SU+ Digital Repository

SU+ is an online repository for the preservation and promotion of assorted digital content at Strathmore University

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Conferences / Workshops / Seminars +
Documents and Proceedings of Conferences, Seminars, Workshops (and more) held at Strathmore University
Digital Archives
Assorted collections of resources covering various subject themes contributed by Faculty and Library Staff
Reports / Policies +
Public reports and policy documents
Research / Researchers / Publications
Researcher Profiles / Conference presentations / Published research articles / Faculty and Corporate research outputs
Strathmore Heritage Collection
A digital chronicle of the History of the University presented through a mix of pictures, videos and digitized publications

Recent Submissions

The Role of organizational capabilities on organizational performance in the financial services sector in Kenya: the mediating role of effective leadership
(Strathmore University, 2025) Kanji, S. I.
Organizational capability, the unique and inimitable process and resources in an organization, contributes significantly to organizational success globally. For firms to gain a competitive advantage over competitors in an arena filled with turbulence, it is crucial that organizational capability be borne in mind. Specifically, organizational processes, resources and values are foundational to the success of an organization, and more so for the financial services sector as they contribute to economic growth and progress of nations. The overall aim of this study was to examine the mediating role of leadership effectiveness on the role of organizational capabilities on organizational performance in the financial services sector in Kenya. Specifically, the study set out to: determine the effect of organization capabilities on organizational performance in the financial services sector in Kenya; find out the effect of leadership effectiveness on the organizational performance in the financial services sector in Kenya; and, establish the mediating role of leadership effectiveness on the role of organizational capabilities on performance in the financial services sector in Kenya. To attain the objectives of this study, these theories were used to anchor the study: Resources Process and Values (RPV) model, Resources Based View, Dynamic Capabilities Theory and Situational Leadership Theory. A pragmatic research approach was utilized in this study, which incorporated a mix of quantitative and qualitative techniques, and employed a mixed methods research design. In the study, 39 commercial banks, 13 microfinance institutions, 55 insurance companies, 23 investment banks and 175 deposit taking SACCOs were included in this study. Data collection in the study involved the use of questionnaires and in-depth interviews. Data analysis was carried out using descriptive and inferential statistics for quantitative data and thematic analysis for qualitative data. Findings from the study showed that there was positive and statistically significant effect of organization capabilities (resources, values and processes) on the performance of the financial services sector in Kenya; there was a positive and statistically significant effect of leadership effectiveness on organizational performance of financial institutions in Kenya and that leadership effectiveness has statistically significant mediating role on the effect of organizational capabilities on organizational performance. The study concluded that organizational capabilities, mediated by leadership effectiveness, indeed have an effect on financial and non-financial services sector in Kenya. From the study, with regards to theoretical implication, further, study needs to investigate how to improve leadership effectiveness in the financial services sector in order to enhance organization capabilities and organizational performance. One practical implication is the need to invest in leadership development in order to improve corporate leadership in Kenya. Keywords: organizational capability; resources; processes; values; leadership effectiveness; financial and non-financial performance; financial services sector; resource-based view; dynamic capabilities theory; situational leadership theory.
Access to adult vaccines in Kenya: a case study of COVID-19 vaccines
(Strathmore University, 2025) Orangi, S. K.
