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.
Influence of Strategic Investment Management Practices on Financial Performan...IOSRJBM
This research aimed at analyzing the influence of Investment management practices on financial performance of manufacturing companies using evidence from Kenya’s sugar industry. The following specific objectives were addressed by this study: to assess the influence of strategic Investment management practices on financial performance of sugar Manufacturing companies in Kenya and to determine the influence of Board structure as a moderating factor on the financial performance of sugar manufacturing companies in Kenya. This study was guided by agency theory. This research adopted a descriptive research design in which a census of all the targeted population of 12 manufacturing companies jointly from sugar manufacturing industry were drawn from a list of 800 manufacturing companies in Kenya, whereby a proportionate random sample of 109 employees were interviewed from all the 12 sugar manufacturing companies in Kenya. Questionnaires were administered as the main tool of data collection whereby 102 questionnaires were collected representing a 93.6% response rate. Descriptive statistical techniques were applied to describe application of strategic financial management practices in the sampled manufacturing companies which were sugar manufacturing companies in this study. Inferential statistical techniques such as Correlation analysis and regression analysis were applied to test the hypotheses of association and differences. Gathered data was processed by computer and the Statistical Package for Social Science (SPSS) which was the main computer software that was utilized in data analysis. The strategic Investment Management practices’ null hypothesis was rejected implying a significant effect on financial performance. Board structure was found significant implying board structure as a moderating value has a significant effect on financial performance.It is therefore recommended that it is important for firms to retain their profits so that they can reinvest and gain higher returns on investments and shareholder equity. This study suggests the need for further research on other economic factors besides Investment management practices that influence the financial performance of sugar manufacturing companies and other companies.
Analysis Market Reaction on Timeliness Reporting: Study on Indonesia Stock Ex...inventionjournals
Indonesia Stock Exchange (ISE) in 2012 recorded that there were 36.6% of companies that did not meet the timeliness reporting in preparing the financial statements, whereas companies that implement Good Corporate Governance (GCG) should be timely in preparing the financial statements as the implementation of the principle of transparency which is one of the principles of GCG. This study aims to examine how the role of GCG in monitoring and suppressing the timeliness reporting in preparing the financial statements and whether there are differences in market reaction between the companies that meet the timeliness reporting and which do not. The research samples taken from population members were 96 companies listed on Indonesia Stock Exchange in 2013. The data processed by using logistic regression and independent t test. The results show that the institutional ownership, independent board and audit committee play a role in the fulfillment of timeliness reporting while the management ownership and board size have insignificant. Further results of the study showed no difference in reaction to the market on the company meet and do not meet the timeliness reporting.
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.
EFFECTS OF MANAGEMENT PROFICIENCY ON FINANCIAL PERFORMANCE OF FOREIGN COMMERC...AkashSharma618775
The study sought to examine Management Proficiency on financial performance of foreign
commercial banks in Kenya from period of 2013 to 2019.
Design/Methodology/Approach; The return on equity (ROE) and return on asset (ROA) were used as measure on
measure of financial performance measures on foreign commercial banks in Kenya. The descriptive, correlation
and panel regression analysis based on fixed effect model with help STATA.
The Results; It indicated that an R squared of 0.6956 was obtained that implies that 69.56 percent of the variations
in financial performance of foreign commercial banks in Kenya was accredited to capital adequacy, asset quality
and management efficiency. A p-value of 0.0000 further endorsed that the variables that were used namely: capital
adequacy, asset quality and management efficiency had significant effect predicting the financial performance of
foreign commercial banks in Kenya. The model had a constant value of 0.87 thus inferred that in the absence of
capital adequacy, asset quality and management efficiency, the value of financial performance of foreign
commercial banks in Kenya was 0.87.
Originality/value: The main study objective was to provide the empirical evidence on management proficiency on
financial performance on foreign commercial banks in Kenya and demanded literature gaps
Audit Committee Characteristics and Financial Performance of Deposit Money Ba...AkashSharma618775
The purpose of this study was to assess the predictive power of audit committee features on the financial
performance of listed Deposit Money Banks (DMBs) in Nigeria between 2009 and 2018. Thirteen (13) banks were
used over 10 years making a total of 130 firm year observation. The independent variable was audit committee
size, while the dependent variable was DMB financial performance measured by return on capital employed
(ROCE). The study used an ex-post factor research approach to address the research questions and the nature of
the study data. The study used the panel fixed effect approach (and the estimates were obtained using E-views 9).
The results show that audit committee size does not significantly predict ROCE nor does audit committee financial
skill and frequency of audit committee meetings. None of the independent variables have significant predictive
power on the performance of Deposit Money Banks in Nigeria. Thus, instead of DMBs focusing on expanding the
members of Audit committee, they should instead consider other things that can be done to have an effective audit
committee, such as gender, religion, region, ownership, etc that could possibly influence the performance of banks
in Nigeria.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Intellectual capital: A modern model to measure the value creation in a businessAI Publications
Using a sample of 92 patients, this study looked into the impact of intellectual capital on the efficiency of private hospitals. The researchers used a quantitative approach to assess the effect of Intellectual capital (Human capital, Structural capital, and Relational capital) on long-term competitive advantage in private hospitals in Iraq's Kurdistan region. The research sample was selected using a random sampling method and conducted in various locations across Iraq's Kurdistan province. A total of 110 questionnaires were distributed, but only 92 people correctly completed them. The findings revealed that the most effective relationship with firm success was between human capital as an element of Intellectual capital, while the least effective relationship was between ownership as an element of Intellectual capital. Furthermore, our findings indicate that finance managers should use debts as a last resort in terms of intellectual capital. Finally, our research can be improved by using more controlled variables, a greater sample size, and data from a longer time span in the regression models. Other methods and steps can be used as well.
An Impact of Capital Adequacy Ratio on the Profitability of Private Sector Ba...Dr. Amarjeet Singh
Profitability being one of the cardinal principles of bank lending acts as a game changer for the survival and success of private sector banks in India. In order to stay profitable, banks have to capitalise on every penny advanced to yield the expected returns. However, considering the constraints laid down by the Reserve Bank of India, banks have to maintain a minimum capital adequacy ratio, as per the current BASEL III regulations active in India. With the mergers of public sector banks, the challenge has got just tougher for the private sector banks in India. Expansion and Diversification are the key strategies adopted by the key players from the private banking sector, however, with the minimum capital adequacy ratio observed by them, it is necessary to understand its actual impact on the bank’s profitability. This research paper aims to throw light upon the linkage that capital adequacy has with the bank’s profitability. It attempts to establish a relation between the Capital Adequacy Ratio with the Net profits of the bank. For the purpose of this study, data from the past 5 years of the leading private sector banks has been collected, namely, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AXIS Bank and YES Bank. The collected data has been analysed using Pearson’s Correlation to establish a relation between the CAR Ratio & the bank’s profitability. Hypothesis testing has been further done to study the quantum of proportionate change in the profitability with a change in the CAR Ratio for private sector banks using applicable research tools. The said research tools are applied to achieve the desired results while maintaining the required quantum of accuracy. It also aims to understand the proportionate impact of changes in CAR to the bank’s profitability, which can act as a suggested measure for banks to develop a reliable framework for efficient capital management and increase overall efficiency. The results derived from the data collected and analyzed aim to provide scope for further study on the subject matter.
