bluuebunny/crossref_metadata_2025_split huggingface dataset:
THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND CORPORATE TAXES FOR COMPANIES LISTED IN THE NAIROBI SECURITIES EXCHANGE
Authors: Wangui Wamweya Shelmis , Aduda Dr.  J.O. 
Published: September 2020

Purpose: The purpose of this study was to analyze the relationship between capital structure and corporate taxes for companies listed in the Nairobi securities exchangeMethodology: The study used descriptive survey research design. This study used Secondary data sourced from annual audited financial statement of the firms listed on Nairobi Securities Exchange. The population of the study consisted of companies listed on the NSE. Purposive sampling was used to select respondents from the sampling frame. A sample size of 46 listed companies for the year 2001 to 2011 were selected through random sampling. Data was analyzed using Statistical Packages for Social Sciences (SPSS) to derive descriptive results.Results: Finding indicated that the relationship between debt equity ratio and taxes profit ratio was negative and significant and that debtequityratio has a significant effect on taxesprofitratio.The findings pointed out that the existence of tax shield in a perfect capital market conditions cannot be reached, in an imperfect financial market, the capital structure changes will affect the company's value. The findings also pointed that firm which follows the trade-off theory sets a target debt to value ratio and then gradually moves towards the target. Accordingly, the findings agreed pointed that the value of the firm will increase or the cost of capital will decrease with the use of debt due to tax deductibility of interest charges. Findings also pointed that a firm facing a low enough tax rates would also use equity, because investors pay more taxes on debt interest than on equity income. In conclusion, the findings pointed that the more profitable the firm the lower is the debt ratio.Unique contribution to theory, practice and policy: The study is recommended for commercial banks to issue corporate bonds as this would form a cheap source of finance and also the use of corporate bonds entails the enjoyment of the interest tax shield and consequently improving the shareholder’s wealth. The study also recommended that commercial banks should engage strategic investors. Further to that, the study recommended that the equity share holder should be substituted for debt shareholding in future, this is because an increase in debt shareholding arising out of substitution would be beneficial to the commercial bank because it will result into interest tax saving.
DETERMINANTS OF FINANCIAL INCLUSION AND PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN NAIROBI CITY COUNTY
Authors: Otiato Elvince Hillary 
Published: September 2020

Purpose: The general objective of this study was to assess the determinants of financial inclusion and performance of small and medium enterprises in Nairobi City County. Methodology: The study adopted a descriptive research design. Findings: Determinants of financial inclusion among the SMEs in Nairobi City County included; access, Quality and usage of various financial services. The study revealed that determinants of performance among the SMEs in Nairobi City County included; product/service costs, volume levels traded, profit margins, human resource levels and efficiency levels. The results also identified technological innovations such as MPESA, Mshwari and Agency banking as the most crucial technology factors which played a crucial part in improving their business. The regression results revealed that there was a direct link between the performance levels of SMEs and financial inclusion. Further, the study findings also revealed that technology included platforms like mobile money transfers, ATMs and agency banking eased and ensured inclusion. This was seen as an integral part of inclusion further enhancing the performance of various SMEs.Unique contribution to theory, practice and policy: This study can be a source of solution to be implemented by government of Kenya and the Central Bank of Kenya to create policies that create room for small and medium enterprises to obtain loans from financial institutions. In addition, the study This study will also create awareness among financial institutions in the importance of usage, access and quality of finances to small and medium enterprises which in turn will enable better performance of enterprises. This will definitely have an effect on social inclusion of citizens and better the economic performance.The aftereffects of the study would also contribute towards filling the gap on the topic. It is trusted that the discoveries of the study will make significant augmentations to the writing in the field of financial inclusion and performance fortifying further interest.
EFFECTS OF WORKING CAPITAL CYCLE ON PROFITABILITY OF MANUFACTURING FIRMS IN GHANA
Authors: Kisilu Alfonse Editor 
Published: September 2020

