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Kiragu, P, ADUDA JO, Ndwiga JM.  2013.  The Relationship between Agency Banking and Financial Performance of Commercial Banks in Kenya. Journal of Finance and Investment Analysis. 2(4):97-117. Abstractthe_relationship_between_agency_banking_and_financial__performance_of_commercial_banks_in_kenya.pdf

Banking agents are usually equipped with a combination of point-of-sale (POS)card reader, mobile phone, barcode scanner to scan bills for bill payment transactions, Personal Identification Number(PIN) pads, and sometimes personal computers (PCs) that connect with the bank’s server using a personal dial-up or other data connection. This research used the descriptive design method using secondary data gathered from the commercial banks in Kenya that had adopted agency banking in Kenya. The population of the study was the 10 commercial banks in Kenya that had adopted agency banking by the end of 2012 namely Equity Bank, Co-operative Bank, KCB Bank, Post Bank, Family Bank, Chase Bank ,Consolidated Bank, Diamond Trust Bank, Citibank and NIC Bank. Annual reports on individual banks’ financial performance were used to extract financial performance indicators. CBK’s annual report and supervisory reports were also used to establish the number of agents registered and the total transactional value conducted through the agents. The variable of interests were the cash withdrawal and deposit transactions done through agents, number of active agents, return on assets, cost to income ratio and staff cost to revenue ratio.
JEL classification numbers: G24
Keywords: Agency Banking, Financial Performance and Kenya.


Waithaka, SM, Ngugi JK, Kirago P.  2012.  Effects of dividend policy on share prices: A case of companies in Nairobi Securities Exchange. Prime Journal of Business Administration and Management (BAM). 2(8):642-648. Abstracteffects_of_dividend_policy_on_share_prices-__a_case_of_companies_listed_on_nse.pdf

Dividend policy refers to management’s long-term decision on how to deploy cash flows from business activities-that is, how much to invest in the business, and how much to return to shareholders. The determination of the amount of dividends payable is an important decision that companies undertake since the objective of the firm is to maximize the shareholders’ wealth as measured by the price of the company’s common stock. The study concluded that higher pre-tax risk adjusted returns associated with higher dividend yield stocks to compensate investors for the tax
disadvantages of returns affected tax incentives and that investors whose portfolios had low systematic risk
preferred high-pay-out stocks. This was consistent with Brennan’s model (Brennan, 1970).The study also found out
that an increase in firms’ stocks trading volume affected the share price and investors who wanted current
investment income owned shares in high dividend payout firms and this was consistent with the findings of Botha (1985). The study further concludes that free cash flow caused conflict between management and shareholders which in turn affected the share price and that the executive option plan persuaded management to reduce corporate dividends by an amount that was equal to the option plan. This was consistence with the findings of Lambert, Lanen and Larker (1989). The study recommends that companies consider all pertinent issues before issuing dividends.Since the share market is positively responsive to the dividend announcement, companies should always strive to pay divided consistently for their shares to perform well at the stock exchange. Dividend policy have an effect on the share prices of the firms quoted at NSE thus, companies (firms) should pay dividends to maintain high share prices.

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