CAPACITY BUILDING IN PROCUREMENT AND REGULATORY COMPLIANCE AT RWANDA ENERGY G...AkashSharma618775
The study examined the effect of capacity building in procurement on regulatory compliance at Rwanda
Energy Group. The objective of the study was to assess the effects of training, coaching and leadership
development in public procurement to regulatory compliance at Rwanda Energy Group. A descriptive survey
research design was adopted using quantitative methods and used a closed-ended questionnaire as a data collection
instrument. The study targeted 86 respondents from Rwanda Energy Group. Owing to the small size of the
targeted study population of REG staff based in Kigali, the whole population was taken for respondents to ensure
enough data is collected to inform the study. Collected data were analyzed on quantitative basis using Pearson’s
correlation, multiple regression analysis and descriptive statistics. For the analysis of training in public
procurement, the results have shown that all respondents in REG strongly agree with its effects in enhancing,
enforcing and streamlining regulatory compliance in public procurement. In the study, coaching in public
procurement, the results found that all responses provided, highlighted a positive trend to the first statistical range
(strong agree) of 1.27 as a mean with a minimum standard deviation estimated at 0.789 in general. The research
study analyzed leadership development, the results found that leadership development in public procurement is
strongly correlated with regulatory compliance of Rwanda Energy Group at significance level of 1.53 as the mean
with the minimum standard deviation estimated at 1.070 in general. The researcher recommended that Rwanda
Energy Group should consider, facilitating and involving all procurement staff in capacity building and
development through short courses and trainings organized by Rwanda Public Procurement Authority to improve
compliance with laws and regulations of public procurement in Rwanda.
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
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
Influence of Strategic Investment Management Practices on Financial Performan...IOSRJBM
This research aimed at analyzing the influence of Investment management practices on financial performance of manufacturing companies using evidence from Kenya’s sugar industry. The following specific objectives were addressed by this study: to assess the influence of strategic Investment management practices on financial performance of sugar Manufacturing companies in Kenya and to determine the influence of Board structure as a moderating factor on the financial performance of sugar manufacturing companies in Kenya. This study was guided by agency theory. This research adopted a descriptive research design in which a census of all the targeted population of 12 manufacturing companies jointly from sugar manufacturing industry were drawn from a list of 800 manufacturing companies in Kenya, whereby a proportionate random sample of 109 employees were interviewed from all the 12 sugar manufacturing companies in Kenya. Questionnaires were administered as the main tool of data collection whereby 102 questionnaires were collected representing a 93.6% response rate. Descriptive statistical techniques were applied to describe application of strategic financial management practices in the sampled manufacturing companies which were sugar manufacturing companies in this study. Inferential statistical techniques such as Correlation analysis and regression analysis were applied to test the hypotheses of association and differences. Gathered data was processed by computer and the Statistical Package for Social Science (SPSS) which was the main computer software that was utilized in data analysis. The strategic Investment Management practices’ null hypothesis was rejected implying a significant effect on financial performance. Board structure was found significant implying board structure as a moderating value has a significant effect on financial performance.It is therefore recommended that it is important for firms to retain their profits so that they can reinvest and gain higher returns on investments and shareholder equity. This study suggests the need for further research on other economic factors besides Investment management practices that influence the financial performance of sugar manufacturing companies and other companies.
Analysis Market Reaction on Timeliness Reporting: Study on Indonesia Stock Ex...inventionjournals
Indonesia Stock Exchange (ISE) in 2012 recorded that there were 36.6% of companies that did not meet the timeliness reporting in preparing the financial statements, whereas companies that implement Good Corporate Governance (GCG) should be timely in preparing the financial statements as the implementation of the principle of transparency which is one of the principles of GCG. This study aims to examine how the role of GCG in monitoring and suppressing the timeliness reporting in preparing the financial statements and whether there are differences in market reaction between the companies that meet the timeliness reporting and which do not. The research samples taken from population members were 96 companies listed on Indonesia Stock Exchange in 2013. The data processed by using logistic regression and independent t test. The results show that the institutional ownership, independent board and audit committee play a role in the fulfillment of timeliness reporting while the management ownership and board size have insignificant. Further results of the study showed no difference in reaction to the market on the company meet and do not meet the timeliness reporting.
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.
EFFECTS OF MANAGEMENT PROFICIENCY ON FINANCIAL PERFORMANCE OF FOREIGN COMMERC...AkashSharma618775
The study sought to examine Management Proficiency on financial performance of foreign
commercial banks in Kenya from period of 2013 to 2019.
Design/Methodology/Approach; The return on equity (ROE) and return on asset (ROA) were used as measure on
measure of financial performance measures on foreign commercial banks in Kenya. The descriptive, correlation
and panel regression analysis based on fixed effect model with help STATA.
The Results; It indicated that an R squared of 0.6956 was obtained that implies that 69.56 percent of the variations
in financial performance of foreign commercial banks in Kenya was accredited to capital adequacy, asset quality
and management efficiency. A p-value of 0.0000 further endorsed that the variables that were used namely: capital
adequacy, asset quality and management efficiency had significant effect predicting the financial performance of
foreign commercial banks in Kenya. The model had a constant value of 0.87 thus inferred that in the absence of
capital adequacy, asset quality and management efficiency, the value of financial performance of foreign
commercial banks in Kenya was 0.87.
Originality/value: The main study objective was to provide the empirical evidence on management proficiency on
financial performance on foreign commercial banks in Kenya and demanded literature gaps
Audit Committee Characteristics and Financial Performance of Deposit Money Ba...AkashSharma618775
The purpose of this study was to assess the predictive power of audit committee features on the financial
performance of listed Deposit Money Banks (DMBs) in Nigeria between 2009 and 2018. Thirteen (13) banks were
used over 10 years making a total of 130 firm year observation. The independent variable was audit committee
size, while the dependent variable was DMB financial performance measured by return on capital employed
(ROCE). The study used an ex-post factor research approach to address the research questions and the nature of
the study data. The study used the panel fixed effect approach (and the estimates were obtained using E-views 9).
The results show that audit committee size does not significantly predict ROCE nor does audit committee financial
skill and frequency of audit committee meetings. None of the independent variables have significant predictive
power on the performance of Deposit Money Banks in Nigeria. Thus, instead of DMBs focusing on expanding the
members of Audit committee, they should instead consider other things that can be done to have an effective audit
committee, such as gender, religion, region, ownership, etc that could possibly influence the performance of banks
in Nigeria.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Intellectual capital: A modern model to measure the value creation in a businessAI Publications
Using a sample of 92 patients, this study looked into the impact of intellectual capital on the efficiency of private hospitals. The researchers used a quantitative approach to assess the effect of Intellectual capital (Human capital, Structural capital, and Relational capital) on long-term competitive advantage in private hospitals in Iraq's Kurdistan region. The research sample was selected using a random sampling method and conducted in various locations across Iraq's Kurdistan province. A total of 110 questionnaires were distributed, but only 92 people correctly completed them. The findings revealed that the most effective relationship with firm success was between human capital as an element of Intellectual capital, while the least effective relationship was between ownership as an element of Intellectual capital. Furthermore, our findings indicate that finance managers should use debts as a last resort in terms of intellectual capital. Finally, our research can be improved by using more controlled variables, a greater sample size, and data from a longer time span in the regression models. Other methods and steps can be used as well.
