The objective of this study is to establish the determinants that significantly influence apartment prices that are located within housing estates of Nairobi metropolitan area. The determinants comprise of apartments features including: proximity to shopping malls, proximity to Nairobi's central business district, proximity to schools, proximity to slums, presence of swimming pool, presence of balcony, size of the apartment, periodic rental income and land value. Both secondary and primary data sources were employed in the research and 30 housing estates where apartment are located were selected for data collection purposes. Multiple regression analysis was employed for the secondary data and the findings indicated that: land value and size of the apartments had a significant influence on apartment pricing. Descriptive statistical analysis findings indicated that proximity to shopping malls, proximity to Nairobi's central business district, proximity to schools, presence of swimming pool, size of the apartments and land value had significant influence on apartment prices. Triangulation of secondary and primary data analysis results indicated a consistency rate of 50%. The recommendation of the study is that real estate stakeholders especially buyers should focus on size and land value of apartments as these significantly influence apartment pricing in Nairobi metropolitan area.
This study sought to establish the influence of fraud risk management practices in regard to preventive, detective and corrective controls on the level of fraud occurrence on listed firms in Kenya. This is because limited research had been conducted in the context of listed firms in Kenya and limited attention paid on how corrective controls influences fraud occurrence. A causal research design was applied. Data was obtained from a sample of 275 senior managers by using structured questionnaires. The findings revealed that only preventive and corrective controls had a profound negative effect on the degree of fraud occurrence on listed companies in Kenya. Conversely, detective controls did not considerably reduce fraud occurrence on listed companies in Kenya. The key implication of the findings noted by this study is that the proper implication of the most effectual anti-fraud measures can only be realized when the management are committed to do so. Additionally, corrective controls must be seriously looked into as an effective strategy of curbing fraud since they indeed are instrumental in curbing fraud. Future studies should be extended to the public sector in regard to the government ministries and the distinctive partitions of the private sector such as the insurance, real estate, manufacturing, automobile sectors among others respectively. Moreover, future studies can explore how firm size in terms of asset size or employee size moderates the relationship between fraud risk management practices and the level of fraud occurrence.
Financial distress is disruptive and costly, and especially relevant due to the impact on workers, shareholders, customers, suppliers, communities, and the financial entities. Extreme financial distress often leads to bankruptcy; part of the creative self-destruction phenomena that contribute to the dynamics of innovation and economic renewal. This study sought to establish the effect of liquidity management and financial leverage on financial distress of Deposit Taking Savings and Credit Cooperative Organizations in Kenya. A descriptive survey research design was used to establish the determinants of financial distress. The target population included 68 deposit taking SACCOs. Secondary data was obtained from SACCOs records at SASRA. Data collected was analyzed STATA. The study established a p-value of the tstatistic for the estimated coefficient of liquidity is 0.030 which is less than 0.05indicating that liquidity management as a financial distress determinant had significant influence and distressing effect on probability of financial distress in savings and credit cooperative organizations in Kenya. Secondly, the study established a p-value of the t-statistic for the estimated coefficient of liquidity is 0.227 which is greater than 0.05indicating that financial leverage as a financial distress determinant had insignificant influence and distressing effect on probability of financial distress in savings and credit cooperative organizations in Kenya.
The study investigated the whether the default measures of liquidity and solvency are associated and whether default measures are related to firm profitability. A total of 41 firms were selected to be in the study sample out of 46 non-financial listed firms in the Nairobi Securities Exchange during years 2013 to 2017 and panel data regression analysis was employed. The findings revealed that liquidity and solvency are significantly and negatively associated while the default measures lacked a significant relationship with profitability in Kenyan listed companies. The findings implied that there is no need for firms to focus too much on the relationship between default and profitability including invest heavily in liquidity in order to meet short term obligations as nowadays it is possible for firms to either convert non-cash assets quickly or borrow on short notice from financial institutions in case of an urgent need to meet liquidity shortages. These findings are consistent with the shitability theory.
The upper Echelons Theory reiterates the importance of top management in an organization and recognizes that the mangers make decisions that grow the entity. Before the establishment of this theory, the premise was that larger firms which drive high amounts of income, are capable of running themselves without failure. Although Organizations that command large amounts of income are deemed to be successful the upper echelons theory holds that these entities cannot be successful without proper management and guidance by top management where the board of directors in this case is considered as top management organ for SACCOs. Savings and Credit Cooperatives (SACCOs) have evolved over time from mobilizing savings and granting loans to become established entities that provide banking services to their customers. They require good governance to avoid the experience of financial distress. The current research was therefore aimed at establishing the influence of firm revenue on the relationship between board characteristics and financial distress of deposit taking SACCOs in Nairobi County. Large entities command more revenue as compared to small firms. Board Characteristics is of importance to this study because it influences Corporate Governance which according to previous research has shown that the practice helps revolutionize performance of various institutions. The study is guided by upper echelons theory which reiterates the importance of top management. Descriptive research design was adopted while Nairobi County was purposively chosen and a census was carried out on deposit taking SACCOs in the county. Secondary data was collected from SASRA using a data collection sheet and a panel data analysis performed using STATA software and findings were presented using tables. The study concluded that firm revenue does not mediate the relationship between board characteristics and financial distress of Deposit Taking SACCOs. Though firm revenue should be enhanced, governance should be improved since it remains a critical success factor in alleviation of financial distress.
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