This study sought to model the stock market return volatility at the Nairobi Securities Exchange (NSE) in the presence of structural breaks. Using daily NSE 20 share index for the period 04/01/2010  to  29/12/2017,  the market return volatility was modeled using different GARCH type models and taking into account four endogenously identified structural breaks. The market exhibited a non-normal distribution that was leptokurtic and negatively skewed and also showed evidence for ARCH effects, volatility clustering, and volatility persistence. We found that by considering structural breaks, volatility persistence was reduced, while leverage effects were found to lead to explosive volatility. In addition, investors were not rewarded for taking up additional risk since the risk premium was insignificant for the full period. However, during explosive volatility, investors were rewarded for taking up more risk. Moreover, we found that risk premium, leverage effects, and volatility persistence were significantly correlated. The GARCH (1,1) and TGARCH(1,1) models were found to be the best fit models to test for symmetric and asymmetric effects respectively. While the GARCH models were able to provide evidence for the stylized facts in the NSE, we conclude that the presence or absence of these features is period specific. This especially relates to volatility persistence, leverage effects, and risk premium effects. Caution should, therefore, be taken in using a specific GARCH model to forecast market return volatility in Kenya. It is thus imperative to pretest the data before any return volatility forecasting is done.

The Kenya tourism industry is a key contributor to its GDP. Hotel subsector benefits directly from growth of tourism but sustainable customer base would require polished customer service. Domestic hotel guests to play an important role in bridging the seasonality gap that is the core of the international tourism business model. The ability to harness this capacity is dependent on the extent to which they perceive the services provided as being worth their money value. This study therefore aimed at determining the guest actual experience and evaluation from the stay hence assess how the hotel performed against perceived quality and the effect on guest satisfaction operationalised as emotional satisfaction. Descriptive Survey design was adopted for the study. Cluster sampling was applied to select the hotels from which customers were derived. The study self-administered questionnaires to 182 guests. 26 items were used to measure perceived service quality on using a seven-point Likert-type scale for their responses. The study found out that tangibility as a service is rated highly. However confidence and communication dimensions of quality scored low means hence low rating. The path leading from "service quality" to "emotional satisfaction" had a coefficient of 0.701, with a p-value of 3.621. The path was significant; we therefore reject the null hypothesis and conclude that emotional satisfaction is dependent on service quality which supports that that emotional satisfaction is dependent on service quality. This study has revealed moderate influences of quality dimensions such as reliability, responsiveness and communication as given in their path coefficients on service quality. The study concludes that emotional satisfaction was derived from service-quality evaluation and agrees with Bagozzi's (1992) conclusion that cognitive evaluations precede emotional responses. The study recommends that service delivery capacity of employees be improved in the said hotels so that for example the customer can feel that their needs are anticipated, better communication is achieved, employees become more responsive as well as reliable. The management of these hotels may also pursue other motivating strategies to improve service quality.

In the wake sustainability agendas that lead to green growth in the developing countries, the focus has been in the practice and accounting for Social, Environmental and Economic (SEE) activities by both processing and manufacturing organizations. Organizations practice social responsibilities with the view of reaping long term returns or merely complying with regulations, information which is obtained from their annual reports via various media. These reports however, in the purview of knowledge are very scanty and whether the stakeholders understand and are aware of this sustainability accounting information remain very uncertain. However, organizations lack requisite capacity to unfold the elements of sustainability accounting and concurrently develop stakeholder knowledge. This gap remains unbridged since it is debatable how universities shall collate such knowledge and disseminate it to the users of accounting information (stakeholders). Therefore, there is need to develop sustainability accounting knowledge through university industry linkages that will further the realization of sustainability agenda. The paper is based on business sustainability model which looks at sustainability accounting issues. The study was informed by primary data collected from 93 factory unit managers and accountants sampled from 31 tea factories around Mount Kenya region, in testing the relationship between social reporting, environmental reporting, and sustainability accounting in regard to stakeholder theory. The study established significant relationship between the variables (social reporting, environmental reporting and sustainability accounting) and concludes that green growth need to be enhanced through sustainability accounting. In order to foster this, concrete knowledge has to be created by universities that conduct research by linking with industries and disseminate the knowledge to the stakeholders for awareness through stakeholder conferences and publications. The university curriculum need therefore, to incorporate the sustainability issues and passing to the learners too.

Purpose: The study aimed to examine the interaction between liquidity risk and the firm's value among Kenyan SACCOs. Research methodology: This study adopted the positivism research philosophy and utilised both descriptive and causal research designs. The study targeted all the 164 licenced SACCOs in Kenya. A sample made up of 115 respondents was selected using a stratified random sampling method. The study utilized secondary data obtained from organization’s published financial statements. Analysis of data was done using descriptive statistics and inferential analysis. Results: The study results illustrated that value of the firm was positively correlated with liquidity risk which significantly and favourably impacted the firm value; (β=0.014577, P=0.001). Limitations: The analysis and conclusions reached in this study were limited to data gathered for the five-year duration between 2012 and 2016. Contribution: This study is useful to the management of SACCOs and the Kenyan government to understand better how financial risk management can improve their firms' value. The study adds to the existing knowledge of financial risk management and firm value. Keywords: Savings and credit cooperatives, Liquidity risk, Firm value

This study aims at determining the influence of county cash management on household effects in Kenya. This is a qualitative research that has utilized both primary and secondary data from county governments and the National Treasury respectively. The sample has been developed from the Kenya National Bureau of Statistics list of households in Kenya. The result indicates that effective cash management would enhance household welfare, leakages and lack of prioritization among others notwithstanding. The study concludes that there is need to enhance oversight of the treasury management across governments. The capacity of treasury managers should also be improved to secure fiscal discipline.