Using panel data from firms listed on the Nairobi Securities Exchange during the period
2004-2014, this paper examines the effect of board diversity and firm performance. Specifically the study investigates the effect of independent directors, board size, gender and financial expertise of directors and firm performance. The study finds, steadily with trends in most countries, the representation of women on the corporate board remains low. Regression results indicate that board independence has a negative and significant relationship on firm performance. The study also finds that gender diverse boards perform better as measured by Return on Assets (ROA).
Capital Structure andCorporate Governance practices. Evidence from Listed Non...IOSR Journals
This paper examines the impact of corporate governance on capital structure for firms listed on NSE Kenya. The total population of non-financial firms is 50.A sample of 30 companies whose data for 5 years from 2007-2011 was selected. The study uses five corporate governance proxies: Board size (BS), Ownership concentration (ONC), Institutional share ratio (ISR), CEO duality (CED), Board independence (BI) as independent variables. Four capital structures variables are: Long term debt to asset ratio (LTDA), Short term debt to asset ratio (STDA), Debt equity ratio (DE), and Total debt to asset ratio (TD) as dependent variables. The analysis used both descriptive and inferential analysis where correlation and linear regression were used.An average of 7 directors are on the board of firms with 93% of firms CEO doubling as a director.Using model 1 regression equation positive correlation is shown between TD with corporate governance proxies CED which is significant at 95% significant level. Using model 2 regression equation size of the firmSz taken as natural logarithm of sales as a moderating variable CED is negatively correlated to STD and DE and is significant implying firms tend to adopt pecking order theory to avoid more debt
Capital Structure andCorporate Governance practices. Evidence from Listed Non...IOSR Journals
This paper examines the impact of corporate governance on capital structure for firms listed on NSE Kenya. The total population of non-financial firms is 50.A sample of 30 companies whose data for 5 years from 2007-2011 was selected. The study uses five corporate governance proxies: Board size (BS), Ownership concentration (ONC), Institutional share ratio (ISR), CEO duality (CED), Board independence (BI) as independent variables. Four capital structures variables are: Long term debt to asset ratio (LTDA), Short term debt to asset ratio (STDA), Debt equity ratio (DE), and Total debt to asset ratio (TD) as dependent variables. The analysis used both descriptive and inferential analysis where correlation and linear regression were used.An average of 7 directors are on the board of firms with 93% of firms CEO doubling as a director.Using model 1 regression equation positive correlation is shown between TD with corporate governance proxies CED which is significant at 95% significant level. Using model 2 regression equation size of the firmSz taken as natural logarithm of sales as a moderating variable CED is negatively correlated to STD and DE and is significant implying firms tend to adopt pecking order theory to avoid more debt
Impact of corporate governance on firm performance publishedMuhammad Usman
In the light of corporate financial scandals, there is an increasing attention on corporate governance issues. The investors look for emerging economies to diversify their investment portfolios to exhaust the possibilities of returns. This paper examines the impact of corporate governance variables on firms’ performance. This Research found that there is a direct positive relationship between profitability measured either by Earnings per share (EPS) or Return on assets (ROA) and corporate governance, also have a positive direct relationship between each of liquidity, dividend per share, and the size of the company with corporate governance, finally the study found a positive direct relationship between corporate governance and corporate performance. Various studies have been conducted in developing countries including Pakistan to investigate the relationship among corporate governance and firm performance. This study indicates that corporate governance can be measured through the following elements.
(1) board size (2) Female Member (3) CEO duality (4) Education of Directors (5) Board working experience(6) independent directors (7) board compensation (8) Board ownership (9) Audit committee (10) Board composition(11)Leadership Structure
The governance system that a company adopts is not independent of its environment. Instead, it is shaped by a variety of factors inherent to the business setting.
This Quick Guide explains the factors that shape governance systems around the world. It also provides an overview of governance systems in selected countries.
It answers the questions:
• Why do governance systems vary?
• How important are capital markets?
• What is the impact of legal tradition?
• Why do accounting standards matter?
• How do societal values shape governance?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Unit 1 Introduction to Corporate Governance
Unit 2 Theory of the Firm
Unit 3 Corporate Governance and the Role of Law
Unit 4 Corporate Governance Around the World
Unit 5 Board Composition and Control
Unit 6 CEO Compensation
Unit 7 International Governance
Unit 8 Overview of Corporate Governance Codes
This presentation covers a brief history of Germany's corporate governance framework, its features (including key players, board structure, and capital providers), public sector actors, two case study examples (Volkswagen & Trumpf), recent trends, and comments on the balance of powers.
The Impact of Corporate Governance on Firms’ Profitability in Nigeriainventionjournals
The purpose of this paper is to investigate the impact of corporate governance on firms’ profitability in Nigeria. This research has been performed using a sample of 60 companies listed on the Nigeria Stock Exchange (NSE) from 2004 to 2014. The relationship between corporate governance mechanisms (board characteristics, audit committee, board independence, size, growth and profit variability) and firms’ profitability was observed. The results of the multiple regression analysis were statistically significant at 0.05 level. The F Statistics of 1.036 also shows that the result typically explained the model. The findings of the study confirmed that corporate governance mechanisms enhance firms’ profitability in Nigeria.
The Implication of Corporate Governance on Financial Institution’s Performanc...Waqas Tariq
Application of business ethics is sine qua non to the concept of corporate governance. Corporate governance on it own has a very significant relationship with corporate performance. This is the thrust of this paper. The Central Bank of Nigeria (CBN) bulletin of (2006) had asserted that disagreement between the board and management of financial institutions usually gives rise to board squabbles and ineffective board oversight functions. This is why the objective of this article is to determine the extent to which corporate governance practices impacts on financial institutions performance. To validate this assertion, a sample of thirty three financial institution listed on the Nigerian stock Exchange from 2004 to 2008 was used for this study. Multiple regressions Analysis and ordinary least square (OLS) method of estimation were applied. The results showed that there is a positive correlation between corporate governance practices and firms” performance. The other two performance proxies that is, Return on Equity and two corporate governance practices namely; the firms’ board size and audit committee also showed positive relationship. However, there was a negative relationship between the net profit margin, the firms’ board size and audit committee. The study could not establish a relationship between the two performance variables, namely; Return on Equity and Net profit Margin, and the executive officers’ status. In conclusion, the findings in this study are consistent with the findings of studies conducted in other countries that business ethics and good governance practices are the bed rock of optimum. It is recommended that corporate governance mechanisms be objectively structured to enhance optimal performance of corporate institutions in Nigeria.
Impact of corporate governance on firm performance publishedMuhammad Usman
In the light of corporate financial scandals, there is an increasing attention on corporate governance issues. The investors look for emerging economies to diversify their investment portfolios to exhaust the possibilities of returns. This paper examines the impact of corporate governance variables on firms’ performance. This Research found that there is a direct positive relationship between profitability measured either by Earnings per share (EPS) or Return on assets (ROA) and corporate governance, also have a positive direct relationship between each of liquidity, dividend per share, and the size of the company with corporate governance, finally the study found a positive direct relationship between corporate governance and corporate performance. Various studies have been conducted in developing countries including Pakistan to investigate the relationship among corporate governance and firm performance. This study indicates that corporate governance can be measured through the following elements.
(1) board size (2) Female Member (3) CEO duality (4) Education of Directors (5) Board working experience(6) independent directors (7) board compensation (8) Board ownership (9) Audit committee (10) Board composition(11)Leadership Structure
The governance system that a company adopts is not independent of its environment. Instead, it is shaped by a variety of factors inherent to the business setting.
This Quick Guide explains the factors that shape governance systems around the world. It also provides an overview of governance systems in selected countries.
It answers the questions:
• Why do governance systems vary?
• How important are capital markets?
• What is the impact of legal tradition?
• Why do accounting standards matter?
• How do societal values shape governance?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Unit 1 Introduction to Corporate Governance
Unit 2 Theory of the Firm
Unit 3 Corporate Governance and the Role of Law
Unit 4 Corporate Governance Around the World
Unit 5 Board Composition and Control
Unit 6 CEO Compensation
Unit 7 International Governance
Unit 8 Overview of Corporate Governance Codes
This presentation covers a brief history of Germany's corporate governance framework, its features (including key players, board structure, and capital providers), public sector actors, two case study examples (Volkswagen & Trumpf), recent trends, and comments on the balance of powers.
