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 + 474
Documents and Proceedings of Conferences, Seminars, Workshops (and more) held at Strathmore University
Digital Archives 178
Assorted collections of resources covering various subject themes contributed by Faculty and Library Staff
Reports / Policies + 10
Public reports and policy documents
Research / Researchers / Publications 4637
Researcher Profiles / Conference presentations / Published research articles / Faculty and Corporate research outputs
Strathmore Heritage Collection 41
A digital chronicle of the History of the University presented through a mix of pictures, videos and digitized publications

Recent Submissions

Determinants of investment decisions among Generation Z university students in Nairobi, Kenya: the moderating effect of financial literacy
(Strathmore University, 2026) Kalisa, B. U.
Investment choices are central to financial security, wealth creation, and risk management, yet the determinants of such decisions among Generation Z in emerging markets remain underexplored. This study examined the determinants influencing investment decisions among Generation Z university students in Nairobi, Kenya, focusing on personal characteristics, environmental influences, and technological platforms, while evaluating the moderating effect of financial literacy. Anchored in the Theory of Planned Behavior, Modern Portfolio Theory, and Decision Theory, the study adopted a positivist research philosophy within a quantitative descriptive cross-sectional design. The target population comprised Generation Z students aged 20–27, enrolled in their 3rd and 4th years across the 13 selected universities in Nairobi. Data were collected between February 2026 and March 2026 from 496 out of a minimum expected of 384 respondents targeted, through structured questionnaires administered online via official student associations and academic networks, of which 321 valid responses were retained after data cleaning. The study operationalized the main constructs using Likert-scale items and objective financial literacy questions, and reliability was assessed using Cronbach’s alpha. The collected data were coded and analyzed using STATA version 19 through descriptive statistics, correlation analysis, and regression-based moderation models. The findings revealed that personal determinants exerted the strongest positive and statistically significant influence on investment decisions, followed by technological determinants, while environmental determinants were significant only in isolation and became non-significant in the combined model. Financial literacy had a positive direct effect on investment decisions and significantly moderated only the relationship between personal determinants and investment decisions, with a negative attenuation effect. The study recommends strengthening practical financial literacy programs in universities, improving student-oriented digital investment tools, and promoting low-entry investment products tailored to Gen z in universities. The study was limited by its cross-sectional design, reliance on self-reported data, and focus on university students in Nairobi, which may limit broader generalizability.
The Effect of organizational culture on the innovativeness of Kenyan commercial banks
(Strathmore University, 2026) Manga, E.
Given the changing landscape of customer demands, regulatory changes, and general business uncertainties, Kenyan commercial banks encounter significant challenges that demand the formulation of efficient innovative strategies to boost their performance. The primary focus of the study was on how the organizational culture of Kenyan commercial banks influences their ability to innovate. The research was guided by four specific objectives: to determine the effect of market culture, to determine the impact of adhocracy culture, to determine the effect of hierarchy culture and to determine the influence of clan culture on the innovativeness of Kenyan commercial banks. The study was anchored on the Schein’s organizational culture theory and the value-based innovation theory which define different aspects of organizational culture and drivers of innovativeness respectively. A descriptive research design was employed, and data was gathered through simple random sampling technique using structured questionnaires. To ensure the validity of the questionnaire, input from experts and the study supervisor was sought, and the questionnaire's reliability was assessed using Cronbach's alpha with all variables falling within the acceptable range. Ethical approval was obtained from Strathmore University Ethics Committee before initiating data collection. The study sample included 114 employees from senior management mid-level and junior staff across various commercial banks in Kenya. Primary data was collected through closed questionnaires focused on organizational culture and innovativeness in Kenyan Commercial Banks. The collected data was analyzed using the IBM SPSS Version 26, applying both descriptive and inferential statistics such as frequency analysis, mean, standard deviation and multiple regression. The results were presented in tables and models. The study results revealed that organization culture had a significant positive effect on the innovativeness of Kenyan commercial banks with Market culture having the highest effect and hierarchy culture having the least effect. The results largely confirmed the findings of previous empirical evidence with a slight deviation on the effect of hierarchy culture whose effect was dependent on the innovation phase. This study will contribute valuable insights into the relationship between organizational culture and innovativeness within Kenyan commercial banks, offering practical implications for enhancing innovation management strategies in the banking sector.
Financial literacy and retail investor protection outcomes: moderating role of regulatory awareness in Kenya’s cryptocurrency market
(Strathmore University, 2026) Ndolo, C. N.
Rapid growth in cryptocurrency participation in Kenya has been accompanied by rising cases of fraud, financial losses, and limited enforceable investor protection mechanisms. Despite repeated regulatory cautions, retail investors continue to participate in a decentralized, largely unregulated digital asset market where formal compensation and recovery structures are absent. This situation raises a practical concern regarding the determinants of retail investor protection outcomes within Kenya’s cryptocurrency market. The objective of this study was to examine the effect of financial literacy on retail investor protection outcomes and to assess the moderating role of regulatory awareness among retail cryptocurrency investors in Kenya, while controlling for education level and cryptocurrency trading experience. Investor protection is operationalized at the individual level as exposure to fraud, financial losses, access to recovery mechanisms, and perceived market safety. Financial literacy is measured through financial knowledge, financial awareness, and financial attitude. Grounded in the Theory of Planned Behavior, Information Asymmetry Theory, and Exchange Theory, the study adopted a positivist philosophy and a quantitative cross-sectional explanatory design. Primary data was collected from a final sample of 332 retail cryptocurrency investors out of an estimated target of 400 using structured questionnaires. Hierarchical multiple regression was employed to test direct and moderating effects. The results showed that financial awareness, financial attitude, and trading experience all had positive and significant direct effects on investor protection outcomes, with financial attitude emerging as the strongest predictor. Conversely, formal education level had an insignificant effect on investor protection outcomes. Furthermore, hierarchical regression confirmed that regulatory awareness plays a significant moderating role, meaning the protective benefits of financial literacy dimensions are amplified when investors possess structural knowledge of Kenya’s regulatory environment. The study recommends that the government integrate asset-class specific digital finance education into national financial inclusion frameworks, while regulators such as the CBK and CMA emphasize positive financial discipline and risk mitigation alongside raw concept knowledge. Ultimately, the study is limited by its geographical concentration within Kenya, its cross-sectional timeline, a sample gender skew towards male participants (67%), and the inherent structural boundaries of predefined survey questionnaires.
