Journal Articles
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Item Fundamental analysis of the agricultural firms listed at the Nairobi securities exchange, Kenya.(IJRPR, 2022) Dinga, Mackred Ochieng.This study examined the fundamentals of the agricultural firms listed at the Nairobi Securities Exchange in Kenya. Cross-sectional data covering seven years was obtained from six firms and assembled into a pool of 420 data points. The study employed one-way analysis of variance in performing fundamental securities analysis using ratios data from the published financial statements of the firms. The findings suggest that there are differences among these firms with regard to solvency, liquidity and profitability which lays bare a compelling choice criterion for investors and other stakeholders who are keen on dealing with these firms.Item Factors affecting financial performance of pension schemes in Kenya.(Stratford Peer Reviewed Journals & Books, 2022) Dinga, Mackred.; Oyoo, James.The major function of pension funds is to provide ways for individuals to build up financial savings during their effective or working life in preparation for the funding of the consumption requires when they retire from active employment. Pension funds are the major sources of retirement income for many individuals worldwide. Despite the pension sub-sector growing, the faster growth in pension liabilities relative to assets as well as increasing life expectancy has elevated funding risks. In the defined contribution schemes, unremitted contributions have increased due to poor economic performance and the insufficient funding of quasi government schemes. This study sought to analyze the factors affecting financial performance of pension schemes in Kenya. The study specific objectives were to determine the influence of risk management, membership age, member contribution and firm size to determine their effect on the financial performance of the pension schemes. The study used 34 individual retirement benefits schemes registered with the Retirement Benefit Authority. The study used data for the period 2012-2021. The results revealed that there was a positive and significant relationship between risk management and financial performance of pension schemes. There was a negative and insignificant relationship between age of scheme members and financial performance of pension schemes. Member contribution had a positive and significant relationship with financial performance of pension schemes. Firm size revealed a positive and significant relationship with financial performance of pension schemes in Kenya. The null hypothesis on risk management, member contribution and firm size were rejected while that of age of the scheme members was not rejected. The study concluded that there is a strong correlation between risk management, age of scheme members, member contributions and firm size on financial performance of pension funds. The study recommended that pension funds should use the increasing value of their funds to generate returns for the pensioners. In addition, there is need to utilize assets to generate income for the pension funds and include the needs of the different age brackets in the management of the pension schemes.Item Marketing strategies and performance of small and medium enterprises in kitengela township, Kajiado County, Kenya(International Journal of Current Research, 2025) Sapuro, James; Okonga, Brigitte W.Item The country by country ranking of pension systems in the world, a multiple discriminant analysis using data from the mercer CFA Institute’s global pension index 2021.(IJRP, 2022) Dinga, Mackred.This study examined the validity of the Mercer Global Pension Index using multiple discriminant analysis. The index data for 43 countries in the Index Report 2021 was obtained and a ranking score developed. The three predictors adequacy, sustainability and, integrity, which were individually composite variables, were analyzed to determine the extent to which they influence the ranking of the pension systems. The findings confirm that adequacy, sustainability and integrity of the pension system all have a significant influence on the ranking of pension systems in the world as provided in the Mercer Global Pension Index report of 2021.Item Corporate Governance Practices and Performance of Teachers-Based Savings and Credit Cooperative Organizations in Central Region, Kenya(International Academic Journal of Economics and Finance, 2025) Wachuka, Mercy N.; Okongo, Brigitte W.The study looked into the correlation between corporate governance strategies and the performance of teacher-based Savings and Credit Cooperative Organizations (SACCOs) in the Central Region of Kenya. It delved into four major determinants of corporate governance: board composition, leadership practices, member participation, and financial regulatory compliance. The research filled a significant research gap by providing evidence on the influence of governance weaknesses on small teacher-based SACCOs, including poor oversight, low participation, and heavy regulation. The study adopted a mixed-method approach, using descriptive and explanatory research designs. The target study population was the teacher-based SACCOs in Central Kenya. A total of 384 respondents were identified through stratified and systematic sampling. Data collection was done through structured questionnaires, which were complemented by secondary administrative data in SACCO reports. The data was analyzed using SPSS, which generated descriptive statistics, correlation, and multiple regression to determine the correlation between the governance variables and performance indicators, profitability, liquidity, including and member satisfaction. The findings