Effects of Hedging Foreign Exchange Risk on Financial Performance of Non-Banking Companies Listed at the Nairobi Securities Exchange

The general objective of this study was to establish the effects ofhedging foreign exchange risk on financial performance of non-bankingcompanies listed at the Nairobi securities exchange. A descriptive researchdesign was adopted on the target population of 49 non-banking firms listed atthe NSE. Primary data collected using a questionnaire was used containingboth open and close ended questions. Data was analyzed using SPSS togenerate descriptive statistics such as percentages, frequency distribution,measures of central tendencies (mean) and the data was presented in tables.The study conducted multiple regression analysis to establish the extent towhich the hedging techniques affected firm’s performance. The resultsshowed that, taking all factors into account (internal hedging techniques,external hedging technique, inflation and interest rates) performance of nonfinancialfirms would be 0.564. The findings presented further indicated thatinternal hedging had the greatest effect on the firm performance (β = 0.551),Inflation (β = 0.322), External hedging (β = 0.133 while interest rate (β =0.024) had the least effect to the firms performance. However, all thevariables were significant (p<0.05). Hedging techniques affected firm’sperformance i.e. profitability, sales revenue and the cash flow and liquidityposition of the firm. The internal techniques were more effective on theperformance than the external techniques. The four independent variablesstudied accounted for 75.5% of the variations in non-banking firms’performance as represented by the adjusted R2. This therefore means the fourvariables contribute to 75.5% of performance, while other factors not studiedin this research contributes 24.5%. The study recommends that, firmsdevelop a robust foreign exchange risk management framework whichclearly shows its currency risk assessment procedure and implementation of currency risk management strategies. It also recommends that the variousaspects of firm’s financial performance be taken into consideration beforeadopting a particular technique to hedge to protect cash flow, liquidity,profitability and sales revenue

Size distribution of nano particles from residential fixed-bed coal combustion

Abstract: Particle size distribution (PSD) from domestic coal combustion is an important parameter as it affects air quality, climate modelling, and health. There is limited information in the literature on particle size distribution from residential fixed-bed coal combustion processes. This study aimed to investigate the influence of coal combustion phases (ignition, flaming, and coking) on PSD of fine and ultrafine particles. Fine particle emissions from combustion of D-grade type coal (Ø 40 – 60 mm), in a lab-fabricated coal brazier (imbaula), were monitored using a NanoScan Scanning Mobility Particle Sizer (SMPS). Experiments were carried out using the reduced smoke top-lit updraft method, colloquially known as the Basa njengo Magogo (BnM) method. Particles from the top-lit updraft (TLUD) showed an ultrafine geometric mean diameter centred at approximately 110 nm for the ignition phase, 55 nm for the pyrolysis/ flaming phase, and 33 nm for the transition phase. The particle mode diameter rapidly increased during the ignition phase (145 nm) and gradually decreased during the flaming phase (35 nm) and the transition phase (31 nm)