Publications

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2015
M.Mwangi, J.Wanjugu. "The Determinants of Financial Performance in General Insurance Companies in Kenya." European Scientific Journal. 2015;11(1):288-297. Abstract

The contribution of the general insurance industry in Kenya to thegross domestic product is at 2.08%. This is low and hence the need toestablish factors that can influence improved performance of some of the keyplayers – the general insurance companies. The study was therefore toestablish the factors that affect the profitability of general insurers in Kenya.The study employed multiple linear regression, with return on assets as thedependent variable, and considered all the general insurance companies inKenya for the period 2009-2012. Profitabilitywas positively related toleverage, equity capital, management competence index and negativelyrelated to sizeand ownership structure. The study did not find a relationshipbetween performance and retention ratio, liquidity, underwriting risk andage. The study recommends that for general insurers in Kenya to performbetter they should increase leverage, equity capital and quality of staff.

M.Mwangi, E.M.Birundu. "The Effect of Capital Structure on the Financial Performance of Small and Medium Enterprises in Thika Sub-County, Kenya." International Journal of Humanities and Social Science. 2015;5(1):151-156. Abstract

Whether the capital structure of a firm should have some effect on the financial performance of small and mediumenterprises is a matter for empirical determination. The objective of this study was to determine the effect ofcapital structure on the financial performance of SMEs in Thika sub-county, Kenya. The study was conducted on40 SMEs which were in operation for the five years 2009 to 2013, using multiple linear regression. The findingswere that there was no significant effect of capital structure,asset turnover and asset tangibilityon the financial
performance of SMEs in Thika sub-county, Kenya. Therefore it is recommended that additional research beconducted in order to determine the major factors that influence financial performance of SMEs. This wouldenable these firms control these factors in order to ensure that profitability is maximised.

M.Mwangi, C.Iraya, G.W.MUCHOKI. "The Effect of Corporate Governance Practices on Earnings Management of Companies Listed at the Nairobi Securities Exchange." European Scientific Journal. 2015;11(1):169-178. Abstract

The objective of the study was to establish the effect of corporategovernance practices on earnings management of companies listed at theNairobi Security Exchange (NSE). The target population consisted of the 49companies that had been continuously and actively trading at the NSEbetween January 2010 and December 2012. Secondary data was usedcovering the period 2010 to 2012 and analyzed using linear regression to testthe effect of the independent variables on the dependent variable. The studyfound that earnings management is negatively related to ownershipconcentration, board size and board independence but positively related toboard activity and CEO duality. The study recommended the need foreffective corporate governance practices in listed companies in Kenya tocontribute to reduced earnings management and avert possible collapse oflisted companies in Kenya.

M.Mwangi, J.K.Mwiti. "The Effect of Voluntary Disclosure on Stock Market Returns of Companies Listed at the Nairobi Securities Exchange." International Journal of Business and Social Science. 2015;6(1):99-105. Abstract

Voluntary disclosure is aimed at providing a clear view to stakeholders about the business’s long-termsustainability and reducing information asymmetry and agency conflicts between managers and investors. Theobjective of this study was to determine the effects of voluntary disclosures on stock market returns of companieslisted at the Nairobi Securities Exchange. The study sampled twenty firms for the period 2009 to 2013. Itemployed multiple linear regression of market performance of the firms in the five year period against voluntarydisclosure, exchange rate, interest rate and rate of inflation.The results were that each of the factors waspositively related to market performance for firms listed at the NSE. The study recommends companies to havevoluntary disclosure above the statutory requirements set by the regulatory agencies as it can result in increasedstock returns.

2014
MWANGI MIRIE. "Determinants of Financial Performance of General Insurance Underwriters in Kenya." International Journal of Business and Social Science. 2014;5(13):210-215. Abstract

The objective of the study was to establish the effect of corporate governance practices on earnings management of companies listed at the Nairobi Security Exchange (NSE). The target population consisted of the 49companies that had been continuously and actively trading at the NSE between January 2010 and December 2012. Secondary data was used covering the period 2010 to 2012 and analyzed using linear regression to test the effect of the independent variables on the dependent variable. The study found that earnings management is negatively related to ownership concentration, board size and board independence but positively related to board activity and CEO duality. The study recommended the need for effective corporate governance practices in listed companies in Kenya to contribute to reduced earnings management and avert possible collapse of listed companies in Kenya.

