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Relationship Between Macroeconomic Factors And Growth Of Mortgage Financing In Kenya
Get PDFThe government of Kenya has put a lot of initiatives to provide affordable housing and
increase housing ownership through mortgages by setting up the Kenya Mortgage
Refinancing Company to manage low-cost liquidity for mortgages. However, the mortgage
industry has seen a case of urban housing being unaffordable stemming from the high cost of
mortgages/high cost of properties. The current study, therefore, sought to investigate the
macro-economic factors affecting growth of mortgage financing in Kenya. That is to
determine the effect of quarterly average mortgage interest rate, quarterly Inflation rate,
quarterly GDP growth rate and Quarterly M3 (M2 plus large time deposits in banks) on
quarterly growth of mortgage financing in Kenya. This study was guided by the monetary
theory of inflation, the loanable funds theory, the classical growth theory and the quantity
theory of money. The study took a quantitative approach drawn from the positivism research
philosophy. Therefore, the study was a time series research design which was used to track
the growth of mortgage financing in Kenya for the last 20 years – from the year 2002 to
2021. The study targeted the time-series quarterly data from CBK for the last 20 years. Items
to be collected included the following: quarterly average mortgage interest rate, quarterly
Inflation rate, quarterly GDP growth rate, Quarterly M3 (M2 plus large time deposits in
banks) and quarterly growth of mortgage financing. The study used secondary data which
was extracted from CBK quarterly data reports website for the period 2002 to 2021. The
quantitative secondary data was analyzed by use of descriptive and inferential statistics. A
95% confidence interval was the statistical error variance used. Data was coded and analyzed
using STATA 14 (or EViews 14.0). The findings were displayed in the form of spreadsheets,
tables, graphs and charts. The findings indicate that lending interest rate and growth of
mortgage financing in Kenya are negatively and significantly related. Likewise, inflation rate
and growth of mortgage financing in Kenya are negatively and but insignificantly related.
However, the findings show that money supply (M3) and growth of mortgage financing in
Kenya are positively and but insignificantly related. GDP growth rate and growth of
mortgage financing in Kenya from the regression findings are positively and significantly
related. Therefore, the study concludes that lending interest rate and inflation rate are
negatively and significantly related to the growth of mortgage financing in Kenya. On the
other hand, GDP growth rate and money supply (M3) are positively and significantly related
to the growth of mortgage financing in Kenya
The Effect Of Infrastructure Investments On The Economic Growth Of Kenya
Get PDFThe past decade witnessed highest development expenditure dedicated towards improvement and
development of new infrastructure corridors and networks in Kenya. This trend extended two
decades of public reforms in development expenditure stretching back to 2003, when government
reforms focused on domestic sourcing of development funding from tax collections. The past
decade was unique in that efforts towards infrastructure development were anchored on the vision
2030 strategic development plan. This portended resolute dedication towards infrastructure
development, integrating diverse source of financing such as development aid inform of grants,
concessional loans, commercial loans and even Public-private-partnerships (PPPs). In the same
period, very little evidence has come out to show what such efforts in infrastructure development
has yielded for the citizens in regard to household income and quality of lives. Therefore, the
current study seeks to determine whether infrastructure investments impact on economic growth
from the household perspective. The analysis looks into investments into infrastructure notably;
roads infrastructure, energy generation, public amenities and public utilities and the impact on per capita income of the country. The study shall adopt, descriptive survey design. Secondary data,
shall be obtained from published budgetary and public expenditure reports as published by the
treasury ministry, parliament reports and the central bank of Kenya (CBK). Further, data on per capita income shall be extracted from publications of the Kenya National Bureau of Statistics
(KNBS). Data analysis will utilize time series data (2001 – 2021) which will cover 30 years. In
addition, linear regression technique and panel regression model will be employed in the study
Effect Of Corporate Governance Practices On Performance Of Public Universities In Kenya
Get PDFAlthough the strategic management literature strongly acknowledges the existence of a
relationship between corporate governance and overall organizational performance, some
studies have found mixed results. The inconsistency of findings indicates the need for
additional research into the ongoing debate about this relationship. As a result, the
purpose of this research was to determine the impact of corporate governance on
public universities performance in Kenya. Corporate governance plays an important role
in the economy and that is why it has attracted a lot of interest in the recent past by
various stakeholders as they are becoming increasingly aware of its influence in the
socio-economic wellbeing of the organization and the society as a whole. There has been
little consensus in terms of theoretical and empirical review on the relationship between
two. The objective, therefore, was to establish the effect of corporate governance on the
performance of public universities in Kenya. The study was guided by board diversity,
board competence and finally the audit committee as the independent variables while the
