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Taxes form a significant portion of a company’s expenses and in order to increase probable returns, tax planning is vital to financing and investment decisions of an entity. This study sought to find out the influence of tax avoidance on financial performance of all the nine manufacturing firms listed on the Nairobi Securities Exchange during the period 2010-2017. The study was anchored on tax planning theory, capital structure trade-off theory, agency cost theory and political power theory. The study adopted a positivism research philosophy and an explanatory research design. SPSS version 23 was used to analyze data where both descriptive and inferential statistics was done. Multiple linear regression model was adopted to study the association between the variables while utilizing panel data. The study findings showed that there is no significant statistical association between tax planning and financial performance of the manufacturing companies listed in the Nairobi Securities Exchange. The findings indicated that capital intensity, research and development expenditure and company size have a positive insignificant association with financial performance. Further, debt to equity ratio indicated an insignificant negative relationship with financial performance. The study points out that the manufacturing companies should invest more in non-current assets and increase expenditure on the research and development expenditure to realize significant positive impact on financial performance. They should also manage their debt to equity ratios to avoid excess financing costs that may be detrimental to their financial performance.

The Insurance industry is essential to the economic course of every nation attaining sustainable growth and prosperity. However, the industry continues to experience a marginal growth of 2.5% compared to the global real term growth of 4%. This study analyzed the relationship between employee empathy and customer satisfaction in the Kenyan insurance industry. The study was guided by the causal research design. The study applied the linear mixed-effect models of structural equation modeling (SEM) considering the multi-level structure of the data collected. The study concluded that a client who perceives empathy from his/ her insurer’s employees is bound to have higher satisfaction than a customer who does not perceive empathy from their insurer. Employee empathy however, does not significantly affect the variations of customer satisfaction between the insurance companies.

Contemporary employees spend most of their working lives in the workplace. Work provides economic, social and psychological experiences that promote the mental wellbeing of individuals. The work environment should be devoid of hazards as much as possible to provide healthy and decent work for the workforce. However, numerous injuries, illnesses, property damages, and process losses take place at different workplaces. It is unclear how effectively OSH programs are being implemented in Kenya’s water sector since no study has been done. The general objective of the study was to establish an influence of management commitment on Occupational Health and Safety policies implementation in Water and Sanitation Companies in Kenya, a study of water and Sanitation Companies in Nyeri County. The study was based on the theoretical foundation that comprises two theories Leader-Member Exchange theory and Bourgeois and Brodwins Five Models of Strategy Implementation. The target population consisted of 474 employees in all water & sanitation companies in Nyeri County. From this population, a sample of 243 respondents was drawn using a random sampling technique but only 188 respondents filled and returned valid questionnaires giving the study an 80% response rate. The study employed both descriptive and inferential statistics to present and analyze the data.  Quantitative data was analyzed using descriptive statistical tools namely frequencies, percentages, mean and standard deviation while inferential statistical tools such as multiple regression were used to determine the relationship between variables. The study findings revealed that there was a statistically significant positive relationship between management commitment and implementation, the 27.9% unit change in the implementation of OSH policies was explained by the management commitment. The study recommends that the water companies’ management should be committed to the implementation of OSH.

This study sought to model the stock market return volatility at the Nairobi Securities Exchange (NSE) in the presence of structural breaks. Using daily NSE 20 share index for the period 04/01/2010  to  29/12/2017,  the market return volatility was modeled using different GARCH type models and taking into account four endogenously identified structural breaks. The market exhibited a non-normal distribution that was leptokurtic and negatively skewed and also showed evidence for ARCH effects, volatility clustering, and volatility persistence. We found that by considering structural breaks, volatility persistence was reduced, while leverage effects were found to lead to explosive volatility. In addition, investors were not rewarded for taking up additional risk since the risk premium was insignificant for the full period. However, during explosive volatility, investors were rewarded for taking up more risk. Moreover, we found that risk premium, leverage effects, and volatility persistence were significantly correlated. The GARCH (1,1) and TGARCH(1,1) models were found to be the best fit models to test for symmetric and asymmetric effects respectively. While the GARCH models were able to provide evidence for the stylized facts in the NSE, we conclude that the presence or absence of these features is period specific. This especially relates to volatility persistence, leverage effects, and risk premium effects. Caution should, therefore, be taken in using a specific GARCH model to forecast market return volatility in Kenya. It is thus imperative to pretest the data before any return volatility forecasting is done.

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.

