isaac ochieng - Academia.edu (original) (raw)
Papers by isaac ochieng
Zenodo (CERN European Organization for Nuclear Research), May 18, 2023
The Financial Structure of an organization is the composition of its equity, short-term and long-... more The Financial Structure of an organization is the composition of its equity, short-term and long-term debt, and internal funds that it has selected to run its operation. In business, the management must decide whether to use debt both short term and long term, retained earnings, equity, or a combination of both putting into consideration factors such as the cost of capital, business expansion rate, business risk, market condition, tax exposure, and dividend policy. The dividend policy determines the portion of the company's net profit paid back to the shareholders as their reward. Over the years we have seen a progressive increase in profit and increase in short-term debt, but the dividend policy is not proportional to financial structure and the profit over time. The main objective of this study was to assess the relationship between financial structure and dividend policy of commercial banks listed on the Nairobi Security exchange. The other objectives are to assess the effect of financial structure components this is Equity Capital, Short Term Debt, long-debt financing, and retained earnings on dividend policy. The study population comprised of 10 publicly listed commercial banks in Kenya as at the end of 2021. Secondary data was collected from the Capital market Authority, Central bank, and Nairobi Security Exchange over ten years from the year 2012 to 2021.The study adopted quantitative research design. The data was analyzed using STATA version 14.2, where the following tests were conducted on the panel data to get the best result; normality test, multicollinearity test, unit root test/stationarity test and Hausman test. The banks were analyzed based on census survey to get the best resultsbased on Random effect GLS Regression analysis after a Hausman test. The finding shows that financial structure had a significant effect on dividend policy of listed commercial banks. The results show that each variable, ordinary share capital had a positive significant effect on dividend policy for listed commercial banks, short term debt showed an insignificant positive relationship on dividend policy, long term debt had insignificant positive effect on dividend policy and retained earnings has a positive significance influence on dividend policy. The study Model showed that there exists an optimal dividend policy that satisfies the interest of both the managers and the investors. Hence the study supports the tradeoff theory of capital structure, Agency Theory, pecking order theory and didn't support the dividend irrelevance theory by Modigliani and Miller proposition. Thus, each bank should have its own benchmark on financial structure ratios with a buffer beyond the minimum requirement as specified by the regulatory requirement and the Basel 111 accord based on the safety level. Therefore, banks should pay a dividend based on the optimal dividend policy. The results and analysis of the study have raised additional questions to be addressed in future studies. The study did not use moderating variable therefore further studies to be conducted using bank size, ownership structure and regulatory compliance as moderating variables to find out if similar results will be arrived at.
Developing Country Studies, 2017
Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittanc... more Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittances. Locally, Diaspora remittances attraction is one of the dominant development strategies with the potential of contributing to financial development. The surge in such foreign capital flows raises important questions about their impact on the financial sector, specifically, the securities market. Understanding the linkages between foreign capital flows and the securities market is critical, especially in Kenya where these inflows are rapidly increasing even amidst the global financial crisis and the global economic slowdown which should have contracted them. Available evidence shows that foreign financial flows affects financial development, and that economic growth also influence operations in the financial sector. A research gap still exists as to how the effect of foreign financial flows on securities market development may be influenced by economic growth. Using data collected from the NSE and CBK, this study examined the relationship between foreign financial flows and securities market development, while attempting to answer the critical question of how economic growth influences this relationship in Kenya. The empirical results show that there is a distinct positive relationship between foreign capital flows and securities market development in Kenya. The results further show that this relationship is moderated by the level of economic growth within the economy. This study fronts for policies aimed at promoting cheaper flow of remittances and increasing growth rate of the Kenyan economy.
European Journal of Business and Management, 2014
In order for the Provincial Administration department in Kenya to deliver its mandate, it needs e... more In order for the Provincial Administration department in Kenya to deliver its mandate, it needs efficient and proper service delivery. The implementation of performance contracting was aimed at addressing quality of service delivery. Despite these reforms, there remain some challenges in terms of quality of service delivery. The study sought to evaluate the effect of implementing performance contract on service delivery in provincial administration and also evaluate the effectiveness of Performance Contracting in improving efficiency in service. The study used descriptive survey research design. Primary data was collected from a sample size of 147 drawn from a target population of 490 consisting of 90 employees of Provincial Administration and 400 members of the public. Both stratified random sampling and purposive sampling were used for Provincial Administration staff and members of the public respectively to pick the respondents. The data was gathered by use of a questionnaire that had both open and closed ended questions. Descriptive statistics was used to analyze data in form of frequencies and percentages, and presented in tables. The study revealed that the implementation of Performance Contracting was effective in improving efficiency in service delivery by the department.
European Journal of Business and Management, 2015
Organizations in the modern world consistently strive to succeed in a highly competitive global m... more Organizations in the modern world consistently strive to succeed in a highly competitive global market environment. However many organizations have not been able to develop strategies which offer competitive advantage and therefore find it difficult to cope with the emerging competitive threats. Managers should put in place good policies to avert the strong competitive forces. Poor management of human resource facilitated by lack of motivational policies are some of the problems most organizations face. Employers today would like to have their workers motivated and ready to work but do not understand what truly motivates a person. This study explored the effect of motivation on performance of employees in privately owned firms, a case study of Mt. Longonot Medical Services Ltd. The objectives for this study were: to determine the effect of financial motivation on employee’s performance, and to evaluate the impact of non-financial motivators (e.g. job security, recognition and appre...
Marketing management research has advocated for the establishment of the determinants of customer... more Marketing management research has advocated for the establishment of the determinants of customer loyalty to improve customer retention and performance. However, studies on the direct relationship between these determinants and customer loyalty have yielded inconclusive results suggesting that failure to control for contextual variables, particularly, service quality, may have confounded this relationship. In order to establish this relationship, this study used the data collected during the period of March 2012 to June 2012 from the 400 customers of the four major banks in Homabay County which included; Equity, KCB, Barclays and Cooperative Bank which have branches in major towns of the County to establish the implications of customer personality on customer loyalty determinants in banking sector in Homa Bay County, to determine the effect of service quality on customer loyalty, Descriptive statistics and multiple regression analysis were used to analyze data. The adjusted R square...
