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The theory of dynamic resource orchestration explains the differentiated response of homogeneous ecosystem organizations to systemic disruptive shocks. The Covid-19 precautionary measures in Kenya have exempted some essential service providers and government agencies, resulting in a differentiated Covid-19 impact across the national SMEs landscape. This article adopted an extractive thematic analysis technique to draw insights from in-depth interviews and discussions with owners and managers of 6 broad-range SMEs considered non-essential services providers excluded from the Covid-19 cessation of movement waiver. The article advanced insights on SMEs' resilience through dynamic resource orchestration capability. It sought to establish whether the possession and orchestration of dynamic resources capabilities differentiated highly resilient SMEs from non-resilient ones. The article identified business diversification, slack finance, intra-stakeholder collaboration, self-reinvention, positive psychology, technology leverage, and cost management as precursory resilience agents within Kenyan SMEs. Research gaps were identified, and recommendations for future research were proposed.

The upper Echelons Theory reiterates the importance of top management in an organization and recognizes that the mangers make decisions that grow the entity. Before the establishment of this theory, the premise was that larger firms which drive high amounts of income, are capable of running themselves without failure. Although Organizations that command large amounts of income are deemed to be successful the upper echelons theory holds that these entities cannot be successful without proper management and guidance by top management where the board of directors in this case is considered as top management organ for SACCOs. Savings and Credit Cooperatives (SACCOs) have evolved over time from mobilizing savings and granting loans to become established entities that provide banking services to their customers. They require good governance to avoid the experience of financial distress. The current research was therefore aimed at establishing the influence of firm revenue on the relationship between board characteristics and financial distress of deposit taking SACCOs in Nairobi County. Large entities command more revenue as compared to small firms. Board Characteristics is of importance to this study because it influences Corporate Governance which according to previous research has shown that the practice helps revolutionize performance of various institutions. The study is guided by upper echelons theory which reiterates the importance of top management. Descriptive research design was adopted while Nairobi County was purposively chosen and a census was carried out on deposit taking SACCOs in the county. Secondary data was collected from SASRA using a data collection sheet and a panel data analysis performed using STATA software and findings were presented using tables. The study concluded that firm revenue does not mediate the relationship between board characteristics and financial distress of Deposit Taking SACCOs. Though firm revenue should be enhanced, governance should be improved since it remains a critical success factor in alleviation of financial distress.

This study sought to determine the contributions of satellite campuses on financial sustainability of public universities in Kenya. The specific objectives will be to examine how financial accountability and effective management contribute to financial sustainability of public universities in Kenya. The study adopted descriptive survey research design. The target population was 176 selected staff of public universities in Kenya of which all of them were used in the study. The study adopted both descriptive analysis and for inferential statistical analysis data was cleaned coded and correlation analyses done the findings were financial accountability was positively correlated and significant p< 0.0. For regression also financial accountability as well as resource allocation and effective management had a positive relationship with financial sustainability. R squared was 0.731 therefore financial accountability and resource allocation explained 73.1% of variance in financial sustainability. Moderation was established using hierarchical regression, when the interaction terms of the moderator were added the value of R squared changed from 73.1% to 79.4% thus effective management and leadership had moderating effects on the relationship between financial sustainability and contribution of satellite campuses.Thus universities should mobilize resources from development partners and  focus on recovering full economic costs and investing in its infrastructure including human, intellectual and physical adequately to maintain future productive capacity to deliver its strategic plan and serve its customers.

Collapse of companies in Kenya has been on the rise in the recent past. Far reaching endeavors to resuscitate these liquidating and ailing firms have generally been attributed on their corporate financial management decisions.  Multinationals and KTDA managed tea firms in Kenya have been performing poorly in the recent past where audited financial statements and reports revealed a warning signal on its financial performance. Specific objectives of the study were to determine the effect of the accounts receivables period, accounts payables period, inventory conversion period, cash conversion cycle, financing policy, investing policy and moderating effect of ownership structure on financial performance. The study illustrated that accounts receivables collection period is negatively related to return on assets (? = -0.1299, p=0.0160),  accounts payables payment period is negatively related to return on assets (? = -0.0843, p = 0.0070), inventory conversion period is negatively related to return on assets (?= -0.0623, p=0.0180), cash conversion cycle is negatively related to return on assets (? = -0.1107, p = 0.0030), financing policy is positively related to return on assets (? = 0.1589, p = 0.0000), investing policy is positively related to return on assets (? = 0.0291, p = 0.0000).

Related party transactions are a key factor to the sustainability of Savings and Credit Cooperatives (SACCOs). In view of this fact, loans to directors and staff are viewed as a factor which can greatly influence savings and credit cooperatives into either falling into financial distress or helping them to remain a float and become financially stable entities. The stakeholder theory holds that entities should be managed a manner that will satisfy every stakeholder. The stewardship theory reiterates that managers have the organisation at heart and can it to profitability as if it were their own. However approval of loans and other transactions to managers and staff, may not positively impact the entity. This study was designed to establish the effect of related party transactions on the relationship between board characteristics and financial distress of deposit taking SACCOs in Nairobi County. We applied Descriptive research design on Deposit taking SACCOs in Nairobi County which was identified purposively while a census was conceded for all deposit taking SACCOs in the county. We obtained secondary data from SASRA using a data collection sheet after which we performed panel data analysis by use of STATA software. Findings were presented using tables. The study concluded that related party transactions influenced the relationship between board characteristics and financial distress of Deposit Taking SACCOs in Nairobi County. Related party transactions can be an avenue of causing financial distress and should be kept as low as possible. The regulator should come up with a tool based on Altman’s Z score models to predict financial distress in SACCOs in order to offer timely advice to alleviate more distress and consequent bankruptcy which may lead to closure of SACCOs. Another research may be carried out to establish other factors causing financial distress and how to turn around the SACCOs already in distress.

