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Determinants Influencing the Likelihood of Risk Management Strategies Adoption by Pension Schemes in Kenya

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Determinants Influencing the Likelihood of Risk Management Strategies Adoption by Pension Schemes in Kenya Determinants Influencing the Likelihood of Risk Management Strategies Adoption by Pension Schemes in Kenya Jonah Kipkogei Aiyabei A thesis submitted in fulfillment of the requirements for Doctor of Philosophy in Business Administration Degree of Jomo Kenyatta University of Agriculture and Technology. 2013 DECLARATION This thesis is my original work and has not been presented for a degree in any other university. Signature ……………………………. Date ……………………………. Jonah Kipkogei Aiyabei This thesis has been submitted for examination with our approval as university supervisors Signature ……………………………. Date ……………………………. Dr. Patrick Karanja Ngugi JKUAT, Kenya Signature ……………………………. Date ……………………………. Prof. Paul Katuse United States International University, Kenya Signature ……………………………. Date ……………………………. Dr. Gichuhi A. Waititu JKUAT, Kenya ii DEDICATION To my brother Mr. Samuel K. Aiyabei, who sacrificed a lot for my education. iii ACKNOWLEDGMENT This accomplishment has been the fruit of a long journey, during which I have incurred debts to a wide range of people who made my dream a reality. It is with God that I can do all things, thus my first thanks is to the almighty God my creator who has enabled me to come this far in my studies and giving me peace of mind, Grace and good health in preparing this thesis. Glory and honour almighty God. Secondly I would like to express my profound gratitude to my supervisors Dr. Patrick K. Ngugi, Prof. Paul Katuse and Dr. Gichuhi A. Waititu for their support and advice in writing this research thesis. I am indeed grateful and do appreciate the learning that I received from them. Thirdly, I thank the faculty members of the School of Human Resources Department Dr. John Karanja and Dr. Wario for their invaluable guidance in writing this research thesis. I also appreciate my graduate classmates of the year 2011 particularly Mr. Itunga and Ms. Kellen Kiambati for the teamwork and encouragement in this journey. To my friend A. K. Sang and my cousin Brenda Nagogo, thank you for your encouragement. Finally, I am, as always, indebted to my dear wife Margaret and my pleasant children Caren, Faith, Victor and Caleb who patiently lived with me, listened to me, and lovingly supported me during the ups and downs in the process of writing this dissertation, I appreciate their encouragement and understanding particularly for the many Sundays that I did not attend Church with them as I wrote this thesis. May the favour and Grace of God be with you. iv TABLE OF CONTENTS DECLARATION ................................................................................................................. ii DEDICATION ................................................................................................................... iii ACKNOWLEDGMENT .................................................................................................... iv LIST OF TABLES ............................................................................................................. ix LIST OF FIGURES ........................................................................................................... xi ABBREVIATIONS AND ACRONYMS ......................................................................... xiii ABSTRACT xiv CHAPTER ONE ................................................................................................................. 1 INTRODUCTION ............................................................................................................... 1 1.1. Background of the study ............................................................................................ 1 1.2. Statement of the problem ........................................................................................... 9 1.3. Research objectives ................................................................................................. 10 1.4. Research Hypotheses ............................................................................................... 11 1.5. Justification of the study .......................................................................................... 11 1.6. Scope of the study ................................................................................................... 13 1.7. Limitations .............................................................................................................. 13 1.8. Outline of the thesis ................................................................................................. 14 1.9. Definition of terms .................................................................................................. 14 CHAPTER TWO .............................................................................................................. 17 LITERATURE REVIEW ................................................................................................. 17 2.1 Introduction ............................................................................................................. 17 v 2.2 Theoretical framework ............................................................................................. 17 2.2.1 Board of Trustees Composition................................................................................ 19 2.2.2 Pension Scheme size ................................................................................................ 23 2.2.3 Regulatory framework ............................................................................................. 24 2.2.4 Portfolio structure .................................................................................................... 28 2.2.5 Pensions administration structure ............................................................................. 30 2.2.6 Risk Management .................................................................................................... 32 2.3 Conceptual Framework ............................................................................................ 35 2.4 Critical review of literature ...................................................................................... 37 2.4.1 Board of trustees composition .................................................................................. 37 2.4.2 Size of Pension Schemes ......................................................................................... 43 2.4.3 Regulatory Framework ............................................................................................ 44 2.4.4 Portfolio Structure of the Scheme ............................................................................ 47 2.4.5 Pension Scheme Administration .............................................................................. 49 2.4.6 Adoption of risk management strategies .................................................................. 52 2.5 Empirical Literature Review .................................................................................... 54 2.6 Critique of literature ................................................................................................ 64 2.7 Research gaps .......................................................................................................... 66 CHAPTER THREE .......................................................................................................... 68 METHODOLOGY ............................................................................................................ 68 3.1 Introduction ............................................................................................................. 68 3.2 Research Design ...................................................................................................... 69 3.3 Study Population ..................................................................................................... 70 3.4 Sample and sampling procedure .............................................................................. 71 vi 3.5 Data collection procedures ....................................................................................... 75 3.6 Pilot Study ............................................................................................................... 79 3.7 Data Analysis .......................................................................................................... 83 CHAPTER FOUR ............................................................................................................. 92 RESEARCH FINDINGS AND DISCUSSIONS .............................................................. 92 4.1 Introduction ............................................................................................................. 92 4.2 Response rate .......................................................................................................... 92 4.3 Pilot study results .................................................................................................... 93 4.4 General Information ................................................................................................ 96 4.4 Study Variables ..................................................................................................... 100 4.5 Observation results ................................................................................................ 102 4.6 Analysis of independent variables .......................................................................... 102 4.7 Overall logistic regression model ........................................................................... 141
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