Theses and Dissertations
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Item Effect Of Financing Strategies On Financial Performance Of Real Estate Firms In Kenya(Kca University, 2022) Karuntimi, Jacob K.With the ballooning state of real estate companies and entrance of new financing strategies in Kenya, it is vital to investigate the role of some of the newly adopted financing strategies. Besides, volatility of returns for real estate companies appears high with some collapsing in the last decade. This study examined the relationship between financing strategies and financial performance of real estate firms in Kenya. The financing strategies considered included: private equity, joint venture, mortgage and retained earnings. The study also examined the moderating effect of firm size on the relationship between financing strategies and financial performance. The study utilised secondary data that was drawn from a sample of fifty five real estate firms for a time span of six years from 2015 to 2020. In data analysis, panel estimation procedures were performed. Empirical results from the study show that financing strategies play a significant role on financial performance of real estate firms. Specifically, private equity, joint venture and mortgage finance had a positive but statistically insignificant influence on financial performance. Retained earnings positively and significantly influenced financial performance. Further, it was found that firm size had a moderating effect on the relationship between financial components and financial performance. The study recommends that real estate firms should use retained earnings to fund investments as this has highest positive benefits. Moreover, real estate companies should strategically enter into private equity, joint venture and mortgage agreements as this too can improve financial performance.Item Determinants Of Financial Performance of General Insurance Companies in Kenya(KCA University, 2023) Kimani, Peter G.Stability and good performance of insurance companies is paramount. Kenyan insurance companies have, for the last decade, faced a turbulent business environment. This study evaluated determinants of financial performance for the insurers. It focused on five specific objectives namely: to establish the effect of underwriting risk on financial performance of general insurance companies in Kenya, to evaluate the effect of liquidity on financial performance of general insurance companies in Kenya, to find out the effect of solvency on financial performance of general insurance companies in Kenya, to assess the effect of firm size on financial performance of general insurance companies in Kenya to establish the effect of capital adequacy on financial performance of general insurance companies in Kenya. The basic theory for this study is theory of asymmetrical information while others for specific variables were liquidity preference theory, resource based view and pecking order theory. The study targeted thirty one general underwriters. Data was sourced for a period of seven years from 2014 to 2020. A panel data set was collated from the seven-year observations. Data analysis was done using panel estimation method. The study concluded that the most significant determinants of financial performance of insurance companies in Kenya are underwriting risk and solvency. Underwriting risk had a negative and significant influence on return on assets. Also, solvency was found to better financial performance of insurance companies significantly. Moreover, the study concluded that liquidity and capital adequacy negatively and insignificantly affected financial performance of insurance companies in Kenya. Lastly, firm size positively and insignificantly affected financial performance of insurance companies in Kenya. It is recommended that insurance companies in Kenya need to diversify underwriting business in order to mitigate risks associated with underwriting risk as it hampers financial performance. Also, insurance firms should maintain high solvency ratios as solvency was found to boost financial performance. This study is valuable because it provides empirical evidence that can be used by regulators to form policies that may stabilise the sector. At the same time, it contributes to firm performance literature in Kenya and beyond. The study too is useful to scholars in the field of insurance as it adds to insurance literature from Sub-Saharan Africa.