The Impact of Corporate Governance on Firms’ Profitability in Nigeriainventionjournals
The purpose of this paper is to investigate the impact of corporate governance on firms’ profitability in Nigeria. This research has been performed using a sample of 60 companies listed on the Nigeria Stock Exchange (NSE) from 2004 to 2014. The relationship between corporate governance mechanisms (board characteristics, audit committee, board independence, size, growth and profit variability) and firms’ profitability was observed. The results of the multiple regression analysis were statistically significant at 0.05 level. The F Statistics of 1.036 also shows that the result typically explained the model. The findings of the study confirmed that corporate governance mechanisms enhance firms’ profitability in Nigeria.
The Implication of Corporate Governance on Financial Institution’s Performanc...Waqas Tariq
Application of business ethics is sine qua non to the concept of corporate governance. Corporate governance on it own has a very significant relationship with corporate performance. This is the thrust of this paper. The Central Bank of Nigeria (CBN) bulletin of (2006) had asserted that disagreement between the board and management of financial institutions usually gives rise to board squabbles and ineffective board oversight functions. This is why the objective of this article is to determine the extent to which corporate governance practices impacts on financial institutions performance. To validate this assertion, a sample of thirty three financial institution listed on the Nigerian stock Exchange from 2004 to 2008 was used for this study. Multiple regressions Analysis and ordinary least square (OLS) method of estimation were applied. The results showed that there is a positive correlation between corporate governance practices and firms” performance. The other two performance proxies that is, Return on Equity and two corporate governance practices namely; the firms’ board size and audit committee also showed positive relationship. However, there was a negative relationship between the net profit margin, the firms’ board size and audit committee. The study could not establish a relationship between the two performance variables, namely; Return on Equity and Net profit Margin, and the executive officers’ status. In conclusion, the findings in this study are consistent with the findings of studies conducted in other countries that business ethics and good governance practices are the bed rock of optimum. It is recommended that corporate governance mechanisms be objectively structured to enhance optimal performance of corporate institutions in Nigeria.
Impact of Corporate Governance on Firms’ Financial Performance: Textile Secto...inventionjournals
Purpose: The basic standard of this article is to find out the outcome of corporate governance on firm’s profitability in textile sector of listed companies in Pakistan. Methodology: The data are collected from respective textile sector annual reports from 2005 to 2014.The results of different variables arise by using different techniques like descriptive, correlation and regression in using software of E-views in this study. Findings: These results of study explain that corporate governance and firm’s financial performance shows positive relationship between each other. This indicates that in textile sectors adopting corporate governance and plays a significant role in textile sectors. Research limitations: This study restricts by fewer digit of determinantslinked corporategovernance and data gathered from 2005 to 2014 were addressed, which restrictions the overview of the result. Further research can be conduct by using more variables and more years for finding more in future. Originality: This study shows that the firm’s performance has increased by using corporate governance in textile sector firms.
Impact of Corporate Governance on Firms’ Financial Performance: Textile Secto...inventionjournals
Purpose: The basic standard of this article is to find out the outcome of corporate governance on firm’s profitability in textile sector of listed companies in Pakistan. Methodology: The data are collected from respective textile sector annual reports from 2005 to 2014.The results of different variables arise by using different techniques like descriptive, correlation and regression in using software of E-views in this study. Findings: These results of study explain that corporate governance and firm’s financial performance shows positive relationship between each other. This indicates that in textile sectors adopting corporate governance and plays a significant role in textile sectors. Research limitations: This study restricts by fewer digit of determinantslinked corporategovernance and data gathered from 2005 to 2014 were addressed, which restrictions the overview of the result. Further research can be conduct by using more variables and more years for finding more in future. Originality: This study shows that the firm’s performance has increased by using corporate governance in textile sector firms.
Corporate governance is of great importance for financial performance. Corporate governance issues have attracted public interest in the financial sector both locally and internationally after waves of corporate rip-offs and failures that almost led to loss of confidence in the finance sector. The general objective of this study was to determine the effect of corporate governance on financial performance of Savings and Credit Co-operatives in Kenya. The study adopted a descriptive research design. The study targeted a population of 65 active Savings and credit Co-operatives operating in Embu County. A sample size of 57 Savings and Credit Co-operatives was used in this study. Stratified sampling technique was used to select the sample. Primary data was collected using self-administered semi-structured questionnaires while secondary data was obtained from financial statements and periodicals using a record survey sheet. Pre-testing of research tool was conducted before the actual data collection was carried, to determine the reliability of the questionnaire by use of a Cronbach‘s alpha, statistical coefficient, while the validity was tested to ensure that the questions in the questionnaire provides adequate coverage to the investigative questions. Correlation and multiple regression analysis was used to establish the relationship between independent and dependent variables. The study findings indicated that corporate governance positively affected the financial performance. In specific the board composition and corporate risk management for SACCOs had a positive effect on the financial performances of the SACCOs. The study is beneficial to SACCOs management in improving the performance of Savings and Credit Co-operatives and enabling them to compete globally. The study recommends gender parity consideration and balanced mix of skilled board members during appointments of the board members. The recommendations are important to the government, especially the department of cooperatives in strengthening policies regarding cooperative societies.
Corporate Governance and Corporate Profitability Empirical Study of Listed La...ijtsrd
Corporate governance is concerned with ways in which all parties interested in the well- being of the organization attempt to ensure that mangers and other insiders take measures or adopt mechanisms that safeguard the interests of the stakeholders.. The purpose of the study is to find out the impact of corporate governance on profitability of listed Land and Property companies in Sri Lanka. Return of Assets is used as dependent variable. To measure the corporate governance, Board size, Board composition and independent directors of Remuneration committee. number of auditors are considered in this study. Firm size was considered as control variable in this study. The data were collected from firms annual financial reports and Data Stream over the period of 2011to 2016, from the CSE website. Descriptive statistics, correlation analysis, multiple linear regression analysis were used to analyse the data and examine the hypotheses by using the E-views 10 version, in this study. The findings revealed that there is a positive and significant relationship between ROA with auditors, board composition. Independent directors of Remuneration committee and board size are insignificantly correlated with ROA. Furthermore, it was found that the control variable firm size was insignificant in influencing firm performance ROA ..This study provides useful information for policy makers, regulators in improving the corporate governance policies in the future and also helps in increasing and understanding the relationship between corporate governance and firms performance. S. Anandasayanan | H. Thavarasasingam "Corporate Governance and Corporate Profitability: Empirical Study of Listed Land and Property Companies in Sri Lanka" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd20309.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/20309/corporate-governance-and-corporate-profitability-empirical-study-of-listed-land-and-property-companies-in-sri-lanka/s-anandasayanan
Effect of Corporate Governance Committees and Financial Performance of Health...ijtsrd
This study examined empirically corporate governance committees and financial performance of healthcare companies. The independent variables are remuneration committees and nomination committees and independent variable was proxied with return on equity. The study used Ex Post Facto research design. Regression analysis was employed to test the hypotheses. The result showed that remuneration committee has a negative effect on return on assets, and this effect was not statistically significant at 5 level of significance. While nomination committee has a positive effect on return on assets, and this effect was statistically significant at 5 level of significance. It was suggested that the remuneration committee ensure that the appointed board members have an appropriate balance of skills to successfully discharge their duties. Unamma, Amaka Nkiru | Nwachukwu Raphael "Effect of Corporate Governance Committees and Financial Performance of Healthcare Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-4, August 2023, URL: https://www.ijtsrd.com/papers/ijtsrd59782.pdf Paper Url:https://www.ijtsrd.com/management/accounting-and-finance/59782/effect-of-corporate-governance-committees-and-financial-performance-of-healthcare-companies-in-nigeria/unamma-amaka-nkiru
Good corporate governance means establishing a management structure and mechanism within the organisation to create relations between PTT’s Board of Directors, the management, staff and shareholders to serve the best interests of shareholders, taking into account the interests of all stakeholders. PTT’s corporate governance embraces the following six principles
Corporate Governance Committees and Financial Performance An Empirical Study ...ijtsrd
This study examined empirically corporate governance committees and financial performance of healthcare companies. The independent variables are remuneration committees and nomination committees and independent variable was proxied with return on equity. The study used Ex Post Facto research design. Regression analysis was employed to test the hypotheses. The result showed that remuneration committee has a negative effect on return on equity, and this effect was statistically significant at 5 level of significance. While nomination committee has a positive effect on return on equity, and this effect was statistically significant at 5 level of significance. It was suggested that the remuneration committee ensure that the appointed board members have an appropriate balance of skills to successfully discharge their duties. Gina Oghogho Olufemi | Agbo, Innocent Sunny "Corporate Governance Committees and Financial Performance: An Empirical Study of Healthcare Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-2 , April 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd54006.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/54006/corporate-governance-committees-and-financial-performance-an-empirical-study-of-healthcare-companies-in-nigeria/gina-oghogho-olufemi
Impact of corporate governance on firm performance publishedMuhammad Usman
In the light of corporate financial scandals, there is an increasing attention on corporate governance issues. The investors look for emerging economies to diversify their investment portfolios to exhaust the possibilities of returns. This paper examines the impact of corporate governance variables on firms’ performance. This Research found that there is a direct positive relationship between profitability measured either by Earnings per share (EPS) or Return on assets (ROA) and corporate governance, also have a positive direct relationship between each of liquidity, dividend per share, and the size of the company with corporate governance, finally the study found a positive direct relationship between corporate governance and corporate performance. Various studies have been conducted in developing countries including Pakistan to investigate the relationship among corporate governance and firm performance. This study indicates that corporate governance can be measured through the following elements.
