MCOM Theses and Dissertations (2025)
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- ItemAudit committee attributes, internal audit function, and fraud risk management: a case of CGIAR organizations in Kenya(Strathmore University, 2025) Owiti, P. A. O.More than ever, all stakeholders in an entity must work collaboratively to effectively tackle the ever rising risk of fraud. The role of the audit committee has been determined to be central in effectively managing fraud risk in organisations. Whilst numerous past studies have been conducted on the effect of audit committee attributes on fraud risk management their conclusions have been varied. Additionally, these studies did not consider the moderating variables between the audit committee attributes and fraud risk management. Consequently, these past studies demonstrated geographical, contextual, methodological, and conceptual gaps. This study’s objective was to contribute in bridging the noted research gaps by assessing the level of influence of the audit committee attributes on fraud risk management in organizations and the moderating effect of the presence of an internal audit function. The study was conducted on nine CGIAR organizations with a presence in Kenya, targeting a sample of 185 respondents selected through stratified random sampling. It applied the quantitative research design and used a questionnaire with closed-ended questions and a 5-tier Likert scale for data collection. Ordinal logistic regression was used to test the direct influence of audit committee attributes on fraud risk management. The study's findings revealed that the audit committee attributes i.e. composition, independence, meetings, and expertise significantly predicted variations in fraud risk management. The moderation model demonstrated that the internal audit function significantly enhanced the relationship between audit committee attributes and fraud risk management. The study concluded that audit committees that had well constituted and inclusive memberships; that were functionally relationally, and structurally independent; that held frequent and well-structured meetings; and that had committee members with adequate financial know-how were critical in achieving effective fraud risk management. Further, the study also concluded that the presence of internal audit functions enhanced the effectiveness of audit committees in enhancing fraud risk management. The study recommended that policymakers, regulators, CGIAR headquarters, and CGIAR organizations enhance the characteristics of audit committees and institute fraud risk framework. The findings of the study will also inform future research into the interplay between audit committee characteristics and the internal audit function on fraud risk management. The study’s limitations included the limitation of scope to CGIAR organizations; the application of a quantitative methodology which excluded information that could have been derived from adding qualitative approaches; and the exclusion of audit committee members as respondents to the study.
- ItemDeterminants of tax payment among large taxpayers in Kenya: moderated by change of tax policies(Strathmore University, 2025) Ali, A.Tax revenue is a vital source of income for governments, enabling the provision of public services and infrastructure for national development. However, non-compliance particularly among large taxpayers, remains a significant challenge, creating substantial revenue gaps. In Kenya, despite the implementation of modern tax systems like iTax and eTIMS, tax non payment still persists. This study investigated the determinants of tax payment among large taxpayers firms in Kenya, focusing on the moderating effect of change of tax policies. Specifically, the study sought to determine the effect of tax system-related factors, taxpayer-related factors, tax collector related factors as well as macroeconomic factors on tax payment among tax firm in Kenya. The research was grounded in the Theory of Planned Behavior and Deterrence Theory. The study adopted a positivist research philosophy and a correlational design. The target population comprised 2,089 large taxpayers registered with the Kenya Revenue Authority. From this population, a sample size of 335 was drawn using Slovin's formula and simple random sampling. Data was collected via structured questionnaires using a 5-point Likert scale, and a pilot study involving 10% of the sample tested instrument reliability using Cronbach's alpha. The head of the tax department of the large taxpayer filled the questionnaire. Data analysis was conducted using SPSS version 26, employing OLS multiple regression. The study concluded that tax system related factors, taxpayer related factors and tax collector related factors have a positive and statistically significant influence on tax payment among large taxpayers in Kenya. Macroeconomic factors had negative and significant effect on tax payment among large taxpayers in Kenya. Upon testing for moderation, all the interactive terms were statistically insignificant in predicting tax payment. The results imply that change of tax policies does not moderate the relationship between tax payment among large taxpayers and its determinants among large taxpayers in Kenya. The study recommended that the tax systems in Kenya be made simple to reduce on compliance costs as well as enhance clarity. Going digital and streamlining tax procedures for filing and payment of taxes as well as minimizing bureaucratic procedures leads to enhanced taxpayer experience as well as the degrees of compliance. KRA should organize trainings and capacity building including taxpayer education, fostering trust and reducing compliance costs. The tax collectors should also enhance efficiency, transparency, and professionalism in tax administration to enhance the level of compliance among the large taxpayers under study. The external factors such as macro-economic conditions, like inflation and unemployment should also be addressed by the government to ease pressure on consumption and create revenue for tax payment. The study finally recommended that the government should avoid frequent shifts in tax policies and enforcement strategies that can create uncertainty especially during government policy changes to enhance tax payment.
