Foreign Equity Portfolio Investments and Market Returns at the NSE20 Share Index; Kenya
DOI:
https://doi.org/10.47604/ijfa.2153Keywords:
Foreign Portfolio Investments, Foreign Equity Investment, Foreign Bond Investment, Foreign Treasury Bill Investment, Foreign Investment of Exchange Traded FundsAbstract
Purpose: Foreign portfolio investments have continued to play an important role in the world today because investors are more interested in investments that will give them higher returns for their investments. The purpose the study was to establish the effect of foreign portfolio investments and market returns in Kenya. The specific variables studied were foreign equity portfolios, foreign bond portfolios, foreign portfolio of treasury bills and foreign portfolio of exchange traded funds and how they affect the market returns at the NSE20 share index in Kenya.
Methodology: The research methodology applied panel regression for inferential findings and Langrage multiplier test done to determine the pooled effect with the aid of STATA 18 software. Secondary data was sourced from the NSE annual reports, CMA bulletins, CBK websites of the respective companies listed in the index for the period between 2013 to 2022.
Findings: The study findings indicated a positive and significant relationship of foreign equity portfolios, foreign portfolio of T Bills and foreign portfolio of ETFs with market returns at the NSE20 share index. Conversely, foreign bond portfolio exhibited a negative significant relationship with market returns at the NSE 20 share index.
Unique Contribution to Theory, Practice and Policy: The study supported Modern Portfolio Theory(MPT) that suggests that for an investor to maximize returns, an investor will choose from a wide array of portfolios that will suit his needs and risk profiles and Neoclassical Theory of Investment that suggests that investors will take advantage of location differences to profit from arbitrage opportunities and Total portfolio theory that suggests that combination of securities posits a higher performance due to significant diversification benefits linked to a basket of securities. The Modern portfolio theory measuring market return seemed to hold in that it will give an investor an understanding of the most efficient portfolio that will give the largest returns at a given level of risk. The theory was suggested for future related research because it will give an investor a strategy for successful portfolio investments.
Downloads
References
Abu Shanab, S. (2017). The effect of foreign portfolio investment (FPI) on capital market indices (evidence from Amman stock exchange). International Review of Management and Business Research, 6(4), 1469-1477.
Abubakar, M. I., & Danladi, Y. U. (2018). Foreign direct investment and stock market development in Nigeria: Evidence from ARDL bound test approach to cointegration. IOSR Journal of Economics and Finance, 9(1), 79-85.
Adebisi, A. W., & Arikpo, O. F. (2017). Financial market performance and foreign portfolio inflows to Nigeria: Autoregressive distributive lag approach. International Journal for Research-
Addo, A., & Sunzuoye, F. (2013). The impact of treasury bill rate and interest rate on the stock market returns: Case of Ghana stock exchange. European Journal of Business and Economics, 8(2). Granthaalayah, 5(6), 673-688.
Ahmed, R. R., Vveinhardt, J., Å treimikienÄ—, D., Ghauri, S. P., & Ashraf, M. (2018). Stock returns, volatility and mean reversion in emerging and developed financial markets. Technological and Economic Development of Economy, 24(3), 1149-1177.
Aigheyisi, O. S., & Ovuefeyen, J. (2013). Foreign financial resources inflows and stock market development: Empirical evidence from Nigeria and Ghana. Research Journal of Finance and Accounting, 4(9), 48.
Akinmulegun Sunday, O. (2018). Exchange rate fluctuation and industrial output growth in Nigeria. International Journal of Economics and Financial Research, 4(5), 145-158.
Akinwale, S. O., Adekunle, E. O., & Obagunwa, T. B. (2018). Foreign direct investment inflow and agricultural sector productivity in Nigeria. Journal of Economics and Finance, 9(4), 12-19
Anderson, R. M., Eom, K. S., Hahn, S. B., & Park, J. H. (2013). Autocorrelation and partial price adjustment. Journal of Empirical Finance, 24, 78-93.
Arslanalp, M. S., & Tsuda, M. T. (2014). Emerging market portfolio flows: The role of benchmark-driven investors. International Monetary Fund.
Asongu, S. A. (2013). African stock market performance dynamics: a multidimensional convergence assessment. Journal of African Business, 14(3), 186-201.
Avdjiev, S., Chui, M. K., & Shin, H. S. (2014). Non-financial corporations from emerging market economies and capital flows. BIS Quarterly Review December.
