East African Finance Journal
type: channel
publisher: Journal of Commercial Studies
language: en
publication name: East African Finance Journal
issn: 2959-9121
items: Entrepreneurial Mindset and Innovation Capacity among Students of Federal College of Education Ididep, Ibiono, Akwa Ibom State, Nigeria
items: Assessing the Economic Implications of Mergers and Acquisitions: Evidence from Developed and Emerging Economies
items: Working Capital Management in Times of Crisis in Kenya: Strategies for Resilience
items: Working Capital Management and Financial Performance of Small and Medium-Sized Enterprises (SMEs) and SACCOS in Kenya
items: Application of the New Growth Theory to Financial Risk Management
items: Utility Theory and Its Application on Investment Decisions in Kenya
items: Independence of Internal Auditors: Significance, Guidelines, and Influencing Factors
items: Audit Expectation Gap in Kenya: Literature Review of Causes and Remedies
items: The Interdependence among Dividend Policy, Investment Decision, Financial Performance and Survival of the Firms in Kenya
items: Internal Bank-Specific Determinants of Non-Performing Loans in Zambian Commercial Banks: A Time-Series Analysis, 2018–2024
items: Effect of Project Planning Practices on Project Performance of the Integrated Housing Project in Laikipia County, Kenya
items: Project Implementation Practices and Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
items: Effect of Monitoring, Evaluation, Accountability and Learning (MEAL) Practices on Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
items: Effect of Stakeholder Engagement Practices on Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
items: Empirical Market Microstructure Models: A Review of Trading Behavior, Liquidity, and Price Formation
items: Cost Drivers and Financial Algorithm in the Nigerian Capital Market
items: Credit Access in Self-Help Groups and Community-Based Organizations in Makueni County, Kenya: Challenges and Opportunities
items: Strategic Vision and Institutional Sustainability in Higher Education: A Review with Reference to Muslim University of Morogoro
items: Budget Implementation and Economic Growth: Imperative for Economic Growth in Nigeria
items: Financial Deepening and Entrepreneurial Development in Nigeria: Evidence from 1981–2024
items: Disaggregated Agricultural Output and Macroeconomic Dynamics: Evidence from a Linear
items: Assessing Workplace Motivation in the Zambian Health Sector amidst the COVID-19 Pandemic: A Case Study of Levy Mwanawasa General Hospital.
items: Impact of Digital Financial Services Innovation on the Performance of Deposit Money Banks in Nigeria, 2012 to 2024
items: Growth Indices and Value of Ordinary Shares of Deposit Money Banks in Nigeria, 2013 to 2024
items: Payment System Innovations, Bank Branch Expansion, and Financial Well-Being in Nigeria
items: Challenges and Opportunities in the Islamic Capital Market: Transforming Financial Services in the Digital Era
items: A Critical Analysis of Shariah-Compliant Financial Instruments: Balancing Authenticity, Risk-Sharing, and Market Practice
items: Islamic Banking and Finance: Promoting Inclusive Development Through Sustainable Practices and Trade Facilitation
items: Integrating Production and Utility Theory to Enhance Efficiency and Consumer Welfare in the Kenyan Manufacturing Sector
items: An Assessment of the Impact of Foreign Businesses on Financial Performance of Small and Medium Enterprises in Zambia - A Case of Chain Stores in Lusaka, Zambia

Entrepreneurial Mindset and Innovation Capacity among Students of Federal College of Education Ididep, Ibiono, Akwa Ibom State, Nigeria
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description: This study investigates the relationship between entrepreneurial mindset—comprising creativity, proactiveness, risk tolerance, and opportunity recognition—and innovation capacity—encompassing idea generation, problem-solving skills, product/service innovation readiness, and overall innovation capability—among students at the Federal College of Education, Ididep, Akwa Ibom State, Nigeria. A correlational survey research design was adopted, employing a census sampling technique to include all 89 students from the School of Vocational and Technical Education (Business Education and Agricultural Education departments). Data were collected using a structured "Entrepreneurial Mindset and Innovation Capacity Questionnaire" (EMICQ) and analyzed using simple percentages and simple regression via SPSS. The findings establish a significant, positive correlation between entrepreneurial mindset and innovation capacity, confirming that students with strong entrepreneurial traits are inherently more innovative. This validates the strategy of producing "edupreneurs"—future educators capable of transforming pedagogy, creating economic opportunities, and driving grassroots development. However, persistent systemic gaps in industry collaboration, finance, and mentorship were identified. The study recommends that the NCCE mandate compulsory entrepreneurship modules across all disciplines and shift to competency-based assessments; FCE Ididep establish an EdTech Innovation Hub, train lecturers, and forge industry partnerships; government create a dedicated Education-Enterprise Fund and innovation awards; and students proactively pursue lifelong learning and interdisciplinary collaboration to fully realize their innovative potential. This research provides empirical evidence from a Nigerian teacher-education context linking entrepreneurial mindset to innovation capacity, specifically among vocational and technical education students. It advances the "edupreneur" concept as a practical str…
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creator: Udeme Anthony Abaikpa
creator: Rebecca Ekaette Nkereuwem
creator: Uduak-Obong Ekpo-Ufot
rights: Copyright (c) 2026 Udeme Anthony Abaikpa, Rebecca Ekaette Nkereuwem, Uduak-Obong Ekpo-Ufot (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-07-24
publication date: 2026-07-24
starting page: 9
ending page: 23
doi: 10.59413/eafj/v5.i3.2

Assessing the Economic Implications of Mergers and Acquisitions: Evidence from Developed and Emerging Economies
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description: This paper systematically reviews the literature on the economic costs and benefits of mergers and acquisitions (M&A) by synthesizing evidence from studies conducted in both developed and emerging economies. The review examines the theoretical and empirical literature to identify the conditions under which M&A contribute to firm performance and broader economic development. The evidence indicates that M&A can enhance corporate efficiency through operational and financial synergies, improve competitiveness, facilitate technology transfer and innovation, promote resource optimization, and stimulate regional economic development. However, the findings also reveal that these benefits are highly context-dependent. In emerging economies, institutional weaknesses, regulatory uncertainty, governance challenges, and post-merger integration difficulties often constrain the realization of expected outcomes. Similarly, while M&A can strengthen industrial clusters and generate technological spillovers in developed economies, they may also contribute to market concentration and regional economic disparities. The review further demonstrates that successful M&A outcomes depend on strategic fit, effective corporate governance, institutional quality, organizational capabilities, and well-managed post-merger integration processes. The paper concludes that mergers and acquisitions should not be viewed as universally beneficial but rather as strategic instruments whose economic value is shaped by organizational and institutional contexts. The review has important implications for policymakers seeking to design regulatory frameworks that promote efficient and competitive merger activity, for managers responsible for planning and integrating mergers to achieve sustainable value creation, and for researchers by identifying the need for more longitudinal and comparative studies examining the long-term economic effects of M&A across different institutional and industrial settings.
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creator: Elizabeth Muli
creator: Emily Matole
creator: Susan Onguru
rights: Copyright (c) 2026 Elizabeth Muli, Emily Matole, Susan Onguru (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-07-24
publication date: 2026-07-24
starting page: 1
ending page: 8
doi: 10.59413/eafj/v5.i3.1

