School of Business

Permanent URI for this communityhttp://localhost:4000/handle/20.500.12092/1845

Browse

Author: search.filters.author.Muchina, Stephen

Search Results

Now showing 1 - 8 of 8
  • Thumbnail Image
    Item
    Influence of Fiscal Asymmetric Decentralization on Household Effects—A Review of Recent Literature.
    (2019) Munyua, Cyrus M.; Muchina, Stephen; Ombaka, Beatrice
    The study is in line with Oates (1951), where fiscal decentralization is explained as the delegation of income and con-sumption powers from the central government to the devolved units, both local and national levels within the framework of decentralization. Fiscal decentralization is considered to be the panacea in eradicating poverty, particularly in devel-oping countries. This review entails the assessment of the influence of fiscal asymmetric decentralization on household effects. Specifically, the review looks at the interaction between budget efficacy, fiscal policy, and county treasury man-agement and household effects. Despite the fact that scholarly work has been conducted on all the concepts, arguably inadequate attention has been given to the influence of fiscal asymmetric decentralization on household effects. Further-more, scanty information was found on revenue disparity or financial planning attributes. In addition, not much has been done on fiscal control by subnational governments and self-fiscal reliance as counties continue to rely on funding from the national governments although counties have considerable potential to generate their own revenue. The challenges of comprehensive results are observed, and the study concludes that it appears critical to focus more on analysis that will establish the link of control theory and practice, which will need more firm and integrative study process.
  • Thumbnail Image
    Item
    Influence of Fiscal Federalism as Budget Efficacy on Household Income in Kenya
    (2019-05-31) Munyua, Cyrus M.; Muchina, Stephen; Ombaka, Beatrice
    The Theory of federalism suggests that a fiscal decentralization negatively affects the size of a government budget. Indeed, the size of the national budget in Kenya has been ballooning ever since the inception of fiscal decentralization. What is of concern to this study is its efficacy and ultimate effect on household income. The importance of the hypothesis of fiscal federalism was tested by adopting the Survey and Evaluation Program (NASSEP V) frame that the Kenya Bureau of Statistics currently operates to conduct household-based in Kenya. The study employed an inductive ex post facto cross sectional quantitative survey design. Secondary panel data was collected from County Treasuries while Primary data was collected through household surveys and Fiscal and Monetary Departments of county assemblies. The study established a significant association between budget efficacy and household income as indicated by a beta coefficient of 0.9021 and a p’ value of 0.000. The beta coefficient has positive sign, which indicates that there is a direct relationship between budget efficacy and household income. An increase in budget efficacy is expected to have a positive influence on household income. The findings of this study are expected to empower citizens through access of information on the real meaning and effects of fiscal asymmetric decentralization while policy makers will know the strength of the correlation between fiscal asymmetry and household effect in order to match monetary policy with the needs of lower government levels for implementation of the country’s financial framework.
  • Thumbnail Image
    Item
    Fiscal Asymmetric Decentralization Conundrum: Influence of County Cash Management on Household Effects in Kenyav
    (2020) Munyua, Cyrus; Muchina, Stephen; Ombaka, Beatrice
    This study aims at determining the influence of county cash management on household effects in Kenya. This is a qualitative research that has utilized both primary and secondary data from county governments and the National Treasury respectively. The sample has been developed from the Kenya National Bureau of Statistics list of households in Kenya. The result indicates that effective cash management would enhance household welfare, leakages and lack of prioritization among others notwithstanding. The study concludes that there is need to enhance oversight of the treasury management across governments. The capacity of treasury managers should also be improved to secure fiscal discipline.
  • Thumbnail Image
    Item
    The influence of records management on tendering process in the public sector: A case of the EMBU county government, Kenya
    (International Journal of Research in Business and Social Science, 2021) Njue, Egidio Kariuki; Kyalo, Teresia; Muchina, Stephen
    This study aims to investigate the influence of record management in the tendering process in the public sector in the context of the Embu County Government, specifically the study sought to investigate the influence of training in record keeping and the filing system on tendering process in Embu county government. The study adopted a descriptive research design. The study used the census method for the 33 members of the tendering committee in the county government of Embu. The study adopted a census because the population was small. A structured questionnaire was used to collect data needed in the study. Both descriptive and inferential statistics were used to analyze quantitative data. Quantitative responses based on the Likert scale were coded in the computer using Statistical Package for Social Sciences (SPSS) version 22. Processed data were summarized in tables and then presented using simple frequencies and percentages. The study established that records management affected the tendering process. The study also revealed that the tendering process in the public sector is statistically significantly (P = 0.000) affected by records management. The study recommended that the County government of Embu should ensure that the tendering process is effective, by adopting advanced training in the record management and filing systems so as to maintain and secure all tender records in the procurement department