- ItemEffect of fraud risk management on revenue growth in Women-Owned Small and Medium Sized Enterprises in Starehe Sub-County, Kenya(Strathmore University, 2025) Warui, C.Fraud continues to be a significant challenge for SMEs, particularly women-owned enterprises, as it directly affects financial stability and revenue growth. This study examined the impact of fraud risk management on the revenue growth of women-owned SMEs in Starehe Sub-County, focusing on four key areas: fraud risk assessment, fraud detection, fraud deterrence, and anti-fraud policies. A descriptive correlational research design was employed, using a quantitative approach to analyse the relationships between these factors and revenue growth. Stratified random sampling was utilised to select SMEs from Starehe Sub-County, targeting business owners and financial decision-makers, resulting in a total sample of 236 respondents. Data were collected using structured questionnaires with a five-point Likert scale. Findings revealed that fraud risk assessment, fraud detection, and anti-fraud policies had strong and statistically significant positive effects on revenue growth. In contrast, fraud deterrence showed a statistically significant but negative effect, suggesting that overly punitive deterrence strategies may inadvertently hinder business performance. Correlation analysis demonstrated strong positive relationships between revenue growth and the independent variables, with fraud risk assessment showing the highest correlation. Regression analysis confirmed that fraud risk assessment had the greatest impact, followed by anti-fraud policies and fraud detection, while fraud deterrence negatively influenced outcomes. The study concluded that while SMEs had adopted various fraud risk management strategies, gaps in fraud deterrence approaches and the enforcement of anti-fraud policies remained. Strengthening fraud assessment frameworks, investing in fraud detection technologies, and balancing deterrence measures with ethical corporate governance were recommended. Collaboration between SMEs, regulatory bodies, and financial institutions is essential to enhance fraud prevention measures and sustain business growth. By addressing fraud risks and proposing actionable solutions, this research contributes to SME sustainability and financial security. The findings provide valuable insights for policymakers and business owners, reinforcing the importance of fraud risk management in driving SME growth and resilience in Kenya’s business environment.
- ItemEffect of integrated risk management on financial performance of commercial parastatals in Kenya moderated by risk maturity(Strathmore University, 2025) Wangombe, A. W.This study investigated how integrated risk management (IRM) affects the financial performance of Kenyan commercial parastatals and moderating role of risk maturity. Commercial Parastatals in Kenya contribute to the economic development of the country, through their contributions in various sectors such as Transport, Agriculture, Energy and public services. However, these organizations face several challenges which threaten their performance and sustainability. While risk management practices, such as risk1 identification, analysis, and mitigation, are known to impact financial outcomes in various sectors, the application of IRM within Kenyan parastatals remains underexplored. The objectives of the study were to assess the influence of risk identification, risk analysis and risk mitigation on financial performance of commercial parastatals in Kenya and to establish the moderating influence of risk maturity level on the association between IRM and the financial performance of commercial parastatals in Kenya. The study was based on Resource based view (RBV) and contingency theory and adopted a descriptive correlation research design. The target population for this study consists of all the 30 commercial state parastatals in Kenya with a total of 1813 employees. A purposive sampling technique was employed for senior management to ensure that key decision-makers with relevant expertise are represented. For each of the 30 commercial parastatals, three purposive respondents were selected from senior management thus a sample size of 90. Structured questionnaires and a data collection sheet were used in data collection. Data collected was analysed using descriptive and inferential statistics. The study found that risk identification and risk analysis have a positive and statistically significant impact on financial performance of commercial parastatals in Kenya. Risk Mitigation was also statistically significant thus a key driver of financial performance in commercial parastatals in Kenya. The study confirms that risk maturity is a significant moderator in the relationship between integrated risk management and financial success in commercial parastatals. The study recommends that the commercial parastatals should implement structured mechanisms for employee input, such as anonymous suggestion systems and regular feedback forums. They should institutionalize risk analysis frameworks such as scenario analysis and quantitative scoring across all departments. Management of the commercial parastatals should conduct regular internal audits to assess adherence to mitigation strategies and effectiveness of control measures. Parastatals should also implement targeted capacity-building programs.