Efficacy of forensic auditing in mitigating occupational fraud among Kenyan county governments moderated by organization culture
(Strathmore University, 2026) Omondi, D. O.
This study examined the efficacy of forensic auditing in mitigating occupational fraud within Kenyan county governments, with organizational culture incorporated as a moderating variable. Occupational fraud remains pervasive in devolved units, undermining public trust, fiscal discipline, and service delivery despite existing audit frameworks and regulatory interventions. Anchored on the Fraud Hexagon Theory, Technology Acceptance Model, and Social Exchange Theory, the study adopted a convergent parallel mixed-methods design. Data were collected from 154 respondents across 30 county governments and the Office of the Auditor-General using structured questionnaires, key informant interviews, and audit report reviews. Quantitative data were analyzed using multiple linear regression, while qualitative data were analyzed thematically. Empirical findings confirmed that all four forensic auditing tools significantly and positively influenced occupational fraud mitigation. The moderated regression model demonstrated strong explanatory power (R² = 0.7892; Adjusted R² = 0.7645), indicating that approximately 79% of the variance in fraud mitigation is explained by the combined effects of forensic auditing techniques and organizational culture. The regression coefficients revealed that forensic interviews exert the strongest direct effect (β = 0.4532, p < 0.01), followed by computer-assisted audit tools (β = 0.3421, p < 0.05), fraud risk assessment (β = 0.2345, p < 0.05), and internal control evaluation (β = 0.1876, p < 0.05). Organizational culture independently demonstrated a statistically significant effect on fraud mitigation (β ≈ 0.3156, p < 0.01), confirming its role as both a direct predictor and a moderating variable. The moderation analysis further revealed the differential interaction effects: fraud risk assessment exhibited the strongest culture-dependent explanatory power (R² ≈ 0.83), suggesting that its effectiveness is highly contingent on ethical climate and governance structures, while CAATs showed comparatively moderate interaction with culture (R² ≈ 0.59), indicating that technological effectiveness is less sensitive to behavioral context. These findings underscore a critical complementarity between technical audit mechanisms and organizational culture in strengthening fraud mitigation outcomes. The study concludes that while forensic auditing tools are empirically effective, their impact is significantly amplified or constrained by organizational culture. Weak ethical environments, political risks, inadequate training, and limited management support were identified as key inhibitors to effective fraud mitigation. The persistence of fraud despite forensic audit interventions reflects systemic governance deficiencies rather than mere technical gaps. From a policy perspective, the study recommended: (i) institutionalization of forensic auditing frameworks within county governments through statutory reinforcement and alignment with the Public Finance Management framework; (ii) strengthening the independence and capacity of internal audit functions, including mandatory adoption of CAATs and continuous professional training in forensic techniques; (iii) embedding ethical leadership and accountability systems through enforceable codes of conduct, whistleblower protection mechanisms, and tone-at-the-top initiatives; and (iv) enhancing the mandate of oversight institutions such as the Office of the Auditor-General to initiate forensic audits proactively rather than on request. For future research, the study recommends longitudinal designs to assess causal stability of forensic auditing interventions over time, comparative cross-county or cross-country studies to enhance generalizability, and deeper exploration of moderating variables such as political risk, auditor independence, and institutional capacity. This study contributes to the forensic auditing and public sector governance literature by providing robust, context-specific empirical evidence on the interaction between forensic audit techniques and organizational culture within decentralized systems, and offers actionable insights for strengthening anti-fraud frameworks in Kenya’s public sector.
Examining the holiday effect on the stock market returns: evidence from the Nairobi Securities Exchange
(Strathmore University, 2026) Mulinge, M.
Stock market efficiency remains a central concern in financial economics, particularly in frontier markets where market frictions and trading interruptions can generate predictable return patterns (Fama, 1970; Lo, 2004). This study examines the effect of holiday trading on returns at the Nairobi Securities Exchange (NSE), focusing on scheduled and ad hoc public holidays and the persistence of these effects. The analysis is grounded in the Efficient Market Hypothesis, Adaptive Market Hypothesis, and behavioral finance, which collectively suggest that market efficiency may vary across time and conditions. Using daily NSE All Share Index data from 2019–2025, the study applies event study methodology to estimate abnormal and cumulative abnormal returns, complemented by robust OLS, EGARCH (1,1), and quantile regression techniques. The results indicate that baseline holiday effects are statistically insignificant, supporting weak-form efficiency in normal periods. However, regime-specific analysis reveals a significant negative effect for ad hoc post-holidays during the COVID-19 crisis, consistent with evidence that market stress can amplify anomalies. Volatility findings show asymmetric responses to shocks, while quantile regression results demonstrate that holiday effects during the crisis are concentrated in the lower tail of returns, indicating heightened downside risk. The findings suggest that while the NSE exhibits general efficiency, temporary inefficiencies emerge during periods of disruption, particularly around ad hoc holidays. These results provide important implications for policymakers regarding trading interruptions and for investors managing risk in frontier markets. Keywords: Stock market efficiency; Holiday effects; Ad hoc trading interruptions; Volatility dynamics; Nairobi Securities Exchange