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The Effects of Financial Innovation on the Financial Performance of Commercial Banks in South Sudan

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The Effects of Financial Innovation on the Financial Performance of Commercial Banks in South Sudan THE EFFECTS OF FINANCIAL INNOVATION ON THE FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN SOUTH SUDAN BY: MAKUR PETER MALAK D61/61103/2013 A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION, SCHOOL OF BUSINESS, THE UNIVERSITY OF NAIROBI 2014 DECLARATION I declare this project is my original work and has never been presented for a degree in any University or Higher Institution of learning for any academic accreditation Signed....................................... Date.............................................. Makur Peter Malak D61/61103/2013 This research project is presented for approval as university supervisor Signed....................................... Date........................................... MIRIE MWANGI Supervisor ii ACKNOWLEDGEMENTS I would like to acknowledge the effort of my supervisor, Mirie Mwangi. I am particularly grateful for his steadfast support, patience, constructive criticism and professional guidance. I wish also to express my sincere appreciation to my family, friends and well wishers for their understanding and support during the project and MBA program as a whole. And most importantly I dedicate this work to the Almighty God for granting me peace, good health and a sound mind. iii DEDICATION I dedicate this project to the almighty God for the blessings he has accorded to me and also to my lovely family. iv TABLE OF CONTENTS Page DECLARATION ....................................................................................................................... ii ACKNOWLEDGEMENTS ..................................................................................................... iii DEDICATION .......................................................................................................................... iv TABLE OF CONTENTS ........................................................................................................... v ABBREVIATION..................................................................................................................... ix ABSTRACT ............................................................................................................................... x CHAPTER ONE ........................................................................................................................ 1 INTRODUCTION ..................................................................................................................... 1 1.1Background of the Study ................................................................................................... 1 1.1.1 Financial Innovation .................................................................................................. 3 1.1.2 Financial Performance ............................................................................................... 4 1.1.3 Financial Innovation and Financial Performance ..................................................... 6 1.1.4 Commercial Banks in South Sudan ........................................................................... 7 1.2 Research Problem ............................................................................................................ 9 1.3 Objective of the Study .................................................................................................... 11 1.4 Value of Study ................................................................................................................ 11 CHAPTER TWO ..................................................................................................................... 12 2.1 Introduction .................................................................................................................... 12 2.2 Theoretical Review ........................................................................................................ 12 v 2. 1.1Constraint–Induced Innovation Theory ................................................................... 13 2.1.2 Circumvention Innovation Theory .......................................................................... 14 2.1.3. Regulation Innovation Theory ................................................................................ 15 2.1.4. Transaction Cost Innovation Theory ...................................................................... 15 2.3 Determinants of Financial Performance of Commercial Banks..................................... 16 2.3.1 Regulation ................................................................................................................ 17 2.3.2 Costs of Production Reduction ................................................................................ 17 2.3.3 Technological Advancement ................................................................................... 18 2.3.4 Competitive Environment........................................................................................ 18 2.4 Empirical Review ........................................................................................................... 19 2.5 Summary of Literature Review .................................................................................. 23 CHAPTER THREE ................................................................................................................. 25 3.0 Introduction .................................................................................................................... 25 3. 1 Research Design ............................................................................................................ 25 3.2 Population....................................................................................................................... 26 3.3 Sample Design................................................................................................................ 26 3.4 Data collection................................................................................................................ 26 3.5 Data Analysis ................................................................................................................. 27 CHAPTER FOUR .................................................................................................................... 30 DATA ANALYSIS, RESULTS AND DISCUSSION ............................................................ 30 4.1 Introduction .................................................................................................................... 30 vi 4.2 Response Rate ................................................................................................................ 30 4.3 Descriptive Analysis ...................................................................................................... 31 4.4 Inferential statistics ........................................................................................................ 32 4.4.1 Correlation Analysis ................................................................................................ 32 4.4.2 Regression Analysis ................................................................................................ 33 4.5 Discussion of the research findings ................................................................................ 35 CHAPTER FIVE ..................................................................................................................... 38 5.1 Introduction .................................................................................................................... 38 5.2 Summary of Findings ..................................................................................................... 38 5.3 Conclusions .................................................................................................................... 39 5.4 Recommendations .......................................................................................................... 40 5.5 Limitations of the Study ................................................................................................. 40 5.6 Suggestions for Further Research .................................................................................. 41 APPENDIX I: THE LIST OF COMMERCIAL BANKS IN THE REPUBLIC OF SOUTH SUDAN ..................................................................................................................... 49 APPENDIX II: INTRODUCTION LETTER .......................................................................... 50 vii LIST OF TABLES Table 4.1: Response Rate ......................................................................................................... 31 Table 4.2: Descriptive Statistics .............................................................................................. 31 Table 4.3: Correlation Analysis ............................................................................................... 33 Table 4.4 Model summary ....................................................................................................... 34 Table 4.5 ANOVA ................................................................................................................... 34 Table 4.6: Regression Coefficients .......................................................................................... 35 viii ABBREVIATION ATM- Automated Teller Machine BOSS- Bank of South Sudan CAMEL- Capital Adequacy, Asset Quality Management, Quality Earning and Liquidity CBOS- Central Bank of Sudan CBSS- Central Bank of South Sudan CPA- Comprehensive
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