International journal of multidisciplinary and current research, 2016
Workers well-being has gained more prominent in today’s society. Workers have faced a lot of pres... more Workers well-being has gained more prominent in today’s society. Workers have faced a lot of pressure emanating from home and work thus work life balance has become a predominant issue in the workplace. Job sharing is one of the way to ensure that there is work life balance in organization for increased employees performance. This study therefore established the effect of job sharing on employeesperformance in selected manufacturing companies in Kakamega County, Kenya.This study was guided by the descriptive research survey design. The study was carried out in West Kenya Sugar Company Limited which is located in Kakamega County, Kenya. The target population for this study was drawn from a population of 2400 employees of West Kenya Sugar Company Limited out of which 220 employees were sampled for the study. 183(83.18%) response rate was obtained which is acceptable for a subsequent data analysis as 60% and above is the recommended response rate in social research. The study targeted ...
Developing Country Studies, 2017
Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittanc... more Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittances. Locally, Diaspora remittances attraction is one of the dominant development strategies with the potential of contributing to financial development. The surge in such foreign capital flows raises important questions about their impact on the financial sector, specifically, the securities market. Understanding the linkages between foreign capital flows and the securities market is critical, especially in Kenya where these inflows are rapidly increasing even amidst the global financial crisis and the global economic slowdown which should have contracted them. Available evidence shows that foreign financial flows affects financial development, and that economic growth also influence operations in the financial sector. A research gap still exists as to how the effect of foreign financial flows on securities market development may be influenced by economic growth. Using data collected from...
Journal of Resources Development and Management, 2016
Savings and Credit Cooperative Organizations (SACCOs) are significant providers of savings, credi... more Savings and Credit Cooperative Organizations (SACCOs) are significant providers of savings, credit and insurance services to a large portion of the Kenyan population. As they grow in number and size a demand to improve management of SACCOs’ staff productivity increases. Consequently, performance appraisal has been adopted as a measure to achieve this goal. However, the 83 active SACCOs in Laikipia County have had performance appraisal hurdles based on the report of the County Cooperative Director’s office. The same report indicates that these hurdles have been brought about by lack of appraisal standards. When a SACCO fails to carry out proper and accurate staff appraisals, it consequently fails in meeting its obligations to its members. The purpose of this study was to analyze the effects of appraisal standards on employees’ performance appraisal in SACCOs of Laikipia County. This study was grounded on the Equity Theory by John Stacey Adams that says that satisfaction is based on a...
Diversity management plays a critical role in employee performance in institutions of higher lear... more Diversity management plays a critical role in employee performance in institutions of higher learning across the world. This study examined the effects of management of diversity dimensions on employee performance in selected Kenyan Public Universities. A cross sectional descriptive survey design was employed for the study. The target population comprised all the 1,900 employees working in selected Public Universities in Kenya. A sample of 330 respondents was selected using both stratified and simple random sampling methods. Data was collected using semi-structured questionnaire. Both descriptive and inferential statistics were employed in the analysis of data. The study found existence of a positive correlation between employee performance and diversity dimensions on employee performance in Public Universities in Kenya of about 29 percent. Therefore, Public Universities in Kenya should ensure Diversity Dimension is well managed since it influences employee performance.
The major supermarkets in Nakuru Town have implemented performance appraisals to enhance employee... more The major supermarkets in Nakuru Town have implemented performance appraisals to enhance employee productivity. However, little research has been conducted to determine the effectiveness of these performance appraisals. Therefore, the purpose of this study was to establish the impact of performance appraisal criteria, feedback, reward and frequency of appraisals on employee productivity in these supermarkets. This study employed a crosssectional survey design. The population of the study was 1560 employees distributed among the 7 main supermarkets operating in Nakuru Town. A sample of 308 respondents was selected using multi-stage sampling technique. 178 filled questionnaires were returned. Multiple regression models were used to analyze the data collected. The study found that performance criteria, feedback and frequency significantly influenced employee productivity. The study recommends that feedback should involve discussions of strengths and weaknesses of the employee and actio...
European Journal of Business and Management, 2021
Public universities are key players in pursuit of Kenya Vision 2030's mandate of providing global... more Public universities are key players in pursuit of Kenya Vision 2030's mandate of providing globally competitive quality education, training and research to the citizenry. However, higher education stakeholders including the World Bank, Kenya's Commission for University Education, employers and scholars have expressed misgivings regarding quality and relevance of these institution's academic programmes. Declining quality is attributed to increased workload, reduced rigour in recruitment and promotion criteria, failure to attract and retain quality faculty, and alleged lecturers' incompetence. Empirical studies relating recruitment practice (RP) to employee performance (EP) ignore both descriptors of RP like: examining vacancy; locating, making contact and attracting candidates as well as lecturers' performance measures such as: quality of teaching and learning; research and publication; administration and other responsibilities; and community engagement and other contributions. The purpose of this study was to establish influence of recruitment on lecturers' performance in Kenyan public universities. It was guided by Simon's decision making theory and reinforced by Barney's resource based view; Adam Smith's human capital theory; and Herzberg's two-factor theory. It adopted descriptive cross-sectional survey research design with a target population of 1,653 lecturers in 14 chartered public universities established between 2009 and 2019. Multi-stage purposeful sampling technique was used to finally take a census of 158 academic heads of departments (lecturers) from 13 out of the 14 universities, having used 20 in piloting. Public universities were targeted since they account for 72% of the teaching total university teaching faculty. Semistructured questionnaires were used to collect primary data while secondary data were obtained from relevant secondary sources. Cronbach's alpha coefficient was used to examine the internal consistency at 0.796 (SD= 0.067). Whereas content validity was ascertained by reviewing literature within the domain of study concepts and corroborated by a panel of experts, construct validity was measured using Pearson's r. Data were analyzed using Pearson's r and regression analysis. The correlation between recruitment practice and lecturers' performance was established to be positive and significant (r=.324, p=.000). Recruitment practice accounted for 11.6% (Adjusted R 2 =.116) of the variation in the lecturers' performance in Kenyan public universities. The findings are useful to the management of public universities and HRM practitioners in formulating and implementing recruitment strategies; researchers as well as organizational behaviourists and theorists.
