School of Business & Public Management
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Item Co- creating human- centred climate solutionsthrough challenge- based learning: Insightsfrom Kenya–UK learning and design lab(British Educational Research Association., 2025) Mwangi, Renson Muchiri.; Muthuri, Judy N.; Kutuk,Gulsah.; Muriithi,Betsy.; Kamere, Grace.; Faßbender, Karina.Abstract The global climate crisis calls for innovative educational approaches that empower individuals to critically engage with its complexities and inequalities. Climate change education (CCE) is a key strategy to foster the knowledge, agency, and action needed for such engagement, particularly within higher education. Yet, traditional content- driven approaches often fail to address the dynamic and context-specific nature of climate change impacts. This article explores the potential of human- centered challenge-based learning (HCCBL) to promote equitable and inclusive CCE through transdisciplinary co- creation and Global North–South dialogue. We draw on findings from the UK- Kenya University Partnerships: Learning and Design Lab, a British Council project that involved undergraduate and postgraduate students from universities in Kenya and England in the United Kingdom. Sixty (60) university students collaborated in intercultural teams across three labs to co-create solutions for real-world climate resilience challenges identified by three (3) industry partners in Kenya. The findings highlight HCCBL's value in bridging theoretical knowledge and real-world application as well as enhancing students' problem-solving and intercultural competencies. However, challenges such as cultural dynamics, time constraints, and asymmetric travel opportunities underscore the need for adaptive and equitable facilitation. This study positions HCCBL as a transformative pedagogy in CCE that supports co- creation, knowledge exchange, and sustainability leadership among university students in high-vulnerability contexts. It also discusses implications for educators, policymakers, and industry stakeholders who are committed to inclusive, justice-oriented climate action through educationItem Capital adequacy, risk absorption, and operational efficiency of Islamic in sub-Saharan Africa(University of Turin, 2026) Njogo, Michael Njoroge.; Korir, Fiona Jepkosgei.; Dallu,Abdallah Mambo.Abstract This study examines how capital adequacy shapes the operational efficiency of Islamic banks in Sub-Saharan Africa (SSA), with particular emphasis on its role as an internal risk-absorption mechanism rather than a purely prudential stability buffer. Despite its central role in Islamic banking regulation, the efficiency implications of capital adequacy, particularly in developing and institutionally constrained Islamic finance markets, remain largely unexplored. Based on a balanced panel of fully-fledged Islamic banks in SSA from2010to 2024, the paper employs a two-step empirical approach. Bias-corrected operational efficiency scores are estimated in the first stage using the Simar–Wilson two-stage Data Envelopment Analysis (DEA) framework. In the second stage, we explore the non-linear effects of capital adequacy on efficiency using panel regression techniques, controlling for bank-specific and institutional factors. To address endogeneity, persistence, and reverse causality, a dynamic panel model is estimated using System GMM as a robustness check. The findings indicate non-linear relationship between capital adequacy and operational efficiency. Moderate capital buffers are associated with improved efficiency through higher loss absorption capacity and stabilisation of operating costs, while excessive capitalisation is accompanied by scale inefficiencies and less effective intermediation. These results indicate that Islamic banking exhibits an efficiency trade-off in capital adequacy, as prudential strength beyond an optimal level may limit productivity in resource allocation. The study makes an important contribution to Islamic banking literature by reframing capital adequacy as a channel of structural efficiency and by providing rare dynamic evidence from SSA. This raises policy implications and suggests the need for commensurate capital calibration that balances prudential resilience against operational efficiency for emerging Sharīʿah-compliant banking systems.Item Scale efficiency and technical efficiency in Islamic banks: Evidence from Sub-Saharan Africa(SSBFNET, 2026) Njogo, Michael Njoroge.; Korir, Fiona Jepkosgei.; Dallu,Abdallah Mambo.Abstract This study investigates whether inefficiencies in Islamic banking in Sub-Saharan Africa (SSA) are primarily driven by managerial limitations or by suboptimal scale of operations. While existing studies largely report aggregate efficiency scores, limited attention has been given to decomposing efficiency into its underlying components in emerging Islamic banking systems, particularly within the SSA context. The study employs a balanced panel of 35 fully fledged Islamic banks operating in SSA over the period 2010–2024. Operational efficiency is estimated using a bias-corrected Data Envelopment Analysis (DEA) model under an input-oriented Variable Returns to Scale (VRS) framework. To enhance statistical reliability, the Simar–Wilson bootstrap procedure with 2,000 replications is applied. Efficiency scores are decomposed into pure technical efficiency and scale efficiency to distinguish between managerial inefficiencies and structural scale constraints. The results indicate that overall efficiency levels remain low, with inefficiencies largely driven by scale