performance of public universities in Kenya as the dependent variable. This study was
anchored on three theories which formed the basis of this research. They include,
stewardship theory, Fiduciary political theory and stakeholder‟s theory. The research was
conducted using descriptive research design. The population of interest for the study was
the 26 public universities in Kenya. The respondents were 2 council members in each
university giving a total of 52 respondents. Structured questionnaires were used to collect
primary data for the study. The primary data was gathered from university council
members in public universities in Kenya. Data analysis was done using SPSS version 20
and descriptive and regression analyses were undertaken accordingly. The research
discovered a significant positive association between board competence, board diversity
and audit committee with organization performance of public universities in Kenya. Its
regression analysis found that the collective usage of corporate governance was
responsible for 84.3 percent of the variations in performance of these institutions.
Corporate governance mechanisms are critical for organizations to adopt in their efforts
to increase their performance levels, according to the result of this research. Based on the
findings, board diversity had the largest impact on performance followed by audit
committee while board competence had the least influence on performance of public
universities in Kenya. It is therefore, recommended that board council members and
policy makers of the public universities that are yet to adopt effective corporate
governance mechanisms should adopt them to remain competitive in this turbulent
business environment. It is also suggested that public universities policy makers develop
sound policies to guide them when pursuing corporate governance
The Influence Of Financial Flexibility On Firm Value Of Non- Financial Companies Listed At The Nairobi Securities Exchange In Kenya
Get PDFThe recent global recession and the covid pandemic which have turned into an economic
crisis have served to make financial flexibility even more important. Existing literature
suggests that listed firms in the Nairobi Securities Exchange (NSE), have not managed to
undertake the investment required of as compared to other countries. In this mind, the present
study aimed to examine the influence of financial flexibility on the firm value of listed non-financial corporations at the NSE in Kenya from the period 2011 to 2019. Specifically, this
study examined the influence of cash holdings; debt capacity; and financing cost restrictions
on firms’ value of listed non-financial companies quoted at the NSE. The study further
examined the moderating role played by firm size in the association between financial
flexibility and firm value of non-finance companies quoted at the NSE in Kenya. The study
was underpinned by the free cash flow theory, the trade-off theory and the pecking-order
theory. The study adopted a descriptive longitudinal research design and focussed on all the
37 non-financial listed at the NSE as of December 31, 2020. However, firms that were
financially distressed as of the time of data collection did not form part of the study. As a
result, only 31 firms with 272 firm-year observations formed part of the study. The study
utilized panel data that was analysed using panel multiple regression analysis and aided by
the STATA statistical package. To ensure the non-violation of statistical assumption and to
allow for remedial action when a violation occurred, diagnostic tests were carried out. Hausman specification test results favoured the use of the random-effects model. Results of
the study indicated that independently, debt capacity and financing cost restrictions were
found to have a positive and a statistically significant influence on firm value of listed non financial firms in Kenya. However, cash holding did not have a statistically significant
influence on firm value. Jointly, financial flexibility was found to have a statistically
significant association with firm value. Financial flexibility explained 65.11 per cent of the
variation in firm value and firm size was found to have a moderating effect on this
relationship. As this study focused on non-financial firms, it recommends that similar studies, but now industry-specific be undertaken
Effect Of Board Diversity On Strategic Change On Firms Listed At The Dar Es Salaam Securities Exchange
Get PDFBoards contribute consequentially towards strategic change through strategic decisions in a
firm. Although numerous researches have been advanced covering the effect of board
diversity on strategic change, not much is known about how board diversity sways strategic
change in emerging economies Tanzania being one such an economy. The main motive of
this study was to determine the effect of board diversity on strategic change on firms listed at
the Dar es salaam Securities Exchange. The study particularly targeted examination of the
effect board diversity in terms of nationality, age and gender and their effect on strategic
change for the firms listed at the DSE. The study was anchored to Stakeholder Theory, Upper
Echelon Theory, Resource Dependency theory and Stewardship Theory. A descriptive
research design will be applied in this research. The population that was focused on in this
study constituted all publicly traded firms listed at the DSE for 19 years for the period
covering 2002 to 2020. Secondary data sources were utilized in the study as obtained from
the DSE and the CMSA platforms. A panel data analysis was applied in analysis of the data
obtained through SPSS. The findings indicated an influence of the board‘s age diversity,
education level and nationality variables on strategic change whereas gender was noted to
have no impact. In overall the variables accounted for 18.9% influence on strategic change.
