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The Role of Corporate Governance in the Performance of Banking Industry in Kenya: a Study of Kcb Bank Kenya Limited

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The Role of Corporate Governance in the Performance of Banking Industry in Kenya: a Study of Kcb Bank Kenya Limited THE ROLE OF CORPORATE GOVERNANCE IN THE PERFORMANCE OF BANKING INDUSTRY IN KENYA: A STUDY OF KCB BANK KENYA LIMITED BY CHARLLOTTE LUDI OBADO UNITED STATES INTERNATIONAL UNIVERSITY- AFRICA SPRING 2017 THE ROLE OF CORPORATE GOVERNANCE IN THE PERFORMANCE OF BANKING INDUSTRY IN KENYA: A STUDY OF KCB BANK KENYA LIMITED BY CHARLLOTTE LUDI OBADO A RESEARCH PROJECT SUBMITTED TO CHANDARIA SCHOOL OF BUSINESS IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTERS IN BUSINESS ADMINISTRATION (MBA). UNITED STATES INTERNATIONAL UNIVERSITY SPRING 2017 ii STUDENT’S DECLARATION I, the undersigned, declare that this is my own 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 ………………….. Charllotte Ludi Obado (625742) This research project proposal has been presented for examination with my approval as the appointed supervisor. Signed ………………………. Date ………………… Prof. Peter Lewa Signed ………………………. Date ………………… Dean, Chandaria School of Business iii COPYRIGHT ©Copyright by Charllotte Ludi Obado 2017 All rights reserved iv DEDICATION I sincerely dedicate this project to my family for their encouragement and unending support both financially and morally during my study. v ACKNOWLEDGEMENT I would like to acknowledge my supervisor Prof. Peter Lewa for the guidance and support while developing this research study. I would also wish to acknowledge the immense wealth of knowledge and research facilities available at USIU. vi ABSTRACT The main purpose of this study was to determine the role of corporate governance in banking industry in Kenya. The specific objectives of the study were; to examine if, Shareholder’s voting rights, Audit committee’s expertise and experience, Board of Directors remuneration and Board of Directors expertise and experience affect performance of banking industry in Kenya. The expected beneficiaries of the study will be the management of KCB Bank Kenya ltd, other banks in the sector as well as other researchers. The study used descriptive research design where a sample size of 249 employees was selected from the target population of 659 employees who were categorized into top, middle and low level management. The sample size was 37% of the target population derived using stratified random sampling. Questionnaires containing both closed-ended and open-ended questions were administered to the respondents by the researcher with the help of the human resource department. Data collected was analyzed quantitatively and qualitatively where it provided an appropriate analysis that was then used in the preparation of tables, pie charts and bar graphs. From the study findings 84.2% of the total respondents said that Shareholder rights and responsibilities affect performance of banks while 15.8% said Shareholder rights and responsibilities does not affect. The study also showed that Audit Committee’s expertise and experience affect performance; this was represented by 92.3%. Majority of the respondent’s i.e. 69.2% stated that Board of Directors remuneration affects performance of banks while 30.8% said it does not affect. The respondents stated that Board of Directors expertise and experience affect performance of banks this was represented by 87.2% while 12.8% said it does not affect. The study recommended that further studies on corporate governance in other financial sectors like Insurance companies and Savings and credit cooperative societies should be conducted. Further research is also recommended on on the relationship between organization’s size and Board of Directors remuneration to evaluate and assess its relationship with overall performance. vii TABLE OF CONTENTS STUDENT’S DECLARATION ................................................................................... iii COPYRIGHT ................................................................................................................ iv DEDICATION ............................................................................................................... v ACKNOWLEDGEMENT ............................................................................................ vi ABSTRACT ................................................................................................................. vii TABLE OF CONTENTS ............................................................................................ viii LIST OF TABLES ......................................................................................................... x LIST OF FIGURES ...................................................................................................... xi ABBREVIATIONS AND ACRONYMS .................................................................... xii CHAPTER ONE ............................................................................................................ 1 INTRODUCTION OF THE STUDY ............................................................................ 1 1.1 Background of the study ................................................................................. 1 1.2 Statement of the problem ................................................................................ 6 1.3 Purpose of the Study ....................................................................................... 8 1.4 Specific objectives of the Study ...................................................................... 8 1.5 Significance of the Study ................................................................................ 9 1.6 Geographical Scope of the Study .................................................................... 9 1.7 Definition of Terms ....................................................................................... 10 1.8 Chapter summary .......................................................................................... 10 CHAPTER TWO ......................................................................................................... 12 LITERATURE REVIEW ............................................................................................ 12 2.1 Introduction ................................................................................................... 12 2.2 Corporate governance and banking performance .......................................... 12 2.3 Shareholders voting rights and responsibilities and Performance ................ 13 2.4 Audit Committees Expertise and Experience and performance .................... 17 2.5 Board of Directors Remuneration and performance in Banks ...................... 21 2.6 Board of Directors Expertise and Experience and performance of Banks .... 24 2.7 Summary ....................................................................................................... 28 viii CHAPTER THREE ..................................................................................................... 29 RESEARCH DESIGN AND METHODOLOGY ....................................................... 29 3.1 Introduction ................................................................................................... 29 3.2 Research Design ............................................................................................ 29 3.3 Population and Sampling design ................................................................... 29 3.4 Data Collection Methods and Procedures ..................................................... 31 3.5 Research Procedure ....................................................................................... 31 3.6 Data Analysis Methods ................................................................................. 32 3.7 Chapter Summary .......................................................................................... 32 CHAPTER FOUR ........................................................................................................ 34 DATA ANALYSIS, PRESENTATION AND INTERPRETATION ............................ 34 4.1 Introduction ................................................................................................... 34 4.2 Presentation of Findings ................................................................................ 34 4.3 Descriptive Statistics ..................................................................................... 49 4.4 Chapter Summary .......................................................................................... 51 CHAPTER FIVE ......................................................................................................... 52 SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS ....... 52 5.1 Introduction ................................................................................................... 52 5.2 Summary of the Findings .............................................................................. 52 5.3 Discusion of findings .................................................................................... 53 5.4 Conclusions ................................................................................................... 58 5.5 Recommendations and Areas for further studies .......................................... 59 REFERENCES ............................................................................................................ 61 APPENDIX I .................................................................................................................. i Appendix 1: Introduction Letter .................................................................................
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