European Journal of Business and Management, 2021
Kenya Vision 2030 envisions provision of globally competitive quality education, training and res... more Kenya Vision 2030 envisions provision of globally competitive quality education, training and research to citizens. Despite public universities' contribution to this mandate, stakeholders such as World Bank, Commission for University Education, employers and scholars fault the quality and relevance of some academic programmes. The decline in quality is attributed to increased workload, reduced rigour in recruitment and promotion criteria, inability to attract and retain quality staff, and lecturers' alleged incompetence. Previous studies relating human resource planning (HRP) practices to employee performance (EP) do not use descriptors of HRP like business plans, scenario planning, demand and supply forecasting, forecasting future requirements and action planning in entirety in addition to exhibiting mixed findings. This study intended to establish influence of HRP on lecturers' performance in Kenyan public universities. It is anchored on Simon's Decision Making Theory and supported by Barney's Resource Based View; Adam Smith's Human Capital Theory; and Herzberg's Two-Factor Theory and implemented using descriptive cross-sectional survey research design. Target population comprised 1,653 lecturers in 14 chartered public universities established between 2009 and 2019. Multi-stage purposeful sampling technique was adopted to finally take a census of 158 academic heads of departments (lecturers) from 13 out of the 14 universities, having used 20 in piloting. Public universities account for 72% of the total university teaching staff hence the interest. Primary data were collected using semi-structured questionnaires while secondary data obtained from relevant secondary sources. Cronbach's alpha coefficient was used to examine the internal consistency at 0.796 (SD= 0.067). While content validity was ascertained by reviewing literature within the domain of study concepts and corroborated by a panel of experts, Pearson's r was used to measure construct validity. Data were analyzed using Pearson's r and regression analysis. The correlation between human resource planning (HRP) practice and lecturers' performance was established to be positive and significant (r=.528, p=.000) HRP practice accounted for 38.0% (Adjusted R 2 =.380) of the variation in the lecturers' performance in Kenyan public universities implying that it can predict their performance. The findings are useful to the management of public universities, HRM practitioners, researchers, organizational behaviourists and theorists.
Human Resource and Leadership Journal, 2019
Purpose: The general objective of the study was to examine the effect of human capital management... more Purpose: The general objective of the study was to examine the effect of human capital management on employee performance at Co-operative Bank of Kenya. The study was guided by three specific objectives namely; to analyze the effect of employee skills, employee perception and employee engagement on employee performance at Co-operative Bank of Kenya. The study was anchored on theories of human capital and resource based view.Methodology: The study adopted a descriptive research design. This enabled the use of multiple methods for data collection and data analysis and purposive stratified random sampling technique was used with a target population of 198 employees and a sample size of 132. Primary data was collected using a self-administered questionnaire and analyzed quantitatively using descriptive and inferential statistics and presented using frequencies, percentages, tables and charts.Results: The study found out that human capital management has a strong influence on employee ...
European Journal of Business and Management, 2019
The number of higher education seekers has been increasing globally and in particular this sector... more The number of higher education seekers has been increasing globally and in particular this sector has been the fastest growing industry in Kenya. The demand for higher education has been amplified by the liberalization of education in the country which has seen heavy investment and expansion in higher education. However the increased student enrolment in these institutions has unfortunately been met with reduced government funding for Public Universities resulting to serious challenges in service quality delivery and student satisfaction. These challenges have in many occasions led to students' unrests resulting to disruption of studies and university operations. As service institutions, public universities depend heavily on both teaching and non-teaching staff to deliver their services. The funding crisis in the higher education has left public universities unable to only to attract and retain qualified staff but also to recruit adequate permanent staff. This has forced most of these institutions to rely on casuals and part time teaching staff which causes a serious threat to quality in service delivery and student satisfaction. The study aimed at examining how and to what extent human elements of service influences student satisfaction. The study employed a descriptive research design. Stratified random sampling procedure was used to pick a sample of 1976participants from a target population of 270,120 students from the selected five public universities. The study used a questionnaire to collect data from the sampled students and a pick and drop process of administering the questionnaires was used. Regression analysis and ANOVA were used to analyze the data and to test the research hypotheses. The study findings indicated that, human elements positively and significantly influenced satisfaction of student at public universities in Kenya (F = 2575.326, p< 0.05). The study concluded that employee in public univerities are critical in the satisfaction of students with the services offered by the universities. This study recommended that management of public universities invest well in their human capital to enable the deliver the quality of services necessary for student satisfaction.