This study sought to establish the influence of understanding, stakeholder requirements, good rapport with stakeholders, healthy competition with competitors, conflict resolution, and effective communication on organizational performance among insurance companies in Kenya. Positivism research philosophy was adopted for the study. Descriptive and explanatory cross-sectional research designs were used. Data analysis was conducted using descriptive statistics and inferential analysis. The study concluded as follows: (i) Understanding stakeholder requirements, creating and maintain good rapport with stakeholders, healthy competition with competitors, conflict resolution and effective communication were deployed to a moderate extent in insurance companies in Kenya, (ii) There was a strong positive correlation between organisation performance, understanding stakeholder requirements, good rapport with stakeholders, conflict resolution, and effective communication, (iii) There was a weak positive correlation between organisation performance and healthy competition, (iv) Understanding stakeholder requirements, creating and maintain good rapport with stakeholders, healthy competition with competitors, conflict resolution and effective communication had significant influence on the performance of insurance companies in Kenya. (v) Relationship management has a significant influence on organizational performance.

Taxes form a significant portion of a company’s expenses and in order to increase probable returns, tax planning is vital to financing and investment decisions of an entity. This study sought to find out the influence of tax avoidance on financial performance of all the nine manufacturing firms listed on the Nairobi Securities Exchange during the period 2010-2017. The study was anchored on tax planning theory, capital structure trade-off theory, agency cost theory and political power theory. The study adopted a positivism research philosophy and an explanatory research design. SPSS version 23 was used to analyze data where both descriptive and inferential statistics was done. Multiple linear regression model was adopted to study the association between the variables while utilizing panel data. The study findings showed that there is no significant statistical association between tax planning and financial performance of the manufacturing companies listed in the Nairobi Securities Exchange. The findings indicated that capital intensity, research and development expenditure and company size have a positive insignificant association with financial performance. Further, debt to equity ratio indicated an insignificant negative relationship with financial performance. The study points out that the manufacturing companies should invest more in non-current assets and increase expenditure on the research and development expenditure to realize significant positive impact on financial performance. They should also manage their debt to equity ratios to avoid excess financing costs that may be detrimental to their financial performance.

The Insurance industry is essential to the economic course of every nation attaining sustainable growth and prosperity. However, the industry continues to experience a marginal growth of 2.5% compared to the global real term growth of 4%. This study analyzed the relationship between employee empathy and customer satisfaction in the Kenyan insurance industry. The study was guided by the causal research design. The study applied the linear mixed-effect models of structural equation modeling (SEM) considering the multi-level structure of the data collected. The study concluded that a client who perceives empathy from his/ her insurer’s employees is bound to have higher satisfaction than a customer who does not perceive empathy from their insurer. Employee empathy however, does not significantly affect the variations of customer satisfaction between the insurance companies.

Contemporary employees spend most of their working lives in the workplace. Work provides economic, social and psychological experiences that promote the mental wellbeing of individuals. The work environment should be devoid of hazards as much as possible to provide healthy and decent work for the workforce. However, numerous injuries, illnesses, property damages, and process losses take place at different workplaces. It is unclear how effectively OSH programs are being implemented in Kenya’s water sector since no study has been done. The general objective of the study was to establish an influence of management commitment on Occupational Health and Safety policies implementation in Water and Sanitation Companies in Kenya, a study of water and Sanitation Companies in Nyeri County. The study was based on the theoretical foundation that comprises two theories Leader-Member Exchange theory and Bourgeois and Brodwins Five Models of Strategy Implementation. The target population consisted of 474 employees in all water & sanitation companies in Nyeri County. From this population, a sample of 243 respondents was drawn using a random sampling technique but only 188 respondents filled and returned valid questionnaires giving the study an 80% response rate. The study employed both descriptive and inferential statistics to present and analyze the data.  Quantitative data was analyzed using descriptive statistical tools namely frequencies, percentages, mean and standard deviation while inferential statistical tools such as multiple regression were used to determine the relationship between variables. The study findings revealed that there was a statistically significant positive relationship between management commitment and implementation, the 27.9% unit change in the implementation of OSH policies was explained by the management commitment. The study recommends that the water companies’ management should be committed to the implementation of OSH.

The support of tourism stakeholders is essential for the development, successful operation, and long-term sustainability of tourism. The aim of this paper was to establish how stakeholder involvement influence tourism sector performance the purpose of getting a deeper understanding of what different stakeholders perceive on their involvement and the benefits that they have gotten or brought to the sector. The theory guiding this paper was an integrated model of destination competitiveness. A descriptive research design was used for the study. The target population consisted of employees of hotels, officials of tour firms and officers in the ministry of tourism in the County Government of West Pokot. Systematic stratified sampling was used and a total of 41 respondents selected. Structured questionnaires were used to collect data from the respondents. Data were analyzed using descriptive and inferential statistics. From the R2 was 0.444 meaning that Stakeholder participation predicted 44.4% of tourism performance in West Pokot County and therefore the Counter government should always consider the stakeholders in matters to do with tourism so as to improve its performance.