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Financial Structure and Financial Performance of Domestic FINANCIAL STRUCTURE AND FINANCIAL PERFORMANCE OF DOMESTIC COMMERCIAL AIRLINES IN KENYA BENJAMIN VUNDI KASOMBA A RESEARCH PROJECT SUBMITTED TO THE SCHOOL OF BUSINESS IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF DEGREE OF MASTER OF BUSINESS ADMINISTRATION (FINANCE), KENYATTA UNIVERSITY. SEPTEMBER 2020 DECLARATION ii DEDICATION This research project is dedicated to my parents, Mr. and Mrs. Patrick Kasomba, who persistently prayed for me. I will not forget the family of my brothers and my only sister; Kamoni, Muimi and Kavata. My dedication also goes to my grandmother; one Mrs. Beatrice Ndambi Kamoni, who kept on wondering about the length of my studies wishing I married instead. Lastly and not least is my dream girlfriend CPA Faith Nduku and the children God will bless us with thereafter Marriage. I appreciate their support, sacrifice, understanding and encouragement when I was not there for them including engaging holidays, weekends and persistent overnight crash programs that saw the success of my project. iii ACKNOWLEDGEMENT The successful completion of this research project might not have been without the contribution of the following. The Almighty God for his Grace that was so sufficient during the time I was writing the project. My family and friends for their support they gave me throughout my academic period. Lastly, my supervisor (Dr. Job Omagwa) for his instructions while writing the project and for the support he accorded me whenever I would be stuck. iv TABLE OF CONTENTS DECLARATION ........................................................................... Error! Bookmark not defined. DEDICATION .............................................................................................................................. ii ACKNOWLEDGEMENT ........................................................................................................... iv LIST OF TABLES.................................................................................................................. viii LIST OF FIGURES ................................................................................................................. ix ABBREVIATIONS AND ACRONYMS ..................................................................................... x OPERATIONAL DEFINITION OF KEY TERMS ................................................................. xi ABSTRACT .............................................................................................................................. xiii CHAPTER ONE ........................................................................................................................... 1 INTRODUCTION ........................................................................................................................ 1 1.1 Background of the Study .................................................................................................. 1 1.1.1 Financial Structure .................................................................................................... 4 1.1.2 Financial Performance .............................................................................................. 6 1.1.3 Firm size.................................................................................................................... 8 1.1.4 Domestic commercial airlines in Kenya ................................................................... 9 1.2 Statement of the Problem ............................................................................................... 10 1.3 Objectives of the Study .................................................................................................. 12 1.4 Research Hypotheses...................................................................................................... 13 1.5 Significance of the Study ............................................................................................... 13 1.6 Scope of the Study.......................................................................................................... 14 1.7 Organization of the Study .............................................................................................. 14 CHAPTER TWO ........................................................................................................................ 16 LITERATURE REVIEW .......................................................................................................... 16 2.1 Introduction .................................................................................................................... 16 2.2 Theoretical Review ........................................................................................................ 16 2.2.1 Agency Theory........................................................................................................ 16 2.2.2 Trade-Off Theory .................................................................................................... 18 2.2.3 Pecking -Order Theory ........................................................................................... 19 2.2.4 Stakeholder Theory ................................................................................................. 20 2.3 Empirical Review ........................................................................................................... 21 2.3.1 Lease Financing and Financial Performance .......................................................... 21 v 2.3.2 Share Financing and Financial Performance .......................................................... 23 2.3.3 Debt Financing and Financial Performance ............................................................ 24 2.3.4 Retained Earnings and Financial Performance ....................................................... 26 2.3.5 Firm Size and Financial Performance ..................................................................... 27 2.4 Summary of Literature and Research Gaps .................................................................... 30 2.5 Conceptual Framework .................................................................................................. 32 CHAPTER THREE .................................................................................................................... 33 RESEARCH METHODOLOGY .............................................................................................. 33 3.1 Introduction .................................................................................................................... 33 3.2 Research Design ............................................................................................................. 33 3.3 Target Population ........................................................................................................... 34 3.4 Sampling Design ............................................................................................................ 34 3.5 Data Collection Instrument ............................................................................................ 34 3.6 Data Collection Procedure ............................................................................................. 35 3.7 Data Analysis and Presentation ...................................................................................... 35 3.8 Diagnostic Tests ............................................................................................................. 38 3.8.1 Testing for Multicollinearity ................................................................................... 38 3.8.2 Testing for Normality ............................................................................................. 38 3.8.3 Testing for Heteroscedasticity ................................................................................ 39 3.8.4 Testing for Autocorrelation..................................................................................... 39 3.8.5 Testing for Stationarity ........................................................................................... 40 3.8.6 Model Specification Test ........................................................................................ 40 3.9 Ethical Consideration ..................................................................................................... 41 CHAPTER FOUR ....................................................................................................................... 42 DATA ANALYSIS, INTERPRETATIONS AND FINDINGS ............................................... 42 4.1 Introduction .................................................................................................................... 42 4.2 Descriptive Statistics ...................................................................................................... 42 4.3 Correlation Analysis ....................................................................................................... 44 4.4 Diagnostic tests .............................................................................................................. 46 4.4.1 Multicollinearity Test.............................................................................................. 46 4.4.2 Normality Test ........................................................................................................ 47 4.4.3 Heteroscedasticity Test ........................................................................................... 48 vi 4.4.4 Autocorrelation Test ..............................................................................................
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