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Kenyatta University Institutional Repository is a digital archive that collects, preserves and disseminates scholarly outputs of the Institution
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Unsystematic Risk and Financial Performance of Investment Banks in Kenya
(Kenyatta University, 2025-09) Kapkea, Caroline Jerop
Investment banks have experienced significant global and regional growth over the past two decades. In Africa, and specifically in Kenya, investment banks have gradually grown, with the Capital Markets Authority (CMA) licensing fifteen (15) investment banks in 2022, up from two (2) in 2002. Despite this growth, the sector in Kenya has faced erratic and generally declining financial performance, with many banks recording negative financial ratios that is Return on Assets and Return on Equity over the study period. From the literature review, it is evident that most risk-based studies have predominantly focused on commercial banks, SACCOs and the manufacturing sector, leaving investment banks particularly in Kenya largely understudied. Existing research on unsystematic risk has often employed alternative dependent variables, with limited emphasis on the combination of variables undertaken in this study. This study sought to investigate the causes of underperformance, focusing on the impact of unsystematic risks on financial performance (FP) among investment banks in Kenya. Key unsystematic risk variables examined include revenue diversification risk, liquidity risk, capital adequacy risk, operational risk and exchange rate risk. The study also examined the moderating role of competition and the controlling influence of firm size on the relationship between unsystematic risk and financial performance. The study was anchored on several theoretical frameworks: modern portfolio theory, liquidity preference theory, trade-off theory, risk management theory, interest rate parity theory, and profit maximization theory. A quantitative research design was used, analyzing financial reports from all 15 licensed investment banks through descriptive and inferential statistics, including correlation and regression analyses. The results revealed that revenue diversification risk, liquidity risk and capital adequacy risk have a positive and significant relationship with financial performance, suggesting that diversified income streams, adequate liquidity and strong capital buffers contribute to improved profitability. Conversely, operational risk and exchange rate risk showed a negative and significant relationship with financial performance, indicating that inefficiencies in operations and exposure to currency fluctuations adversely affect profitability. Additionally, competition was found to moderate the relationship between unsystematic risks and financial performance, while firm size significantly influenced the interaction between these risks and performance. The study underscores the importance of strategic risk management and scalability for sustained growth in the sector. It concludes that maintaining adequate liquidity and capital, diversifying revenue sources and managing exchange rate and operational risks are critical to enhancing financial performance. The findings also emphasize the role of competitive positioning and firm size in mitigating risk impacts. Recommendations include regular regulatory monitoring of capital and liquidity requirements and promotion of revenue diversification. Investment banks are urged to integrate these unsystematic risks into their Enterprise Risk Management (ERM) frameworks, strengthen internal controls and conduct competitor benchmarking. Investor sensitization on inherent risks and conducting due diligence are also advised to safeguard stakeholder interests and improve sector stability.
Continuity and Transformation of Pastoralism among the Maasai of Narok County, Kenya (1850–2002)
(Kenyatta University, 2025-05) Keter, Caren Chepkirui
The Maasai pastoralism economy in Narok, (present day Narok County) has experienced continuity and transformation accounting for changes in pastoralists' livelihoods influenced by economic adaptation and outside influences on the Maasai from 1850 to 2002.This study as an analytical product of archival, oral and library research sought to investigate the pre-colonial traditional practices and the socio-economic, cultural and leadership frameworks that facilitated pastoralism as a major livelihood in Narok County (1850-1899), analyzes the effects of land alienation and settlement policies on Maasai pastoral nomadism and grazing patterns in Narok County, during the colonial period (1900-1963) and lastly examines how the reforms in land tenure, adjudication of land, expansion of agriculture, and policies of sedentariness during the Kenyatta and Moi regimes affected Maasai access to pastoral lands and viability of traditional pastoralism in Narok county, Kenya (1964-2002). The research relied on the resilience theory, which explains how the Maasai have in the past coped with challenges like loss of land and policy shifts while attempting to sustain their pastoral identity and the articulation of modes of production theory, which explains how Maasai pastoralism came to be articulated with and subordinated to capitalism which did not suppress pastoralism but reorganized it in a manner that made it unsustainable. The research took an exploratory approach and applied purposive sampling technique. Oral interviews, archival research, and a review of primary and secondary documents were used for data collection which was analyzed through inferences, comparisons, logical historical explanations, and narrative synthesis. Evidence indicates that between 1850 and 1899, the Maasai pastoralist economy was characterized by extensive livestock keeping, a strong communal land tenure system, and an extensive trade network. Between 1900 and 1963, colonial policies, alienation of land, and economic change caused tremendous dislocations, which reformed pastoralist customary ways. Between 1964 and 2002, the Maasai pastoralist economy declined due to increased land fragmentation, government-initiated decentralization and market-driven economic changes. The study discovers that while pastoralism remains a significant economic activity for the Maasai, historical and current forces have undermined its historical foundation. The study adds to the overall discourse on African pastoralist economies and provides insights into pastoralist communities' adaptive strategies to contemporary socio-economic challenges.