Baghebo, M., & Apere, T. (2014). Foreign portfolio investment and economic growth in Nigeria (1986-2011). International Journal of Business and Social Science, 5(11), 108-115.
Barney, J. B., & Mackey, A. (2018). Monopoly profits, efficiency profits, and teaching strategic management. Academy of Management Learning & Education, 17(3), 359-373.
Barney, J. B. (2001). Resource-based theories of competitive advantage: A ten-year retrospective on the resource-based view. Journal of management, 27(6), 643-650.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99-120.
Bayrakdaroglu, A., Ege, I., & Yazici, N. (2013). A panel data analysis of capital structure determinants: Empirical results from Turkish capital market. International Journal of Economics and Finance, 5(4), 131-140.
Ben-Rephael, A. (2017). Flight-to-liquidity, market uncertainty, and the actions of mutual fund investors. Journal of Financial Intermediation, 31, 30-44.
Birr, S., Volgushev, S., Kley, T., Dette, H., & Hallin, M. (2017). Quantile spectral analysis for locally stationary time series. Journal of the Royal Statistical Society Series B: Statistical Methodology, 79(5), 1619-1643.
Borenstein, M., Hedges, L. V., Higgins, J. P., & Rothstein, H. R. (2010). A basic introduction to fixed"effect and random"effects models for meta"analysis. Research synthesis methods, 1(2), 97-111.
Brooks, C. (2008). RATS Handbook to accompany introductory econometrics for finance. Cambridge Books.
Butali, I. N. (2020). The Relationship Between Foreign Inflows And Stock Market Performance In Kenya (Doctoral dissertation, Kca University).
Circella, G., Matson, G., Alemi, F., & Handy, S. (2019). Panel study of emerging transportation technologies and trends in California: Phase 2 data collection.
Chiad, F., & Hadj Sahraoui, H. (2021). What drives stock market development in Arab countries?.
Chui, M. K., Kuruc, E., & Turner, P. (2016). A new dimension to currency mismatches in the emerging markets-non-financial companies.
CLIFF, O. O. (2020). FOREIGN FINANCIAL INFLOWS AND STOCK MARKET DEVELOPMENT AT THE NAIROBI SECURITIES EXCHANGE, KENYA (Doctoral dissertation, KENYATTA UNIVERSITY).
Cox, J. C., & Ross, S. A. (1976). The valuation of options for alternative stochastic processes. Journal of financial economics, 3(1-2), 145-166.
Damodar, N. G. (2007). Sangeetha (2007),"˜Basic Econometrics'. The McGraw.
Diekmann, A., & Schmidheiny, K. (2013). The intergenerational transmission of divorce: A fifteen-country study with the fertility and family survey. Comparative Sociology, 12(2), 211-235.
Evrim-Mandaci, P., Aktan, B., Kurt-GumuÅŸ, G., & TvaronaviÄienÄ—, M. (2013). Determinants of stock market development: evidence from advanced and emerging markets in a long span. Business: Theory and Practice, 14(1), 51-56.
Ezeanyeji, C. I., & Maureen, I. (2019). Foreign portfolio investment on economic growth of Nigeria: An impact analysis. International Journal of Academic Management Science Research, 3(3), 24-36.
Feng, Z. Y., Chen, C. R., & Tseng, Y. J. (2018). Do capital markets value corporate social responsibility? Evidence from seasoned equity offerings. Journal of Banking & Finance, 94, 54-74.
Gachanja, S., & Kosimbei, G. (2018). Dynamic Linkage Between Foreign Equity Flows And Stock Market Returns At Nairobi Securities Exchange. Strategic Journal of Business Change Management, 5(3).
Gathenya, J. M. (2015). Impact of foreign portfolio equity investments on the market capitalization of the Nairobi Securities Exchange (2004-2013) (Doctoral dissertation, United States International University-Africa).
Gikonyo-Mukoko, H. W., & Ngugi, K. (2013). Factors influencing the performance of the capital markets in Kenya. International Journal of Social Sciences and Entrepreneurship, 1(3), 388-397.
Githaiga, P. N., & Kabiru, C. G. (2014). Remittances as a determinant of financial sector development. Journal of business economics and finance, 3(4).
Gitundu, E. W., Kiprop, S. K., Kibet, L. K., & Kisaka, S. E. (2016). Corporate governance and financial performance: A literature review of measurements and econometric methods of data analysis in research. Corporate Governance, 7(14), 116-25.