An Impact of Capital Adequacy Ratio on the Profitability of Private Sector Ba...Dr. Amarjeet Singh
Profitability being one of the cardinal principles of bank lending acts as a game changer for the survival and success of private sector banks in India. In order to stay profitable, banks have to capitalise on every penny advanced to yield the expected returns. However, considering the constraints laid down by the Reserve Bank of India, banks have to maintain a minimum capital adequacy ratio, as per the current BASEL III regulations active in India. With the mergers of public sector banks, the challenge has got just tougher for the private sector banks in India. Expansion and Diversification are the key strategies adopted by the key players from the private banking sector, however, with the minimum capital adequacy ratio observed by them, it is necessary to understand its actual impact on the bank’s profitability. This research paper aims to throw light upon the linkage that capital adequacy has with the bank’s profitability. It attempts to establish a relation between the Capital Adequacy Ratio with the Net profits of the bank. For the purpose of this study, data from the past 5 years of the leading private sector banks has been collected, namely, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AXIS Bank and YES Bank. The collected data has been analysed using Pearson’s Correlation to establish a relation between the CAR Ratio & the bank’s profitability. Hypothesis testing has been further done to study the quantum of proportionate change in the profitability with a change in the CAR Ratio for private sector banks using applicable research tools. The said research tools are applied to achieve the desired results while maintaining the required quantum of accuracy. It also aims to understand the proportionate impact of changes in CAR to the bank’s profitability, which can act as a suggested measure for banks to develop a reliable framework for efficient capital management and increase overall efficiency. The results derived from the data collected and analyzed aim to provide scope for further study on the subject matter.
CAPACITY BUILDING IN PROCUREMENT AND REGULATORY COMPLIANCE AT RWANDA ENERGY G...AkashSharma618775
The study examined the effect of capacity building in procurement on regulatory compliance at Rwanda
Energy Group. The objective of the study was to assess the effects of training, coaching and leadership
development in public procurement to regulatory compliance at Rwanda Energy Group. A descriptive survey
research design was adopted using quantitative methods and used a closed-ended questionnaire as a data collection
instrument. The study targeted 86 respondents from Rwanda Energy Group. Owing to the small size of the
targeted study population of REG staff based in Kigali, the whole population was taken for respondents to ensure
enough data is collected to inform the study. Collected data were analyzed on quantitative basis using Pearson’s
correlation, multiple regression analysis and descriptive statistics. For the analysis of training in public
procurement, the results have shown that all respondents in REG strongly agree with its effects in enhancing,
enforcing and streamlining regulatory compliance in public procurement. In the study, coaching in public
procurement, the results found that all responses provided, highlighted a positive trend to the first statistical range
(strong agree) of 1.27 as a mean with a minimum standard deviation estimated at 0.789 in general. The research
study analyzed leadership development, the results found that leadership development in public procurement is
strongly correlated with regulatory compliance of Rwanda Energy Group at significance level of 1.53 as the mean
with the minimum standard deviation estimated at 1.070 in general. The researcher recommended that Rwanda
Energy Group should consider, facilitating and involving all procurement staff in capacity building and
development through short courses and trainings organized by Rwanda Public Procurement Authority to improve
compliance with laws and regulations of public procurement in Rwanda.
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
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
Post privatization Corporate Governance and the challenges of working capital...inventionjournals
The paper examines the impact of Corporate Governance on liquidity ratio of Ashaka Cement Company. The variables studied were activity ratio as dependent variables and Corporate Governance proxies as independent variables. Data was collected from the secondary sources, and the statistical tools employed in the Methodology were; Performance Trend Analysis and OLS regression. Trend Analysis result suggests that, liquidity ratio was higher pre privatization periods. Inferential Statistics Result suggests that, minority ownership, board size and privatization have positive and significant impact on liquidity ratio of Ashaka Cement Company, while, Total Market Value of Shares and percentage of non executive directors have negative and significant impact on liquidity ratio of Ashaka Cement Company. However, workforce has positive and insignificant impact on liquidity ratio. The study concludes that, corporate governance has significant impact on liquidity ratio of Ashaka Cement Company. However, unfavourable macroeconomic environment militated against its efficiency. The study recommends that, Nigerian government should ensure favorable macroeconomic environment, Foreign Investors should secure global cement market opportunities to justify investment and enhance companies’ earnings The findings may useful to corporate stakeholders and government policy makers
Financial distress research of companies has attracted a growing attention in the recent past. This phenomenon of financial distress in public companies has been witnessed by a number of corporate failures and the increase in delisting of listed companies. This study therefore attempts determine the effectiveness of market ratios on financial distress of listed firms in Nairobi Security Exchange Market, Kenya. Liability management theory, was reviewed which provides a foundation for both liquidity ratio and financial distress. The study used a panel study is an observational study. The target population will be 62 listed companies in Nairobi Security Exchange Market as indicated in from year 2011-2015. The entire population will be used in this study. The study will use document analysis by getting panel data from listed companies in Nairobi Security Exchange Market. Panel data is a good indicator or measure of financial distress. Descriptive and inferential statistics method will be used for data analysis and interpretation. Data was presented using tables and diagrams. Hypotheses were tested at 0.05 level of significance (95% confidence level) from OLS pooled regression (fixed and random effect) which shows the relationship between the independent variable and dependent variable. The findings show that market ratio has a positive and significant effect on financial distress, (β = 0.593; p< 0.05). This study is significantly important in that it will enhance efficient management and financing of working capital can increase the operating profitability ratio.
Establishing the effectiveness of market ratios in predicting financial distr...oircjournals
Financial distress research of companies has attracted a growing attention in the recent past. This phenomenon of financial distress in public companies has been witnessed by a number of corporate failures and the increase in delisting of listed companies. This study therefore attempts determine the effectiveness of market ratios on financial distress of listed firms in Nairobi Security Exchange Market, Kenya. Liability management theory, was reviewed which provides a foundation for both liquidity ratio and financial distress. The study used a panel study is an observational study. The target population will be 62 listed companies in Nairobi Security Exchange Market as indicated in from year 2011-2015. The entire population will be used in this study. The study will use document analysis by getting panel data from listed companies in Nairobi Security Exchange Market. Panel data is a good indicator or measure of financial distress. Descriptive and inferential statistics method will be used for data analysis and interpretation. Data was presented using tables and diagrams. Hypotheses were tested at 0.05 level of significance (95% confidence level) from OLS pooled regression (fixed and random effect) which shows the relationship between the independent variable and dependent variable. The findings show that market ratio has a positive and significant effect on financial distress, (β = 0.593; p< 0.05). This study is significantly important in that it will enhance efficient management and financing of working capital can increase the operating profitability ratio.
