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The Interdependence among Dividend Policy, Investment Decision, Financial Performance and Survival of the Firms in Kenya 肯尼亚企业股利政策、投资决策、财务业绩和生存之间的相互依存关系
East African Finance Journal Pub Date : 2024-07-07 DOI: 10.59413/eafj/v3.i2.7
E. Mukhongo, Purity Njeri Fadhil, Charles Guandaru Kamau
{"title":"The Interdependence among Dividend Policy, Investment Decision, Financial Performance and Survival of the Firms in Kenya","authors":"E. Mukhongo, Purity Njeri Fadhil, Charles Guandaru Kamau","doi":"10.59413/eafj/v3.i2.7","DOIUrl":"https://doi.org/10.59413/eafj/v3.i2.7","url":null,"abstract":"The main objective of this study was to analyze patterns and tendencies in dividend policy. By extensively reviewing existing literature, the research aimed to establish the connections between dividend policy and other important financial aspects. The study's findings clearly indicate that investors who are astute prefer companies that provide higher dividends rather than keeping their earnings. This preference is due to the liquidity benefits that such firms typically provide, which align with the liquidity requirements of investors in various financial markets worldwide. It is important to note that the distribution of dividends significantly affects the speed of adjusting the capital structure. The conflict between the distribution of dividends and strategic financing initiatives impedes the progress of these adjustments. A majority of institutional entities allocate dividends strategically to increase their financial resources by investing in high-yielding ventures identified by corporate management. However, in emerging economies, the utility and effectiveness of dividends as a signaling mechanism and cost-minimizing tool are relatively reduced compared to more mature and well-established capital markets. Additionally, it is worth highlighting that dividend policy has a statistically significant and positive correlation with variables such as firm size, profitability levels, and interest coverage ratios. This emphasizes the complex relationships that exist between dividend policy and these key financial metrics.","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":" 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141671241","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Working Capital Management and Financial Performance of Small and Medium-Sized Enterprises (SMEs) and SACCOS in Kenya 肯尼亚中小型企业 (SME) 和 SACCOS 的营运资本管理和财务绩效
East African Finance Journal Pub Date : 2024-04-01 DOI: 10.59413/eafj/v3.i2.2
Temba Geoffrey Simiyu, Lienora Achieng, Namuri Vifu Makoti
{"title":"Working Capital Management and Financial Performance of Small and Medium-Sized Enterprises (SMEs) and SACCOS in Kenya","authors":"Temba Geoffrey Simiyu, Lienora Achieng, Namuri Vifu Makoti","doi":"10.59413/eafj/v3.i2.2","DOIUrl":"https://doi.org/10.59413/eafj/v3.i2.2","url":null,"abstract":"Small and medium-sized enterprises (SMEs) play a critical role in driving economic growth, creating employment opportunities and promoting local revenue generation in Kenya. However, they face various challenges such as limited financial resources, inadequate infrastructure and volatile market conditions. Effective working capital management (WCM) is essential for SMEs to overcome these obstacles and achieve sustainable success. The aim of this research is to examine the impact of WCM on the financial performance of SMEs in Kenya. This paper uses literature review methodology to draw conclusions. The literature review provides insights from various studies that highlight the importance of credit management and internal factors that influence organizational performance. An efficient WCM is crucial for ensuring the financial stability of companies, especially SMEs. Poor WCM can lead to financial challenges and possible bankruptcy, while effective management can significantly increase financial efficiency. WCM involves monitoring a company's current assets and liabilities to ensure timely commitments while minimizing associated costs. This research contributes to understanding the importance of WCM for SMEs in Kenya and provides stakeholders with practical insights to improve financial performance through effective WCM strategies tailored to the Kenyan context.","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"4 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140354514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Historical Context as a Predictor of Future Effects: A Broad Examination of Banking Data in Zambia 历史背景对未来影响的预测：对赞比亚银行业数据的广泛研究
East African Finance Journal Pub Date : 2024-03-28 DOI: 10.59413/eafj/v3.i2.1
Chresta C Kaluba
