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All Journal International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC)
Tabitha Nasieku
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Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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EARNINGS OPACITY ON SHARE PRICE ANNUALIZED VOLATILITY AMONG QUOTED NON-FINANCIAL COMPANIES AT NAIROBI SECURITIES EXCHANGE Stephen Ndirangu Maina; Tabitha Nasieku; Julius Miroga Bichanga
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 3 (2025): June
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i3.516

Abstract

The study examined the effect of earnings opacity on share price annualized volatility among non-financial companies quoted at Nairobi Securities Exchange. Earnings opacity is a measure that reflects how little information there is in a firm’s earnings number about its true, but unobservable, economic performance. The study was guided by pragmatic research philosophy and adopted a quantitative research design to evaluate earnings opacity and share price annualized volatility among quoted non-financial firms at Nairobi securities exchange. A census study of 39 non -financial companies quoted at the NSE was employed, of which 33 met data requirements. The study used secondary data from audited annual financial reports of the quoted firms for twenty years, from January 2003 through December 2022. The data collected was analysed using descriptive and inferential statistics. The hypothesis that there is no significant effect of earnings opacity on share price annualized volatility among quoted non-financial companies at Nairobi Securities was tested at a 95% confidence interval using t-statistic and p-value. The study used panel data Ordinary Least Square method technique for research analysis. Panel regression analysis using random effects model was conducted after necessary normality, model specification, homoscedasticity, linearity and autocorrelation diagnostic tests. Weighted Least Squares (WLS) is the preferred model for correcting heteroscedasticity and improving model fit. Findings show that earnings opacity had a significant effect (p = 0.00014, R² ≈ 0.022) on share price annualized volatility, among quoted non-financial firms at the Nairobi Securities Exchange. The findings provide critical insights for investors, regulators, and policymakers seeking to enhance market transparency and reduce informational risk in emerging capital markets.
CREDIT RISK COMPLIANCE LEVELS AND TECHNICAL EFFICIENCY OF COMMERCIAL BANKS IN KENYA: A DATA ENVELOPMENT ANALYSIS (DEA) MODEL APPROACH Stephen Kisuli; Tabitha Nasieku; Gordon Opuodho; Kimanzi Kalundu
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 4 No. 2 (2026): April
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v4i2.711

Abstract

This paper investigates how level of compliance with credit risk regulatory guidelines issued by the central bank of Kenya impacts on technical efficiency whilst considering bank size as a moderating variable. The study adopts a quantitative research design, where a panel data of ten years of a sample of all the licensed commercial banks in Kenya is applied. The technical efficiency scores are estimated with the help of Data Envelopment Analysis (DEA) and the correlation between compliance with credit risk and technical efficiency is estimated with the help of the two-limit Tobit regression model estimated by the means of the Maximum Likelihood Estimation (MLE) method. The study findings established that there is a negative and statistically significant correlation between credit risk and technical efficiency meaning that an increase in credit risk correlates with decreased technical efficiency among commercial banks. Bank size was found to be statistically significant in determining the impact of technical efficiency, which points to the role of scale-related variables in efficiency performance. The study suggests commercial banks to improve their credit risk management and the level of compliance with prudential credit risk guidelines to minimize excessive credit risk exposure and to promote technical efficiency. Moreover, regulators and policymakers are advised to take into account bank size in designing and implementing credit risk regulatory frameworks. The paper also recommends that future research should generalize the study to other financial institutions, including microfinance institutions and cooperative banks, and use longer time horizons to reflect changing regulatory and efficiency dynamics of the financial sector.
Co-Authors Gordon Opuodho Julius Miroga Bichanga Kimanzi Kalundu Stephen Kisuli Stephen Ndirangu Maina