance by most counties in these areas. However, a few counties have achieved remarkable results in the same areas with similar resources, raising the question of whether variations in the planning strategies used in different resource allocation processes can explain these performance differences. The purpose of this study was therefore to establish the influence of planning strategy on the performance of county governments in Kenya. This study was necessary to identify key county performance indicators as a means of allocating resources to ensure effective service delivery. The study was based on the Resource-Based Theory (View) and the McKinsey 7s Framework. It was conducted in Migori County, with the unit of analysis being 102 county government employees, including chief officers, directors, and heads of departments who are directly involved in the formulation, implementation, monitoring, and evaluation of resource allocation strategies. Migori County was selected for the study because it is median in terms of performance and has similar characteristics to other counties. The study was conducted using a census survey with a descriptive research design. Data was collected using a questionnaire. A pilot test was conducted in Homa Bay County to test the reliability of the data collection instrument. Homa Bay County was selected because it has similar characteristics to Migori County. The quantitative data collected was presented in tables, frequencies, means, standard deviations, figures, and percentages. Pearson's Product Moment Coefficient was used to test the strength of the relationships. Inferential statistics were then applied using simple and multiple regressions to test the influence of the independent variables on the dependent variable. Diagnostic tests were conducted to establish whether the data met the threshold for regression analysis.
Keywords: Planning, Strategy, Performance, County Governments, Keny
Impact of Smart City Initiatives on Urban Planning Strategies in Singapore: An In-Depth Analysis of Technology-Driven Solutions and Their Influence on Sustainable Development and Quality of Life
No full textThe article examined the multifaceted impact of smart city initiatives on urban planning strategies in Singapore, focusing specifically on how technology-driven solutions have influenced sustainable development and quality of life in the city-state. Drawing on data collected through case studies, interviews with urban planners, policymakers, and technology experts, as well as an extensive review of existing literature and policies, the research aimed to offer a comprehensive perspective on Singapore's journey towards becoming a Smart Nation. Significant findings revealed that the integration of technology into urban planning has led to transformative changes in multiple sectors including transportation, healthcare, and waste management. Investments in Internet of Things (IoT) sensors, data analytics platforms, and Artificial Intelligence (AI) have not only streamlined city operations but also substantially improved citizens' living conditions. For example, the study found that smart mobility solutions reduced traffic congestion by 35%, enhancing the overall productivity of the city. The article also delved into the socio-economic dimensions of these smart city initiatives. It highlighted that while the technology has contributed to a 20% increase in energy efficiency and reduced carbon emissions by 15%, there were challenges regarding data privacy and the digital divide. Additionally, the study found that smart city initiatives have actively promoted sustainable development, evident through programs like water recycling and vertical farming. Such projects have not only increased local food production by 10% but also substantially reduced the city's reliance on imports, thereby enhancing its resilience to external shocks. The article concluded that Singapore's focus on technology-driven urban planning has significantly improved the sustainability and quality of life in the city-state. However, it also stressed the importance of ongoing measures to address data security concerns and bridge the digital divide.
Keywords: Smart City Initiatives, Urban Planning Strategies, Technology-Driven Solutions, Sustainable Development, Quality of Lif
Organizational Structure and Implementation of Strategic Plans: A Case Study of Etisalat in UAE
No full textOrganizational structure refers to the formal framework of roles, responsibilities, and relationships within an organization. It defines the hierarchy, reporting lines, and decision-making processes that shape how work is carried out and how goals are achieved. An effective organizational structure is crucial for the successful implementation of strategic plans as it ensures efficient coordination, resource allocation, and alignment of efforts. The implementation of strategic plans involves translating strategic objectives into actionable steps and initiatives. It requires clear communication, effective leadership, and the mobilization of resources. Implementation involves setting priorities, assigning responsibilities, and establishing performance measures to track progress towards strategic goals. A well-defined organizational structure provides the framework for executing these tasks and enables the organization to respond to challenges and opportunities in a coordinated and efficient manner. The research findings indicate that Etisalat has made efforts to align its hierarchical organizational structure with its strategic goals. The clear lines of authority and accountability have facilitated efficient decision-making and resource allocation for strategic initiatives. Regular evaluations allow the organization to identify areas of improvement, make necessary adjustments, and ensure strategic alignment. The study concluded that organizational structure has enabled cross-functional collaboration and coordination, facilitating the implementation of innovative services and infrastructure projects. The company has effectively communicated its strategic objectives to stakeholders, resulting in partnerships, regulatory support, and customer satisfaction. The study recommended that Etisalat should focus on fostering flexibility and adaptability within its hierarchical organizational structure which can be achieved by implementing agile methodologies and creating cross-functional teams that can respond quickly to market changes and emerging trends. Etisalat should strengthen its performance monitoring and evaluation mechanisms to ensure the effective implementation of strategic plans.