Institutional Ownership and Governance Reporting of Quoted Manufacturing Comp...ijtsrd
This study assess the relationship between Institutional Ownership and Governance Reporting of quoted Manufacturing Companies in Nigeria from 2008 2020. The study adopted Ex post facto research design while the panel data sets were analyzed using Descriptive Statistics, The study employed secondary data extracted from Nigeria Stock Exchange fact books, annual reports and accounts, stand alone sustainability reports of sample firms. Institutional Ownership and Governance Reporting t Statistic = 10.46036 p value = 0.0000 0.05 of quoted manufacturing companies in Nigeria at 5 level of significance. It was recommended the study recommended that the relationship between Institutional shareholders and sustainability reporting should be sustained in order to strengthen firms with higher growth opportunities. Aniefor, Sunday Jones | Ekwueme, Chizoba M. "Institutional Ownership and Governance Reporting of Quoted Manufacturing Companies in Nigeria from 2008-2020" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47831.pdf Paper URL: https://www.ijtsrd.com/management/other/47831/institutional-ownership-and-governance-reporting-of-quoted-manufacturing-companies-in-nigeria-from-20082020/aniefor-sunday-jones
Forensic Accounting and Integrated Financial Reporting of Banks using HausmanIJAEMSJORNAL
This study examined forensic accounting and integrated financial reporting of listed banks in Ghana. The study aimed to examine forensic accounting effects on the integrated financial reporting of the listed banks. Its specific objectives determined the impact Litigations, Claims, Fraud cases reported, Cost of forensic investigation and Non-performing loans (LCFCN) have on integrated financial reporting variables such as corporate social responsibility – CSR. Integrated financial reporting (IFR) is the dependent variable while forensic accounting (FA) is the independent variable. In line with these stated objectives, five research questions and five hypotheses were formulated and it adopted the ex-post facto research design. The population of study constitutes 24 listed banks in Ghana, only 8 listed banks was selected through a purposive sampling. The data for the study was purely secondary and sourced from related books of the banks via Central Banks bulletin (Ghana), African financials and banks reports for a period of 16years from 2004-2020. Moreover, data were analyzed using the descriptive statistics, the Shapiro -Wilk test for a diagnostic check for normality and a combination of the panel regression analysis with the Hausman test which aided appropriately specification whether the analysis should be done with a fixed effect or random effect model of which the fixed effect was used for the interpretation at (P 0.050 < 0.10). In nations analyzed, the results among others demonstrated that forensic accounting and integrated financial reporting were statistically significant at 1%, 5%, and 10% as claims is positive and have significant effect on CSR (β = 64687.53, P<0.10); Non-performing loans is statistically significant and had a negative effect on CSR (β = -2.934, P= 0.054 @ 0.10). The study hence concludes that the effective implementation of forensic accounting had a constructive and significant effect on the integrated financial reporting of listed banks in Ghana. The study recommends among others that the apex banks should mandate banks to incorporate forensic accounting when reassessing their employability skill set, report production, debt administration and management, and portray fairness virtue in their reporting system so as to attract more investment and positive public image.
Corporate Governance on Earnings Management in Listed Deposit Money Bank in N...ijtsrd
The increase in the manipulation of accounting records and collapse of some Nigerian Deposit Money Banks have left question in the mind of researchers on the role of corporate governance. This paper was carried out to examine the impact of corporate governance attributes on earnings management of listed Deposit Money Banks from 2009 to 2017. The study used a sample size of thirteen 13 banks. The dependent variable was measured using Discretionary Loan Loss Provision Model by Chang, Shen and Fang 2008 . Correlational design was employed the secondary data was obtained from the annual reports of the firms and Nigerian Stock Exchange website. The results from the multiple regression analysis proved that board size has positive and significant impact on earnings management board independence has negative and significant impact on earnings management while board of directors' ownership has insignificant impact on earnings management. The study concludes that effective monitoring role of independence directors will constrain the opportunistic behavior by managers. The paper therefore recommends among others that banks should increase the numbers of independent directors on the board to improve their monitoring effectiveness. Olaleye John Olatunde | Amafa Etupu Oluwafunmilayo "Corporate Governance on Earnings Management in Listed Deposit Money Bank in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29515.pdfPaper URL: https://www.ijtsrd.com/management/other/29515/corporate-governance-on-earnings-management-in-listed-deposit-money-bank-in-nigeria/olaleye-john-olatunde
Characteristics of Nigerian Deposit Money Banks and Their Financial Outcomeijtsrd
The purpose of this research was to examine the connections between DMB profitability and various company characteristics in Nigeria. This study used panel data regression to evaluate five hypotheses on how market share, liquidity, credit risk, interest rate spread, and leverage affect bank profitability. Secondary data was gathered from the financial statements of the 19 deposit money banks listed on the international and local markets of the Nigerian Stock Exchange NSE between 2012 and 2021. The success of Nigerian banks is strongly influenced by their market share, liquidity, interest rate spread, and leverage. There was a connection between credit risk and ROA, however it was weak and not statistically significant. The report recommended that the Central Bank of Nigeria CBN create policies to enable banks increase their market share, rather than seeking to limit the number of firms in the banking sector. Dr. Confidence J. Ihenyen | Okpobo, Timinipre Joseph | Monron, Ezekiel Lawrence "Characteristics of Nigerian Deposit Money Banks and Their Financial Outcome" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56303.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/56303/characteristics-of-nigerian-deposit-money-banks-and-their-financial-outcome/dr-confidence-j-ihenyen
Corporate Governance and the Performance of Privatized Companies in Nigeria: ...inventionjournals
The paper examines the effect of Corporate Governance on profitability of Ashaka Cement Company in Nigeria. The variables studied were profitability as proxy of performance (dependent variable) and Corporate Governance proxies as (independent variables). Data was collected from secondary sources. Statistical tools employed were; Performance Trend Analysis and OLS regression. The Trend Analysis result suggests that, profitability was higher pre privatization, no remarkable improvement in profitability post privatization, government is the major consumer of cement product and unfavorable macroeconomic environment affects the general performance of the company. Inferential Statistics Result suggests that, minority ownership and percentage of non executive direct have positive and significant impact on profitability. However, total market value of shares, board size and privatization has negative and significant impact on profitability. The study concludes that, there are other factors affecting firm performance more than corporate governance and that post privatisation corporate governance has negative and significant impact on the profitability. The study recommends that, Nigerian government should ensure favorable macroeconomic environment, improve private sector activities, and allow the Company to create subsidiary in construction industry to increase demand for cement products. Foreign Investors should secure global cement market opportunities to justify investment and enhance companies’ earnings. The findings may be useful to corporate stakeholders and government policy makers.
Effect of Corporate Governance on Profitability of Quoted Manufacturing Compa...YogeshIJTSRD
The study determined the extent corporate governance affect profitability of quoted manufacturing companies in Nigeria using board size, board independence, directors’ shares and profit margin of quoted manufacturing companies in Nigeria. Only secondary data was used for the successful execution of this research work. Three hypotheses were formulated for this study while data extracted through the financial statement was tested with the Regression statistical tool using the E view 9. The outcome of the analyses carried out showed that board size has negative but significant effect on net profit margin of manufacturing companies quoted on the Nigeria Stock Exchange. It is therefore recommended that board size should be relative to the firm’s business need, scope and complexity. Since no two firms are exactly alike in all ramifications, it is important that an appropriate size be understood to be a function of each firm’s circumstances. Setting arbitrary board size benchmarks will therefore be counterproductive. Okoye, Pius V. C. | Ugwu, Scholastica C. "Effect of Corporate Governance on Profitability of Quoted Manufacturing Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd44953.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/44953/effect-of-corporate-governance-on-profitability-of-quoted-manufacturing-companies-in-nigeria/okoye-pius-v-c
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This research work investigated the influence of firm size on the financial performance of deposit money banks quoted on the Nigerian stock exchange. The research work is necessitated by the need to find the factors that respond positively or negatively to the financial performance of deposit money banks in Nigeria. Five deposit money banks were sampled with the aid of Taro Yemeni sampling technique to represent the entire banking industry in Nigeria. The firm size proxied by log of total assets represents the explanatory variable while the financial performance measured by profitability proxied by return on asset is the dependent variable. The analysis was conducted using the pooled OLS regression and fixed effect/random effect regression with the aid of STATA for panel regression. In addition, descriptive statistics and correlation analysis were computed. The finding of the study indicates that firm size insignificantly negatively influenced financial performance as a result of diseconomies of scale. The study therefore recommends that the industry should minimize the cost of expansion and enjoy maximum benefits of economies of scale in addition to other factors that may stimulate financial performance should be considered instead of the firm size that indicate insignificantly negative effect.