indicated that the level of participation by the members significantly and positively influenced the performance of SACCOs (r = 0.612, p < 0.05; β = 0.196, p < 0.001). It also enhanced decision making and accountability. Composition of the board, however, negatively influenced the performance (r = -0.421, p < 0.05; β = 0.227, p < 0.001). This was attributed to insider control and restricted autonomy. Board leadership practices (β = 0.087, p = 0.112) and financial regulatory compliance (β= 0.003, p = 0.958) were both found to be not statistically significant. Despite this, the findings indicate that the performance of smaller SACCOs was constrained by compliance costs. The regression equation (R2 = 0.102) accounted for 10.2% of the variation in performance, with 4.763 units of baseline performance. The research recommends that the way to fix this is to enhance financial literacy, introduce independent directors, and redefine regulations that would reduce compliance costs. The research presents new findings on corporate governance in teacher-based SACCOs, which is not a well-researched area in Kenya. It uses four theories: Agency, Stewardship, Stakeholder, and Resource Dependence, to describe performance results. The results provide practical advice to SACCO leaders and regulators like SASRA and policymakers. Enhancement of governance structures will foster sustainable performance, financial inclusion, and the welfare of members.Item Sustainable HRM practices in the Kenyan informal sector(Edward Elgar Publishing, 2025) Wamalwa, Lucy S.; Murithi, Fridah G.Kenya's informal sector employs the vast majority of workers but is fraught with challenges such as low pay, unsafe working conditions, and a lack of social protection. This chapter highlights how sustainable human resource management (HRM) can tackle these issues by focusing on developing and putting in place employment laws and policies that ensure fair wages, worker wellbeing, and environmental responsibility. It draws from global successes like India's Self-Employed Women's Association and Brazil's Bolsa Família programmes, which offer strategies to improve workers’ livelihoods, formalize informal businesses, and align their HRM strategies with Kenya's Vision 2030. By using empirical data collected through semi-structured interviews and sharing the real-life stories of workers, the chapter emphasizes the urgent need for fairer policies, better employee protection laws and policies, and a call for meaningful change in employee management in the informal sector in order to build a sustainable and inclusive economy.Item Moderating effect of audit committees on forensic accounting techniques and financial performance of Kenyan counties.(IISTE, 2025) Omucheyi, Rispah Khamonyi .; Abdul, Farida.; Kosgei, Margaret.The aim of the study is to assess the moderating effect of audit committees on the relationship between forensic accounting techniques indicated by (audit opinion, red flag index, audit expenditure, fraud rate and cases reported) and financial performance (indicated by own source revenue and absorption rate) of counties in Kenya. The research was based on correlational research design using data from audited financial statements of counties for 9 years from financial year 2014/2015 to 2022/2023. Data was analyzed using R statistical tool and the model was subjected to instrument validity test, autocorrelation and model specification test then a dynamic panel model was fit. The outcome showed that audit committee size has a moderating effect on the linkage between forensic accounting techniques and financial performance of counties in Kenya to some extent at first lag. The study noted that most counties did not have an audit committee or the audit committee was not functioning fully. The study concluded that every county should ensure that they have an audit committee to oversee the financial functions. The study recommends that each county government leadership should ensure that an independent and qualified committee is in place to oversee the financial reporting exercise. Institute of Certified Public Accountants of Kenya should ensure that they monitor the counties have a fully functional audit committee. The senate could penalize counties that do not have an independent and working committee.Item Assistive Technologies and Sustainable Urban Mobility for Students with Disabilities in Kenyan Private Universities: A Mixed-Methods Analysis(2026) Munya, David W.; Ndolo, JacksonAs institutions of higher learning across Africa strive toward inclusivity, the physical and digital mobility of students with disabilities (SwDs) remains a critical yet under-researched frontier. By undertaking this study the aim is to investigates the role of Assistive Technology (AT) in facilitating Sustainable Urban Mobility (SUM) for SwDs at Kenyan private universities, addressing a gap in mobility that is often constrained by disorganized urban infrastructure. Through the help of Model of Disability and Spatial Interaction Theory, the research employed a convergent parallel mixed-methods design. Data were collected from 91 students across 29 chartered private universities using stratified random sampling. Quantitative results from multiple regression analysis (R2 = .783, p < .001) indicated that Assistive Technology factors (β = .412) and Individual Student Characteristics (β = .387) were the strongest predictors of successful mobility outcomes. Urban Infrastructure in urban areas became the least influential factor (β = .038, p = .478), revealing a huge "accessibility gap" between inclusive campus environments and exclusionary urban transit systems. This study highlights an important trend: that while traditional mobility aids usage (wheelchair, clutches, white cane) remain robust, students with disabilities in private universities in urban areas in Kenya more so in Nairoib are increasingly pivoting to digital solutions, such as ride-hailing applications, to bypass inaccessible public transport, though this imposes a significant financial burden. In conclusion the study asserts that achieving sustainable mobility requires a multi-stakeholder approach that integrates affordable AT, rigorous policy universal urban design, and enforcement to bridge the existing gap between policy aspirations and students' lived realities.Item Board Structure and Financial Distress: Insights from NSE-listed Non- Financial Firms(International Academic Journal of Economics and Finance, 2025) Oyaro, John; Ondabu, Ibrahim T.; Oluoch, Oluoch; Memba, FlorenceFinancial distress has been a major concern for managers, practitioners and scholars globally. For a long time, companies have faced financial distress worldwide. In the recent past companies such as Wirecard in Germany, Silicon Valley Bank and Signature Bank in United States as well as Signa Holding in Austria have collapsed. The phenomenon is the same in Kenya with companies such as Eveready East Africa, Karuturi Ltd, Mumias Sugar Company, Nakumatt Holdings and Uchumi Supermarkets having collapsed. Others such as Kenya airways have experienced financial distress. This situation creates Panic among the existing investors and may finally erode investor’s confidence and may result in loss of huge sums invested in the capital markets. As a result, there is need to tame the situation before investors lose confidence in the market. The focus of this study was to determine the effect of board structure on financial distress of non financial firms listed on the NSE. This study applied the Z-score for emerging economies to test financial distress. The study was anchored on institutional theory. The study applied positivistic philosophical foundation. The research design applied was cross-sectional research design. The population comprised of 46 non-financial listed firms as at December 2023. A census of all the firms was conducted. The study utilised secondary data that was extracted from published financial statements and other annual reports of the respective individual firms for a period of ten years from 2014 to 2023. Both descriptive and inferential statistics were used to analyse the data. Univariate logistic regression analysis and Pearson's correlation analysis were used. Tables and graphs were used to present the findings. Results showed that a significant negative correlation exist between financial distress and board structure (r = -0.771; p=0.000). Regression analysis results showed that there is a strong negative relationship between board structure and financial distress. The descriptive statistical analysis revealed that, on average, 90.97% of board members are non-executive directors. However, the unilabiate analysis revealed that board structure accounts for 31.2% to 41.2% of the variance in financial distress among listed firms. Consequently, this study revealed that for every one-unit improvement in board structure, the odds of financial distress decreases by approximately 36.4%, as shown by the odds ratio (Exp(B)= 0.636). The study thus recommends that non-financial listed firms must endeavour to have well-structured and diverse boards in terms of independence, gender and board size.Item Does Executive Compensation Structure Contribute to Financial Distress? Lessons from NSE-listed Non-Financial Firms(International Academic Journal of Economics and Finance, 2025) Oyaro, John; Memba, Florence; Oluoch, Oluoch; Ondabu, Ibrahim T.The aim of the study was to determine the effect of executive compensation structure on the financial distress of Nairobi Securities Exchange-listed non-financial firms. The study was anchored on the agency theory. A census of all 45 non financial listed firms at the NSE was carried out using the cross-sectional research design. Secondary data extracted from published financial statements and other annual reports of the respective individual firms for a period of ten years from 2014 to 2023 was employed. In the study the Z score for emerging economies was used to determine financial distress. Executive compensation structure was measured using the proportion of earnings before interest and tax that was distributed to board of directors. Both descriptive and inferential statistics were used in data analysis. Descriptive statistics included mean score and standard deviation. Inferential analysis was conducted via univariate logistic regression analysis and Pearson's correlation analysis. The study determined that a significant negative correlation exist between executive compensation structure and financial INTRODUCTION distress (r = -0.811: p=0.000). The study also determined that there exists a strong negative relationship between executive compensation structure and financial distress (β= -0.729: p=0.000). 34.1% to 45.5% variations in financial distress of non-financial listed firms explained by executive compensation structure. Consequently, this study established that for every one-unit improvement in executive compensation, the odds of financial distress decreases by 51.7%. The study therefore concluded that executive compensation structure as a significant negative effect on financial distress implying that an increase in executive compensation may lead the firm into financial distress. The study thus recommends that organisations should design an optimum executive compensation structure which aligns the interests of the management with those of the owners of firms thereby minimizing not only agency conflicts but also agency costs which firms may incur.