https://repository.seku.ac.ke/handle/123456789/84 2026-03-16T23:15:59Z https://repository.seku.ac.ke/handle/123456789/7413 Title: Investor sentiments, property diversification, investor awareness and their influence on performance of real estate investment trusts in Kenya Authors: Ndung’u, Daniel T. Abstract: The introduction of REITs in the securities market was intended to broaden capital markets, allowing them to be used to raise funds for affordable housing while also serving as an alternative investment choice. However, since its introduction, Kenya’s REITs market has experienced slow development. The performance of the listed REITs has not been as expected since listing in the year 2015. Additionally, efforts by REIT managers to issue more real estate securities have been slow. There is a lack of information as to why this current situation exists. In addition, information is scant on how investor sentiments, property diversification, and investor awareness may influence the performance of REITs. Moreover, it is not clear how the market regulatory framework may moderate the relationship between investor sentiments, property diversification, investor awareness, and the performance of REITs in Kenya. Thus, the main objective of this study was to examine how investor sentiments, property diversification, and investor awareness influence the performance of REITs in Kenya. Specifically, the study sought; to assess the influence of investor sentiments on the performance of REITs, examine the influence of property diversification on the performance of REITs, evaluate the influence of investor awareness on the performance of REITs, and analyse the moderating effect of market regulatory framework on the influence of predictor variables on the performance of REITs in Kenya. A predictive correlational research design was employed. The target population comprised 202 respondents consisting of Fund Managers, Stock Brokers, Investment Banks and Property Developers. A structured questionnaire was used to collect primary data, while audited financial records for the years 2016-2020 provided secondary data. The reliability and validity of the research instrument were ascertained through pre-testing, Cronbach alpha, and factor analysis. To summarize the findings, descriptive statistics were employed. Inferential statistics such as Structural Equation Modelling were used to test the hypothesized relationships at a 5% significance level. SPSS and DEA software was used for data analysis. The results are presented using tables and discussions. Results show that there exists a positive significant influence of investor sentiments on the performance of REITs. There exists a positive significant influence of property diversification on the performance of REITs. Further, the influence of investor awareness on the performance of REITs is positive but statistically insignificant. The findings also revealed that the market regulatory framework does not significantly moderate the influence of investor sentiments, property diversification investor awareness, and performance of REITs in Kenya. The study concludes risk and return sentiments have made REITs issuers shy away from issuing new such securities in the market. Further, continued property-type location diversification will enhance the uptake of REITs by investors. The study recommends that continuous engagement sessions between the securities market regulatory authority, the REITs Association of Kenya, and investors will enhance market confidence, thus lowering the risk-return sentiments. In addition, REITs issuing firms should also ensure that there is clarity over the returns of the underlying properties since this is likely to improve REITs' share returns by creating certainty among investors. Description: Degree of Doctor of Philosophy in Business Administration 2023-11-09T00:00:00Z https://repository.seku.ac.ke/handle/123456789/6109 Title: The role of university based business incubators strategy on enterprise growth in Kenya Authors: Wachira, Kevin Abstract: The importance of enterprise growth around the globe has been well recognized and documented by many scholars. For instance, studies have reported that the potential contribution of enterprise growth to employment and income has been generally recognized. Entrepreneurs are widely recognized as the prime movers of economic development; the people who translate ideas into action. However the start- up failure rates are still very high and the desired growth levels are yet to be achieved and consequently some scholars and policy makers have turned to business incubators and particularly university based business incubators as a possible boost to enterprise growth through nurturing start-ups. This study sought to investigate the role of university based business incubators on enterprise growth in Kenya. It was conducted using a descriptive research design. The six active university based business incubators in Kenya were investigated with a specific focus on all the fifty nine graduated incubatees from the said incubators. Census technique was used given that the total number of all graduated incubatees (59) could be adequately studied. The study used a semi structured questionnaire as its main data collection tool. A combination of tools was used to analyze the data because whereas some aspects of the study are qualitative others are of a quantitative nature. Quantitative data was analyzed using Statistical Package for Social Sciences (SPSS) Version 21 software through descriptive statistics; measures of central tendency (mean and mode), measures of dispersion (standard deviation and variance) and inferential statistics (correlation and multiple regression analysis). Thematic analysis was used for qualitative data. Data was presented primarily in frequency tables, charts and graphs. The study established that the selection criteria strategy used by an incubator, the managerial skills impartation strategy, entrepreneur skills impartation strategy and social networks skills impartation strategy have a significant positive correlation to enterprise growth. Incubator environment was however found not to have a significant effect on enterprise growth. It was established that all the five variables while combined had a significant positive effect on enterprise growth. The study recommends among others, that the government through the Ministry of Education and management of individual universities set up more university based business incubators given the positive potential effect they have on enterprise growth. University based business incubators should continuously enrich their selection criteria strategy in order to attract and incubate only the very potential incubatees. Government policy makers need to re-look into the education