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The tea sub-sector plays an importance role in the economy of the country through employment to m... more The tea sub-sector plays an importance role in the economy of the country through employment to many Kenyans both directly and indirectly and contributes over 26 percent of the total foreign exchange earnings according Kenya’s Economic. Nevertheless, tea factories in Kenya have had many problems ranging from the high manufacturing costs and other operating costs together with the declining global tea prices due to oversupply of tea to the world market and this results to low returns to the farmers. The purpose of the research was to established the relationship between budgeting process (independent variable) and financial performance (dependent variable) of tea processing factories. The study employed correlational research design as it enabled establishment of relationship between variables. The census survey method was appropriate as the sample size was small. The study targeted all the KTDA parent tea factories in Kericho and Bomet counties with a sample of 96 respondents drawn ...

Public service efficiency has been a challenge particularly in developing countries. Thus, reform... more Public service efficiency has been a challenge particularly in developing countries. Thus, reforming the public service has become a prerequisite on how efficient service is to be delivered. The Kenya Prisons Service functions are to contain and keep offenders in safe custody, rehabilitate and reform offenders, facilitate administration of justice and promote prisoners opportunities for social reintegration. The prison's Rapid Results Initiative (RRI) was launched in 2007 to harness team strength and client participation to speed up delivery of services within 100 days. The approach tackled large-scale, medium and long-term change efforts through a series of small-scale, results-producing and momentum-building initiatives. The purpose of the present study was to establish the influence of selected human resource management practices on implementation of public sector reforms in Kenya. The study employed a descriptive research design using both qualitative and quantitative approa...

The purpose of the study was to establish the impediments to women participation in labor union l... more The purpose of the study was to establish the impediments to women participation in labor union leadership in the Nakuru County with reference and characterization of the typology and extent of cultural factors, the dual role of women, economic factors and ideological factors. The study was conducted in Nakuru County, Kenya. The study employed a descriptive survey design using questionnaires as the main data collection instrument. The study targeted 362 workers in the sampled factories/industries out of 6300 employees. Data was analyzed using SPSS and presented in tables. The study found out that participation of women in labor union leadership activities is shaped by cultural dynamics that vary from one region to another depending on ethnic background, socioeconomic background of one's community as well as religious beliefs and views. Women's dual role as a primary caregiver and a worker remains the main impediment to their participation in leadership activities. The situat...

International journal of scientific and research publications, 2017

Tax collection is an important means of raising revenue of any country and this determine its eco... more Tax collection is an important means of raising revenue of any country and this determine its economic position. The adequacy of revenues allows the government to support its operations ranging from administrative activities; infrastructure development and service provision .In the first half of the last financial year, KRA reported tax collection below its target. Online iTax was introduced to replace the Integrated Tax Management System (ITMS) previously used by Kenya Revenue Authority. Like iTax, ITMS was unable to handle heavy traffic and had less functionality, forcing the taxman to abandon it for the much more versatile system. This study sought to assess the selected dynamics that influence the adoption of iTax by selected Small and Medium Taxpayers, focusing on those operating within Bomet County.

Development of effective means of collecting revenue has been an essential issue with regards to ... more Development of effective means of collecting revenue has been an essential issue with regards to revenue and tax collection in the country is. The introduction of innovative procedures in the counties modernizes and ensure efficient that taxes and revenues are efficiently collected. Thus, the County Government of Kericho in pursuit of this initiated adoption of intensive means of enhancing revenue collection. This was aimed at improving the level of revenue collection among its six Sub-Counties namely; Ainamoi, Belgut, Bureti, Kipkelion East, Kipkelion West and Soin/Sigowet. The study examines the factors and evaluates their efficiency on revenue collection in a bid to meet the county’s revenue requirements for service delivery. The study objectives were; to establish the effect of revenue collection sources on the efficiency of revenue collection, to determine the effect of adoption of technology on the efficiency of revenue collection. Descriptive survey research design was used. ...