{"title":"The Historical Context as a Predictor of Future Effects: A Broad Examination of Banking Data in Zambia","authors":"Chresta C Kaluba","doi":"10.59413/eafj/v3.i2.1","DOIUrl":"https://doi.org/10.59413/eafj/v3.i2.1","url":null,"abstract":"This article looks at using historical data to predict future performance in the banking sector. By examining deposits, loans and advances, total assets and earnings data of four banks over an eight-year period, this study shows the practicality of using past data to predict future trends. By applying regression analysis, the study shows that models developed based on historical data can serve as valuable tools for decision making and scenario planning focused on the future in the banking sector. The article examines the accuracy of forecasts through a detailed analysis using the Normalized Root Mean Squared Error (NRMSE). It is shown that using predicted values ​​can produce results that are almost as accurate as using actual future data, supporting the notion that historical data can be a reliable indicator of future trends.","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"18 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140372225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Suitability of Simple Forecasting Techniques for Predicting the Performance of Banks in the Zambian Financial Industry 预测赞比亚金融业银行业绩的简单预测技术的适用性
East African Finance Journal Pub Date : 2024-03-27 DOI: 10.59413/eafj/v3.i1.6
Chresta C Kaluba
{"title":"Suitability of Simple Forecasting Techniques for Predicting the Performance of Banks in the Zambian Financial Industry","authors":"Chresta C Kaluba","doi":"10.59413/eafj/v3.i1.6","DOIUrl":"https://doi.org/10.59413/eafj/v3.i1.6","url":null,"abstract":"The aim of this article is to examine the suitability of simple forecasting techniques and identify the most effective forecasting technique for predicting the performance of banks in the Zambian financial industry. The study uses various forecasting techniques using Zambian bank financial data from 2010 to 2016 and produces forecasts for the years 2017 to 2021. The accuracy of these forecasts is then compared with the actual performance during the two years and the technique that produces the closest results, is selected based on the actual results is considered the most appropriate forecasting technique. The study found that linear regression not only produces results that are closest to actual values, but is also sufficiently precise for informed decision making.","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140374422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Sovereign Wealth Fund and Nigerian Economic Development 主权财富基金与尼日利亚经济发展
East African Finance Journal Pub Date : 2024-01-20 DOI: 10.59413/eafj/v3.i1.3
Endurance Gabriel Udo, Friday Eyo Uko, Ofonime Moses Akpan
{"title":"The Sovereign Wealth Fund and Nigerian Economic Development","authors":"Endurance Gabriel Udo, Friday Eyo Uko, Ofonime Moses Akpan","doi":"10.59413/eafj/v3.i1.3","DOIUrl":"https://doi.org/10.59413/eafj/v3.i1.3","url":null,"abstract":"The study specifically investigated the impact of sub-national government sovereign wealth funds on the economic development of Nigeria. An ex-post research design was used for the study. Economic development was proxied by per capita income, while sovereign wealth funds were proxied by their three components: stabilization funds, future generation funds, and infrastructure funds. Data for the variables were obtained from the Central Bank of Nigeria for the period 2012–2022. An econometric approach was used to analyze the data. Findings showed that of the three components of SWFs, only future generation funds impact positively and significantly on economic development. In view of the findings, it is recommended that the government ensure effective and efficient management of the various funds by putting in place proper regulatory measures so as to attain the goals for which the funds were established.","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"2 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139524287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financing and Successful Micro, Small and Medium Scale Enterprise Development in Nigeria 尼日利亚微型、小型和中型企业的融资与成功发展
East African Finance Journal Pub Date : 2024-01-02 DOI: 10.59413/eafj/v3.i1.1
S. R. Okijie, U. Effiong
{"title":"Financing and Successful Micro, Small and Medium Scale Enterprise Development in Nigeria","authors":"S. R. Okijie, U. Effiong","doi":"10.59413/eafj/v3.i1.1","DOIUrl":"https://doi.org/10.59413/eafj/v3.i1.1","url":null,"abstract":"This study explored entrepreneurial development as it relates to micro, small and medium-size enterprises (MSMEs) development in Nigeria. The evolution of entrepreneurship which is regarded as “an engine for growth” is being viewed from the perspective of economic, sociological, political, psychological, and composite perspectives. Entrepreneurial development in Nigeria is observed to be hampered by some factors including financing, management, infrastructure inadequacy, socio-cultural problems, strategic planning problems, multiple taxation, and unstable policy environment. In averting these problems to stir entrepreneurial spirit, this study suggested that Nigeria needs to resort to the 1999 United Nations work plan on National Enterprise Promotion Agency; plus, establishment of an anchor scheme to bring together MSMEs and provide capacity building and training programs on subjects such as corporate governance and having correct documentation in place to obtain credit.","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"10 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139124778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Loan Portfolio Growth and FinancialPerformance of Commercial banks in Kenya 肯尼亚商业银行的贷款组合增长和财务业绩