(1) board size (2) Female Member (3) CEO duality (4) Education of Directors (5) Board working experience(6) independent directors (7) board compensation (8) Board ownership (9) Audit committee (10) Board composition(11)Leadership Structure
Similar to Board diversity-and-financial-performance-1 (1) (20)
Buyer supplier development is important to organizations in management of contracts by minimizing operation costs in order to increase firm performance. However, the increasing number of complaints regarding failed attempts to deliver goods and services at the right time has made it impossible for some governmental projects to be completed at the stipulated time. Therefore, the study sought to assess the effect of supplier buyer development on performance of contract management unit in Uasin Gishu County Government.
School effectiveness-and-improvement-contribution-of-teacher-qualification-to...oircjournals
School examination results the world over are arguably the most important measure of perceived success or failure of a candidate. It has been pointed out by the Nyanza Provincial Education Board that the province’s performance in examinations and the quality of education in general is unsatisfactory and inadequate.
The ways in which drama is used today may differ in a number of respects from the ways it has been used in the past. This study was designed to investigate the influence of instructional drama on the development of ECDE learners in Elgeyo Marakwet County. The study was guided by Piaget’s Cognitive development theory and utilized a cross-sectional descriptive survey research design.
An assessment-of-the-gender-in-general-and-trousers-for-women-in-particularoircjournals
The Bible is the standard for Christianity yet the scriptures do not seem to give a normative direction in matters of dressing in general and women’s attire in particular. The main objective of this paper was to examine the Biblical teaching on dressing in general, and for women in particular. The literature review was carried out using themes drawn from the objective. The study was guided by the liberal feminism theory. This theory was used to establish if there were individual rights and equal opportunities as a basis for social justice and reform in Church.
School learning resources are arguably one of the
most important influencers of students’ scores in
national examinations and hence affect each
individual school’s effectiveness. It had been pointed
out by the Nyanza Provincial Education Board that
the province’s performance in examinations and the
quality of education in general is unsatisfactory and
inadequate. A confidential document entitled the State
of Education in Nyanza Province points out factors
such as inadequate physical facilities, as one of the
factors impacting negatively on school performance in the province. The study sought to investigate the perceived
contribution of school learning resources on students’ scores
Influence of budgetary allocation on performance of youth group project in th...oircjournals
The need to empower youth for a better tomorrow is connected both, to the financial elevation as well as increment of the standard of living. Therefore, the study sought to establish the influence of budgetary allocation on performance of youth group project in the county government of Uasin Gishu. The study was guided by budget theory. The study employed the use of survey design in order to accomplish the research objectives. The accessible population for the study was 375 representatives of different youth groups and 65 officials of devolved fund initiative in Uasin Gishu County. Sample size was computed using the Fishers formula. Proportionate sampling was applied to select respondents. The researcher employed the use of questionnaire and interview schedule to collect data from participants. This study used descriptive statistics and inferential statistics. Descriptive statistics were done using frequency percentages, means and standard deviation of each variable. The coefficient of variation were used where data were skewed. Correlation and regression were used to show the relationship between the dependent variable and the whole group of independent variables. The results of the study were presented using Tables and figures. The study found that budgetary allocation has a positive and a significant influence on performance of youth group project in the county government of Uasin Gishu (β1=0.154, p<0.05). The study concluded that the amount disbursed to youths is equally distributed and done in time. Funds disbursements are based on projects types and the youth can compete competitively by accessing enough amount of money to finance their businesses. The study recommends that the training programs on entrepreneurship should be enhanced and be made compulsory before the group is funded. This will ensure that the youth will be able to make the right decision on investments as well as on proper accounting of their financial resources.
School effectiveness-and-improvement-contribution-of-teacher-qualification-to...oircjournals
School examination results the world over are arguably the most important measure of perceived success or failure
of a candidate. It has been pointed out by the Nyanza Provincial Education Board that the province’s performance in
examinations and the quality of education in general is unsatisfactory and inadequate. The paper sought to determine
the contribution of teacher qualification to students’ scores. The study adopted the Theory of Organisational Climate
which defines organisational climate as the human environment within which an organization’s employees do their
work. A case study and survey design was used. Purposive sampling was used to identify the four schools under study
and form three students. Simple random sampling was used to select the respondents of the study. Data was analyzed
using both qualitative and quantitative using descriptive statistics in particular percentages and means. The study
found that teachers’ qualifications affect teaching ability while knowledge of teachers’ subject was among the major
teacher factors contributing to students’ academic achievements.
Land use-cover-trends-climate-variability-nexus-in-the-njoro-river-catchmentoircjournals
Anthropogenic activities have consequences on the land use/cover trends in the watershed and subsequently on the hydrological characteristics of rivers through intertwine of climate variability. The interplay between land use changes and climate variability are seen as contributory causes of catchment degradation in Kenya. The land use/cover changes increase impervious ground surfaces, decrease infiltration rate and increase runoff rate thereby affecting the hydrological characteristics of rivers. This study considers the interactions between climate variability and land use/cover changes in the river Njoro catchment in Kenya. The River Njoro drains into the lake Nakuru basin one of the Great Rift Valley Lakes in Kenya. The objectives of the study were: To evaluate the land-use and land cover patterns and changes in Njoro River catchment between 1996 and 2016, analyze the temperature and rainfall variations between 1996 and 2016 and compare the land use/cover changes with the variation in the rainfall and temperature. Landsat images and secondary data on water quality parameters were used in this study. The study showed that there was significant variation in rainfall and temperature trends in the Njoro river catchment and therefore the dynamics of land use/land cover in the river Njoro would be more attributed to anthropogenic activities than climate variability.
Educational achievement is a significant indicator of children’s wellbeing and future life opportunities. It can predict growth potential and economic viability of a country. While this is an ideal situation for all children, the case may be different for orphans and vulnerable children (OVC) due to the psychosocial challenges they go through on a daily basis. It is even worse for children attending public primary schools in Kenya. This paper aims to advance a debate on the relationship between psychosocial support and educational support provided for OVC through a critical engagement on the challenges experienced and the intervention measures to be taken in Kenyan public primary schools context. The study is based on the critical review of related literature materials. Findings suggest that, although the Kenyan government has put mechanisms in place to support OVC attain basic education, numerous challenges are found to be hindering some OVC from attaining quality education. Based on the findings, the paper recommends that there is need for various interventions to address psychosocial needs of orphans and children attending primary schools.
