SU+ Digital Repository

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

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Communities in DSpace

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Conferences / Workshops / Seminars + 474
Documents and Proceedings of Conferences, Seminars, Workshops (and more) held at Strathmore University
Digital Archives 198
Assorted collections of resources covering various subject themes contributed by Faculty and Library Staff
ExamsBank 1949
Past examinations grouped according to the Programme of Study
Reports / Policies + 10
Public reports and policy documents
Research / Researchers / Publications 4589
Researcher Profiles / Conference presentations / Published research articles / Faculty and Corporate research outputs

Recent Submissions

Determinants of financial performance in listed commercial banks: a comparative study of Uganda and Kenya
(Strathmore University, 2025) Sentomero, Jason Kagingo
This study examines the determinants of Total Shareholder Return (TSR) in listed commercial banks in Kenya and Uganda. Using panel data from 2018 to 2023, the research analyzes the impact of bank-specific factors such as profitability, efficiency, asset quality, capital adequacy, and liquidity on TSR. The findings reveal that profit per branch, total loans, and return on equity (ROE) positively influence TSR, while the number of employees and net interest margin exhibit a negative relationship. Additionally, dividend payout ratio emerges as a significant driver of shareholder returns, reinforcing the importance of consistent and transparent dividend policies. The study highlights the need for operational efficiency, strategic workforce management, and effective credit risk control to enhance financial performance. Policymakers, investors, and bank managers can utilize these insights to optimize decision-making and improve shareholder value. Future research should explore the role of technological advancements and digital banking innovations in influencing TSR in emerging markets.
Impact of capital structure on the financial performance of manufacturing firms listed at the Nairobi Securities Exchange
(Strathmore University, 2025) Maalim, Kowthar Abdiaziz
This study aimed to determine the relationship between capital structure and financial performance of firms listed under manufacturing at the Nairobi Securities Exchange. Return on Asset and Return on equity were used as the measures of firm performance while equity, Long-term Debt and retained earnings represented capital structure indicators. The study will cover the firms listed under manufacturing from 2019 to 2023. Correlational research was the design applied in this research. Data was obtained from the firms consolidated financial statement. The data was then analyzed using linear regression models using SPSS to establish if there is any significant relationship of capital structure and the financial performance. To gauge the effect of debt on performance, two regression models were estimated. In this case, the dependent variables are return on asset and return on equity. For each model, several regression analyses have been conducted whereby, in each one, one capital structure proxy had been included with the use of lag values for obtaining the best fitted relationship between performance and capital structure. Retained earnings showed a positive and significant relationship with ROA at 0.003, while Equity had a positive coefficient of 0.001 demonstrating a statistically significant positive effect on ROA. At the same time, Long-term debt had a negative coefficient of -0.003 which indicated an inverse relationship between long-term debt and ROA. The study also depicted that high levels of long-term debt negatively influenced both ROA and ROE. Firms are therefore recommended to maintain their optimal capital structure by avoiding high levels of debt and shifting to other available options for financing, such as equity or internal funding.
Relationship between macroeconomic factors and M&A deal flow in the banking sector in Kenya
(Strathmore University, 2025) Kirui, Ivy Chebet
This study investigated the influence of macroeconomic factors on mergers and acquisitions (M&A) within Kenya's banking sector from 2005 to 2023. M&A activities serve as a strategic approach for banks to enhance shareholder value and maintain market relevance, making this research pivotal in addressing gaps in existing literature on developing economies. Using an Autoregressive Distributed Lag (ARDL) model, the study examined the relationship between the number of M&A transactions (dependent variable) and macroeconomic indicators such as GDP, inflation rate, interbank rate, CBK Weighted Average Rate (CBWAR), and exchange rate (independent variables). The findings revealed significant short-term relationships, particularly with the second lag of M&A transactions, the second and third lags of the inflation rate, and the current level of the USD/KES exchange rate. Inflation and exchange rate fluctuations emerged as critical drivers of M&A activity, highlighting the importance of macroeconomic stability. However, GDP, interbank rates, and CBWAR did not exhibit significant effects during the study period. These results offer valuable insights for policymakers, financial institutions, and investors by emphasizing the need for effective management of inflation and exchange rate stability to foster a conducive environment for M&A.
