Purpose- The purpose of this study was to examine the effect of board education diversity on environmental accounting disclosure among firms listed in the Nairobi Security Exchange. Design/Methodology- The study adopted both explanatory and longitudinal research design. The target population comprised 65 listed firms at Nairobi Securities Exchange from 2008 to 2017. However, inclusion criteria were the 27 listed firms from 2008 to 2017, giving a total of 270 observations. A documentary analysis guide was used to collect secondary data. Findings- The findings showed that board education had a significant and positive impact on environmental accounting disclosure. The findings validate the human capital theory's proposition. Practical Implications- Firms listed at the Nairobi Securities Exchange ought to diffuse the education level of the board of directors to increase the level of environmental accounting disclosure. Besides, their boards should be well educated and experienced to enhance disclosure of environmental accounting.

Small and Medium sized Enterprises (SME) strategy and competitiveness in international trade in developing countries context have not been fully explored. This paper posits that SMEs competitiveness as a result of its strategy is moderated by an array of internal and external factors. Accordingly, this paper examines key moderating variables on the SMEs strategies as a construct that influence enterprise competitiveness. The objectives of the paper are three fold: to identify the moderating factors on SME strategies and competitiveness, to evaluate the level and extent of moderation of such variables and to evaluate the relationship between enterprise strategy and competitiveness. The hypotheses were developed and tested using data collected using survey of traders in the urban and peri-urban areas of Uasin Gishu District, Kenya. Systematic random sampling technique was used to pick 50 of the 200 traders in the market. Data was collected using self-administered structured questionnaire to the respondents. Factor analysis was used to extract latent factors and provide an understanding of structures and identify the moderating factors. Further, linear multiple regression analysis was performed on the extracted factors against sales volume as a measure of competitiveness. This was used in the assessment of various dimensions of the enterprise performance of SMES. Ten factors with high eigen values of more than one were extracted. The regression model could not provide conclusive results on the effect of strategy on competitiveness, but could be indicative of the complexity of the underlying interactions.

Purpose: The purpose of the study was to determine the effect of risk identification on performance of financial institutions.Methodology: The study used explanatory research design. The study used stratified random sampling to select respondents from target population comprising of managers of 46 commercial banks, 52 Micro Finance institutions (MFIs) and 200 SACCOs and a sample size of 239 respondents obtained. Data was collected using questionnaires. Descriptive statistics was presented, while inferential statistics was done using Pearson product moment correlation.Results: From the model results, the risk identification (β=0.026) was not significantly related to financial performance.Unique contribution to theory, practice and policy: The study recommends regulators to consider and appropriately legislate risk identification practices to enhance performance of financial institutions.

The main aim of the paper was to establish the effect of operating cash flow on stock return of firms listed in NSE. The study was informed by Free Cash Flow (FCF) theory. Census survey was adapted to review financial statements for 29 listed non-financial firms at NSE that had consistent data for all the study variables. Secondary data was extracted for 12 years from 2007-2019 with the aid of a data collection sheet. Explanatory research design which is panel in nature was followed by this study. Both descriptive and inferential statistics were used in data analysis. Panel data regression was used to make inferences and test research hypothesis. Fixed and Random effects methods were used to analyze the balanced panel data using STATA statistical package and Hausman test established that Random effect model was the most ideal method to analyze data in this study. The findings indicated that operating cash flow positively and significantly influenced the stock returns for firms listed at NSE. The study concludes that operating cash flow information affects stock returns. Therefore, the study advocates for firms to increase their levels of operating cash flows through prudent utilization of cash resources since it enhances the stock returns.

The problem of tax compliance is as old as taxes themselves. Characterizing and explaining the observed patterns of tax noncompliance and ultimately finding ways to reduce it are of obvious importance to nations around the world. As a public finance topic, tax compliance spans the notions of equity, efficiency and incidence. Low tax compliance is one of the internal factors affecting the ability of the Kenyan government to raise direct tax revenues and thus meet its recurrent and development expenditure. Therefore, this study assessed the economic factors affecting tax compliance among various limited liability companies within the municipality of Eldoret. The general objective of the study was to assess the economic factors affecting tax compliance among various limited Liability Companies within Eldoret Municipality. The study specifically sought to determine the effect of tax rates, tax audits, and level of actual income, fines and penalties on tax compliance. The study adopted survey design. Stratified random sampling was used to select a sample of 320 companies drawn from the target population of 1,470 limited companies. Data was collected using structured questionnaire, coded, keyed and analyzed quantitatively using both descriptive and inferential statistics. The study findings showed that tax audits had the highest positive effect on level of tax compliance followed by tax rate, fines and penalties. Tax incentives and level of actual income had the least positive effect on tax compliance .Based on these findings, the study concludes that reducing tax rate, ensuring Kenya Revenue Authority tax auditors to educate taxpayers; enforcing fines and penalties, provision of tax incentives and considering the level of actual income of the taxpayers will improve tax compliance. The study recommends that Kenya Revenue Authority management can improve the level of tax compliance by ensuring favorable and fair tax rates. Tax audits findings should be made available to the taxpayers, while fines and penalties need to be enforced effectively. The authority should also improve tax incentives and consider level of income of the taxpayers in its policy formulation. All these can be achieved through an elaborate taxpayer’s education.

