A firm does not operate in a vacuum but where there is an interaction with shareholders and stake... more A firm does not operate in a vacuum but where there is an interaction with shareholders and stakeholders. Thus other than providing resources, a firm given its board as one of corporate governance aspect is in a better position to enhance management of its resources. To extend existing knowledge in literature, the study therefore examined the effect of board characteristics on working capital management of listed construction and manufacturing firms in Kenya. The specific objective was to test the hypotheses as to whether there was a significant relationship board size, board independence, board committee, board's gender and working capital management. As guided by resource dependency theory and explanatory research design, 14 listed construction and manufacturing firms from 2008 to 2017 were targeted. From the panel regression analysis, WCM positively and significantly related with board's gender, board size as indicated by β = 18.293 (p-value=.011) and β = 3.822 (p-value = .019) respectively. Moreover, board composition had significant (p-value = .028<.05) and negative (β =-35.833) result while relationship between board independence and WCM was negative (β =-6.581) but insignificant (p-value = .558 >.05). The study thus concluded that board size and gender diversity of the board enhanced WCM. The findings of the study contributed to resource dependency theory by examining the extent to which the features of the board affect management of resources inform of working capital. The management firms listed in construction and manufacturing sectors were suggested to increase female representation in the board as well as ensuring that optimal board size and committee is maintained. Future studies were expected to extend the model by incorporating other board characteristics. Furthermore, working capital strategies and ownership structure could be considered by upcoming researchers as mediating and moderating variables in that order.
International Journal of Advanced Research in Management and Social Sciences, 2015
The objective of the study was to investigate the effect of governance on monetary policy objecti... more The objective of the study was to investigate the effect of governance on monetary policy objective. The research was conducted through a cross-sectional analysis. A sample was obtained from the selected 16 Sub-Saharan African central banks websites. The target populations were 52 Sub-Saharan African countries where only 16 countries were selected for the study because of the data constrains. The websites of central banks from 1996 to 2011 were used which the researcher selected a maximum of 288 observations. The selected countries were reached through convenience sampling procedure for the study. The study used reports from central banks to gather pertinent data. Data Analysis was analyzed through the use of qualitative and quantitative analysis. Regression model was estimated using the random effects methods and tested by the Hausman random effects. ANOVA was used to test for differences among the means of the populations by examining the amount of variations between each of the s...
European Journal of Accounting, Auditing and Finance Research, 2022
The aim of this paper was to evaluate potential benefits of the Integrated Reporting on listed fi... more The aim of this paper was to evaluate potential benefits of the Integrated Reporting on listed firms at NSE. The study draws on stakeholders, legitimacy and agency theories to analyze the effects of on firm value. The study hypothesizes that there are positive associations between firm value and integrated reporting. The study used content analysis procedures to examine the extent of in annual reports (2015-2019) of 56 listed firms on NSE. The study developed proxies for Integrated Reporting index based on IIRC framework. The study used panel data regression to establish the association between the and firm value. The study found that affect firm value (using TQ measure) and had no significant effect on firm value (using ROA). It also showed that is positively related to ROA and negatively related to TQ among listed companies in Kenya. The findings also shows that firms that implement Framework have higher values with respect to ROA. This finding indicate that high value firms tend ...
A firm does not operate in a vacuum but where there is an interaction with shareholders and stake... more A firm does not operate in a vacuum but where there is an interaction with shareholders and stakeholders. Thus, other than providing resources, a firm given its board as one of corporate governance aspect is in a better position to enhance management of its resources. To extend existing knowledge in literature, the study therefore examined the effect of board characteristics on working capital management of listed construction and manufacturing firms in Kenya. The specific objective was to test the hypotheses as to whether there was a significant relationship board size, board independence, board committee, board's gender and working capital management. As guided by resource dependency theory and explanatory research design, 14 listed construction and manufacturing firms from 2008 to 2017 were targeted. From the panel regression analysis, WCM positively and significantly related to board's gender, board size as indicated by ji= 18.293 (p-value=.011) and Hr= 3.822 (p-value = ...
