Capital Structure, Firm Efficiency and Firm Value: The Case of Listed Non-Financial Firms in Kenya

This study examined the influence of a firm’s efficiency on the relationship between capital structure and firm value. The study analyzed thirty non – financial firms listed at the Nairobi Securities Exchange for a period of six years from   2008 to 2013.Capital structure was parameterized as the ratio of retained earnings to total capital, ratio of debt to total capital and ratio of equity to total capital of the firm. Efficiency is measured as the distance from the best practice frontier in the industry. The firm’s efficiency is measured by operational efficiency, cost efficiency and profit efficiency. Firm value is measured by its inputs and outputs. The inputs to the firms production are financing costs (FINC), distribution costs (DISTC), tax liability (TAX), and administrative expenses (ADEXP). The outputs are earnings per share(EPS)and the share price (SP).This study applied panel data analysis using fixed effects model. The results showed that cost efficiency negatively influences the relationship between capital structure and firm value as measured by the SP through increase in distribution costs, administrative costs in financing efficiency improvements in the firm’s core processes. Further Operating efficiency negatively and statistically significantly affects the relationship between firm value and capital structure through the increase in financing costs, distribution costs, administration costs and taxation costs. The results showed that profit efficiency negatively and insignificantly influences the relationship between capital structure and firm value as measured by the SP. Consequently it has a positive but statistically insignificant effect on financing costs, distribution costs, administrative costs and taxation costs. Moreover, capital structure has a positive and statistically significant effect on firm value but firm efficiency insignificantly influences the relationship between capital structure and firm value. This study does not investigate the reverse relationship like Margaritis and Psillaki (2007). Keywords: Capital Structure, Firm Efficiency, Firm Value, Listed Non-Financial Firms, Nairobi Securities Exchang

Bacterial contamination of Kale (Brassica oleracea acephala) along the supply chain in Nairobi and its environment

Objective: To assess the microbiological safety of kale (Brassica oleracea Acephala) produced from farms and those sold at the markets with special focus on coliforms, E.coli and Salmonella.Design: A cross sectional study.Setting: Peri-Urban farms (in Athi River, Ngong and Wangige), wet markets (in Kawangware, Kangemi and Githurai), supermarkets and high-end specialty store both within Nairobi city.Results: Mean coliform count on vegetables from farms were 2.6x105 ±5.0x105 cfu/g while those from the wet markets were 4.6x106 ±9.1x106 cfu/g, supermarkets, 2.6x106 ±2.7x106 and high-end specialty store 4.7x105 ±8.9x105. Coliform numbers obtained on kales from the wet markets and supermarkets were significantly higher (p<0.05) compared to those from farms, while kale samples purchased from high- end specialtystore had similar levels of coliform loads as those from the farms. E. coli prevalence in the wet markets, supermarkets and high-end specialty store were: 40, 20 and 20%, respectively. Salmonella was detected on 4.5 and 6.3% of samples collected from the farms in Wangige and wet market in Kawangware, respectively. Fecal coliforms in water used on farms (for irrigation) and in the markets (for washing the vegetables) exceeded levels recommended by World Health Organization (WHO) of 103 organisms per 100 milliliter while Salmonella was detected in 12.5% of washing water samples collected from Kangemi market.Conclusion: Poor cultivation practices and poor handling of vegetables along the supply chain could increase the risk of pathogen contamination thus puting the health of the public at risk, therefore good agricultural and handling practices should be observed

Microbiological quality and safety of Rastrineobola argentea retailed in Kisumu townmarkets,

ABSTRACT Objective: To investigate faecal contamination and safety of Rastrineobola argentea sold in retail markets in Kisumu town. Design: This was a repeated cross sectional study and based on random sampling. Setting: Kisumu city, targeting six markets; Oile, Jubilee, Kibuye, Kondele, Nyalenda and Manyatta. Results: A total of 60 fish samples were analysed. All the fish were found to be contaminated with E. coli, and in addition 6.67% of the fish products tested positive for Salmonella. Shigella was absent in all samples analysed. 26.53% of E. coli isolates tested were resistant to two or more antimicrobial agents tested, with the highest level of resistance detected against cotrimoxazole at 38.76%. The E. coli multiple antibiotic resistance (MAR) index was 0.084 indicating that the contamination was not originating from a high -risk source. A plasmid of approximately 5.6 kb was commonly isolated from E. coli isolates that showed resistance to ampicillin. Plasmids isolated were not transferable by conjugation. Conclusion: The presence of Salmonella spp and occurrence of MDR E. coli were identified as some of the possible health risks that may be associated with R. argentea displayed for sale in Kisumu city markets. This possess a real health risk through consumption or directly through contact with the fish products

Persistent inequalities in 90-day colon cancer mortality: an English cohort study.

