This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securit... more This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securities exchange using secondary data over the period 2001 to 2014 using both trend and ‘paired t’ t test analysis. The empirical results of the trend analysis showed that both the return on assets (ROA) and return on equity (ROE) had dropped below the industry average in the first three years, after which they rose above it. Hence, consistent with past studies, the results showed that mergers increase the value of the firm only in the long run, implying that merged firms outperform the industry with a time lag of about three years in terms of both ROA and ROE. Consequently, it was recommended that merger decisions should integrate time lag structure on the expected benefits. The results of the “paired t” tests on ROA and ROE show that, at both 0.01 and 0.05 levels of significance, we could not reject the null hypothesis that the merged commercial banks do not outperform the banking industr...
The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and... more The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and their impact on the performance of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and performance of CUEA. Factor analysis results showed that three items (with eigen values greater than one) accounted for about 75% of the variance in SIDP process and 72% of organizational performance. These factor analysis outcomes were then used to estimate a regression model of the effects of the factors of the SIDP process on the profitability of CUEA. Although all the factors of the SID had theoretically expect...
This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securit... more This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securities exchange using secondary data over the period 2001 to 2014 using both trend and ‘paired t ’ t test analysis. The empirical results of the trend analysis showed that both the return on assets (ROA) and return on equity (ROE) had dropped below the industry average in the first three years, after which they rose above it. Hence, consistent with past studies, the results showed that mergers increase the value of the firm only in the long run, implying that merged firms outperform the industry with a time lag of about three years in terms of both ROA and ROE. Consequently, it was recommended that merger decisions should integrate time lag structure on the expected benefits. The results of the “paired t ” tests on ROA and ROE show that, at both 0.01 and 0.05 levels of significance, we could not reject the null hypothesis that the merged commercial banks do not outperform the banking indust...
The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability o... more The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation (to maximize variable loadings to each factor) was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and profitability of CUEA. The regression analysis results showed that the joint effect of the six factors of the SIDP accounted for about 30 per cent of the total variance of the profitability of CUEA, implying that about 70 per cent of the variance could be attributed to excluded university specific, higher education industry and external factors. However, the joint effect of the factors of the SIDP on t...
The paper attempted a comprehensive review of the funding system for post-secondary education in ... more The paper attempted a comprehensive review of the funding system for post-secondary education in Kenya. The review included such parameters as funding structure, trends challenges and reforms. The paper was based on the mix of desk research and interviews with select key informants. Among the key findings of the paper include: i) funding for post-primary education derives from both public and private sources; ii) public funding for post-primary education is pegged to the National Budget Cycle; iii) amounts of public funding for are partial (i.e.do not cover total learning costs including uniforms, food and accommodation); funding does not match growing demand for infrastructure and hiring of additional teachers and sustainability of funding for post-primary education is relatively due to difficulties of sustaining past economic performance levels, revenue collection levels, declining donor funding and entrenched poverty. The sustainability of the financing of tertiary and higher education through the Higher Education Loans Board appear threatened by two key factors, namely, high default rate of loans and incessant demand for tertiary and higher education.
International Journal of Management Sciences, 2016
This study investigated the relationship between Top Management Team (TMT) demographic characteri... more This study investigated the relationship between Top Management Team (TMT) demographic characteristics diversity and firm performance using control variables (firm size and TMT size) in the Marketing and Social Research Association (MSRA) firms in Kenya. The study estimated two relationships at the same time to address the research objectives. First, the relationship between TMT characteristics diversity and performance was analyzed. Second, the link between control variables and firm performance was assessed to evaluate the impact of TMT on firm performance. Mixed methods research design was used to critically investigate the relationship between the variables of this study. The mixed research design used in the study was triangulation design, which is mainly transformation design model. The pooled data were analyzed using structural equation modeling in AMOS software program. The study found out that demographic diversities within top management team members had statistically sign...
The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and... more The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and their impact on the performance of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and performance of CUEA. Factor analysis results showed that three items (with eigen values greater than one) accounted for about 75% of the variance in SIDP process and 72% of organizational performance. These factor analysis outcomes were then used to estimate a regression model of the effects of the factors of the SIDP process on the profitability of CUEA. Although all the factors of the SID had theoretically expect...