Financial performance of listed firms draws attention not only from the government but also share... more Financial performance of listed firms draws attention not only from the government but also shareholders and other stakeholders. The management thus works around the clock to implement the strategic plans as well as turnaround strategies. To achieve this, more emphasize is on investment and financing decisions including the general corporate governance as key ingredients of boosting financial performance of firms in Kenya. Existing empirical studies have focused on the study variables even though not collectively. To fill the gap, the study therefore sought to establish the moderating effects of capital structure and corporate governance in the relationship between asset structure and financial performance of construction and manufacturing firms listed in Kenya. As guided by agency and stewardship theories, post positivist research paradigm and explanatory research design were used. Secondary panel data collected from 12 listed firms was analyzed using both descriptive and inferential statistics. From the panel regression analysis results, both noncurrent as well as current assets positively (β = 1.389, β = 1.452 respectively) and statistically significantly affected financial performance. Given interaction analysis, capital structure had a negative (β =-.057) and insignificant (p-value = .141> .05) moderating effect in noncurrent assets-financial performance linkage. On the other hand, capital structure positively (β = 1.177) and significantly (p-value = .000<.05) moderated current assets-financial performance linkage. Moreover, a positive and significant moderating effect of corporate governance was documented given the nexus between noncurrent assets and financial performance as shown by β = .975 and p-value = .014<.05. Similarly, corporate governance positively (β=2.204) and significantly (p-value = .000<.05) moderated current assets-financial performance linkage. The study thus concluded the existence of enhancing moderating effect, since increase in capital structure increased the effect of currents assets on financial performance. Moreover, corporate governance was an enhancing moderating given that its increase led amplified the effect of asset structure, that is, noncurrent and current assets, on financial performance. Other than the findings having theoretical and practical implications, further research was expected to extend the scope, model as well as measurement approaches for study variables.
A firm does not operate in a vacuum but where there is an interaction with shareholders and stake... more A firm does not operate in a vacuum but where there is an interaction with shareholders and stakeholders. Thus other than providing resources, a firm given its board as one of corporate governance aspect is in a better position to enhance management of its resources. To extend existing knowledge in literature, the study therefore examined the effect of board characteristics on working capital management of listed construction and manufacturing firms in Kenya. The specific objective was to test the hypotheses as to whether there was a significant relationship board size, board independence, board committee, board's gender and working capital management. As guided by resource dependency theory and explanatory research design, 14 listed construction and manufacturing firms from 2008 to 2017 were targeted. From the panel regression analysis, WCM positively and significantly related with board's gender, board size as indicated by β = 18.293 (p-value=.011) and β = 3.822 (p-value = .019) respectively. Moreover, board composition had significant (p-value = .028<.05) and negative (β =-35.833) result while relationship between board independence and WCM was negative (β =-6.581) but insignificant (p-value = .558 >.05). The study thus concluded that board size and gender diversity of the board enhanced WCM. The findings of the study contributed to resource dependency theory by examining the extent to which the features of the board affect management of resources inform of working capital. The management firms listed in construction and manufacturing sectors were suggested to increase female representation in the board as well as ensuring that optimal board size and committee is maintained. Future studies were expected to extend the model by incorporating other board characteristics. Furthermore, working capital strategies and ownership structure could be considered by upcoming researchers as mediating and moderating variables in that order.
International Journal of Advanced Research in Management and Social Sciences, 2015
The objective of the study was to investigate the effect of governance on monetary policy objecti... more The objective of the study was to investigate the effect of governance on monetary policy objective. The research was conducted through a cross-sectional analysis. A sample was obtained from the selected 16 Sub-Saharan African central banks websites. The target populations were 52 Sub-Saharan African countries where only 16 countries were selected for the study because of the data constrains. The websites of central banks from 1996 to 2011 were used which the researcher selected a maximum of 288 observations. The selected countries were reached through convenience sampling procedure for the study. The study used reports from central banks to gather pertinent data. Data Analysis was analyzed through the use of qualitative and quantitative analysis. Regression model was estimated using the random effects methods and tested by the Hausman random effects. ANOVA was used to test for differences among the means of the populations by examining the amount of variations between each of the s...
