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Corporate Governance Practices andPerformance ofan EmployeePension Scheme Within KCBBank
(Stratford Peer Reviewed Journals and Book Publishing, 2026-03) Gitonga, Esther Njeri; Bett,Shadrack
Employee pension schemes play a critical role in ensuring long-term financial security for employees, and their performance is largely influenced by the corporate governance practices adopted by the sponsoring institutions. In the Kenyan banking sector, institutions such as KCB Bank have established employee pension schemes to safeguard employees’ retirement benefits; however, limited empirical evidence exists on how corporate governance practices influence the performance of these schemes. With this in mind, this researchexploredthe influence of corporate governance practices on the performance of employee pension schemes within KCB Bank, Kenya. The study specifically examined the effect of board composition, stakeholder involvement, compliance, and structural considerations on the performance of employee pension schemes. Stewardship theory, resource-based view theory,stakeholder theory, systems theory and the Ansoff growth matrix theorywas this study’s theoretical guide. The adopted research design was a descriptive one, targeting a population of 128 respondents drawn from trustees, scheme administrators, fund managers, custodians, secretariat staff, and scheme members. Stratified random samplingmethodled to 64 respondentschosen for this research. Primary data were collected using questionnaires. Content validity was applied to assess validity, while reliability was through using the Cronbach alphafor testing with values within the range of 0.7 being acceptable. Quantitative data were analysed using descriptive statistics, including means and standard deviations, and inferential analysis was done using bothmultiple regression as well as correlation analysis. The findings established that structural considerations had a positive and statistically significant influence on the performance of employee pension schemes, while compliance also demonstrated a positive and significant influence. Board composition and stakeholder involvement showed positive but statistically insignificant influence on pension scheme performance. The study concluded that well-defined pension scheme structures and strict adherence to regulatory requirements are key drivers of pension scheme performance within the banking sector. The study recommended that pension scheme trustees prioritize appropriate pension scheme structures and strengthen compliance mechanisms, while management invests in governance structures that enhance accountability and sustainability of employee pension schemes.
Managerial Overconfidence and Corporate Investment Decisions of Listed Firms in The Nairobi Securities Exchange, Kenya: A Theoretical Review
(Stratford Peer Reviewed Journals and Book Publishing, 2026-03) Nzunga, Dennis Joseph; Jagongo, Ambrose O.
Firms listed on the Nairobi Securities Exchange play a significant role in Kenya's economic development. Despite their strategic importance, many listed firms have exhibited inconsistent investment patterns, characterized by underinvestment in profitable projects, fluctuating capital expenditure levels, and declining financial growth over the past 6 years (2020 – 2025). These challenges have been attributed to factors such as high borrowing costs, macroeconomic volatility, limited access to long-term financing, and structural inefficiencies within the capital market. Consequently, concerns have emerged regarding the efficiency of corporate investment decisions among firms listed on the Nairobi Securities Exchange and the factors that influence their investment behavior. The study's general objective is to investigate the relationship between managerial overconfidence and corporate investment decisions of listed firms in the Nairobi Securities Exchange, Kenya. Specifically, the study will determine the relationship between earnings forecast bias and corporate investment decisions; assess the relationship between investment-cash flow sensitivity and corporate investment decisions; establish the relationship between CEO stock option exercise behavior and corporate investment decisions; establish the relationship between debt financing behavior and corporate investment decisions, and to determine the moderating effect of firm size on the relationship between managerial overconfidence and corporate investment decisions of listed firms in the Nairobi Securities Exchange, Kenya. The study will be guided by the pecking order theory, behavioral finance theory, agency theory, prospect theory (Kahneman & Tversky), and upper echelons theory. The empirical literature review will be drawn from international, regional, and local sources. Recent research studies in Kenya, African countries, and international markets will be investigated
Moderating Effect of Capital Inflows on the Relationship Between Systematic Risks and Stock Market Return Volatility Among Firms Listed at the Nairobi Securities Exchange, Keny
(Stratford Peer Reviewed Journals and Book Publishing, 2026-02) Kinuthia,David Ngugi; Warui, Fredrick; Mithi, Festus
The study assessed the moderating effects of capital inflows on the relationship between systematic risks and stock market return volatility among firms listed at the NSE, Kenya. Volatility in the stock market in Kenya has been on the rise in the recent years. Capital inflows can impact stock market volatility by affecting overall market liquidity and investor sentiment. Sudden changes in capital flows, such as large-scale foreign selling or buying, can exacerbate market volatility as prices adjust to accommodate the influx or outflow of funds. Empirical studies found conflicting findings and displayed research gaps that this study sought to fill. The study was anchored on positivism philosophy and correlational research design. The target population was all 62 NSE listed firms listed between 2014 and 2024. Secondary data was collected from NSE, KNBS, CMA and world bank reports using data collection sheet. The data was analyzed through descriptive statistics and multiple regression. The study found that individual interaction terms were insignificant, including inflation (β = -0.0172, p = 0.428), exchange rate (β = 0.0368, p = 0.306), and interest rate (β = -0.0215, p = 0.389). Hence, capital inflows had no significant moderating effect on the relationship between systematic risks and stock market return volatility. The study concludes that capital inflows have no significant moderating effect on the relationship between systematic risks and stock market return volatility of firms listed at the NSE Kenya. The study recommends that regulatory bodies such as the CMA and CBK develop policies that encourage productive and long-term capital inflows. The CMA and CBK should establish early warning mechanisms that monitor capital flow volatility and its potential spillover effects on equity market stability. Market regulators should also enhance investor education initiatives so that market participants are better equipped to respond rationally to changes in capital flow patterns, thereby reducing sentiment-driven volatility in the Kenyan stock market.