The study recommended a further study on the other possible factors accounting for 89.1%
on strategic change which could include employees‘ role and industry factors. It would also
be resourceful for future studies to consider non-listed firms in studies as they could be
majority firms in the economy and with different governance framework as opposed to listed
firms
Relationship Between Financial Risk Management And The Financial Performance Of Microfinance Institutions In Kenya
Get PDFThe Kenyan Microfinance Institutions are wrestling with multiple challenges originating
from the inherent risks within the environment they are operating in both internal and
external. Financial risk management is one of the main hurdles threatening the
sustainability and viability of the microfinance institutions in Kenya, therefore, this study
aimed to establish the relationship between financial risk management and the financial
performance of the Microfinance Institutions in Kenya. A descriptive research design was
employed on this study to test how operational risk, market risk, liquidity risk and credit
risk posed a major threat to the financial performance of the Kenyan Microfinance
Institutions. The study incorporated a target population of 58 microfinance institutions in
Kenya as at 31st December 2020 with an aggregate loss of 2 billion. Secondary Panel data
was analyzed as obtained from the available financial statements of the 58 Microfinance
Institutions over a period of 5 years running from January 2016 to December 2020.The
data was collected from CBK (Central Bank of Kenya) and AMFI (Association of
Microfinance Institutions) because CBK requires that all regulated Microfinance banks to
publish their audited financial statements to the public every year. To minimize potential
endogeneity challenges the study utilized financial ratio analysis and panel data methods of
random effects and fixed effects estimation. The study also determined the correlations
between the variables and used Wald and F- tests to determine the significance of the
regression whereas the overall, within and between R2 of the coefficient of determination,
were utilized to establish how much dependent variable’s variations were explained by the
independent variables. Tests such as Breusch and Pagan Lagrange multiplier (LM) were
adapted to test between the fixed effects model and the appropriateness of the random effects model respectively. The study findings depicted that there exists a significant
negative relationship between Operational risk, Market risk, Liquidity risk, Credit risk and
financial performance of Kenyan MFIs. The study concluded that financial risk
management and the financial performance of the Microfinance Institutions of Kenya are
inversely related. Therefore, the microfinance Institutions should establish an efficient and
salient financial risk management framework in order to overturn their loss-making
position
Child Rearing And Modernity Among The Igbo Of Southeast Nigeria
Get PDFChild rearing which involves nurturing and training a child from childhood to adulthood is pivotal among the Igbo people of Southeast Nigeria because children ensure their continuity. Modernity and the resultant technological innovations have immensely affected child rearing. Using qualitative method, this study seeks to examine the concept of child rearing among the Igbo people of Southeast Nigeria, the extent it was effected by modernity and make recommendation on best child rearing method to adopt. Modernization theory is used as an explanatory framework for this study. It was established that child rearing entails feeding, nurturing, teaching and correcting children to become responsible adults. Child rearing was a communal affair in the traditional Igbo societies. Modernity resulted in most parents living as nuclear families and became solely responsible for child rearing. Socialization with people from other cultures and the modern means of communication have affected children’s behavior and the child rearing style adopted by parents. The study, therefore recommends that parents should consider the personality of their children and their environment before copying child rearing style from other cultures
Influence Of Succession Planning On The Performance Of Kilifi County Government Employees
Get PDFSuccession planning is a Human Resource development function that is frequently ignored or
underutilized in Kenyan organizations, particularly the public sector. This project examines
how the Kilifi County Government has incorporated the function and the implications for
employee performance in county. This study's specific objectives include determining how
personnel development, leadership transition, human resource strategies, and financial
planning affect the performance of County Government personnel. The report also explores
how the human resources department can adapt and transfer this function to the County
administration in order for it to be successfully implemented. The researcher used
questionnaires to gather information about the problem from 230 employees in the Kilifi
County Government. The questionnaires were distributed and collected on time and in the
proper manner to capture what they were intended for. The results were then analyzed using
the SPSS version 28 analysis tool to gain insight into the general responsiveness, what
conclusions could be drawn from them, and other data collection tool tests such as normality.
