10 research outputs found
The Relationship between Diversification Strategies and Capital Structure of Non-Financial Firms Listed At the NSE
Purpose-This study was carried out with an aim to analyze the effect of diversification strategies on capital structure of non-financial firms listed at NSE. The study focused specifically on analyzing the effect of product (related and unrelated) and geographical diversification on capital structure. Methodology-An exploratory study design was used to collect data, with the population of the study being 64 firms listed in NSE. Out of the 64 firms, 41 non- financial firms were selected as the sample of the study. Data was collected from secondary sources, NSE and capital market authority. Data collected was analyzed through STATA by the use of panel data regression analysis. Findings- Related product diversification had a coefficient of 21.5(p-value=0.007) indicating that it has a significant relationship with capital structure. The study results show that debt is the most preferred form of financing in related product diversification strategies. Unrelated product diversification had a coefficient of 22.7(p value =0.006) indicating that it has a significant relationship with capital structure.The findings of this study show that debt is the most preferred form of financing in unrelated product diversification strategies. Geographical diversification had a coefficient of 0.178 (p-value=0.799) indicating that it doesn’t have a significant relationship with capital structure.Geographical diversification boosts the worth of shareholders by taking advantage of specific assets and by accelerating functioning flexibility. Implications-This study recommends that firms can increase their market power through increasing their new products and markets, which can be financed though debt financing. In addition, the management of firms should strive towards having optimum capital structure by increasing their equity level and reducing dependence on debts so as to avoid being cash strapped and debt ridden. This study also recommends that firms focus on geographic diversification as it has advantages such as lower cost of production, but it should not be financed through debt or equity. Value- Relevant government authorities, who formulate policies to guide companies and protect consumers, would benefit from important information the study would provide for this purpose
Effects of Operating Environment Factors on Infrastructure Finance Flows in the Capital Markets in Kenya
Purpose – This study sought to establish the whether the operating environment factors affect efficient infrastructure finance flows in the capital markets in Kenya. Policy framework, legal environment, regulations and institutions are the operating environment factors which influence the infrastructure finance flows through the capital markets. Methodology – The study was undertaken using descriptive research design where a questionnaire was used targeting a population of 100 infrastructure related institutions. The questionnaire used to collect quantitative data was on the Likert scale with numerical scores 1 to 5. Descriptive and regression analysis were conducted on the data to show how each independent variable of the operating environment factors influences the infrastructure finance flows. Findings – Majority of respondents think that there are inadequate policies, laws and regulations while half of these respondents believe that the institutions lack the necessary capacity to operate efficiently and effectively. From the results, majority of these respondents agreed that there is need for an urgent review of the existing financial sector policies and institutions. Half of the respondents want the regulations revised but majority of these respondents believe that the existing laws do not require review. The results indicated that the policy framework, legal environment, regulations and institutions significantly affect the infrastructure finance flows through the capital markets in Kenya. From the results, it can be concluded that there are no adequate policy, legal, regulatory and institutional arrangements to facilitate the uptake of infrastructure finance in the capital markets. Further, it can be deduced that the policy, legal, regulatory and institutional regimes are poorly configured to deliver financing of infrastructure projects in the capital markets of Kenya. Finally, it can be inferred that the financial sector policies, regulations and institutions are not strong enough to provide a supportive environment in delivery of infrastructure finance. Implications – The financial sector policies, laws, regulations and institutions need to be reviewed in order to create a conducive operating environment for financing of infrastructure investments. Benchmarking studies are critical for enhancement of policies, laws, regulations and institutions based on the international best practices for efficient and effective delivery of infrastructure finance through the capital markets in Kenya. Further research is recommended on effects of operating environment factors on infrastructure finance flows in the capital markets in Kenya
Effects of Demand Side Factors on Access to External Finance by Small and Medium Manufacturing Enterprises in Nairobi, Kenya
