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Despite substantial research on exporting in Africa, there has been negligible if any empirical research on a choice between regional and extra-regional markets as the locus of firms' expansion. Using multiple-case studies, this paper provides an in-depth analysis of the drivers of exports revenue from extra-regional markets. The paper also explores whether two main theories, transaction cost economics (TCE) and resource-based view (RBV) compete or complement each other in explaining the choice of this market category. Data and information from an open-ended interview with four firms and five supporting institutions show that country-specific advantages attract investors with superior resources and capabilities to lucratively exploit preferential market opportunities in extra-regional markets, particularly USA. When choosing the latter over regional markets, firms anchor their operations in the global value chains, the TCE and RBV intertwine in providing further explanations. In conclusion, this study urges governments and business managers targeting high-value markets outside Africa to tie buyer-driven industries such as clothing to similar value chains. [ABSTRACT FROM AUTHOR]

This paper compares BAT's business environment in Kenya and Uganda in light of the World Health Organization's (WHO) tobacco control initiative. It also illustrates the use of tobacco tax by Sub-Saharan African countries to address tobacco related conundrums. The comparison revealed elements of government ambivalence towards tobacco business and a possible recourse to tobacco tax to mollify global pressure against big tobacco. The paper uses the partial correlations between tobacco tax and basic economic development indicators across Sub-Saharan Africa and previous World Bank data as indicative of tobacco tax efficacy in controlling consumption in the region. It suggests that Sub-Saharan Africa may find regionally designed tax-based policy guidelines a palatable strategic alternative to global firms (such as BAT) that face a hostile global business environment. A united policy front that fits within the region's institutions can reduce complexity and create efficiencies through lower administrative costs across the region. Such action will make the region relatively more attractive (than it is currently) to foreign investors. [ABSTRACT FROM PUBLISHER]

This paper investigates the role of social influence on continuous intention to use Fintech mobile money lending app services in Kenya. A sample of 342 respondents was selected using convenience sampling. Data was analyzed using a structural equation modeling technique with the AMOS version 24 software. The study found out that social influence has a significant direct role on perceived security, satisfaction and continuous intention to use mobile money lending services. The moderating role of social influence strengthens the positive relationship between perceived security and perceived usefulness on one hand and perceived satisfaction and continuous intention to use mobile money lending services, especially among mobile money lending apps users on the other hand. In addition, Kenyans will continue to use mobile money lending app services if they remain useful, secure, satisfactory and meet their expectations. [ABSTRACT FROM AUTHOR]

This paper examines the impact of Kenyan elections and election-related events on tourism, financial and media sector stock returns using an event study approach. Daily prices of selected equities are obtained from the Thompson Reuters EIKON and parametric and non-parametric tests carried out. The results indicate that conflict negatively affects tourism sector more than the financial and media sectors, while peaceful elections have a positive effect on tourism and to a smaller extend, the financial sector. Peace initiatives induce a positive effect on tourism. A robust and independent IEBC capable of delivering a credible election is therefore crucial. [ABSTRACT FROM AUTHOR]

This study conducts a comparative analysis of the factors affecting financial inclusion in Kenya and Ethiopia at macro and micro levels. A generalized linear model is used to examine the determinants of and barriers to financial inclusion using the 2017 Global Findex Database, whereas a descriptive analysis is used to explore their macro-level differences. Kenya has a higher level of financial inclusion than Ethiopia. Differences in financial liberalization policy, gross domestic product, percentage of rural population, and mobile money service expansion are some macro-level differences that explain this variation. Differences in literacy rates and means of receiving payments such as government transfers explain some of the micro-level variations between the two countries. In addition, gender, age, employment status, and owning a mobile phone have significant and positive effects on financial inclusion. However, lack of documentation, lack of trust, and lack of money are significant barriers to financial inclusion. [ABSTRACT FROM AUTHOR]

This paper considers two emerging markets that are under- researched, Kenya and Nigeria. It offers a comprehensive view of four time properties that emerged from the empirical time series literature on asset returns: (1) the predictability of returns from past observations; (2) the auto-regressive behavior of conditional volatility; (3) the asymmetric response of conditional volatility to innovations; and (4) the conditional variance risk premium. Results of the exponential GARCH (EGARCH) model indicate that asymmetric volatility found in the U.S. and other developed markets also characterized the Nigerian stock exchange. In Kenya, however, the asymmetric volatility coefficient is significant and positive, suggesting that positive shocks increase volatility more than negative shocks of an equal magnitude. The Nairobi Stock Exchange (KSE) returns series report negative but insignificant risk-premium parameters. In Nigeria (NSE), return series exhibit a significant and positive time-varying risk premium. The results also show that expected returns are predictable, that the auto-regressive return parameters (Ø1) are significant in both Kenya and Nigeria. Finally, the GARCH parameter (ß) is statistically significant, indicating that volatility persistence is present in the two emerging markets studied. [ABSTRACT FROM PUBLISHER]

This paper examines the firm- and macro-level drivers of financial innovations in Kenya's commercial banks. We focus on branchless banking innovations, namely: mobile banking, agency banking, internet banking and automated teller machines. These financial innovations represent a departure from traditional branch based banking. We conduct an empirical analysis of the four financial innovations using Koyck distributed lag models, estimated using dynamic panel estimation with System Generalized Method of Moments. We use 10-year panel data from 42 out of 43 commercial banks in Kenya covering the years 2004-2013. We provide empirical evidence that at the firm level, branchless banking is driven by firm size, transaction cost, agency costs, technological developments at the firm level and firm constraints. In addition, at themacro level, regulation, technological developments at the macro level, incompleteness in financial markets and globalization are important drivers of branchless banking. [ABSTRACT FROM AUTHOR]

