Josiah Aduda

Corporate governance, firm characteristics, external environment and performance of financial institutions in Uganda: A review of literature

Abstract Main Objective of the Study: Examine the relationship among corporate governance, firm characteristics, external environment, and performance of financial institutions in Uganda. Value of the Study: The paper is expected to create value to different categories of groups like: the central bank, as a regulatory body; financial institutions that can benchmark with the views of different scholars; the public can make suitable decisions regarding choices where to bank and borrow; the academia in terms of research; and the government in terms of planning, policy formulation, and budgeting for the country. The paper is expected to make significant contributions to theory building by affirming to current theories. The paper made policy recommendations aimed at enhancing firm performance within the sector, given the magnitude of corporate governance, firm characteristics, and the external environment. The paper provided a different perspective of understanding firm performance of financial institutions by integrating, the agency theory, resource dependence theory, transaction cost theory, and the stakeholder theory. Theoretical Foundation: Agency theory, transaction cost theory, stakeholder theory, and resource dependency theory.

The Applicability of the Constant Dividend Model for Companies Listed at the Nairobi Stock Exchange

The decision to pay out earnings or retain dividends has been a subject of debate for many scholars. This research paper tests the applicability of constant dividend model from companies listed at the Nairobi stock exchange. Data was collected from annual reports and share price schedules obtained from Nairobi stock exchange and Capital market Authority for a sample of 18 companies that paid dividends consistently from 2002 to 2008. The data was then analyzed by re-computing the dividends that should have been paid if the dividend constant model was applied. This recomputed figure was later compared to the dividends as paid out by the companies during the period of study. Paired sample t-test statistic was performed to determine whether there is a significant difference between the two dividend figures. The findings of the research established that the dividend model was not employed by the companies listed at the Nairobi stock exchange. Most firms adopted a stable and predictable policy where a specific amount of dividend per share was paid each year. In some years, there was a slight adjustment of the dividend paid after an increase in earnings, but only by a sustainable amount. The study shows that the relationship between the stock market prices and the dividend paid from the constant dividend model is uneven from one year to another and where there was a relationship it was insignificant.

THE EFFECT OF CORPORATE GOVERNANCE AND CAPITAL STRUCTURE ON PERFORMANCE OF FIRMS LISTED AT THE EAST AFRICAN COMMUNITY SECURITIES EXCHANGE

Electronic arbitration (E-arbitration) is usually defined as a method to settle disputes through online platforms providing arbitration services. It constitutes a recent process dispute resolution mechanism between economic agents through the use of information and communication technology. Earbitration is inseparable from the growth of e-commerce and cross-border trade transactions. Contracting parties in such transactions expect a swift, cost-effective and efficient dispute resolution mechanism. It is no coincidence therefore that an increasing number of domestic legislations and international regulations adhere to the rules governing E-arbitration. The fact remains that, surprisingly, the Lebanese regulatory framework puts several obstacles to the successful implementation of E-arbitration in Lebanon. In this respect, this contribution endeavors to identify the scope of such obstacles, and discusses the solutions adopted in other legal frameworks.