Purpose - This paper investigates how demand-side factors affect access to external finance by small and medium manufacturing enterprises (SMMEs) in Nairobi, Kenya. The demand-side factors considered in the study are firm characteristics, financial management practices and entrepreneur characteristics. Methodology - The study employs an exploratory survey design utilizing quantitative methods in data collection and analysis. Data is analyzed using descriptive and inferential statistics. Logistic regression is used to test the relationship between demand-side factors and access to external finance because of the dichotomous nature of the dependent variable. Findings – The study establishes that some of the demand-side factors significantly influence access to external finance. These factors include variations in entrepreneur’s networks, firm growth and earnings volatility which explain variations in odds of access to external finance by 39.9 percent for networks and 45.8 percent for earnings volatility and firm growth. Implications – To minimize SMMEs financial constraints, social networking amongst entrepreneurs, firm growth and stabilized earning should be prioritized by management and policy makers. Though ethnic orientation influences the odds of access to external finance, policy efforts should be put in place to ensure efficiency in external financing markets so that entrepreneurs are not disenfranchised on this basis. Value - The study recommends establishment and support of sustainable social networks that guarantee enterprise growth given that firm growth also influence odds of access to external finance. Further studies should probe the significance of good financial management practices on odds of access to external finance in diverse settings and industries
Door – to – door immunization strategy for improving access and utilization of immunization Services in Hard-to-Reach Areas: a case of Migori County, Kenya
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De Novo Variants in WDR37 Are Associated with Epilepsy, Colobomas, Dysmorphism, Developmental Delay, Intellectual Disability, and Cerebellar Hypoplasia
WD40 repeat-containing proteins form a large family of proteins present in all eukaryotes. Here, we identified five pediatric probands with de novo variants in WDR37, which encodes a member of the WD40 repeat protein family. Two probands shared one variant and the others have variants in nearby amino acids outside the WD40 repeats. The probands exhibited shared phenotypes of epilepsy, colobomas, facial dysmorphology reminiscent of CHARGE syndrome, developmental delay and intellectual disability, and cerebellar hypoplasia. The WDR37 protein is highly conserved in vertebrate and invertebrate model organisms and is currently not associated with a human disease. We generated a null allele of the single Drosophila ortholog to gain functional insights and replaced the coding region of the fly gene CG12333/wdr37 with GAL4. These flies are homozygous viable but display severe bang sensitivity, a phenotype associated with seizures in flies. Additionally, the mutant flies fall when climbing the walls of the vials, suggesting a defect in grip strength, and repeat the cycle of climbing and falling. Similar to wall clinging defect, mutant males often lose grip of the female abdomen during copulation. These phenotypes are rescued by using the GAL4 in the CG12333/wdr37 locus to drive the UAS-human reference WDR37 cDNA. The two variants found in three human subjects failed to rescue these phenotypes, suggesting that these alleles severely affect the function of this protein. Taken together, our data suggest that variants in WDR37 underlie a novel syndromic neurological disorder
De Novo Variants in WDR37 Are Associated with Epilepsy, Colobomas, Dysmorphism, Developmental Delay, Intellectual Disability, and Cerebellar Hypoplasia
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One is the loneliest number: genotypic matchmaking using the electronic health record
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Partial Loss of USP9X Function Leads to a Male Neurodevelopmental and Behavioral Disorder Converging on Transforming Growth Factor β Signaling
The X-chromosome gene USP9X encodes a deubiquitylating enzyme that has been associated with neurodevelopmental disorders primarily in female subjects. USP9X escapes X inactivation, and in female subjects de novo heterozygous copy number loss or truncating mutations cause haploinsufficiency culminating in a recognizable syndrome with intellectual disability and signature brain and congenital abnormalities. In contrast, the involvement of USP9X in male neurodevelopmental disorders remains tentative.
We used clinically recommended guidelines to collect and interrogate the pathogenicity of 44 USP9X variants associated with neurodevelopmental disorders in males. Functional studies in patient-derived cell lines and mice were used to determine mechanisms of pathology.
Twelve missense variants showed strong evidence of pathogenicity. We define a characteristic phenotype of the central nervous system (white matter disturbances, thin corpus callosum, and widened ventricles); global delay with significant alteration of speech, language, and behavior; hypotonia; joint hypermobility; visual system defects; and other common congenital and dysmorphic features. Comparison of in silico and phenotypical features align additional variants of unknown significance with likely pathogenicity. In support of partial loss-of-function mechanisms, using patient-derived cell lines, we show loss of only specific USP9X substrates that regulate neurodevelopmental signaling pathways and a united defect in transforming growth factor β signaling. In addition, we find correlates of the male phenotype in Usp9x brain-specific knockout mice, and further resolve loss of hippocampal-dependent learning and memory.
Our data demonstrate the involvement of USP9X variants in a distinctive neurodevelopmental and behavioral syndrome in male subjects and identify plausible mechanisms of pathogenesis centered on disrupted transforming growth factor β signaling and hippocampal function