factors rather than managerial performance. A significant proportion of banks operate under increasing returns to scale, suggesting suboptimal size linked to structural constraints such as limited market depth, fragmented regulatory environments, and underdeveloped financial infrastructure. Although pure technical efficiency shows moderate improvement over time, managerial gains are insufficient to offset these systemic limitations. The findings highlight the need for regulatory harmonization, market integration, and strategic expansion or consolidation to enable Islamic banks to achieve optimal scale and improve operational efficiency in SSA. This study provides one of the first comprehensive efficiency decomposition analyses of Islamic banks in SSA using bias-corrected DEA, offering new insights into the relative importance of structural versus managerial sources of inefficiency in emerging financial systems.Item Catch-up or divergence? Operational efficiency convergence dynamics of Islamic banks in SSA(SSBFNET, 2026) Njogo, Michael Njoroge.; Korir, Fiona Jepkosgei.; Dallu,Abdallah Mambo.Abstract This study examines whether Islamic banks in SSA exhibit convergence in operational efficiency or whether performance disparities persist over time. Specifically, it evaluates whether less efficient banks catch up with more efficient peers within the region’s emerging Islamic banking sector. The study adopts a two-stage empirical framework using panel data from 35 Islamic banks across SSA over the period 2010–2024. In the first stage, operational efficiency scores are estimated using a bias-corrected Data Envelopment Analysis (DEA) model following the Simar and Wilson two-stage approach. An input-oriented specification under Variable Returns to Scale (VRS) is employed to reflect cost minimization behaviour and heterogeneity in bank size. Bias correction is implemented using a bootstrap procedure to obtain consistent efficiency estimates. In the second stage, convergence dynamics are analysed using sigma (σ) and beta (β) convergence models, alongside conditional convergence regressions incorporating bank size, age, and market concentration. The results reveal significant β-convergence, with the baseline model yielding a coefficient of −0.267 (p < 0.01), while the conditional model confirms robust convergence (β = −0.2836, p < 0.01), indicating that banks with lower initial efficiency improve at a faster rate than more efficient institutions, consistent with catch-up dynamics. However, σ-convergence results show that efficiency dispersion declined between 2010 and 2019 but increased after 2020, indicating that convergence was time-varying rather than uniform. This suggests that while convergence forces exist, structural differences and external shocks continue to sustain efficiency gaps across banks. The findings highlight the need for stronger regulatory harmonization, improved financial infrastructure, and targeted capacity-building initiatives to accelerate efficiency convergence across Islamic banks in SSA.Item Relationship Between Selected Macroeconomic Variables and the Financial Performance of Investment Banks in Kenya(International Journal of Economics and Finance, 2021) Njuguna, Peter; Mungiria, James BCurrently, investment banks in Kenya are facing a lot of challenges due to persistence losses However, the available studies are inadequate to aid investment banks in overcoming these challenges in Kenya due to mixed findings, resulting in rising uncertainty on equity investments performance, leading to massive losses among investment banks. This study, therefore, sought to model the relationship between inflation, GDP, interest rates, exchange rates, and financial performance of investment banks Arbitrage pricing theory Modern portfolio theory as well as classical economic theory (flow oriented model) was used. A causal research design was adopted. The study found that inflation has negative significant influence on financial performance of equity investments among investment banks in Kenya. Also, GDP has positive and significant influence on financial performance of equity investments among investment banks in Kenya. Interest rate was also found to have negative and significant influence on financial performance of equity investments among investment banks in Kenya. In addition, exchange rate has negative significant influence on financial performance of equity investments among investment banks in Kenya. The study therefore recommends any investor including financial investors to methodically analyze inflation trends and understand how it affects the company s financial performance. Investors must also be in a position to predict the future concerning inflation changes.Item Firm Characteristics And Operational Efficiency Of Agricultural Firms Listed At Nairobi Securities Exchange In Kenya(Research Journal of Finance and Accounting, 2021) Njogo, Michael N; Wawire, Abraham KItem Relationship Between Mode of Financing and Financial Performance of Deposit Taking Savings and Credit Cooperative Societies in the Lake Region Counties of Kenya(European Journal of Business and Management, 2021) Njogo, Michael N; Cheruiyot, David KMode of financing is an important factor for consideration when it comes to firm financial performance. Several studies show that highly leveraged organizations usually do well in terms of financial growth by increasing the value of a firm, contrary to the MM theorem that argues that capital structure is irrelevant factor to consider since it does not affect the value of an organization. This study focused on establishing the