Gordon, M. J. (1992). The neoclassical and a post Keynesian theory of investment. Journal of Post Keynesian Economics, 14(4), 425-443.
Ha, J., Kose, M. A., Otrok, C., & Prasad, E. S. (2020). Global macro-financial cycles and spillovers (No. w26798). National Bureau of Economic Research.
Haider, M. A., Khan, M. A., Saddique, S., & Hashmi, S. H. (2017). The impact of stock market performance on foreign portfolio investment in China. International journal of economics and financial issues, 7(2), 460-468.
Hair Jr, J. F. (2006). Successful strategies for teaching multivariate statistics. In Proceedings of the 7th International Conference on (pp. 1-5).
Harelimana, J. B. (2017). Impact of mobile banking on financial performance of Unguka microfinance bank LTD, Rwanda. Global Journal of Management and Business Research, 17(4), 1-13.
Hassan, M. K., Rashid, M., & Castro, E. (2016). Foreign direct investment and investor sentiment: A causal relationship. Global Economy Journal, 16(4), 697-719 Review. International Journal of Management and Commerce Innovations, 5(2), 177-187.
Hassine, M., & Roncalli, T. (2013). Measuring performance of exchange-traded funds. The Journal of Beta Investment Strategies, 4(3), 57-85.
Hood, M., & Malik, F. (2013). Is gold the best hedge and a safe haven under changing stock market volatility?. Review of Financial Economics, 22(2), 47-52.
Huinink, J., Brüderl, J., Nauck, B., Walper, S., Castiglioni, L., & Feldhaus, M. (2011). Panel analysis of intimate relationships and family dynamics (pairfam): Conceptual framework and design. Zeitschrift für Familienforschung, 23(1), 77-101.
Hu, Y., Xiao, J., Deng, Y., Xiao, Y., & Wang, S. (2015). Domestic air passenger traffic and economic growth in China: Evidence from heterogeneous panel models. Journal of Air Transport Management, 42, 95-100.
Hussaini, M., & Kabuga, N. A. (2018). Does trade liberalization and foreign capital investment matters for economic growth? Evidence from Nigeria. Dutse Journal of economics and development studies (DUJEDS), 4(2), 110-119.
Idu, H. K., Nwofe, P. A., & Idenyi, N. E. (2016). Investigations on the Inhibitive Properties of Moringa Oleifera and Psiduim Quajava Leaves Extract on the Corrosion Susceptibility of Mild Steel. American-Eurasian Journal of Scientific Research, 11(2), 119-124.
Iriobe, G. (2018). Foreign portfolio equity investment and the performance of the Nigerian stock market: A sectoral distribution analysis.
John Gachunga, M., & Kuso, Y. (2019). Monetary Policy, Private Capital Formation and Economic Growth-The Case of Sub-Saharan Africa. International Journal of Recent Academic Research, 1(02), 057-063.
Kacperczyk, M., Sundaresan, S., & Wang, T. (2021). Do foreign institutional investors improve price efficiency?. The Review of Financial Studies, 34(3), 1317-1367.
Kamal, A. L. M. (2018). The impact of Treasury bill rate and interest rate on the stock market returns in Egypt. International Journal of Development and Sustainability, 7(2), 605-619.
Kamwaro, E. K. (2013). The impact of investment portfolio choice on financial performance of investment companies in Kenya (Doctoral dissertation, University of Nairobi).
Kharusi, S. A., & Ada, M. S. (2018). External debt and economic growth: The case of emerging economy. Journal of economic integration, 33(1), 1141-1157.
Kiamba, J. (2019). Effect Of Foreign Portfolio Flows On The Growth Of Capital Market In Kenya (Doctoral dissertation, University of Nairobi).
KIMANI, M. P., & ADUDA, D. J. (2016). The effect of portfolio size on the financial performance of portfolios of investment firms in Kenya. International Journal of Finance and Accounting, 1(2), 77-94.
Kipkurui, A. B. E. D. N. E. G. O. (2019). Effect of selected macro-economic variables on performance of STANLIB FAHARI real estate investment trust, Kenya (Doctoral dissertation, Maseno University).
Kirui, E., Wawire, N. H., & Onono, P. A. (2014). Macroeconomic variables, volatility and stock market returns: a case of Nairobi securities exchange, Kenya.
Kitati, E., Zablon, E., & Maithya, H. (2015). Effect of macro-economic variables on stock market prices for the companies quoted on the nairobi securities exchange in Kenya. International Journal of Sciences: Basic and Applied Research, 21(2), 235-263.