This rapid assessment examines the literature on social protection to determine the gender considerations made in social protection research and the gendered areas of future research in the field. This review was conducted between May and August 2018. Electronic databases were searched to identify records that were published in English between the period of 2008 and 2018. Studies were eligible for inclusion if they were empirical and had both the search terms ‘social’ and ‘protection’ or their various combinations, appearing in the titles of the articles. Grey literature, reports and other non-academic writings were excluded as only empirical studies were eligible. Twelve studies were reviewed and synthesised. The results of this study show that social protection research makes gender considerations and most of the social protection interventions were protective, preventive or promotive measures. Future studies should therefore explore transformative social protection with respect to gender equality and partly because gendered social protection is poorly developed. This rapid review also affirms that despite criticisms, social protection continues to be valuable in addressing poverty and inequalities. However, against this backdrop it is worth noting that social protection is not a panacea and its gender considerations are necessary only to the extent that they do not exacerbate inequalities.
Evidence of gender inequality and bias is all around us. Workplace prejudice has been found to affect workers’ salaries and career progression. Fighting gender stereotypes and prejudice by employers makes good business sense and in many countries, it's a legal obligation. This study aimed at investigating three factors believed to influence gender equality at the workplace. These included culture, distribution of resources and interpersonal relations. Five select medium sized public and private sector organizations based in Meru County were investigated. Each select organization employed over 100 workers .A total of 102 ordinary workers were randomly selected to participate in the study. Interviews and questionnaires were used as the main data collection tools. The study observed that women are more discriminated at the workplace. Culture plays a key role in perpetuating gender imbalance at the workplace due to men being dominant while women have been subordinate in the society. Further, outdated beliefs and separate gender roles have been responsible for holding women back. On distribution of resources, women were found to be under-represented in major decision making organs in the organization and suffered unequal access to economic resources .However cases of pay based on gender were negligible. Regarding interpersonal relations, the study observed that cases of sexual harassment play a key role in advancing gender inequality. The study noted that gender inequality at the workplace was responsible for cases of hostile working atmosphere, worker conflicts, harassment of subordinates by superiors, low productivity and slow growth of the organization. Various solutions to gender discrimination were recommended by the study. These include enforcing affirmative action in areas where there exists high discrimination against one gender. Individual organizations should invest in education, sensitization and mentorship programs to champion gender equality. Further, the government should enact more laws to prohibit gender discrimination practices. Organizations need to develop internal policies that punish offenders of gender discrimination and enforce a policy of equal-pay-for –equal work.
The fourth schedule of the Kenyan constitution (2010) places Pre-Primary education and child care facilities under the County government. To effectively execute this role, County governments in Kenya need to put in place appropriate policy frame-work to govern this programme of education. The purpose of this study was to investigate the utilization of media resources policy that affect management of public ECDE centers in Elgeyo-Marakwet County. A descriptive survey research design was adopted and the systems theory guided this study. The study targeted 573 head-teachers, 1146 ECDE teachers and 5 ECDE officials in the county. Random sampling was used to select 521 respondents of whom, 172 were head teachers, 344 were ECDE teachers and all the 5 ECDE officials were purposely sampled. The data was collected using questionnaires, interview schedule and observation checklist. The data was analyzed using descriptive and inferential statistics and the findings presented using frequency tables. The study found that infrastructure in the ECDE centers are of low quality and needs concerted efforts between the County Government and the National Government to improve the learning facilities as well as the physical facilities in the ECDE centers. The study established that there was a significant relationship between utilization of infrastructure, teaching and learning resources policy and the management of public ECDE centers in Elgeyo-Marakwet County ( 푥2=768.807, df=81 and sig=0.000). There should also be deliberate efforts to ensure that all ECDE centers have facilities which can be used by children with special needs or disabilities. The learning compound should be made secure for the leaners and the teachers by constructing fences around the facilities. The county government in collaboration with the national government should avail more physical infrastructure, operationalize the school feeding program in all ECDE centers.
Contract management practice is a vital aspect in any organization that intends to gain a competitive advantage and value for money. In public organizations, every year a major portion of budget allocation is given for procurement of goods and services for various kinds of projects to be done. The study focused on the effect of monitoring intensity on procurement performance of public organizations in Elgeyo Marakwet County. The study was guided by relational contract theory and principal-agent theory. It adopted a descriptive study design utilizing questionnaires as the primary data collection tool. The staff from finance and procurement departments in the County government formed the study’s unit of analysis. The sample for the study was procurement officers and finance officers. It also adopted census sampling on all the target respondents. A pilot study was done in Uasin Gishu County Government. The computer programme Statistical Package for Social Sciences (SPSS) version 22.0 aided in data analysis. Data was analyzed using Quantitative data analysis with both descriptive and inferential statistics. Descriptive statistics like frequencies, percentages, means and cross tabulation will be used while multiple regressions will be used to test the hypothesis. Presentation of finding done using questionnaires which was coded, organized, analyzed and presented using frequency tables, and percentages. The study found that the organization was able to practice monitoring intensity with the view to enhance procurement performance. The results established a positive but weak correlation between the variables (P= 0.288, r=.057). The strength of association was weak. The study concluded that monitoring intensity was a factor that influences procurement performance in organizations. However it was noted that other factors were needed to support this practice. It was recommended that contractors should be allocated with the right amount of resources to complete the projects assigned to them.
The influence-of-monitoring-and-evaluation-on-water-project-performance-in-mi...oircjournals
In a 2010 study by World Bank, it was evidenced that people lack proper services because systems fail, often because not enough resources are invested to appropriately build and maintain them, and also because of the stress that the fast growing population places on the existing infrastructure. According to Migori county report card in 2016, it was established that there was lack of continuity in water projects commenced and that construction of water projects does not help if they fail after a short time. This study analyzed the influence of community participation on water project performance in Migori County. The study specifically; examined influence of communication, management skill, technology and monitoring and evaluation on water project performance. The conceptualization of the study was guided by Resource dependence, the theory of Change, System theory and the Theory of Constraints. The study applied descriptive approach through survey design. The target population comprised of 228 stakeholders and water service company staffs working on water project in Migori County. The sample size of the study was 145 respondents arrived at using a 1967 Taro Yamane’s formula of sample size determination. Data analysis was done by descriptive statistics. The study revealed that monitoring and evaluation is statistically significant influence on water project performance (β=0.152, p<0.05). The study concluded that project managers have adequate and experience in project management. Projects have clear documentation and the company has project progress reports. The study recommends that county government should empower project managers at County levels to improve planning and implementation towards the goal of sustaining water projects benefits, Non-Governmental Organizations to evaluate the performance and sustainability of water projects vis a vis the community participation at all stages of the project cycle.
Stakeholder analysis is component in a project design and implementation central to achievement of the goals and objectives for which projects are carried out. This study aimed at establishing the effect of stakeholder analysis on performance of road construction projects in Elgeyo Marakwet County. The study was anchored on Stakeholder Theory. The study population comprised of 19338 individuals who included employees of the county working within the road sector, personnel within various road construction agencies, contractors and community beneficiaries of the project. Stratified random sampling was then used to group individuals into two homogenous groups, one working directly with the project and the other of beneficiaries. Proportionate random sampling technique was then employed to sample 103 respondents in the first group who included Managers (4), County government employees (29), KURA (6), KenHA (6), KERRA (13) and Contractors (45). Simple random sampling was adopted to select 377 respondents from the community. Data collection instruments were self-administered questionnaires for personnel working directly with the project. On the other hand research assistants facilitated focused group discussions to get views from the community stakeholders. Both descriptive and inferential statistics informed the data analysis and presentation. Descriptive statistics included; percentages, means, standard and deviation. Inferential statistics was Analysis of Variance (ANOVA) and multiple ordinal regression equation analysis. Statistical package for Social Sciences (SPSS 23.0) software helped in data analysis. The study found out that stakeholder analysis had significant effect on performance of road construction projects (β3=0.203, P <0.05) on performance of road construction projects in Elgeyo Marakwet. The study recommends county Government should develop blueprints to guide road contractors in road project activities. Hence establish a favourable environment for implementations of road projects.