This study analyzed the factors affecting the performance of 41 non-financial companies listed on... more This study analyzed the factors affecting the performance of 41 non-financial companies listed on the Nairobi Securities Exchange (NSE) using panel data over the period 2003 to 2013. A Hausman test results suggested the application of a random effects model for ROA and a fixed effects model for ROE. The empirical results of the estimation of both ROA and ROE show that corporate governance was statistically significant in determining the performance of firms and it had the expected sign (Positive). The leverage of the firm also had the expected negative sign and was statistically significant in explaining the performance of companies. Firm size and liquidity were however found to be statistically insignificant in determining the performance of these firms. Any limitations/suggestions for areas of further research/cross-reference!! Keywords: Financial performance, Liquidity, Leverage, Nairobi Security Exchange, Return on Assets, and Return on Equity
International Journal of Finance and Accounting, 2017
Purpose : The purpose of this study was to determine the factors influencing capital adequacy in ... more Purpose : The purpose of this study was to determine the factors influencing capital adequacy in business organizations. Methodology: A case study design was. The study consisted of 46 insurance companies. The data is quantitative and secondary data collection method was used. The study used descriptive and regression approach in data analysis. Using Statistical Package for Social Sciences (SPSS) regression analysis model was calculated. Data was presented in tables and graphs. Results: Regression analysis showed that ownership listing status had a beta coefficient of (-16.614) and that it was statistically insignificant (0.329). Regression analysis showed that dividend payout ratio had a beta coefficient of -0.455 and that it was statistically significant (0.000). Regression analysis showed that the profitability ratio had a beta coefficient of 0.485 and that it was statistically significant (0.000). Regression analysis showed that the liquidity ratio had a beta coefficient of 0.22...
The paper attempted a comprehensive review of the situation post-secondary education in Kenya. Th... more The paper attempted a comprehensive review of the situation post-secondary education in Kenya. The review included such parameters as the structure, performance, drivers and challenges of the education sub-sector. The paper was based on the mix of desk research and interviews with select key informants. Among the key findings of the paper include: i) mixed provision for post-primary education involving, public private, and community sources; ii) Unlike many low-income countries, Kenya has achieved significant progress in its post-primary education in the last decade and half as is reflected in significant gains in almost all key indicators of education performance including gross enrolment ratio (GER), school life expectancy, and gender equity (measured both in term gender parity index and the numbers of boys and girls completing post-primary education); iii) The country's post-primary development progress (as reflected in the expansion of education opportunities) has been attributed to a combination of four main factors: a rising demand for higher levels of education boosted by growing relevance of qualifications to enter and progress in the job market; a political commitment to education beyond only the basic levels and accompanying bold policy moves; key financing reforms which helped to shift the burden from households to government; and the active role of communities and the private sector in expanding supply of education services and iv) Although access to post-primary education has improved remarkably in Kenya over the last decade, the rise in attendance rates has emphasised some existing challenges for post-primary education, some of them creating some bottlenecks for further scale up and the sustainability of achievements made so far.
This study examined the relationship between perceived internal equity of rewards and job satisfa... more This study examined the relationship between perceived internal equity of rewards and job satisfaction among host country workers (HCWs) working for international nongovernmental organisations (INGOs) in Nairobi. It was a quantitative research design with a target population of 3000 staff. A sample of 341 HCWs was picked from 20 INGOs using stratified random sampling. Data was gathered using questionnaires and a response rate of 63% attained. Descriptive statistics and multiple regressions were applied through the use of SPSS. Findings were presented using cross tabulations and frequency tables. Findings among others revealed that HWCs working for INGOs in Nairobi received fewer components of rewards compared to expatriates working in the same organisations. This is because INGOs in Nairobi had adopted a ‘dual salaries’ approach to rewarding HCWs and their expatriate/international counterparts i.e. different pay and benefits scales. Study showed that perception of internal equity of...
This study investigated the relationship between Top Management Team (TMT) demographic diversitie... more This study investigated the relationship between Top Management Team (TMT) demographic diversities and firm performance using generic strategies as intervening variable in the Marketing and Social Research Association (MSRA) firms in Kenya. First, the relationship between TMT characteristics diversities and generic strategy was analyzed. Second, the link between generic strategy and firm performance was estimated. Mixed methods research design was used to critically investigate the relationship between the latent exogenous and endogenous variables of this study. The mixed research design used in this study was triangulation design, which was mainly transformation design model. The data were analyzed using structural equation modeling analysis, using IBM SPSS AMOS version 21. The study found out that the homogenous demographic diversities among the top management team members had statistically significant effect on cost leadership strategy (p = 0.012). Besides, cost leadership strate...