Koratamaddi, P., Wadhwani, K., Gupta, M., & Sanjeevi, S. G. (2021). Market sentiment-aware deep reinforcement learning approach for stock portfolio allocation. Engineering Science and Technology, an International Journal, 24(4), 848-859.
Koskei, L. (2017). The Effect of Foreign Portfolio Equity Sales on Stock Returns in Kenya: Evidence from NSE Listed Financial Institutions. International Journal of Economics and Finance, 9(4), 185-190.
Kot, H. W., Leung, H. K., & Tang, G. Y. (2015). The long-term performance of index additions and deletions: Evidence from the Hang Seng Index. International Review of Financial Analysis, 42, 407-420.
Kozlenkova, I. V., Samaha, S. A., & Palmatier, R. W. (2014). Resource-based theory in marketing. Journal of the academy of marketing science, 42, 1-21.
Kunjal, D. (2022). Evaluating the Liquidity Response of South African Exchange-Traded Funds to Country Risk Effects. Economies, 10(6), 130.
Kunle, A. M., Olowe, S. O., & Oluwafolakemi, F. O. (2014). Impact of foreign direct investment on Nigeria economic growth. International Journal of Academic Research in Business and Social Sciences, 4(8), 234.
Latif, N. W. A., Abdullah, Z., & Razdi, M. A. M. (2015). An autoregressive distributed lag (ARDL) analysis of the nexus between savings and investment in the three Asian economies. The Journal of Developing Areas, 323-334.
Lee, Y. H., Shin, H. S., Seu, G. S., Park, S. W., & Ro, S. G. (2002). State of the art report of normality test for a random sample (No. KAERI/AR--639/2002). Korea Atomic Energy Research Institute.
Machuki, D. M. (2016). Relationship between stock market performance and economic growth in Kenya (Doctoral dissertation, University of Nairobi).
Maingi, R. (2014). Enhanced confinement scenarios without large edge localized modes in tokamaks: control, performance, and extrapolability issues for ITER. Nuclear Fusion, 54(11), 114016.
Makau, M. M., & Ambrose, J. (2017). The impact of portfolio diversification on financial performance of commercial banks listed in Nairobi Securities Exchange, Kenya: Empirical
Markowitz, W. (1959). Variations in rotation of the earth, results obtained with the dual-rate moon camera and photographic zenith tubes. In Symposium-International Astronomical Union (Vol. 11, pp. 26-33). Cambridge University Press.
Marshall, A., Neupane, B., Neupane, S., & Thapa, C. (2017). Tax Avoidance: Attraction for Foreign Portfolio Investors.
Marozva, G., & Makoni, P. L. (2021). The nexus between bond liquidity, stock liquidity and foreign portfolio investment. International Journal of Finance & Banking Studies (2147-4486), 10(3), 92-103.
Masika, D., & Simiyu, E. (2019). Effect of Firm Characteristics on Financial Performance of Deposit Taking Saccos Licensed By Sasra in Nairobi, Kenya. African Journal of Emerging Issues, 1(4), 48-73.
Mayo, H. B. (2020). Investments: an introduction. Cengage Learning.
McCombie, J., & Thirlwall, A. P. (2016). Economic growth and the balance-of-payments constraint. Springer.
McMillan, J. (2014). Research in Education James McMillan Sally Schumacher. Research in Education Evidence Based Inquiry,, 159-163.
Mlambo, C. (2022). The impact of international portfolio investment on economic growth: the case of selected African states. International Journal of Research in Business and Social Science (2147-4478), 11(10), 151-159.
Mogaka, J. J., Mupara, L., & Tsoka-Gwegweni, J. M. (2017). Ethical issues associated with medical tourism in Africa. Journal of Market Access & Health Policy, 5(1), 1309770.
Mogire, G. (2016). The Effect of Inflation on Stock Market Returns at the Nairobi Securities Exchange (Doctoral dissertation, University of Nairobi).
Muema, J. N., Omagwa, J., & Wamugo, L. (2021). Equity Investments, Bond Investments and Financial Performance of Collective Investment Schemes in Kenya. International Journal of Finance & Banking Studies (2147-4486), 10(3), 104-114.
Musyoka, N., & Ocharo, K. N. (2018). Real interest rate, inflation, exchange rate, competitiveness and foreign direct investment in Kenya. American journal of economics, 3(1), 1-18.
