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PORTFOLIO FORMATION: EMPIRICAL EVIDENCE FROM KHARTOUM STOCK EXCHANGE

PORTFOLIO FORMATION: EMPIRICAL EVIDENCE FROM KHARTOUM STOCK EXCHANGE

Khalafalla Ahmed Mohamed Arabi - Professor of Econometrics, Department of Econometrics & Social Statistics, Faculty of Economics and Administrative Sciences, University of Bakht Alruda, Sudan


ABSTRACT

This paper investigates the validity of the capital asset pricing model CAPM, the arbitrage pricing theory APT, and the three factor model of Fama and French at Khartoum Stock Exchange KSE that is. Cross sectional data of seven banks and Telecommunication Company (compose 97 percent of the KSE) for the period 2005-2011 was used. Empirical results showed that volatility computed via TARCH indicates the impact of the bad news on the conditional is twice as good news; in addition to the preference of generalized least squares over covariate (fixed effects) model as an estimation technique. Results are against the CAPM because the CAPM’s prediction that the intercept should equal zero has not been attained, and its main assumption i.e. the security market is efficient is violated. The APT showed no reaction to news from macroeconomic variables. Nevertheless APT out-performed Fama-French model and CAPM.


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CHALLENGES FACED BY ADULT FEMALE STUDENTS IN SOME FACULTIES: THE NIGERIAN EXPERIENCE

CHALLENGES FACED BY ADULT FEMALE STUDENTS IN SOME FACULTIES: THE NIGERIAN EXPERIENCE

Iro-Idoro Bose Charlotte - Office Technology Department, The Federal Polytechnic Ilaro, Ogun State, Nigeria

Aluko Olusegun Olarewaju - Department of Architecture, The Federal Polytechnic Ilaro, Ogun State, Nigeria

Ayodele Kolawole Olanrewaju - Office of Institutional Effectiveness, Babcock University Ilishan, Ilishan, Ogun State, Nigeria


ABSTRACT

All over the world today, learning has become the vehicle of welfare and prosperity and the access to it becomes crucial for economic and social inclusion. Like everywhere else in the world, the female adults in Nigeria are confronted with a lot of complex problems which has a continuous effect on our nation economically, socially and culturally. The purpose of this study was to explore the concerns of adult female Students in some faculties in Nigeria. The population included in the study was a convenient sample (N=200) of women who attended part time programmes in five higher institutions in Ogun State. Upon consent, participants were asked to complete the “Adult Female Students’ Concerns Scale” (AFCS). Data was analyzed using simple percentage, multiple regression. The participants demonstrated a mean value of 57.3 (SD 18.9) representing a strong conviction to academically improve themselves and a mean value of 69.7 representing a strong conviction on motivational factors. The results indicated that there is a meaningful difference between individual and environmental barriers to female education and order of effectiveness of barriers based on their age and marital status.


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EVALUATION OF CHALLENGES THAT INFLUENCE STRATEGY IMPLEMENTATION: A CASE STUDY OF MALEZI BORA IN KIRINYAGA DISTRICT

EVALUATION OF CHALLENGES THAT INFLUENCE STRATEGY IMPLEMENTATION: A CASE STUDY OF MALEZI BORA IN KIRINYAGA DISTRICT

Joyce Wangui Kirubi - Masters Student, Jomo Kenyatta University of Agriculture and Technology, Kenya

Dr. M. Oloko - Lecturer, Jomo Kenyatta University of Agriculture and Technology, Kenya


ABSTRACT

The strategy of stimulating increased demand for health services by mothers and their children, which is coined Malezi Bora in Kenya is implemented by fourteen countries in Eastern and Southern Africa.  It aims to reduce child morbidity and mortality in developing countries.  The strategy takes advantage of regular, twice-yearly events to deliver a package of public health interventions targeting children less than five years of age.  A rapid assessment of Malezi Bora conducted by UNICEF in 2009 observed that the problem of unacceptably low coverage of routine maternal and child health services in Kenya can only be addressed if adequate information on the crucial factors affecting the uptake of such services in different parts of the country is available.   This study, therefore, endeavored to evaluate the challenges of strategy implementation in the uptake of essential maternal and child health services in Kirinyaga district. A descriptive research design was adopted for this study. The target population was all the employees of government health facilities in Kirinyaga district. The simple random method was used to choose the respondents. Primary data was collected in this study. The findings showed that communication affected strategy implementation to a great extent; that the organization was not open to change and thus did not encourage innovation although the structure was well organized and roles of different individuals clearly defined; staff was not highly motivated and resources were not sufficient to carry out planned activities. The study concluded that the timeliness with which information reached the districts and its content in terms of clarity and relevance could be improved. On resource allocation, the study concluded that this was the major cause of unmet objectives.  This included lack of finances and supplies to fully implement the strategy. The organization structures were good, activities were planned but there was not sufficient to funds to complete implementation or reward staff appropriately so that they could be motivated.