The purpose of the research is to establish the impact of ownership structure on risk management among listed non-financial firms in the Nairobi Securities Exchange, Kenya. The panel research design was appropriate and the population comprised of all 67 listed firms. Based on the inclusionexclusion criterion, 41 non-financial firms were chosen from 2010-2017 while data was analyzed using logistic regression. The statistical values revealed that (β = 0.297, p<0.05) ownership structure significantly and positively impacts risk management. The structure of owners in relation to shareholdings is more likely to play an essential part in hedging transactions as it improves the worth of their equities which translates to enhanced efficiency and thus maximizing their wealth. The study contributes to understanding the structure of ownership and risk management via the utilization of hedging tools to alleviate exposure levels.

The objective of this study was to determine the level of corporate dividend payout to stockholders and establish if the optimal dividend policy exists for the firms quoted at the Nairobi Stock Exchange (NSE).  An analysis was done for the all the 43 firms trading in the main investment market at the Nairobi Stock Exchange.  Secondary data was obtained from the Nairobi Stock Exchange library, Internet & company libraries. Companies that were quoted at the stock exchange for a period of thirteen years and paid and/or did not pay dividends during that period were sampled. According to the findings of this study, the aggregate dividend payout ratio for the Kenyan market was obtained to be 44.14% for the period between 1991- 2003. The findings of this research suggest that the average corporate dividend payout to stockholders for 40% of the firms is low and stable and that 28% of the firms quoted paid out high and stable dividends. It was also observed that most of the firms that paid high and stable dividends are the blue chip firms, which are the main movers of trading at the NSE. The dividend model provides a summary of the factors that influenced and continue to influence the dividend decisions for this market including and not limited to the tax systems, clientele preferences, signaling, sustainability, low liquidity, high growth, ownership control and dividends as residual etc. From the model it is possible to predict the likely dividend decisions of the firms in future.

Background Information Stock Price Volatility (SPV)Is a statistical measure of a security's price fluctuation over time (Osundina et al., 2016). SPVs are a critical phenomenon for investors worldwide, particularly in emerging markets such as Kenya. The SPV is of great interest in the capital market due to its impact on stock market stability and investor strategies. The share price fluctuates dramatically depending on a variety of factors. Knowledge of the factors causing these fluctuations and their potential impact on share prices is highly valuable because it allows investors to make wise investment decisions and firms to increase their market value.According to Musallam (2018), the goal of investors investing in company stocks is to maximize their money, which will be accomplished through market stock prices. Market stock return is regarded as an important factor in determining the best investment opportunity. Investors need more information about a company's financial reporting to identify its fiscal health and financial performance in order to find the appropriate opportunity with a good profit and low risk. According to Anwaar (2016), financial information is one of the essential components that can help investors invest in a firm. Share prices are influenced by a variety of factors, including market value ratios (Nirmala, 2011).According to Ndwiga (2016), the stock's volatility is frequently used to assess risk. The volatility of a stock indicates the rate at which its price changes over a given time period. The price of a volatile stock would fluctuate significantly over time, making it extremely difficult to predict the future price of such a stock. Concerns can arise when stock price volatility reaches extreme levels. If such volatility continues, firms will be less able to use their available capital efficiently because they will need to reserve a larger percentage of cash-equivalent investments to reassure lenders and regulators. Volatility raises market-making risks and forces market intermediaries to charge higher fees for liquidity services, resulting in lower market liquidity. Furthermore, high volatility discourages investors from holding stock because expected returns must be traded off for risk exposure, resulting in a demand for high-risk premiums to diversify against volatility risks.In Africa, Ikhatua (2013) concluded that market value ratios influence stock volatility while attempting to determine if they contribute to stock volatility in the Nigerian Capital Market. Angahar (2015) discovered a significant relationship between revenues and stock prices on the Nigerian Stock Exchange. In Kenya, the Nairobi Securities Exchange