relationship between share capital, retained earnings, members’ deposits, debt financing and financial performance of SACCOs in the Lake Region Counties of Kenya. The study was prompted by the increase in the number of SACCOs in the Lake Region Counties facing financial difficulties resulting to low returns to investors and in some instances, SACCOs being de-registered by SASRA for not meeting the SASRA regulations, thus threatening the well being of the lake region’s economy. The study adopted explanatory research design and the target population was all the 34-deposit taking SACCOs in the Lake Region Counties of Kenya. Secondary data was obtained from the annual reports and financial statements of the 34 DT-SACCOs were used for analysis. The annual reports and financial statements were sourced from the official website of SASRA and the respective official websites of the DT-SACCOs. The period of study was stretch from year 2015 to year 2019. The collected data was converted into panels and fed into STATA version 14 for analysis. The data was analyzed using descriptive statistics, correlation analysis and panel data regression analysis. The study revealed that share capital has an insignificant positive relationship with performance of SACCOs in the lake region while retained earnings has a significant effect on financial performance of SACCOs in the lake region. The study also showed that debt financing has a significant negative effect on financial performance of SACCOs in the lake region. The study recommends DT SACCO management to exploit internal source of financing such as retained earnings and share capital. It also recommends that DT SACCOs should avoid expensive debts but instead sought loans with favorable terms.Item Store Image as a Mediator of Consumer Purchase Intention in Kenyan Supermarkets(Journal of Marketing and Consumer Research, 2020) Owino, Edward; Kiboro, Grace W; Iravo, Mike; Mbugua, DorisThe intensity of competition in the retail sector in Kenya is driving supermarket managers to position store image as a tool of competitive advantage. This study examined the mediating effect of store image on the relationship between psychographic and psychological factors and consumer purchase intention in anchor supermarkets in Kenya. Descriptive cross-sectional survey was applied on a sample of 384 consumers. The composite construct of psychographic and psychological factors was regressed on consumer purchase intention, resulting in a positive significant effect. It was established that store image partly mediates the relationship between psychographic plus psychological factors and consumer purchase intention. The study recommends building of positive reputation of the supermarket to attract and enhance the consumer’s intention to purchase.Item Resilience among Kenyan Manufacturing Firms(Academy of Strategic Management Journal, 2022) Wamalwa, Lucy S; Ochola, StellaAcademic and practitioners have recently discovered resilience as a core topic of interest. It is widely viewed as a potential solution to organizations' challenges posed by the current Covid-19 pandemic and other disasters. While the concept of resilience is increasingly becoming popular, empirical research on resilience organizations is quite rare. In this study, we examined the relationship between organization resources, organization innovative climate culture, restructuring, and transformational leadership style on organization resilience Among Kenyan manufacturing firms. We measured resilience as the firm's ability to return to normal after adversity and as the firm's ability to bounce back better than before. Our sample population is 122 manufacturing firms in Kenya. Our findings show that organizational resources have a significant effect on Resilient both on the ability to return to normalcy and the ability to bounce back better. However, an organization's innovative environment significantly affects firms' ability to return to normalcy in operations but has an insignificance effect on the ability to bounce back better than before. Transformation leadership style and organization restructuring had a significant impact on the ability to bounce back better but an insignificance effect on maintaining normalcy in operations.Item Psychographic Constructs and Consumer Purchase Intention in Kenyan Context(European Centre for Research Training and Development (ECRTD), 2020) Kiboro, Grace W; Iravo, Mike; Mbugua, Doris; Owino, EdwardCompetitiveness in the retail sector calls for an understanding of psychographic constructs and their potent drive of consumer purchase intention. The study examined psychographic constructs in terms of the effect of personality on consumer purchase intention in supermarkets and the effect of lifestyle on consumer purchase intention in supermarkets in Nairobi, Kenya. The study was grounded on Freud’s theory of personality and social learning theory of consumer behaviour. Anchoring on a positivist philosophy, a descriptive cross-sectional survey was employed in studying 48 supermarkets. Using quota sampling, a final sample of 384 consumers was drawn from 48 anchor supermarkets under study. Data from the validated questionnaire was subjected to descriptive statistical analysis and multivariate regression analysis. Both personality and lifestyle had a positive and significant effect on consumer purchase intention and therefore the effect of psychographic constructs on consumer purchase intention was significant and positive. The larger effect size of lifestyle meant supermarket managers should pay more attention to attributes of consumer lifestyle