Working Capital Management in Times of Crisis in Kenya: Strategies for Resilience
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description: This study examines the role of working capital management in sustaining businesses, specifically during times of crisis like economic downturns or pandemics such as COVID-19. The study emphasizes the need for proactive strategies that can effectively manage uncertainties, preserve liquidity, and ensure business continuity despite disruptions in sales, supply chains, and credit risks. Drawing on a comprehensive literature review, the study highlights the importance of organizational resilience and proactive approaches to working capital management in addressing challenges during crises. Additionally, the paper thoroughly examines strategies including cash management, inventory management, and accounts receivable management, emphasizing the importance of thorough assessment, proactive planning, and strategic decision-making. In summary, the study underscores the importance of efficient working capital management as a key factor in enabling companies to successfully overcome crises and emerge stronger and more resilient.
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creator: Rodgers Kazungu Safari
creator: Getrude Majalla Mwanyefa
rights: Copyright (c) 2024 Rodgers Kazungu Safari, Getrude Majalla Mwanyefa (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-04-13
publication date: 2024-04-13
starting page: 180
ending page: 187
doi: 10.59413/eafj/v3.i2.4

Working Capital Management and Financial Performance of Small and Medium-Sized Enterprises (SMEs) and SACCOS in Kenya
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description: Small and medium-sized enterprises (SMEs) play a critical role in driving economic growth, creating employment opportunities and promoting local revenue generation in Kenya. However, they face various challenges such as limited financial resources, inadequate infrastructure and volatile market conditions. Effective working capital management (WCM) is essential for SMEs to overcome these obstacles and achieve sustainable success. The aim of this research is to examine the impact of WCM on the financial performance of SMEs in Kenya. This paper uses literature review methodology to draw conclusions. The literature review provides insights from various studies that highlight the importance of credit management and internal factors that influence organizational performance. An efficient WCM is crucial for ensuring the financial stability of companies, especially SMEs. Poor WCM can lead to financial challenges and possible bankruptcy, while effective management can significantly increase financial efficiency. WCM involves monitoring a company's current assets and liabilities to ensure timely commitments while minimizing associated costs. This research contributes to understanding the importance of WCM for SMEs in Kenya and provides stakeholders with practical insights to improve financial performance through effective WCM strategies tailored to the Kenyan context.
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creator: Temba Geoffrey Simiyu
creator: Lienora Achieng
creator: Namuri Vifu Makoti
rights: Copyright (c) 2024 Temba Geoffrey Simiyu, Lienora Achieng, Namuri Vifu Makoti (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-04-05
publication date: 2024-04-05
starting page: 150
ending page: 160
doi: 10.59413/eafj/v3.i2.2

Application of the New Growth Theory to Financial Risk Management
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description: The aim of this research was to look at certain trends in the New Growth Theory. A literature search study was done with the purpose of establishing linkages between the New Growth Theory on Financial Risk Management and other aspects of financial impacts. The findings indicate that economic development policy is affected in a number of ways by the New Growth Theory. This may include the generation of new knowledge, which is crucial for growth sustenance brought about by increasing demand for production due to an increase in the needs and wants of the population. All of the elements that encourage the formation of new knowledge, including research and development, the educational system, and entrepreneurship, require careful consideration on the part of policymakers. By attributing production growth to externalities produced by investments in human capital and technology, the new growth theory endogenizes the drivers of growth; some variations also incorporate policy variables. The new growth theories warn against overprotecting intellectual property rights, but they also suggest that in a situation where there is a significant and expanding information gap between wealthy and developing nations, some trade restrictions may be justifiable. The New Growth Theory is significantly correlated with the value of human capital, quality education, new knowledge, and the government's provision of incentives for the private sector's research and development (R&D).
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creator: Edmond Mukhongo Mubanani
creator: Purity Njeri Fadhil
rights: Copyright (c) 2023 Edmond Mukhongo Mubanani , Purity Njeri Fadhil (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2023-10-26
publication date: 2023-10-26
starting page: 32
ending page: 39
doi: 10.59413/eafj/v2.i1.5

Utility Theory and Its Application on Investment Decisions in Kenya
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description: This article undertakes an examination of the influence of utility theory on investment decisions. Utility theory, which is rooted in economics and decision theory, offers a framework that transcends conventional monetary returns by taking into account subjective happiness and value. The article explores the theoretical foundations of usefulness methodology and its practical implications in investment decision-making. Utility theory empowers investors to make decisions that are commensurate with their risk preferences and overall well-being by including utility considerations alongside anticipated returns. It facilitates the quantification and comparison of utility across investment alternatives and acknowledges the varied risk preferences of individuals. Utility functions mathematically articulate preferences and facilitate decision-making by assigning utility values to outcomes. Nonetheless, while utility theory proffers valuable insights, its implementation must consider additional factors such as personal circumstances, financial aspirations, time horizons, and market conditions. The article discusses the amalgamation of utility theory with behavioral finance, as well as the criticisms and constraints of utility theory. In summary, utility theory has had a noteworthy impact on investment decisions, enabling investors to make informed and personalized choices that optimize their well-being and satisfaction.
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creator: Ahmed Mohamed Omar
rights: Copyright (c) 2023 Ahmed Mohamed Omar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2023-10-26
publication date: 2023-10-26
starting page: 48
ending page: 55
doi: 10.59413/eafj/v2.i1.7