  • Thumbnail Image
    Item
    Corporate Risk, Firm Size and Financial Distress: Evidence from Non-Financial Firms Listed In Kenya
    (IOSR Journal of Economics and Finance, 2019-08) Gichaiya, Mark Waita; Muchina, Stephen; Macharia, Stephen
    Financial distress (FD)is a common precursor to corporate failure that subjects investors to financial loss. In Kenya, FD has been rampant among several private and public commercial entities. This signifies presence of deep-seated corporate snags that hamper sustainability. Earlier studies have focused more on FDmodeling while others provide conflicting findings pertaining to risk exposure andfinancial health.This study therefore examines the influence of corporate riskon FD. Additionally, the moderation effect of firm sizeon the relationship between corporate riskand FD was tested. This study is premised on Modigliani and Miller’s first proposition and signaling theory.Aquantitative research design with a correlational approachwas adopted targeting all non-financial firms listed in Nairobi Securities Exchange (NSE)from year 2006 to 2015. The study collected secondary data from audited financial statements, daily stock prices and stock market indices. Data analysis involved hierarchical panel regression analysis. The results show that corporate risk significantly and positively influences FD. Unsystematic risk in terms of business and financial risk has a positive significant influence on FD in contrast to systematic risk proxied bymarket risk that has an insignificant positive effect. Interaction terms; corporate risk*firm size and unsystematic risk*firm size have a positive insignificant effect on FD while interaction term market risk*firm sizerelates negatively and insignificantly with FD.Large firms can accommodate more market risk without experiencing FD as opposed to unsystematic riskthat is more disastrous.This study recommends continuous proactive risk management practices that go beyond mere risk assessment so as to integrate risk exposures and incidentsmore so those that are internal
  • Thumbnail Image
    Item
    Fiscal Asymmetric Decentralization Conundrum: Influence of County Cash Management on Household Effects in Kenya
    (International Journal of Applied Business and International Management, 2020) Munyua, Cyrus; Muchina, Stephen; Ombaka, Beatrice
    This study aims at determining the influence of county cash management on household effects in Kenya. This is a qualitative research that has utilized both primary and secondary data from county governments and the National Treasury respectively. The sample has been developed from the Kenya National Bureau of Statistics list of households in Kenya. The result indicates that effective cash management would enhance household welfare, leakages and lack of prioritization among others notwithstanding. The study concludes that there is need to enhance oversight of the treasury management across governments. The capacity of treasury managers should also be improved to secure fiscal discipline.
  • Thumbnail Image
    Item
    Equity Unit Trust Funds Flow and Stock Market Returns: Evidence from Kenya
    (Journal of Finance & Banking Studies, 2019-04-27) Ndei, Caroline Michere; Muchina, Stephen; Waweru, Kennedy
    This study sought to evaluate the relationship between equity unit trust fund flows measured as purchases and sales and the Nairobi Securities Exchange (NSE) stock market return. The study employed Vector Autoregressive model and tested for Granger causality using monthly data for the period starting January 2010 to December 2017. The granger causality results showed that equity fund sales contain information that can explain stock market return and stock market return contain information that can explain equity fund purchases thus unidirectional causality. Impulse response results showed that equity fund purchases have a predominantly positive relationship with NSE stock market return and NSE stock market return have a positive relationship with equity fund purchases. This implies that an increase in stock market return will lead equity fund managers to purchase more securities and as the equity fund purchases increase, the demand for those stocks will increase causing the stock prices to increase and consequently increase stock market return. In contrast, equity fund sales are predominantly negatively related with stock market return and stock market return is also negatively related to equity funds sales. As the stock market return increase, the equity fund managers will decrease their sales. As the sales increase, the supply for those stocks will increase causing a decrease in prices and consequently a decrease in stock market return. Equity fund sales explain the variation in stock market return more than equity fund purchases while stock market return is a determinant of equity fund purchases and equity fund sales.
  • Thumbnail Image
    Item
©karatina University