The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability o... more The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation (to maximize variable loadings to each factor) was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and profitability of CUEA. The regression analysis results showed that the joint effect of the six factors of the SIDP accounted for about 30 per cent of the total variance of the profitability of CUEA, implying that about 70 per cent of the variance could be attributed to excluded university specific, higher education industry and external factors. However, the joint effect of the factors of the SIDP on t...
This study analysed the determinants of firm value of commercial banks listed at the Nairobi Secu... more This study analysed the determinants of firm value of commercial banks listed at the Nairobi Securities Exchange (NSE). The analysis was based on secondary panel data over the period 2002 to 2012. The estimation results of the random effects regression model showed that, though statistically significant (p<0.05), the joint effects of the determinants under the study was low, accounting for about 30 per cent of the variance of the firm value of the listed commercial banks in Kenya. At the individual determinant level, the estimation results were mixed. While we could not reject the null hypotheses that assets, capital structure, cash flows, dividend ratio and intangible had no statistically significant individual effects on the firm value of the listed commercial banks (p<0.05), we rejected the null hypotheses and concluded that market capitalization had statistically significant individual effects on the firm value of the listed commercial banks (p<0.05). Given the relativ...
The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability o... more The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation (to maximize variable loadings to each factor) was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and profitability of CUEA. The regression analysis results showed that the joint effect of the six factors of the SIDP accounted for about 30 per cent of the total variance of the profitability of CUEA, implying that about 70 per cent of the variance could be attributed to excluded university specific, higher education industry and external factors. However, the joint effect of the factors of the SIDP on t...
This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securit... more This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securities exchange using secondary data over the period 2001 to 2014 using both trend and ‘paired t’ t test analysis. The empirical results of the trend analysis showed that both the return on assets (ROA) and return on equity (ROE) had dropped below the industry average in the first three years, after which they rose above it. Hence, consistent with past studies, the results showed that mergers increase the value of the firm only in the long run, implying that merged firms outperform the industry with a time lag of about three years in terms of both ROA and ROE. Consequently, it was recommended that merger decisions should integrate time lag structure on the expected benefits. The results of the “paired t” tests on ROA and ROE show that, at both 0.01 and 0.05 levels of significance, we could not reject the null hypothesis that the merged commercial banks do not outperform the banking industr...
The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and... more The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and their impact on the performance of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and performance of CUEA. Factor analysis results showed that three items (with eigen values greater than one) accounted for about 75% of the variance in SIDP process and 72% of organizational performance. These factor analysis outcomes were then used to estimate a regression model of the effects of the factors of the SIDP process on the profitability of CUEA. Although all the factors of the SID had theoretically expect...
This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securit... more This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securities exchange using secondary data over the period 2001 to 2014 using both trend and ‘paired t ’ t test analysis. The empirical results of the trend analysis showed that both the return on assets (ROA) and return on equity (ROE) had dropped below the industry average in the first three years, after which they rose above it. Hence, consistent with past studies, the results showed that mergers increase the value of the firm only in the long run, implying that merged firms outperform the industry with a time lag of about three years in terms of both ROA and ROE. Consequently, it was recommended that merger decisions should integrate time lag structure on the expected benefits. The results of the “paired t ” tests on ROA and ROE show that, at both 0.01 and 0.05 levels of significance, we could not reject the null hypothesis that the merged commercial banks do not outperform the banking indust...
The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability o... more The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation (to maximize variable loadings to each factor) was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and profitability of CUEA. The regression analysis results showed that the joint effect of the six factors of the SIDP accounted for about 30 per cent of the total variance of the profitability of CUEA, implying that about 70 per cent of the variance could be attributed to excluded university specific, higher education industry and external factors. However, the joint effect of the factors of the SIDP on t...