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FACTORS AFFECTING THE PERFORMANCE OF MATATU PARATRANSIT VENTURE IN SMALL AND MEDIUM ENTERPRISES IN NAIROBI COUNTY

FACTORS AFFECTING THE PERFORMANCE OF MATATU PARATRANSIT VENTURE IN SMALL AND MEDIUM ENTERPRISES IN NAIROBI COUNTY

Justus M. Thaimuta - Masters Student, Jomo Kenyatta University of Agriculture and Technology, Kenya

Dr. Makori Moronge - Lecturer, Jomo Kenyatta University of Agriculture and Technology, Kenya


ABSTRACT

The purpose of this study was to investigate the factors affecting the performance of Matatu paratransit venture in small and medium enterprises in Nairobi County. The specific objectives of the study were: To assess how SME management skills influence the performance of Matatu paratransit, to evaluate how entrepreneurial skills influence the performance of Matatu paratransit, to determine how training influences the performance of Matatu paratransit and to examine the role of government policies on the performance of Matatu paratransit sector in Nairobi County. The target population was 18,174 SMEs who have ventured in the Matatu sector. In order to obtain reliable results from the study, it was necessary to have a representative sample size of 384. The study targeted 19 respondents from each of the 20 Transport SACCOs in Nairobi County. Data was collected using questionnaires that had linkert scale. Data analysis was done using SPSS (Version 21) because it is the latest and user friendly for management related isses. The study found that management skills, entrepreneurial skills, training and finally the role of government policies influence the performance of Matatu paratransit sector in Nairobi County. The study, based on these findings concludes that, management teams with a clean and high quality track record can help the SMEs access finance more easily than those with poor track record management skills. Entrepreneurial skills influence on SMEs venture in Matatu paratransit transport helps through efficient communication to employees by ensuring that rules and regulations were undertaken to seek stability, efficiency and satisfaction to customers. The study found that majority of the respondents goes for training to improve and expand their venture, as well as promoting the competitiveness by upgrading the managerial skills. The study also found out that policy makers facilitate the private sector to be the engine of economic growth. It was concluded that implementation is done through development strategy to facilitate the Private Sector.


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MARKETING SKILLS AS A FACTOR INFLUENCING ADOPTION OF INNOVATIONS ALONG THE MANGO SUPPLY CHAIN IN MERU COUNTY, KENYA

MARKETING SKILLS AS A FACTOR INFLUENCING ADOPTION OF INNOVATIONS ALONG THE MANGO SUPPLY CHAIN IN MERU COUNTY, KENYA

Isaiah Gitonga Imaita (Ph.D.) - School of business, Africa Nazarene University, Kenya


ABSTRACT

The study adopted descriptive survey design. The population of the study consisted of Mango Growers in Meru County and the mango traders and exporters. Meru County was chosen due to the good climatic condition that has made it suitable for mangoes production. This study adopted a probability sampling method to select the respondents for the study. Out of 13,442 farmers, traders and exporters, 447 farmers, 12 traders and 2 exporters were randomly selected for interview. Secondary data used in the study was collected from the Ministry of Agriculture Offices while primary data was collected from the respondents using a structured questionnaire with both open and close ended questions. Both qualitative and quantitative data were used in the analysis. Quantitative data obtained from the field was analyzed using descriptive and inferential techniques. The descriptive techniques adopted were means and frequencies while the inferential technique used were regression and correlation to establish relationship between variables in the study and inferences made. Frequency tables and charts were used to present the findings. The study found out that majority of the traders/exporters were trained on marketing. They had price knowledge, product knowledge and promotion knowledge and majority adopted innovations unlike the growers who had low marketing skills; this would explain why 39% of the produce goes to waste. On traders/ exporters, a significant chi-square relationship was established with innovation given a chi-square value of 9.620 at p=0.047. The study concludes that marketing skills influence buying and selling; and if value chain members had excellent marketing skills, nothing could be going to waste as they would adopt relevant technologies and add value to the produce and meet the customers’ needs. The study recommends that there is need for intense training on market skills on value chain members and stakeholders, either through NGOs and private sector. There is also need for business incubation programs and need to revise training curriculum to cater for marketing skills.


