The expansion of e-commerce has a direct link to an increase in online sales, tax collections and revenue generation in many countries of the world. E-commerce global trade volume continues to grow annually in many countries and has gained increasing importance between 2000 and 2020 and beyond. Equally, the Covid-19 pandemic around 2020 and beyond had contributed immensely to the accelerated growth, spread, adoption and utilization of ecommerce via the available e-commerce platforms globally. Changes in the international trading policies and electronic taxation practices now require e-commerce platform operators to pay sales tax and users to pay VAT. The tax payments reflect the users' compliance with tax obligations for their countries’ economic growth and revenue generation. The objective of the current study was to establish how selected determinants affect digital tax compliance by e-commerce retailing firms in Kenya. The determinants considered in the current study were; tax rate, attitude and perceptions, income level, enforcement measures, and tax knowledge. It also aimed at reviewing the increasing body of theoretical and empirical studies that have endeavoured to examine tax compliance. The target population was 100 e-commerce retailing firms in Kenya. A convenience and purposive sampling technique was used to identify and pick the e-commerce retailing firms. Primary sources of data, utilizing a closed ended questionnaires as the study data collection tool, were employed. This was a cross-sectional study. The study applied both descriptive statistics as well as inferential statistics that entailed correlation and multiple linear regression analysis. The current study findings revealed that most of the online retailers were aware of digital services tax and that tax knowledge augments compliance to a moderate extent. The study findings further revealed that majority of the online retailers have registered their respective businesses for digital services tax and that the online retailers, to a moderate extent, comply with the digital services tax. Further findings were that that enforcement measures and tax knowledge are significantly positively correlated to digital tax compliance. However, the study findings revealed that tax rates, attitude and perceptions, and income levels are not significantly correlated to digital tax compliance. Additional findings were that the determinants entailing; tax rates, attitude and perceptions, income levels, enforcement measures, and tax knowledge, significantly influence and can be utilized to predict digital tax compliance. The final findings were that none of the determinants of digital tax compliance, in isolation, significantly influence digital tax compliance. Tax rate, income level, enforcement measures, and tax knowledge have a positive insignificant influence while attitude and perceptions have a negative insignificant relationship on digital tax compliance. Policy and practice recommendations were made to the policy makers in the Treasury and the board of the Kenya Revenue Authority to set optimal digital service tax rates so as to enhance compliance. Additional recommendations are made to the policy makers to augment tax education geared towards changing the tax payers’ attitudes and perceptions towards the current digital service tax. Final recommendations are made to the policy makers not to utilize any determinant of digital tax compliance in isolation but to utilize all of them in unison in order to augment digital tax compliance. Recommendations are also made to consultants and online retailer firms’ management to comply with regards to digital tax as non-compliance can lead to high penalties as a result of enforcement. Additional recommendations are also made to the practitioners to try to gather tax knowledge to enable compliance to the digital tax.

MFIs in Kenya play a role in financial intermediation which has included 2.9% Kenyans. The last decade has seen MFIs in Kenya embrace electronic banking. This innovation of electronic banking has revolutionized the convenient means of accessing financial services. Electronic banking platforms are perceived as enablers for formal financial services through remote transactions. The current study sought to investigate how this influences the financial performance among MFIs in Kenya as they play a key role in financial intermediation and inclusion. The independent variables for the research were mobile banking, internet banking and ATMs. Credit risk, liquidity risk, capital adequacy and MFI size were the control variables while the dependent variable was financial performance measured as ROA. The study was guided by financial intermediation theory, diffusion of innovation theory and technology acceptance model. Descriptive research design was utilized in this research. The 47 MFIs in Kenya as at December 2021 served as target population. The study collected secondary data for five years (2017-2021) on an annual basis from CBK and individual MFIs annual reports. Descriptive, correlation as well as regression analysis were undertaken and outcomes offered in tables followed by pertinent interpretation and discussion. The research conclusions yielded a 0.530 R square value implying that 53% of changes in MFIs ROA can be described by the seven variables chosen for this research. The multivariate regression analysis further revealed that individually, mobile banking has a positive and significant effect on ROA of MFIs (β=0.162, p=0.001). Internet banking and ATMs exhibited a positive but not statistically significant influence on ROA. Both credit risk and liquidity risk have a negative effect on ROA of MFIs as shown by (β=-0.157, p=0.000) and (β=-0.160, p=0.000) respectively. Capital adequacy and firm size exhibited a positive and significant ROA influence as shown by (β=0.739, p=0.000) and (β=0.293, p=0.000) respectively. The study recommends the need for policy makers to provide a conducive environment for MFIs to undertake mobile banking as this enhances their financial performance. The study further recommends that MFIs should work at reducing their liquidity risk and credit risk as these two adversely affects ROA. Future research ought to focus on other financial institutions in Kenya to corroborate or refute the conclusions of this research