curricula to ensure it structured in such a way that it actually impacts entrepreneurial skills into the learners. University based business incubators need to organize more platforms such as seminars, forums and workshops so as to create more networking opportunities for their incubatees and industry players. Further studies could be conducted on business incubators based in other non- university learning and research institutions such as technical and vocational training institutes. Description: Doctor of Philosophy in Entrepreneurship, 2017 2020-10-13T00:00:00Z https://repository.seku.ac.ke/handle/123456789/3816 Title: The influence of firm- specific factors on capital structure of insurance companies in Kenya Authors: Wahome, Michael N. Abstract: Capital structure has been one of the most controversial issues in the field of finance during the past 40 years. There are a number of existing theories and empirical studies observing patterns involved in choosing a capital structure. However, until now, there is no universally acceptable theory. The purpose of the study was to carry out empirical test, to determine the influence of firm specific factors on the capital structure of Kenyan insurance companies. The study population involved all the registered insurance firms. The research targeted firms that had a continuous operation between 2003 and 2012 and the analysis was based on the year-end observations for ten consecutive years. The study objectives were to test the influence of firm specific factors: firm profitability, firm growth, firm size, and firm risk on capital structure of insurance companies in Kenya. The influence of independent variables and the dependent variable was moderated by the firm management control. This research used both primary and secondary data. The primary data consisted of audited year-end financial reports filed with the Kenya Insurance Regulatory Authority (IRA) and the Nairobi Security Exchange (NSE). Data collection process was very challenging because some companies had not filed all their returns with the regulator and were reluctant to provide the data for this study. For the purpose of analysis, the statistical package (EVIEWS version 8) was used to compute descriptive statistics, correlation and regression analysis. The analyzed data was presented in form of tabulated descriptive statistics such as the mean, range, standard deviation, maximum and minimum values. Inferential statistics were also used to describe the data. Regression statistics were used to test the influence of the independent variables on the dependent variable. The panel regression results indicated that firm profitability, firm size and firm risk were significant factors while firm growth was insignificant. The whole model without moderation had 57.9% explanatory power on capital structure. However, with moderation of the firm management control, the three significant variables: firm profitability, firm size and firm risk had their beta coefficients change from positive to negative meaning they all had negative influence on capital structure. With moderation the model explanatory power improved from 58% to 66%. This means that the management of insurance firms exerts significant moderating effect on the influence of firm specific factors on capital structure. The study established that firms are fully taking advantage of tax shield of debt finance. However this study recommends to the stakeholders in the industry to control the increase in debt ratio by increasing use of equity and retained earnings to avoid pushing the industry to bankruptcy. The study also recommends to the future researchers to consider studying those other factors that were not included in this research and also those other 10 firms that were excluded. Description: Doctor of Philosophy in Business Administration, 2016 2018-01-22T00:00:00Z https://repository.seku.ac.ke/handle/123456789/3811 Title: Tacit knowledge sharing and public sector performance in Kenya Authors: Wamitu, Susan N. Abstract: The study sought to establish the influence of tacit knowledge sharing on the performance of public sector in Kenya. The study objectives were: To determine the tacit Knowledge factors and their effect on public sector performance, to establish interventions that the public sector can utilize to enhance tacit knowledge sharing and consequently public sector performance. The study was guided by intellectual capital theory, constructivism theory; self-efficacy theory, knowledge economy theory and Nonaka' s model of knowledge creation. The study employed use of descriptive and comparative research design and targeted all public sector departments in Kenya. Eight counties namely Samburu, Makueni, Kirinyaga, Kilifi, Nairobi, Homa Bay, Bungoma and Garissa, formed the sample of the study. The study adopted purposive sampling and simple random sampling to seek responses from the management and the line staff in the chosen public departments. Questionnaires were dropped and picked and the data collected was analyzed using descriptive and inferential statistics. The analyzed data was presented in tables and other appropriate presentations. Chief among the conclusion made were that workforce communication and interactions, organizational culture and functional boundaries have a more significant influence on organizational performance than motivation. The county by county analysis showed that workforce communication and interactions were insignificant in all the counties. Both were positive in Garissa, Makueni and Kirinyaga counties. In all other counties, they were negative and insignificant. Functional boundaries were found to be positively significant in Samburu, Kilifi, Bungoma, Garissa and Kirinyaga counties. However in the remaining counties, they were positive but insignificant. Organizational culture was found to be positively insignificant in Samburu, Kilifi, Makueni and Nairobi County but was negatively insignificant in the other counties. Motivation was found to be positively significant in Samburu, Kilifi, and Bungoma counties but was positively insignificant in the rest of the counties. On the national government analysis, the national government was found to lack concrete policies on tacit knowledge sharing and counties displayed unique characteristics in the county by county analysis. The study also recommended that the government both national and county come up with knowledge sharing policies and also transform into resource centers that can generate knowledge. Recommended areas for further research are replication of the study to performing institutions and longitudinal research to establish the influence of tacit knowledge sharing on public sector performance. Description: Doctor of Philosophy in Business Administration and Management, 2016