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

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SHORT-TERM DEBT, PROFITABILITY AND STOCK MARKET VOLATILITY AT THE NAIROBI SECURITIES EXCHANGE, KENYA Vivyanne Omira; Isaac Linus Ochieng; Gordon Opuodho
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 6 (2025): December
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i6.616

Abstract

This study examines the relationship between short-term debt and stock market volatility among firms listed on the Nairobi Securities Exchange (NSE) in Kenya. Acknowledging the increased sensitivity of emerging markets to external financial shocks, the research aims to clarify how short-term financing affects market dynamics. Using secondary data from the NSE and company financial reports covering the period from 2013 to 2022, the study employs a quantitative approach that incorporates multiple linear regression, Pearson correlation analysis, and panel random effects models to capture both cross-sectional and time-series variations. The findings reveal a cyclical pattern in short-term borrowing and a strong positive relationship between short-term debt and market volatility. Regression analysis, which considers firm size and profitability, further confirms that short-term debt has a statistically significant positive impact on volatility. This suggests that short-term financing contributes to market instability when firm-specific factors are taken into account. The persistent presence of short-term debt in corporate capital structures underscores its strategic importance. These results highlight the need for investors and policymakers to carefully monitor corporate debt profiles to mitigate volatility risks in emerging financial markets.
DIVIDEND PAYOUT, LEVERAGE AND EQUITY MARKET VOLATILITY AMONG FIRMS LISTED AT THE NAIROBI SECURITIES EXCHANGE, KENYA Justin Orang’i Ombui; Gordon Opuodho; Isaac Linus Ochieng
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 6 (2025): December
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i6.626

Abstract

This study investigates the effect of dividend payout on equity market volatility among firms listed on the Nairobi Securities Exchange, considering leverage as a moderating variable. Applying panel regression techniques alongside comprehensive diagnostic testing, the study finds that dividend payout significantly reduces volatility, confirming the stabilizing role of dividends in emerging markets. The inclusion of firm size strengthens the model, showing that larger firms experience lower volatility, while leverage increases volatility but also enhances the stabilizing effect of dividends. These findings support dividend signalling and bird-in-hand theories by demonstrating that stable and predictable payouts help to calm investor uncertainty. The study contributes to the theoretical debate by clarifying the dual role of dividend payout as both a stabilizing mechanism and a signalling tool, while practically recommending stronger dividend disclosure practices and prudent leverage management to mitigate volatility in frontier 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.
INTEREST RATE RISK AND THE FINANCIAL PERFORMANCE OF LISTED COMMERCIAL BANKS IN KENYA Mutinda Prisca Nthenya; Gordon Opuodho; Linus Isaac Ochieng
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.v4i2.727

Abstract

This study examined the impact of interest rate risk on the financial performance of listed commercial banks in Kenya from 2013 to 2023. Using the Interest Rate Parity Theory, it employed a longitudinal approach and conducted a census of all 11 banks listed on the Nairobi Securities Exchange (NSE). These banks are subject to strict oversight by both the Capital Markets Authority (CMA) and the NSE, which require consistent disclosures, financial reporting, audits, and adherence to corporate governance standards. This regulatory environment fosters transparency in asset-liability management (ALM) and risk control, making these banks ideal for studying the relationship between interest rate risk and financial performance. The research utilized secondary data from annual financial statements and reports from the Central Bank of Kenya. Financial performance was measured using Return on Assets (ROA). Panel regression analysis revealed a positive association between interest rate risk management and financial performance, indicating that banks with stronger interest rate risk management tend to perform better. The findings suggest that Kenyan-listed banks have maintained consistent and effective interest rate risk management over the decade, thereby contributing to their stability amid economic uncertainty. Enhanced interest rate management further improved their resilience and financial outcomes. The study recommends that banks maintain robust hedging strategies, conduct regular interest rate stress tests, and perform scenario analyses to guard against unexpected interest rate fluctuations and promote sustainable growth.
Co-Authors Isaac Linus Ochieng Justin Orang’i Ombui Kimanzi Kalundu Linus Isaac Ochieng Mutinda Prisca Nthenya Stephen Kisuli Tabitha Nasieku Vivyanne Omira