URI http://erepository.uonbi.ac.ke/handle/11295/162644 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]

URI http://erepository.uonbi.ac.ke/handle/11295/162742 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]

The number of people participating in pension schemes, as well as the value of their holdings, has increased dramatically in recent decades. There are now around 1200 registered schemes, with over 1.7 million participants. The industry's asset base has expanded both quantitatively and relative to GDP. The schemes provide investment policies to RBA as guided by the investment guidelines in terms of providing limits to the varying assets classes. The macroeconomic environment in which the retirement benefits schemes operates and the two macroeconomic policies, namely monetary and fiscal impact the performance of the investments of the pension schemes. The study's goal is to evaluate the impact of budgetary allocations on the sustainability of Kenya's pension programs. The main purpose of this study was to evaluate the effect of macroeconomic factors on the sustainability of Kenya's pension systems. A descriptive survey approach was used for this study. All 81 pension programs in Kenya were accounted for in the study. Secondary data sources included the RBA, Kenya Revenue Authority, corporate financial statements, and the Kenya National Bureau of Statistics (KNBS) for the monthly period spanning 2017-2021. The financial accounts of pension systems in Kenya were analyzed to collect data on the dependent variable, financial performance. The Kenya National Bureau of Statistics provided information on the country's trade surplus, public debt, and government spending; the financial statements of individual businesses provided information on operating expenses and liquidity; and the Kenya Revenue Authority provided information on taxation. Using SPSS version 20, both descriptive and inferential statistics were used to the gathered quantitative data for analysis. According to the findings of this research, the success of pension programs in Kenya is closely tied to the government's budgetary stance. R Square for the independent variables of the research (Kenya's trade balance, government spending, government debt, taxes, operational expenses, and pension scheme liquidity) was 0.645, suggesting that these factors explain 64.5% of the variation in performance. The overall significance of the regression analysis indicates that the investigated business characteristics considerably impact the financial performance behavior of pension funds. More research on the factors that affect the financial success of pension plans throughout the country is required.

Recent technological advancements have resulted in access to mobile phones by majority of the adult population. A wide variety of mobile phone based financial services that have made it easier for individuals to transfer money affordably have consequently emerged. The purpose of this study was to determine the effect of mobile money services on saving culture among individual small business owners in Toi Market, Nairobi County. The study adopted descriptive research design. The target population of the study comprises of 750 individual small business owners within Toi Market. The study adopted stratified random sampling to select 100 respondents and primary data collected using questionnaires. Collected data was analyzed through descriptive and regression statistics generated through SPSS. Multiple regression analysis was used to obtain the relationship between saving culture and mobile money services. The Analysis of Variance was used to determine the significance of the results. The study concluded that mobile money services had a positive and significant effect on saving culture among individual small business owners in Toi market. The study found that majority of respondents used mobile money services to place savings and that they valued the presence of a wide network of agents as well as the ease with which deposits could be made via mobile money services the most and this impacted on the level of savings held. The study recommended the need to develop more savings products that involved the use of mobile money agents as part of the service package and that the products get market tested to ensure they are easy for customers to us in placing deposits. The study also recommends that mobile money products empower customers with information to enable them to verify the transactions occurring relating to their mobile money savings.