The results reveal that the Kilifi county government has not fully implemented succession
planning, but various aspects of it are discussed. There is an effective recruitment strategy in
place that attracts qualified candidates, but a lack of ongoing on-the-job training stymies
development. Leaders are not mentored or coached to take on positions, which is a critical
aspect of succession planning. The county government's talent retention system is inadequate,
which explains some notable cases of employee resignation and dissatisfaction. The county
government has a clear leadership structure, despite the lack of a mechanism for identifying
and developing potential leaders. Despite the lack of a defined succession strategy, the Kilifi
County Government Human Resource Department has worked to develop a system of prompt
replacement and gap analysis, as well as a policy that acts to replace any attrition as a function
that a succession planning strategy could have performed. From a management and
administration standpoint, this study emphasizes the importance of considering the impact of
succession planning as well as various strategies that can be implemented to improve the
performance of public servants. The study strongly advises the implementation of programs
that effectively identify skill gaps within the County and then invest in training through a
proactive rather than reactive recruitment process, which will always improve preparedness in
dealing with an ever-changing environment. Furthermore, the report suggests developing an
engagement and communication policy for employees involved in performance evaluation and
succession planning. The study advises the County Government of Kilifi to invest in
technologies that will automate career and talent management for its employees
Effect Of Workplace Conflict Management Strategies On Employee Performance Of Constitutional Commissions And Independent Offices In Kenya
Get PDFIn today’s corporate world, the employees are drawn from a diverse range and as they congregate
in one working space, there have been an increase in conflicts at the workplace due to divergent
views and personalities. It is important therefore, for management to put out strategies to manage
workplace conflicts to avoid the poor performance and to be able to handle its mandates.
Constitutional Commissions and Independent Offices are some of the legal corporate entities that
have registered internal conflicts which can be attributed to presence of workers from different
backgrounds, characteristics and interests. The conflicts could also be attributed to the fact that
these offices are a new phenomenon introduced by the 2010 Constitution. Therefore, this study
sought to assess the effect of the workplace conflict management strategies on employee
performance and mandate of Constitutional Commissions and Independent Offices in Kenya. The
concept of workplace conflict was explored by looking collaborative strategy, accommodating
strategy, negotiation strategy and confrontation strategy and their effect on employee performance
of Constitutional Commissions and Independent Offices in Kenya. The research used descriptive
statistics including the means and standard deviation for purposes of interpreting the findings. The
study revealed that while collaborative strategy and accommodating strategy were significant,
negotiation strategy and confrontation strategy were not significant in improving employee
performance in the organization. The study concludes that collaborative strategy and
accommodating strategy are significant workplace conflict management strategies driving
employee performance. The study recommends for an improvement in collaborative strategy as
doing so would significantly enhance employee performance of Constitutional Commissions and
Independent Offices in Kenya. The Constitutional Commissions and Independent Offices in Kenya
should improve on effectiveness of accommodation strategies in place so as to enhance employee
performance