Purpose: The study was on the effects of working capital cycle on profitability of manufacturing firms in Ghana.Methodology: The research design used in this study was explanatory research design. There are 78 large manufacturing firms in Loan Book of Barclays Bank Ghana. The population of the study is therefore 78 firms. The sampling frame was the loan book of Barclays Bank Ghana. It is for this reason that the study considered 50% of the population to be the sample size. This yielded 39 large manufacturing firms. The study used secondary data only for the purposes of analysis and drawing of conclusions. Descriptive statistics included mean scores and inferential statistics included regression modeling.Results: Results show that there is a negative relationship between profit before tax and mean debtor’s collection period whose beta coefficients is -1817.81. Results show that there is a negative relationship between profit before tax and mean inventory conversion period whose beta coefficients is -103.762. The mean payable deferral period had a positive relationship with profitability with a beta coefficient of 1097.073. The findings show that there is a negative relationship between profit before tax and working capital conversion cycle with a beta coefficient of -816.198.Policy recommendation: It was recommended that speeding up payments to suppliers might increase profitability because firms often receive a substantial discount for prompt payment.It was also recommended that the government should intervene by way of a legislation that would impose penalty interest for delayed payment of commercial debts. Such a provision would create a level playing field by binding all firms to pay promptly and ease the cash flow problems of small firms, who will be compensated for any overdue payments. It was recommended that the owners of firms be made more aware and trained on the best credit management practice. That way, they could reduce the amount of overdue debt and alleviate the problem.
DETERMINANTS OF FINANCIAL PERFORMANCE OF DEPOSIT-TAKING MICROFINANCE INSTITUTIONS AND CO-OPERATIVE SOCITIES THAT HAVE FRONT OFFICE SERVICE ACTIVITIES REGISTERED WITH SASRA.
Authors: BELYDAH ONGAKI K. , Herick Dr.Ondigo 
Published: September 2020

Purpose: The study aimed to examine thedeterminants of financial performance of deposit-taking microfinance institutions and co-operative societies that have front office service activities financial performance of portfolios of investment firms in Kenya.Methodology:The research design was descriptive survey. The study used a sample of 11 Sacco FOSAs and 6 DTMs. Secondary data spanning three years (2009 to 2011) was used. A regression model was used to establish determinants of financial performance of deposit-taking microfinance institutions and co-operative societies that have front office service activities financial performance of portfolios of investment firms in Kenya.Results:This study concludes that there is a positive relationship between profit ratio and interest income ratio. Therefore, an increase in interest income ratio by leads to an increase in profit margin. This study concludes that there is a positive relationship between profit ratio and non-interest income ratio. An increase in noninterest income ratio leads to an increase in profit margin. This study concludes that results there are a negative relationship between profit ratio and noninterest expense ratio. An increase in noninterest expense ratio leads to a decrease in profit margin. Regression results indicate that there is a negative relationship between profit ratio and liquidity ratio. An increase in liquidity ratio leads to a decrease in profit margin. Regression results in indicate that there is a positive relationship between profit ratio and asset quality ratio. An increase in asset quality ratio leads to an increase in profit margin. The study concluded that t there is a positive relationship between profit ratio and financing ratio. An increase in asset financing ratio to an increase in profit margin.Policy recommendation:This study recommends that financial institutions should improve the interest income ratio by aggressive marketing their loans products and expanding their market territory. They should also improve non-interest income ratio, non-interest expense ratio, financing ratio, liquidity ratio and asset quality ratio
EFFECT OF INTEREST RATES ON THE FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN KENYA
Authors: Wambari Kihara Duke , Mwangi Dr.Mirie 
Published: September 2020

Purpose: The purpose of this study was to analyse effect of interest rates on the financial performance of commercial banks in Kenya.Methodology:The study adopted anexplanatory research design. This study adopted a census research design; of all the 43 commercial banks in Kenya.The study also used secondary data.Multiple linear regression model was used to analyze the data using statistical package for the social sciences (SPSS) version 20.Results:The study established that lending rate ratio influence the financial performance of commercial banks in a positive way. Deposit interest ratio on the other hand negatively affects performance of commercial banks. Liquidity management and liquidity management influence performance positively and negatively respectively. The study concluded that there is a positive significant relationship between lending rate ratio and financial performance of commercial banks. The study also arrived at the conclusion that deposit interest ratio negatively affects bank performance. Moreover, the study concluded that liquidity management and asset quality affect performance positively and negatively respectively.Unique contribution to theory, practice and policy:Following study results, itwasrecommended that commercial banks in Kenya should keenly manage their lending interest rates given that lending interest ratio is directly related to performance. The study also recommends that commercial banks need to monitor the interest on deposits carefully. The deposit interest ratio is negatively affects performance. It represents the main expense by any commercial bank and therefore for a commercial bank to be profitable, they must maintain a reasonable spread. Commercial banks must strive to raise deposits at reasonable rates in order to on lend to the customers. Commercial banks that attract deposits cheaply are able to advance loans cheaply and therefore attract more borrowers.It is recommended that banks should embrace prudent credit risk management to maintain appropriate asset quality. Credit information sharing and cross referencing with credit bureaus will ensure high risk borrowers are closely monitored. Such measure will result in a reduction of nonperforming loans improve the asset quality
Evaluation of the Level of Enterprise Risk Management Adoption and Maturity of Insurance Companies in Kenya
Authors: Njagi Caroline , Njuguna Dr. Amos 
Published: September 2020