Contract management practice is a vital aspect in any organization that intends to gain a competitive advantage and value for money. In public organizations, every year a major portion of budget allocation is given for procurement of goods and services for various kinds of projects to be done. The study focused on the effect of monitoring intensity on procurement performance of public organizations in Elgeyo Marakwet County. The study was guided by relational contract theory and principal-agent theory. It adopted a descriptive study design utilizing questionnaires as the primary data collection tool. The staff from finance and procurement departments in the County government formed the study’s unit of analysis. The sample for the study was procurement officers and finance officers. It also adopted census sampling on all the target respondents. A pilot study was done in Uasin Gishu County Government. The computer programme Statistical Package for Social Sciences (SPSS) version 22.0 aided in data analysis. Data was analyzed using Quantitative data analysis with both descriptive and inferential statistics. Descriptive statistics like frequencies, percentages, means and cross tabulation will be used while multiple regressions will be used to test the hypothesis. Presentation of finding done using questionnaires which was coded, organized, analyzed and presented using frequency tables, and percentages. The study found that the organization was able to practice monitoring intensity with the view to enhance procurement performance. The results established a positive but weak correlation between the variables (P= 0.288, r=.057). The strength of association was weak. The study concluded that monitoring intensity was a factor that influences procurement performance in organizations. However it was noted that other factors were needed to support this practice. It was recommended that contractors should be allocated with the right amount of resources to complete the projects assigned to them.
Building information-modeling-and-construction-projects-performance-the-effec...oircjournals
In most of the construction projects, there is always an element of running into delays in project completion time, costs overruns from variations and associated time overruns, lack of satisfying client requirements, clashes on site during construction – just to mention a few. Building Information Modelling (BIM) is being used to solve most of these challenges that pose such risks to a project. The study looked the effect of scheduling on performance of project constructions in Uasin Gishu County. The study targeted a population of 197 respondents who constitute of Technical staff and Non - technical staff. The study used census research design. Questionnaires were used to collect information from respondents. In order to ascertain reliability of the research instruments, the researcher piloted the instruments by distributing 30 questionnaires to respondents from Uasin Gishu County Government selected randomly from the various sections, which were not be part of the county to be sampled for this study. Descriptive statistics was used to analyse the data. Descriptive statistics included frequency, percentages, means, standard deviation and frequency distribution. Inferential statistics used was correlation and linear regression. The study found out that there was a significant and positive effect of project scheduling on construction projects performance Uasin Gishu County Government (β=0.198; p<0.05). The study concluded that proper project scheduling leads to an increased project performance risk management plays an important role in project management because without it project managers cannot define their objectives for future and project monitoring plays a vital role in project manager’s decision making processes since it helps project managers and their teams to foresee potential risks and obstacles that if left unaddressed could derail the project. The study recommends that the County Government should continue with good practices of ensuring resources are allocated with good practices of ensuring resources are allocated to projects from interception until closure.
Irrigation projects are among vital income generating activities as they enhance food security, create employment opportunities, improve nutritional status of a nation and result to good health in the society. Poor performance of the existing public irrigation schemes is an emerging issue of concern since it slows the irrigation transition process. The purpose of this study was to examine the influence of stakeholder communication on performance of Kabonon-Kapkamak irrigation project. The study utilized stakeholder theory. The study employed a descriptive survey research design targeting all employees of irrigation projects in Kenya. Accessible population of 301was subjected to stratified random sampling to obtain a sample size of 185 respondents which are project manager 1, farmers 165, Ministry of Agriculture officials 5 and National Irrigation Board Representatives 14. Primary data was collected using a questionnaire and interview schedule. Pilot study was done to test validity and reliability of research instrument at Perkerra irrigation scheme in Baringo County. Content validity was used as a validity test while reliability was tested using Cronbach’s alpha coefficient. Data collected was analyzed using descriptive and inferential statistics.A multiple regression model was used to measure independent variables against the dependent variable. The study found out that stakeholder communication (β1=0.257; p<0.05 positively and significantly influence irrigation project performance. The findings of this study are expected to provide a basis for formulating irrigation project implementation policies by the government and management practices by other institutions. The academic community will benefit from the results of the study as it will serve as a reference point on empirical data pertaining to stakeholder involvement and also to identify areas for further study. In addition, the study findings are expected to guide Non-governmental organizations (NGOs) wishing to implement stakeholder involvement strategy in enhancing performance of irrigation projects.
Majority of SMEs collapse because they operate in business environment which is highly turbulent characterized by external factors as well as internal business factors. The study therefore sought to establish the effect of effect of product creation strategy on performance of small and medium enterprises in Eldoret town. The study was guided by Balanced Scorecard Theory. This study adopted descriptive research design. The target population of the study was 2,391 registered SMEs according to Uasin Gishu County government records and accessible population was 1764 respondents. The sample size for the respondents was therefore be 315. The study used questionnaires as the main tool for collecting data. The data collected was analyzed by using the excel program and Statistical Package for Social Science (SPSS) version 23. Data was analyzed using descriptive statistics such as mean, frequencies, percentages and standard derivation and inferential statistics which include correlation and multiple regressions. Data was presented by use of frequency tables, charts and graphs. The study findings a positive and significant effect of product creation strategy on small and medium enterprises in Eldoret Town (β=0.476, p<0.05). The study will be of benefit to management of medium enterprises and other organizations in understanding the challenges they would encounter when implementing various strategies and be able to come up with better ways of dealing with these challenges so as to be successful in their strategies. The study would be of importance to future researchers and scholars since it would be a source of material for their research and would also help them in identifying the research gaps they need to fill.
Sugarcane Company’s performance has remained to be one of the challenging facts in the growing companies in Kenya today. The delays in harvesting operations are attributed to uncoordinated and unpredictable harvesting and transport schedules; and inefficiencies in mill operations. Therefore, the main aim of the study is to determine the influence of Sustainability Management Systems CSR on firm performance of selected sugarcane companies in Kenya. The study is guided by Corporate Social Performance Theory. This study used ex- post facto research design. Ex- post facto research design determines and reports the way things are. The target population was 528 employees. This study therefore sampled 228 respondents. Purposive sampling technique was used to select 10 managers, 24 supervisors, 38 accountants and 156 clerks from the 7 sugarcane companies because they have specific information concerning the effects of corporate social responsibility practice on firm performance of selected sugarcane companies in Kenya. Pilot study was done in order to test for validity and reliability of the research tools. The pilot study was done in Trans-Mara Sugar Company found in rift Valley region of Kenya. For inferential statistics, correlation and multiple regression was used for comparative analysis between frequencies of corporate social responsibility practice on firm performance. The study findings indicated that sustainability management systems have an effect on firm performance. The government will use this study in establishing policies that would ensure improvement in firm performance of sugarcane processing firms among other firms in Kenya. The study recommends that the companies should encourage sustainability management systems since sustainable management systems is an important mechanism for improving corporate sustainability performance. It can generate business value through measurement and management of sustainability risks and opportunities. The study recommends further researchers to study on corporate social responsibility strategy and financial performance of firms in Kenya which the study didn’t cover.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. Afr. Int. Mgt. Edu and Governance
2 | P a g e
decisions about whether a firm will borrow
or not require the approval of the board. We
therefore propose that because boards of
directors monitor and advise management
concerning the firm’s decisions, financial
performance of the firm is influenced by the
composition of the board.
Most of emerging economies, a typical firm
is characterized by weak corporate
governance mechanisms, concentrated
ownership, family ownership, and higher
levels of managerial power (Al Farooque et
al., 2007; Jackling and Johl, 2009; Young et
al., 2008; Gottardo and Moisello, 2013). To
worsen this situation, even when
goodcorporate governance mechanisms are
in place, weak legal and institutional
mechanisms makeit difficult for firms to be
governed. Typical corporate governance
research has focused on developed
countries (Rajagopalan and Zhang, 2008;
Perrini et al., 2008; Harford et al., 2008;
Yoshikawa and Phan, 2005) to the exclusion
of emerging countries. However, a small
amount of research has been carried out
into the extent to which corporate
governance issues in developed countries
are applicable to emerging countries
(Jackling and Johl, 2009). However, these
studies into emerging markets have been
carried out in Asia, and the Middle East
which have unique corporate governance
mechanisms that differ greatly from those
in Kenya.
The motivation for studying corporate
governance in an emerging country such as
Kenya arises due to the increasing
application of corporate governance
guidelines and the absence of empirical
studies linking corporate governance to
financial performance.
Kenyan Context
Trading in shares in Kenya started growing
in 1954 when the Nairobi Stock Exchange
(NSE) was constituted as a voluntary
organization of stockbrokers (Ngugi, 2003).