Macroeconomic variable crucial and responsible for deviations in the market. The macroeconomic factors have been changing periodically due to fast-paced globalization and proliferation. Additionally, the government has been formulating countering measures to improve stability of the macroeconomic elements. Additionally, business including commercial banks, among others institution in NSE, prefer a stable and conducive macroeconomic business environment. Consequently, the objective of the study is to assess the effect of macroeconomic variable on the dividend payout of firms listed at NSE. Therefore, the study optimized causal research design as was fundamental in guiding the study on data collection and prudent analysis. It conformed to the research topic and strived to increase accuracy by addressing the research problem. In addition, the researcher, constructed a reliable solution based on detailed and intensive data ranging from 1987-2021. In a nutshell, period chosen gave the most up-to date information, relevant, credible and sufficient dataset. As a result, the completed data was subjected to SPSS for extensive yet rigorous computation to give credible and authentic results. In addition, the soundness of the findings was replicated on the presentation and recommendation. Empirically, the model summary from the extensive calculation delineates R of 0.910. This exemplifies that there is a strong correlation of 91.0% among the variables in this study. The R-Square which is the correlation coefficient implies that 82.8% of deviation in dividend payout versus the microeconomics of firms listed in the Nairobi securities exchange is being triggered by Money Supply, Foreign Exchange, Inflation Rate and GDP Growth rate. As a result, the outcome exemplifies that the model was statistically significant since the significance value 0.000 beneath the P-Value of 0.05. In addition, the inferences present that foreign exchange exhibits a positive and significant relationship with dividend payout of (β=0.317; p=0.0.000< 0.05). Further, the T-Test indicates that the GDP growth rate evokes a positive and insignificant relationship towards DPO (regressed variable) of (β=0.033; p=0.261> 0.05). The results tabulated in 4.7 added that the inflation rate had positive and insignificant relationship with the DPO (regressed variable) as seen by (β=0.009; p=0.501> 0.05). Money supply depicted a positive and significant relationship towards the DPO (regressed variable). This was shown by (β=0.310; p=0.000< 0.05). To wrap-up, autonomous value is negative 0.014 hence meaning whenever all macroeconomics variables are maintained unchanged, the dividend payout was negative 0.046. In consequence, a positive single unit of change in foreign exchange triggers a significant increment in the DPO by 31.7% only when other determinants are held constant. Moreover, a unitary increment of GDP by singular unit, transpires an insignificant increment in the dividend payout by 3.3% whenever all other enablers are kept unchanged. Nevertheless, the solitary increment in the inflation rate translates to non-substantial increment of DPO by 0.9% when all enablers are maintained unchanged. Finally, the addition of solitary unit of money supply is pivotal in triggering 31% increment in the DPO only whenever all other enablers are maintained constant. As a consequence, the study advocates for deep analysis of past-presupposition while digitally-led presupposition due to the current proliferation. Additionally, making informed decision relies squarely on consideration of macroeconomic factors. As a ramification, the examination recommends for informed strategies that enhance business productivity by reaping from risky opportunities

Budgetary control is a critical component in the effective management of the organization’s finances. Budgetary control is the process by which an organization plans for its resources by allocating to specific cost centers, monitoring the progress in terms of utilization by comparing the standard against the actual and effecting the proposed controls in line with the financial goals and priorities of the organization. The financial sustainability of Local Non-Governmental Organizations in Kenya remains a concern as available data shows over-dependence on a limited number of donors and failure to utilize the resources efficiently. The main objective of this study was to determine the relationship between budgetary control and financial sustainability in the context of Local Non-Governmental Organizations in Kenya and to determine the budgetary control techniques employed by the selected organizations. The study was guided by specific objectives; to determine the relationship between planning and financial sustainability components (fund utilization, revenue growth, and diversification of funds), establish the association between monitoring and financial sustainability components, and examine the relationship between control and financial sustainability. Anchored in the theories of budgeting and responsibility accounting, the study employed a conceptual framework where the independent variables and dependent variables were related. The study adopted the top 30 organizations using registration status and fund utilization within the period 2017-2021 targeting 60 respondents from Finance Managers, Senior Finance Officers, Budget Officers, and Financial Analysts. The choice of the Local NGOs in Kenya was found to be fit because they face unique financial sustainability challenges. The researcher collected primary and secondary data using structured questionnaires that were issued to 60 respondents but only 48 were filled and returned. The study used descriptive statistics to analyze the data and establish patterns and trends. Regression analysis was used to determine the relationship between budgetary control and financial sustainability at a confidence level of 95%. The findings showed that there is a positive relationship between budgetary control and financial sustainability by an R square of 56%. The findings also indicated that planning had a significant influence on financial sustainability at p 0.001<0.005 due to a higher R square compared to other variables. The findings may guide managers in controlling their budgets and provide a ground for future studies.