International journal of scientific and research publications, 2017

Over the recent past, the SACCO sector has experienced persistent poor financial performance. Thi... more Over the recent past, the SACCO sector has experienced persistent poor financial performance. This is inspite of the fact that the sector is an important contributor of the economics growth in Kenya. Previous studies indicate that corporate governace in SACCOs is a critical driver of performance in the sector.The purpose of this study is to establish the effect of composition of Board of directors and level of Independence on financial performance of SACCOs in Kericho County. Stratified simple random sampling techniques was used to identify respondents. A sample of 119was drawn from apopulation of 169 respondents in the three selected SACCOs in Kericho County. Questionnaire was used to collect the primary data.

The International Journal of Business & Management, 2019

Culture can be defined as a structure of shared values, beliefs, and attitudes that affects indiv... more Culture can be defined as a structure of shared values, beliefs, and attitudes that affects individual perceptions, inclinations, and conducts. Hofstede (1980) describes culture as programming of the mind exhibited in values and norms and in rituals and symbols. This programming of the mind is consistent with time meaning that the person displaying regularly same behavior in similar situations. This suggests that individuals although influenced by other factors their behavior is guided by values, beliefs and attitudes deep rooted in culture. Culture has been observed to have significant influence on individual investor decision to participate in the stock market. Chui, Titman and Wei (2010) suggest that cross-cultural dissimilarities are related to levels of trading activity. Hens and Wang (2007) in a study showed that cultural differences are important in guiding financial decisions. Nderitu (2008) conducted a study on the influence of investor's distance and culture on stock holdings and trading for the four listed agricultural Companies at Nairobi Stock Exchange and found that cultural factors like the locality of directors have some significant influence on the shareholding of agricultural stocks listed at the Nairobi Security Exchange. These studies reveal how culture could influence the behavior of individual investors directly. However, none of the studies have shown how culture could interact with other individual investor dynamics in influencing their effects on individual investor stock market participation. There was need therefore to investigate the moderating effects of investment culture on the relationship between social interaction and stock market participation of secondary school teachers in Nakuru County. Previous study has revealed that social interaction has a positive significant relationship with stock market participation decision (Langat & Cheruiyot, 2019). This study went further to investigate whether this relationship could be moderated by culture. In examining the moderating effect of culture on the relationship between social interaction and stock market participation among secondary school teachers the following hypothesis was tested  Ho1: Culture of individual investors has no significant moderating effect on the relationship between social interaction of individual investors and stock market participation

The International Journal of Business & Management, 2019

Trading in investment started in the 1800s whereby mutual funds flourished in Great Britain and i... more Trading in investment started in the 1800s whereby mutual funds flourished in Great Britain and in the United States. This trade later spread to other continents and countries around the world (Anderson, Born and Schnusenberg, (2010).Securities exchanges provide avenues where financial securities can be traded. Companies in turn are able to raise funds by trading their securities in the exchange market. Carmichael and Pomerleano (2002) agree that capital markets aid in marshalling both local and international capital. Stock market makes significant contribution to the general financial well-being of a country. Emerson (1976), for instance, observed that the liquidity of the market for stock predicts economic growth, capital accumulation and stock markets existence which accelerate the increase of productivity growth rate. Olweny, Namusonge and Onyango (2012) found a positive relationship between the securities market and economic growth in Kenya. Demirgüç-Kunt and Levine (1996) found that countries with well-developed stock markets also had more advanced banking and nonbank financial mediating institutions like investment firms, brokerage houses and mutual funds. Contrary, countries with weak stock markets had weak financial intermediaries. This shows that the development of the market for stocks adds to the general growth of the economy since it goes hand in hand with other facets of financial development. To the individual investors participation in the stock market results in higher returns and improves their wellbeing considerably. Mehra and Prescott (1985) report that investors in the stock market amass more wealth when compared with nonparticipants in the stock market because of the numerous benefits that they obtain from participating. Guvenen (2006) similarly reported that nonparticipation in the stock market built great disparities in terms of wealth. Mankiw and Zeldes (1991) further revealed that participants in the stock market enjoyed higher consumption in their lifetime. This suggested that it would be better for an individual to take part in the stock market as nonparticipation results in lower returns. Despite these benefits, securities market in Africa has been observed to be generally underdeveloped and especially the Sub-Saharan financial system which has been found to be the least developed based on pointers of economic progress. Allen, Otchere and Senbet (2011) observed that African stock markets encounter key challenges in terms of depth in both listing and market capitalization. The findings showed that stock exchange markets of Africa, excluding Egypt and South Africa, remained the least compared to other regions in the number of companies listed and market capitalization. This clearly shows the low participation rates for investors in many African countries. The study further