European Scientific Journal ESJ, 2019
The main objective of the study was to determine the effect of foreign equity purchases turnover ... more The main objective of the study was to determine the effect of foreign equity purchases turnover on the level of volatility at the Nairobi Securities Exchange. The study was twofold as it focused on the effect of foreign equity gross purchases on stock market volatility before and after introducing foreign exchange rate as a moderating variable. The span of the study was eight years from 2008 to 2015 as the period was marked by unprecedented world events such as the global economic recession and the post poll pandemonium in Kenya which subsequently affected foreign equity flows and the volatility in the equity bourse. The research design employed in the study was the causal research design. The target population of the study were the monthly foreign equity gross purchases, monthly Nairobi Securities Exchange 20 share indices and monthly USD Bid-Ask foreign exchange. The study samples in the study were the monthly foreign equity gross purchases, monthly Nairobi Securities Exchange 20 share indices and monthly USD Bid-Ask foreign exchange from May 2008 to December, 2015. Time series secondary data was used in the study. The data was subjected to diagnostic tests such as linearity test, multicollinearity test, normality test, test for homoscedasticity and test for autocorrelation with E-views being the main statistical tool of analysis. The main model used in the study was the vector error correction model subsequent to undertaking stationarity test, lag selection test and cointegration tests. Study results reveal a positive but insignificant effect of foreign equity purchases turnover on stock market volatility and a negative but insignificant effect after introducing foreign exchange rate as a moderating variable. The study recommends adoption of efficacious cross-border listing rules to spur stock
International Journal Of Management And Economics Invention, 2016
Background information indicates that firms which fail to analyze their strategy ultimately under... more Background information indicates that firms which fail to analyze their strategy ultimately underperform or perish. Numerous strategic performance management theories and a conceptualized model support this empirical research. This study analyzes strategic factors affecting organizational performance to ensure the pursued strategy is unique, inimitable and competitive. Despite the establishment of KenGen Geothermal sector as a discrete strategic business unit (SBU), it's not clear if strategic factors affect organizational performance indicated by increase in profit, revenue and growth; that may be the cause of the problems of frequent power blackouts and rationing. These problems of frequent power blackouts and rationing in the recent past by KenGen require assessing the effects of strategic factors on organizational performance; first based on a single SBU of the firm. The objectives of the study are; assess if the firm's SBU has strategic or culture fit and analyze if strategy decay affect performance. Random or probability sampling is used to collect data from respondents. Standard normal distribution at 95% confidence interval is used to test the proposed hypotheses. In all cases of these tests, the null hypotheses have been rejected. Pearson correlation coefficients have been used to test linear dependence of the variables of interest. The study output verifies strong positive linear dependence ranging from 0.574 to 0.993. The research recommends further studies to include all other SBUs in the firm and other diverse organizations in order to verify the universality of this research. The study benefits the firm as it is a cost effective method of assessing effects of strategic factors on organizational performance.
International Journal Of Management And Economics Invention, 2016
Significant knowledge gaps exist on Organisational performance and organisational excellence whic... more Significant knowledge gaps exist on Organisational performance and organisational excellence which are the main two focuses of the management of any organisation. Resources of an organisation, both tangible and intangible can determine the level of performance of one organisation from its rivals. The question is always to identify the key success factors that can enhance the organisational strategy implementation initiatives that can produce value and create the competitive advantage. In today's changing business environment, improvement and development of internal resources are very crucial to compete externally and globally. Today, Quality issues and dynamic institutions and companies are working hard to achieve quality and continuous improvement. The purpose of this study was to examine the effectiveness of TQM principles on customer satisfaction in Hotels, Case of Merica Hotel in Nakuru County. The specific Objectives of the study were: To determine the effect of Customer Focus on customer satisfaction in the hotel industry, to determine the impact of Process Improvement on customer satisfaction in Kenya, and to evaluate the effect of Total Involvement by all employees on customer satisfaction in the hotel industry in Kenya. The research design used was descriptive study involving survey method. Target population consisted of 2950 customers and 50 hotel attendants in Merica Hotel, Nakuru.Based on the population size, a sample size of 341 respondents was selected. Data was collected using questionnaires. A pilot study was done to ensure reliability and validity of research instruments. The data was analysed using regression analysis. The model generated from the study is: CS= 2.435 + .323X 1 + .230X 2 + .159X 3. The Adjusted R 2 statistic was 0.558. The results were presented in graphs, charts, tables and figures. The correlation between Customer Focus and Customer satisfaction was 0.582, the correlation between Process Improvement and Customer satisfaction was 0.504, the correlation between Total Involvement by all Employees and Customer satisfaction was 0.460, this indicates that there was a strong positive relationship between selected variables and Customer satisfaction. The F Table(3,297) value of 2.6802 is lower than the F calculated value of 29.356 hence we fail to reject the null hypothesis at α=0.05 significance level. The study concluded that Merica Hotel applies TQM principles in its operations. The study recommends that management and employees should strive to work together in order to create a strong value environment where people will have the primal role and thus attract more customers. The study will assist the hotel industry to come up with strategies of improving customer satisfaction thereby boosting their income. The study will boost government efforts of promoting tourism because hotel industry plays a key role. The study recommends that further research be carried out on how the hotel industry carries out their strategic planning processes because this is an area that if managed well may help them in benchmarking of their competitors. The study forms a basis on future research on same subject. CHAPTER ONE International journal of management and economics invention ||Volume||2||Issue||09||Pages-808-832||Sept-2016||
European Journal of Business and Management, 2015
Board effectiveness is about doing the right things to achieve the results (Triscott, 2004). Forb... more Board effectiveness is about doing the right things to achieve the results (Triscott, 2004). Forbes and Daniel (1999) defined board effectiveness as the board's ability to perform its control and service tasks effectively. TVET is a major initiative by the government that was envisaged as an occupational field to provide the foundation for productive and satisfying careers and offer specialized preparations for initial employment, including self-employment. However, Kenya has continued to experience challenges of unemployment, poverty, food insecurity and environmental degradation. Although board effectiveness is very important for the success of an organization, the influence of board effectiveness on performance of TVET Institutions is not clear. The main objective of this study was to establish the influence of board effectiveness on performance of public TVET institutions in Nyanza region, Kenya. The Population of the study included the principals, deputy principals and heads of department of TVET Institutions in Nyanza region Kenya who were 99 in number. The study employed a census survey with response at 97.5 %. Reliability was measured using cronchbach's alpha which revealed 0.872 consistency. Regarding the size of the coefficients, the study found that as the variables change by 1 unit, performance too changes by a magnitude of 0.501 respectively. The results also showed that the probability of effective performance of directors is significant (p values = 0.000). The study concludes that although performance of TVET Institutions can be determined by effectiveness of the board up to 62 percent of the variance in the respondents scale, several factors which vary in their magnitude would influence performance of TVET Institutions in Nyanza region, Kenya. This study recommends that stakeholders employ the principle of effectiveness of the board in appointing boards of management since it impacts on performance positively. Findings of this study may be used for decision making by policy makers to improve governance of TVET Institutions and other stakeholders for further research.