Working Capital is central to daily operations of every business. Working Capital Financing adopted by a firm take either Aggressive (where ratio is above 0.5) or Conservative (where ratio as below 0.5). The study explored effect of Working Capital Financing plus financial flexibility on financial performance of non-financial entities quoted at Nairobi Securities Exchange, Kenya. First study objective was to establish link of Working Capital Financing with financial performance of non-financial entities quoted at Nairobi Securities Exchange. Second study objective was to determine moderating impact of financial flexibility on linkage of Working Capital Financing with financial performance of non-financial entities quoted at Nairobi Securities Exchange. Study was anchored mainly on Risk Return Trade-off Theory supported by Resource based Theory plus Agency Theory. Study adopted correlation research design. The Secondary panel data for 31 non-financial entities were gathered for five years, resulting in 155 firm-year end observations. The data were analyzed by descriptive statistics, Pearson correlation, panel data regression to ascertained linkage of Working Capital Financing with entity Return on Asset and hierarchical multiple regression determined the moderating influence of financial flexibility on linkage of Working Capital Financing with entity financial performance. Study established negative significant linkage of Working Capital Financing with Return on Asset. Study further established negative and significant moderating influence of the financial flexibility on linkage of Working Capital Financing with entity Return on Asset. Study concluded that smaller portion of short-term debt improve entity performance as greater levels of short-term debt reduces firm performance. Similarly, study concludes that firms should consider short-term external financial flexibility without affecting firm performance and consider internal financial flexibility that might present extra benefit to an entity to lessen adverse effect of hazardous WCF on firm financial performance by mitigating hitches of underinvestment plus diminishes cost of financial misery due to resource constraint.

The present economic condition has endured for far too long, and as a result, consumers have every right to expect better results from retail companies. This ought to happen as a consequence of retail chains addressing the causes of bad financial choices and, on occasion, retail chain collapse. These factors include unethical and unprofessional practices, as well as poor management quality. Recent events, like as the financial crisis that hit supermarkets, have brought to light the need of strong corporate governance in ensuring the continued growth and prosperity of firms and the economy as a whole over the long term. This crisis made it abundantly clear that even robust economies, especially those lacking in transparent governance, accountable corporate boards, and shareholder rights, are susceptible to rapid collapse in the event that investors lose faith in the market. Therefore, the issue that has to be answered is how the various aspects of corporate governance effect performance. Therefore, the objective of this research was to determine the extent to which corporate governance procedures have an impact on the investment choices made by significant retail chains that have been operating in Kenya for at least five years. The resource dependence theory, the stewardship theory, and the agency theory served as the foundation for this investigation. The study was carried out using a survey format. The study gathered information and data with the purpose of determining the influence that corporate governance standards have on investment choices made by big retail businesses. All of the big supermarkets that have been in business in Nairobi City County, Kenya for at least five years constituted the study's population. The investigator focused their attention on seven grocery stores that the CAK classifies as being big. Five (5) respondents were selected at random from each grocery store, for a total of thirty-five (35) respondents. To gather primary data, we conducted in-depth interviews, while to compile secondary data, we scoured business websites and internal corporate documents. The analysis of the data was conducted so that significance could be drawn between the study's aims, hypotheses, and findings. Using evidence evaluation, classification, tabulation, and recombination, this was completed. The presented quantitative data was shown using tabulations, bar graphs, and pie charts. Simple and complex linear regressions were performed as part of the study of regression. In each of these cases, the regression was carried out at a different level. The results suggest that corporate governance policies significantly affect the investment decisions of large retail chains. While large supermarkets and chain shops may not implement every possible corporate governance practice, they do have key committees like the governance committee, which meets at least annually to study and report on all matters related to corporate governance. Large grocery shops and retail chains may not implement all of the available corporate governance standards, but it doesn't stop this group from meeting regularly anyhow. The researcher suggests that management should keep and grow a board that is responsible, innovative, and imaginative in addition to one that is more appropriately chosen and operated since transparency is one of the most crucial indications for examining investment selections. Directors should never conduct formal reviews of their own acts, the company, or individual directors; rules for the mandatory retirement age for directors should originate from the highest level of management, and these requirements should be unambiguous.