The introduction of NSE saw the
introduction of rules and regulations
governing stock trading, along with
initiatives to promote the capital market,
such as the Capital Issue Committee (CIC)
and Capital Market Authority (CMA),
established in 1990 through the Capital
Market Authority Act (Cap 485A) in order
to regulate stock market activities (Kemboi
and Tarus, 2012). The CMA had a mandate
to regulate corporate governance
mechanisms of the firms listed on the stock
exchange.
In this regard, the authority initiated a
number of measures to address issues of
corporate governance: for instance, it
facilitated the enactment of the corporate
governance code, in the form of a Sample
Code of Best Practice of Corporate
Governance in Kenya 2002, in order to
strengthen governance mechanisms among
Kenya’s listed firms (Tarus and Aime, 2014).
Among the corporate governance structures
suggested, in order to improve the quality
of decisions in the listed firms, was the
composition of the board (The Capital
Market Act, Cap. 485A, 2002).
The corporate governance guidelines and
regulations for intermediaries provided by
capital market authority (CMA)
recommends that one third of board
members should be independent and the
board should have at least eight board
members. The guidelines further requires
3. Afr. Int. Mgt. Edu and Governance
3 | P a g e
that the CEO and chairman positions
should not be held by one person, otherwise
the authority should be notified the reason
thereby. It also states that the board should
have a balance of skills, experience and
members should be from various
backgrounds. Furthermore, the CMA
guidelines require that outside directorship
by board members be not more than five.
The guidelines also require that all directors
shall be needed to submit themselves for re-
election at regular intervals and at least
once every three years.
Despite of widespread regulatory reforms
undertaken to improve corporate
governance mechanism, Kenya is
characterized by a weak legal and
regulatory framework (Tarus, 2011; Gakeri,
2013) just like any other emerging economy.
For instance, in the past few years there
have been a number of corporate failures
occasioned by financial distress among
listed firms. This phenomenon of financial
difficulties in Kenyan public companies has
been witnessed by the increase delisting of
companies. Notable cases of corporate
failure include Kenya Bulk medical limited,
A Baumann, Kenya Corporative
Creameries, Uchumi Supermarkets, and
CMC Kenya Ltd., in 2012 among others
(Ngugi et al., 2009).
The main reasons attributed to these
corporate failures are their inefficient
boards (Waweru, 2014). Although CMA has
enacted and implemented the corporate
governance guidelines, there remains a
need to determine whether board
composition and a corporate governance
mechanism enhance effective decision
making in Kenya.
This study sought to analyse the
relationship between board diversity and
financial performance in Kenya, using a
panel of 39 Kenyan firms listed on the
Nairobi Securities Market during the period
2004-2014, using a Random Effects
regression analysis. This paper contributes
to the extant literature along the following
dimension. Firstly, to the best of our
knowledge, this study is the first in the
literature to examine the relationship
between board diversity and financial
performance in Kenya. Secondly, this study
provides evidence that board diversity is
related to the financial performance of
firms. Specifically, the study found that
board size and board independence
significantly influence financial
performance.
The paper is organized as follows: In section
2 we discuss related theories and formulate
our hypotheses. Section 3 describes the way
in which we constructed the sample and the
specification of the model. Section 4
presents the results of our descriptive and
multivariate analysis of the relationship
between board diversity and financial
performance. Finally, Section 5 provides
discussion and concluding remarks.
Theory and Hypotheses development
Two organization theories, resource
dependence theory and agency theory,
provide the broad theoretical
underpinnings for how board diversity
influence firm performance. Resource
dependence theory offers the rationale for
the board’s function of providing critical
resources to the firm including legitimacy,
advice, and counsel (Hillman and Dalziel,
2003). These board resources offer the
4. Afr. Int. Mgt. Edu and Governance
4 | P a g e
corporation support in understanding and
responding to its environment (Boyd, 1990)
that can help it better manage performance.
Agency theory is based on the premise that
executives are opportunistic and that they
pursue selfish interests to the detriment of
shareholders (Jensen and Meckling, 1976).
This divergence of interests precipitates
conflicts between shareholders and
management, which results in agency cost.
One of the major costs incurred by
shareholders is the need to monitor
management through the introduction of a
layer of scrutiny in the form of a board of
directors (Fama, 1980; Fama and Jensen,
1983). The board of directors is charged
with the responsibility of monitoring the
decisions and actions of management,
thereby reducing opportunistic behavior.
Agency theory provides the rationale for
the board’s critical function of monitoring
management on behalf of the shareholders
(Eisenhardt, 1989; Fama and Jensen, 1983).
In order to exercise its monitoring function
the board needs the appropriate mix of
experience and capabilities to evaluate
management and assess business strategies
(Hillman and Dalziel, 2003). A third
organization theory, signaling, provides an
additional basis for our discussion of the
relationship between board gender
composition and firm performance.
Boards of directors have different
characteristics, which all contribute to firms’
corporate governance mechanisms, though
some characteristics provide more
controlling mechanisms than others. In this
study, we examine some of the variable
facets of board diversity that are commonly
discussed in the literature, such as board
independence, board size, financial
expertise and women.
Board Size
Board size is an important determinant of
corporate governance effectiveness (Jackling
and Johl, 2009). Resource dependency
theory suggests that increased size may
yield benefits to the firm by providing a
network to the external environment and by
securing a broader resource base (Pfeffer
and Salancick, 1978; Pearce and Zahra,
1992). Board size is defined as the total
number of directors on the board in a
particular year (Maeri et al., 2014).
According to Jackling and Johl (2009) board
size is an important determinant of
corporate governance effectiveness.
Resource dependency theory board size can
be viewed as a proxy to measure the
diversity of the knowledge pool and the
availability of resources provided by the
board. A larger board is more likely to have
a wider range of skills, knowledge and
expertise which in turn may contribute to
both its monitoring and servicing roles
(Corbetta and Salvato, 2004). Moreover a
large board may counter the influence of the
CEO (Maereet al., 2014). As per agency
theory the main argument in favor of a
larger board of directors is that the increase
in the number of members raises their
disciplinary control over the CEO (Brédart,
2014).
Larger board impedes the coordination,
which prevents boards from participating in
strategic decision making and in turn
lowering both the monitoring and service
roles (Raheja, 2005; Harris and Raviv, 2008).
More often than not, in the case of large
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5 | P a g e
boards the members get divided into sub-
groups who are at loggerheads with each
other which do more harm than good to the
company (Cadbury, 2002) compared small
boards. The argument behind this view is
drawn from a managerial entrenchment
perspective, which postulates that when
boards are small they act as active monitors,
thereby reducing managerial entrenchment.
Relatedly, because small boards are
effective in monitoring management, they
are likely to influence the decisions of
managers.Therefore, smaller boards are
effective in controlling managers and in
influencing managerial decisions, resulting
in higher firm performance. Thus, we
propose that
Hypothesis 1: A small board is positively
related to financial performance
Board Independence
Independent director is a director who has
no affiliation with the firm other than the
affiliation derived from being on the firm’s
board of directors (Beasley, 1996). The
Kenyan Capital Market Authority Act, Cap.
485A defines an independent director as a
director who has not been employed by the
company in the last five years, who is not
related to a senior member of management,
who has no contract with the company, and
who is not a member of the immediate
family of senior managers. Thus, a director
is deemed independent if he/she is
independent of management and free from
any business or other relationships that
could interfere with the exercise of
independent judgment.
The question of the effectiveness of
independent directors in protecting the
interests of the shareholders is, however,
one of the most debated and researched
issues in corporate governance.
Most importantly, scholars argue that the
presence of independent directors enhances
the protection of shareholders’ interests by
increasingthe effectiveness of
decisionmaking and monitoring executives
(Baysinger and Butler, 1985; Mishra and
Nielsen, 2000; Young, 2000; Uzun et al.,
2004). However, in spite ofthis, others argue
that independent directors may not provide
much sought after effectiveness, for several
reasons: for instance, such directors are less
knowledgeable and lack the necessary
handson experience to question
management effectively
(Roberts et al.,2005); they may also get over
involved in executive decisions, thereby
creating self destructive friction between
management and independent directors
(Roberts et al.,2005) further, in some cases,
independent directors may be dominated
by management, thereby rendering
independent directors mere rubberstamps
(Hendry and Kiel, 2004).
Consistent with agency theory, boards with
a significant number of independent
directors can limit the exercise of
managerial discretion by exploiting their
monitoring abilities. Thus, independent
directors are normally considered strong,
because of the minimal influence exerted
upon them by executives (Maug, 1997).