Purpose: The purpose of this study was to evaluate the extent to which insurance companies in Kenya have adopted ERM process, and then to assess the maturity, challenges and strategies in the implementation of this process.Materials and methods: The research design adopted for the study is descriptive research. The researcher conducted a survey on the 49 insurance companies of Kenya to encapsulate the factors that are relevant in articulating the extent of adoption of ERM and the level of maturity. A sample of 196 respondents was selected from a population of 245 respondents. The study used quantitative and qualitative methods of data analysis. Statistical Package for Social Sciences (SPSS) version 20 program was used for analysis. The results were presented using tables and pie charts. Similarly, qualitative data was summarized and categorized according to common themes and presentedin continuous prose form.Results: The study concluded that organizational related challenges hindered implementation of ERM programs. Results revealed that inadequate application of the risk management framework, ambiguity in roles and responsibilities in risk management, complexities in risk measurement, lack of embodiment of ERM in organizational culture, difficulty in risk quantification, linking risk information to strategic decision making, ensuring that all decisions remain within the organization’s risk tolerance, proactively identifying current and emerging risks, cost and budgetary constraints, misalignment of the risk and business operating models, risk management not seen as a priority by top management and inadequate information to make risk-based decisions hindered implementation of ERM frameworks among insurance firms in Kenya. The findings imply that organization related challenges have a significant effect on ERM implementation.Recommendations: The study recommends that there should be better organizational strategies to help improve implementation of ERM programs. It was found that building a strong risk culture, engaging consultants, building a dedicated ERM function, committed board of directors and top management, developing risk appetite statement, appointment of a Chief Risk Officer (CRO) and availing ERM budgets improved the implementation of ERM programs. Key words: enterprise risk management, adoption, maturity
CHALLENGES OF STRATEGY IMPLEMENTATION BY INSURANCE COMPANIES IN KENYA
Authors: Munge Zipporah N , Kitiabi Dr. Regina 
Published: September 2020

Purpose: The purpose of the study was to determine the challenges of strategy implementation by insurance companies in Kenya.Materials and methods: The study made use of primary data that was collected using questionnaires. Since the study involved the use of questionnaires, descriptive survey study was employed. The study population used included all the 46 insurance companies operating in Kenya as at August 2014. A list of the insurance companies in Kenya was obtained from the Insurance Regulatory Authority (IRA). A census of the 46 insurance companies was used. Therefore, sampling was not applicable in this study. After data has been collected through questionnaires, it was prepared for readiness of analysis by editing, handling blank responses, coding, categorizing and keying into Statistical Package for Social Sciences (SPSS) computer software for analysis. SPSS was used to produce frequencies, descriptive statistics which were used to derive conclusions and generalizations regarding the population.Results: The results from the study showed that among that the macroeconomic factors considered to affect strategy implementation were; strict guidelines for compliance with legal, regulatory and capital requirements, high technology advancement, and high inflation rates and low purchasing power of customer whereas the industry specific challenges that affected strategy implementation included; threat of price wars, stiff competition, rivalry among insurance companies and strong bargaining power from clients. Lack of staff involvement, bureaucratic structures and procedures in the company, poor communication of deliverables, and lack of clear guidelines in implementation, were among the internal factors that affected strategy implementation. The study also found out that strategy responses adopted by insurance companies in order to effectively implement their strategies included; rewards being linked to strategy implementation in order to enhance effective execution, lobbying through the Association of Kenya Insurers (AKI) to address regulatory, economic, political and environmental challenges, reliance on support from the Insurance Regulatory Authority (IRA) to address challenges in pricing and price wars.Recommendations: The study recommended that in order to address the strategy implementation challenges companies must first, avoid resistance by employees towards strategy implementation by ensuring employee involvement in the process, secondly, the companies should also work in lessening the bureaucratic structures and procedures, improving and ensuring effective communication of deliverables to ensure they are well understood by the employees, and also ensuring that clear guidelines in implementation process are laid down before the strategies are implemented.
A Comparative Study of the Returns of Quoted Sin and Non Sin Stocks at the Nairobi Securities Exchange
Authors: Njeru Paul Gachoki , Ondigo Dr. Herrick 
Published: September 2020