The Effect of Environmental, Social Governance (ESG) compliance on the financial performance of listed firms in Kenya
(Strathmore University, 2025) Ronoh, Tanya Chelah Cheroppe
In recent years, firms in Kenya have increasingly incorporated Environmental, Social, and Governance (ESG) disclosures into their annual reports to demonstrate their commitment to sustainability and attract investors. This study examines the impact of ESG compliance on the financial performance of firms listed on the NSE 20 index, using Return on Equity (ROE) as the key metric. Through multivariate regression analysis, the study explores the relationship between ESG compliance and ROE while accounting for factors such as firm size, industry, and market conditions. The findings indicate that ESG compliance has minimal impact on the financial performance of listed firms in Kenya. The study's primary objective was to assess whether ESG-compliant firms outperform non-compliant firms. This was evaluated by comparing the financial performance of firms that had consistently disclosed ESG information versus those that adopted compliance more recently. Results show that early adopters of ESG disclosures, those reporting before the NSE introduced its guidelines, experienced financial losses, while firms that only began compliance in recent years have yet to see any measurable impact on their performance. This research offers valuable insights for investors, policymakers, and corporate managers by shedding light on the financial implications of ESG compliance. It also provides guidance on integrating ESG factors into investment decisions and corporate strategies. Keywords: ESG compliance, financial performance, return on equity (ROE), listed firms, Kenya, Nairobi Securities Exchange (NSE).
Effect of behavioral biases on equity investment decisions among retail investors in the Nairobi Securities Exchange
(Strathmore University, 2025) Soi, Diana Chepkemoi
The research proposal titled "Effect of Behavioral Biases on Equity Investment Decisions Among Retail Investors in the Nairobi Securities Exchange. It highlights that while conventional financial theories, such as the Efficient Market Hypothesis (EMH), posit that markets are rational and operate under perfect information, actual investor behavior often deviates due to various behavioral biases. This research identifies key biases such as overconfidence, herding, loss aversion, and anchoring, which significantly influence the decision-making processes of retail investors. The study underscores the necessity of understanding these biases, especially in emerging markets like Kenya, where the interplay of socio-economic and cultural variables may lead to unique manifestations of irrational investing behavior. Through a comprehensive literature review, the research identifies gaps in existing studies, particularly the lack of empirical data on retail investors in developing countries compared to their counterparts in developed nations. The objectives of the study include investigating the specific effects of herding, risk aversion, and anchoring on equity investment decisions among NSE investors, as well as formulating hypotheses to explore these relationships. The methodology incorporates a quantitative approach, utilizing a sample of retail investors from NSE brokerage firms, applying regression analysis to establish causal relationships between identified behavioral biases and investment decisions. Retail investors exhibit various behavioral biases, including recency bias, familiarity bias, overconfidence, herding behavior, and anchoring bias, which significantly influence their equity investment decisions. Anchoring, driven by initial stock prices and historical reference points, alongside herding and risk aversion, plays a critical role, with these biases collectively explaining 90% of the variability in decisions. The reliance on digital platforms and social media amplifies impulsive, intuition-driven decisions, often leading to suboptimal outcomes such as limited diversification and poor long-term portfolio performance. These findings underscore the need for targeted investor education to mitigate biases like herding and risk aversion, promoting independent decision-making and better diversification strategies. Policymakers and regulators can address these challenges by improving access to accurate market data, fostering transparency, and encouraging evidence-based investing. Future research should explore the persistence of biases over time, demographic influences, the impact of technologies like AI, and the effectiveness of financial literacy programs in reducing these biases, particularly in emerging markets like Kenya.