Menge RN, MWANGI MIRIE, Kimani JG. "Effect of elections on stock market returns at the Nairobi Securities Exchange." Prime Journal of Social Science . 2014;3(6):763-768. Abstract

Country’s politics can exert significant influence on its income distribution and prosperity hence affect the activities in a stock market as voters in democratic states elect parties which best represent their personal beliefs and interests. Election results may affect post-election corporate performance either by influencing a country’s overall economy, like through changes in government spending either through fiscal changes, or company or sector-specific decisions such as changes in the regulatory environment after the new administration has been established. This study sought to examine the effects of the general elections on the stock market return of companies listed in the Nairobi Securities Exchange. The study adopted an event study methodology since the study was concerned with the establishment of the information content of election results announcement on share performance at the NSE. The population of this study was 56 companies listed in the NSE. The study used secondary data to gather information. Data obtained from the NSE covered the period before and after 31st December 2002, 27th December 2007 and 4th March, 2013 elections. The collected secondary data was coded and entered into Statistical Package for Social Sciences (SPSS, Version 20) for analysis. Study findings from the market model indicated that the market return is a good predictor of actual stock returns. ANOVA results indicated that abnormal returns, actual stock returns, and expected returns before elections were significantly higher than abnormal returns after the elections. It is recommended that investors should factor in elections effect when making investment decisions. Specifically, investors should buy stocks after elections and sell them when their returns are high, that is, before elections. It is recommended that the Government should maintain stability after elections as economy brings about drops in stock returns. The unique contribution of this study is that is reduces the lack of conclusiveness on the studies which attempt to link elections to performance of stock markets in sub-Saharan African economies

MWANGI MIRIE. THE INFLUENCE OF MEMBERS’ INCOME AND CONDUCT OF SACCOS IN THE RELATIONSHIP BETWEEN CHARACTERISTICS AND EFFICIENCY OF SACCOS IN KENYA .; 2014. Abstractmiriemwangiphd.docmiriemwangiphd.pdf

Efficiency of SACCOs is affected by various characteristics such as size, age, bond of association, adoption of technology and managerial competency. The relationship can be influenced by appropriate moderating and intervening variables. This study therefore sought to establish how members’ income and conduct of SACCOs affects the relationship between characteristics and efficiency of SACCOs in Kenya. The specific objectives were to determine the relationship between SACCO characteristics and efficiency; establish the moderating influence of the income of members in the relationship between characteristics and efficiency; and determine the intervening influence of conduct in the relationship between characteristics and efficiency. The study targeted all SACCOs that are regulated by SASRA for the period 2009 - 2013. DEA was used to compute efficiency with inputs being member deposits and borrowings; interest/dividend on member deposits and cost of borrowings; staff costs; and other operating expenses (such as rent payable, communication costs, office consumables). Outputs were loans to members and other earning assets (such as interest yielding bank deposits, treasury bills and bonds; investment in rental property; and shares); interest income; and other income (includes interest from bank deposits, treasury bills and bonds; rent from investment property; dividends from shares; money transfer and withdrawal charges). Multiple regression analysis between efficiency, characteristics and conduct was carried out. The study findings were that characteristics (specifically size and age) have a significant positive effect on efficiency of SACCOs and this relationship (for size only) is moderated by the income of members. Increase in size results in improved efficiency and, the older the SACCO the higher the efficiency. The higher the income of members, the stronger the relationship between size and efficiency. Efficiency was negatively related to strength of bond of association, possibly because weakening of the bond would be associated with increase in size, which contributes to increased efficiency. Adoption of technology had a negative relationship with efficiency, with a probable reason being low levels of computerisation of the SACCOs. Managerial competency was not significantly related to efficiency. This might be due to that SACCOs are not very complex entities and therefore the cost of additional competency may not yield payoffs that are greater than the extra expense. The main academic contribution of the study is the finding that income of members moderates the characteristics-efficiency relationship. This means that the results of empirical investigations of the relationship between size and efficiency are improved if the analysis is carried out separately for entities falling in different member income strata. Stratification would not improve the relationship between efficiency and age, bond of association, managerial competency and adoption of technology. Conduct of SACCO was found not to be a significant intervening variable between characteristics and efficiency. The study recommends policy interventions geared towards nurturing existing SACCOs with a view to increasing their size. This can be through setting a minimum size threshold that would necessitate existing SACCOs to merge and making it difficult for new ones to be established. Members and managers should on their own volition also pursue the increase in size strategy, through recruitment of more members or even merging with other SACCOs.

2006
1989

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