In contrast to childhood immunization, less emphasis has previously been placed on adult vaccinations. However, its importance has gained appreciation since the COVID-19 pandemic. The government of Kenya rolled out the COVID-19 vaccine in March 2021. This study aimed to examine facilitators and barriers to access of the COVID-19 vaccine among the Kenyan adult population. A mixed methods single case-study was conducted in four counties of Kenya. Data was collected using document reviews, epidemiological models, in depth-interviews, focus group discussions, and surveys. An activity-based approach was used to estimate the incremental costs of COVID-19 vaccine delivery. The cost-effectiveness analysis was conducted from a societal perspective over a 1.5-year time frame. The survey was phone-based and cross-sectional in nature. Qualitative data was analyzed using a framework approach. While the quantitative survey data was analyzed using a multilevel logistic regression. The cost analysis reports financial vaccine delivery costs per person vaccinated with 2-doses, ranged from $4.28-$3.29 in the 30% and 100% coverage strategies: The cost-effectiveness analysis reports that slow roll-out at 30% coverage largely targets over 50-year-olds and was cost-saving (ICER=US$-1,343(-1,345 to -1,341) per DALY averted). Increasing coverage to 50% and 70%, was not cost-effective. Rapid roll-out with 30% coverage was more cost-saving (ICER=$-1,607(-1,609 to -1,604) per DALY averted) compared to slow roll-out at the same coverage level. The process evaluation reports that COVID-19 vaccine delivery activities resulted in increased access to COVID-19 vaccines. In practice, most deployment activities leveraged on existing systems and were integrated with other routine processes, resulting in increased efficiency. A mixed approach to service-delivery increased vaccine reachability. The electronic data management system resulted in timely availability of vaccines and limited expired vaccines. Despite these strengths, some challenges persist. First, vaccine stock outs presented a barrier to uptake due to vaccine preferences or eligibility criteria. Second, financing for some deployment activities was insufficient and donor reliant, with limited financial autonomy at county and facility level. A month prior to vaccine rollout in the country, COVID-19 vaccine hesitancy was high: 36.5%. The qualitative inquiry reports that barriers to COVID-19 vaccine uptake were related to individual characteristics (males, younger age, perceived health status, belief in herbal medicine, and the lack of autonomy in decision making among women - especially in rural settings), contextual influences (lifting of bans, myths, medical mistrust, cultural and religious beliefs), and COVID-19 vaccine related factors (fear of unknown consequences, side-effects, lack of understanding on how vaccines work and rationale for boosters). These drivers of hesitancy mainly related to psychological constructs including confidence, complacency, and constraints. In conclusion, with prior exposure partially protecting much of the Kenyan population, vaccination of young adults may no longer be cost-effective. Further, I highlight the importance of pandemic preparedness including addressing public finance management bottlenecks, resource mobilization, and multisectoral approaches to alleviate inequities during vaccine deployment. Lastly, addressing vaccine hesitancy could include gender responsive immunization programs, appropriate messaging and consistent communication that target fear, safety concerns, misconceptions and information gaps in line with community concerns.
Building a resilient sustainable economy through green and closed-loop supply chain management in the context of circular economy: a Sub-Saharan African manufacturing setting
(Strathmore University, 2025) Aming'a, M. M.
Over the past two to three decades, there has been a growing focus among scholars, practitioners, and policymakers on incorporating green, closed-loop, circular economy, sustainability, and resilience principles into managing supply chains. The increasing recognition of these principles as crucial elements in establishing stable and dependable supply chains has been spurred by various challenges in the global ecosystem, notably climate change. This study aimed to explore the development of a resilient and sustainable economy by employing green and closed-loop supply chain management within the framework of the circular economic model, specifically in the context of manufacturing businesses in a Sub- Saharan African economy. To achieve this objective, the study delved into integrating concepts that have received limited joint exploration in existing literature. In light of this context, a robust triadic conceptual framework was developed and subjected to empirical examination. The framework encompassed 83 factors organized into three aspects: (1) Practices associated with green and closed-loop supply chain management, (2) dimensions concerning resilient sustainability, and (3) internal environmental management practices. The suggested conceptual framework was tested through a novel structured survey distributed to 159 manufacturing businesses in a Sub-Saharan African economy. Survey participants included supply chain line managers, managing directors, and chief executive officers selected for their expertise and experience, resulting in 100 valuable responses. The empirical data collected was tested using the Partial Least Squares Structural Equation Modelling ran through Smart PLS version 4. The findings of the empirical investigations showed that practices such as cleaner production/green manufacturing, a combination of green procurement and design for the environment, and the application of reverse logistics had the most significant impact on the resilient sustainability of supply chains. The triadic-dimensional conceptual framework put forth in this study and its fundamental motivation represent novel contributions to existing literature. Moreover, this research explored a unique link in the investigation of green and closed-loop supply chain practices on the resilience of supply chains, offering a new avenue for industry practitioners and scholars to consider the uptake of green and closed-loop supply chain practices not only for their sustainability but also for their resilience and on their combined resilience and sustainability. This study is one of a few conducted in a Sub-Saharan manufacturing context and country, contributing valuable perspectives to the broader sustainable supply chain management body of knowledge. Keywords: Circular Economy, Closed-Loop, Green, Resilience, Supply Chain and Sustainability.
Heuristics, digital financial services, and the moderating role of risk tolerance, financial literacy, and cognitive biases in SACCO members' saving and investment decisions
(Strathmore University, 2025) Kamau, J. N.