International Journal of Engineering and Management Research, 2019

Over the past few decades, the world has witnessed spectacular transformations of public financia... more Over the past few decades, the world has witnessed spectacular transformations of public financial management systems. Kenya transformed its financial reporting system with a view of enhancing credibility of its financial reports. The objective of the study was to examine the relationship between financial reporting reforms and the performance of selected County Governments in Kenya. The study was guided by descriptive research design and the target population was 184 treasury staff from Bomet, Kericho, Nakuru and Narok County Governments. Census sampling technique was employed in selecting the respondents to the study. Data were collected using semi-structured, self-administered questionnaires. Data was analyzed using descriptive and inferential statistics. The findings revealed that financial reporting reforms showed statistically significant correlation (r=0.673) with the performance of selected County Governments in Kenya. It was recommended that adoption of IPSAS in financial reporting should be strengthened to ensure optimal performance of the county governments.

International Journal of Scientific and Research Publications (IJSRP), 2019

Participation in the stock market is important to the general economy and to individual investors... more Participation in the stock market is important to the general economy and to individual investors. Despite the benefits of stockholding, few individuals participate in the stock market. Many researches have tried to provide explanation the reason why few individuals participate in the stock market. There was need to investigate the relationship between risk aversion and individual investor stock market participation decision among secondary school teachers in Nakuru County. The study employed explanatory research design and data was collected from 320 teachers that were selected using stratified proportionate random sampling technique. Primary data was collected using structured questionnaires. Inferential statistical techniques which included Pearson correlation coefficient and regression analysis were used to analyze the data with the aid of SPSS. The research findings found that risk aversion has a significant positive relationship with stock market participation decision of secondary school teachers in Nakuru County. The study concluded that risk aversion of individual investors has a significant relationship with stock market participation decision among secondary school teachers from Nakuru County. The study recommends that the citizens should be enlightened on the benefits of diversification and on risk analysis so that they can avoid making investment mistakes that can result in losses.

International Journal of Engineering and Management Research, 2019

Performance of some banks in Kenya has been declining leading to their collapse or receivership. ... more Performance of some banks in Kenya has been declining leading to their collapse or receivership. This may be attributed to many factors such as risk exposure. In bid to protect the financial sector, Central Bank of Kenya therefore directed all the banks to manage risks. One of the mechanisms used by the banks to manage risks is risk committee. Some banks established risk committees while others did not. There is limited knowledge on the relationship between this risks committee and financial performance in commercial banks. This study therefore aimed at determining the relationship between risk committee existence and financial performance of commercial banks. The target population was all commercial banks operating in Kenya. The study adopted longitudinal research design that covered a period of five years (2013-2017). The study used secondary data extracted from annual consolidated and financial reports. Information on specific financial performance indicator was RoA (return on assets) and risk committee existence was extracted from annual reports. Data was analyzed using SPSS by way of regression analysis. The study found that there is a significant positive relationship between risk committee existence and financial performance where the coefficient was r=0.299. The results showed that the model explained 9% (R 2 = 0.09, Adjusted R 2 = 0.1084, F (1) = 17.301, p=0.000, p˂0.05). This shows that 9 percent in the variations of RoA can be explained by risk committee existence. From the results, it is evident that risk committee existence and RoA have a significant positive relationship. The study recommends that commercial banks should fully implement risk committees in their operations. This will help the commercial banks to manage risk exposure and improve their financial performance.

Journal of economics and sustainable development, 2014

The study aims at investigating the long run and short run relationships between private savings ... more The study aims at investigating the long run and short run relationships between private savings and economic growth in Bahrain. The study covers the period (1990-2013).The study methodology is based on the econometrics analytical approach to estimate the parameters’ value and the trends of the economic relations between the study variables by using the co-integration and Granger causality techniques. Johansen co-integration test indicates that a positive long run relationship between the study variables, while Granger causality test reveals that significant bilateral causality between the private savings and the economic growth, this means that the economic growth Granger causes the private saving, and also the private savings Granger cause the economic growth. These results indicate that the economic growth could stimulate the private saving, and the private savings could accelerate the economic growth in the long run. The study recommends that government and policy makers in the ...