Firm Characteristics and Corporate Governance Performance of Nigerian and Sou...ijtsrd
The study is a cross country comparative analysis of the impacts of firm characteristics on corporate governance performance between Nigeria and South Africa listed Deposit Money Banks DMBs . The study adopted the census method of sampling in selecting the entire thirteen 13 listed DMBs in Nigeria and matched with an equal sample of thirteen 13 purposively selected DMBs in South Africa for the purpose of the comparative analysis, totalling a balanced panel of 143 firm year observations each respectively. The secondary data was extracted from the audited annual reports of the sampled DMBs for eleven 11 financial years 2010 2020 . The data was analyzed using descriptive statistics and panel regression using E Views 10. The preliminary analysis showed that the mean CG disclosure of the South African DMBs is significantly greater than that of the Nigeria sample at 5 level of significance. The result of panel regression analysis showed that in the Nigerian sample, firm size and age exerts positive significant influence of CG performance, while only firm size positive was the significant determinants of CG performance in the South African sample. The report suggests, among other things, that older banks publish more information than younger banks, and that a more competitive environment be created to encourage banks to have a good corporate governance framework, which will attract more potential investors. Abusomwan, Rachael E | Ogbodo, Okenwa Cy "Firm Characteristics and Corporate Governance Performance of Nigerian and South African Deposit Money Banks (DMBs)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47861.pdf Paper URL: https://www.ijtsrd.com/management/other/47861/firm-characteristics-and-corporate-governance-performance-of-nigerian-and-south-african-deposit-money-banks-dmbs/abusomwan-rachael-e
Corporate debt policy remained a significant, but a challenging decision for managers entrusted with the responsibility to improve the value of the firm. Thus, this study examines the factors influencing the capital structure decisions of firms in Nigeria. The study employs a panel data regression model to analyze data from firms in Nigeria for the period 2011 to 2015. The result of the empirical analysis reveals that firms in Nigeria have a preference to finance economic operations from retained earnings and the use of short-term debt on rollover basis. The finding of this study confirms that debt decreases with profitability and growth opportunities. The findings show that asset tangibility and firm size have a positive and significant relationship with debt policy of firms in Nigeria. The analysis also reveals that managerial ownership has a negative and significant relationship with debt ratio of firms in Nigeria. The study shows a non-significant positive relationship between non-debt tax shields and debt. The study demonstrates that the trade-off and pecking order theories both explains the factors influencing capital structure decisions of firms in Nigeria. Therefore, this study suggests the need for stakeholders to develop the financial markets and make it accessible for firms to obtain long-term financing for economic growth and development.
Effect of Financial Ratios on Firm Performance Study of Selected Brewery Firm...ijtsrd
The study assessed the effect of financial ratios on performance of Quoted Breweries firms in Nigeria. It made use of ex post facto research design. Data were gotten from secondary sources obtained from NSE fact books and annual reports accounts of the selected Breweries Companies. The population of the study consisted of thirteen 13 quoted Breweries firms listed on the Nigerian Stock Exchange as at 31st December, 2018. Four 4 of the quoted Breweries firms are selected to form the sample of the study for the period of nine 9 years 2010 – 2018 . The relevant data obtained were subjected to statistical analysis using Pearson correlation coefficient and regression analysis. The results of this study revealed that there is a significant relationship between current ratio and firm performance but negative effect. Debt equity ratio has a significant effect on return on asset of Nigerian Breweries. The result of the study concludes that Nigerian breweries companies are relatively using an optimal mix of debt to equity which is evident from the significant positive relationship of debt equity ratio with financial performance of the Nigerian Breweries. The researchers recommended that the management should employ all carefulness while financing with long term debt instruments endeavor to find out the best and optimal combination of long term debt and equity that will impact positively on the value of the firm. Agbata, Amaka Elizabeth | Osingor, Arinze Stanley | Ezeala, George "Effect of Financial Ratios on Firm Performance: Study of Selected Brewery Firms in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45177.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45177/effect-of-financial-ratios-on-firm-performance-study-of-selected-brewery-firms-in-nigeria/agbata-amaka-elizabeth
Similar to Corporate governance-and-financial-performance-of-savings-and-credit-co-operatives-in-embu-county-kenya (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.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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.
how to sell pi coins at high rate quickly.DOT TECH
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@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.
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A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
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how to sell pi coins in South Korea profitably.DOT TECH
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Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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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.
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Telegram: @Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
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@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
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@Pi_vendor_247
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2. International Journal of Finance, Accounting and Economics (IJFAE) ISSN:
2617-135X Vol. 1 (2) 1-11, June 2018 www.oircjournals.org
Kanyi et al., (2018) www. oircjournal.org
2
Corporate Governance and Financial Performance of Savings
and Credit Co-Operatives in Embu County, Kenya
Alexander Mugendi Kanyi1
, Kimani E. Maina2
, Samuel Kariuki2
1 MBA Student, University of Embu
2Lecturers in the Department of Business and Economics, University of Embu
Abstract
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.
1.0 Introduction
One of the principal challenges which Savings and
Credit Co-operatives (SACCOs) face is establishing
proper governance systems (Odera, 2012). Good
governance can improve the performance of a
SACCOs and help assure its long term survival
(Thomsen, 2008). The corporate governance is
increasing interest to SACCOs as it is considered to
be one of the weakest areas in the industry (Olomy,
2015). According to Odera (2012) there are several
reasons for governance to be at the forefront of
SACCOs debate of which among the major ones
are, the tremendous growth in service providers of
various types translates to a greater number of
clients and assets, as well as more elaborate
structure to manage. The challenge of evolving of
institutions from focusing mostly on a single
product to becoming more complete banking
institutions that provide not only credit, but also
savings and sometimes other types of financial
ARTICLE INFO
Article History:
Received on 18th July, 2018
Received in Revised Form 31st July, 2018
Accepted 3rd August, 2018
Published online 4thAugust, 2018
Keywords: Board Composition, corporate risk
management, corporate governance, Financial
Performance.
3. International Journal of Finance, Accounting and Economics (IJFAE) ISSN:
2617-135X Vol. 1 (2) 1-11, June 2018 www.oircjournals.org
Kanyi et al., (2018) www. oircjournal.org
3
services such as money transfers, remittances,
payment systems and insurance, therefore
reinforcing the risks assumed by the SACCOs. Also
in the recent past the behaviour of public authorities
towards SACCOs’ growth is also changing since
their original neglect is being replaced by more
proactive policies that create regulatory and
supervisory frameworks supposed to favour sound
development of the industry such as the introduction
of SACCO’s Societies Regulatory Authority-
SASRA in Kenya.
Corporate governance in SACCO’s is the system that
helps in resolving conflicts of interest within the
SACCO’s, thus helping in reconciliation without
endangering the long continuity of the SACCO’s
(Dagli et al., 2010). Rose and Sharfman (2014)
viewed corporate governance as both the structure
and the relationships which determines corporate
direction and performance. The board of directors is
typically central to corporate governance. Its
relationship to the other primary participants,
typically shareholders and management, is critical.
Additional participants include employees,
customers, suppliers, and creditors. Corporate
governance is seen as the whole set of measures
taken within the social entity (enterprise) to favor the
economic agents to take part in the productive
process, in order to generate some organizational
surplus, and to set up a fair distribution between the
partners, taking into consideration what they have
brought to the organization.
Corporate governance is the process of decision-
making and the process by which decisions may be
implemented. Sanda, Mikailu and Garba (2011)
view corporate governance from the perspective of
the investor as both the promise to repay a fair
return on capital invested and the commitment to
operate a firm efficiently given investment. This
suggests that corporate governance has an impact on
a firm’s ability to access the capital market.
