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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.
Co-Authors Isaac Linus Ochieng Justin Orang’i Ombui Vivyanne Omira