Zenodo (CERN European Organization for Nuclear Research), May 18, 2023
The Financial Structure of an organization is the composition of its equity, short-term and long-... more The Financial Structure of an organization is the composition of its equity, short-term and long-term debt, and internal funds that it has selected to run its operation. In business, the management must decide whether to use debt both short term and long term, retained earnings, equity, or a combination of both putting into consideration factors such as the cost of capital, business expansion rate, business risk, market condition, tax exposure, and dividend policy. The dividend policy determines the portion of the company's net profit paid back to the shareholders as their reward. Over the years we have seen a progressive increase in profit and increase in short-term debt, but the dividend policy is not proportional to financial structure and the profit over time. The main objective of this study was to assess the relationship between financial structure and dividend policy of commercial banks listed on the Nairobi Security exchange. The other objectives are to assess the effect of financial structure components this is Equity Capital, Short Term Debt, long-debt financing, and retained earnings on dividend policy. The study population comprised of 10 publicly listed commercial banks in Kenya as at the end of 2021. Secondary data was collected from the Capital market Authority, Central bank, and Nairobi Security Exchange over ten years from the year 2012 to 2021.The study adopted quantitative research design. The data was analyzed using STATA version 14.2, where the following tests were conducted on the panel data to get the best result; normality test, multicollinearity test, unit root test/stationarity test and Hausman test. The banks were analyzed based on census survey to get the best resultsbased on Random effect GLS Regression analysis after a Hausman test. The finding shows that financial structure had a significant effect on dividend policy of listed commercial banks. The results show that each variable, ordinary share capital had a positive significant effect on dividend policy for listed commercial banks, short term debt showed an insignificant positive relationship on dividend policy, long term debt had insignificant positive effect on dividend policy and retained earnings has a positive significance influence on dividend policy. The study Model showed that there exists an optimal dividend policy that satisfies the interest of both the managers and the investors. Hence the study supports the tradeoff theory of capital structure, Agency Theory, pecking order theory and didn't support the dividend irrelevance theory by Modigliani and Miller proposition. Thus, each bank should have its own benchmark on financial structure ratios with a buffer beyond the minimum requirement as specified by the regulatory requirement and the Basel 111 accord based on the safety level. Therefore, banks should pay a dividend based on the optimal dividend policy. The results and analysis of the study have raised additional questions to be addressed in future studies. The study did not use moderating variable therefore further studies to be conducted using bank size, ownership structure and regulatory compliance as moderating variables to find out if similar results will be arrived at.
Developing Country Studies, 2017
Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittanc... more Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittances. Locally, Diaspora remittances attraction is one of the dominant development strategies with the potential of contributing to financial development. The surge in such foreign capital flows raises important questions about their impact on the financial sector, specifically, the securities market. Understanding the linkages between foreign capital flows and the securities market is critical, especially in Kenya where these inflows are rapidly increasing even amidst the global financial crisis and the global economic slowdown which should have contracted them. Available evidence shows that foreign financial flows affects financial development, and that economic growth also influence operations in the financial sector. A research gap still exists as to how the effect of foreign financial flows on securities market development may be influenced by economic growth. Using data collected from the NSE and CBK, this study examined the relationship between foreign financial flows and securities market development, while attempting to answer the critical question of how economic growth influences this relationship in Kenya. The empirical results show that there is a distinct positive relationship between foreign capital flows and securities market development in Kenya. The results further show that this relationship is moderated by the level of economic growth within the economy. This study fronts for policies aimed at promoting cheaper flow of remittances and increasing growth rate of the Kenyan economy.
European Journal of Business and Management, 2014
In order for the Provincial Administration department in Kenya to deliver its mandate, it needs e... more In order for the Provincial Administration department in Kenya to deliver its mandate, it needs efficient and proper service delivery. The implementation of performance contracting was aimed at addressing quality of service delivery. Despite these reforms, there remain some challenges in terms of quality of service delivery. The study sought to evaluate the effect of implementing performance contract on service delivery in provincial administration and also evaluate the effectiveness of Performance Contracting in improving efficiency in service. The study used descriptive survey research design. Primary data was collected from a sample size of 147 drawn from a target population of 490 consisting of 90 employees of Provincial Administration and 400 members of the public. Both stratified random sampling and purposive sampling were used for Provincial Administration staff and members of the public respectively to pick the respondents. The data was gathered by use of a questionnaire that had both open and closed ended questions. Descriptive statistics was used to analyze data in form of frequencies and percentages, and presented in tables. The study revealed that the implementation of Performance Contracting was effective in improving efficiency in service delivery by the department.
European Journal of Business and Management, 2015
Organizations in the modern world consistently strive to succeed in a highly competitive global m... more Organizations in the modern world consistently strive to succeed in a highly competitive global market environment. However many organizations have not been able to develop strategies which offer competitive advantage and therefore find it difficult to cope with the emerging competitive threats. Managers should put in place good policies to avert the strong competitive forces. Poor management of human resource facilitated by lack of motivational policies are some of the problems most organizations face. Employers today would like to have their workers motivated and ready to work but do not understand what truly motivates a person. This study explored the effect of motivation on performance of employees in privately owned firms, a case study of Mt. Longonot Medical Services Ltd. The objectives for this study were: to determine the effect of financial motivation on employee’s performance, and to evaluate the impact of non-financial motivators (e.g. job security, recognition and appre...
Marketing management research has advocated for the establishment of the determinants of customer... more Marketing management research has advocated for the establishment of the determinants of customer loyalty to improve customer retention and performance. However, studies on the direct relationship between these determinants and customer loyalty have yielded inconclusive results suggesting that failure to control for contextual variables, particularly, service quality, may have confounded this relationship. In order to establish this relationship, this study used the data collected during the period of March 2012 to June 2012 from the 400 customers of the four major banks in Homabay County which included; Equity, KCB, Barclays and Cooperative Bank which have branches in major towns of the County to establish the implications of customer personality on customer loyalty determinants in banking sector in Homa Bay County, to determine the effect of service quality on customer loyalty, Descriptive statistics and multiple regression analysis were used to analyze data. The adjusted R square...