Because boards dominated by independent
directors are more likely to act in the best
interests of shareholders (Hermalin and
Weisbach, 1988; Byrd andHickman, 1992), it
is expected that such boards might pursue
shareholders goals at the expense of
management interest, and thus use higher
6. Afr. Int. Mgt. Edu and Governance
6 | P a g e
financial performance. We therefore
hypothesize that
Hypothesis 2: Higher representation of
independent directors is positively related
to financial performance
Female directors
In addition to director resource diversity,
gender composition that is the number of
women on the board is expected to have an
impact on social financial performance.
According to Hillman et al., 2002 on boards,
women are more than twice as likely as men
to hold a doctoral degree. Compared to
male directors, female directors gain board
experience with smaller firms and are less
likely to have prior CEO or COO experience
(Singh et al., 2008). Female directors are
more likely than male directors to have
expert backgrounds outside of business and
to bring different perspectives to the board
(Hillman et al., 2002).
Therefore, having more female directors
may sensitize boards and provide
perspectives that can be helpful in
improving firm performance. Increasing
board gender diversity (which, for all
practical purposes, means increasing the
number of women on boards) can enhance
decision making, as a wider variety of
perspectives and issues are considered and
a broader range of outcomes is assessed
(Daily and Dalton, 2003). The presence of
more female directors may stimulate more
participative communication among board
members, if one assumes that gender
differences in leadership styles, as
evidenced in some studies, also exist at
board director levels. If female directors are
more participative (Eagly et al., 2003),
democratic (Eagly and Johnson, 1990), and
communal than men (Rudman and Glick,
2001), then having more women on a board
could encourage more open conversations
among members of the board. A broader
perspective may enable the board to better
assess the needs of diverse stakeholders.
The result may enhance the board’s ability
to effectively influence firm performance.
Women directors are generally younger
than their male counterparts in terms of age
by approximately four to five years
(Simpson et. al.,2010) implying that women
not only influence board diversity in terms
of gender but also in terms of age, therefore
contributing to diversity view of the board.
In their study Adams and Ferreira (2009)
observed that overall, gender-diverse
boards have increased levels of boardroom
involvement and corporate oversight and
allocate more effort on monitoring, and also
boards with a greater female presence have
higher levels of meeting attendance.
The primary way in which boards operate
and conduct business is through meetings
and thus, attendance is a crucial factor of a
successful board (Adams and Ferreira,
2009). These authors note that women were
less likely to have attendance problems and
that having females on boards results in
better attendance by male directors. Clearly,
the female influence in this area is quite
important; increasing attendance should
result to better boardroom discussion and
higher levels of effectiveness. Women bring
specific advantages to board decision-
making when it comes to board strategic
tasks (Nielsen and Huse, 2010) that gender
diverse boards have less conflict and are
7. Afr. Int. Mgt. Edu and Governance
7 | P a g e
associated with more strategic control and
board development activities.
Women provide, unique role on boards
which is often reflected in their participative
management style and in higher sensitivity
compared to their male colleagues
(Bradshaw & Wicks, 2000). This ability,
combined with women’s attention to and
consideration of the needs of others, may
lead to women’s active involvement in
issues of strategic nature that concern the
firm and its stakeholders. Female directors
are more likely than male directors to have
expert backgrounds outside of business and
bring different perspectives to the board
(Hillman et. al., 2002). Therefore having
more female directors may sensitize boards
to environmental initiatives and provides
perspectives that can be helpful in
addressing issues of environment.
Increasing board gender diversity (which,
for all practical purposes, means increasing
the number of women on boards) can
enhance decision making, as a wider variety
of perspectives and issues are considered
and a broader range of outcomes is assessed
(Daily and Dalton, 2003).
The presence of more female may stimulate
more participative communication among
board members. The reasons why women
should be included in the board is the
embody a large pool of human capital that
is available in an organization and also by
the virtue of gender that they are usually
minority of the board and therefore more of
an outsider and less beholden to
management and hence serve as better
monitors of managers (Simpson et. al.,
2010).
Gender diversity can also affect the board’s
critical function of monitoring management.
Having more women on the board
enhances the board’s expertise by
increasing the range of professional
experience and augmenting the number of
board members with advanced degrees
(Hillman et al., 2002). These added qualities
brought in by female board members enable
the board to more effectively monitor
management (Hillman and Dalziel, 2003).
We therefore propose that
Hypothesis 3 Higher percentage of women
director improves financial performance
Financial Expertise
A director is considered a financial expert if
he/she posses the knowledge and
experience in finance related areas
(Iskandar et al., 2013; Guner et al., 2008). The
recent wave of financial scandals in the
world has caused concern on the need for
financial/accounting experts to be on board
to ensure greater accountability on wide
range of issues (Guner et al., 2008). Financial
literacy of board of directors has been
identified as one of the most significant
factors that increase the credibility of
company financial position from the
perspectives of the customers, banks, and
government bodies (Hasyudeen, 2003).
Appropriate financial experience and
expertise of board members is negatively
associated with financial distress (Kroll et
al., 2008; McDonald et al., 2008).
Guner et al., (2008) stressed that it is
important for board members to have an
understanding of accounting principles and
financial statements which will lead to
better board oversight and this will serve to
8. Afr. Int. Mgt. Edu and Governance
8 | P a g e
the best interest of shareholders. Finance
experts significantly affect the finance and
investment policies of firms on whose board
they serve (Guner et al., 2008). According
Kor and Sundaramuthy (2009) directors
who have reasonable financial backgrounds
are more effective in providing internal
control system mechanisms to control firm
performance and hence financial distress.
Johl et al., (2015) also found a positive and
significant relationship between accounting
expertise and financial performance of
Malaysian firms. The Cadbury Committee
(1992) emphasized on the importance of
financial literacy with the argument that it
can enhance the effectiveness of the board.
Empirically, financially literate board
members are found to be more efficient and
effective in carrying out their role
(Pomeranz, 1997; Libby and Luft, 1993).
Therefore, the existence of qualified board
members enhances the integrity of the
board in controlling and monitoring firm
management. This is supported by resource
dependency theory that a board equipped
with adequate skills and expertise it
enhances its monitoring and controlling
roles. Qualified board members are wiser
and able to provide leadership for the
company. Their existence in the company
instills more confidence among the capital
providers (Daily, 1995). Thus we
hypothesize that
Hypothesis 4: Financial expertise of
directors’ is positively related with financial
performance
Methods and Data
The data used in this study was derived
from publicly listed firms in Kenya during
the period 2004-2013. The total number of
firms listed on the Nairobi Securities
exchange (NSE), as at the end of 2013, was
57: these firms fall under different sectors of
the economy, such as agricultural,
commercial and services industry,
telecommunications and technology,
automobile and accessories, investment,
manufacturing and allied, and construction.
We considered only firms that traded
throughout the period under study: thus,
firms that were first listed after 2004 and
those that were suspended during the
period were excluded. The total number of
firms used in the study was 39, yielding a
total of 390 firm year observations.
We collected data from a number of
secondary sources. The data on board
composition was drawn from financial
reports, under the Directors/Corporate
Governance Report sections. For companies
whose reports did not provide adequate
Board
Independence
Women
Directors
Financial
Expertise
ROA
ROE
Board Size
Leverage
Profitability
Firm Size
9. Afr. Int. Mgt. Edu and Governance
9 | P a g e
director information, the same information
was collected from company websites. All
the data on control variables and the
dependent variable were collected from
financial reports, as well as from the NSE
yearend reports, monthly reviews, and the
NSE handbook
Measurement of Variables
Firm performance will be measured using
ROA and ROE as measured by (Sanda et al.,
2011; Taghizadeh and Saremi, 2013).
Director independence: Director
Independence will be measured as the
percentage of membership held by the
outside independent directors, which has
been considered in prior studies (Zahra and
Stanton, 1988).
Gender diversity is the number of women
in the board, Adams and Ferreira, 2004;
Bilimoria and Piderit, 1994; Daily et al.,
1999; Farrell and Hersch, 2001; Kesner
1988).