European Journal of Accounting, Auditing and Finance Research, 2022
The aim of this paper was to evaluate potential benefits of the Integrated Reporting on listed fi... more The aim of this paper was to evaluate potential benefits of the Integrated Reporting on listed firms at NSE. The study draws on stakeholders, legitimacy and agency theories to analyze the effects of on firm value. The study hypothesizes that there are positive associations between firm value and integrated reporting. The study used content analysis procedures to examine the extent of in annual reports (2015-2019) of 56 listed firms on NSE. The study developed proxies for Integrated Reporting index based on IIRC framework. The study used panel data regression to establish the association between the and firm value. The study found that affect firm value (using TQ measure) and had no significant effect on firm value (using ROA). It also showed that is positively related to ROA and negatively related to TQ among listed companies in Kenya. The findings also shows that firms that implement Framework have higher values with respect to ROA. This finding indicate that high value firms tend ...
A firm does not operate in a vacuum but where there is an interaction with shareholders and stake... more A firm does not operate in a vacuum but where there is an interaction with shareholders and stakeholders. Thus, other than providing resources, a firm given its board as one of corporate governance aspect is in a better position to enhance management of its resources. To extend existing knowledge in literature, the study therefore examined the effect of board characteristics on working capital management of listed construction and manufacturing firms in Kenya. The specific objective was to test the hypotheses as to whether there was a significant relationship board size, board independence, board committee, board's gender and working capital management. As guided by resource dependency theory and explanatory research design, 14 listed construction and manufacturing firms from 2008 to 2017 were targeted. From the panel regression analysis, WCM positively and significantly related to board's gender, board size as indicated by ji= 18.293 (p-value=.011) and Hr= 3.822 (p-value = ...
Financial performance of listed firms draws attention not only from the government but also share... more Financial performance of listed firms draws attention not only from the government but also shareholders and other stakeholders. The management thus works around the clock to implement the strategic plans as well as turnaround strategies. To achieve this, more emphasize is on investment and financing decisions including the general corporate governance as key ingredients of boosting financial performance of firms in Kenya. Existing empirical studies have focused on the study variables even though not collectively. To fill the gap, the study therefore sought to establish the moderating effects of capital structure and corporate governance in the relationship between asset structure and financial performance of construction and manufacturing firms listed in Kenya. As guided by agency and stewardship theories, post positivist research paradigm and explanatory research design were used. Secondary panel data collected from 12 listed firms was analyzed using both descriptive and inferential statistics. From the panel regression analysis results, both noncurrent as well as current assets positively (β = 1.389, β = 1.452 respectively) and statistically significantly affected financial performance. Given interaction analysis, capital structure had a negative (β =-.057) and insignificant (p-value = .141> .05) moderating effect in noncurrent assets-financial performance linkage. On the other hand, capital structure positively (β = 1.177) and significantly (p-value = .000<.05) moderated current assets-financial performance linkage. Moreover, a positive and significant moderating effect of corporate governance was documented given the nexus between noncurrent assets and financial performance as shown by β = .975 and p-value = .014<.05. Similarly, corporate governance positively (β=2.204) and significantly (p-value = .000<.05) moderated current assets-financial performance linkage. The study thus concluded the existence of enhancing moderating effect, since increase in capital structure increased the effect of currents assets on financial performance. Moreover, corporate governance was an enhancing moderating given that its increase led amplified the effect of asset structure, that is, noncurrent and current assets, on financial performance. Other than the findings having theoretical and practical implications, further research was expected to extend the scope, model as well as measurement approaches for study variables.
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