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FACTORS AFFECTING THE GROWTH OF SMALL AND MICRO ENTERPRISES DAIRY FARMERS’ IN KENYA: CASE OF GATUNDU SOUTH FARMER’S DAIRY CO-OPERATIVE SOCIETY LTD

FACTORS AFFECTING THE GROWTH OF SMALL AND MICRO ENTERPRISES DAIRY FARMERS’ IN KENYA: CASE OF GATUNDU SOUTH FARMER’S DAIRY CO-OPERATIVE SOCIETY LTD

Kamau J. Munyori - Masters Student, Jomo Kenyatta University of Agriculture and Technology, Kenya

Dr. John Karanja Ngugi - Lecturer, Jomo Kenyatta University of Agriculture and Technology, Kenya


ABSTRACT

The study set out to explain factors affecting the growth of small and micro enterprises dairy farmers in Kenya. The study therefore studied how entrepreneurial skills, access to financial services, social network and access to markets affect the growth of the SMEs. The study adopted a descriptive survey design targeting 455 SMEs in Gatundu South. The study however through stratified sampling used 47 of these firms which is 10% of the target population and a similar sample size of respondents in top level, middle level and low level management working in these firms. The study collected both primary data and secondary data. Primary data was collected using questionnaires while secondary data was collected from companies’ annual reports, manuals and newsletters. A pilot study was carried out to ensure validity of the research instrument. Self-administered questionnaire were used in this study to collect quantitative data. The data was then analyzed using descriptive statistics. The study also used regression method to test the nature of influence of independent variables on a dependent variable. The study findings were presented using tables whose interpretations were given in prose. This generated quantitative reports through tabulations, percentages, and measure of central tendency. The findings of the study show that access to markets affected the growth of small and micro dairy farmers while access to finance affected highly the operations of the enterprises. There exists informal social networking among the small and micro farmers which affects the price and incomes hence the growth of the small and micro dairy farmers. The study suggests that the small and micro dairy farmers should harness their competitive edge by improving their farming methods through modern farming methods. The study also implies the need for small and micro entrepreneurs in the dairy farming to upgrade their marketing strategies in order to increase their sales, profits for them to grow. The study recommends that the government should intervene to avail funds to the dairy sector; training through workshops should also be done to enhance entrepreneurship. Also Dairy SMEs should establish links with larger firms, research institutions and government to reduce transaction costs that will enhance efficiency and effectiveness. 


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INFLUENCE OF INTERNAL CONTROLS ON GROWTH OF SMALL AND MEDIUM ENTERPRISES IN THE ERRAND SERVICES BUSINESSES IN NAIROBI COUNTY

INFLUENCE OF INTERNAL CONTROLS ON GROWTH OF SMALL AND MEDIUM ENTERPRISES IN THE ERRAND SERVICES BUSINESSES IN NAIROBI COUNTY

Eric Antony Ngugi Njaramba Masters Student, Jomo Kenyatta University of Science and Technology, Kenya

Dr. John Karanja NgugiLecturer, Jomo Kenyatta University of Agriculture and Technology, Kenya


ABSTRACT

The purpose of this study was to establish the influence of internal control on growth of small business in Kenya. The specific objectives of the study were: To establish the role of technology, human resource practices, entrepreneurial skills, managerial skills as internal control factors influencing the growth of small and medium enterprise in the errand services businesses in Nairobi County.  The study used descriptive survey. Data available from the Association of errand service provider 2013 reveal that there are 1,370 SMEs. A proportionate sample size of approximate 137 respondents which is 10% of the population was selected using a stratified random sampling technique from the identified sample. Data was collected using questionnaires that had linkert scale. Data analysis was done using SPSS Version 21 software and results finding tabulated for presentation and interpretation done. The study established that entrepreneurship skills, managerial skills, human resource practice and technology as internal control factors have a positive correlation with growth of errand service providers in Nairobi. The results established that there was a significant association between all the variables of managerial skills and growth of SMEs. In human resource practices, the results indicate that there is a significant association between all the measures of human resource and growth of SMEs. Only relationship with Entrepreneurial skills and technology was insignificant. The study concluded that Entrepreneurship, managerial skills, human resources and technology are critical ingredients in realizing economic growth in a country through bringing in new ideas, making appropriate decisions and tapping on latest technology for effectiveness with the suitable human resource. The study recommends that the business operators should undergo thorough training to improve on the components of internal control.