Effective internal communication is important in the hospitality industry. Hotel establishments should practice effective internal communication, which increases employee satisfaction, productivity, performance, and motivation, customer satisfaction, and business profitability. This study sought to investigate internal communication practices in the hospitality industry, specifically in five-star hotels within Nairobi County. The study objectives were to analyze communication channels and tools used in hotels, investigate information and communication flows, and investigate the role of internal communication on employee job satisfaction in the hospitality industry. The study was grounded in systems theory. Descriptive research design was employed in this study. A mixed methods approach was used to address the research objectives using both qualitative and quantitative research approaches. The employees and managers of the front office and food and beverage service departments were the target population of this study. Purposive sampling was used to select the participants and respondents for this study. Interview schedules were used to collect qualitative data from managers through key informant interviews, while questionnaires were used to collect quantitative data from employees. Descriptive analysis was used to analyze quantitative data and present it in the form of descriptive statistics using frequencies, percentages, and means. Quantitative data was presented in the form of tables, bar charts, and pie charts. During the analyzing process, Thematic analysis was used to determine qualitative data. A narrative form was used to present the results. The findings revealed that communication channels were effective and that written communication was the most preferred form of communication. Additionally, the findings revealed that emails, WhatsApp, newsletters, and notice boards were the most commonly used communication channels. Downward, upward, and horizontal information and communication flows were effective and ensured there was effective one-way and two-way communication in the hotel establishments. The study also established the role of internal communication on employee satisfaction as follows: it boosts coordination of work amongst employees and keeps them informed about what is taking place in the hotel; it makes it easy for hotel employees to gather feedback from hotel guests and managers; it facilitates effective productivity of employees and the hotel at large; it enables employees to share their opinions and challenges; and it empowers employees with information about the hotel's organizational policies, strategies, core values, mission, and vision. Finally, the study found a direct relationship between internal communication and employee job satisfaction and that internal communication affects employee job satisfaction. The study found that if internal communication is effective, employees are satisfied with their jobs, perform better, customers receive quality services, and therefore there is an increase in business profitability. Consequently, the study recommends that five-star hotel establishments should give appraisals to employees based on their job performance because, through appraisals, employees get motivation, and it is also important for the growth of employees and the hotel as a whole. The study recommends that hotel management should ensure that there are effective internal communication practices in the hotel establishments, as this will ensure that hotel operations and functions are well run and that both employees and customers will be satisfied with the hotel. The study also recommends five-star hotels carry out employee surveys, as employee surveys assist the management of hotels in gauging employee satisfaction towards their work and their attitudes and opinions towards their work. Further studies should be undertaken on the analysis of external communication practices in the hospitality industry.

Service delivery in public institutions has been under focus in recent years. Most public institutions in the world have been under scrutiny for failing to deliver services to the satisfaction of the citizens. Consequently, there has been a growing demand for public institutions to comply with corporate governance practices. This study, therefore, was aimed at determining how corporate governance practices facilitated the implementation of universal health care strategy in Machakos County in Kenya. The study was premised on the Agency theory, the Upper Echelon theory and Stakeholder theory. A case study research design was adopted. The findings established that board structure, internal controls, transparency and risk management, had been adopted in the successful execution of UHS in Machakos County. The study established that the main challenges of implementing the UHS were lack of communication and corruption. To foster transparency, the study recommends that a clear line of communication at need to be established to ensure that information is disseminated to all the stakeholders and the beneficiary of the UHC in a timely way. The study recommends that employees at all levels should be trained on risk management practices particularly on the market risks. Lastly, the study recommends that the Board should consider automating its internal control systems to enable accuracy in the transactions and efficiency in the processes like procurement and communication.

The low rate of insurance penetration in Kenya has been a challenge over the years with the penetration rate currently being at 2.43%. In a bid to deal with this challenge, insurance companies have put in place various strategies to make their product offering more appealing to the target market. This study’s objective was to determine how micro-insurance is being used a strategy to enhance insurance penetration in Kenya. The research adopted cross sectional descriptive survey as a research design. Data was collected by use of semi-structured questionnaires that were emailed to operation managers of 14 insurance companies that deal with micrinsurance in Kenya. The collected information was analysed via descriptive statistics and content analysis, where use of percentages, mean and standard deviation was applied. The data was tabulated and classified in order to achieve deductions and inferences. Some of the micro-insurance strategies that were used to enhance its penetration by the insurance companies in this study included financial literacy education, use of technology, improved customer service, innovation and product differentiation and availing affordable and flexible premium payment modes. The study established that with proper implementation of micro-insurance strategies, this class of insurance played an important role in enhancing the penetration of insurance. The study’s recommendation is that insurance companies should form more partnerships in order to onboard affordable channels of micro-insurance distribution that will lead to enhanced micro-insurance consumption. The policy makers should also be more supportive of micro-insurance by putting in place policies that encourage the invention of innovative micro-insurance products.

Sustainability of Micro-Finance Institutions can be established by applying various strategic management practices. Nonetheless, being that the business arena is dynamic today, not all strategies are workable. In response, this study sought to establish the influence of strategic management practices on sustainability of Micro-Finance Institutions (MFIs) in Kenya. The study was anchored on the Stakeholder, Resource Based View and Resource Dependency theories respectively. To address the research question, the study employed a descriptive cross sectional research design. The study population were the 54 registered MFIs and census survey employed to collect data from all the 54 MFIs. A structured questionnaire was self-administered through emails and drop-pick method to gather quantitative primary data. Data was then statistically analyzed using both descriptive and inferential statistics by use of Statistical Package for the Social Sciences software. The study findings showed that strategy formulation, strategy evaluation and control, and strategic leadership practices positively and significantly statistically influenced sustainability of Micro-Finance Institutions in Kenya. On contrary strategy implementation practice negatively and significantly influenced sustainability of Micro-Finance Institutions in Kenya. However, the research was limited in terms of conceptual and contextual settings. The study concluded that Micro-Finance Institutions in Kenya should adopt strategic management practices for sustainability and it further suggested that a study be carried out to establish the influence of strategic management practices on the social and environmental aspects of sustainability of Micro-Finance Institutions in Kenya.