- ItemFactors affecting uptake of general insurance in Kenya: a case of Small and Medium Enterprises in Gikomba Market, Nairobi City County, Kenya(Strathmore University, 2025) Sewe, P.Insurance plays a critical role in risks management through risk pooling. However, in the year 2022, Kenya insurance penetration was 2.17% and major insurable risk events have happened causing enormous losses to businesses. It is therefore evident that majority the businesses affected by these frequent incidences like fires and burglaries in the recent past have been lacking insurance protection thereby affecting their recovery processes. This study sought to establish factors affecting uptake of general insurance in Kenya by doing a case study small medium enterprises (SMEs) operating within Gikomba Market, Nairobi City County, Kenya. The specific objectives of the study were to determine the effect personal characteristics, insurance products characteristics and insurance regulatory framework on the uptake of general insurance in Kenya. Descriptive cross sectional survey design was adopted. Businesspeople from different enterprises were sampled at the same time. The sampling frame comprised of all 4201 SME traders registered with the Nairobi City County through application of trading licenses. Stratified Simple random sampling method was used to select a total of 365 respondent from the population. Primary data was collected through a questionnaire which contained closed ended questions to standardize responses. Collected data was inspected for completeness and necessary editing done to ensure accuracy, consistency, and completeness. Incomplete data was set aside to limit distortion of the results. The study used descriptive statistics for quantitative data that included means generation, frequencies, standard deviation, and percentages to help generalize the findings. Tables and figures were used to present the data. Correlation analysis was done using Spearman rank. The three factors collectively explained significant variation in the uptake of general insurance. A one-unit increase in Personal Characteristics is associated with a significant unit increase in the Uptake of General Insurance. A one-unit increase in Insurance Product Characteristics is associated with a significant unit increase in the Uptake of General Insurance. A one-unit increase in Regulatory Framework is associated with a significant unit increase in the Uptake of General Insurance. The study recommended that SME operators need to improve their financial literacy skills to fully grasp the essence and importance of general insurance. Insurance companies need to expand their product offerings to include diverse insurance packages that cater to the unique needs of SMEs in Gikomba Market. Insurance companies and agencies should ensure active collaboration with regulatory authorities to address emerging issues and collaboratively develop innovative solutions.
- ItemFactors influencing youth participation in agriculture in Kenya(Strathmore Univerisity, 2025) Ng'alu, C. M.The extent of youth involvement in agriculture in Kenya has been minimal. For instance, the statistical data highlights a troubling trend in Kenya, where youth participation in the agriculture sector is notably low, with only 10-15% actively involved. Therefore, this study was designed to examine and analyze the factors influencing youth participation in agriculture in Kenya. The study is guided by four objectives i.e., to identify the influence of perception of career in agriculture on participation by the youth in Kenya; to examine the influence of youth access to agricultural information on participation in agriculture to assess the influence of social-capital networks on participation in agriculture and to analyze the impact of economic factors on participation in agriculture by the youth in Kenya. This study is based on insights of the push–Pull Theory and the Theory of planned behavior to develop the arguments for the main relationships hypothesized. A descriptive survey design was used in the study. The study collected data from the registered Strathmore alumni youth. The research employed quantitative research data. The quantitative data was obtained using questionnaires. The descriptive statistics used by the study were mean, percentages and frequencies whereas correlation and regression analysis were the inferential statistics which the study adopted. Descriptive statistics provide an account of how the respondents responded to statements in the questionnaires using percentage, frequency, and mean response. The research utilized a binary planning model to examine the relationship between independent and dependent variables. It found that a considerable number of respondents were male, with the rest being female. Most participants were aged 25 to 35, while others were between 20 and 24, and a smaller group was aged 18 to 19. The results showed that the majority had completed primary education, followed by secondary school graduates, with equal numbers holding diplomas and degrees. In the regression analysis, with independent variables such as perception of a career in agriculture, youth access to agriculture information, social capital networks, and economic factors set to zero, participation in agriculture was recorded at 6.856. The data analyzed also showed that taking all other independent variables at zero, a unit increase in perception of career in agriculture, social capital networks, youths’ access to agriculture information and economic factors would lead to a decrease in participation in agriculture. The study concludes that the variables under investigation have significant influences on the decision to participate in agriculture. Access to agriculture information impacts sector participation. Recently, youth engagement in agriculture has increased, due to strong social capital networks. Additionally, current economic conditions present Kenyan youth with significant opportunities to actively engage in agriculture. The study recommends that stimulating youth involvement in agriculture necessitates a holistic policy package involving all stakeholders in the country, especially the youth who are currently under-represented. The country must actively engage the youth in the development of food systems and link any efforts with those aimed at achieving Sustainable development goals. The government also plays a key part in stimulating agriculture value creation by organizing more agricultural seminars and promoting benefit maximizing opportunities to those lacking the necessary skills to create value within the agriculture chain. The government engages the youth through agricultural extension programs organized through a self-help group framework that would see joint efforts at agriculture value creation, reduce risk and encourage diversification. They also call on the government to streamline financial regulations to increase the sector’s development. Key words: Perception of career in agriculture, youths’ access to agriculture information, social capital networks and economic factors.