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FACTORS AFFECTING ADOPTION OF FINANCIAL ADVISORY SERVICE IN SMALL MEDIUM ENTERPRISE: A CASE OF WATER BOTTLING COMPANIES

FACTORS AFFECTING ADOPTION OF FINANCIAL ADVISORY SERVICE IN SMALL MEDIUM ENTERPRISE: A CASE OF WATER BOTTLING COMPANIES

Eric Antony Ngugi Njaramba Masters Student, Jomo Kenyatta University of Science and Technology, Kenya

Dr. John Karanja Ngugi - Lecturer, Jomo Kenyatta University of Science and Technology, Kenya


ABSTRACT

Small and Medium- Sized Enterprises (SMEs) play an important role in all economies, and are believed to hold the potential to sustainable development and poverty alleviation. Despite the existence of many SMEs, the plight of financial advisory service adoption by SMEs in the country continues to worsen raising questions as to whether the SMEs institutions have adequate capacity to support the adoption financial advisory service.  In Kenya, the problem facing SMEs in the adoption of financial advisory service is neither different from the other countries. The SMEs depend, mostly, on informal institutions as they lack an awareness of important business information provision agencies or institutions. SME performance can be increased via receiving information and advice. The evidence indicates that SMEs perceive a benefit from external advisory services from finance officers, but there is a little empirical evidence as few SME have adopted these services. The study targeted 305 companies of mineral water bottling as registered by Kenya Bureau of standards as of 2012. A quota of 30% was established from the target population of 305 companies to give a sample size of 92 companies. The study targeted the entrepreneurs as the respondents to the study. They were selected in a random sampling method. Data analysis was done using SPSS software and Microsoft Excel. Data for this study was quantitative hence descriptive data analysis techniques were employed. Descriptive statistics was employed and arithmetic mean, standard deviation, percentages and frequencies were used to analyze responses to the questionnaire. The study also found that cost of financing the services was too high for them to adopt and to which it hindered SMEs adoption of the services. Personal competence was also another great factor that hinders them from adopting these services. The study recommends that owners should set aside some funds for personal training and in-house training for them to take advantage of the service which will boost their growth in the future.


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FACTORS INFLUENCING SUSTAINABLE COMPETITIVE ADVANTAGE AMONG CUT FLOWER COMPANIES

FACTORS INFLUENCING SUSTAINABLE COMPETITIVE ADVANTAGE AMONG CUT FLOWER COMPANIES

Karuoya Lucy Njeri Masters Student, Kenya Methodist University, Kenya

Ann Thuo - Lecturer, Kenya Methodist University, Kenya


ABSTRACT

This study sets out to investigate the factors that influence sustainable competitive advantage among cut flower companies in Naivasha District, taking specific cases of two companies which for this purpose we will refer them as company A and B. The study therefore studied how the companies use infrastructure, location, human resource and development and horticultural clusters to achieve competitive advantage.The study adopted a descriptive survey design targeting 105 employees in top level, middle level and low level management working in Company A and Company B. Since the population sample was small, census approach was used. The study collected both primary data and secondary data. Primary data was collected using questionnaires while secondary data was collected from companies’ annual reports, manuals and newsletters. A pilot study was carried out to ensure validity of the research instrument. Self-administered questionnaire were used in this study to collect quantitative data. The data was then analyzed using descriptive statistics. The study also used regression method to test the nature of influence of independent variables on a dependent variable. The study findings were presented using tables, figures and graphs whose interpretations were given in prose. This generated quantitative reports through tabulations, percentages, and measure of central tendency. The study found out that infrastructure, location, human resource and horticulture clusters influences sustainable competitive advantage to a large extent. It is recommended that government to encourage flower marketing should develop infrastructure, companies to train their staff well and strive retain employees to achieve competitive advantage. It is also recommended that prior to flower farm set up, location consideration is key also for synergy, firm should agglomerate in clusters to reap the benefits of economies of scale.


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Current Issue

STRATEGIES ADOPTED BY COMMERCIAL BANKS IN KENYA TO COMBAT FRAUD: A SURVEY OF SELECTED COMMERCIAL BANKS IN KENYA

        Jimmy Mutuku Mwithi - Masters Student at Kenya Methodist University

       Dr. Joseph Ngugi Kamau - Lecturer, Kenya Methodist University   

FACTORS AFFECTING ACADEMIC PERFORMANCE IN DAY SECONDARY SCHOOLS IN BORABU DISTRICT IN KENYA

        Wycliffe Magati Ndege -M.ed (Economics and planning of Education), B.ed (Science)

        Kenyatta University, Kenya

 

       Dr. Kefa Bosire, Dr.Nobert Ogeta- Lecturer, Kenyatta University, Kenya

 

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