Effect of Tax Benefits on Value of Firms Listed in Nairobi Securities Exchange

This study measured the effect of financing decisions determinant of tax benefits on the value of the firm utilizing financial statements of listed firms which covered  a period of 10 years from January 2008 to December 2017. The study was anchored on Net income approach and Modiglini-Miller theories of finance.  Positivisim research philosophy was adopted while cross sectional and explanatory research designs were applied. Document guide analysis was used to extract secondary data from published financial statements of the respective companies for the period of study. Face validity of the research instrument was ensured through peer reviews while content validity was ensured by using the expert opinion of the University Supervisors. Data was analyzed using descriptive statistical methods of mean, percentages and standard deviation. Inferential statistical methods of stepwise regression analysis was adopted in analysis of the panel data. The results were presented in the form of tables. The findings revealed that tax benefit had significant effect on value of the firms listed in Nairobi Securities Exchange. In conclusion however tax benefits as measured by depreciation tax benefit had more impact on the value of listed firms in agricultural, energy and petroleum sectors however when interest tax benefit is the indicator for tax benefits then firms in commercial and services, construction and allied, insurance, investment and telecommunication sectors revealed greater effect of tax benefit on value of firm. It was recommended that tax benefits be traded off with interest expense and corporate taxes be evaluated against interest rates to optimize tax benefits. Keywords: Tax benefits, value of firm, depreciation tax benefit, interest tax benefit DOI: 10.7176/RJFA/12-1-04 Publication date: January 31st 202

An Analysis of Factors Influencing Implementation of Computer Based Information Systems in Public Universities in Kenya: A Case Study of Egerton University

Public universities in Kenya have continued to implement Information Systems (ISs) so as to be more efficient and competitive. However, factors that influence the implementation of ISs have not been fully analysed and documented. Therefore, the aim of this study was to identify factors influencing implementation of computer based information systems in public universities in Kenya. The study used descriptive survey design. The target population was the process owners and system users from all departments in Egerton University that have implemented IS. Stratified sampling was used to select a sample size of 306. Data for the study was collected using questionnaires. The results of the study indicated that university top management support, end-user training, understanding and approval by top management, availability of qualified and competent ICT staff were important factors for the successful implementation of Information system. The findings of this study are expected to guide the University management, other institutions of higher learning on related issues and provide a framework to describe the IS implementation process. Keywords: Computer based information system, Public Universities in Kenya, Egerton Universit

Role of Sector Vulnerability in the Temperature, Wildlife Tourism Sector Performance Relationship in Maasai Mara Ecosystem, Kenya

Abstract This study sought to investigate the effect of sector vulnerability in the relationship between temperature and wildlife tourism performance. The study adapted a pragmatic research design that advocates for mixed methods which allows for the use of both qualitative and quantitative research methods to study phenomena. Qualitative data collected was analyzed by use of content analysis while quantitative data collected was analyzed by use of SPSS for exploratory factor analysis and AMOS for confirmatory factor analysis and structural equation modeling. The results of the study were that vulnerability mediated the relationship between temperature and wildlife tourism ? = - 0.121, t = -4.583, P <.00, the results of this study are useful to wildlife tourism stakeholders because it forms a basis that can be used by industry players to develop appropriate adaptations since climate change is the new norm globally.  Key words: wildlife tourism, vulnerability, climate chang

Role of Regulatory Policies in the Relationship between Distribution Channel and Uptake of Life Assurance Products in Kisumu County, Kenya

In Kenya, Life Assurance has a low penetration leading to overstretched support systems. The symptoms of low uptake of Life Assurance policies in Kenya are manifested in members of the Kenyan population resorting to informal ways of risk management especially in cases of premature deaths of household bread winners. This study's objective was to determine the role of Regulatory policies on the relationship between Distribution channel and Uptake of Life Assurance products in Kisumu County, Kenya. The study, which was anchored on the Human Life Value theory, adopted a Descriptive Survey technique and was quantitative in nature. The study used a sample of 537 respondents calculated using the Taro Yamane (1970) formula from a population of 6376 public primary school teachers in Kisumu County chosen using the stratified random selection approach. The collected data was analyzed using descriptive statistics. Hierarchical regression was used to establish the theorized causal linkages. The strength of the association between the independent and dependent variables was evaluated using Pearson correlation. The findings indicate that there is a significant relationship between Life Assurance products uptake and Distribution channel using Regulatory policies as the moderator. The study concludes that Regulatory policies have a positive and significant effect on the relationship between Distribution channel and uptake of Life Assurance products and recommends the need for stakeholders in the insurance industry to understand the importance of Distribution channel and Regulatory policies in the overall business strategy. Keywords: Endowment, Term assurance, Referrals, Tax incentives, Policyholder protection DOI: 10.7176/EJBM/16-1-06 Publication date: January 31st 202

Critical success factors influencing the performance of development projects: An empirical study of Constituency Development Fund projects in Kenya

The present work attempts to identify critical success factors (CSFs) influencing the performance of development projects based on their key performance indicators (KPIs). It has considered the case of Constituency Development Fund (CDF) projects constructed between 2003 and 2011 in Kenya and secured the perceptions of 175 respondents comprising clients, consultants and contractors involved in the implementation of CDF projects on 30 success variables. Findings reveal that individual items constituting these six factors represent six CSFs namely project-related, client-related, consultant-related, contractor-related, supply chain-related, and external environment-related factor. The findings are also relevant to development projects undertaken in other developing countries

The Mediating Effect of Business Model on the Relationship Between Intellectual Capital Disclosure and Value of Listed Companies: Empirical Evidence from Kenya and South Africa

Listed companies in Kenya have experienced firm value volatility over a considerable period of time. Whereas, disclosures in corporate reports have been linked to firm value, examination of non-financial information related aspects in integrated reports has not been explored fully. One of the non-financial related component contained in the <IR> framework is intellectual capital. This research investigates the relationship between intellectual capital disclosure and value of listed companies in Kenya and South Africa, and examines whether business model mediates this relationship. The study relied on Positivist research philosophy and grounded on the stakeholder theory, legitimacy theory and agency theory. The study design was both exploratory and confirmatory. Out of a population of 209 companies, the study purposefully selected a sample of 137 companies comprising 19 firms from NSE, Kenya, while, 118 companies were from JSE, South Africa, considered integrated reporting adopters for the period 2018-2020. Utilizing secondary data obtained from audited integrated reports and annual financial statements of the sampled companies, the study used descriptive statistics to summarize the data, with Pearson correlation methods applied to inspect variable associations. The hypotheses were tested using stepwise regression analysis on the basis of Baron and Kenny (1986) four step mediation process. The results reveal negative and statistically significant effect of intellectual capital disclosure on value of firms listed in NSE, while, the effect was positive and statistically significant in respect to JSE, listed companies. Furthermore, the effect of intellectual capital disclosure on business model was positive and statistically significant for both countries. Finally, the mediating effect of the business model on the relationship between intellectual capital disclosure and value of firms listed in NSE and JSE was established. However, Kenyan listed companies reported inconsistent mediation, as, South African companies data exhibited complete/full mediation. The study recommends that managers in these organisations should embrace intellectual capital and business model disclosures for the purpose of improving firm values and legitimization objectives. Keywords: Intellectual capital disclosure, Integrated reporting, Corporate disclosures, business model, firm value, Tobin’s Q, Kenya, South Africa DOI: 10.7176/RJFA/15-8-04 Publication date: September 30th 202