High commitment work system is managerial set of activities and policies directed at enhancing employee’s commitment to the organization and to their work. The system generates performance through bonding organizations with employees psychologically as well as providing a conducive environment for employee to commit themselves to the achievement of organization’s objectives. Increase of tea warehouses in Mombasa has brought with it acute competition for tea storage facilities and handling sector. This has necessitated management of tea warehouses to adopt competitive strategies such as high commitment work systems to gain distinctive competence by leveraging on employee’s commitment. Tea business in Mombasa has created a need for more tea warehousing facilities in the recent past accompanied by job opportunities. The purpose of the study was to determine the effect of high commitment work systems on the performance of employees in tea warehouses in Mombasa County. The specific objectives were to investigate the effect of performance based compensation, to establish the effect of training and development, to investigate the effect of performance appraisal and to assess the effect of communication on employee performance. The study was anchored on social exchange theory and resource based theory. This study used descriptive cross-sectional design. The study targeted all 17 active tea warehouses licensed by the Tea Board of Kenya. Since this number was small, a census of the tea warehouses used. The study utilized primary data which was collected from randomly selected employees of the warehouses using a semi- structured questionnaire with a five point Likert scale that were applied to all variables. Multiple regression and correlation analysis techniques were utilized. Results were presented in frequency distributions, charts and tables. The findings of the study confirmed that there is a positive association between high commitment works systems and employee performance. The regression results showed that high commitment works systems account for 89.1% of the change in employee performance and the regression coefficients results revealed that performance based pay, training & development, communication and performance appraisal had a positive and significant effect on employee performance since the p-values were less than 0.05. 12

Volatility of corporate cashflows exacerbates reduction in investments, increases external cost of finance and causes a deviation of leverage from the target leading to adverse effects on firm value. There is a dearth of studies on cashflow volatility and its impact on leverage, corporate investment, and firm value. Furthermore, extant literature on the relations presents mixed findings and majority of the studies are from developed economies which are culturally and economically different from developing economies. This study sought to examine the interrelationships among cashflow volatility, corporate investments, leverage deviation and value of nonfinancial companies listed at the Nairobi Securities Exchange. It seeks to evaluate whether investors price smooth cashflows. Specifically, the study analysed the impact of cashflow volatility on corporate value, the mediating effect of leverage deviation and corporate investments on the cashflow volatility and firm value link and the joint effect of cashflow volatility, leverage deviation, corporate investments on firm value. The study was anchored on the theory of information asymmetry which explains the interrelations among the four study variables by linking signalling effect of corporate financial information on firm value. Dynamic trade off theory, free cashflow theory and underinvestment theory were also applied in the study and a positivist philosophy used to evaluate research hypotheses. A census was conducted on a population of 42 nonfinancial companies listed at the NSE for the period 2002 to 2019 and data collected from 36 companies which had consistent listing for at least three consecutive years. Descriptive longitudinal research design was applied to analyse the secondary data and descriptive analysis including mean, standard deviation, minimum and maximum were carried out to visualize the distribution of data, detect outliers and identify associations among variables. Correlation test was conducted to examine the intensity and direction of relationships among the study variables. Diagnostic tests of normality, multicollinearity, heteroskedasticity, stationarity, and autocorrelation were conducted prior to carrying out inferential analysis. Furthermore, panel specification tests indicated that random effects model was the most suitable for the study. To cater for non-normality log transformation of variables was done and robust standard errors applied as a remedial measure for heteroskedasticity and autocorrelation. Results from hypothesis testing showed an inverse and statistically significant correlation between cashflow volatility and corporate value. Secondly, results from a four-step mediation analysis provided evidence that leverage deviation does not mediate the cashflow volatility and firm value relationship however, it was observed that corporate investment has a mediating effect. Finally, the study findings provided evidence of a joint effect of cashflow volatility, leverage deviation, corporate investments on value of nonfinancial companies listed at the NSE. Thus, findings contribute to literature by reducing controversy on cashflow volatility and firm value link by introducing leverage deviation as an alternative measure of financial risk and providing evidence against optimal capital structure theory. The study cautions management to monitor closely their operational costs and enhance risk management measures to minimize cashflow volatility which impacts negatively on investments and firm value. The study recommends future research on antecedents of cashflow volatility and leverage deviation to obtain a holistic view of the effects of cashflow uncertainty on corporate value.

