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 4597
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

Analysis of the determinants of financial performance of foreign exchange bureaus in Nairobi County moderated by firm size
(Strathmore University, 2025) Mutua, Earnest Murithi
Foreign exchange (Forex) markets are crucial in international trade and financial transactions globally. They allow for the exchange of currencies from different countries that enables cross-border trade in goods, services, and financial assets. The daily volume of trades in the global Forex market is estimated to be over $7.5 trillion, underscoring its immense scale and importance to the worldwide economy. The study sought to analyse the determinants of financial performance of foreign exchange bureaus in Nairobi County moderated by the firm size. Its specific objectives include evaluating the effect of pricing strategies on the financial performance of foreign exchange bureaus in Kenya, assessing the effect of government regulations on financial performance of foreign exchange bureaus in Kenya, and examining the moderating effect of firm size on the determinants of financial performance. The Purchasing Power Parity and International Fisher Effect theories supported the study. The study applied a post-positivism research philosophy and used a descriptive research design. The study applied a convenience sampling technique to select all 61 Forex bureaus in Nairobi. Primary data was collected through a questionnaire. The data collected was edited, coded, and then fed into SPSS, aiding the data analysis. The data was analysed using descriptive and inferential statistics. The analysed quantitative data was presented using tables, charts, and graphs. The study results showed that pricing and government regulations are significant determinants of financial performance of Forex bureaus. The study found a positive and significant moderating effect of firm size on the relationship between the determinants of financial performance and financial performance. The study recommends the management to invest in technology integration to enable fast and accurate pricing strategies. The implication of the study was that the Central Bank of Kenya should consider re-evaluating the compliance burden placed on Forex bureaus. While regulations are essential for transparency and consumer protection, overly burdensome requirements may hinder profitability, especially for larger firms. The study recommends more research should be conducted on more than two independent variables as well as other moderating variables to aid management with a more comprehensive view that can better inform management strategies and policy formulation. Keywords: Determinants of Financial Performance, Financial Performance, Firm Size, Forex Bureaus
Relationship between stock prices and exchange rates in the Nairobi Securities Exchange
(Strathmore University, 2025) Matillya, Alexia Elihoria
A country's Exchange rates implicate many factors in its economy, including the stock market. Research has been done to understand if there exists a relationship between exchange rates and stock prices. Previous researchers have arrived at contradictory findings. Researchers suggested doing more studies to see which findings are more consistent. This research has an objective of investigating the exchange rates and stock prices phenomenon to assess if stock prices in the Nairobi Securities All Share-Price Index (NASI) can be explained by the foreign exchange (FX) in the Nairobi Securities Exchange (NSE). The two variables of this research are Exchange Rates (FX) particularly the KSH against the USD (FX) and Nairobi Securities All Share - Price Index (NASI) Stock price indices which are seen to follow a times series pattern with volatility hence the employment of a suitable model. The research design is descriptive and a correlation and regression analysis was performed using Excel. The research study established that a negative and relatively significant relationship exists between exchange rates and stock market prices in the Nairobi Securities exchange.
The Effect of interest rates and inflation on stock market returns: a case study of the Nairobi Securities Exchange
(Strathmore University, 2025) Otieno, Sylvester Steven
Stock market provides a platform for enhancing savings and investment which encourages investors with surplus funds to invest in various financial instruments in accordance with the level of risk, liquidity and other key financial factors that might affect their investment. This study focuses on the Kenya’s economic environment and on two major macroeconomic variables which include interest rate and inflation. This study aims to achieve three primary objectives: to analyze the impact of inflation on stock market returns, to examine the effect of interest rates, and to assess their combined influence on the performance of NSE-listed firms. Using a quantitative research design, the study utilizes historical data on inflation rates, interest rates, and stock market returns over a specified period. Financial Econometric models, including regression analysis, are employed to determine the relationships and assess the magnitude of these effects. Preliminary findings suggest that inflation and interest rates significantly affect stock market returns, although their impacts vary across different sectors and time periods. Using secondary data from the CBK and NSE, this descriptive time series correlation analysis model’s monthly inflation rates and least squares regression analysis of order is estimated to establish the link held betwixt monthly market gains and a host of other critical economic components. In the model, monthly market returns serve as an outcome variable. These returns will be influenced by the monthly rates of inflation, the monthly interest rates, the spot exchange rates at the end of each month, and the liquidity in the market at month's end, all acting as predictor variables. We try to see how these indicators of the economy come together to influence the performance of the market every month using OLS.
Systematic risk and return analysis on equity securities listed in the Nairobi Stock Exchange
(Strathmore University, 2025) Murithi, Derrick Mutugi
This study examines the relationship between systematic risk and returns on equity securities, focusing on companies listed on the Nairobi Securities Exchange (NSE) over the period 2013–2020. Leveraging the Capital Asset Pricing Model (CAPM) and Modern Portfolio Theory (MPT), the research assesses the impact of systematic risk factors—such as Inflation, Interest rates, and Exchange rate fluctuations—on shareholder returns across eight key sectors: Agriculture, Manufacturing, Insurance, Banking, Commercial Services, Finance & Investment, Energy & Petroleum, and Construction & Allied. The findings reveal that sector-specific characteristics significantly influence the risk-return relationship. The Agriculture sector, with a beta of 0.67, was the least volatile, making it an attractive option for risk-averse investors, while the Finance & Investment sector, with a beta of 1.4, exhibited the highest market sensitivity but also delivered the highest returns (18%), appealing to high-risk investors. Safaricom, in the Commercial Services sector, and Centum Investment, in the Finance & Investment sector, emerged as standout performers with exceptional price gains (80% and 75%, respectively) and returns (20% and 18%). Among macroeconomic factors, exchange rates consistently demonstrated a significant influence on sectoral returns, particularly in the Agriculture and Commercial Services sectors, reflecting the impact of currency fluctuations on performance. Inflation had a positive impact in sectors like Agriculture but negatively influenced Commercial Services, while interest rates had limited and sector-specific effects. The study underscores the importance of understanding sectoral dynamics and macroeconomic sensitivities when developing investment strategies. Recommendations include promoting investor education on risk-return tradeoffs, stabilizing exchange rates, and enhancing risk management practices within companies. Future research could explore the impact of unsystematic risk, include additional sectors, and evaluate alternative asset pricing models. These insights provide valuable guidance for investors, policymakers, and companies navigating the NSE’s evolving market dynamics.
International Financial Reporting Standards and financial performance in Kenya’s banking industry
(Strathmore University, 2025) Yussuf, Hanan Abdullahi
The adoption of IFRS has shaped the landscape of financial reporting around the globe in a way that ensures uniformity, transparency, and comparability of financial statements. This study looks at how IFRS adoption impacted the financial performance of the banking industry in Kenya, with a keen interest in financial disclosure, transparency, and timeliness of reporting. A longitudinal study was conducted from the year 2019 to 2023 with a focus on publicly listed banks in Kenya. The analysis method employed simple and multiple regression and correlation analyses to find the possible relationship between IFRS adherence and financial performance, with the financial performance being measured by Return on Assets (ROA). From the findings, transparency had the biggest positive influence on financial performance, followed by financial disclosure, whereas timeliness had a minor effect. Further, the study demonstrates that while adoption aids investor confidence and corporate governance, high compliance costs and varied regulations continue to provide a challenge to the banks. This paper posits that there is a strong need for policymakers together with the financial institutions involved to strengthen IFRS strategy with respect to implementation so as to achieve sustainable financial stability on the Kenyan banking sector and its improved reporting practices.