Effect of Climate Investment Funds on Financial Sustainability of Selected Non-Governmental Organisations in Kenya
(Stratford Peer Reviewed Journals and Book Publishing, 2026-04) Wachira Muchemi; Mungai, John; Kariuki, Grace
Despite the global shift towards sustainable financing, green financing accounts for less than
10% of total NGO funding in Kenya, underscoring a significant gap in the adoption of
environmentally aligned climate investment funds strategies. This study seeks to examine the
effect of climate investment funds on the financial sustainability of registered project-based
NGOs operating in Nairobi, Kenya, particularly those engaged in poverty alleviation and
development. The study was anchored on the Theory of Change. Guided by a positivist
philosophy and a descriptive research design, the study targeted 114 project-based NGOs
headquartered in Nairobi, selected from the 161 listed by the National Council of NGOs, using
Fisher’s (1983) formula to determine sample size. Data was collected using structured
questionnaires. Pilot study was undertaken at Hope in Action Association-Kenya to ensure
appropriatness of the data collection instruments. The correlation and regression analyses
revealed that climate investment funds significantly influenced the financial sustainability of
NGOs in Kenya. Climate investment funds showed moderately strong correlations with
financial sustainability, emphasizing their role in diversifying income streams, enhancing
resilience, and attracting donor confidence. Regression analysis confirmed that climate
investment funds significantly impact NGO financial performance, explaining 33.2% of the
variation. The study concludes climate investment funds significantly boost NGO
sustainability in Kenya. Climate investment funds provide both financial and strategic
opportunities, enabling NGOs to align with global sustainability agendas while improving
operational efficiency. The study therefore recommends NGOs and policymakers to adopt
comprehensive, diversified, and well-regulated climate investment funds to secure both
financial resilience and environmental impact
Client Cost Aversion and Professional Risk Perception in Kenya’s Green Building Adoption
(AMJAU, 2025-12) Oduho,Rose Achieng; Mirer, Caleb
his paper pivots the discussion on Sustainable Interior Design concept adoption in the Kenyan built
environment from a prevalent Supply-Side Deficit Model (focusing on legislation and training) to a
Demand-Side Market Failure Model centered on the client-designer financial conflict. Analyzing
survey data from a whole population of interior design practitioners in Kenya (N=56) using Mean
Ranking (MR) and Principal Component Analysis, the study reinterprets the factors that impede
sustainable specification. While the Absence of mandatory legislation (F9) ranked highest (xˉ=4.39),
its primary consequence is the enabling of Client unwillingness to utilize green strategies (F12)
(xˉ=4.00) and Overall Client Control (F13) (xˉ=3.64). The paper argues that in a voluntary regulatory
environment, client cost aversion acts as the proximal cause of marginalization, creating an immense
professional risk perception that suppresses the designer's motivation to specify sustainable solutions,
even if they possess the technical know-how (F2). This perspective shifts the focus from simply
lacking skills or laws to managing the financial and liability risks inherent in proposing optional,
high-cost sustainable solutions in a competitive, cost-sensitive market. The study concludes that
market dynamics, driven by client resistance, must be countered by financial de-risking mechanisms
and performance guarantee schemes rather than solely relying on future mandatory codes.