Kenyatta University Repository
Kenyatta University Institutional Repository is a digital archive that collects, preserves and disseminates scholarly outputs of the Institution
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Assessment of the Relationship Between Retained Earnings and Shareholder Value Creation: Perspectives from Listed Manufacturing Firms in Kenya
(African Journal of Emerging Issues (AJOEI), 2026-04) Florence, Teresa Wanjeri; Omagwa, Job; Musau, Salome
Purpose of Study: This study sought to analyze the effect of retained earnings on shareholder value in listed manufacturing firms in Kenya.
Problem Statement: Generating shareholder value remains a fundamental objective within the global corporate sphere, closely linked to corporate profitability. The manufacturing sector in Kenya contributes approximately 18% to the country’s GDP and creates employment to over 2.3 million individuals across both formal and informal sectors. However, these firms consistently struggles to create and maintain shareholder value over the past decade. Despite a reported increase in shareholder wealth on the NSE in 2019, much of this growth was concentrated within a few companies, with East Africa Breweries PLC being the only manufacturing firm among them.
Methodology: The study adopted a positivist philosophy and a causal research design. The target population included 21 listed manufacturing firms on the Nairobi Securities Exchange (NSE). Secondary panel data for the period 2012–2023 was extracted from published financial statements and analyzed using Stata software, employing both descriptive and inferential statistical techniques. Descriptive statistics, Pearson’s correlation, panel regression, multiple regression analysis were employed to analyze the data.
Result: Retained earnings had positive and significant on shareholder value creation (β = 0.229617, p = 0.018 < 0.05), showing that reinvesting internal funds supports shareholder value.
Recommendation: Retained earnings should remain the primary source of funding for listed manufacturing firms, given their strong positive relationship with shareholder value. In addition, firms should adopt dividend policies that balance investor expectations with the need for reinvestment in core operations.
Short-Term Debt Financing and Shareholder Value: Evidence from Listed Manufacturing Firms in Kenya
(StratfordPeer Reviewed Journals and Book Publishing, 2026-04) Florence, Teresa Wanjeri; Omagwa, Job; Musau, Salome
Listed manufacturing firms in Kenya play a critical role in driving economic growth, contributing approximately 18% to the country's Gross Domestic Product (GDP) and creating over 2.3 million jobs in both formal and informal sectors. However, these firms have faced challenges in consistently generating shareholder value over the past decade, raising concerns about their ability to sustain value creation. While shareholder value has increased among listed firms in general, the performance of listed manufacturing firms remains notably weak. Previous studies investigating shareholder value have produced inconsistent findings, leaving uncertainty about how financial structure influences shareholder value in these firms. This study addresses this gap by examining how short-term debt financing affect shareholder value among listed manufacturing firms in Kenya. Anchored on the Modigliani and Miller Theory and the Trade-off Theory, the research adopts a positivist philosophy and a causal research design. The target population included 21 listed manufacturing firms on the Nairobi Securities Exchange (NSE). Secondary panel data for the period 2012–2023 was extracted from published financial statements and analyzed using Stata software, employing both descriptive and inferential statistical techniques.The study found that short term debt had a positive and significant effect on shareholder value (β = 0.284519, p = 0.015 < 0.05), suggesting that efficient use of short term borrowing to support liquidity and operations enhances value.In view of the findings, the study recommends that managers and regulators should focus less on altering ownership structures and more on limiting costly long term borrowing, supportingworking capital discipline, and deliberately growing and redeploying retained earnings to drive shareholder value. In addition, policymakers, especially the National Treasury,Capital Markets Authority, and Nairobi Securities Exchange, should consider formulating financial policies that encourage manufacturing firms toadopt balanced financingapproaches.
Financial Practices and Program Efficiency of Non-Governmental Organizations in Nairobi City County, Kenya
(International Academic Journal of Economics and Finance (IAJEF), 2026-03) Mutua, Martin N.; Jagongo, Ambrose O.