BACKGROUND: Variation in colon cancer mortality occurring shortly after diagnosis is widely reported between socio-economic status (SES) groups: we investigated the role of different prognostic factors in explaining variation in 90-day mortality. METHODS: National cancer registry data were linked with national clinical audit data and Hospital Episode Statistics records for 69 769 adults diagnosed with colon cancer in England between January 2010 and March 2013. By gender, logistic regression was used to estimate the effects of SES, age and stage at diagnosis, comorbidity and surgical treatment on probability of death within 90 days from diagnosis. Multiple imputations accounted for missing stage. We predicted conditional probabilities by prognostic factor patterns and estimated the effect of SES (deprivation) from the difference between deprivation-specific average predicted probabilities. RESULTS: Ninety-day probability of death rose with increasing deprivation, even after accounting for the main prognostic factors. When setting the deprivation level to the least deprived group for all patients and keeping all other prognostic factors as observed, the differences between deprivation-specific averaged predicted probabilities of death were greatly reduced but persisted. Additional analysis suggested stage and treatment as potential contributors towards some of these inequalities. CONCLUSIONS: Further examination of delayed diagnosis, access to treatment and post-operative care by deprivation group may provide additional insights into understanding deprivation disparities in mortality

The Hominin Sites and Paleolakes Drilling Project:Inferring the environmental context of human evolution from eastern African rift lake deposits

Funding for the HSPDP has been provided by ICDP, NSF (grants EAR-1123942, BCS-1241859, and EAR-1338553), NERC (grant NE/K014560/1), DFG priority program SPP 1006, DFG-CRC-806 “Our way to Europe”, the University of Cologne (Germany), the Hong Kong Research Grants Council (grant no. HKBU201912), the Peter Buck Fund for Human Origins Research (Smithsonian), the William H. Donner Foundation, the Ruth and Vernon Taylor Foundation, Whitney and Betty MacMillan, and the Smithsonian’s Human Origins Program.The role that climate and environmental history may have played in influencing human evolution has been the focus of considerable interest and controversy among paleoanthropologists for decades. Prior attempts to understand the environmental history side of this equation have centered around the study of outcrop sediments and fossils adjacent to where fossil hominins (ancestors or close relatives of modern humans) are found, or from the study of deep sea drill cores. However, outcrop sediments are often highly weathered and thus are unsuitable for some types of paleoclimatic records, and deep sea core records come from long distances away from the actual fossil and stone tool remains. The Hominin Sites and Paleolakes Drilling Project (HSPDP) was developed to address these issues. The project has focused its efforts on the eastern African Rift Valley, where much of the evidence for early hominins has been recovered. We have collected about 2 km of sediment drill core from six basins in Kenya and Ethiopia, in lake deposits immediately adjacent to important fossil hominin and archaeological sites. Collectively these cores cover in time many of the key transitions and critical intervals in human evolutionary history over the last 4 Ma, such as the earliest stone tools, the origin of our own genus Homo, and the earliest anatomically modern Homo sapiens. Here we document the initial field, physical property, and core description results of the 2012–2014 HSPDP coring campaign.Publisher PDFPeer reviewe

Intermittent preventive treatment for the prevention of malaria during pregnancy in high transmission areas

Malaria in pregnancy is one of the major causes of maternal morbidity and adverse birth outcomes. In high transmission areas, its prevention has recently changed, moving from a weekly or bimonthly chemoprophylaxis to intermittent preventive treatment (IPTp). IPTp consists in the administration of a single curative dose of an efficacious anti-malarial drug at least twice during pregnancy – regardless of whether the woman is infected or not. The drug is administered under supervision during antenatal care visits. Sulphadoxine-pyrimethamine (SP) is the drug currently recommended by the WHO. While SP-IPTp seems an adequate strategy, there are many issues still to be explored to optimize it. This paper reviewed data on IPTp efficacy and discussed how to improve it. In particular, the determination of both the optimal number of doses and time of administration of the drug is essential, and this has not yet been done. As both foetal growth and deleterious effects of malaria are maximum in late pregnancy women should particularly be protected during this period. Monitoring of IPTp efficacy should be applied to all women, and not only to primi- and secondigravidae, as it has not been definitively established that multigravidae are not at risk for malaria morbidity and mortality. In HIV-positive women, there is an urgent need for specific information on drug administration patterns (need for higher doses, possible interference with sulpha-based prophylaxis of opportunistic infections). Because of the growing level of resistance of parasites to SP, alternative drugs for IPTp are urgently needed. Mefloquine is presently one of the most attractive options because of its long half life, high efficacy in sub-Saharan Africa and safety during pregnancy. Also, efforts should be made to increase IPTp coverage by improving the practices of health care workers, the motivation of women and their perception of malaria complications in pregnancy. Because IPTp is not applicable in early pregnancy, which is a period when malaria may also be deleterious for women and their offspring, there is a necessity to integrate this strategy with other preventive measures which can be applied earlier in pregnancy such as insecticide-treated nets

Type 2 diabetes mellitus: Clinical and aetiologic types, therapy and quality of glycaemic control of ambulatory patients

No Abstract. East African Medical Journal Vol. 85 (1) 2008 pp. 24-2