- ItemInfluence of Environmental, Social, and Governance (ESG) practices on employee engagement in companies listed on Nairobi Securities Exchange in Kenya(Strathmore University, 2025) Kieti, D. M.This research sought to determine the influence of Environmental, Social, and Governance (ESG) practices on employee engagement in companies listed on the Nairobi Securities Exchange in Kenya. This study was guided by the following research objectives: to analyse the influence of environmental practices on employee engagement in NSE-listed companies, to establish the influence of social practices on employee engagement in NSE-listed companies, and to determine the influence of governance practices on employee engagement in NSE-listed companies. This study was grounded in stakeholder theory and social exchange theory. This study was based on the positivist research philosophy. This study adopted a descriptive cross-sectional research design. The study assumed a census approach. The study adopted a quantitative approach in data analysis. To analyze all three objectives of the study, descriptive statistics and inferential statistics were employed. The findings showed that the regression model was statistically significant, and the analysis confirms that environmental, social and governance practices have a significant and positive influence on employee engagement. The study concluded that environmental, social and governance practices have a significant and positive influence on employee engagement in NSE-listed companies. The study recommended that NSE-listed companies should enhance ESG practices, focusing on environmental and social initiatives to boost engagement. Further research should explore how Stakeholder Theory and Social Exchange Theory apply to ESG practices, particularly in aligning practices with employee expectations and fostering greater engagement. Companies should strengthen CSR initiatives, integrate ESG compliance into policies, prioritize inclusive decision-making, and align ESG initiatives with cultural values to enhance engagement. Future studies should explore the long-term impact of ESG practices on employee engagement, examine industry-specific relationships, and investigate the role of cultural factors in ESG effectiveness.
- ItemModerating effect of staff training on determinants of fraudulent practices committed by bank employees in Kenyan commercial banks(Strathmore University, 2025) Robi, J. M.In the modern financial landscape, fraudulent practices in commercial banks pose a critical challenge to financial stability, regulatory compliance, and customer trust. This study examines the determinants of fraudulent practices among employees in Kenyan commercial banks, focusing on internal control systems, regulatory compliance, organizational culture, and technological advancements. The aim of this study was to evaluate the effectiveness of various factors in preventing fraudulent activities and maintaining the integrity of banking operations. The research is based on the Fraud Triangle Theory, Fraud Diamond Theory, Social Learning Theory and Routine Activity Theory, which offer valuable insights into the motivations and opportunities for fraud within financial institutions. A positivist approach is taken, employing an explanatory research design. Primary data was gathered through structured questionnaires directed at bank managers involved in risk management, compliance, internal auditing, and governance across Kenya’s 38 licensed commercial banks. A total of 152 participants were selected using a census sampling method and the data was analyzed through both descriptive and inferential statistical techniques to uncover patterns and relationships among the variables. The study findings reveal that Kenyan commercial banks have effective internal control systems, comply with regulatory requirements, foster a strong ethical culture and utilize advanced technologies to prevent fraud. The study further reveals that there was a strong positive correlation between internal control, regulatory compliance, organizational culture, technological advancements, staff training and fraud detection. The study concludes that robust internal control systems, regulatory compliance, a strong ethical culture, and the use of advanced technologies are key factors in reducing fraudulent practices in Kenyan commercial banks. It is recommended that Kenyan commercial banks enhance their whistleblowing mechanisms, invest in regular employee training on fraud prevention, and further strengthen their internal control systems. Additionally, banks should continue to adopt innovative technologies and foster a culture of ethics and transparency to minimize fraud risks.