International journal of multidisciplinary and current research, 2016
Workers well-being has gained more prominent in today’s society. Workers have faced a lot of pres... more Workers well-being has gained more prominent in today’s society. Workers have faced a lot of pressure emanating from home and work thus work life balance has become a predominant issue in the workplace. Job sharing is one of the way to ensure that there is work life balance in organization for increased employees performance. This study therefore established the effect of job sharing on employeesperformance in selected manufacturing companies in Kakamega County, Kenya.This study was guided by the descriptive research survey design. The study was carried out in West Kenya Sugar Company Limited which is located in Kakamega County, Kenya. The target population for this study was drawn from a population of 2400 employees of West Kenya Sugar Company Limited out of which 220 employees were sampled for the study. 183(83.18%) response rate was obtained which is acceptable for a subsequent data analysis as 60% and above is the recommended response rate in social research. The study targeted ...
Developing Country Studies, 2017
Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittanc... more Over the last decade, Kenya witnessed a surge in foreign capital flows through Diaspora remittances. Locally, Diaspora remittances attraction is one of the dominant development strategies with the potential of contributing to financial development. The surge in such foreign capital flows raises important questions about their impact on the financial sector, specifically, the securities market. Understanding the linkages between foreign capital flows and the securities market is critical, especially in Kenya where these inflows are rapidly increasing even amidst the global financial crisis and the global economic slowdown which should have contracted them. Available evidence shows that foreign financial flows affects financial development, and that economic growth also influence operations in the financial sector. A research gap still exists as to how the effect of foreign financial flows on securities market development may be influenced by economic growth. Using data collected from...
Journal of Resources Development and Management, 2016
Savings and Credit Cooperative Organizations (SACCOs) are significant providers of savings, credi... more Savings and Credit Cooperative Organizations (SACCOs) are significant providers of savings, credit and insurance services to a large portion of the Kenyan population. As they grow in number and size a demand to improve management of SACCOs’ staff productivity increases. Consequently, performance appraisal has been adopted as a measure to achieve this goal. However, the 83 active SACCOs in Laikipia County have had performance appraisal hurdles based on the report of the County Cooperative Director’s office. The same report indicates that these hurdles have been brought about by lack of appraisal standards. When a SACCO fails to carry out proper and accurate staff appraisals, it consequently fails in meeting its obligations to its members. The purpose of this study was to analyze the effects of appraisal standards on employees’ performance appraisal in SACCOs of Laikipia County. This study was grounded on the Equity Theory by John Stacey Adams that says that satisfaction is based on a...
Diversity management plays a critical role in employee performance in institutions of higher lear... more Diversity management plays a critical role in employee performance in institutions of higher learning across the world. This study examined the effects of management of diversity dimensions on employee performance in selected Kenyan Public Universities. A cross sectional descriptive survey design was employed for the study. The target population comprised all the 1,900 employees working in selected Public Universities in Kenya. A sample of 330 respondents was selected using both stratified and simple random sampling methods. Data was collected using semi-structured questionnaire. Both descriptive and inferential statistics were employed in the analysis of data. The study found existence of a positive correlation between employee performance and diversity dimensions on employee performance in Public Universities in Kenya of about 29 percent. Therefore, Public Universities in Kenya should ensure Diversity Dimension is well managed since it influences employee performance.
The major supermarkets in Nakuru Town have implemented performance appraisals to enhance employee... more The major supermarkets in Nakuru Town have implemented performance appraisals to enhance employee productivity. However, little research has been conducted to determine the effectiveness of these performance appraisals. Therefore, the purpose of this study was to establish the impact of performance appraisal criteria, feedback, reward and frequency of appraisals on employee productivity in these supermarkets. This study employed a crosssectional survey design. The population of the study was 1560 employees distributed among the 7 main supermarkets operating in Nakuru Town. A sample of 308 respondents was selected using multi-stage sampling technique. 178 filled questionnaires were returned. Multiple regression models were used to analyze the data collected. The study found that performance criteria, feedback and frequency significantly influenced employee productivity. The study recommends that feedback should involve discussions of strengths and weaknesses of the employee and actio...
European Journal of Business and Management, 2021
Public universities are key players in pursuit of Kenya Vision 2030's mandate of providing global... more Public universities are key players in pursuit of Kenya Vision 2030's mandate of providing globally competitive quality education, training and research to the citizenry. However, higher education stakeholders including the World Bank, Kenya's Commission for University Education, employers and scholars have expressed misgivings regarding quality and relevance of these institution's academic programmes. Declining quality is attributed to increased workload, reduced rigour in recruitment and promotion criteria, failure to attract and retain quality faculty, and alleged lecturers' incompetence. Empirical studies relating recruitment practice (RP) to employee performance (EP) ignore both descriptors of RP like: examining vacancy; locating, making contact and attracting candidates as well as lecturers' performance measures such as: quality of teaching and learning; research and publication; administration and other responsibilities; and community engagement and other contributions. The purpose of this study was to establish influence of recruitment on lecturers' performance in Kenyan public universities. It was guided by Simon's decision making theory and reinforced by Barney's resource based view; Adam Smith's human capital theory; and Herzberg's two-factor theory. It adopted descriptive cross-sectional survey research design with a target population of 1,653 lecturers in 14 chartered public universities established between 2009 and 2019. Multi-stage purposeful sampling technique was used to finally take a census of 158 academic heads of departments (lecturers) from 13 out of the 14 universities, having used 20 in piloting. Public universities were targeted since they account for 72% of the teaching total university teaching faculty. Semistructured questionnaires were used to collect primary data while secondary data were obtained from relevant secondary sources. Cronbach's alpha coefficient was used to examine the internal consistency at 0.796 (SD= 0.067). Whereas content validity was ascertained by reviewing literature within the domain of study concepts and corroborated by a panel of experts, construct validity was measured using Pearson's r. Data were analyzed using Pearson's r and regression analysis. The correlation between recruitment practice and lecturers' performance was established to be positive and significant (r=.324, p=.000). Recruitment practice accounted for 11.6% (Adjusted R 2 =.116) of the variation in the lecturers' performance in Kenyan public universities. The findings are useful to the management of public universities and HRM practitioners in formulating and implementing recruitment strategies; researchers as well as organizational behaviourists and theorists.