Independence of Internal Auditors: Significance, Guidelines, and Influencing Factors
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description: Internal auditing plays an immensely significant role in diverse areas, encompassing the preservation of financial reporting integrity, the fortification of investor confidence, the assurance of compliance with regulations, the detection of fraudulent activities and errors, the enhancement of corporate governance, the optimization of business efficiency, the evaluation of creditworthiness, the promotion of regulatory compliance and accountability, the fostering of trust and transparency, and the safeguarding of stakeholders' interests. This article seeks to underscore the pivotal importance of auditing and the function of audit impartiality in guaranteeing the dependability and credibility of financial information utilized in credit and investment resolutions. The article accentuates the inevitability of auditor independence in preventing conflicts of interest and preserving impartiality throughout the audit process. The paper concludes that incessant endeavors to reinforce auditor independence through resilient regulatory frameworks and ethical training programs are imperative to ensuring the integrity and credibility of the audit process.
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creator: Manasseh Njagi
rights: Copyright (c) 2023 Manasseh Njagi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2023-10-26
publication date: 2023-10-26
starting page: 56
ending page: 63
doi: 10.59413/eafj/v2.i1.8

Audit Expectation Gap in Kenya: Literature Review of Causes and Remedies
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description: The audit expectation gap is a major concern in Kenya's accounting profession, where auditors are expected to identify and prevent financial fraud and misstatements. The disconnect between what the general public anticipates from an auditor's report and what the audit actually offers is often referred to as the audit expectation gap. Several factors, including limited resources and the complexity of auditing, increase the complexity of addressing this gap. The literature reviewed evaluates a variety of factors, including audit committee characteristics, auditor characteristics, sustainability auditing, and audit education, which contribute to this gap. Overall, the literature suggests that there is a significant discrepancy between the expectations of the public and the actual responsibilities of auditors, implying that auditors need to improve their interactions with their clients and the general public. This study establishes that it is necessary to address a number of audit expectation gaps in Kenya, which include those related to performance, standards, communication, and legal requirements. Regulators are required to provide clear standards and guidelines for auditors so as to maintain the standard of audit quality. This paper recommends that the effectiveness and credibility of auditing in Kenya be enhanced through a multidimensional strategy that encompasses regulatory oversight, public education, and auditor independence, thereby improving stakeholders' confidence in the financial reporting system. The findings from this research may inform the development of policies and regulations that will close the audit expectation gap and improve public trust in the accounting profession.
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creator: Charles Guandaru Kamau
creator: Benjamin Muzungu Kavure
creator: John Ewoi Lokuta
rights: Copyright (c) 2023 Charles Guandaru Kamau, Benjamin Muzungu Kavure, John Ewoi Lokuta (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2023-10-26
publication date: 2023-10-26
starting page: 25
ending page: 31
doi: 10.59413/eafj/v2.i1.4

The Interdependence among Dividend Policy, Investment Decision, Financial Performance and Survival of the Firms in Kenya
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description: The main objective of this study was to analyze patterns and tendencies in dividend policy. By extensively reviewing existing literature, the research aimed to establish the connections between dividend policy and other important financial aspects. The study's findings clearly indicate that investors who are astute prefer companies that provide higher dividends rather than keeping their earnings. This preference is due to the liquidity benefits that such firms typically provide, which align with the liquidity requirements of investors in various financial markets worldwide. It is important to note that the distribution of dividends significantly affects the speed of adjusting the capital structure. The conflict between the distribution of dividends and strategic financing initiatives impedes the progress of these adjustments. A majority of institutional entities allocate dividends strategically to increase their financial resources by investing in high-yielding ventures identified by corporate management. However, in emerging economies, the utility and effectiveness of dividends as a signaling mechanism and cost-minimizing tool are relatively reduced compared to more mature and well-established capital markets. Additionally, it is worth highlighting that dividend policy has a statistically significant and positive correlation with variables such as firm size, profitability levels, and interest coverage ratios. This emphasizes the complex relationships that exist between dividend policy and these key financial metrics.
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creator: Edmond Mubanani Mukhongo
creator: Purity Njeri Fadhil
creator: Charles Guandaru Kamau
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2024-07-07
publication date: 2024-07-07
starting page: 223
ending page: 233
doi: 10.59413/eafj/v3.i2.7

Internal Bank-Specific Determinants of Non-Performing Loans in Zambian Commercial Banks: A Time-Series Analysis, 2018–2024
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description: Non-performing loans (NPLs) pose a serious threat to the soundness of the banking sector in developing countries where credit markets are shallow and borrowers are informationally opaque. This study investigates the determinants of NPLs in Zambian commercial banks at the internal bank-specific level: profitability, lending practices, efficiency, and capitalisation-proxied by the return on assets (ROA), the loan-to-deposit ratio (LDR), the efficiency ratio and the capital adequacy ratio (CAR) respectively. Using a panel of secondary data derived from annual banking sector-wide reports of the Bank of Zambia over the period 2018-2024, an Ordinary Least Squares (OLS) regression is fitted after rigorous pre- and post-estimation diagnostic testing. The regression explains 85.8 per cent of the variation in the net NPL ratio and is fully compliant with classical linear regression assumptions. The evidence suggests a significant, strong negative relation between the ROA and NPLs; also negatively and significantly related to default are the LDR and efficiency ratio. The CAR is instead significantly positively related to NPLs, thus validating the risk-shifting hypothesis where well-capitalised banks take greater credit risk. Neither the net foreign-exchange exposure nor liquidity variable is significant. The findings corroborate the significance of internal management quality in restraining credit risk and underscore that strengthening profitability, lending, and efficiency should underpin credit risk management strategy within Zambia's banking sector.
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creator: Danicious Kalenga
creator: Daniel Chisenga
rights: Copyright (c) 2026 Danicious Kalenga, Daniel Chisenga (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-06-10
publication date: 2026-06-10
starting page: 109
ending page: 115
doi: 10.59413/eafj/v5.i2.10

