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Research Publications (Management Sciences)

Permanent URI for this collectionhttp://ir-dev.dut.ac.za/handle/10321/217

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Author: search.filters.author.Nyamita, Micah OdhiamboSubject: search.filters.subject.Debt Financing

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    The extent of debt financing within state-owned corporations in Kenya
    (Virtus Interpress, 2015) Nyamita, Micah Odhiambo; Garbharran, Hari Lall; Dorasamy, Nirmala
    The public sector reforms’ programme in Kenya, has witnessed five state-owned corporations being privatised, and several more, from hotels to banks, have been scheduled to be privatised. However, many of Kenya’s state-owned corporations are in considerable debt, which reduce their value in the process of privatisation. This study attempted to determine the extent and the theory suitable for explaining debt-financing within the state-owned corporations in Kenya from 2007 to 2011. The study applied both descriptive statistics and a hybrid of cross sectional and longitudinal quantitative surveys. The results observed some level of stability on the aggregate long-term debt ratios, with minimal use of stock market instruments, which implied the application of the agency theory.
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    Debt financing structure within the State-owned corporations in Kenya
    (Virtus Interpress, 2015) Nyamita, Micah Odhiambo; Dorasamy, Nirmala; Garbharran, Hari Lall
    The current public sector financial management reforms agenda within the state-owned corporations in Kenya aimed at integrating and aligning their performance to vision 2030, has not yet achieved the traction required. This study, therefore, examined the different types of debt financing strategies applied by the various state-owned corporations in Kenya, in comparison to those applied by state-owned corporations from developed and developing economies. The study specifically revealed that private debt financing, through bank loans and payables is commonly used amongst Kenyan state-owned corporations. While, most state-owned corporations from developed and developing economies, such as in America, Europe, Asia and South Africa, use public debt financing, through financial securities, traded in both domestic and international capital markets.