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Effect of Capital Structure on Financial Performance of Firms in the Commercial and Service Sector in the Nairobi Securities Exchange for the Period 2012-2016

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Effect of Capital Structure on Financial Performance of Firms in the Commercial and Service Sector in the Nairobi Securities Exchange for the Period 2012-2016 EFFECT OF CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE OF FIRMS IN THE COMMERCIAL AND SERVICE SECTOR IN THE NAIROBI SECURITIES EXCHANGE FOR THE PERIOD 2012-2016 BY KIZITO O. OMUKAGA UNITED STATES INTERNATIONAL UNIVERSITY- AFRICA FALL 2017 EFFECT OF CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE OF FIRMS IN THE COMMERCIAL AND SERVICE SECTOR IN THE NAIROBI SECURITIES EXCHANGE FOR THE PERIOD 2012-2016 BY KIZITO O. OMUKAGA A Research Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Masters in Business Administration (MBA) UNITED STATES INTERNATIONAL UNIVERSITY- AFRICA FALL 2017 STUDENT’S DECLARATION I, the undersigned, declare that this is my original work and has not been submitted to any other college, institution or university other than the United States International University in Nairobi for academic credit. Signed: Date: Kizito O. Omukaga (ID No: 619138) This project has been presented for examination with my approval as the appointed supervisor. Signed: Date: Mr. Kepha Oyaro Signed: Date: Dean, Chandaria School of Business ii COPYRIGHT All rights reserved. No part of this project may be reproduced or transmitted in any form or by any means, electronic or otherwise, without prior written permission from the author. © Copyright by Kizito O. Omukaga, 2017 iii ABSTRACT The purpose of this study was to determine the influence of capital structure on financial performance of commercial and service firms in the Nairobi Securities Exchange in Kenya. The study sought to address the following concerns: What are the components of capital structure employed by firms? Is there a relationship between capital structure and firms’ profitability? Last but not least, what is the effect of capital structure on firms’ share performance. The researcher employed descriptive research design to describe the independent variable. Explanatory research was used to describe the impact of the independent variable on the dependent variables. The data that was scrutinized for the purpose of the study was only secondary data obtained from the published accounts of the commercial and service firms listed on the Nairobi Securities Exchange. The population of the study included all the ten active commercial and service firms quoted on the Nairobi Securities Exchange as at 31st December, 2016. Thus, the study constituted a census survey for a period of 5 years (from 2012-2016). The research model used in the study comprised of the independent variable Debt to Equity ratio and the following ratios as dependent variables: Return on Equity, Profit Before Tax, Profit After Tax and Earnings Per Share. The data collected for this research was analyzed using Statistical Package for Social Sciences (SPSS) in order to generate descriptive statistics and inferential statistics. Results were presented in form of tables and figures. Relevant recommendations and conclusions were given. Regression analysis was used in describing the degree of relationship between the independent and dependent variables used in the study. The study examined the components of capital structure employed by firms. The study established that debt and equity are the main elements of financial leverage in firms. Other elements include; share capital, share premium, revenue reserves, capital reserves and retained earnings. Concerning the effect of capital structure on firms’ profitability, the study found that Debt to Equity ratio has a high correlation with Return on Equity and both Pre and After Tax Profits. As regards the effect of financial leverage on firms’ share performance, the study established that the relationship between Debt Equity ratio and Earnings Per Share was low. iv In conclusion, the study found out that capital structure is made up of two major elements namely; debt and equity. However, an optimal mix of the two components of financial leverage that would be applicable to all firms remains a mirage. It is therefore recommended that further studies should be carried out to establish an optimal range of capital structure that will be applicable to different firms in different sectors. This will guarantee profitability and future growth for the firm. Regarding the effect of financial leverage on firms’ profitability during the period 2012- 2016, the study used one independent variable, Debt to Equity ratio and four dependent variables namely; Return on Equity, Profit Before Tax, Profit After Tax and Earnings Per Share. If someone wants to carry out another research on the same topic, then the researcher should consider using more than one independent variable and other measures of profitability in the study. Besides, the period of study must be more than 5 years for better results. Finally, as regards the relationship between capital structure and firm’s Earnings Per Share, the study established that there is low correlation between the two variables. The only measure of share performance used in the study was the Earnings Per Share. It is therefore advisable that if someone wants to conduct another study on this topic, the researcher must consider other measures of share performance such as the price earnings ratio and market price per share. v ACKNOWLEDGEMENT I am grateful to the almighty God for the good health that was necessary to complete this project. I would also like to express my sincere gratitude to my supervisor, Mr. Kepha Oyaro for the continuous support throughout my research. His guidance based on his immense knowledge and expertise in Finance helped me a great deal in the research and writing of this thesis. Last but not least, I would like to thank my family: my mother, siblings, daughter Lisa and her mother for the material and spiritual support throughout my MBA program. vi DEDICATION This thesis is dedicated to my family for their love and endless support to ensure that I acquire this quality education. vii TABLE OF CONTENTS STUDENT’S DECLARATION ........................................................................................ ii COPYRIGHT .................................................................................................................... iii ABSTRACT ....................................................................................................................... iv DEDICATION ................................................................................................................. vii LIST OF TABLES ............................................................................................................ xi LIST OF FIGURES ........................................................................................................ xiii CHAPTER ONE ................................................................................................................ 1 1.0 INTRODUCTION ....................................................................................................... 1 1.1 Background of the Problem ........................................................................................... 1 1.2 Statement of the Problem ............................................................................................... 5 1.3 General Objective .......................................................................................................... 6 1.4 Specific Objectives ........................................................................................................ 6 1.5 Significance of the Study ............................................................................................... 7 1.6 Scope of the Study ......................................................................................................... 7 1.7 Definition of Terms ....................................................................................................... 8 1.8 Chapter Summary .......................................................................................................... 9 CHAPTER TWO ............................................................................................................. 10 2.0 LITERATURE REVIEW ......................................................................................... 10 2.1 Introduction .................................................................................................................. 10 2.2 The Components of Capital Structure employed by firms .......................................... 10 2.3 The Effect of Capital Structure on a Firm’s Profitability ............................................ 15 2.4 The impact of capital structure on firms’ share performance. ..................................... 23 2.5 Chapter Summary ........................................................................................................ 26 CHAPTER THREE ......................................................................................................... 27 3.0 RESEARCH METHODOLOGY ............................................................................. 27 3.1 Introduction .................................................................................................................. 27 viii 3.2 Research Design........................................................................................................... 27 3.3 Population and Sampling Design ................................................................................. 28 3.4 Data Collection Methods ............................................................................................. 29 3.5 Research Procedures
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