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Title: Influence of Firm Characteristics on the Impact of Disclosure and Transparency in the Performance of Companies Listed in Nairobi Securities Exchange

Author(s): Edward Kandiru Maina1, Prof. Hazel Gachunga2, Prof. Willy Muturi3, Prof. Martin Ogutu4

 DOI : http://dx.doi.org/10.18535/ijsrm/v5i9.09

1Jomo Kenyatta University of Agriculture and Technology, PhD candidate

2Jomo Kenyatta University of Agriculture and Technology

3Jomo Kenyatta University of Agriculture and Technology

4University of Nairobi


The performance of companies listed in the Nairobi Securities Exchange (NSE) has come under intense scrutiny after a general decline in market share prices of a number of firms between the years 2011–2015 due to poor corporate governance practices. This study examined the relationship between disclosure & transparency and performance of listed companies at NSE with firm’s characteristics as the moderating variable. The study was anchored on Agency theory and Signaling theory. The study adopted both descriptive and correlational research designs on all 60 companies listed in Nairobi Securities Exchange during the period 2011-2015. Primary data was collected from companies CEOs or their representatives whereas secondary data was obtained from the Capital Markets Authority and NSE. Descriptive statistics (mean and standard deviation) and inferential statistics (Pearson correlation and multiple regression) were used to analyze the data. Findings showed a significant relationship between disclosure & transparency and performance of firms listed at the NSE and that firm’s characteristics had a moderating effect on the relationship between disclosure and transparency and firm performance. Moderation was supported, since the calculated p value of the interaction was 0.000<0.05, the null hypothesis was rejected, hence firm’s characteristics variable has significant moderating effect on relationship between disclosure & transparency and performance of firms listed at the Nairobi Securities Exchange

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Impact Factor : 3.994

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