The tea sub-sector plays an importance role in the economy of the country through employment to m... more The tea sub-sector plays an importance role in the economy of the country through employment to many Kenyans both directly and indirectly and contributes over 26 percent of the total foreign exchange earnings according Kenya’s Economic. Nevertheless, tea factories in Kenya have had many problems ranging from the high manufacturing costs and other operating costs together with the declining global tea prices due to oversupply of tea to the world market and this results to low returns to the farmers. The purpose of the research was to established the relationship between budgeting process (independent variable) and financial performance (dependent variable) of tea processing factories. The study employed correlational research design as it enabled establishment of relationship between variables. The census survey method was appropriate as the sample size was small. The study targeted all the KTDA parent tea factories in Kericho and Bomet counties with a sample of 96 respondents drawn ...

Public service efficiency has been a challenge particularly in developing countries. Thus, reform... more Public service efficiency has been a challenge particularly in developing countries. Thus, reforming the public service has become a prerequisite on how efficient service is to be delivered. The Kenya Prisons Service functions are to contain and keep offenders in safe custody, rehabilitate and reform offenders, facilitate administration of justice and promote prisoners opportunities for social reintegration. The prison's Rapid Results Initiative (RRI) was launched in 2007 to harness team strength and client participation to speed up delivery of services within 100 days. The approach tackled large-scale, medium and long-term change efforts through a series of small-scale, results-producing and momentum-building initiatives. The purpose of the present study was to establish the influence of selected human resource management practices on implementation of public sector reforms in Kenya. The study employed a descriptive research design using both qualitative and quantitative approa...

The purpose of the study was to establish the impediments to women participation in labor union l... more The purpose of the study was to establish the impediments to women participation in labor union leadership in the Nakuru County with reference and characterization of the typology and extent of cultural factors, the dual role of women, economic factors and ideological factors. The study was conducted in Nakuru County, Kenya. The study employed a descriptive survey design using questionnaires as the main data collection instrument. The study targeted 362 workers in the sampled factories/industries out of 6300 employees. Data was analyzed using SPSS and presented in tables. The study found out that participation of women in labor union leadership activities is shaped by cultural dynamics that vary from one region to another depending on ethnic background, socioeconomic background of one's community as well as religious beliefs and views. Women's dual role as a primary caregiver and a worker remains the main impediment to their participation in leadership activities. The situat...

International journal of scientific and research publications, 2017

Tax collection is an important means of raising revenue of any country and this determine its eco... more Tax collection is an important means of raising revenue of any country and this determine its economic position. The adequacy of revenues allows the government to support its operations ranging from administrative activities; infrastructure development and service provision .In the first half of the last financial year, KRA reported tax collection below its target. Online iTax was introduced to replace the Integrated Tax Management System (ITMS) previously used by Kenya Revenue Authority. Like iTax, ITMS was unable to handle heavy traffic and had less functionality, forcing the taxman to abandon it for the much more versatile system. This study sought to assess the selected dynamics that influence the adoption of iTax by selected Small and Medium Taxpayers, focusing on those operating within Bomet County.

Development of effective means of collecting revenue has been an essential issue with regards to ... more Development of effective means of collecting revenue has been an essential issue with regards to revenue and tax collection in the country is. The introduction of innovative procedures in the counties modernizes and ensure efficient that taxes and revenues are efficiently collected. Thus, the County Government of Kericho in pursuit of this initiated adoption of intensive means of enhancing revenue collection. This was aimed at improving the level of revenue collection among its six Sub-Counties namely; Ainamoi, Belgut, Bureti, Kipkelion East, Kipkelion West and Soin/Sigowet. The study examines the factors and evaluates their efficiency on revenue collection in a bid to meet the county’s revenue requirements for service delivery. The study objectives were; to establish the effect of revenue collection sources on the efficiency of revenue collection, to determine the effect of adoption of technology on the efficiency of revenue collection. Descriptive survey research design was used. ...

