{"id":"https://openalex.org/W4414558737","doi":"https://doi.org/10.70641/ajbds.v2i1.161","title":"Ownership Structure as a Moderator Between Firm Factors and Financial Performance: Evidence from Investment Firms Listed on the Nairobi Securities","display_name":"Ownership Structure as a Moderator Between Firm Factors and Financial Performance: Evidence from Investment Firms Listed on the Nairobi Securities","publication_year":2025,"publication_date":"2025-08-29","ids":{"openalex":"https://openalex.org/W4414558737","doi":"https://doi.org/10.70641/ajbds.v2i1.161"},"language":"en","primary_location":{"id":"doi:10.70641/ajbds.v2i1.161","doi":"https://doi.org/10.70641/ajbds.v2i1.161","is_oa":true,"landing_page_url":"https://doi.org/10.70641/ajbds.v2i1.161","pdf_url":"https://journals.usiu.ac.ke/index.php/AJBDS/article/download/161/65","source":{"id":"https://openalex.org/S5407049417","display_name":"African Journal of Business and Development Studies","issn_l":"3079-6903","issn":["3079-6903"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210159989","host_organization_name":"United States International University Africa","host_organization_lineage":["https://openalex.org/I4210159989"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"African Journal of Business and Development Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://journals.usiu.ac.ke/index.php/AJBDS/article/download/161/65","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5029678332","display_name":"Norris Kibe Muhia","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210159989","display_name":"United States International University Africa","ror":"https://ror.org/05qj64q37","country_code":"KE","type":"education","lineage":["https://openalex.org/I4210159989"]}],"countries":["KE"],"is_corresponding":false,"raw_author_name":"Norris Kibe Muhia","raw_affiliation_strings":["United States International University \u2013Africa, Nairobi, Kenya"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"United States International University \u2013Africa, Nairobi, Kenya","institution_ids":["https://openalex.org/I4210159989"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5066678067","display_name":"Agnes Ogada","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210159989","display_name":"United States International University Africa","ror":"https://ror.org/05qj64q37","country_code":"KE","type":"education","lineage":["https://openalex.org/I4210159989"]}],"countries":["KE"],"is_corresponding":false,"raw_author_name":"Agnes Ogada","raw_affiliation_strings":["United States International University \u2013Africa, Nairobi, Kenya"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"United States International University \u2013Africa, Nairobi, Kenya","institution_ids":["https://openalex.org/I4210159989"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5110569328","display_name":"Jane Muriithi","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210159989","display_name":"United States International University Africa","ror":"https://ror.org/05qj64q37","country_code":"KE","type":"education","lineage":["https://openalex.org/I4210159989"]}],"countries":["KE"],"is_corresponding":false,"raw_author_name":"Jane Muriithi","raw_affiliation_strings":["United States International University \u2013Africa, Nairobi, Kenya"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"United States International University \u2013Africa, Nairobi, Kenya","institution_ids":["https://openalex.org/I4210159989"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4210159989"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.27371591,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"2","issue":"1","first_page":"522","last_page":"538"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9384999871253967,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9384999871253967,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.046799998730421066,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.0038999998942017555,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/ownership-structure","display_name":"ownership structure","score":0.996999979019165},{"id":"https://openalex.org/keywords/financial-performance","display_name":"financial performance","score":0.9150000214576721},{"id":"https://openalex.org/keywords/investment-companies","display_name":"investment companies","score":0.9309999942779541},{"id":"https://openalex.org/keywords/moderating-effect","display_name":"moderating effect","score":0.8270000219345093},{"id":"https://openalex.org/keywords/asset-allocation","display_name":"asset allocation","score":0.9340000152587891},{"id":"https://openalex.org/keywords/portfolio-diversification","display_name":"portfolio