1,720,970 research outputs found
The Applicability of Pecking Order Theory in Kenyan Listed Firms
Full text linkThe focus of this study was to test the applicability of pecking order theory in capital structure formation of Kenyan firms listed on Nairobi Securities Exchange over the period 2002-2009. The study begins by addressing the factors affecting the formation of capital structure to Kenyan firms. The determinants of capital structure are relevant in testing the applicability of pecking order theory. The pecking order theory is based on the idea of asymmetric information between managers and investors. Managers know more about the true value of the firm and the firm’s riskiness than less informed outside investors. Existing studies have produced conflicting evidence on applicability of the theories hence increasing the need to test the pecking order theory by using data from the emerging markets like Kenya. Significant gaps exist in finance literature as to whether the theory has any application on emerging markets like Kenya. Hence the objective of the study was to test the applicability of pecking order theory. The dependent variable for this study was gearing ratio while the independent variables were internal fund deficit and firm-specific factors like profitability, size, asset tangibility, non-tax shield and growth opportunities. Panel Data were obtained from financial tables of 30 firms processed in NSE and Multivariate Regression was used to analyze the data and test the hypotheses. The study established that size, non-tax shield, profitability, growth and tangibility are determinants of capital structure as predicted by pecking order theory. The study however found evidence supporting applicability of weak form of pecking order theory on listed Kenyan firms. The results are consistent to previous studies in developed countries. The study recommends for improvement of the bond market in Kenya to increase the availability of long-term external source of funds and provide Kenyan firms with more alternative sources of finance. Keywords: Pecking Order Theory, Gearing, Fund Deficit, Surplus, Capital Structur
Institutional Micro Credit Determinants and Portfolio Quality of Investment Groups
Full text linkMicro-credit plays a major role in development strategies. This is in view of its direct relationship to both poverty alleviation and improvement of the living standards. However, commercial banks are still largely absent in the provision of micro credit. This phenomenon may be attributed to credit policies associated with loans provided by the formal sector. Since many businesses in small and micro enterprise sector are largely poor and lack tangible assets that can be pledged as collateral in conventional lending, banks are unwilling to provide credit facilities to them. For this reason, The objectives of the study were to determine the effects of macroeconomic, group leverage, group capitalization and group characteristics on the portfolio quality of investment groups financed by the Sidian bank in Nairobi region The study adopted a descriptive survey research design since it establishes the relationship between the dependent and the independent variable. With the target population being all the 56 investment groups in the 9 branches under the Sidian bank within Nairobi region. The study used secondary data, which was obtained from the Sidian bank offices in each of the branches within Nairobi region. Data analysis was conducted using descriptive statistics including percentages, frequencies, means and standard deviation. In addition, inferential analysis was carried out using correlation analysis and multiple regression analysis. The study found that macroeconomic variables, group leverage level, group capitalization and group characteristics influences portfolio quality of investment groups financed by the Sidian bank in Kenya positively and significantly. The study concluded that group leverage level had the greatest influence on portfolio quality of investment groups financed by Sidian bank in Kenya followed by macroeconomic variables, group capitalization level and finally group characteristics had the least effect. The study recommends that the Sidian bank need to manage their portfolios, by understanding that not only the risk posed by each credit but also howthe risks of individual loans and portfolios are interrelated. The study also recommended that, banks should be allowed to invest more in loans and advances as long as such banks have enough reserves to finance such investments. The study further recommends that regulatory authority (CBK) and other stake holders should create an enabling environment that removes all these inefficiencies to the policy concern of high cost of credit.
 
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
The Effect of Macroeconomic Variables on Stock Returns of Companies Listed in the Nairobi Securities Exchange, Kenya
Full text linkThis study sought to determine the effect of macroeconomic variables on the stock returns for the companies listed in Nairobi securities exchange. The macroeconomic variables used in this study were money supply, oil prices, gross domestic product and interest rates. The target population for this study was 20 companies Listed in Nairobi securities exchange used in the computation of the NSE 20 share index. This study used secondary data and the data was collected using data collection sheet. The sample data covering a period of 5 years from 2014 - 2018 was collected from various sources.. The descriptive analysis was done using frequencies, percentages, means and standard deviations for all the variables for this study while inferential statistics used in this study were Pearson correlation and both simple and multiple regression analysis. The study found out that Money Supply, Gross Domestic Product, Oil Prices and Interest rates contributed to 71.4% variation in the stock returns meaning that other factors not included in this study accounted for 28.6%. The study concluded that money supply, oil prices, gross domestic product and interest rate positively affected the stock returns of companies listed in Nairobi Securities Exchange. This study recommends that the macroeconomic environment should be closely monitored in order to ensure stability in the stock market. Keywords: Macroeconomic Variables, Stock Returns, Nairobi Securities Exchange. DOI: 10.7176/RJFA/12-10-04 Publication date:May 31st 202
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Financial Factors Determining Micro-Loan Uptake by Women Enterprise Groups in Nakuru East Constituency, Nakuru County
Full text linkThe study sought to determine financial factors determining micro-loan uptake by women enterprise groups in Nakuru East Constituency, Nakuru County. The government of Kenya acknowledging that women had been marginalized in access to formal financing, and hence introduced the Women Enterprise Fund (WEF) to provide an alternative, easily accessible and affordable finance. However despite the efforts made by the government, most women enterprises still are not accessing the funds as anticipated in this government endeavors. There has been concern among various stakeholders that even though the government has availed affordable funds for women with minimal regulatory factors, some of these funds lie idle with lenders therefore Specifically, the study sought to establish the extent to which financial characteristics, lending procedures, financial literacy and loan repayment policies affect micro-loan uptake by women enterprise groups in Nakuru East Constituency, Nakuru County. The research employed descriptive research design. The target population was 322 women groups in Nakuru Town East Constituency. Nassiuma’s formula was employed to sampled 82 groups. Primary data was collected through semi structured self-administered questionnaires. Both descriptive and inferential statistics were used to analyze data. Multiple regression analysis was used as the principal data analysis method. From the study findings,financial characteristic, lending procedures, and financial literacy and loan repayment policies has a significance influence on uptake of micro-loans by women enterprise groups in Nakuru East Constituency, Nakuru County. From the finding the researcher recommended that MFIs and governments should design products specifically tailored to meet the needs of women so as to address their challenges. Women should be equipped with financial literacy skills; this can be through conducting workshops to teach these women how to start and maintain their businesses in proper financial state at all times. The study suggested that further research should be carried out to assess the effect of group dynamic on loan repayment Key terms: Financial Factors Micro-Loan Uptake, Women Enterprise Groups DOI: 10.7176/RJFA/10-8-19 Publication date: April 30th 201
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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