Board size is defined as the number of
directors on the board (Kaymak and Bektas,
2008; Perrini et al., 2008). Thus, consistently
with other studies, we measured board size
by counting the number of individuals
serving on the board of directors (Tarus and
Aime, 2014; Singh and Davidson III, 2003).
We incorporate control variables into the
analysis, particularly variables known to
affect capital structure. Firm size was
measured as a natural log of total assets
(Anderson et al., 2004; Perrini et al., 2008).
Industry was measured as a dummy
variable and controlled in the study,
because firms in different industries adopt
varied capital structures (Jensen, 1989) thus
affecting financial soundness of a firm.
According to Nwachukwu and Mohammed
(2012) firms in the manufacturing industry
have assets with a collateral value that
improves their capacity to borrow which
have a bearing on financial performance.
Therefore, consistent with the approach
used by Barroso et al., (2011) and Plambeck
and Weber (2010), this study assigned “1”
to firms in the manufacturing sector and “0”
to the rest.
In line with previous studies, profitability
was controlled in the study because of
strong indications of its effect on financial
performance. Thus, consistently with
literature, profitability in this study was
calculated as earnings before depreciation,
interest, and tax (EBDIT), divided by total
assets (Sirtaine, et al., 2005) and Maere et al.,
2014).
Financial expertise of directors is the
number of directors who posses knowledge
and experience in finance related areas
(Iskandar et al., 2013; Guner et al., 2008).
Thus following studies by Iskandar et al.,
(2013) and Guner et al., (2008) directors
were classified as financial experts if they
possess the knowledge and experience in
finance related areas.
Model Specification
ROAPitFSitεit ……….Model 1
ROAPitFSitIitBSit+
WitFEitεit……………..………….Model 2
ROEPitFSitIεit………..…Model 3
10. Afr. Int. Mgt. Edu and Governance
10 | P a g e
ROEPitFSitSi
WitFEit +εit……...…………Model 4
ROA/ROE= Firm financial performance of
firm i (i=1, 2….44) in time t(t=1, 2…10),
BI=Board Independence, BS= Board Size,
W= Women Directors, FE= Financial
Experts, P= Profitability, FS=Firm size, I=
Industry εit= the random error terms
Results
Table: 1 Descriptive Statistics
Mean Std. Deviation N
ROA
ROE
Profitability
Firm Size
Board Size
Board Independence
Director Financial expertise
Women Director
1.106
1.284
0.326
0.409
8.765
3.887
0.930
0.146
0.361
0.153
0.614
0.285
2.314
0.005
0.091
0.146
390
390
390
390
390
390
390
390
Source: Research Data 2015
Empirical Results
Several tests were performed before the
regression analysis. Firstly, we tested for the
presence of multicollinearity using Variance
Inflation Factors (VIF) and Tolerance.
Multicolliniarity exists when two or more
predictor variables are strongly correlated
(Field, 2005), and Hair et al., (2006)
suggested a threshold of VIF values of 10.
Each of the variables used in this study,
including the control variables, range from
1.138-1.951, suggesting the absence of
multicollinearity. We also tested for the
presence of heretoscedasticity, which is a
common problem in panel research.
Although there are several ways of dealing
with the problem, such as generalized least
squares, fixed effects, and random effects
(Kraatz and Zajac, 2001), this study used
random effects regression. Independence of
error terms was tested using a Durbin-
Watson statistic, and the results ranged
between 1.619 and 1.937, which is within
the threshold of 1.5-2.5 (Hair et al., 2006).
Jarque-Bera (JB) test for normality was used
to for normality of error terms. According to
Bryset al. (2004), the JB tests the hypothesis
that the distribution of error terms is not
significantly different from normal (H0: E
(ε)~N(μ=0,Var.=σ2) . The results of the tests
are presented in table 4.2. The results show
that the significance levels for the Jarque-
Bera statistics were greater than the critical
p-value of 0.05 implying that the errors
were not different from normally
distributed (Tanweeer, 2011).
Research Findings
Hypothesis 1 tested whether there is a
positive relationship between smaller board
and financial performance. The results
showed negative but significant
relationship between smaller board and
financial performance (β=-0.125; p< 0.05).
Therefore, the hypothesis is not supported.
Hypothesis 2 predicted a positive
relationship between board independence
and financial performance. Results showed
board independence a positive and
significant relationship with financial
performance (β= 4.042; p<0.05). The
hypothesis was accepted. Hypothesis 3 tests
whether gender diversity has a positive and
significant effect on firm performance. The
results is positive and significant β =3.012
p<0.05) thus the hypothesis was supported.
Implying that presence of women directors
does improve financial performance.
11. Afr. Int. Mgt. Edu and Governance
11 | P a g e
Finally, fourth hypothesis postulated a
positive relationship between director’s
financial expertise and financial
performance of the firm. The results was
positive and insignificant (β1= -0.213;
p<0.05) thus, the hypothesis was rejected.
Discussions and Conclusions
In this paper, we have examined the
relationship between board composition
and capital structure using data from firms
listed on the Nairobi Securities Exchange.
Specifically, the study investigated the
effect of board composition variables;
director board size, independence, gender,
and financial experts on financial
performance.
Our analysis suggests the following
findings: Firstly, higher representation of
independent directors has a positive
association with financial performance;
secondly, small board size is negatively
related to financial performance. Our first
finding supports the view that independent
directors are effective monitors this is
consistent with agency theory (Jensen and
Meckling, 1976). Thus, the results of this
sample indicate that independent directors
are associated with positive financial
performance.
The results relating to board size indicate a
negative significant relationship between
small board size and financial performance.
Our results indicate that firms with smaller
boards tend to have lower financial
performance. This findings is in supports
resource dependence theory which is in
favour of a larger as it is more likely to have
a wider range of skills, knowledge and
expertise which in turn may contribute to
both its monitoring and servicing roles
(Corbetta and Salvato, 2004; Maere et al.,
2014). As per agency theory the main
argument in favor of a larger board of
directors is that the increase in the number
of members raises their disciplinary control
over the CEO (Brédart, 2014). The study
also found that gender diversity has a
positive and significant effect on firm
performance. Although the results of
previous studies have been equivocal, both
proxies of gender diversity indicate a
positive and significant relationship.
Drawing from agency theory, firm
performance is enhanced when the
objectives of both the executives and
shareholders are synchronized. Indeed,
studies have found that women are more
likely to hold CEOs accountable for poor
performance and are better monitors
(Adams and Ferreira, 2009). In this sense,
the more women are represented on the
board, the more CEOs and top management
will be held to account for poor
performance, and results expected to
improve. Our finding is supported by
studies conducted by Tarus and Chepkuto
(2014) who found a positive relationship
between gender and firm performance in
Kenya. The results for financial expertise
was also not significant, possibly the reason
as to why directors with financial related
skills and experience may not be an
effective control mechanism Kenya, could
be due to the structure of ownership
associated with firms.
By and large, our study seems to suggest
that the board plays an important role in the
decision making of the firm. Although,
governance codes in Kenya are a
duplication of western codes some of the
vital variables where insignificant such as
12. Afr. Int. Mgt. Edu and Governance
12 | P a g e
women directors. The effectiveness of
directors depends mainly on their skills,
and it is therefore important to recommend
the need to study the skills of board
members to determine their effectiveness to
carry out their mandate.
The study is opportune, both in terms of
practice and theory. First of all, it has
enhanced understanding of how boards of
directors influence management decision-
making concerning firm performance.
Secondly, the significant relationship
between board independence and firm
leverage, it is an indicator to the fact that
independent boards have strong monitoring
abilities, and therefore the composition of
boards should take cognizance of members
who are independent of management. The
study has made some contributions to the
literature. It is clear that although it is a
constitutional requirement for boards to be
comprised of at least one-third women, alot
still needs to be done in Kenya to achieve
the threshold. It is important to note the
study’s limitations. Firstly, the study has
relied on archival data, especially
information contained in financial
statements. Secondly, while the study has
considered important board variables, there
are other board measures that are
particularly key in a Kenyan context, such
as audit committee, Tenure, ownership
structure, and the interaction of variables.
Thirdly, the study was based on a sampleof
firms listed on the Nairobi Securities
Market, which may be considered a small
sample. This may limit the generalizability
of the findings. Future research using a
larger sample size and different types of
firms (for instance private non-listed firms)
may provide additional insights and
enhance our understanding of the issues
explored here.
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