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Capital Structure and Company's Performance Of CAPITAL STRUCTURE AND COMPANY’S PERFORMANCE OF LISTED COMPANIES IN RWANDA STOCK EXCHANGE, KIGALI, RWANDA KADINDA ACHENI EDWARD MBA/3793/13 A Research Project Submitted in Partial Fulfillment for the Requirement of the Award of the Degree of Master of Business Administration (Finance and Accounting Option) of Mount Kenya University OCTOBER 2016 i DECLARATION This research project is my original work and has not been presented for a degree in any other University, or for any other award. Students Name: Kadinda Acheni Edward MBA/3793/13 Sign ____________________ Date _____________ This research project has been submitted with my approval as the Mount Kenya University Supervisor Name: Mr. Osiemo Kengere Athanas Sign ____________________ Date _____________ ii DEDICATION I dedicate this study to my beloved parents, my wife and my children for allowing me to pursue my studies without pressure but rather giving me the much needed support. iii ACKNOWLEGEMENT First of all, I give glory to almighty God for his blessing in health, knowledge, determination and wisdom to cover this long journey. I would like to appreciate all the staff members of Mount Kenya University. Without their support I wouldn’t have produced this research project to the quality it deserves. Special thanks go to my supervisor who instructed and guided me throughout the writing of the research project; their advice has helped me greatly. Thanks a lot. iv ABSTRACT Choice of capital structure affects performance of firm. The general objective of the study was to assess the impact of capital structure on company performance. Specifically, the researcher sought to establish the importance of using capital structure to improve company financial performance, establish the importance of using capital structure to improve company operational performance and it contribution in risk management. This study aims to contribute to Rwanda Stock Exchange by providing vital information regarding the importance of listing companies at Rwanda stock exchange and its importance in terms of market capitalization, to academic researchers by providing more information hence facilitating the continuation of conducting more research in the related field of study and Mount Kenya University by providing a source of learning material to the university since one of the copy of this book will be kept in the school library. The researcher used descriptive research design whereby analytical methods were applied to collect quantitative data. Currently, there five listed companies in RSE, namely the Nation Media Group, Uchumi Holdings, BK, BRALIRWA and KCB. The study targeted three of them which have at least operated for not less than three years in order to obtain their sequence of financial structure. Therefore the study targeted Bank of Kigali, BRALIRWA and KCB Bank Rwanda. These companies are listed in the Rwanda Stock Exchange and therefore the researcher used the three institutions as the target population. The financial records for the four years were used starting from 2010 to 2013. This sample size period was considered enough time to make inference concerning the capital structure of the selected target population. The data was collected using secondary method. For the reliability of this instrument the researcher sought the information from finance and accounting departments of the companies and also downloaded those from the internet as well as audit reports were also used. The data collected was analyzed using common size, trend analysis and calculation of ratios from balance sheet and income statements for the year 2010-2013. Analysis was done using Excel to generate tables and figures. It was observed that the three listed companies have been increasing their assets significantly. This enables them to leverage between their equity and liabilities. It is also observed that proper management of capital structure has enabled these companies understudy to improve their operational performance particularly in the banking sector. The banks have been able to increase their points of service (POS), number of ATM machines, number of employees, number of branches and this means that they are in a position to serve many customers. BRALIRWA also have been able to expand its production capacity in order to meet the demand of their client. In general it is observed that these companies have been able to expand its business activities. Proper monitoring of the capital structure has enabled the companies to mitigating credit risks particularly in banking sector. They regulate the amount of debt and equity in order to avoid the burden of paying a lot of money in repaying the debt. The study recommends that the companies need conduct a lot of investment in order to generate more income. They also need to fully utilize their assets so that it could generate more profits. This is because their profitability ratios such as ROA, ROI and ROE are still less than 50% and if a stronger company comes in the market and offers steep competition, they are likely to be subdued. v TABLE OF CONTENTS DECLARATION..................................................................................................................... ii DEDICATION........................................................................................................................ iii ACKNOWLEGEMENT........................................................................................................ iv ABSTRACT ............................................................................................................................. v TABLE OF CONTENTS ...................................................................................................... vi LIST OF TABLES ................................................................................................................. ix LIST OF FIGURES ................................................................................................................ x LIST OF ACRONYMS AND ABBREVIATIONS ............................................................. xi OPERATIONAL DEFINITION OF TERMS .................................................................... xii CHAPTER ONE: INTRODUCTION ................................................................................... 1 1.0 Introduction ................................................................................................................... 1 1.1 Background to the Study ............................................................................................... 1 1.2 Statement of the Problem .............................................................................................. 3 1.3 Research Objectives ...................................................................................................... 3 1.3.1 General Objective ......................................................................................................... 3 1.3.2 Specific Objectives ....................................................................................................... 4 1.4 Research Questions ....................................................................................................... 4 1.5 Significance of the Study .............................................................................................. 4 1.6 Limitations of the Study................................................................................................ 5 1.7 Scope of the Study ....................................................................................................... 5 1.8 Organization of the Study ............................................................................................. 6 CHAPTER TWO: REVIEW OF RELATED LITERATURE ........................................... 7 2.0 Introduction ................................................................................................................... 7 vi 2.1 Theoretical Literature................................................................................................... 7 2.1.1 Components of Capital Structure ................................................................................ 10 2.2 Empirical Literature .................................................................................................... 13 2.2.1 Assessment of the Financial Performance of the Company ....................................... 18 2.2.3 Challenges to Standard Capital Structure Models ...................................................... 20 2.3 Critical Review ........................................................................................................... 28 2.4 Conceptual Framework .............................................................................................. 29 CHAPTER THREE: RESEARCH METHODOLOGY ................................................... 31 3.0 Introduction ................................................................................................................. 31 3.1 Research Design.......................................................................................................... 31 3.2 Target Population ........................................................................................................ 31 3.3 Sampling Design ......................................................................................................... 31 3.3.1 Sampling Size ............................................................................................................. 31 3.3.2 Sampling Techniques .................................................................................................
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