East African Finance Journal Pub Date : 2024-01-02 DOI: 10.59413/eafj/v3.i1.2
Paul Kiama Thiong’o, Matata Kilungu, Charles Guandaru Kamau
{"title":"Loan Portfolio Growth and FinancialPerformance of Commercial banks in Kenya","authors":"Paul Kiama Thiong’o, Matata Kilungu, Charles Guandaru Kamau","doi":"10.59413/eafj/v3.i1.2","DOIUrl":"https://doi.org/10.59413/eafj/v3.i1.2","url":null,"abstract":"Loans comprise the single largest asset for commercial banks. To grow the bank's assets, bank managers focus on increasing the number of loans granted by the bank. The general objective of this study was to evaluate the effect of growth in loan portfolios on the financial performance of commercial banks in Kenya. The study used a regression research design. The population of interest consisted of the 44 commercial banks in Kenya. A sample of 31 commercial banks was selected. The study covered a five-year period, from 2011 to 2015. Multiple-linear regression was also used in the analysis. The study found that growth in loan portfolios had a negative effect on the financial performance of commercial banks in Kenya. The effect of loan growth on the financial performance of commercial banks in subsequent years was found to be adverse. This study found that the quality of bank assets had a positive effect on the financial performance of commercial banks in Kenya. However, the effect of liquidity management was not significant. The study found that capital adequacy had a positive effect on the financial performance of commercial banks. The effect of capital adequacy was significant. The study concluded that growth in a bank’s loan portfolio had a negative and significant effect on the financial performance of commercial banks. The study recommended that commercial banks should strategically execute their loan portfolio growth strategies so as to minimize the problem of loan losses in subsequent years","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"7 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139124796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monetarism Theory and Liquidity Decisions of Business Enterprises in Kenya 货币主义理论与肯尼亚企业流动性决策
East African Finance Journal Pub Date : 1900-01-01 DOI: 10.59413/eafj/v2.i1.6
{"title":"Monetarism Theory and Liquidity Decisions of Business Enterprises in Kenya","authors":"","doi":"10.59413/eafj/v2.i1.6","DOIUrl":"https://doi.org/10.59413/eafj/v2.i1.6","url":null,"abstract":"","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130508552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of Computer Assisted Audit Techniques on Quality of Internal Audit Reports in Kenya 计算机辅助审计技术对肯尼亚内部审计报告质量的影响
East African Finance Journal Pub Date : 1900-01-01 DOI: 10.59413/ajocs/v3.i1.2
{"title":"Effects of Computer Assisted Audit Techniques on Quality of Internal Audit Reports in Kenya","authors":"","doi":"10.59413/ajocs/v3.i1.2","DOIUrl":"https://doi.org/10.59413/ajocs/v3.i1.2","url":null,"abstract":"","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126848429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of Financial Innovations on Performance of Commercial Banks in Kenya 金融创新对肯尼亚商业银行绩效的影响
East African Finance Journal Pub Date : 1900-01-01 DOI: 10.59413/ajocs/v1.i1.1
{"title":"Effects of Financial Innovations on Performance of Commercial Banks in Kenya","authors":"","doi":"10.59413/ajocs/v1.i1.1","DOIUrl":"https://doi.org/10.59413/ajocs/v1.i1.1","url":null,"abstract":"Understanding how financial innovations affect Kenya's commercial banks' performance is the main goal of the current study. The United States has long been a leader in financial innovation. However, in terms of financial innovation, China and African nations like Kenya and Nigeria have taken the lead globally. Kenya presently leads the world in mobile money services. The conflicting results of the positive and negative performance of commercial banks as a result of financial innovations served as the impetus for the current study. A literature review technique was adopted in the research. The study's overall conclusions demonstrate that financial innovations improve financial performance, as seen by an increase in transactions, the creation of convenience, and decreased maintenance costs. Banks that are incorporating financial innovations are therefore better positioned to boost their   revenue and customer satisfaction, both of which are linked to increased performance. According to the report, authorities should make sure that there are laws in place that can foster an environment where banks may keep innovating.","PeriodicalId":330424,"journal":{"name":"East African Finance Journal","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117215441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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