Strategic planning is a critical area that influences sustainable development of a firm by ensuring proper allocation of the available resources in accordance with the achievement of the objective. This effect also depends on the policy adopted from one hotel to the other. When firms proactively formulate sound and well-planned strategies, they increase their capability of tackling challenges such as the advancement of technology, globalization, emergence of new markets and deregulation which influences the sustainability of development project. However, when the hotel fails to incorporate strategic planning in their development projects challenges such as insufficient funds, lack of proper order of procedures and activities, unprecedented occurrences and other emerging factors may cripple down the project leading to its termination. Therefore, a sustainable development requires a strategic plan which is lucrative in sustaining the development and achieving the targeted goals. The study sought to examine the effect of strategic planning on sustainable development within the hotel industry in Nairobi Kenya. The study targeted hotels that are within Nairobi in Kenya since they are easily accessible. The study used factors of sustainable development which are strategic planning, social sustainability, economic factors and environmental factors as independent variables of the study. The study identified 105 hotels across Nairobi County and was able to collect primary data through questionnaires which were issued via online survey whose link was sent to all the hotel managers. The study therefore obtained 105 responses which were found adequate for data analysis. This study undertook descriptive statistics that described the data collected for each variable in form of mean, Std. deviation and also Coefficient of variation. In summary the performance of sustainable development of hotels was found to be good as it recorded a mean of 16.77. The hotels highly incorporated strategic planning in their developments as indicated by a high mean of 26.53. Although the hotels adopted social sustainability and improved economic and environmental factors to enhance sustainability of their development the hotels put more effort in social and economic improvement than in environmental improvement when doing so as indicated by the means of 14.87, 15.85 and 13.16 respectively. The correlation that was undertaken indicated that all the independent variables had significant effect on sustainable development. The regression analysis was employed in determining the significance of the effect of strategic planning on sustainable development of hotels in Nairobi County. The regression model adopted by the model was only able to describe 50.5%. The adjusted R square on the other hand was smaller than R square that indicates that there were some elements in the model that did not help to improve the model. The study found that strategic planning has a significant impact on the sustainable development of hotel industry within Nairobi in Kenya. The p-value of the F-test was less than 0.05 and therefore the study found statistically significant effect of strategic planning on sustainable development of hotel industry within Nairobi in Kenya. The regression coefficients indicated that strategic planning social sustainable and economic factors had positive significant effect on sustainable development while environmental factors had a positive insignificant impact on sustainable development.

Monitoring and evaluation of WASH practices and activities has always been project driven in the developing world. In the present time, quite a number of organization think of M&E as a donor precondition in lieu of a management tool that is task with evaluating progress, and tracking and fixing issues. Less organisations have confidence in M&E mostly on the grounds that its impact on project performance isn't surely known in spite of numerous empirical researches having been done. Against this background, the study examined the M&E practices influence on performance of WASH projects in Kenya at the Kenya Red Cross Society. The specific aims of this study was to determine planning, capacity building, stakeholder involvement and data dissemination and use in M&E on performance of WASH projects in Kenya. The research preferred descriptive survey design. The study population was 56 respondents working on the 2 WASH projects completed in 2020. The study employed census sampling. Questionnaire was the main instrument of data collection. Data was analysed using descriptive statistics. The presentation of data was in form of tables. With a combined mean of 2.7114, it was established that slightly more than half of project staff at KRCS strongly-agreed that M&E planning in project implementation led to improved performance of WASH projects carried by KRCS. For the composite mean of 4.3284, it meant that majority of staff at KRCS strongly-agreed that integration of capacity building lead to better performance of WASH projects carried out by KRC. Also, a combined mean of 4.0943 meant that majority of staff at KRCS strongly-agreed that stakeholders’ involvement in M&E led to improved performance of WASH projects carried out by KRCS. Finally, with a composite mean of 4.2014, majority of respondents strongly-agreed that integration of data dissemination led to better performance of WASH projects carried out by KRCS. Therefore, the study concluded planning in M&E, capacity building in M&E, Stakeholders’ Involvement, data dissemination and use in M&E affects all performance of WASH projects in Kenya at the Kenya Red Cross Society. The study recommended that M&E personnel should express higher qualification in order to guide the units in attaining its roles.