Effect of Project Planning Practices on Project Performance of the Integrated Housing Project in Laikipia County, Kenya
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description: This study examined the effect of project planning practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. Effective project planning is widely acknowledged as the single most critical foundation of project success, yet empirical evidence specifically linking planning practices to integrated housing project performance in rural NGO-led contexts in Kenya remains limited. A descriptive case study research design was adopted targeting 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives. A census approach was employed and 101 completed questionnaires were returned, representing a 79% response rate. Structured questionnaires with five-point Likert-scale items measured project planning practices and project performance. Data were analysed using IBM SPSS Statistics Version 26 through descriptive statistics, Pearson correlation analysis, and simple linear regression. Diagnostic tests confirmed normality (Shapiro-Wilk, p = 0.365), absence of multicollinearity (VIF < 2.0), linearity (Ramsey RESET, p = 0.434), and homoscedasticity (Breusch-Pagan, p = 0.380) prior to regression analysis. Project planning practices had a strong, positive, and statistically significant effect on project performance (β = 0.582, p < 0.05), explaining 33.9% of the variance in project performance (R² = 0.339, Adjusted R² = 0.332, F = 51.234, p < 0.05). Descriptive findings showed a high overall mean of 4.10 (SD = 0.72), indicating strong agreement that planning was systematic, participatory, and adaptive. Among all planning dimensions, regular plan review and updating recorded the highest mean (4.13), followed by clear timelines and deliverables (4.12) and use of appropriate planning tools (4.11). Development organizations should invest in comprehensive, participatory, and adaptive project planning processes that incorporate risk assessment, community needs analy…
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creator: Hamidah Leruk
creator: Charles Katua Kithandi
rights: Copyright (c) 2026 Hamidah Leruk, Charles Katua Kithandi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-23
publication date: 2026-05-23
starting page: 86
ending page: 95
doi: 10.59413/eafj/v5.i2.8

Project Implementation Practices and Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
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description: This study examined the effect of project implementation practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. Specifically, it assessed the effect of stakeholder engagement practices, Monitoring, Evaluation, Accountability and Learning (MEAL) practices, and project planning practices on project performance, and investigated the mediating role of organizational capacity in this relationship. A descriptive case study research design was adopted targeting a population of 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives directly involved in the project. A census approach was employed, yielding 101 completed questionnaires (79% response rate). Structured questionnaires with five-point Likert-scale items were administered and data analysed using IBM SPSS Statistics Version 26 through descriptive statistics, Pearson correlation, and multiple regression analysis. The study was anchored on the Ladder of Participation Theory, Empowerment Theory, and Systems Theory. Diagnostic tests for normality, multicollinearity, linearity, and homoscedasticity confirmed that all regression assumptions were satisfied. All three implementation practice variables significantly and positively influenced project performance. Stakeholder engagement practices had a statistically significant effect (β = 0.523, p < 0.05, R² = 0.274). MEAL practices recorded the highest individual R² (β = 0.602, p < 0.05, R² = 0.362). Project planning practices recorded the strongest bivariate correlation with performance (β = 0.582, p < 0.05, R² = 0.339). The combined model explained 46.0% of the variance in project performance (R² = 0.460, F = 21.456, p < 0.05). Organizational capacity partially mediated the relationship between implementation practices and performance, increasing the model's explanatory power to 55.5% (R² = 0.555, β = 0.174, p < 0.05). Development organ…
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creator: Hamidah Leruk
creator: Charles Katua Kithandi
rights: Copyright (c) 2026 Hamidah Leruk, Charles Katua Kithandi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-23
publication date: 2026-05-23
starting page: 96
ending page: 108
doi: 10.59413/eafj/v5.i2.9

Effect of Monitoring, Evaluation, Accountability and Learning (MEAL) Practices on Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
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description: This study examined the effect of stakeholder engagement practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. A descriptive case study design was adopted, targeting 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives. Structured questionnaires were administered and data analysed using IBM SPSS Statistics Version 26. Both descriptive and inferential statistics, including Pearson correlation and simple linear regression analysis, were employed alongside diagnostic tests for normality, multicollinearity, linearity, and homoscedasticity. Stakeholder engagement practices had a positive and statistically significant effect on project performance (β = 0.523, p < 0.05), with stakeholder engagement explaining 27.4% of the variance in project performance (R² = 0.274). Descriptive analysis (Mean = 3.88, SD = 0.83) confirmed that community participation, feedback integration, and local partnerships were actively practised, though perceptions varied across respondent categories. The regression model was statistically significant (F = 36.789, p < 0.05). Development organizations should institutionalize structured stakeholder engagement mechanisms across all project phases. Meaningful participation beyond tokenistic consultation enhances project ownership, accountability, quality, timeliness, and beneficiary satisfaction. This study contributes localized empirical evidence on stakeholder engagement in NGO-led integrated housing projects in rural Kenya, an underexplored context in project management literature
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creator: Hamidah Leruk
creator: Charles Katua Kithandi
rights: Copyright (c) 2026 Hamidah Leruk, Charles Katua Kithandi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-21
publication date: 2026-05-21
starting page: 77
ending page: 85
doi: 10.59413/eafj/v5.i2.7

Effect of Stakeholder Engagement Practices on Project Performance of the Integrated Housing Projects in Laikipia County, Kenya
type: item
description: This study examined the effect of stakeholder engagement practices on the performance of the Integrated Housing Project implemented by Habitat for Humanity Kenya (HFHK) in Laikipia County, Kenya. A descriptive case study design was adopted, targeting 128 respondents comprising HFHK project staff, community beneficiaries, and local government representatives. Structured questionnaires were administered and data analysed using IBM SPSS Statistics Version 26. Both descriptive and inferential statistics, including Pearson correlation and simple linear regression analysis, were employed alongside diagnostic tests for normality, multicollinearity, linearity, and homoscedasticity. Stakeholder engagement practices had a positive and statistically significant effect on project performance (β = 0.523, p < 0.05), with stakeholder engagement explaining 27.4% of the variance in project performance (R² = 0.274). Descriptive analysis (Mean = 3.88, SD = 0.83) confirmed that community participation, feedback integration, and local partnerships were actively practised, though perceptions varied across respondent categories. The regression model was statistically significant (F = 36.789, p < 0.05). Development organizations should institutionalize structured stakeholder engagement mechanisms across all project phases. Meaningful participation beyond tokenistic consultation enhances project ownership, accountability, quality, timeliness, and beneficiary satisfaction. This study contributes localized empirical evidence on stakeholder engagement in NGO-led integrated housing projects in rural Kenya, an underexplored context in project management literature.
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creator: Hamidah Leruk
creator: Charles Katua Kithandi
rights: Copyright (c) 2026 Hamidah Leruk, Charles Katua Kithandi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-21
publication date: 2026-05-21
starting page: 69
ending page: 76
doi: 10.59413/eafj/v5.i2.6