Parental Involvement in the Implementation of the Competency-Based Curriculum in Upper Primary Schools in Kakamega County, Kenya
(Kenyatta University, 2025-12) Amagove, Brenda
Successful implementation of the Competency-Based Curriculum (CBC) in Kenyan upper primary schools has encountered several challenges, primarily due to insufficient parental involvement. This is particularly evident in Kakamega County, where many parents lack a clear understanding of the CBC framework, limiting their capacity to support their children’s academic and social development. This lack of involvement hinders the full realization of the CBC’s objectives. The study explored the extent and nature of parental involvement in CBC implementation in upper primary schools, specifically focusing on: (1) assessing the extent to which parents provide learning resources to children, (2) determining parental involvement in monitoring and guiding children to complete homework, and (3) evaluating whether parents provide a conducive learning environment at home. Guided by Epstein’s parental involvement model, a descriptive research design was employed. The target population included 50 primary schools, 245 class teachers, 3,190 grade six learners, and 245 parents each representing a stream. A sample of 447 respondents was selected through simple random and stratified sampling, consisting of 8 schools, 49 teachers, 341 pupils, and 49 parents. Data was collected using structured questionnaires and interview schedules. A pilot study was conducted in two schools. Content validity was ensured through expert reviews by educational management and curriculum specialists from the university. The reliability of the instruments was established through a test-retest method yielding Pearson correlation coefficients of 0.85 and 0.88 for pupil and parent questionnaires, demonstrating strong reliability. Both qualitative and quantitative data was collected according to the research objectives, Quantitative analysis used descriptive statistics (frequencies and mean) to analyze data. The qualitative data, on the other hand, was examined thematically as per the study's objectives. Findings revealed that many parents provided essential learning materials such as books and stationery, though involvement in home tutoring was less common. Parental monitoring and guidance of homework were generally consistent, with variation due to factors such as limited time and lack of curriculum knowledge. Most parents made efforts to create conducive learning environments at home, including dedicated study areas, although challenges such as financial constraints and limited space were common. These findings suggest that socioeconomic and awareness-related barriers influence parental involvement in CBC implementation. The conclusion drawn from the study indicated that for effective CBC implementation, there need to be increased parental awareness and involvement, particularly in monitoring and providing learning resources. The study recommends that the Ministry of Education and Kakamega County education officials implement targeted sensitization programs to increase parental awareness and understanding of their roles in CBC. Schools should provide workshops to equip parents with skills for effective homework supervision and fostering conducive learning environments. Additionally, community and government support is needed to assist families facing economic challenges in providing adequate learning resources. This study offers practical insights for educators, policymakers, and parents to strengthen parental engagement, thereby supporting effective CBC implementation and improving educational outcomes in upper primary schools in Kenya.