The objective of this study was to determine the influence of innovation capabilities on the performance of fintech firms in nairobi. The specific objectives were to investigate the influence of product innovation, market innovation, organizational innovation and process innovation as independent variables on firm performance, the dependent variable. This study was based on dynamic capability, diffusion of innovation theory and resource based View perspectives to explain how innovation capability influnces the performance of fintech firms. A descriptive research technique was used in this study in identifying the existing link between the independent variables (product innovation, market innovation, organizational innovation, and process innovation) and the dependent variable, firm performance. The study was a census approach involving 91 registered fintech companies in Kenya in which a 81% response rate was achieved. Primary data was collected using structured questionnaire in which the respondents were business development managers or marketing managers or strategy managers in these fintech companies. Data was analyzed using SPSS 26. A simple linear regression analysis was done, which established that product innovation, market innovation, organizational innovation and process innovation had a statistically significant and positive effect on frm performance (R square = 0.884, p < 0.100). Adjusted R square value showed that 87.7% of the variation in firm performance was explained by product innovation, market innovation, organizational innovation and process innovation. The results of regression ANOVA test, showed that there was a significant difference between the variable [F (4, 69) = 131.519, P < 0.01 ]. The analysis of regression coefficients revealed that firm performance is negatively influenced by indicators of product innovation (B = -0.033), similarly process innovation (B = -0.011). On the other hand firm performance is positively influenced by market innovation (B = 0.002) as well as organizational innovation ( B = 0.858), however, onlythe effect of organizational innovation is stattistically significant ( p < 0.01). The study established that four types of innovation capabilities: product innovation, market innovation, organizational innovation, and process innovation affect diverse firm performance aspects

This study sought to assess the effect of interest rates on credit access in SMEs in the fisheries sector in Kisumu County, Kenya. In order to achieve this, the study adopted the use of mixed research design. The study collected primary data from a sample of 209 SMEs. In addition, the study collected secondary data from a sample of ten Commercial Banks, Ten Micro Finance Banks and ten Microfinance Institutions. The study collected time series data for a period of 22 years between 2000 and 2022. The findings from the multiple linear regression supported the hypothesis about the negative impact of interest rates on credit accessibility among SMEs in the fisheries sectors. Offering higher interest rates has a negative effect of introducing more restrictive measures hence leading to the increased rejection of credit application from SMEs. In addition, the study showed negative relationship between credit accessibility and different levels of interest rates.

Strategic planning and implementation is essential in preparing public and private organizations to sustain themselves in the dynamic business environment. Therefore, organizations in the public and private sectors must prioritize, formulate, and implement business strategies as the foundation of their survival. Strategic planning implementation not only helps in the formation of strategies but in their implementation too. Despite the importance of strategy planning implementation to public sector organizations, their role in parastatals is not yet fully understood. This research was to establish the association between strategy planning implementation and organizational performance of KRA. Competitive advantage, contingency, and new public management theories were used, and the data was collected and analyzed through a “cross-sectional descriptive study design.” 686 managers represented the target population of the research, from which a sample of 68 managers were selected. The findings showed that strategy implementation (t = 0.306, p= 0.007) contributes the highest to improved organizational performance. This was followed by monitoring and evaluation (t = 0.019, p= 0.762). Mission, values, and vision had the lowest positive change on organization performance (t = 0.005, p= 0.887). The study concluded that strategy planning implementation improves organizational performance in KRA. The study recommended that managers in KRA prioritize strategy planning implementation to improve organizational performance.

URI http://erepository.uonbi.ac.ke/handle/11295/163205 Publisher University of Nairobi Rights Attribution-NonCommercial-NoDerivs 3.0 United States Usage Rights http://creativecommons.org/licenses/by-nc-nd/3.0/us/ Collections Faculty of Arts & Social Sciences, Law, Business Mgt (FoA&SS / FoL / FBM) [24361]