Purpose: The purpose of the study was to compare returns of quoted sin and non-sin stocks at the Nairobi Securities Exchange. The major objective of the study was to establish whether stock returns of sin stocks outperform non sin stocks.Methodology: The study used explanatory research design with the population consisting of all firms listed in the NSE. The sample of the study consisted of the top 20 NSE firms. The study grouped 18 firms into the non-sin stock category and another 2 firms (BAT ad EABL) into the sin stock category. Secondary data sources were used in gathering data for analysis which was done using the Statistical Package for Social Sciences (SPSS version 20) to generate the descriptive statistics and also to generate inferential results.Results: The study found out that sin stocks have higher capital gains, high expected return and dividends than in non-sin stocksUnique contribution to theory, practice and policy: The study recommended that Sin stocks have higher expected returns than comparable stocks; however, neglected they are by norm constrained investors. Therefore, investors should split their investment in sin stock and non-sin stocks.
DETERMINANTS OF INTEREST RATE SPREAD AMONG COMMERCIAL BANKS IN KENYA
Authors: Njoroge Leah , Warui Mercy , Mbogo Catherine , Chiera Margaret , Chogii Dr. 
Published: September 2020

Purpose: To establish the determinants of interest rate spread among commercial banks in Kenya.
Methodology: The study utilized a descriptive survey research design.
Findings: The results indicated that the commercial banking sector has witnessed a gradual rise in the Interest rate spread. Results also showed that the mean of market structure has been fluctuating with year (2010) being the lowest with mean of 4 and year (2012) being the highest with mean 12. Results also showed that there was no regulation from the year (2005) to the year (2009) but it was later adopted whereas regulations shoot steadily to mean of 1.0 in the year (2009) and remained in the same level the rest of the years. The regression results indicate that there is a positive and significant relationship between market structure, credit risk and interest spread. The regression results also indicated that there is a positive but insignificant relationship between access to information and interest spread. Further, the results indicated that there is a negative and significant relationship between regulation and interest spread.
Unique contribution to theory, practice and policy: The study is important to the management of Commercial banks as it will provide an insight on the factors influencing interest rate spread among commercial banks in Kenya. The results of this study will provide information to policy makers and other stakeholders in the financial sector (especially the banks) to come up with strategies that help in dealing with the high interest rate spread experience in the banking sector and thus improve on the financial performance of the organisations. It may be used as a tool for persuading commercial banks to reduce their interest rates spread and hence increase their volume of business, which of course would compensate the loss in the interest rate spread. The study will also be invaluable to the government and CBK. This is because the monetary policy framework of Central Bank of Kenya and its implementation will be guided by a need to ensure, among others: realistic interest rate spreads that encourage financial deepening and a safe, sound, efficient and competitive banking system through discreet risk management. These findings therefore might influence the effectiveness of economic policies. The research results will also be important to scholars and researchers as it will add to the existing pool of knowledge.
FIXED COSTS AND THE DEVELOPMENT OF REAL ESTATE IN MOMBASA COUNTY, KENYA
Authors: Mulli Brian Kitheka , Kaplelach Mr. Samson 
Published: September 2020

Purpose: The main purpose of this study was to examine how fixed costs affect developments of real estate in Mombasa County, Kenya.
Methodology: The study adopted the explanatory research design. The target population was the real estate developing firms in Mombasa County Kenya. According to Kenya Statistical Abstracts Issues, there are 25 Property development companies in Mombasa County, Kenya. Sample size comprised of 25 finance managers and 25 marketing managers from the real estate development firms. The study used questionnaires to collect the required data. Descriptive statistics was used mainly to summarize the data. SPSS was used for analysing complex data. The descriptive analysis involved the use cross tabulation and frequency distribution tables. Regression analysis was used to establish the relationship between the independent and dependent variables.
Results: The study findings revealed that there was a positive association between financing costs, legal costs, labour costs and administrative costs and the development of real estate in Mombasa County. The study results finally indicate that only labor cost had a significant influence on the development of real estate
Policy recommendation: The study recommends that there is a need for the government to come up with policies that will reduce the cost of labour in real estate; this will help in improving the development of real estate generally and attractive to investors