Lewllen,2001). But several studies in the developed capital markets found that many phenomena regarding stock investment decisions cannot be explained. Investors in capital asset exchanges, typically take many different and important decisions, the most common are taking investment decisions in order to maximize their wealth; while others deal with considerations seeking market timing techniques to maximize their wealth.In determining influence of behavioral biases on investment decisions of individual investors in NSE also several independent variables were taken into account. These are fear of regrets bias, human availability heuristics bias, mental accounting bias, and anchoring and herd mentality bias. These independent variables were expected to have either a positive or negative effect on the investment decisions of individual investors in NSE. This study therefore sought to answer the following research question; -was there any relationship between behavioral biases and investment decisions of individual investors in the NSE. In answering the above question, both qualitative and quantitative approach was used to develop the concept of the research (Creswell, 2003). A study of related relevant literature formed the major parts of this research and the result was presented using statistical tables.The main objective of this study was to establish whether the behavioral biases and investment decisions had an influence on individual investors in Nairobi Security Exchange (NSE).; hence, several studies had different results in identifying any of those factors as the most influential on stock investment decisions in the other markets. This study examined the effect of the following behavioral biases on individual investment decisions. These biases were; fear of regrets bias (Shiller, 1995), human availability heuristics bias (Hirshleifer,2001), mental accounting bias (Thaler, 2006), anchoring bias (Kahnman & Riepe, 1998) and herd mentality (Shiller et al., 2004). Behavioral BiasesBehavioral bias was defined by Shefrin, ( 2000) as "a rapidly growing area that deals with the influence of psychology on the behavior of financial practitioners". Individual stock investments behavior was concerned with choices about purchases of small amounts of securities for his or her own account (Nofsinger and Richard, 2002). No matter how much an investor was well informed, had done research, studied deeply about the stock before investing, he also behaves irrationally with the fear of loss in the future. This different behavior in the individual investors is caused by various factors which compromise the investor rationality.Several studies in the context of the stock markets on behavioral biases show that investors are greatly influenced by their behavioral characteristics. Ariely, Loewenstin, Prelec ( 2006), for instance, argue that the judgement of the fundamental values of assets is a tough task, so investors are likely to value their assets in relative terms, and mostly become anchored to the previous buying prices. Simila...
This study examined the effect of working capital management on financial performance of selected technical vocational education and training institutions in Meru County, Kenya. Working capital management's main goal was to ensure continued operations of the organization with sufficient ability to satisfy both maturing short-term debt and upcoming operational expenses. This implied that working capital management of working capital involves managing inventories, accounts receivable and payable and cash.
The mission of the Ministry of Education (MOE) is to provide, promote and coordinate lifelong education, training and research for sustainable development. Since 2003, the government has initiated many reforms in the education sector including the introduction of Free Primary Education. In 2008, the MOE increased its support to public secondary schools by providing some level of funding to support schools' operational and development expenditure. Some of these resources are used for procurement of books, other educational learning materials and facilities for the learning institutions (Wango & Gatere, 2014).Over time, various publications and guidelines have been produced by the ministry of education to ensure that the procedures in the procurement of goods, services and works for schools are transparent and that they guide the school management committees at all stages of procurement. Risk assessment involves a dynamic and iterative process for identifying and assessing risks to the achievement of objectives. Risks to the achievement of these objectives from across the entity are considered relative to established risk tolerances.Financial accountability in some public secondary schools is still wanting, a report by Ethics and Anti-Corruption Commission established that thirty percent of funds channeled to subsidized secondary education could not be accounted for by the various school principals (Ethics and Anti-Corruption Commission, 2015/2016). An audit report by the ministry of finance revealed that Kenyan shillings 4.2 billion from donors and Kenyan taxpayers had been misappropriated by senior Ministry of education officials and head teachers which made the international development partners that were funding free primary education to withdraw from the project (Transparency International Kenya, 2014). A survey by the auditor general on financial statements from the ministry of education revealed that the government could be losing millions of shillings of capitation funds in public schools. The 2016/2017 financial appraisals showed that an audit inspection carried out on the free day secondary schools in Nairobi, Kiambu, Kajiado and Machakos counties revealed fraudulent deals that include; inflation of enrolment, irregular allocation of funds, procurement of goods and questionable expenditure (Auditor General, 2016/2017).
The study sought to determine the effect of Public Private Partnership on Financial Sustainability of Nzoia Water Services Projects in Kenya. The general objective of the study was to assess the effect of Public Private Partnership on Financial Sustainability of Nzoia Water Services Projects in Kenya. Specific objectives included to determine the effect of Leasing finance on Financial Sustainability of Nzoia Water Services Projects in Kenya and to determine the effect of Concessions finance on Financial Sustainability of Nzoia Water Services Projects in Kenya. The study employed descriptive survey research design, through the administration of semi- structured questionnaires. The target population was one finance respondent in Nzoia Water Services Company (Finance Manager, Senior Accountant, Finance Officer, Accounts Clerk and Internal Audit Manager) from each water treatment works namely Nabuyole, Matisi, Kapkateny, Chesikaki, Terem and Nzoia. The total target population for the study was 30 Finance respondents. The instrument was piloted to water projects implemented in Trans Nzoia County for the period 2016- 2021. Data collected was coded, keyed in the computer and analyzed with the aid of the Statistical Package for Social Science (SPSS version 26) computer software for Windows. Leasing Finance had a positive correlation of 0.724 The p value (0.000) < 0.01 indicating an increase in PPP if maintained while Concessions Finance had a positive correlation of 0.527 with p value (0.000) < 0.0. The findings showed that leasing was statistically and positively significant in determining financial sustainability of Nzoia Water Service Projects in Kenya while Concession was negatively significant. The results depicted that there was no multicollinearity because the VIF values were less than 10. The researcher recommended that management of water bodies in Kenya need to adhere to policies concerning water project enactments to increase water supply in regions. The financial aspect should keenly be audited to avoid the problems of water projects failure. Further, the study recommends that the Nzoia water project boards should ensure the implementation of the PPP reforms that will help in enhancing concessions and greater cooperative arrangements among water projects in Kenya. Finally, area for further research can be conducted using the adoption of PPP in other geographical areas especially in the Northern part of Kenya Keywords: [Financial Sustainability, Public Private Partnership, Leasing Finance, Concession Finance]
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