European Journal of Business and Management, 2021
Kenya Vision 2030 envisions provision of globally competitive quality education, training and res... more Kenya Vision 2030 envisions provision of globally competitive quality education, training and research to citizens. Despite public universities' contribution to this mandate, stakeholders such as World Bank, Commission for University Education, employers and scholars fault the quality and relevance of some academic programmes. The decline in quality is attributed to increased workload, reduced rigour in recruitment and promotion criteria, inability to attract and retain quality staff, and lecturers' alleged incompetence. Previous studies relating human resource planning (HRP) practices to employee performance (EP) do not use descriptors of HRP like business plans, scenario planning, demand and supply forecasting, forecasting future requirements and action planning in entirety in addition to exhibiting mixed findings. This study intended to establish influence of HRP on lecturers' performance in Kenyan public universities. It is anchored on Simon's Decision Making Theory and supported by Barney's Resource Based View; Adam Smith's Human Capital Theory; and Herzberg's Two-Factor Theory and implemented using descriptive cross-sectional survey research design. Target population comprised 1,653 lecturers in 14 chartered public universities established between 2009 and 2019. Multi-stage purposeful sampling technique was adopted to finally take a census of 158 academic heads of departments (lecturers) from 13 out of the 14 universities, having used 20 in piloting. Public universities account for 72% of the total university teaching staff hence the interest. Primary data were collected using semi-structured questionnaires while secondary data obtained from relevant secondary sources. Cronbach's alpha coefficient was used to examine the internal consistency at 0.796 (SD= 0.067). While content validity was ascertained by reviewing literature within the domain of study concepts and corroborated by a panel of experts, Pearson's r was used to measure construct validity. Data were analyzed using Pearson's r and regression analysis. The correlation between human resource planning (HRP) practice and lecturers' performance was established to be positive and significant (r=.528, p=.000) HRP practice accounted for 38.0% (Adjusted R 2 =.380) of the variation in the lecturers' performance in Kenyan public universities implying that it can predict their performance. The findings are useful to the management of public universities, HRM practitioners, researchers, organizational behaviourists and theorists.
Human Resource and Leadership Journal, 2019
Purpose: The general objective of the study was to examine the effect of human capital management... more Purpose: The general objective of the study was to examine the effect of human capital management on employee performance at Co-operative Bank of Kenya. The study was guided by three specific objectives namely; to analyze the effect of employee skills, employee perception and employee engagement on employee performance at Co-operative Bank of Kenya. The study was anchored on theories of human capital and resource based view.Methodology: The study adopted a descriptive research design. This enabled the use of multiple methods for data collection and data analysis and purposive stratified random sampling technique was used with a target population of 198 employees and a sample size of 132. Primary data was collected using a self-administered questionnaire and analyzed quantitatively using descriptive and inferential statistics and presented using frequencies, percentages, tables and charts.Results: The study found out that human capital management has a strong influence on employee ...
European Journal of Business and Management, 2019
The number of higher education seekers has been increasing globally and in particular this sector... more The number of higher education seekers has been increasing globally and in particular this sector has been the fastest growing industry in Kenya. The demand for higher education has been amplified by the liberalization of education in the country which has seen heavy investment and expansion in higher education. However the increased student enrolment in these institutions has unfortunately been met with reduced government funding for Public Universities resulting to serious challenges in service quality delivery and student satisfaction. These challenges have in many occasions led to students' unrests resulting to disruption of studies and university operations. As service institutions, public universities depend heavily on both teaching and non-teaching staff to deliver their services. The funding crisis in the higher education has left public universities unable to only to attract and retain qualified staff but also to recruit adequate permanent staff. This has forced most of these institutions to rely on casuals and part time teaching staff which causes a serious threat to quality in service delivery and student satisfaction. The study aimed at examining how and to what extent human elements of service influences student satisfaction. The study employed a descriptive research design. Stratified random sampling procedure was used to pick a sample of 1976participants from a target population of 270,120 students from the selected five public universities. The study used a questionnaire to collect data from the sampled students and a pick and drop process of administering the questionnaires was used. Regression analysis and ANOVA were used to analyze the data and to test the research hypotheses. The study findings indicated that, human elements positively and significantly influenced satisfaction of student at public universities in Kenya (F = 2575.326, p< 0.05). The study concluded that employee in public univerities are critical in the satisfaction of students with the services offered by the universities. This study recommended that management of public universities invest well in their human capital to enable the deliver the quality of services necessary for student satisfaction.