Keywords: Organizational Structure, Implementation, Strategic Plans, UA
Human Resource Demand Forecast and Resilience of Multinational Oil and Gas Producing Companies in Nigeria
No full textThe purpose of this paper was to analyze the interrelationship betwixt personnel demand forecast with resilience of international oil refining industry in West Africa, Nigeria. Cross sectional survey was the research design adopted. Since this study is a macro level study where only the executives of the international oil refining industry can provide information pertaining to this study, the researcher studied all five (5) international oil refining industry in Nigeria. Therefore, all five (5) international oil refining industry was the population and the executives who are fifty-two (52) in number with pertinent information relating to this study were the sample size census was adopted making the fifty-two (52) managers the respondents of this study. Because this study is a quantitative study, structured questionnaire was the instrument used in generating the primary data and Cronbach Alpha of 0.7 was adopted as the reliability bench mark. This analysis was aided with the use of the Statistical Packages for Social Sciences (SPSS) version 26.0. Spearman Rank Order Correlation Coefficient was adopted as the statistical tool used in ascertaining the degree and level of relationship in the hypotheses. The findings obtained from this study indicated a positive correlation between human resource demand forecast and resilience of international oil refining industry in Nigeria. The results revealed that human resource demand forecasting significantly impacted on all two measures of corporate resilience (adaptability and dynamic capability). Relying on the findings obtained from this study, the researcher recommends that to become resilient, personnel managers in the international oil refining industry ought to engage and partake more in human resource demand forecasting, as this is to enable and aid, boost and shore up organizational dexterity. For a corporation to sustain itself, continue to be in business, perform better and survive, it first of all has to be resilient.
Key words: Adaptability, Dynamic Capability, Human Resource Demand Forecast, Resilience
Post Project Evaluation Indicators and Sustainability of Community Water Projects: A Case of Ngoma Water Supply Project in Rwanda
No full textCommunity water project has been visualized as an engine for promoting resilience and livelihoods. The major objective of this study was to assess post-project evaluation indicators and sustainability of community water projects, considering the case of Ngoma Water Supply Projects in Rwanda implemented by WASAC in collaboration with JICA (2015-2017). Specific objectives of this study were to investigate project relevance and sustainability, project efficiency and sustainability and project effectiveness and sustainability of community water projects in Ngoma District. A cross-sectional research design was employed used. The total population was 81 including Ngoma water supply project beneficiaries, staff of WASAC, water service providers, Ngoma district officials, and district development partners. Using Yamane's formula, the sample size was equal to 67. Data was collected using well-structured questionnaires, and interview. Quantitative data were edited, cleaned, and analyzed using a statistical package for social sciences (SPSS version. Descriptive and inferential statistics were used to analyze quantitative data while qualitative data were analyzed thematically. The findings showed that 61.2% strongly agree that considering project beneficiaries’ needs influence the sustainability of community water project. Based on the interpretation of collected and analyzed data during this study, the findings showed that 61.2% strongly agree that considering project beneficiaries’ needs influence sustainability of community water project; 64.2% asserted that effective allocation of resources influence sustainability of community water project and 56 out of 67 represented by 83.6% and 11 out of 67 represented by 16.4% respectively strongly agree and agree that, looking at whether the constructed water supply systems is accessible and near to the beneficiaries influence sustainability of community water project. The overall findings concluded that there is a high positive correlation. The study recommends community water project initiators to invest in methods of implementing the project for sustainability purposes as a part of project relevancy and similar projects to involve community water project beneficiaries from design to implementation in order to raise their ownership.
Keywords: Post Project, Evaluation Indicators, Sustainability, Community Water Projects, Water Supply Project