International journal of scientific and research publications, 2017

Over the recent past, the SACCO sector has experienced persistent poor financial performance. Thi... more Over the recent past, the SACCO sector has experienced persistent poor financial performance. This is inspite of the fact that the sector is an important contributor of the economics growth in Kenya. Previous studies indicate that corporate governace in SACCOs is a critical driver of performance in the sector.The purpose of this study is to establish the effect of composition of Board of directors and level of Independence on financial performance of SACCOs in Kericho County. Stratified simple random sampling techniques was used to identify respondents. A sample of 119was drawn from apopulation of 169 respondents in the three selected SACCOs in Kericho County. Questionnaire was used to collect the primary data.

The International Journal of Business & Management, 2019

Culture can be defined as a structure of shared values, beliefs, and attitudes that affects indiv... more Culture can be defined as a structure of shared values, beliefs, and attitudes that affects individual perceptions, inclinations, and conducts. Hofstede (1980) describes culture as programming of the mind exhibited in values and norms and in rituals and symbols. This programming of the mind is consistent with time meaning that the person displaying regularly same behavior in similar situations. This suggests that individuals although influenced by other factors their behavior is guided by values, beliefs and attitudes deep rooted in culture. Culture has been observed to have significant influence on individual investor decision to participate in the stock market. Chui, Titman and Wei (2010) suggest that cross-cultural dissimilarities are related to levels of trading activity. Hens and Wang (2007) in a study showed that cultural differences are important in guiding financial decisions. Nderitu (2008) conducted a study on the influence of investor's distance and culture on stock holdings and trading for the four listed agricultural Companies at Nairobi Stock Exchange and found that cultural factors like the locality of directors have some significant influence on the shareholding of agricultural stocks listed at the Nairobi Security Exchange. These studies reveal how culture could influence the behavior of individual investors directly. However, none of the studies have shown how culture could interact with other individual investor dynamics in influencing their effects on individual investor stock market participation. There was need therefore to investigate the moderating effects of investment culture on the relationship between social interaction and stock market participation of secondary school teachers in Nakuru County. Previous study has revealed that social interaction has a positive significant relationship with stock market participation decision (Langat & Cheruiyot, 2019). This study went further to investigate whether this relationship could be moderated by culture. In examining the moderating effect of culture on the relationship between social interaction and stock market participation among secondary school teachers the following hypothesis was tested  Ho1: Culture of individual investors has no significant moderating effect on the relationship between social interaction of individual investors and stock market participation

The International Journal of Business & Management, 2019

Trading in investment started in the 1800s whereby mutual funds flourished in Great Britain and i... more Trading in investment started in the 1800s whereby mutual funds flourished in Great Britain and in the United States. This trade later spread to other continents and countries around the world (Anderson, Born and Schnusenberg, (2010).Securities exchanges provide avenues where financial securities can be traded. Companies in turn are able to raise funds by trading their securities in the exchange market. Carmichael and Pomerleano (2002) agree that capital markets aid in marshalling both local and international capital. Stock market makes significant contribution to the general financial well-being of a country. Emerson (1976), for instance, observed that the liquidity of the market for stock predicts economic growth, capital accumulation and stock markets existence which accelerate the increase of productivity growth rate. Olweny, Namusonge and Onyango (2012) found a positive relationship between the securities market and economic growth in Kenya. Demirgüç-Kunt and Levine (1996) found that countries with well-developed stock markets also had more advanced banking and nonbank financial mediating institutions like investment firms, brokerage houses and mutual funds. Contrary, countries with weak stock markets had weak financial intermediaries. This shows that the development of the market for stocks adds to the general growth of the economy since it goes hand in hand with other facets of financial development. To the individual investors participation in the stock market results in higher returns and improves their wellbeing considerably. Mehra and Prescott (1985) report that investors in the stock market amass more wealth when compared with nonparticipants in the stock market because of the numerous benefits that they obtain from participating. Guvenen (2006) similarly reported that nonparticipation in the stock market built great disparities in terms of wealth. Mankiw and Zeldes (1991) further revealed that participants in the stock market enjoyed higher consumption in their lifetime. This suggested that it would be better for an individual to take part in the stock market as nonparticipation results in lower returns. Despite these benefits, securities market in Africa has been observed to be generally underdeveloped and especially the Sub-Saharan financial system which has been found to be the least developed based on pointers of economic progress. Allen, Otchere and Senbet (2011) observed that African stock markets encounter key challenges in terms of depth in both listing and market capitalization. The findings showed that stock exchange markets of Africa, excluding Egypt and South Africa, remained the least compared to other regions in the number of companies listed and market capitalization. This clearly shows the low participation rates for investors in many African countries. The study further