Empirical Market Microstructure Models: A Review of Trading Behavior, Liquidity, and Price Formation
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description: This paper reviews empirical market microstructure models and their role in explaining trading behavior, liquidity, price formation, and transaction costs in financial markets. Market microstructure research examines how financial securities are traded and how trading mechanisms, order flow, and information asymmetry influence market outcomes. Unlike traditional financial theories that assume perfect and frictionless markets, market microstructure focuses on the actual trading process, including how prices are determined, how liquidity is provided, and how information is reflected in market prices. The study mainly relied on a literature review approach using secondary sources from academic journals, books, reports, and reputable databases. The review examined classical empirical market microstructure frameworks, focusing on adverse selection models, inventory models, and hybrid models. Classical theories such as the Kyle model, Glosten–Milgrom model, Stoll model, and Ho–Stoll model were reviewed together with more recent hybrid and algorithmic trading frameworks such as the Madhavan–Richardson–Roomans model and the Avellaneda–Stoikov model. The findings show that empirical market microstructure models have evolved from traditional dealer-based frameworks to more advanced models using high-frequency trading data, electronic order books, and algorithmic trading systems. The review further shows that liquidity, bid-ask spreads, and price discovery are influenced by information asymmetry, inventory risk, order processing costs, and trading technology. The study concludes that hybrid empirical models provide a broader explanation of modern market behavior because they combine information effects and inventory management within a single framework. However, many traditional models remain limited by assumptions of rational behavior and perfect information processing. The study recommends further empirical research focusing on emerging markets and the integration of behavio…
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creator: Farzan A. Omar
creator: Samson Kaplelach
creator: Harrison Kiema
rights: Copyright (c) 2026 Farzan A. Omar, Samson Kaplelach, Harrison Kiema (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-13
publication date: 2026-05-13
starting page: 60
ending page: 68
doi: 10.59413/eafj/v5.i2.5

Cost Drivers and Financial Algorithm in the Nigerian Capital Market
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description: This study examines the interaction between cost drivers and financial algorithms in shaping capital market outcomes in Nigeria. Using a balanced panel dataset of fifteen listed deposit money banks over the period 2018–2023, the study employs panel econometric techniques, including fixed effects, random effects, and Hausman specification tests. Findings reveal that operating and financing costs exert significant negative effects on market performance, while strategic expenditure and financial algorithms positively influence valuation efficiency and investor responsiveness. The Hausman test confirms the suitability of the fixed effects model, indicating the presence of firm-specific heterogeneity. The study concludes that effective cost management combined with algorithmic financial integration enhances capital market efficiency in Nigeria. Policy implications emphasize improved cost control, increased digital investment, and strengthened regulatory frameworks to support algorithmic trading systems.
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creator: Olufemi Akinloye Oyedare
rights: Copyright (c) 2026 Olufemi Akinloye Oyedare (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-09
publication date: 2026-05-09
starting page: 44
ending page: 59
doi: 10.59413/eafj/v5.i2.4

Credit Access in Self-Help Groups and Community-Based Organizations in Makueni County, Kenya: Challenges and Opportunities
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description: Access to credit remained a critical factor influencing the growth and sustainability of Self-Help Groups (SHGs) and Community-Based Organizations (CBOs) in Makueni County, Kenya. Despite the significant role these organizations played in promoting social cohesion and local development, many faced persistent challenges in obtaining adequate and affordable credit to support their income-generating activities. This study investigated credit access in SHGs and CBOs in Makueni County, examining both the challenges and opportunities influencing their financial inclusion and development outcomes. The study was guided by four objectives: to examine institutional factors influencing credit access; to determine the effect of group governance on credit access; to assess the influence of financial literacy on credit access; and to explore opportunities for improving credit access. A descriptive research design was adopted, targeting 180 registered SHGs and CBOs from which 120 respondents were selected through stratified and purposive sampling. Structured questionnaires were used for data collection, and data were analyzed using descriptive statistics, Pearson correlation, and multiple regression analysis via SPSS. Correlation results revealed that institutional governance had a strong positive relationship with credit access (r = 0.63, p < 0.05), while financial literacy also showed a significant positive relationship (r = 0.52, p < 0.05). Regression analysis established that institutional governance, financial literacy, and group savings discipline had positive and significant effects on credit access, whereas adverse socio-economic conditions had a negative and significant effect. The study variables jointly explained approximately 58 percent of the variation in credit access (R² = 0.58). The study concludes that strengthening group governance, enhancing financial literacy, and fostering partnerships with financial institutions can significantly improve credit accessibility …
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creator: Christine Wavinya Mwangangi
rights: Copyright (c) 2026 Christine Wavinya Mwangangi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-05
publication date: 2026-05-05
starting page: 33
ending page: 43
doi: 10.59413/eafj/v5.i2.3

Strategic Vision and Institutional Sustainability in Higher Education: A Review with Reference to Muslim University of Morogoro
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description: This review examines the role of strategic vision in promoting institutional sustainability within higher education, with a focus on the Muslim University of Morogoro (MUM) in Tanzania. Drawing on existing literature from higher education management, strategic planning, and quality assurance frameworks, the study synthesizes best practices, conceptual models, and policy guidelines that support academic excellence and financial sustainability. The review highlights how aligning institutional vision with operational strategies, resource mobilization, and governance structures can enhance university performance and long-term resilience. Findings underscore the importance of strategic planning as a critical tool for private universities in emerging economies to achieve sustainable growth and meet national and international quality standards.
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creator: Ali Keya Anami
rights: Copyright (c) 2026 Ali Keya Anami (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-01
publication date: 2026-04-01
starting page: 1
ending page: 14
doi: 10.59413/eafj/v5.i2.1