The management discipline is largely populated by models embedded in western cultural views and values. This paper addresses the generally misplaced confidence of management scholars in utilizing western culture-based models of management to analyze management practices and perspectives in African countries. This paper starts with the premise that management is, at its core, a cultural practice that is derived from a cultural value system. As such, exporting US/western management models and practices abroad requires adaptation to local cultural dynamics and socioeconomic conditions. Furthermore, with western management models using nation-state as a unit of analysis to analyze culture, there is an assumption that all peoples (and localities) within a national culture are isomorphic in their value systems. From a cross-cultural management perspective, this is not only misleading but problematic because, by implication, international managers ignore internal cultural differences and dynamics and how various cultural groups interact with foreign businesses. This study argues that an informed understanding of a nation's sociopolitical history, economic conditions, geography, and internal cultural dynamics is crucial for international managers working in Africa. Using Kenya as an example, the study discusses the misplaced application of western culture-based management models and proposes a culturally-integrative framework of management. [ABSTRACT FROM AUTHOR]

African countries face opportunities for the export of cultural products. Demand for these products has increased in recent years and has found distribution outlets via American and European mass retailers. The potential for African countries to exploit demand for locally produced crafts and cultural products depends critically on their ability to anticipate and respond to the market. This paper compares and contrasts craft production in Kenya and in Ghana in order to analyze the impact of culture on the countries' ability to exploit export opportunities. Key distinctions are raised in the areas of internally focused versus externally focused production and between products that are subject to local control in their production versus those that are not. Issues of authenticity versus representativeness are also raised relative to demand for craft products. [ABSTRACT FROM PUBLISHER]

In this paper, we have examined the impact of both bank- and market-based financial development on economic growth in Kenya during the period 1980 to 2012, using the autoregressive distributed lag bounds testing approach. To capture as far as possible the breadth and depth of the Kenyan bank- and market-based financial systems, the study employs the method of means-removed average to construct both bank- and market-based financial development indices from an array of banking sector and stock market variables. The empirical results of this study show that market-based financial development has a positive impact on economic growth in Kenya. However, the results have also shown that bank-based financial development has no impact on economic growth in the study country. These results apply irrespective of whether the regression analysis is conducted in the long run or in the short run. The findings of this study, therefore, lend more support to pro-market-based financial development policies in Kenya. [ABSTRACT FROM PUBLISHER]

Over the last three decades, the concept of Corporate Social Responsibility (CSR) has sparked considerable debate in the literature on management research. While previous research on the relationship between CSR and firm performance has largely been based on data gathered in developed countries, this paper examines the relationship between CSR and firm performance in Kenya, using a sample of 352 firm-years during the period 2005–2012. CSR was measured using four dimensions relevant to Kenya: employee CSR, product/service CSR, community CSR and environmental CSR, and aggregated using my own CSR index. Firm performance was measured using both ROA and ROE. Content analysis was used to collect data from the financial reports of companies. The results indicate a positive and significant relationship between employee CSR, product/service CSR and community CSR and firm performance; environmental CSR, on the other hand, was not significant. The overall CSR index was found to be positive and significant to both measures of firm performance. [ABSTRACT FROM PUBLISHER]

African securities markets have not received the academic attention of those in Latin America and Southeast Asia. Historically, capital markets have not played a significant role in financing the development of the African economy. Today, however, African governments are focusing on the importance of moving toward more marketoriented economies and developing the financial market infrastructure to mobilize funds from both the private and public sectors. This paper describes the institutional characteristics of a newly revitalized stock exchange in Nairobi, Kenya. The study concludes that historical and cultural factors play a significant role in the characteristics of the Nairobi Stock Exchange. [ABSTRACT FROM PUBLISHER]

Stakeholder pressure is among the pathways through which firms are being prodded to adopt environmental management practices. Owing to research paucity from the context of developing countries and overall inconclusiveness, this research investigates whether mimetic, normative, and coercive pressures (which encompass stakeholder pressure) sway firms into adopting resource management and energy efficiency. An analysis of data from 852 firms in Kenya using a simple probit model, suggests that all the three types of stakeholder pressure positively influenced corporate resource management and energy efficiency. This augments our postulations on both stakeholder and neo-institutional theories. Based on these findings, it is plausible to view stakeholders as critical 'tools' that can foster corporate sustainability initiatives in developing countries. [ABSTRACT FROM AUTHOR]

The current study examines racial portrayals in television advertisements from Ghana, Kenya, and South Africa. Whites are over-represented relative to their actual demographic presence in all three countries, and both Blacks and Whites are depicted as over-employed. In general, however, depictions are not significantly different for either race, though there is a hint that a stereotyped portrayal of Blacks as athletes and/or entertainer may be going global. [ABSTRACT FROM AUTHOR]

An exploratory investigation was undertaken in Kenya into the effect of an advertising presenter's tribal identity on the way he/she is perceived by audience members. It was hypothesized that the presenter's tribe could affect the likelihood of an audience member's purchasing the product being advertised, and that this effect could be positive or negative, depending on the tribes of the presenter and the audience member. While not completely substantiating the hypotheses, the research findings suggest that a major problem exists, and that a larger scale study would be justified. Recommendations are made on how advertisers might deal with the implications of tribal identity. [ABSTRACT FROM PUBLISHER]