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dc.contributor.authorChege, Gaturu John
dc.date.accessioned2020-03-05T12:24:46Z
dc.date.available2020-03-05T12:24:46Z
dc.date.issued2013
dc.identifier.urihttp://ir-library.ku.ac.ke/handle/123456789/20201
dc.descriptionA Research Project Submitted In Partial Fulfillment of The Requirement for the Award of Degree of Master of Business Administration (Finance), School of Business, Kenyatta Universityen_US
dc.description.abstractSMEs are an integral part .of the economy and contribute significantly in socioeconomic development. In Kenya, SMEs were allowed to start raising equity capital at NSE through GEMS from year 2013 to facilitate their financing. However, there has been a very slow listing of SMEs at GEMS which has now become a major concern for all stakeholders. This study therefore investigated the capital market conditions and listing of SMEs on the NSE. The purpose of this study was to investigate why SMEs have not taken the full opportunity to list in big numbers and finance their operations through equity. It was backed by literature review of related studies conducted in other parts of the world. The study adopted a descriptive research design. The population of this study was the KPMG top 100 companies in 2014. The study used random sampling to proportionately select companies to represent the target population. Questionnaires were used to obtain important information about the population. The research used primary and secondary data collected from SMEs, CMA, NSE, magazines, internet, and government library. Data was entered into SPSS and analysed using inferential statistics and regression analysis. A multiple regression conducted indicated that cost of listing, access to information, terms and requirements of listing and time taken in listing did significantly predict SME listing decision (R2:f:0) as indicated by their p values. The regression of cost of listing against SME listing decisions indicated a high statistical significance of the relationship between the variables (p<.05) indicating that cost of listing is a predictor of SME listing decisions hence the null hypothesis is rejected. The regression of access to information against SME listing decisions indicated a low statistical significance of the relationship between the variables (p>.05) indicating that access to information is not a predictor of SME listing decisions and consequently the null hypothesis is not rejected. The regression of terms and requirements of listing against SME listing decisions indicated a high statistical significance of the relationship between the variables (p<.05) indicating that terms and requirements of listing is a predictor of SME listing decisions hence the null hypothesis is rejected. The regression of time taken in listing against SME listing decisions indicated a low statistical significance of the relationship between the variables (p>.05) indicating that time taken in listing are not a predictor of SME listing decisions hence the null hypothesis is not rejected. Based on the findings, the study recommends that deliberate effort needs to be made in order to make available pertinent information about benefits of listing to the growth of an SME, terms and requirements of listing an SME need to be reviewed in order to make them friendly, the terms of listing needs to be made more flexible to accommodate the unique conditions in which SMEs operate and finally that the time taken during the process of listing needs to be shortened and the procedures of listing also needs to be reviewbd so as to make the process of listing easier and less time consuming. The present scldy concentrated on SMEs and only four conditions that influence listing decisions. Further studies need to be done to determine the influence of other factors on listing such as government policy, legal and legislative frameworks, management support and financial status of the SMEs. In addition; further studies need to be conducted on the benefits that SMEs stand to reap once they list at NSE.en_US
dc.language.isoenen_US
dc.publisherKenyatta Universityen_US
dc.subjectSmall and Medium Enterprisesen_US
dc.subjectNairobi Securities Exchangeen_US
dc.subjectKenyaen_US
dc.titleCapital Market Conditions and Listing of Small and Medium Enterprises at Nairobi Securities Exchange, Kenyaen_US
dc.typeThesisen_US


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