The increasing demand for accountability and efficient utilization of donor funds has intensified pressure on non-governmental organizations (NGOs) to enhance program performance. In Kenya, particularly in Nairobi City County, NGOs continue to face challenges related to financial management practices, which undermine program efficiency in resource-constrained and donor-dependent environments. Program inefficiencies have been linked to weak financial systems, poor resource allocation, and limited organizational capacity. While external funding uncertainties persist, financial practices remain a critical internal mechanism that NGOs can leverage to improve program outcomes. This study aimed to investigate the effect of financial practices on program efficiency among NGOs operating in Nairobi, Kenya. The specific objectives were to examine the effects of liquidity management, budgeting practices, financial reporting quality, and financial sustainability on program efficiency, as well as to assess the mediating role of resource allocation efficiency and the moderating role of organizational capacity in this relationship. The study was anchored on Agency Theory, Pecking Order Theory, and Financial Accountability Theory
The Practice of Assessing Intensive Care Unit Acquired Weakness by Nurses At Kenyatta National Hospital, Kenya
(International Academic Journal of Health, Medicine and Nursing, 2026-03) Mbua, Dorcas Mbaika; Mbuthia,Nickcy; Musau,Joseph K.
ntensive care unit-acquired weakness
(ICUAW) is an acute dysfunction of the
neuromuscular system in acutely ill patients
admitted in intensive care unit. Best
assessment practices initiated and
maintained from time of admission leads to
positive patient care outcomes. Nurses are
the primary caregivers for critically ill
patients and ICUAW clinical assessments by
nurses mainly follows their clinical
experiences. The research findings
contribute in policy and guidelines
development for all other Critical Care
Units(CCU) in assessment of ICUAW
practices. The main objective of this study
was to evaluate the practices and influencing
factors for ICUAW assessment by nurses
working in the CCU in Kenyatta National
Hospital. Research employed correlational
research design. Multistage proportionate
random sampling method used.193 nurses
were recruited. Informed consent obtained
before the study. Self-administered
questionnaire used. Multivariate analysis
employed. Results presented by use of
frequency tables. Descriptive statistics
utilized to make summaries of the research
data. Permission obtained from Kenyatta
University Graduate School, Kenyatta
University Ethical and Research committee,
National Council for Science and
Technology through commission of
university education, Kenyatta National
Hospital/University of Nairobi Ethical and
Research Committee, the Kenyatta National
Hospital(KNH) administration and the
relevant KNH CCUs nurse managers.
Majority of the participants were female (n
= 149, 77.2%) while male respondents
accounted for 22.8% (n = 44), most
participants aged between 36–45 years (n =
83, 43.0%). A statistically significant
association was found between nurses'
experience in the critical care unit (CCU)
and ICU-AW assessment (χ² = 8.558, p =
0.032). Perception-related variables like
severity of patients’ illness (χ² = 13.749, p =
0.001), patient’s age (χ² = 8.671, p = 0.013),
patients with multiple conditions (χ² =
18.218, p < 0.001), physically inactive
patients (χ² = 5.696, p = 0.045) showed
significant associations with the assessment
practice. The findings indicate that routine
assessment of ICU-acquired muscle
weakness (ICU-AW) is not yet widely
institutionalized among nurses in the critical
care units. Only 20.7% of the respondents
reported that ICU-AW assessment is
routinely performed on patients in their unit,
whereas a significant majority (77.2%)
stated it is not. A conclusion made that
ICUAW assessment practice is majorly
determined by nurses’ attitude and
perceptions whereas the attitude and
perceptions were influenced by knowledge
and skills. Recommendations made for all
healthcare facilities with a CCU to invest in
modern methods of ICUAW assessment
providing appropriate tools for assessing
ICUAW and the nursing education policy be
made on higher nursing education on
ICUAW assessment training
Open and Distance Learning Model Effects On Students' Performance in the Faculty of Arts and Social Sciences at Egerton University, Kenya
(Academic Journal of Humanities and Social Sciences Research, 2026-02) Muthama, Gloria Munee; Rosemarie, Wanyoike
Purpose:This study examined the effects of Open and Distance Learning (ODL) on students’ academic performance in the Faculty of Arts and Social Sciences at Egerton University, Kenya. Methodology:A cross-sectional quantitative design was employed. From a population of 4,112 undergraduate students, a simple random sample of 352 participants was selected. Data were collected using structured questionnaires.Descriptiveand inferential statistics, including regression analysis, were used to determine relationships between ODL practices and academic performance. Findings:ODL demonstrated a positive and statistically significant effect on student performance by enhancing flexibility, autonomy, and continuity of learning. However, inadequate digital infrastructure, limited learner support, and elevated cognitive load constrained effective engagement. Regression results indicated that ODL-related variables significantly explained variations in academic outcomes. Qualitative feedback highlighted the need for improved instructional design and continuous technical support. Unique Contribution to Theory, Practice and Policy:The study empirically integrates Transactional Distance and Cognitive Load perspectives to explain performance differentials in ODL. Practically, it reveals the centrality of learner support systems and instructional design quality in ODL effectiveness. For policy, it provides evidence to guide institutional investment in digital infrastructure, faculty development in online pedagogy, and inclusive ODL policies.