Electrical and Optical Characterization of Indium-Doped Zinc Sulphide and Lead Sulphide Thin Films for Photovoltaic Cell Applications
(Kenyatta University, 2025-10) Imali, Annette
This study focuses on the fabrication and optimization of heterojunction photovoltaic cells using PbS (p-type) and indium-doped ZnS (n-type) thin films deposited on glass substrates. ZnS:In was deposited via chemical bath deposition (CBD) in alkaline conditions at 82°C, while PbS was applied using spray pyrolysis at 375°C. The electrical resistivity was measured using the four-point probe method, and optical properties such as absorbance, transmittance, refractive index, and band gap were obtained using a UV VIS-NIR spectrophotometer. Results analyzed with Scout Software revealed how deposition conditions influence the optoelectronic behavior of the films. The inclusion of indium in ZnS significantly reduced recombination currents at the junction, enhancing overall photovoltaic cell performance. The deposited ZnS:In films had its band gap varying from 2.99eV to 3.62eV with indium concentration from 0.00 to 0.06M. The band gap widened as the concentration of indium increased up to 0.06M where it recorded the highest with an optimum transmittance of 77% in the visible region The deposited ZnS:In samples recorded very low extinction coefficients showing that very little radiation was absorbed forming a good window layer material. The electrical resistivity values increased as Indium concentration increased. The resistivity range of 1.54 x 104 to 64 Ω-cm was obtained as recorded by the four-point probe. The Keithley 2400 source meter and the Four-point probe were combined. These photovoltaic cell applications require such properties to form the suitable window layers. The p-type (PbS) thin films had a transmittance of below 52 % and recorded a band gap of 1.68 eV which was fitting for formation of photovoltaic cell’s absorber layers. A range of 12.29 × 103 Ω-cm to 8.18 ×103 Ω-cm of resistivity was obtained at a concentration of between 0.3M to 0.6M. The properties of the fabricated photovoltaic cell obtained were as follows; Voc = 0.37V (Open Voltage),Isc = 0.032 A as (short circuit current), FF=0.67 the Fill Factor and η = 1.31% as the cell’s efficiency. This suggests that the two materials under investigation formed a good pair suitable for photovoltaic applications in the visible up to Infra-red regions of the spectrum.
Effect of Agroecological Origin on Honey Antibacterial Activity against Select Pathogenic Bacteria, Its Phytochemical and Bacillus Species Profiles
(Kenyatta University, 2025-11) Gatero, Angela Wairimu
Risks to human health posed by multidrug-resistant bacteria have been a menace to public health. Honey's content; bioactive organic compounds and bacteria population, have shown promise for the development of new antibiotics. Profiling Bacillus bacteria can serve as a scientific lead for discovering bioactive compounds with potential medical application. Honey’s phytochemical composition and bacteria diversity play an essential part in its antibacterial activity. Research has enhanced our understanding of honey therapeutic antibacterial potential, but its application in clinical care is still limited. This study determined the influence of agroecological origin on antibacterial profile of honey, its diversity of Bacillus bacteria species and phytochemicals. A total of 54 samples were collected from Manyatta and Marigat regions of Embu and Baringo counties. Phytochemicals were extracted using the methanolic maceration method involving dissolution, filtration, and concentration with a rotary evaporator at 40 °C. They were quantified using Liquid Chromatography-Mass Spectrometry (LCMS). This was followed by an analysis of the honey extracts for antibacterial activity against Staphylococcus aureus, Escherichia coli, Bacillus subtilis and Salmonella typhi. To isolate pure Bacillus bacteria species, the honey samples were serially diluted to reduce bacterial concentration, heat-treated to select for spore-forming bacteria, and plated on HiChrome Bacillus agar. The isolates were identified using morphological and biochemical methods. The PCR products of the DNA from the isolates were shipped to the Netherlands' Macrogen laboratory for sequencing using the Sanger technology. Genetic diversity was determined based on the sequencing of 16s rRNA. The findings showed that both honey extracts from the two locations exhibited significant antibacterial activity against the tested microorganisms. The honey extracts from Manyatta Constituency, Embu County exhibited a noticeably greater activity….