Mwangi, M., & Mwiti, J. K. (2015). The effect of voluntary disclosure on stock market returns of companies listed at the Nairobi securities exchange.
Mwega, F. M. (2009). Global financial crisis discussion series. Overseas Development Institute, 111.
Mwijuka, A. (2016). Analysis of performance of listed companies on USE and Capital Markets in Uganda 2010-2015.
Mukui, G. K. (2013). Effect of external public debt on economic growth in Kenya (Doctoral dissertation, University of Nairobi).
Mumtaz, M. Z., & Yoshino, N. (2021). Greenness index: IPO performance and portfolio allocation. Research in International Business and Finance, 57, 101398.
Mushaike, P., & Mavodyo, E. (2022). The Dynamics of Foreign Portfolio Investment, Equities Market Volatility and Exchange Rate in Zimbabwe.
Myšková, R., & Hájek, P. (2017). Comprehensive assessment of firm financial performance using financial ratios and linguistic analysis of annual reports. Journal of International Studies, volume 10, issue: 4.
Ndong, B. (2015). Effect of portfolio equity investment flows on equity returns and economic growth in 11 major African stock markets. International Journal of Economics and Finance, 7(2), 225-240
Ndung'u, N., Thugge, K., & Otieno, O. (2011). Unlocking the future potential for Kenya: The Vision 2030. Office of the Prime Minister Ministry of State for Planning, National Development and Vision, 2030.
Njeru, S. E., Dominic, N. M., & Fredrick, K. (2015). Evaluation of financial performance on portfolio holdings held by pension funds in Kenya. European Scientific Journal, 11(16).
Njoroge, L., & Ouma, S. (2014). Determinants of banks expansion in the East African Community: An empirical analysis of Kenyan banks (No. 9). KBA Centre for Research on Financial Markets and Policy Working Paper Series.
Nkoro, E., & Uko, A. K. (2016). Autoregressive Distributed Lag (ARDL) cointegration technique: application and interpretation. Journal of Statistical and Econometric methods, 5(4), 63-91.
Nkuru, F. N., Muathe, S. M., & Simiyu, E. The Effect of Firms' Inclusion in the NSE 20 Share Index on Share Performance in Kenya.
Norsiman, N., Yakob, N., & Mcgowan, C. (2019). The Effect of Portfolio Diversification for the Bursa Malaysia. Accounting and Finance Research, 8(4), 1-76.
Nwiado, D., & Deekor, L. N. (2013). The domestic bond market and the development of the Nigerian capital market: an empirical analysis. Journal of Economics and Sustainable Development, 4(7), 21-29.
Nyachiro, D., & Jagongo, A. (2017). Role of Real Estate Investment Trusts (REITs) in a Mixed Asset Portfolio: A Review of Literature. Journal of Business and Management, 19(3), 102-108.
Nyaga, L. (2017). Effects of Foreign Portfolio Flows on the Capital Market in Kenya (Doctoral dissertation, University of Nairobi).
Nyang'oro, O. (2013). Impact of Tax on the Capital Structure of Listed Firms in Kenya.
Obamuyi, T. M. (2013). Factors influencing investment decisions in capital market: A study of individual investors in Nigeria. Organizations and markets in emerging economies, 4(07), 141-161.
Obiero, C. O. (2019). Effects of portfolio diversification on the financial performance of investment companies listed at the Nairobi Securities Exchange (Doctoral dissertation, United States International University-Africa).
Ojong, C. M., Anthony, O., & Arikpo, O. F. (2017). Impact of capital market on foreign portfolio investment in Nigeria. International Journal of Recent Advances in Multidisciplinary Research, 4(7), 2668-2677.
Omenyo, P. O. (2014). The relationship between foreign institutional investment and equity turnover at the Nairobi securities exchange (Doctoral dissertation, University of Nairobi).
Onchomba, M. S. (2020). Influence of Loan Portfolio on Financial Performance of Commercial Banks in Kenya (Doctoral dissertation, JKUAT-COHRED).
Onyango, B. (2016). Effect of foreign debt on economic growth in Kenya (Doctoral dissertation, University of Nairobi).
Onyeisi, O. S., Odo, I. S., & Anoke, C. I. (2016). Foreign portfolio investment and stock market growth in Nigeria. Developing Country Studies, 6(11), 64-76.
Okech, T. C., & Mugambi, M. (2016). Effect of macroeconomic variables on stock returns of listed commercial banks in Kenya.