The study aimed at assessing the influence of heuristics (representativeness, availability, and anchoring), digital financial services (DFS), and the moderating role of financial risk tolerance, financial literacy, and cognitive biases in SACCO members' saving and investment decisions in Kenya. Grounded in heuristic theory, prospect theory, financial self-efficacy theory, the theory of planned behavior, and technology acceptance theory, the study collected primary data from 334 members across 86 SACCOs. Correlational and ordered probit regression analyses tested the hypotheses. Results showed that representativeness and anchoring heuristics positively influenced saving and investment decisions, while availability heuristic was not significant. Financial risk tolerance moderated the effect of representativeness but not availability and anchoring, while financial literacy moderated representativeness and anchoring but not availability. DFS benefits (speed, security, transparency) significantly influenced financial decisions, with availability heuristic positively moderating DFS speed and security but negatively moderating transparency, while anchoring negatively moderated security. Income, house location, and SACCO membership duration also predicted financial decisions. The findings highlight the role of cognitive biases, financial literacy, and DFS benefits in shaping investment behavior, emphasizing the need for targeted interventions. The study recommends tailored financial education programs addressing heuristics, enhancing DFS accessibility and security, and implementing financial risk tolerance assessments to support informed financial decision-making. Future research should explore longitudinal designs to establish causality and examine additional cognitive biases. Key words: Heuristics, behavioral biases, financial risk tolerance, financial literacy, digital financial services, saving and investment decisions, SACCOs
Essays on the impact of changes in interest rate regulation in Kenya
(Strathmore University, 2025) Ngaruiya, J. W.
Globally, banking regulation has led to a closer focus on loan pricing and its impact on bank performance and other stakeholders such as investors. The aim of the study was to examine the effect of changes in interest rate regulation on the financial performance of banks, equity market performance, and bank lending behaviour. There is still an ongoing empirical question and a policy dilemma regarding the economic benefit of interest rate controls and why they are commonly used. Interest rate controls are intended to protect consumers but sometimes result in unintended negative consequences. The study adopted descriptive research approach and positivism as the research philosophy. Multivariate regression analysis was applied. First, using a balanced panel dataset of 83 banks comprising 1,494 observations from 2004-2021, the difference-in-differences (DiD) methodology was applied to accounting and market value measures of financial performance. A two-step generalised method of moments (GMM) in panel data regression was used as the estimation technique to address the problem of endogeneity commonly found in panel data. The findings reveal that introducing interest rate caps in Kenya significantly increased banks' profitability. This increase is likely attributed to a rise in non-interest income and reduced operating expenses. On the contrary, the impact on the firm value of listed banks was insignificant. Next, an event study was employed to explore any impact of changes in interest rate regulation on equity market performance. An exponential generalised autoregressive conditional heteroscedasticity (EGARCH) model was used to supplement the event study methodology. The results reveal that the market reaction to the announcement of the imposition of interest rate restriction was negative and statistically significant. This is contrary to the expectation that controls would increase stock valuation since investors would, as a result, enjoy a reduced cost of credit. The EGARCH results revealed that volatility persistence was high, the changes in interest rate regulation had lasting effects on the stock market. The findings support monetary policy that welcomes financial liberalisation. The theory of rational expectations was applicable as investors in the stock market reacted to the changes in interest regulation. The third aspect of the study entailed determining bank lending behaviour. Using a panel dataset of 35 banks in Kenya comprising 630 observations over the period 2004-2021, multivariate regression analysis was applied. A two-step generalised method of moments was used as the estimation technique to address the endogeneity problem commonly found in panel data. The findings reveal that the composition of the government loan portfolio reaction to changes in interest rate regulation was positive and significant. There is no statistical evidence of a similar impact in the private and interbank loan compositions. This implies that the implementation of lending interest rate controls was ineffective in increasing access to credit. The financial market intermediation theory explains the role of commercial banks as bridging the gap between lenders and borrowers. If the financial market is perfect, the price charged would be at equilibrium, while if an imperfect market, the fee charged is higher or lower. Current theorists argue imposition of interest rate caps distorts the market. From the findings, interest rate caps had a negative impact especially to the small medium enterprises (SMEs). The study can potentially inform policymakers in the East Africa region on the effects of interest rate regulation. High lending interest rates have seen some countries, such as Kenya, impose interest rate caps and subsequently repeal them. Other countries, such as Uganda, were in the process of considering interest rate caps but have deferred the decision. Kenya has now adopted risk-based loan pricing as an alternative measure to improving access to credit. This is perhaps the first study to utilise a multi-pronged focus on the effects of changes in interest rate regulation in a developing economy. Key words: Bank financial performance; Bank lending behaviour; Equity market performance; Interest rate caps; Interest rate regulation.