- ItemRisk management practices and financial performance of individual pension schemes in Kenya: the moderating role of regulatory frameworks(Strathmore University, 2025) Ojwang, C. A.Investments in Kenya’s pension industry have experienced significant volatility, leading to fluctuations in financial performance and periods of negative returns. This study explores the effects of risk management practices—internal controls, risk assessment, and risk avoidance—on the financial performance of Kenya’s registered individual pension schemes. Anchored in modern portfolio theory and agency cost theory, the research adopted a quantitative, descriptive design targeting the finance team from all 48 registered individual pension schemes in Kenya. A census approach was employed, with structured questionnaires administered electronically to the 48 individual pension schemes, achieving a 98% response rate (47 respondents). Data were analyzed using correlation and cross-sectional OLS regression. Key findings revealed a significant positive effect of risk avoidance practices on financial performance, while internal controls and risk assessment showed statistically insignificant direct effects. The regulatory framework significantly moderated the relationship between risk avoidance and performance amplifying its positive impact. Correlation analysis further confirmed strong associations between all risk management practices and financial outcomes Notably, adherence to regulatory guidelines correlated strongly with improved performance The study concludes that pension schemes must prioritize risk avoidance strategies and align them with regulatory requirements to enhance financial sustainability. Recommendations include institutionalizing proactive risk evaluation protocols, strengthening compliance with Kenya’s Retirement Benefits Regulations (2023), and integrating risk-adjusted metrics into performance monitoring. These findings offer actionable insights for policymakers and scheme managers to mitigate systemic volatility and improve long-term returns. The study acknowledges limitations, including its focus on individual pension schemes in Kenya, which limits generalizability to other pension models or regions. The cross-sectional design restricts causal inferences, and the reliance on self-reported data introduces potential response bias. Additionally, the omission of variables like leadership commitment and macroeconomic factors may oversimplify the complex drivers of financial performance. Despite these constraints, the research contributes theoretically by refining agency and modern portfolio theories, demonstrating how internal controls mitigate agency costs and how risk avoidance aligns with risk-return optimization. Practically, it offers policymakers and pension managers actionable insights, emphasizing the integration of risk avoidance with regulatory compliance, advanced technologies, and adaptive governance. The findings also highlight the need for future longitudinal and mixed-methods studies to explore temporal dynamics and contextual nuances. The study concludes that pension schemes must prioritize risk avoidance strategies and align them with regulatory requirements to enhance financial sustainability. Recommendations include institutionalizing proactive risk evaluation protocols, strengthening compliance with Kenya’s Retirement Benefits Regulations (2023), and integrating risk-adjusted metrics into performance monitoring. These findings offer actionable insights for policymakers and scheme managers to mitigate systemic volatility and improve long-term return
- ItemThe Effect of customer journey mapping on customer satisfaction among reseller firms in Nairobi County, Kenya: a case study of Red Dot Distribution(Strathmore University, 2025) Obura, B. O.This study investigated the effect of Customer Journey Mapping (CJM) on customer satisfaction among reseller firms in Nairobi County, Kenya, focusing on Red Dot Distribution. The research was driven by persistent challenges such as unresolved customer pain points, service inconsistencies, and fragmented interactions across various touchpoints. Anchored in Commitment-Trust Theory and Customer Experience Management Theory, the study examined how CJM influenced satisfaction through four key elements: customer touchpoints, pain points, sentiments, and service discrepancies. The study adopted a positivist philosophy and a descriptive cross-sectional design. It targeted a population of 657 resellers who actively purchased from Red Dot Distribution in Nairobi County in 2024. The researcher selected a sample of 243 resellers using stratified random sampling and collected data using stratified random sampling, and data were collected through structured questionnaires assessing customer satisfaction using perceptual metrics such as CSAT, NPS, and CES. The findings revealed that CJM played a significant role in enhancing customer satisfaction. Red Dot Distribution was noted for strengths in professionalism, product quality, and billing accuracy, while areas for improvement included inventory management, feedback collection, and proactive communication within the supply chain. The study concluded that effective CJM implementation improved customer experience and satisfaction. Key recommendations included strengthening internal processes, investing in predictive inventory systems, and enhancing distributor-reseller engagement mechanisms.