Budget Implementation and Economic Growth: Imperative for Economic Growth in Nigeria
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description: This study examines the impact of government budget implementation on Nigeria’s economic growth from 1994 to 2024, focusing on capital expenditure, recurrent expenditure, tax revenue, and public debt financing. Using secondary data from the Central Bank of Nigeria Statistical Bulletin and the Federal Inland Revenue Service (FIRS), the study applies a Vector Error Correction Model (VECM) to capture both short-run and long-run dynamics between fiscal variables and Gross Domestic Product (GDP). Empirical results indicate a significant long-run positive relationship between capital expenditure and economic growth, while recurrent expenditure, tax revenue, and public debt financing show mixed or insignificant effects. The error correction mechanism highlights a slow adjustment to equilibrium, suggesting structural inefficiencies in fiscal policy transmission. The findings align with Keynesian theory, emphasizing the growth-stimulating role of productive government spending, and partially support Wagner’s Law regarding expenditure patterns. The study underscores that sustainable growth in Nigeria requires prioritizing capital projects, enhancing fiscal discipline, and strengthening institutional capacity. Improved fiscal governance, transparency, and accountability mechanisms should be implemented to ensure effective resource allocation and minimize corruption and mismanagement.
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creator: Bethel Amarachi Onyemaechi
creator: Keremah Sydney Clever
rights: Copyright (c) 2026 Bethel Amarachi Onyemaechi, Keremah Sydney Clever (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-01
publication date: 2026-04-01
starting page: 15
ending page: 32
doi: 10.59413/eafj/v5.i2.2

Financial Deepening and Entrepreneurial Development in Nigeria: Evidence from 1981–2024
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description: This study investigates the relationship between financial deepening and entrepreneurial development in Nigeria using annual data from 1981 to 2024. Non-oil GDP is used as a proxy for entrepreneurial development, while financial deepening is captured through money supply, credit to the private sector, lending rate, and exchange rate. The analysis employs various statistical tests, such as the Johansen cointegration test, Vector Error Correction Model (VECM), and Granger causality, to examine both short- and long-run dynamics. The results reveal a stable long-run relationship among the variables. Money supply and exchange rate positively influence entrepreneurial development, while credit to the private sector shows a negative long-run effect, indicating inefficiencies in credit allocation. Lending rates appear largely insignificant. Granger causality results show that non-oil GDP drives changes in money supply, private sector credit, and exchange rate, suggesting that entrepreneurial growth plays a significant role in shaping financial sector dynamics. The study concludes that entrepreneurial development is a central driver of Nigeria’s financial and monetary dynamics and recommended that financial institutions should make it easier for small and medium-sized enterprises (SMEs) and entrepreneurs to access credit. Also, government policies should focus on supporting businesses in areas such as agriculture, manufacturing, and services.
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creator: Sydney Clever Keremah
rights: Copyright (c) 2026 Sydney Clever Keremah (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-03-21
publication date: 2026-03-21
starting page: 158
ending page: 174
doi: 10.59413/eafj/v5.i1.14

Disaggregated Agricultural Output and Macroeconomic Dynamics: Evidence from a Linear
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description: This study investigates the impact of agricultural output on macroeconomic performance in Nigeria from 1980 to 2024. The Autoregressive Distributed Lag (ARDL) bounds testing was employed to examine the dynamics of short-run and long-run impact analysis. The stationarity properties of the variables are employed using the ADF, PP, and KPSS tests. The cointegration test confirms the existence of a co-movement between agricultural output variables and real gross domestic product. The results indicate that crop and forestry outputs exert significant positive effects on GDP, whereas livestock and fishery outputs are positive but statistically insignificant. Inflation also exhibits a positive and significant impact on real gross domestic product, while interest rate and exchange rate effects are negligible. In the short-run dynamics, the result revealed that changes in livestock and crop production significantly influence real GDP; the diagnostic tests confirm model stability, absence of serial correlation, homoskedasticity, and normality of residuals. Overall, the findings underscore the centrality of agriculture, particularly crop and forestry subsectors, in driving Nigeria’s economic performance, highlighting the need for policies that enhance agricultural productivity, value chain development, and sectoral integration to sustain long-term economic growth.
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creator: Wasiu Omotayo Lawal
creator: Zainab Abubakar
rights: Copyright (c) 2026 Wasiu Omotayo Lawal, Zainab Abubakar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-03-06
publication date: 2026-03-06
starting page: 142
ending page: 157
doi: 10.59413/eafj/v5.i1.12

Assessing Workplace Motivation in the Zambian Health Sector amidst the COVID-19 Pandemic: A Case Study of Levy Mwanawasa General Hospital.
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description: The study was assessing workplace motivation in the Zambian health sector amidst the covid-19 pandemic at Levy Mwanawasa General Hospital. A mixed-methods research design was adopted for this study. The population comprised frontline healthcare workers at Levy General Hospital who served during the COVID-19 pandemic. 40 frontline healthcare workers were sampled. A combination of purposive sampling and random sampling was used, and quantitative data was collected through structured surveys and analyzed using statistical techniques such as descriptive statistics and cross-tabulations, and qualitative data was thematically analyzed using coding techniques to identify recurring themes. The study demonstrated that while a supportive work environment and material support were key motivators, financial incentives were more influential than recognition in sustaining frontline healthcare workers’ commitment during the pandemic. The findings also revealed that non-financial incentives such as recognition were more consistently motivating than structural incentives like promotions, underscoring the importance of both immediate and long-term support mechanisms in healthcare settings. The study highlighted that frontline health workers at Levy Teaching Hospital are strongly motivated by a supportive work environment characterized by teamwork, cooperation, and a family-like atmosphere. The study established that frontline healthcare workers at Levy Teaching Hospital are primarily motivated by a combination of intrinsic and extrinsic factors, with recognition for their service emerging as the most powerful driver, followed closely by financial incentives and supportive work environments. While allowances, pre-service training, and material support play important roles in sustaining engagement, opportunities for promotion were less influential, reflecting structural limitations during the pandemic. These findings support Herzberg’s Two-Factor Theory and other research, showing that…
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creator: Mutinta Ngandu
creator: Attridge Mwelwa
rights: Copyright (c) 2026 Mutinta Ngandu, Dr. Attridge Mwelwa (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-23
publication date: 2026-02-23
starting page: 96
ending page: 106
doi: 10.59413/eafj/v5.i1.8