European Scientific Journal ESJ, 2019
The main objective of the study was to determine the effect of foreign equity purchases turnover ... more The main objective of the study was to determine the effect of foreign equity purchases turnover on the level of volatility at the Nairobi Securities Exchange. The study was twofold as it focused on the effect of foreign equity gross purchases on stock market volatility before and after introducing foreign exchange rate as a moderating variable. The span of the study was eight years from 2008 to 2015 as the period was marked by unprecedented world events such as the global economic recession and the post poll pandemonium in Kenya which subsequently affected foreign equity flows and the volatility in the equity bourse. The research design employed in the study was the causal research design. The target population of the study were the monthly foreign equity gross purchases, monthly Nairobi Securities Exchange 20 share indices and monthly USD Bid-Ask foreign exchange. The study samples in the study were the monthly foreign equity gross purchases, monthly Nairobi Securities Exchange 20 share indices and monthly USD Bid-Ask foreign exchange from May 2008 to December, 2015. Time series secondary data was used in the study. The data was subjected to diagnostic tests such as linearity test, multicollinearity test, normality test, test for homoscedasticity and test for autocorrelation with E-views being the main statistical tool of analysis. The main model used in the study was the vector error correction model subsequent to undertaking stationarity test, lag selection test and cointegration tests. Study results reveal a positive but insignificant effect of foreign equity purchases turnover on stock market volatility and a negative but insignificant effect after introducing foreign exchange rate as a moderating variable. The study recommends adoption of efficacious cross-border listing rules to spur stock
International Journal Of Management And Economics Invention, 2016
Background information indicates that firms which fail to analyze their strategy ultimately under... more Background information indicates that firms which fail to analyze their strategy ultimately underperform or perish. Numerous strategic performance management theories and a conceptualized model support this empirical research. This study analyzes strategic factors affecting organizational performance to ensure the pursued strategy is unique, inimitable and competitive. Despite the establishment of KenGen Geothermal sector as a discrete strategic business unit (SBU), it's not clear if strategic factors affect organizational performance indicated by increase in profit, revenue and growth; that may be the cause of the problems of frequent power blackouts and rationing. These problems of frequent power blackouts and rationing in the recent past by KenGen require assessing the effects of strategic factors on organizational performance; first based on a single SBU of the firm. The objectives of the study are; assess if the firm's SBU has strategic or culture fit and analyze if strategy decay affect performance. Random or probability sampling is used to collect data from respondents. Standard normal distribution at 95% confidence interval is used to test the proposed hypotheses. In all cases of these tests, the null hypotheses have been rejected. Pearson correlation coefficients have been used to test linear dependence of the variables of interest. The study output verifies strong positive linear dependence ranging from 0.574 to 0.993. The research recommends further studies to include all other SBUs in the firm and other diverse organizations in order to verify the universality of this research. The study benefits the firm as it is a cost effective method of assessing effects of strategic factors on organizational performance.
International Journal Of Management And Economics Invention, 2016
Significant knowledge gaps exist on Organisational performance and organisational excellence whic... more Significant knowledge gaps exist on Organisational performance and organisational excellence which are the main two focuses of the management of any organisation. Resources of an organisation, both tangible and intangible can determine the level of performance of one organisation from its rivals. The question is always to identify the key success factors that can enhance the organisational strategy implementation initiatives that can produce value and create the competitive advantage. In today's changing business environment, improvement and development of internal resources are very crucial to compete externally and globally. Today, Quality issues and dynamic institutions and companies are working hard to achieve quality and continuous improvement. The purpose of this study was to examine the effectiveness of TQM principles on customer satisfaction in Hotels, Case of Merica Hotel in Nakuru County. The specific Objectives of the study were: To determine the effect of Customer Focus on customer satisfaction in the hotel industry, to determine the impact of Process Improvement on customer satisfaction in Kenya, and to evaluate the effect of Total Involvement by all employees on customer satisfaction in the hotel industry in Kenya. The research design used was descriptive study involving survey method. Target population consisted of 2950 customers and 50 hotel attendants in Merica Hotel, Nakuru.Based on the population size, a sample size of 341 respondents was selected. Data was collected using questionnaires. A pilot study was done to ensure reliability and validity of research instruments. The data was analysed using regression analysis. The model generated from the study is: CS= 2.435 + .323X 1 + .230X 2 + .159X 3. The Adjusted R 2 statistic was 0.558. The results were presented in graphs, charts, tables and figures. The correlation between Customer Focus and Customer satisfaction was 0.582, the correlation between Process Improvement and Customer satisfaction was 0.504, the correlation between Total Involvement by all Employees and Customer satisfaction was 0.460, this indicates that there was a strong positive relationship between selected variables and Customer satisfaction. The F Table(3,297) value of 2.6802 is lower than the F calculated value of 29.356 hence we fail to reject the null hypothesis at α=0.05 significance level. The study concluded that Merica Hotel applies TQM principles in its operations. The study recommends that management and employees should strive to work together in order to create a strong value environment where people will have the primal role and thus attract more customers. The study will assist the hotel industry to come up with strategies of improving customer satisfaction thereby boosting their income. The study will boost government efforts of promoting tourism because hotel industry plays a key role. The study recommends that further research be carried out on how the hotel industry carries out their strategic planning processes because this is an area that if managed well may help them in benchmarking of their competitors. The study forms a basis on future research on same subject. CHAPTER ONE International journal of management and economics invention ||Volume||2||Issue||09||Pages-808-832||Sept-2016||
European Journal of Business and Management, 2015
Board effectiveness is about doing the right things to achieve the results (Triscott, 2004). Forb... more Board effectiveness is about doing the right things to achieve the results (Triscott, 2004). Forbes and Daniel (1999) defined board effectiveness as the board's ability to perform its control and service tasks effectively. TVET is a major initiative by the government that was envisaged as an occupational field to provide the foundation for productive and satisfying careers and offer specialized preparations for initial employment, including self-employment. However, Kenya has continued to experience challenges of unemployment, poverty, food insecurity and environmental degradation. Although board effectiveness is very important for the success of an organization, the influence of board effectiveness on performance of TVET Institutions is not clear. The main objective of this study was to establish the influence of board effectiveness on performance of public TVET institutions in Nyanza region, Kenya. The Population of the study included the principals, deputy principals and heads of department of TVET Institutions in Nyanza region Kenya who were 99 in number. The study employed a census survey with response at 97.5 %. Reliability was measured using cronchbach's alpha which revealed 0.872 consistency. Regarding the size of the coefficients, the study found that as the variables change by 1 unit, performance too changes by a magnitude of 0.501 respectively. The results also showed that the probability of effective performance of directors is significant (p values = 0.000). The study concludes that although performance of TVET Institutions can be determined by effectiveness of the board up to 62 percent of the variance in the respondents scale, several factors which vary in their magnitude would influence performance of TVET Institutions in Nyanza region, Kenya. This study recommends that stakeholders employ the principle of effectiveness of the board in appointing boards of management since it impacts on performance positively. Findings of this study may be used for decision making by policy makers to improve governance of TVET Institutions and other stakeholders for further research.