Corporate governance also provides the structure
through which the objectives of the SACCOs are
set, and the means of attaining those objectives and
monitoring performance are determined. Good
corporate governance should provide proper
incentives for the board and management to pursue
objectives that are in the interests of the SACCOs
and its shareholders and should facilitate effective
monitoring (Opanga, 2013).
Performance is the achievement of organizational
goals in pursuit of business strategies that lead to
sustainable competitive advantage (Epstein &
Buhovac, 2014). Hoque (2014) pointed out that to
measure organizational performance more
completely, one might use an approach similar to
the balanced scorecard, which elevates non-financial
measures to a level consistent with a traditional
focus on financial measures. Financial performance
is a subjective measure of how well a firm can use
assets from its primary mode of business and
generate revenues (KUSCCO, 2010). Financial
performance is used as a general measure of
SACCOs overall financial health over a given
period of time, and can be used to compare similar
SACCOs across the SACCOs industry or to
compare firms or sectors in aggregation (SASRA,
2015).
In this age of global competition, technological
innovation, turbulence, discontinuity, even chaos,
change is inevitable and necessary. The
organization must do all it can to explain why
change is essential and how it will affect everyone.
Performance refers to the act of execution,
accomplishment or fulfilment, it is used to indicate
firm’s success, conditions, and compliance.
Financial performance refers to the act of
performing financial activity. In broader sense,
financial performance refers to the degree to which
financial objectives being or has been accomplished.
Financial performance is the process of measuring
the results of SACCOs policies and operations in
monetary terms (Okiro & Ndungu, 2013). Financial
performance measures firm's overall financial health
over a given period of time and compares similar
firms across the same industry or sectors in
aggregation. There are many different ways to
measure financial performance, but all measures
should be taken in aggregation. Line items such as
revenue from operations, operating income or cash
flow from operations can be used, as well as total
unit sales. Furthermore, the analyst or investor may
wish to look deeper into financial statements and
seek out margin growth rates or any declining debt
(Dinc & Gupta, 2011).
Governance is a requisite for survival and a gauge of
how predictable the system for doing business in any
country is. In developing countries, the importance
of governance is to strengthen the foundation of
society and chip into the global economy.
International standards and guidelines on corporate
governance have been established by many
multilateral organizations including the OECD and
the Basel Committee in the effort to ensure improved
legal institutional and regulatory framework for
4. International Journal of Finance, Accounting and Economics (IJFAE) ISSN:
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Kanyi et al., (2018) www. oircjournal.org
4
enhancing corporate governance in institutions (Isaac
& James, 2015).
The firm’s capital, asset and earnings values are
affected and as a result the financial performance is
questionable, due to poor corporate governance.
Transparency, disclosure and trust, which constitute
the integral part of corporate governance, can
provide pressure for improved financial
performance. Allen and Maghimbi (2009) observed
that some cooperatives were finding it difficult to
operate largely because of their poor financial state.
This was confirmed by the findings of the African
Microfinance Transparency (AMT) report (2008)
that discovered that funding structures indicated
growth in SACCOs being mostly funded by access
to debt rather than by savings. According to (Odera,
2012) profitability is not the primary concern for
SACCOs. However, the WOCCU report (2012)
looked at profitability of SACCOs from a different
angle. It stated that SACCOs are required to make
profits in order to directly benefit the owners as they
(members) serve as both the owners of the SACCOs
as well as the recipients of the SACCOs services.
Thus when SACCOs maximize their profits, it
results in the form of lower interest rates on loans,
lower service fees and higher dividends for the
members.
Corporate governance reflects the interaction among
people and groups, which provides resources to the
company and contributes to its performance such as
shareholders, employees, creditors, long-term
suppliers and subcontractors (Wasike, 2012).
Studies conducted by Chipembere and Financial
Sector Deepening (2009) assert that performance of
SACCOs mainly is determined by the management
and governance structures. In this regard, it has been
noted that well governed SACCOs largely perform
better and that good corporate governance is of
essence to SACCOs financial performance. It is
believed that good governance generates investor
goodwill and confidence (Wandabwa, 2010).
Again, poorly governed firms are expected to be less
profitable. Claessens and Horen (2014) also posit
that better corporate framework benefits firms
through greater access to financing, lower cost of
capital, better financial performance and more
favorable treatment of all stakeholders.
In Kenya SACCOs are among the leading sources of
the co-operative credit for socio-economic
development (Mathuva, 2016). Savings and credit
co-operatives are one of the leading sources of rural
finance and in many rural areas the local SACCOs is
the only provider of financial services. They are an
integral part of the Government economic strategy
aimed at creating income generating opportunities
particularly in the rural areas (Wachira, 2015). The
co-operative movement has been recognized by the
Government as a vital institution for the mobilization
of human and material resources for various
development progress particularly in the rural areas
where the majority of people reside, earning their
livelihood mainly from agriculture. Over the years,
the co-operative movement remained predominantly
agriculturally oriented. However, in the recent past,
the co-operative movement has experienced
significant diversification in activities and interests
notably savings and credit. Other non-agro-based
co-operatives have also emerged and ventured into
areas such as housing; "Jua-Kali", building and
construction, handicrafts, transport, small scale
industries among others (Mathuva, 2016).
In Kenya, SACCOs are regulated by the government
through the SACCOs Societies Regulatory Authority
(SASRA). Societies Regulatory Authority is a Semi-
Autonomous Government Agency under the
Ministry of Industrialization and Enterprise
Development (Omari, 2012). The Authority
originates its powers to regulate the deposit taking
SACCOs Societies in Kenya from the SACCOs
Societies Act 2008 and the regulations issued
thereunder. The mandate of the Authority as
provided by the Act includes the following; license
SACCOs societies to carry out deposit-taking
business in accordance with this Act, regulate and
supervise SACCOs, hold, manage and apply the
general fund of the authority in accordance with the
provisions of this Act, levy contributions in
accordance with this Act, do all such other things as
may be lawfully directed by the Minister and
perform such other functions conferred on it by this
Act or by any other written law. KUSCCO Limited,
the umbrella body for SACCOs, has been awarded
the 2013 (WOCCU) Outstanding Membership
Growth Award. The award came in recognition of
the fact that SACCOs in Kenya have the highest
growth rate worldwide, a phenomenal attributed to
formation of youth SACCOs, formation of Public
Service Vehicle SACCOs, strong advocacy,
expensive bank loans resulting to more people opting
for affordable loans from SACCOs (WOCCU,
2013). According to SASRA, (2015) the number of
SACCOs in Embu has tremendously grown. There
are 95 registered SACCOs. However out of those
SACCOs, 30 registered SACCOs are dormant while
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65 registered SACCOs are active (Ministry of
cooperative officers in Embu County, 2016).
Statement of the Problem
Corporate governance is one of the criteria that
investors should consider when selecting companies
for investment. However, corporate governance
often becomes the centre of discussion only after the
exposure of a large scam. According to the Global
Corruption Report of the year 2009, Kenya’s
financial sector is ailing from poor sectorial and
corporate governance resulting in weaknesses that
make pensioners, creditors, employees and
depositors extremely vulnerable. Corporate frauds
have continued to feature as a result of inadequate
systems of corporate governance, leading to the
collapse of some SACCOs. Poor corporate
governance results to a number of challenges among
them, poor governance, constant wrangles, limited
transparency in the management of cooperatives and
inadequate financing or adoption of financing
models, corruption and mismanagement that results
in poor service delivery and bankruptcy.
