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.

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.