Effect of Age Diversity on Dividend Policy in Kenya

In the modern corporations owners embrace mechanisms like age diversity to mitigate against managers failures to act in their interests. The purpose of this study is to examine how age affects dividend policy among Kenyan firms listed on the Nairobi Securities Exchange. The study was guided by agency, signaling, resource dependency and power circulation theories. The research design used was explanatory where all firms listed on the NSE were examined. Document analysis was used to collect secondary data from annual reports of firms. Data was analyzed using descriptive statistics such as the mean, median, and standard deviation and multiple regression analysis was done to examine the effects between age diversity and dividend policy in annual reports. The study was expected to contribute new knowledge on the relationship between board diversity and dividend policy as moderated by chief executive officer power. The results of the study revealed that age diversity did not influence dividend policy. The correlation results showed that age diversity (β = .005, p = .634). The study recommends that policy makers need to ensure development of regulations to enhance board diversity among firms since board diversity brings about overwhelming benefits to corporate owners by minimizing agency problems related to free cash flows hence enhance payout to shareholder and reduce risk of misallocation of excess resources by firm managers. The study also recommends further studies to be carried out on the relationship between board diversity and dividend policy on privately owned, SME’s, both listed and unlisted firms using similar study variables and a Longer period for the same study be considered to determine whether optimal results would be achieved. Keywords: Age Diversity, Dividend, Policy, Resource dependency, powe

Influence of Professional Expertise on Dividend Policy among Listed Firms in Nairobi Securities Exchange in Kenya

Management of corporations has been faced by challenges emerging from internal managers not being able to effectively offer stewardship. The organizations owners therefore have to improvise means of ensuring that their interests are protected. In modern corporation’s owners embrace mechanisms like board diversity to mitigate against managers failures to act in their interests. The purpose of this study was to examine the influence o professional expertise on Dividend Policy among listed firms in Nairobi Securities Exchange. In the recent past, most corporations in developing economies experience unstable dividend payment hence the need to determine whether professional expertise can remedy dividend payment situation prevailing. The study examined how professional expertise can influence dividend policy in companies listed on the NSE. The study was guided by agency, signaling, resource dependency and power circulation theories. The study used the explanatory research design. Document analysis was used to collect secondary data from annual reports of firms. Data was analyzed using descriptive statistics such as the mean, median, and standard deviation and fixed effect multiple regression analysis was done to examine the effects between professional expertise and dividend policy in annual reports of firms. The study was also expected to contribute new knowledge on the relationship between professional expertise and dividend policy. The regression results showed that professional expertise (β = .226, p = .490) exhibit a strong direct relationship with dividend policy. The study recommends that policy makers to ensure development of regulations to enhance professional expertise among firms since professional expertise brings about overwhelming benefits to corporate owners by minimizing agency problems related to free cash flows hence enhance payout to shareholder and reduce risk of misallocation of excess resources by firm managers. The study also recommends further studies to be carried out on the relationship between professional expertise and dividend policy on privately owned, SME’s, both listed and unlisted firms using similar study variables and a longer period for the same study to determine whether optimal results would be achieved. Keywords: Professional Expertise, Dividend, Policy, Resource dependency, securities exchang

New service development: strategy and process in the hospitality sector in Kenya

Thesis research proposalThis paper addresses the issue of new service development (NSD) process in the hospitality sector. While it is recognized that there are significant differences between service sectors, much less has been written about differences between separate services, with most studies concentrating on financial services. The aim of the study is to investigate to what to what extent findings in the financial services sector are applicable to the hospitality service sector and whether NSD is significantly different for “high contact” services as opposed to “low-contact” services. Utilizing a survey of industry managers in Kenya data will be collected in the areas of NSD strategy and process. This paper tries to fill this gap by integrating the empirical findings from both quantitative and qualitative data. The study will employ a cross-sectional, surveybased methodology and qualitative case studies. The Kenyan sampling frame will include classified hotels.This paper addresses the issue of new service development (NSD) process in the hospitality sector. While it is recognized that there are significant differences between service sectors, much less has been written about differences between separate services, with most studies concentrating on financial services. The aim of the study is to investigate to what to what extent findings in the financial services sector are applicable to the hospitality service sector and whether NSD is significantly different for “high contact” services as opposed to “low-contact” services. Utilizing a survey of industry managers in Kenya data will be collected in the areas of NSD strategy and process. This paper tries to fill this gap by integrating the empirical findings from both quantitative and qualitative data. The study will employ a cross-sectional, survey based methodology and qualitative case studies. The Kenyan sampling frame will include classified hotels

Influence of Gender Diversity on Dividend Policy in Kenya

Management of corporations has been faced by challenges emerging from internal managers not being able to effectively offer stewardship. The organizations owners therefore have to improvise means of ensuring that their interests are protected. The purpose of this study is to gender and age influence dividend policy among Kenyan firms listed on the Nairobi Securities Exchange. In the recent past, most corporations in developing economies experience unstable dividend payment hence the need to determine whether board diversity can remedy the dividend payment situation prevailing. The study was guided by agency, signaling, resource dependency and power circulation theories. The research design used was explanatory where all firms listed on the NSE were examined. Document analysis was used to collect secondary data from annual reports of firms. Data was analyzed using descriptive statistics such as the mean, median, and standard deviation and multiple regression analysis was done to examine the effects between gender diversity and dividend policy in annual reports. The study was expected to assist in defining the role of gender diversity on dividend policy in emerging economies as well as determining whether gender diversity would act as a remedy to dividend policy puzzle among corporations. The results of the study revealed that gender diversity had influence on dividend policy of firms. The correlation results showed that gender diversity (r=.254, p= .000) had positive relationship with dividend policy. The results also show that gender diversity was the most important factor that influences dividend policy decisions. The study recommends that policy makers need to ensure development of regulations to enhance gender diversity among firms since gender diversity brings about overwhelming benefits to corporate owners by minimizing agency problems related to free cash flows hence enhance payout to shareholder and reduce risk of misallocation of excess resources by firm managers. The study also recommends further studies to be carried out on the relationship between board diversity and dividend policy on privately owned, SME’s, both listed and unlisted firms using similar study variables and a Longer period for the same study be considered to determine whether optimal results would be achieved. Keywords: Stewardship, Gender Diversity, Dividend, Policy, Resource dependency, policy puzzl