Collapse of companies in Kenya has been on the rise in the recent past. Far reaching endeavors to resuscitate these liquidating and ailing firms have generally been attributed on their corporate financial management decisions.  Multinationals and KTDA managed tea firms in Kenya have been performing poorly in the recent past where audited financial statements and reports revealed a warning signal on its financial performance. Specific objectives of the study were to determine the effect of the accounts receivables period, accounts payables period, inventory conversion period, cash conversion cycle, financing policy, investing policy and moderating effect of ownership structure on financial performance. The study illustrated that accounts receivables collection period is negatively related to return on assets (? = -0.1299, p=0.0160),  accounts payables payment period is negatively related to return on assets (? = -0.0843, p = 0.0070), inventory conversion period is negatively related to return on assets (?= -0.0623, p=0.0180), cash conversion cycle is negatively related to return on assets (? = -0.1107, p = 0.0030), financing policy is positively related to return on assets (? = 0.1589, p = 0.0000), investing policy is positively related to return on assets (? = 0.0291, p = 0.0000).

This study sought to determine the contributions of satellite campuses on financial sustainability of public universities in Kenya. The specific objectives will be to examine how financial accountability and effective management contribute to financial sustainability of public universities in Kenya. The study adopted descriptive survey research design. The target population was 176 selected staff of public universities in Kenya of which all of them were used in the study. The study adopted both descriptive analysis and for inferential statistical analysis data was cleaned coded and correlation analyses done the findings were financial accountability was positively correlated and significant p< 0.0. For regression also financial accountability as well as resource allocation and effective management had a positive relationship with financial sustainability. R squared was 0.731 therefore financial accountability and resource allocation explained 73.1% of variance in financial sustainability. Moderation was established using hierarchical regression, when the interaction terms of the moderator were added the value of R squared changed from 73.1% to 79.4% thus effective management and leadership had moderating effects on the relationship between financial sustainability and contribution of satellite campuses.Thus universities should mobilize resources from development partners and  focus on recovering full economic costs and investing in its infrastructure including human, intellectual and physical adequately to maintain future productive capacity to deliver its strategic plan and serve its customers.

The theory of dynamic resource orchestration explains the differentiated response of homogeneous ecosystem organizations to systemic disruptive shocks. The Covid-19 precautionary measures in Kenya have exempted some essential service providers and government agencies, resulting in a differentiated Covid-19 impact across the national SMEs landscape. This article adopted an extractive thematic analysis technique to draw insights from in-depth interviews and discussions with owners and managers of 6 broad-range SMEs considered non-essential services providers excluded from the Covid-19 cessation of movement waiver. The article advanced insights on SMEs' resilience through dynamic resource orchestration capability. It sought to establish whether the possession and orchestration of dynamic resources capabilities differentiated highly resilient SMEs from non-resilient ones. The article identified business diversification, slack finance, intra-stakeholder collaboration, self-reinvention, positive psychology, technology leverage, and cost management as precursory resilience agents within Kenyan SMEs. Research gaps were identified, and recommendations for future research were proposed.

The collective investment schemes in Kenya have witnessed increased volatility in their earnings, resulting in irregular growth in the industry. This necessitates the need to understand the factors contributing to poor financial returns from collective investment schemes. Hence this study sought to investigate the effect of equity investments and bond investments on Kenyan CIS’s performance. The specific objectives were: To assess the effect of equity investments, bond investments on financial performance of collective investment schemes in Kenya. The study was anchored on: modern portfolio theory and the efficient market hypothesis. The positivism philosophy was applied, with the firms adopting an explanatory research design. The target population was 17 Collective Investment Schemes registered by the Capital Markets Authority and were operational in the period 2010 to 2018.  Secondary data was sought from the Capital Markets Authority Annual reports and from the respective websites of the CIS’. Data was analyzed using descriptive statistics, correlational analysis and panel regression analysis. Hypotheses were tested at a significance level of 0.05. Findings indicate that equity investment, bond investments have an insignificant effect on CIS’ return on assets. Further, equity investments had a positive and significant effect on liquidity whereas bond investments had an insignificant effect on liquidity. The study recommends that CISs actively revise their equity investments and bond investments to stimulate financial returns.

The upper Echelons Theory reiterates the importance of top management in an organization and recognizes that the mangers make decisions that grow the entity. Before the establishment of this theory, the premise was that larger firms which drive high amounts of income, are capable of running themselves without failure. Although Organizations that command large amounts of income are deemed to be successful the upper echelons theory holds that these entities cannot be successful without proper management and guidance by top management where the board of directors in this case is considered as top management organ for SACCOs. Savings and Credit Cooperatives (SACCOs) have evolved over time from mobilizing savings and granting loans to become established entities that provide banking services to their customers. They require good governance to avoid the experience of financial distress. The current research was therefore aimed at establishing the influence of firm revenue on the relationship between board characteristics and financial distress of deposit taking SACCOs in Nairobi County. Large entities command more revenue as compared to small firms. Board Characteristics is of importance to this study because it influences Corporate Governance which according to previous research has shown that the practice helps revolutionize performance of various institutions. The study is guided by upper echelons theory which reiterates the importance of top management. Descriptive research design was adopted while Nairobi County was purposively chosen and a census was carried out on deposit taking SACCOs in the county. Secondary data was collected from SASRA using a data collection sheet and a panel data analysis performed using STATA software and findings were presented using tables. The study concluded that firm revenue does not mediate the relationship between board characteristics and financial distress of Deposit Taking SACCOs. Though firm revenue should be enhanced, governance should be improved since it remains a critical success factor in alleviation of financial distress.