The study examines the factors that hinder attainment of gender parity on public corporate boards in Kenya. The period under review is from 2010, following the promulgation of the 2010 Constitution of Kenya, to the present day 2021. Although there exists extensive provisions of laws on gender equality and there has also been a remarkable increment of women representation on corporate boards, that stride and the achievement of the bare minimum requirement is not enough to entirely address the gender imbalance that women have faced in a predominantly patriarchal society. Nevertheless, the current study analyzes in depth the correlation between corporate governance and gender parity while exploring the factors that have contributed to the gender disparities on the corporate boards. The study examines these specific factors, amongst others because it is guided by the assumption that Kenya is still a patriarchal society thus contributing to the gender disparities on the corporate boards. The study examines these specific factors, amongst others because it is guided by the assumption that Kenya is still a patriarchal society thus contributing to the gender disparities on the corporate boards. The study employs doctrinal research methodology and a review of legal provisions on equality in both national and international laws has been conducted as well as review of studies and reports that identify the societal factors that are an impediment to gender parity on the corporate boards. The review in general has demonstrated that despite having provisions of the laws that are all inclusive, societal factors such as misconceptions, stereotypes and ignorance are majorly the x hindrance to attainment of equality and this is all premised to the patriarchal nature of the society. The study is thus an important piece of literature as it adds on to existing literature on corporate governance and gender parity, specifically the value propositions of having women on the corporate boards and institutional alignment measures that corporations can adopt to eradicate some of the identified factors that impede attainment of parity.

This particular research wanted to determine effect of COVID-19 pandemic on financial performance of deposit-taking microfinance institutions in Kenya. It was anchored the on real options, diffusion of innovation, and Crisis management theories. The research adopted a descriptive research design. The research targeted thirteen (13) deposit-taking microfinance institutions in Kenya between July 2018 and December 2021. The research used quarterly secondary data for seven quarters before COVID-19 (July 2018 to March 2020) and seven during COVID-19 (April 2020 to December 2021). Data was sourced from firm financial reports sourced from the Central Bank of Kenya. The data was collected using a data collection sheet. STATA 14 was deployed to generate descriptive and inferential statistics for analysis. The research deployed a logit regression model. The descriptive statistics exhibited a negative average return on assets between July 2018 and December 2021. Thus, the research concludes that deposit-taking microfinance institutions in Kenya are making losses, as shown by negative return on assets. The research found that 64.86% of the change in financial performance was due to changes in the COVID-19 pandemic, capital adequacy, asset quality, firm size and liquidity. This study concludes that the COVID-19 pandemic, capital adequacy, asset quality, firm size and liquidity are the major factors influencing financial performance of deposit-taking microfinance institutions in Kenya. From the regression analysis, the COVID-19 pandemic does not affect financial performance of deposit-taking microfinance institutions in Kenya. Deposit-taking microfinance institutions had low capital adequacy. Regression analysis exhibited that capital adequacy possessed significant direct regression coefficient against financial performance. This leads to the conclusion that capital adequacy directly affects financial performance of deposit-taking microfinance institutions in Kenya. The research concludes that deposit-taking microfinance institutions in Kenya have poor asset quality. Regression analysis exhibited that the NPL ratio as a measure of asset quality possessed negative and insignificant regression coefficient against financial performance. This leads to the conclusion that asset quality does not affect financial performance of deposit-taking microfinance institutions in Kenya. The regression analysis findings exhibited that firm size possessed significant direct regression coefficient with financial performance. Hence, we can conclude that firm size in terms of assets directly affects financial performance of deposit-taking microfinance institutions in Kenya. From the descriptive statistics, the selected firms exhibited a liquidity ratio of less than 1; hence, the deposit-taking microfinance institutions in Kenya have low levels of liquidity. From the regression analysis, liquidity exhibited a direct significant coefficient with financial performance. This leads to the conclusion that liquidity directly affects financial performance of deposit-taking microfinance institutions in Kenya. This indicates that if the deposit-taking microfinance institutions in Kenya increase their liquidity levels, they will experience increased financial performance levels in terms of increased return on assets. The research recommends that deposit-taking microfinance institutions in Kenya increase the quality of their assets, capital adequacy, firm size, and liquidity to enhance their financial performance. The research also recommends further research based on other variables, primary data, a longer period, and annual and semi-annual data.