International Journal of Engineering and Management Research, 2019

Over the past few decades, the world has witnessed spectacular transformations of public financia... more Over the past few decades, the world has witnessed spectacular transformations of public financial management systems. Kenya transformed its financial reporting system with a view of enhancing credibility of its financial reports. The objective of the study was to examine the relationship between financial reporting reforms and the performance of selected County Governments in Kenya. The study was guided by descriptive research design and the target population was 184 treasury staff from Bomet, Kericho, Nakuru and Narok County Governments. Census sampling technique was employed in selecting the respondents to the study. Data were collected using semi-structured, self-administered questionnaires. Data was analyzed using descriptive and inferential statistics. The findings revealed that financial reporting reforms showed statistically significant correlation (r=0.673) with the performance of selected County Governments in Kenya. It was recommended that adoption of IPSAS in financial reporting should be strengthened to ensure optimal performance of the county governments.

International Journal of Scientific and Research Publications (IJSRP), 2019

Participation in the stock market is important to the general economy and to individual investors... more Participation in the stock market is important to the general economy and to individual investors. Despite the benefits of stockholding, few individuals participate in the stock market. Many researches have tried to provide explanation the reason why few individuals participate in the stock market. There was need to investigate the relationship between risk aversion and individual investor stock market participation decision among secondary school teachers in Nakuru County. The study employed explanatory research design and data was collected from 320 teachers that were selected using stratified proportionate random sampling technique. Primary data was collected using structured questionnaires. Inferential statistical techniques which included Pearson correlation coefficient and regression analysis were used to analyze the data with the aid of SPSS. The research findings found that risk aversion has a significant positive relationship with stock market participation decision of secondary school teachers in Nakuru County. The study concluded that risk aversion of individual investors has a significant relationship with stock market participation decision among secondary school teachers from Nakuru County. The study recommends that the citizens should be enlightened on the benefits of diversification and on risk analysis so that they can avoid making investment mistakes that can result in losses.

International Journal of Engineering and Management Research, 2019

Performance of some banks in Kenya has been declining leading to their collapse or receivership. ... more Performance of some banks in Kenya has been declining leading to their collapse or receivership. This may be attributed to many factors such as risk exposure. In bid to protect the financial sector, Central Bank of Kenya therefore directed all the banks to manage risks. One of the mechanisms used by the banks to manage risks is risk committee. Some banks established risk committees while others did not. There is limited knowledge on the relationship between this risks committee and financial performance in commercial banks. This study therefore aimed at determining the relationship between risk committee existence and financial performance of commercial banks. The target population was all commercial banks operating in Kenya. The study adopted longitudinal research design that covered a period of five years (2013-2017). The study used secondary data extracted from annual consolidated and financial reports. Information on specific financial performance indicator was RoA (return on assets) and risk committee existence was extracted from annual reports. Data was analyzed using SPSS by way of regression analysis. The study found that there is a significant positive relationship between risk committee existence and financial performance where the coefficient was r=0.299. The results showed that the model explained 9% (R 2 = 0.09, Adjusted R 2 = 0.1084, F (1) = 17.301, p=0.000, p˂0.05). This shows that 9 percent in the variations of RoA can be explained by risk committee existence. From the results, it is evident that risk committee existence and RoA have a significant positive relationship. The study recommends that commercial banks should fully implement risk committees in their operations. This will help the commercial banks to manage risk exposure and improve their financial performance.

Journal of economics and sustainable development, 2014

The study aims at investigating the long run and short run relationships between private savings ... more The study aims at investigating the long run and short run relationships between private savings and economic growth in Bahrain. The study covers the period (1990-2013).The study methodology is based on the econometrics analytical approach to estimate the parameters’ value and the trends of the economic relations between the study variables by using the co-integration and Granger causality techniques. Johansen co-integration test indicates that a positive long run relationship between the study variables, while Granger causality test reveals that significant bilateral causality between the private savings and the economic growth, this means that the economic growth Granger causes the private saving, and also the private savings Granger cause the economic growth. These results indicate that the economic growth could stimulate the private saving, and the private savings could accelerate the economic growth in the long run. The study recommends that government and policy makers in the ...