- ItemThe Effect of logistics regulatory restrictiveness on the performance of freight forwarding companies in Kenya(Strathmore University, 2025) Masya, B.Covid 19 restrictions imposed by the government have resulted in significant impact to the economy and particularly to Small and Medium Sized Enterprises (SMEs). The selection of some interventions over others necessitates assessment of the rationale behind the various regulations that were put in place and how these have impacted specific industries. This study focused on the effect of government logistics regulatory restrictiveness on the performance of freight forwarding companies in Kenya. The objectives of the study were as follows: To determine the effect of customs restrictiveness on the performance of freight forwarding companies in Kenya; To determine the effect of investment restrictiveness on the performance of freight forwarding companies in Kenya. To determine the effect of movement of people restrictiveness on the performance of freight forwarding companies in Kenya. To determine the effect of road transport restrictiveness on the performance of freight forwarding companies in Kenya. The bulk of cargo movement in Africa is facilitated via road transportation with freight forwarding companies playing a central role in the distribution process. Two main theories are considered in this study – The Private Interest Theory of Regulation and the Balanced Scorecard. The current study utilized a descriptive-cross-sectional research design. There are 868 licensed freight forwarding companies in Kenya; managers from these organizations formed the population of the current study. Data, from 256 sampled respondents, was collected through closed-ended structured questionnaire and data analysis, both descriptive and inferential statistics, was performed. The study was rooted in the private interest theory and the Balanced Scorecard. Regression results indicated that the impact of the independent variables, by magnitude in descending order was as follows – custom restrictiveness, movement of people restrictiveness and finally investment restrictiveness. Road transport restrictiveness was not found to be a significant predictor of performance. Incomplete. The study concluded that customs and movement of people restrictiveness significantly impacts the performance of freight forwarding companies in Kenya, with customs restrictiveness having the most profound effect. Investment restrictiveness and road transport restrictiveness were found to have less impact. Limitations included reliance on self-reported data, which may introduce bias, and the focus on Nairobi, limiting generalizability across Kenya or other regions. Future research is recommended to explore the longitudinal impact of regulatory restrictiveness on freight forwarding performance, including qualitative studies to understand the nuanced impacts of such regulations. Additionally, expanding the geographical scope beyond Nairobi to include other major freight corridors in Kenya would provide a more comprehensive understanding of the regulatory impacts on the freight forwarding industry.
- ItemThe Effects of cognitive biases on investment decisions among retail investors at the Nairobi Securities Exchange(Strathmore University, 2025) Sheikh, S. A.Financial markets play a crucial role in economic development through capital mobilization and allocation, yet retail investor participation in the Nairobi Securities Exchange (NSE) remains low despite various policy interventions. While traditional finance theories such as the modern portfolio theory assume investor rationality, behavioral finance theories such as the prospect theory recognize that psychological factors significantly influence investment decisions. This research investigated the effects of cognitive biases on retail investors' investment decisions in the Nairobi Securities Exchange (NSE). The specific objectives were to investigate the effect of anchoring, illusion of control and loss aversion biases on retail investment decisions retail at the NSE, Kenya. The study surveyed 88 active retail investors in April 2025 in Nairobi County using structured questionnaires that were administered online. The study adopted a quantitative approach to collect and analysing data the Statistical Package for Social Sciences. The collected data was coded and classified appropriately to ensure responses were processed correctly. It was revealed that all three behavioral biases, anchoring bias illusion of control bias, and loss aversion bias had a positive significant influence on retail investors' investment decisions at the NSE. The study recommends intensified investor education programs to address these behavioral biases, collaboration among regulatory bodies and financial advisors to develop training on rational investment approaches as well as incorporation of behavioral awareness into financial literacy campaigns to help investors recognize and mitigate the impact of psychological biases on their financial choices. The study limitations were that of overreliance reliance on self-reported data, which may be subject to bias in social desirability or inaccurate self-assessment. It also focused on individual investors at the Nairobi Securities Exchange, which may limit the generalizability of the findings to institutional investors or investors in other markets. Key terms: Cognitive biases, Investor behavior, Nairobi Stock Exchange.