The study sought to answer the following empirical
questions;
i) What is the effect of board composition on
financial performance of SACCOs in Embu
County?
ii) What is the effect of corporate risk
management on financial performance of
SACCOs in Embu County?
2.0 Literature Review
The literature review is an outline of the previous
research on a given topic. The sources of the
literature review include; surveys, scholarly articles,
books, and other relevant sources to a particular area
of interest.
2.1 Theoretical Review
There are numerous theories that can be used to
explain the relationship between corporate
governance and financial performance of SACCOs.
The study is anchored on the agency theory and the
prospect theory.
2.2.1 Agency Theory
Agency theory according to Sachs (2014) explains
how to best organize relationships, in which, one
party determines the work while the other party does
the work. In this kind of the relationship, the
principal hires an agent to perform the work, or to do
the task, the principal is either unable or unwilling to
do the work. According to the theory shareholders
expect the agents to act and make decisions in the
principal’s interest. On the contrary, the agent may
not necessarily make decisions in the best interests
of the principals (Padilla, 2002). To align agent-
principal interests, earlier agency theorists (Demsetz
& Lehn, 1985; Jensen & Meckling, 1976; Fama &
Jensen, 1983) suggested that managers/directors be
monitored by the board of directors. Thus the size of
the board and the number of executive directors on
the board are regarded as proxies for board of
directors when it is measured against firm
performance. This theory attempts to explain what
could be the optimum number of board members for
governorships of SACCOs so that they can
maximize on the profits.
2.2.2 Prospect Theory
Prospect theory was developed by Kahneman and
Tversky in 1979. The prospect theory asserts that
decision making under risk can be viewed as a
choice between prospects or gambles and the
decisions subject to risk are deemed to signify a
choice between alternative actions, which are
associated with particular probabilities (prospects)
or gambles. Prospect theory states that decisions in
risky situations are made based on values assigned
to gain and losses with respect to a reference point
and decision weights. Tvede, Pircher and
Bodenkamp (1999) explained that the human beings
have an irrational tendency to be less willing to
gamble with profits than with losses. This means
selling quickly when we earn profits but not selling
if we are running losses. Prospect theory helps in
explaining how loss aversion, and an inability to
ignore sunk costs, leads people to take actions that
are not in their best interest (Epley & Gilovich,
2006).
2.3 Conceptual Framework The dependent variable
in this study was the financial performance of
savings and credit co-operatives while the
independent variables were board composition and
board independence as shown in Figure 1.
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Figure 1: Conceptual Framework
2.4 Empirical Review
Studies linking corporate governance and financial
performance have been undertaken. Otieno, Mugo,
Njeje and Kimathi (2015) examined the effect of
corporate governance on financial performance of
savings and credit cooperatives. The study found
out that there was a significant relationship between
financial reporting and financial performance of
savings and credit cooperatives. . Maina (2014)
examined the effects of board composition on firms
performance on all quoted firms in Kenya and found
no significant relationship between firm’s
performance and board composition. Wetukha
(2013) in Kenya examined the relationship between
board size and board composition on firm
performance - A study of listed companies at the
Nairobi stock exchange. The study found that there
was no significant relationship between board size
and firm valuation. Savings and credit cooperatives
with more frequent financial reporting structures
showed better financial performance. From the
literature review, good corporate governance is of
paramount importance in all organizations
regardless of their industry, size or level of growth.
Good corporate governance has a positive economic
impact on the SACCOs as it saves various losses
occasioned by frauds, corruption and similar
irregularities. Besides, it also spurs entrepreneurial
development enabling the SACCOs to better seize
the economic opportunities that come on the way.
2.4.1 Board Composition
Board composition is one of the important factors
affecting firm financial performance. According to
Kamonjo (2012) a board fulfils three major tasks; it
links the organization to its environment and secures
critical resources, the board also has an internal
governance and monitoring task and lastly it can
discipline or remove ineffective management teams.
An effective board depends on both the diverse
collection of skills and competencies that individual
director bring with them and the training that the
board provides to help directors master board issues
and develop the skills needed to participate
effectively.
2.4.2 Corporate Risk Management
The corporate risk management is the cornerstone of
prudence in SACCOs practice (Lesirma, 2014).
Corporate risk management refers to the methods
that SACCOs uses to minimize its financial losses.
Risk is the potential that current and future events,
expected or unanticipated may have an adverse or
harmful impact on the institution’s capital, earnings
or achievement of its objectives (Magali, 2013)
assert that risks occurring in SACCOs can hamper
SACCOs performance if not dealt with properly.
3.0 Research Methodology
This section discusses the methodology that was
Dependent VariableIndependent Variables
Financial Performance of
Cooperative Societies
Profit before tax
Return on assets
Board Composition
Level of Education
Gender
Profession
Experience
Corporate Risk Management for
Savings and Credit Co-operatives
Operations risks
Credit risks
Interest rate risks
Market risk
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used to conduct the study. The research
methodology used are discussed; the research
design, target population, research instruments, data
processing and analysis techniques.
3.1 Research Design
The study adopted a descriptive research design.
Descriptive research design is an assessment of the
situation of affairs describing, analyzing and
reporting conditions that exist or that existed. A
descriptive research design is premeditated to gain
more information about variables within a particular
field of study. Its purpose is to provide a picture of
a situation as it naturally happens. A descriptive
research design was used because it deals with
clearly defined problems with definite objectives.
Thus being a descriptive study, the researcher aimed
to unveil the effects of the corporate governance on
financial performance of SACCOs in, Embu
County, Kenya.
3.2 Target Population
The target population of the study composed of the
65 savings and credit co-operatives in Embu County,
Kenya that were actively in operation. The SACCOs
are grouped into five sub-counties found in Embu
County. The Sub-counties are, Embu West- Embu
town, Embu Northt- Manyatta, Embu East-
Runyenjes, Mbeere North- Siakago and Mbeere
South- Kiritiri.
3.3 Data Collection Instruments
The study relied on both primary and secondary
data. In the study the self-administered semi-
structured questionnaires were used to gather the
needed primary data. Secondary data was sourced
from audited financial statements, annual reports
and SACCOs magazines.
3.4 Model Specification
It is the process of defining the independent
variables that one needs to include or exclude from
the regression equation. The study used the
following regression model to determine the
relationship between the independent variables
(corporate risk management for savings and credit
co-operatives and board composition) and the
dependent variable (financial performance).
Y = β0 + β1X1+ β3X3+ ε
Y is Dependent variable (financial performance)
X1 is Board composition
X3 is Corporate Risk Management for SACCOs
3.5 Variable measurement
The study has two independent variables (board
composition and corporate risk management for
SACCOs) while, the dependent variable was
financial performance. The board composition was
measured by considering the four factors regarding
the board members; level of education, gender,
profession as well as their experience. The
corporate risk management of SACCOs was
measured by the following parameters; SACCOs
operations risk, credit risk, Interest rate risk and
market risk. The study used the two indicators;
profit before tax and return on assets to measure the
dependent variable for SACCOs (financial
performance).
4.0 Research Findings and Discussions
In order to ascertain the relationship between the
independent variables and the dependent variable,
the study establishes the influence of the
independent variables on the dependent variable.
Therefore, this section outlines the results on both
correlation and multiple regression analysis.