Impact of Digital Financial Services Innovation on the Performance of Deposit Money Banks in Nigeria, 2012 to 2024
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description: The main objective of the study was to investigate the impact of digital financial services innovations on the deposit money banks in Nigeria within the period of 2012 to 2024. Specifically, the study aims to examine the impact of the volume of Automated Teller Machine (VATM) digital financial services innovation on Return on Asset (ROA) in Nigeria; evaluate the impact of the volume of Point of Sales (VPOS) digital financial services innovation on Return on Assets (ROA) in Nigeria; investigate the impact of the volume of mobile-based (VMOB) digital financial services innovation on Return on Asset (ROA) in Nigeria; and assess the impact of the volume of web-based (VWBP) digital financial services innovation on Return on Asset (ROA) in Nigeria. This study, conducted for the period from 2012 to 2024, utilized the ordinary least squares regression method to investigate the impact of digital financial services innovation on the performance of deposit money banks in Nigeria. Secondary data were sourced from the Central Bank of Nigeria's Statistical Bulletin and Statistics and Economic Reports for various years. Empirical findings revealed that the volume of ATM, POS, mobile-based, and web-based digital financial services innovation had a favorable and critical impact on the deposit money banks in Nigeria. Consequently, the study concluded that digital financial services innovation contributes to enhancing deposit money banks in the country. To promote further growth in the deposit money banks, the study recommends expanding the deployment and usage of digital finance channels such as the volume of ATM, POS, mobile-based, and web-based channels, encouraging their utilization for financial services innovation by participants.
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creator: Chinedu Onyia
creator: Agu Bertram Onyebuchi
creator: Obinna Bright Ogbonna
rights: Copyright (c) 2026 Onyia, Chinedu Callistus PhD, Agu, Bertram Onyebuchi PhD, Ogbonna, Obinna Bright, PhD (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-24
publication date: 2026-02-24
starting page: 107
ending page: 118
doi: 10.59413/eafj/v5.i1.9

Growth Indices and Value of Ordinary Shares of Deposit Money Banks in Nigeria, 2013 to 2024
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description: The study examined the affinity between growth indices and the value of ordinary shares of deposit money banks in Nigeria. The specific objective of the study is to ascertain the alliance between total deposit growth, total asset growth, liquidity, profit growth share, and ordinary shares of deposit money banks in Nigeria. The study adopted an ex-post-facto research design, covering the period between 2013 and 2024. Secondary data were extracted from the annual report and accounts of the sampled deposit money banks listed on the Nigeria Exchange Group (NXG). The study purposively sampled 8 out of the 24 deposit money banks operating in Nigeria. Spearman rank order covariance technique was used for the test of hypotheses. The result revealed that total deposit growth has a negative and non-critical alliance with share price of deposit money banks in Nigeria with a coefficient value of -0.003849 and the p-value (0.3084 > 0.05) critical level. Total assets growth has a negative and noncritical alliance with the share price of deposit money banks in Nigeria with a correlation coefficient value of -0.001376 and the probability value (0.6580 > 0.05) critical level. Liquidity has a positive and critical alliance with the share price of deposit money banks in Nigeria with a correlation coefficient of 7.235332 and a p-value (0.00011 < 0.05) critical level. Profit growth has a negative and noncritical alliance with the share price of deposit money banks in Nigeria with a correlation coefficient of -0.032134 and a p-value of (0.9439 > 0.05) critical level. The study recommended, among others, that banks should focus on holistic financial management, including risk assessment, liquidity maintenance, and capital allocation. By demonstrating a balanced approach to growth and maintaining transparent communication about asset expansion strategies, banks can foster investor trust, positive sentiment, and potential upward movement in share prices.
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creator: Chinedu Callistus Onyia
creator: Bertram Onyebuchi Agu
creator: Obinna Bright Ogbonna
rights: Copyright (c) 2026 Onyia, Chinedu Callistus PhD, Agu, Bertram Onyebuchi PhD, Ogbonna, Obinna Bright, PhD (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-18
publication date: 2026-02-18
starting page: 73
ending page: 87
doi: 10.59413/eafj/v5.i1.6

Payment System Innovations, Bank Branch Expansion, and Financial Well-Being in Nigeria
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description: With the adoption of technological innovations in bank payment systems, banks and other financial service providers are concentrating on having more customers and improving access to finance, neglecting the customers’ financial well-being. Therefore, this study examined the nexus between payment system innovations and bank branch expansion and their influence on Nigeria’s financial well-being between 2009 and 2024. The study specifically focused on the effect of ATMs, POS, mobile technology, and the number of commercial bank branches on financial well-being as measured using the savings income ratio. Using quarterly data and the dynamic ordinary least square (DOLS) technique for the analysis, the study found that the volume of ATM transactions and bank branch expansion have a significant negative effect on financial well-being in Nigeria. It also revealed that POS and mobile phone transaction volumes are associated with improvement in financial well-being in the country. The study concludes that while the gains of technology and bank infrastructural expansion have enhanced financial access, more needs to be done to improve the country’s financial well-being. Therefore, the study recommends that fintech firms and banks should develop a product that will make low savers easily raise emergency funds with zero charges, rather than concentrating more attention on developing platforms that are increasing customers' loans.
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creator: Samuel Felix Okereke
creator: Chinedu Callistus Onyia
creator: Shamsuddeen Ibrahim Makudawa
rights: Copyright (c) 2026 Dr. Samuel Felix Okereke, Dr. Chinedu Callistus Onyia, Shamsuddeen Ibrahim Makudawa (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-17
publication date: 2026-02-17
starting page: 61
ending page: 72
doi: 10.59413/eafj/v5.i1.5

Challenges and Opportunities in the Islamic Capital Market: Transforming Financial Services in the Digital Era
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description: This study examines the challenges and opportunities facing the Islamic capital market in the context of digital transformation. With the rapid adoption of financial technology (fintech) and digital platforms, Islamic financial institutions are navigating a landscape that demands compliance with Shariah principles while remaining competitive and innovative. The research employs a qualitative approach, analyzing literature, regulatory frameworks, and case studies of digital initiatives in Islamic capital markets. Key findings indicate that digitalization enhances market accessibility, efficiency, and transparency, while offering opportunities for innovative Shariah-compliant products and services. However, challenges such as regulatory fragmentation, cybersecurity risks, and limited technological infrastructure constrain the full potential of digital transformation. The study concludes that fostering regulatory harmonization, promoting fintech literacy, and investing in secure digital infrastructure are critical for leveraging technology to modernize Islamic financial services while upholding ethical and Shariah-compliant standards.
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creator: Ali Keya Anami
rights: Copyright (c) 2026 Ali Keya Anami (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-20
publication date: 2026-02-20
starting page: 88
ending page: 95
doi: 10.59413/eafj/v5.i1.7

