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A Thesis Submitted to the Department of Business Administration in Partial RELATIONSHIP BETWEEN FINANCIAL MANAGEMENT PRACTICES AND FINANCIAL STABILITY OF FOOTBALL CLUBS IN KENYA. A SURVEY OF FOOTBALL CLUBS AT THE KENYA PREMIER LEAGUE DICKSON KAMAU KINYARIRO A Thesis Submitted to the Department of Business Administration in Partial Fulfillment for the Requirements of the Conferment of Degree of Doctor of Philosophy in Business Administration of Kenya Methodist University SEPTEMBER, 2018. ii DECLARATION This thesis is my original work and has not been presented for a degree or any other award in any other University. Signed………….…….............................. Date………………………… Dickson Kamau Kinyariro BUS-4-0155-1/2014 We confirm that the work reported in this thesis was carried out by the candidate under our supervision. Signed………………………………. Date…………………… Prof. Rachael Gesami…………………...………… Director for Quality Assurance, CUEA Signed………………………...……. Date…………………… Dr. Eunice Kirimi…………………...………… Department of Business Administration, KeMU ii COPYRIGHT © Dickson Kamau Kinyariro All rights reserved. No part of this thesis may be reproduced, stored in any retrieval system or transmitted in any form or by any means, electronically, mechanically, by photocopying or otherwise, without prior written permission of the author or Kenya Methodist University, on that behalf. iii DEDICATION I dedicate this thesis to my wife Moureen, daughter Nylah, parents Mr. and Mrs. Kinyariro and my siblings. iv ACKNOWLEDGEMENTS I adore the Lord God Almighty for his protection, love, care, good health and the blessings with a sound and sober mind that I was able to think and come up with these fresh ideas. I would like first to express my gratitude to my supervisors, Prof. Rachael Gesami and Dr. Eunice Kirimi. Both have been pivotal in the authoring of this thesis and both offered tremendous support and guidance, without which I would not be writing these acknowledgements and submitting my thesis. I will always be grateful to the Dean school of business Dr. Ken Mugambi and the entire School of Business and Economics and The Kenya Methodist University in general for the opportunities they have given throughout this research. v ABSTRACT This research investigated whether there exists an association between the financial management practices put in place by the Kenyan football clubs and their financial stability. The specific research objectives guided the study by establishing the influence of investment practices, financial reporting framework, working capital management and financing activities on stability of football clubs in Kenya. The underpinning theories include: Agency theory, game theory in sports and contracting theory. Explanatory research design was adopted. Questionnaires were used to collect data. The target population comprised of sixty-three respondents from twenty-one football clubs that were participating between 2010-2014 seasons of the Kenyan Premier League. The respondents comprised financial officers, the chairpersons, and accountants at the clubs. Purposive sampling as well as simple random sampling were adopted to select the respondents. Yamane (1967) formula which is used to calculate sample sizes at 95% confidence level and e = 0.05 was used to obtain the sample size. The total number of respondents was fifty- four (54). Descriptive statistics and inferential statics were used in data analysis. From the research it was established that with well laid financial management practices, there exists significant influence on the financial stability of football clubs. The research concludes football clubs have the capacity to improve their performance both by winning matches as well as enhancing their financial capability through embracing standard financial management structures and thereby leading to financial stability. The research recommends that for the clubs to succeed, pro-active and innovative measures must be put in place. Football academies that train young footballers should be established. This would ensure supply of senior players to the football clubs hence reducing cost of player recruitment while also maintaining high level of competitiveness. Football clubs should ensure that financial reporting is enhanced at all times. Qualified staff with competitive salary packages should be employed to ensure credibility of financial reports. The management should be in a position to analyze the financial reports for financial decision making. Automation of accounting systems has proved to enhance efficiency, security and credibility of accounting information generated. Football clubs should embrace this technology to enable them monitor at all levels the expenses, flow of cash and proceeds generated. More research needs to be undertaken on other financial aspects affecting the overall performance of football clubs. vi TABLE OF CONTENT DECLARATION............................................................................................................... ii COPYRIGHT ................................................................................................................... iii DEDICATION.................................................................................................................. iv ACKNOWLEDGEMENTS ..............................................................................................v LIST OF TABLES .............................................................................................................x LIST OF FIGURES ....................................................................................................... xiii LIST OF ABBREVIATIONS /ACRONYMS .............................................................. xiv CHAPTER ONE:INTRODUCTION ...............................................................................1 1.1. Background of the Study ..............................................................................................1 1.2. Financial Stability and Financial Management Practices .............................................5 1.3. Problem Statement ........................................................................................................6 1.4 Purpose of the Study ......................................................................................................9 1.5 Objective of the Study .................................................................................................10 1.6 Research Hypothesis ....................................................................................................10 1.7 Justification of the Study .............................................................................................11 1.8 Scope of the Study .......................................................................................................12 1.9 Limitation of the Study ................................................................................................12 1.10 Delimitation of the Study ...........................................................................................12 1.11 Assumptions of the Study ..........................................................................................13 1.12 Definition of Terms....................................................................................................13 vii CHAPTER TWO:LITERATURE REVIEW ................................................................13 2.1. Introduction .................................................................................................................13 2.2. Theoretical Review .....................................................................................................14 2.3. Empirical Review........................................................................................................21 2.4 Financing Activities .....................................................................................................57 2.5 Political Influence ........................................................................................................63 2.6 Financial Stability ........................................................................................................66 2.7 Research Gaps ..............................................................................................................68 2.8 Conceptual Framework ................................................................................................70 CHAPTER THREE:RESEARCH METHODOLOGY ...............................................75 3.1 Introduction ..................................................................................................................75 3.2 Philosophical approach ................................................................................................75 3.3 Research Design...........................................................................................................76 3.4 Population and Sampling Design .................................................................................77 3.5 Sampling Technique ....................................................................................................79 3.6 Data Collection Methods .............................................................................................81 3.7 Data Analysis Methods ................................................................................................82 3.8. Validity .......................................................................................................................84 3.9 Reliability .....................................................................................................................85
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