4.1 Board Composition and Financial
Performance of SACCOs
The correlation between the board composition and
the financial performance of SACCOs in Embu
County was determined. Table 3 shows the results
of the correlation analysis. The results reveal that
the board composition and the financial
performance had positive correlation, which was
moderate and statistically significant at 5%
confidence level at (r = 0.394, p <0.05). This
implies that carefully looking at the composition of
the board members leads to an improvement of the
financial performance of the savings and credit
cooperatives. Similar findings were advanced by a
study conducted by Kamonjo (2012) which found
out that careful consideration of board composition
has a positive effect on the financial performance of
savings and credit cooperatives.
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Table 3: Correlation between Board Composition and Financial Performance of SACCOs
Financial Performance
Board Composition Pearson Correlation .394**
Sig. (2-tailed) .003
N 44
**. Correlation is significant at the 0.05 level (2-tailed).
4.2 Corporate Risk Management and Financial
Performance of SACCOs
The correlation between corporate risk management
and financial performance of SACCOs is presented
in Table 4. The research outcome shows that, there
is a weak positive relationship that is not statistically
significant (r = 0.228, p >0.137). These findings
imply that, when SACCOs implement an effective
corporate management risk systems, then, there are
minimal chances of losses occurring in SACCOs,
hence an increase on the financial performances of
the SACCOs. A study carried by Magali (2013)
found that corporate risk management of SACCOs
had a weak positive correlation with financial
performance of the SACCOs, these findings are
agreeing with the findings on the Table 4.
Table 4: Correlation between Corporate Risk Management and Financial Performance of SACCOs
Financial Performance
Corporate Risk Management for
SACCOs
Pearson Correlation .228
Sig. (2-tailed) .137
N 44
4.3 Regression Analysis
The multiple regression analysis generally enables
the researcher to confirm the effect between the
independent and dependent variables. The
coefficient of determination (R2
), which is the
proportion of variation in the dependent variable
(financial performance) that is explained by the four
independent variables, was used to measure the
relationship between corporate governance and
financial performance of SACCOs. Table 4.18
shows that the coefficient of determination (R2
) in
this study was 40.20%, this means that the model
projected explicates 40.2% of the variations in the
financial performance of Savings and credit
cooperatives is backed by corporate governance.
Table 5:Model Summary
Model R R Square Adjusted R Square
Std. Error of the
Estimate
1 .634a
.402 .353 .48843
4.4 Analysis of Variance
The Analysis of Variance (ANOVA) was used to
test the significance of the relationship of the study
variables. The findings on the ANOVA, are
presented in Table 4.19, where the findings shows
that F-statistic had a value of 6.558 and P-value was
0.000. The obtained value of P (0.000) revealed that
this value is below the 0.05 level hence, the overall
regression model is statistically significant, or the
variables (board size, board composition, corporate
risk for SACCOs management and board
independence) have a significant combined effect on
the dependent variable (financial performance of
SACCOs).
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Table 6:ANOVA
Sum of Squares df Mean Square F Sig.
Regression 6.258 4 1.565 6.558 .000b
Residual 9.304 39 .239
Total 15.563 43
4.5 Overall Model
The regression coefficients of the variables (board size and management for SACCOs) of the findings of the study
are shown in the table 7.
Table 7:Coefficients
Unstandardized Coefficients
Standardized
Coefficients
t Sig.B Std. Error Beta
(Constant) .460 .952 .484 .021
Board Composition. .448 .196 .299 2.284 .028
Corporate Risk
Management for
SACCOs.
.056 .147 .050 .377 .708
The interpretations of the overall significant test
findings for the hypothesized research model shown
in Table 4.20 follow the multiple regression model
that is shown:-
Y = .460 + 0.448X1 + 0.056X3
……....................................................….Equation 1
The findings show that the constant (0.460) was
statistically significant (p=0.021<0.05, this means
that when one takes all the independent variables
value at zero, the results for financial performance
of the SACCOs would be 0.460. It was noted that
the corporate governance investigated in the study
significantly influenced the financial performance of
the SACCOs. The regression coefficient for the
board composition (0.448) was statistically
significant (t = 2.284, p= 0.028<0.05). This shows
that holding other independent variables to zero, an
improvement in board composition by a unit results
to an increase of 0.448 units on the financial
performance of SACCOs. The findings are
consistent with a study by Kamonjo (2012) which
found a significant positive effect on board
composition to the financial performance of
SACCOs.
The corporate risk management of the SACCOs had
a regression coefficient of (0.056), which was
statistically not significant (t = 0.377, p = 0.708
>0.05), a unit increase in corporate risk management
of the SACCOs would require 0.337 unit increase in
financial performance, but this was not statistically
significant. The findings agreed with the findings
conducted by Onyango (2016) which revealed that
there was minimal effect of corporate risk
management of the SACCOs on the financial
performances of the SACCOs.The study findings
show that the board members composition helps in
bringing ideas, valuable skills and helping the
management of SACCOs to build a more
transparency and accountable systems of
management hence, being very beneficial to the
financial performances of SACCOs. The findings
from the study also reveals that the board
composition and the financial performance have a
positive relationship. This means that identification
of board members should put into consideration
their level of education, age, professional
qualifications and leadership skills in order to
achieve better financial performance of SACCOs.
The study also found out that most of the savings
and credit co-operatives had implemented the
corporate risk management policy for SACCOs. The
findings established that corporate risk management
of the SACCOs had a minimal impact on the
financial performance of SACCOs. The findings
further revealed that, effective implementation of
corporate risks management system by the SACCOs,
reduces chances of losses occurring in the SACCOs,
hence increasing the financial performances of the
SACCOs. The relationship between corporate risk
management of the SACCOs and the financial
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performance of the SACCOs was positive and not
significant.
5.0 Conclusion and Recommendations
The board composition had a positive relationship
with the financial performance. A well composed
board, keenly looks at the following factors;
education level, gender, leadership skills and the
professional qualifications of the board members. A
board of members that is well composed, ensures,
good decisions are made, operations are conducted
more efficient and apposite implementations of the
strategic plans in the SACCOs. Valuable skills in
the SACCOs leads to excellent operational and
managerial skills, these skills are brought by a well
composed board of members, hence increasing the
financial performance of the savings and credit
cooperatives.
The board independence had a positive relationship
with the financial performance. Board of directors
needs to have regular meetings, so that they can
deliberate on SACCOs progress, hence making
various decisions that affect the SACCOs general
objectives. Regular board of directors meetings,
ensures that there is frequent deliberations and
communications, which leads to more cohesion
among the directors and by that, it reduces the
conflicts of interest among the directors.
The study recommends that the members of the
SACCOs board should comprise of well-educated
individuals who are actively involved in shaping
SACCOs strategy. The study also recommends that,
the gender parity in leadership of SACCOs should
be observed as per the requirements by the Kenyan
constitution. The professional qualifications of the
board members of the SACCOs, their leadership
skills and experiences had a great impact on the
financial performance of the SACCOs, therefore the
study recommends the embracement of the same
during appointments of the board members of the
SACCOs.
Savings and credit co-operatives should embrace the
board independence in their operations in order to
improve their financial performance. Savings and
credit co-operatives should ensure that during their
appointments, that the appointments’ of the board of
directors should be through a well-managed and an
effective process, to ensure there is a balanced mix
of proficient among the designated individuals.
These selected individuals are able to add value to
the savings and credit co-operatives by bringing
independent judgment that positions the decision
making process.
6.0 Suggestion for Futher Research
This study determined the effect of corporate
governance on the financial performance of the
Savings and Credit Cooperatives in Embu County,
Kenya. This study focused on two independent
variables (board composition and board
independence) therefore, further research can be
done to know whether, more variables exist that
influences financial performance of SACCOs.
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