diversification","score":1.0},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":1.0},{"id":"https://openalex.org/keywords/risk-management","display_name":"risk management","score":0.9179999828338623},{"id":"https://openalex.org/keywords/nairobi-securities-exchange","display_name":"Nairobi Securities Exchange","score":0.753000020980835},{"id":"https://openalex.org/keywords/listed-companies","display_name":"listed companies","score":0.4189999997615814}],"concepts":[{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.6049000024795532},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5734999775886536},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.5116000175476074},{"id":"https://openalex.org/C93225998","wikidata":"https://www.wikidata.org/wiki/Q1941972","display_name":"Moderation","level":2,"score":0.48809999227523804},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.46059998869895935},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4375},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4146000146865845},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.4068000018596649},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.3840999901294708},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.361299991607666},{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.33869999647140503},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.33250001072883606},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.32339999079704285},{"id":"https://openalex.org/C58980837","wikidata":"https://www.wikidata.org/wiki/Q1372876","display_name":"Hausman test","level":4,"score":0.3199000060558319},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.31200000643730164},{"id":"https://openalex.org/C198477413","wikidata":"https://www.wikidata.org/wiki/Q7647069","display_name":"Survey data collection","level":2,"score":0.30809998512268066},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3012999892234802},{"id":"https://openalex.org/C27574286","wikidata":"https://www.wikidata.org/wiki/Q320723","display_name":"Variables","level":2,"score":0.2825999855995178},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2818000018596649},{"id":"https://openalex.org/C44970651","wikidata":"https://www.wikidata.org/wiki/Q17014030","display_name":"Fixed effects model","level":3,"score":0.27889999747276306},{"id":"https://openalex.org/C80212096","wikidata":"https://www.wikidata.org/wiki/Q1975416","display_name":"Systematic risk","level":2,"score":0.2770000100135803},{"id":"https://openalex.org/C2776746854","wikidata":"https://www.wikidata.org/wiki/Q11430545","display_name":"Foreign ownership","level":3,"score":0.2639000117778778},{"id":"https://openalex.org/C122637931","wikidata":"https://www.wikidata.org/wiki/Q118084","display_name":"Unit (ring theory)","level":2,"score":0.26330000162124634},{"id":"https://openalex.org/C75956513","wikidata":"https://www.wikidata.org/wiki/Q609343","display_name":"Portfolio investment","level":3,"score":0.2614000141620636},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.2540000081062317},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.25279998779296875},{"id":"https://openalex.org/C2777267654","wikidata":"https://www.wikidata.org/wiki/Q3519023","display_name":"Test (biology)","level":2,"score":0.2515000104904175},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.25130000710487366},{"id":"https://openalex.org/C2778705799","wikidata":"https://www.wikidata.org/wiki/Q2823610","display_name":"Financial asset","level":2,"score":0.250900000333786}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.70641/ajbds.v2i1.161","doi":"https://doi.org/10.70641/ajbds.v2i1.161","is_oa":true,"landing_page_url":"https://doi.org/10.70641/ajbds.v2i1.161","pdf_url":"https://journals.usiu.ac.ke/index.php/AJBDS/article/download/161/65","source":{"id":"https://openalex.org/S5407049417","display_name":"African Journal of Business and Development Studies","issn_l":"3079-6903","issn":["3079-6903"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210159989","host_organization_name":"United States International University Africa","host_organization_lineage":["https://openalex.org/I4210159989"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"African Journal of Business and Development Studies","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.70641/ajbds.v2i1.161","doi":"https://doi.org/10.70641/ajbds.v2i1.161","is_oa":true,"landing_page_url":"https://doi.org/10.70641/ajbds.v2i1.161","pdf_url":"https://journals.usiu.ac.ke/index.php/AJBDS/article/download/161/65","source":{"id":"https://openalex.org/S5407049417","display_name":"African Journal of Business and Development Studies","issn_l":"3079-6903","issn":["3079-6903"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210159989","host_organization_name":"United States International University