The paper attempted a comprehensive review of the funding system for post-secondary education in ... more The paper attempted a comprehensive review of the funding system for post-secondary education in Kenya. The review included such parameters as funding structure, trends challenges and reforms. The paper was based on the mix of desk research and interviews with select key informants. Among the key findings of the paper include: i) funding for post-primary education derives from both public and private sources; ii) public funding for post-primary education is pegged to the National Budget Cycle; iii) amounts of public funding for are partial (i.e.do not cover total learning costs including uniforms, food and accommodation); funding does not match growing demand for infrastructure and hiring of additional teachers and sustainability of funding for post-primary education is relatively due to difficulties of sustaining past economic performance levels, revenue collection levels, declining donor funding and entrenched poverty. The sustainability of the financing of tertiary and higher education through the Higher Education Loans Board appear threatened by two key factors, namely, high default rate of loans and incessant demand for tertiary and higher education.
International Journal of Management Sciences, 2016
This study investigated the relationship between Top Management Team (TMT) demographic characteri... more This study investigated the relationship between Top Management Team (TMT) demographic characteristics diversity and firm performance using control variables (firm size and TMT size) in the Marketing and Social Research Association (MSRA) firms in Kenya. The study estimated two relationships at the same time to address the research objectives. First, the relationship between TMT characteristics diversity and performance was analyzed. Second, the link between control variables and firm performance was assessed to evaluate the impact of TMT on firm performance. Mixed methods research design was used to critically investigate the relationship between the variables of this study. The mixed research design used in the study was triangulation design, which is mainly transformation design model. The pooled data were analyzed using structural equation modeling in AMOS software program. The study found out that demographic diversities within top management team members had statistically sign...
The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and... more The study analyzed the factors affecting the strategic issue diagnosis process (SIDP) process and their impact on the performance of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and performance of CUEA. Factor analysis results showed that three items (with eigen values greater than one) accounted for about 75% of the variance in SIDP process and 72% of organizational performance. These factor analysis outcomes were then used to estimate a regression model of the effects of the factors of the SIDP process on the profitability of CUEA. Although all the factors of the SID had theoretically expect...
This study analyzed the factors affecting the performance of 41 non-financial companies listed on... more This study analyzed the factors affecting the performance of 41 non-financial companies listed on the Nairobi Securities Exchange (NSE) using panel data over the period 2003 to 2013. A Hausman test results suggested the application of a random effects model for ROA and a fixed effects model for ROE. The empirical results of the estimation of both ROA and ROE show that corporate governance was statistically significant in determining the performance of firms and it had the expected sign (Positive). The leverage of the firm also had the expected negative sign and was statistically significant in explaining the performance of companies. Firm size and liquidity were however found to be statistically insignificant in determining the performance of these firms. Any limitations/suggestions for areas of further research/cross-reference!! Keywords: Financial performance, Liquidity, Leverage, Nairobi Security Exchange, Return on Assets, and Return on Equity
International Journal of Finance and Accounting, 2017
Purpose : The purpose of this study was to determine the factors influencing capital adequacy in ... more Purpose : The purpose of this study was to determine the factors influencing capital adequacy in business organizations. Methodology: A case study design was. The study consisted of 46 insurance companies. The data is quantitative and secondary data collection method was used. The study used descriptive and regression approach in data analysis. Using Statistical Package for Social Sciences (SPSS) regression analysis model was calculated. Data was presented in tables and graphs. Results: Regression analysis showed that ownership listing status had a beta coefficient of (-16.614) and that it was statistically insignificant (0.329). Regression analysis showed that dividend payout ratio had a beta coefficient of -0.455 and that it was statistically significant (0.000). Regression analysis showed that the profitability ratio had a beta coefficient of 0.485 and that it was statistically significant (0.000). Regression analysis showed that the liquidity ratio had a beta coefficient of 0.22...