Movement in share prices are subject to the stock market efficiency, which indicates how the prices of individual securities incorporate and reflect the available past, present and future information. However, calamities, pandemics, political instability, among other news items are postulated to have a significant negative effect on financial markets. The study endevoured to determine the efficiency of the Nairobi Securities Exchange in the semi strong form, using a case study of the covid-19 announcement in Kenya. The theories anchoring the study included; the efficient market hypothesis, the prospect and the rational expectations theories. Secondary data used for analysis in the current study, which entailed daily stock prices. The current study was an event analysis of the Covid-19 pandemic outbreak announcement. The current study analysed the reaction of stock returns of listed firms 30 days before and after the pandemic. The study population was the 64 listed firms at the Nairobi Securities Exchange. Convenience sampling was utilized to derive a sample size comprising of a single company from each of the 11 sector of the economy categorised on the Nairobi Securities Exchange resulting into a sample size of 11 firms. Line graphs were used to observe the trend of the individual firms’ stock returns before the Covid-19 pandemic outbreak announcement event date and after the event date. T-test statistic was conducted to establish the significance of the Covid-19 pandemic outbreak announcement on stock prices. The study findings established that only 9.09% of the listed firms at the Nairobi Securities Exchange reacted negatively to Covid-19 pandemic. All the other firms (90.91%) reacted positively. The study further established that seven firms (63.64%) recorded negative abnormal returns, three firms (27.27%) recorded positive abnormal returns, and one firm (9.09%) recorded zero abnormal returns in reaction to the Covid-19 pandemic outbreak announcement. However, none of the abnormal returns were established by the current study findings to be statistically significant.. The study findings further found out that there was a steady decrease in Cumulative Average Abnormal Returns of the eleven listed firms at the NSE before the event date but stabilized as we approached the event date and this trend continued even after the event date. This implies that the President announcing the Covid-19 pandemic outbreak and initially instituting measures to curb the spread of the virus on 15 March 2020 did not have a cumulative effect on the stock returns for the eleven listed firms at the NSE. We suggest to policy makers and market regulators to formulate policies to enhance market efficiency for predictability of market behaviour by market players, which will enhance investor confidence in the operations of the securities market in the strong form because the Nairobi Securities Exchange is semi-strong form efficient as there are insignificant abnormal returns and investors cannot beat the market as a result of publicly available information. Recommendations are made to consultants and management of listed as well as other firms not to consider earnings as a factors that influence share prices/ firm value in the market but they should focus on intrinsic firm specific factors as they formulate strategies and policies to increase firm value. Recommendations are also made to investment banks, equity analysts, and individual investors not to consider earnings in order to increase their wealth or their clients’ wealth, but focus on intrinsic firm specific factors when analysing whether the firm is undervalued or overvalued. Finally, recommendations are generated to individual investors not to rely on positive earnings announcement by companies in which they want to post a long, hold, or short position, but should instead focus on intrinsic firm specific factors to analyse whether firms’ are undervalued or overvalued.

Most hydropower projects follow face numerous implementation trials that impend sustainable realization of clean energy. Moreover, these projects follow a top-down approach paradigm whereby projects are identified, planned, and executed according to the governments’ or investors’ preferences. The purpose of this study was to evaluate the influence of stakeholder participation on the implementation of off-grid micro-hydropower projects in Kenya, a case of Iriamaina Micro hydropower in Bomet County. The objectives that guided the study were: to establish the influence of stakeholders' participation in decision-making on the implementation of off-grid hydropower in Kenya; to assess the influence of stakeholders' participation in project design on the implementation of off-grid hydropower projects, and to determine the involvement of stakeholders participation in project financing on the implementation of off-grid hydropower. The stakeholder theory and the systems theory served as the foundation for the study. The research used a descriptive survey methodology. The study population included stakeholders from the project committee and community at Iriamaina Micro hydropower in Bomet County. The data was collected using the Linkert scale and presented through standard deviation, Mean, and proportions. The inferential statistics used namely; Pearson’s correlation coefficient(r) and regression analysis. The study had a hypothesis test. The target population of this study was 160 stakeholders. The response rate was at 96%, a proportion of 4% posed unavoidable discrepancies such as incompleteness. The quality of data entered in SPSS was above average. This translated to 153 questionnaires being utilized. A cross-sectional research design was used during this study. Primary data was collected by the use of 5-point Likert levels highlighted in brackets (1-strongly disagree, 2=disagree, 3=neutral/undecided, 4=agree, 5=strongly agree) and interview guide. The data was reliable as Cronbach’s coefficient was above 0.7. The data collected was sorted, keyed in, and analyzed with the aid of the Statistical Package for Social Sciences (SPSS). Descriptive statistics were used to know to what extent and where the stakeholders influenced project financing, project design, market assessment and project decision-making. The research findings on descriptive statistics indicated that majority of respondents agreed on involvement in project decision making with respective combined mean of (4.011), market assessment(4.394) , project financing (4.086) whereas the respondents were neutral on their involvement in project design (3.674). Pearson’s correlation coefficient showed that there was a positive correlation as follows on the variables; decision making (r =0.323), market assessment (r = 0.145), project financing (r =0.240) and project design (r = 0.401). Findings showed a strong positive correlation between involvement of stakeholders and implementation of hydropower r = 0.506. Descriptive data showed that respondents agreed on being involved on implementation of Iriamaina micro hydropower with combined mean (3.54).The regression analysis showed that; involvement in project design, project financing and decision making were significant predictors of the implementation of hydropower ,however, the market assessment was not significant.