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Determinants of Foreign Equity Market Investment Decisions on Performance of Investment Banks in Kenya

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Determinants of Foreign Equity Market Investment Decisions on Performance of Investment Banks in Kenya DETERMINANTS OF FOREIGN EQUITY MARKET INVESTMENT DECISIONS ON PERFORMANCE OF INVESTMENT BANKS IN KENYA BY HUMPHREY GATHUNGU UNITED STATES INTERNATIONAL UNIVERSITY - AFRICA SPRING, 2020 DETERMINANTS OF FOREIGN EQUITY MARKET INVESTMENT DECISIONS ON PERFORMANCE OF INVESTMENT BANKS IN KENYA BY HUMPHREY GATHUNGU A Project Report Submitted to the School of Business in Partial Fulfillment of the Requirement for the Degree of Masters in Business Administration (MBA) UNITED STATES INTERNATIONAL UNIVERSITY - AFRICA SPRING, 2020 ii STUDENT’S DECLARATION I, the undersigned, declare that this project report is my original work and has not been submitted to any other college, institution or university other than the United States International University -Africa in Nairobi for academic credit. Signed: _______________________________ Date: _________________________ Humphrey Gathungu (ID 600748) This project report has been presented for examination with my approval as the appointed supervisor. Signed: _______________________________ Date: _________________________ Dr. E. Kalunda Signed: _______________________________ Date: _________________________ Dean, Chandaria School of Business iii COPYRIGHT All rights reserved. No part of this proposal may be photocopied, recorded or otherwise reproduced, stored in a retrieval system or submitted in any electronic or mechanical means without prior permission of the copyright owner. Humphrey Gathungu©2020 iv ACKNOWLEDGEMENT I thank God for the grace that enabled me to complete this research project. I appreciate my supervisor for the encouragement and dedication that enabled me to clear this research project. I thank the management of the respective investment banks in Kenya for granting me an opportunity to collect data that helped in analysis of the findings to write this research project. v DEDICATION I dedicate this research project to my family members. vi TABLE OF CONTENTS STUDENT’S DECLARATION ...................................................................................... iii COPYRIGHT ....................................................................................................................iv ACKNOWLEDGEMENT ................................................................................................. v DEDICATION...................................................................................................................vi LIST OF TABLES ............................................................................................................ix LIST OF TABLES ............................................................................................................xi ABBREVIATIONS AND ACRONYMS ....................................................................... xii ABSTRACT .................................................................................................................... xiii CHAPTER ONE ................................................................................................................ 1 1.0 INTRODUCTION........................................................................................................ 1 1.1 Background of the Study ........................................................................................... 1 1.2 Statement of the Problem ........................................................................................... 6 1.3 Purpose of the Study .................................................................................................. 8 1.4 Research Questions .................................................................................................... 8 1.5 Significance of the Study ........................................................................................... 8 1.6 Scope of the Study ..................................................................................................... 9 1.7 Definition of Terms.................................................................................................. 10 1.8 Chapter Summary .................................................................................................... 11 CHAPTER TWO ............................................................................................................. 12 2.0 LITERATURE REVIEW ......................................................................................... 12 2.1 Introduction .............................................................................................................. 12 2.2 Trade Policies and Performance of Investment Banks ............................................ 12 2.3 Level of Investor’s Right Protection and Performance of Investment Banks ......... 17 2.4 Business Facilitation Measures in Foreign Markets and Performance of Investment Banks.............................................................................................................................. 25 2.5 Chapter Summary .................................................................................................... 30 CHAPTER THREE ......................................................................................................... 31 3.0 RESEARCH METHODOLOGY ............................................................................. 31 3.1 Introduction .............................................................................................................. 31 3.2 Research Design....................................................................................................... 31 3.3 Population and Sampling Design ............................................................................. 31 3.4 Data Collection Methods ......................................................................................... 33 3.5 Research Procedure .................................................................................................. 34 3.6 Data Analysis Methods ............................................................................................ 34 3.7 Chapter Summary .................................................................................................... 35 CHAPTER FOUR ............................................................................................................ 36 4.0 RESULTS AND FINDINGS ..................................................................................... 36 4.1 Introduction .............................................................................................................. 36 4.2 Response Rate and Background............................................................................... 36 4.3 Trade Policies and Performance of Investment Banks ............................................ 39 vii 4.4 Level of the Investor’s Right Protection and Performance of Investment Banks.... 43 4.5 Business Facilitation Measures in Foreign Market and Performance of Investment Banks.............................................................................................................................. 48 4.6 Overall Regression Results on the Determinants of Foreign Equity Market Investment Decisions and Performance ......................................................................... 52 4.7 Chapter Summary .................................................................................................... 54 CHAPTER FIVE ............................................................................................................. 55 5.0 DISCUSSION, CONCLUSION AND RECOMMENDATIONS .......................... 55 5.1 Introduction .............................................................................................................. 55 5.2 Summary .................................................................................................................. 55 5.3 Discussion ................................................................................................................ 60 5.4 Conclusion ............................................................................................................... 67 5.5 Recommendations .................................................................................................... 69 REFERENCES ................................................................................................................. 71 APPENDICES .................................................................................................................. 82 Appendix I: Questionnaire ........................................................................................ 82 Appendix II: List of Investment Banks ..................................................................... 88 Appendix III: Nacosti Research Permit .................................................................. ..89 viii LIST OF TABLES Table 3.1: Target Population............................................................................................. 32 Table 3.2: Reliability Results ............................................................................................ 34 Table 4.1: Level of Education ........................................................................................... 37 Table 4.2: Nontariff Barriers ............................................................................................. 40 Table 4.3: The Tariff Regime ........................................................................................... 41 Table 4.4: Export Subsidies .............................................................................................. 41 Table 4.5: Model
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