A Critical Analysis of Shariah-Compliant Financial Instruments: Balancing Authenticity, Risk-Sharing, and Market Practice
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description: This paper provides a critical analysis of Shariah-compliant financial instruments, focusing on the balance between authenticity, risk-sharing, and prevailing market practices. The purpose of the study is to examine the extent to which Islamic financial contracts such as Murabaha, Mudarabah, Musharakah, Ijarah, and Sukuk uphold the fundamental principles of Shariah, particularly the prohibition of riba (usury), gharar (excessive uncertainty), and maysir (gambling). Methodologically, the research adopts a qualitative approach, utilizing content analysis of scholarly literature, regulatory reports, and case studies from leading Islamic financial institutions. Key findings reveal a divergence between the theoretical foundations of Islamic finance, which emphasize equity participation and profit-and-loss sharing, and the practical dominance of debt-based instruments that closely resemble conventional finance. While contracts like Mudarabah and Musharakah embody the authentic spirit of risk-sharing, their limited application highlights challenges related to risk aversion, regulatory environments, and market demand. Conversely, the widespread use of Murabaha and Sukuk demonstrates market adaptability but raises concerns of Shariah compliance authenticity. The study concludes that for Islamic finance to maintain credibility and long-term sustainability, there is a need to reinforce risk-sharing mechanisms, strengthen Shariah governance, and innovate instruments that remain faithful to ethical and economic objectives of Islam while meeting contemporary financial needs.
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creator: Ali Keya Anami
rights: Copyright (c) 2026 Ali Keya Anami (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 119
ending page: 126
doi: 10.59413/eafj/v5.i1.10

Islamic Banking and Finance: Promoting Inclusive Development Through Sustainable Practices and Trade Facilitation
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description: This study examines the role of Islamic banking and finance in promoting inclusive development through sustainable practices and trade facilitation. Employing a qualitative research approach, the study analyzes academic literature, case studies, and industry reports to explore how Shariah-compliant banking principles such as risk-sharing, ethical investments, and prohibition of riba (interest) are operationalized to support economic participation and equitable growth. Key findings indicate that Islamic financial institutions enhance access to finance for underserved populations, foster ethical trade practices, and contribute to sustainable development objectives. Challenges, including regulatory inconsistencies, limited awareness of Shariah-compliant instruments, and gaps in digital adoption, are identified as constraints to maximizing impact. The study concludes that integrating sustainable and ethical practices within Islamic banking strengthens financial inclusion, supports trade facilitation, and promotes long-term economic resilience, while future research should focus on empirical assessments and digital innovation in Shariah-compliant finance.
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creator: Ali Keya Anami
rights: Copyright (c) 2026 Ali Keya Anami (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-16
publication date: 2026-02-16
starting page: 54
ending page: 60
doi: 10.59413/eafj/v5.i1.4

Integrating Production and Utility Theory to Enhance Efficiency and Consumer Welfare in the Kenyan Manufacturing Sector
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description: Microeconomic theory provides essential analytical tools for examining firm behavior and consumer decision-making under conditions of scarcity and uncertainty. This paper applies production theory and utility theory to analyze efficiency challenges and demand dynamics in Kenya's fish-processing industry, specifically in Mombasa. On the production side, the study highlights how limited cold-chain infrastructure, unreliable energy supply, and low adoption of modern preservation technologies contribute to technical inefficiency, high post-harvest losses, and constrained returns to scale. These issues prevent processors from achieving minimum efficient scale and reduce competitiveness in high-value markets such as supermarkets, hotels, and export channels. On the demand side, utility theory demonstrates that consumer preferences for freshness, hygiene, food safety, convenience, and affordability significantly shape purchasing behavior, with notable differences across income groups. Risk perceptions and information asymmetries further influence willingness to pay, reinforcing the importance of certification, traceability, and quality assurance systems. By integrating production and utility theory, the paper establishes how improvements in handling, storage, and value addition on the production side translate into higher consumer utility and stronger market performance. The study recommends practical strategies, including renewable-energy cold storage, product differentiation, forward contracting, and vertical coordination with fishers to stabilize supply and improve quality. Policy implications emphasize the need for affordable finance, energy investments, skills development, and strengthened food safety regulations to support firm efficiency and enhance consumer welfare within Kenya's manufacturing value chain.
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creator: Omar Said Anwar
creator: Mohamed Munir Mohamed Hussein Saahil
creator: Jeff Koome Kinyua
rights: Copyright (c) 2026 Omar Said Anwar, Mohamed Munir Mohamed Hussein Saahil, Jeff Koome Kinyua (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 47
ending page: 53
doi: 10.59413/eafj/v5.i1.3

An Assessment of the Impact of Foreign Businesses on Financial Performance of Small and Medium Enterprises in Zambia - A Case of Chain Stores in Lusaka, Zambia
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description: This study is an assessment of the impact of foreign businesses on the financial performance of Small and Medium Businesses in Zambia. The study employs a sample of 18 SMEs whose businesses are premised near the foreign chain stores all picked through purposive sampling and based on relevance to the research objectives. Using a mixed-methods approach grounded in positivist philosophy, the research investigates the extent of exposure to foreign competition, its financial implications, and strategies for enhancing SME competitiveness. The study's findings indicate that foreign business presence doesn't significantly impact SMEs' short-term financial performance, but rather affects their long-term growth trajectory. Additionally, the presence of foreign businesses has no statistically significant impact on domestic businesses' Return on Assets (ROA) and Return on Equity (ROE), as evidenced by regression analysis showing positive but insignificant coefficients for both metrics. Furthermore, the study reviews that SMEs have been negatively affected in terms of access to capital, technology, and trading infrastructure, which are essential resources for business growth and development. The study provides insights on the impact of foreign competition on SMEs in developing countries like Zambia in comparison with the findings in the literature from other countries. The study recommends that policy makers set policies that are intended at ensuring SMEs have access to capital, trading infrastructure and support through training, sourcing of technological tools and partnership opportunities. This recommendation is crucial in creating an enabling environment for SMEs to thrive as a back bone of Zambian economy, employment creation, innovation and economic growth. Overall, this study provides a comprehensive understanding of the impact of foreign businesses on SMEs in Zambia and highlights the need for policymakers to create a supportive environment that enables SMEs to thrive th…
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creator: Judith Banda
rights: Copyright (c) 2026 Judith Banda (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-01-22
publication date: 2026-01-22
starting page: 18
ending page: 46
doi: 10.59413/eafj/v5.i1.2