This project aimed at determining if Altman Z” (1993) can accurately forecast the failure of non-financial firms listed on Nairobi Securities Exchange (NSE). The study was anchored on entropy, credit risk, cash management and Gamblers ruin theory. A descriptive study approach was used, as well as a purposive sampling technique. The study looked at 46 non-financial enterprises listed on the NSE from 2016-2020. The secondary data used in the analysis came from audited financial statements published NSE and Capital Markets Authority websites. SPSS version 21 and Microsoft excel were employed in analysing the data that had been collected. The data was presented in tabular and figurative form. The empirical results revealed that the model predictive accuracy for distressed and non- distressed companies was 100% and 80.6% respectively. Overall, the model correctly categorized 39 out of 46 companies as either financially distressed or not, resulting in an 84.8 % overall accuracy rate. The research also revealed that the four ratios of the model had an impact which was both positive and statistically significant in predicting financial distress for listed non-financial entities. This study recommends employing Altman Z” (1993) to detect financial distress in non-financial companies early, to ensure that corrective actions are taken in a timely manner. Non-financial company management in Kenya should also develop a working capital management policy that will ensure that current liabilities are kept below current assets at all times, focus on increasing operational efficiency and lowering sales costs and operational costs, which will increase their EBIT and prudent borrowing and liability management, which will likely decrease the likelihood of insolvency. The research in addition, helps add to the body of knowledge by by expanding discussion on use of Revised Altman Z”-Score model both in developed and developing countries. The research also expands on existing theories and empirical studies on financial distress by providing valuable information on the subject in regard to the Kenyan context.

Treasury bonds are secure units of government debt, they offer medium to long-term investment to traders. Auctioned by the Central Bank of Kenya (CBK) on monthly basis. Government of Kenya in quest to promote economic growth and sustainability of financial system, designed and implemented policies that created regulatory organ. Implementation of debt-restructuring program meant to reduce the pressure on interest rates arising from frequent rollover of maturing securities and to develop a reliable yield curve to guide pricing at the primary and secondary markets. CBK reported that the reforms would eventually promote liquidity and stabilize the bonds yields. Bonds yields in Kenya are erratic and unpredictable making it of interest to establish what the cause. Scholars have attempted to explain factors that drive yields of treasury bonds and they have failed to reach to a consensus. Researchers have ascertained that bond liquidity influences the bond yields while others have found that liquidity has insignificant impact on yields. It was paramount to introduce the order flow and information efficiency as moderators to test their effect on the relationship between the bond liquidity and yields of Treasury bonds in Kenya. The general objective of this study was to determine the relationship among the bond liquidity, order flow and information efficiency on bond yields of treasury bonds in Kenya. This study adopted descriptive, correlational and longitudinal research designs to collect measure and analyze the data for 10 years period beginning January 2009 to December 2018. Fixed Effects Model and Random-effects regression analysis were used to test the formulated null hypothesis of the study. The study found out that bond liquidity was a significant predictor of bond yields. Bond liquidity accounted for the variance in bond yields of treasury bonds in Kenya. Order flow and Information Efficiency had a moderating effect on the relationship between bond liquidity and Bond yields of treasury bonds in Kenya. The bond liquidity had a negative relationship with yields of treasury bonds. The joint analysis established that order flow was statistically insignificant predictor of bond yields. Though the order flow and information efficiency as standalone moderators positively influenced the Treasury bond yields and were statistically significant. It was also established that the moderators had caused big variance in treasury yields as compared to effect of individual variables. This study contributes to the existing knowledge in academia and provides insights into the Treasury bond market. It assessed adequacy of the existing literature, theory and identified gaps that may serve as guide to future research. The combination of order flow and information efficiency strengthened the relationship between bonds liquidity and yields. It is crucial to policy makers concerned with financial development in Kenya. The study recommend the central bank of Kenya to engage the Nairobi Securities exchanges and design good policies that could increase trading of treasury bonds at the secondary market. To deepen the Treasury bond market and promote financial inclusion, the study recommended policy shift and improvement of understanding of the available government bond products and improved customer care practices that would increase trading and trader’s subscription.