The paper attempted a comprehensive review of the situation post-secondary education in Kenya. Th... more The paper attempted a comprehensive review of the situation post-secondary education in Kenya. The review included such parameters as the structure, performance, drivers and challenges of the education sub-sector. The paper was based on the mix of desk research and interviews with select key informants. Among the key findings of the paper include: i) mixed provision for post-primary education involving, public private, and community sources; ii) Unlike many low-income countries, Kenya has achieved significant progress in its post-primary education in the last decade and half as is reflected in significant gains in almost all key indicators of education performance including gross enrolment ratio (GER), school life expectancy, and gender equity (measured both in term gender parity index and the numbers of boys and girls completing post-primary education); iii) The country's post-primary development progress (as reflected in the expansion of education opportunities) has been attributed to a combination of four main factors: a rising demand for higher levels of education boosted by growing relevance of qualifications to enter and progress in the job market; a political commitment to education beyond only the basic levels and accompanying bold policy moves; key financing reforms which helped to shift the burden from households to government; and the active role of communities and the private sector in expanding supply of education services and iv) Although access to post-primary education has improved remarkably in Kenya over the last decade, the rise in attendance rates has emphasised some existing challenges for post-primary education, some of them creating some bottlenecks for further scale up and the sustainability of achievements made so far.
This study examined the relationship between perceived internal equity of rewards and job satisfa... more This study examined the relationship between perceived internal equity of rewards and job satisfaction among host country workers (HCWs) working for international nongovernmental organisations (INGOs) in Nairobi. It was a quantitative research design with a target population of 3000 staff. A sample of 341 HCWs was picked from 20 INGOs using stratified random sampling. Data was gathered using questionnaires and a response rate of 63% attained. Descriptive statistics and multiple regressions were applied through the use of SPSS. Findings were presented using cross tabulations and frequency tables. Findings among others revealed that HWCs working for INGOs in Nairobi received fewer components of rewards compared to expatriates working in the same organisations. This is because INGOs in Nairobi had adopted a ‘dual salaries’ approach to rewarding HCWs and their expatriate/international counterparts i.e. different pay and benefits scales. Study showed that perception of internal equity of...
This study investigated the relationship between Top Management Team (TMT) demographic diversitie... more This study investigated the relationship between Top Management Team (TMT) demographic diversities and firm performance using generic strategies as intervening variable in the Marketing and Social Research Association (MSRA) firms in Kenya. First, the relationship between TMT characteristics diversities and generic strategy was analyzed. Second, the link between generic strategy and firm performance was estimated. Mixed methods research design was used to critically investigate the relationship between the latent exogenous and endogenous variables of this study. The mixed research design used in this study was triangulation design, which was mainly transformation design model. The data were analyzed using structural equation modeling analysis, using IBM SPSS AMOS version 21. The study found out that the homogenous demographic diversities among the top management team members had statistically significant effect on cost leadership strategy (p = 0.012). Besides, cost leadership strate...
The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability o... more The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation (to maximize variable loadings to each factor) was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and profitability of CUEA. The regression analysis results showed that the joint effect of the six factors of the SIDP accounted for about 30 per cent of the total variance of the profitability of CUEA, implying that about 70 per cent of the variance could be attributed to excluded university specific, higher education industry and external factors. However, the joint effect of the factors of the SIDP on t...
This study analysed the determinants of firm value of commercial banks listed at the Nairobi Secu... more This study analysed the determinants of firm value of commercial banks listed at the Nairobi Securities Exchange (NSE). The analysis was based on secondary panel data over the period 2002 to 2012. The estimation results of the random effects regression model showed that, though statistically significant (p<0.05), the joint effects of the determinants under the study was low, accounting for about 30 per cent of the variance of the firm value of the listed commercial banks in Kenya. At the individual determinant level, the estimation results were mixed. While we could not reject the null hypotheses that assets, capital structure, cash flows, dividend ratio and intangible had no statistically significant individual effects on the firm value of the listed commercial banks (p<0.05), we rejected the null hypotheses and concluded that market capitalization had statistically significant individual effects on the firm value of the listed commercial banks (p<0.05). Given the relativ...
The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability o... more The study analyzed the effects of strategic issue diagnosis process (SIDP) on the profitability of the Catholic University of Eastern Africa (CUEA). The study used a census survey design of the fifty members of the top management team (TMT) of the University. The survey data was analyzed using factor analysis and regression analysis. Factor analysis using principal components and varimax (orthogonal) rotation (to maximize variable loadings to each factor) was conducted to reduce the dimensionality and identify the factors (latent variables) and labels (constructs) of both the SIDP and profitability of CUEA. The regression analysis results showed that the joint effect of the six factors of the SIDP accounted for about 30 per cent of the total variance of the profitability of CUEA, implying that about 70 per cent of the variance could be attributed to excluded university specific, higher education industry and external factors. However, the joint effect of the factors of the SIDP on t...
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