Africa","host_organization_lineage":["https://openalex.org/I4210159989"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"African Journal of Business and Development Studies","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4414558737.pdf","grobid_xml":"https://content.openalex.org/works/W4414558737.grobid-xml"},"referenced_works_count":21,"referenced_works":["https://openalex.org/W2007946665","https://openalex.org/W2024140722","https://openalex.org/W2029056003","https://openalex.org/W2154179876","https://openalex.org/W2752617332","https://openalex.org/W2790550889","https://openalex.org/W2896015017","https://openalex.org/W2955141992","https://openalex.org/W3007782258","https://openalex.org/W3044929630","https://openalex.org/W3088859359","https://openalex.org/W3102398462","https://openalex.org/W3121886422","https://openalex.org/W3122859634","https://openalex.org/W3138882602","https://openalex.org/W3178270559","https://openalex.org/W4225132464","https://openalex.org/W4252683210","https://openalex.org/W4294731324","https://openalex.org/W4319457491","https://openalex.org/W4401345004"],"related_works":[],"abstract_inverted_index":{"This":[0,238,276],"study":[1,60,131,319,322],"examined":[2],"the":[3,10,16,29,47,66,80,94,124,127,139,146,169,187,210,254,257,290,293,308,318,321],"moderating":[4,140],"influence":[5],"of":[6,19,79,96,126,142,156,168,176,180,213,358],"ownership":[7,144,160,184,260,268,281,304],"structure":[8,161,185,269,282,305],"on":[9,107,145,205,317],"relationship":[11,48,147,188,266,309],"between":[12,49,148,189,267,310],"firm":[13,51,143,149,190,198,244,298],"factors":[14,52,150,164,191,199,215,312],"and":[15,34,53,83,103,119,151,162,178,192,224,270,313,336,361],"financial":[17,54,108,172,193,236,251,271,287,314],"performance":[18,55,272,349],"investment":[20,63],"firms":[21,64,324],"trading":[22],"at":[23,65],"NSE.":[24],"A":[25],"positivist":[26],"philosophy":[27],"guided":[28],"study,":[30],"emphasizing":[31],"empirical":[32],"measurement":[33],"statistical":[35],"analysis.":[36],"The":[37,59,130,153,174,195],"research":[38,42],"utilized":[39],"a":[40,69,133,232,264,355],"correlational":[41],"design,":[43],"appropriate":[44],"for":[45,197,259,292,332],"analyzing":[46],"multiple":[50,134],"using":[56],"panel":[57],"data.":[58],"targeted":[61],"53":[62],"NSE,":[67,81],"employing":[68],"census":[70],"survey":[71],"approach.":[72],"Secondary":[73],"data":[74,88],"was":[75,90,201,261,283,300],"collected":[76],"from":[77],"reports":[78],"CBK,":[82],"KNBS":[84],"spanning":[85],"2014-2023.":[86],"Panel":[87],"analysis":[89],"conducted":[91],"to":[92,122,137,231,340],"evaluate":[93],"impact":[95],"asset":[97,218,333,359],"allocation,":[98,219],"portfolio":[99,220,344],"diversification,":[100,221],"corporate":[101,222],"governance,":[102,223],"risk":[104,225],"management":[105,334],"practices":[106,245],"performance.":[109,152,173,194,237,252,288,315],"Diagnostic":[110],"tests":[111],"were":[112,246],"performed,":[113],"including":[114],"multicollinearity,":[115],"autocorrelation,":[116],"heteroscedasticity,":[117],"normality,":[118],"Hausman":[120],"tests,":[121],"ensure":[123],"validity":[125],"regression":[128,135],"results.":[129],"adopted":[132],"model":[136],"test":[138],"effect":[141],"R-squared":[154],"value":[155],"0.5279":[157],"suggested":[158,241,279],"that":[159,183,242,280,303],"firm-specific":[163,214,311],"together":[165],"explained":[166],"52.79%":[167],"variation":[170],"in":[171,209,235],"F-statistic":[175],"196.07":[177],"p-value":[179],"0.000":[181],"confirmed":[182],"moderated":[186,307],"coefficient":[196,240,258,278,291],"composite":[200,211],"0.0735604,":[202],"indicating":[203,263],"that,":[204],"average,":[206],"an":[207],"increase":[208,234],"measure":[212],"(such":[216],"as":[217],"management)":[226],"by":[227,350],"one":[228],"unit":[229],"led":[230],"0.0736-unit":[233],"positive":[239],"better":[243],"directly":[247],"associated":[248,284],"with":[249,285],"improved":[250],"On":[253],"other":[255],"hand,":[256],"-0.9790789,":[262],"negative":[265,277],"when":[273],"considered":[274],"independently.":[275],"lower":[286],"Lastly,":[289],"interaction":[294],"term":[295],"(ownership":[296],"*":[297],"factors)":[299],"0.0184003,":[301],"suggesting":[302],"significantly":[306],"Based":[316],"findings,":[320],"recommended":[323],"should":[325,353],"therefore":[326],"adopt":[327],"advanced":[328],"tools,":[329],"provide":[330],"training":[331],"teams,":[335],"conduct":[337],"regular":[338],"reviews":[339],"optimize":[341],"outcomes.":[342],"Robust":[343],"diversification":[345],"strategies,":[346],"which":[347],"improve":[348],"spreading":[351],"risk,":[352],"include":[354],"broader":[356],"range":[357],"classes":[360],"regions.":[362]},"counts_by_year":[],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2025-10-10T00:00:00"}