Innovation inequality within service sectors : preliminary evidence from the hospitality sector in Kenya

Conference paper presented at the 1st African Conference on Sustainable Tourism in Strathmore University, Kenya.Limited attention has been paid to the issue of NSD between sectors. To address this critique of the literature a comparative study of NSD strategy and process of the hospitality and financial sectors was conducted. The exploratory study used a cross-sectional survey-based methodology and case study strategy from 35 hotels. Three-stage sampling procedure was used in the study. Findings from empirical studies of the financial sector were used for comparison. The data showed that there is a significant difference in the implementation of the NSD strategy between chain and independent hotels. The type of management adopted by the establishment influenced the execution of NSD strategy. There is no evidence that the number of new services developed is related to hotel‟s star rating for hospitality sector. The analysis has been restricted to two sectors: hospitality and financial services. This suggests the need for further comparative studies of NSD between other service sectors. The findings of this research support the notion that some of the key NSD strategy and process may be common across all service sectors whereas others must be adjusted for sector variations. The insights from this study can help service managers to better understand innovation inequality within the service sectors and manage their NSD efforts in a sector-specific context. The findings of the research are expected to advance the understanding of service cataloging and their implications on a firm‟s NSD strategy and process

Kinematics of the Tined Combine Harvester Reel

Although derivation of the kinematic equations of the combine harvester reel is readily achieved, certain inferences thereof suggest possible improvements in its kinematical design.  A mathematically computed reference value of the reel index (ratio of the product of the reel radius and rotational velocity to the reel advance velocity) is found to be larger than commonly recommended values.  The point, either spatial or temporal, within the cycle of reel motion, at which the tinebar should preferably enter the crop is discussed.  The pick-up performance of the tines is qualitatively analyzed and its possible improvement through redesign of reel tine kinematics is suggested. Keywords: combine harvester reel, reel kinematics, tine trajectory

Modeling of crop stem deflection in the context of combine harvester reel design and operation

A model of crop stem deflection by the combine harvester reel is formulated.  The equations derived thereof are evaluated on the basis of empirical data that were acquired through deflection of crop stems in a ready-for-harvest Japonica rice in the field.  The empirical data are found to be in agreement with the theoretically derived equations. Applications of crop stem deflection to reel design and operation are discussed.  The derived crop stem deflection model should be applicable in other situations in which it becomes necessary to study the deflection of crop stems, particularly in the domain of agricultural machinery engineering. Keywords: combine harvester header, tined reel, crop stem deflection, rice crop, mathematical modeling, model validation, model applicatio

Breeding investigations of finger millet characteristics including blast disease and striga resistance in Western Kenya.

Thesis (Ph.D.)-University of KwaZulu-Natal, Pietermaritzburg, 2008.Finger millet (Eleusine coracana (L.) Gaertn. ssp. coracana) is an important food, food security and cash crop in eastern and southern Africa where small-scale farmers grow it in low input farming systems. The crop has food security, nutritional, cultural, medicinal, and economic value with high industrial potential. Little research and hardly any breeding have been done on the crop leading to low yields and low production. A project was therefore implemented in western Kenya during 2004-2007 seasons to investigate the possible breeding contributions to enhance productivity and production of the crop. The research comprised a social survey, germplasm evaluation, appraisal of ethrel as a chemical hybridising agent (CHA), genetic analysis of yield, and resistance to blast and Striga, and breeding progress in developing new finger millet varieties. A participatory rural appraisal (PRA) was conducted in three districts during 2006 to position finger millet (FM) in the farming systems, production constraints, and variety diversity and farmer preferences. The PRA established the high rating the peasant farmers gave to finger millet among crop enterprises, using it for food, cash, brewing, ceremonies and medicinal purposes. Farmers cultivated many varieties ranging from five to nine in a district, but each district had its own popular variety. Farmers used the following criteria to select new cultivars: high yield potential; early maturity; resistance to blast disease, Striga, birds, drought, and lodging; large head size, dark grain colour, and good taste. This probably indicated the willingness of farmers to adopt new varieties. Farmers identified constraints to production as blast disease, Striga, wild FM, birds, rats, termites, lack of market, labour shortage, and low yield. The farmers’ variety selection criteria and production constraints underscored the need to improve finger millet varieties. Evaluation of 310 accessions for trait variability and association conducted during 2005 long rain (LR) season at two sites revealed wide variation among the accessions for yield and secondary traits. The best accessions grain yield was above the yield potential of 5,000- 6,000kg ha-1 reported in other environments. Accessions KNE 072 (7,833kg ha-1), GBK 028463 (7,085kg ha-1), GBK 029661 (6,666kg ha-1) and FMBT ACC#42 (6,566kg ha-1) were outstanding. The data showed the opportunity to select for yield directly because of its wide variability but indirect selection could also be used to exploit seedling vigour as shown by its high correlation to yield and direct and indirect positive effects on yield through plant height and single plant yield in path analysis. The wide genetic variability among the genotypes for several traits indicated high potential to breed new and better finger millet varieties