Oloko, T. F. (2018). Portfolio diversification between developed and developing stock markets: The case of US and UK investors in Nigeria. Research in International Business and Finance, 45, 219-232.
Omar, A., Abduh, M., & Sukmana, R. (2013). Fundamentals of Islamic money and capital markets. John Wiley & Sons.
Onuorah, A. C. C., & Akujuobi, L. E. (2013). Impact of macroeconomic indicators on the performance of foreign portfolio investment in Nigeria. European Journal of Business and Management, 5(2), 81-90.
Orji, A., Uche, A. S., & Ilori, E. A. (2014). Foreign capital inflows and growth: An empirical analysis of WAMZ experience. International Journal of Economics and Financial Issues, 4(4), 971-983.
Opiyo, M. O. (2014). Effects of inclusion in nse 20 share index on firm's share market performance (A case of Mumias Sugar Co. LTD) (Doctoral dissertation, Egerton University).
Osoro, E. M., & Muturi, W. (2015). Effects of liquidity-risk management practices on the financial performance of savings and credit co-operative societies in Kisii County, Kenya. International Academic Journal of Information Sciences and Project Management, 1(4), 68-85.
Osoro, C., & Jagongo, A. (2013). Investors perceptives on the NASI and the NSE 20 share index as performance measurement indicators at the Nairobi securities exchange In Kenya. International Journal of Humanities and Social Science, 3(18), 153-162.
Oyerinde, A. A. (2019). Foreign portfolio investment and stock market development in Nigeria. The Journal of Developing Areas, 53(3).
Parashar, S. (2020). Foreign Portfolio Investment (FPI): An Opportunistic Approach for India."."Ž
Park, Y. (2011). A pedagogical framework for mobile learning: Categorizing educational applications of mobile technologies into four types. International Review of Research in Open and Distributed Learning, 12(2), 78-102.
Rahman, M., & Mustafa, M. (2017). Financial deepening and stock market returns: panel data analyses for selected developed and developing economies. International Journal of Monetary Economics and Finance, 10(1), 96-109.
Raza, S. A., & Jawaid, S. T. (2014). Foreign capital inflows, economic growth and stock market capitalization in Asian countries: an ARDL bound testing approach. Quality & Quantity, 48, 375-385.
Reilly, F. K., & Brown, K. C. (2011). Investment analysis and portfolio management. Cengage Learning.
Runge, J., Nowack, P., Kretschmer, M., Flaxman, S., & Sejdinovic, D. (2019). Detecting and quantifying causal associations in large nonlinear time series datasets. Science advances, 5(11), eaau4996.
Saini, V. P., & Ravinder. (2022). Lead-lag association between foreign flows and economic growth in selected emerging economies. International Journal of Indian Culture and Business Management, 27(1), 125-138.
Salmerón Gómez, R., GarcÃa Prez, J., López MartÃn, M. D. M., & GarcÃa, C. G. (2016). Collinearity diagnostic applied in ridge estimation through the variance inflation factor. Journal of Applied Statistics, 43(10), 1831-1849.
Samarbakhsh, L., & Shah, M. (2021). Fixed income mutual fund performance during and after a crisis: a Canadian case. Journal of Economics and Finance, 1-23.
Sapian, R. Z. Z., & Auzairy, N. A. (2015). Foreign equity flows and market return linkages: Evidence of Malaysian stock market. Global Business Review, 16(5_suppl), 1S-14S.
Saunders, M., Lewis, P. H. I. L. I. P., & Thornhill, A. D. R. I. A. N. (2007). Research methods. Business Students 4th edition Pearson Education Limited, England, 6(3), 1-268.
Semuel, H., & TEDDY, S. (2014). Analysis of the Effect of Inflation. Interest Rates, and Exchange Rates on Gross Domestic Product (GDP) in Indonesia (Doctoral dissertation, Petra Christian University).
Shrestha, M. B., & Bhatta, G. R. (2018). Selecting appropriate methodological framework for time series data analysis. The Journal of Finance and Data Science, 4(2), 71-89.
Srinivasan, R., Lohith, C. P., Srinivasan, R., & Lohith, C. P. (2017). Pilot Study"”Assessment of validity and reliability. Strategic marketing and innovation for Indian MSMEs, 43-49.
Tsaurai, K. (2017). Is foreign portfolio equity investment inspired growth hypothesis relevant in emerging markets?. Euro Economica, 36(02), 78-90.
Ustarz, Y., & Fanta, A. B. (2021). Financial development and economic growth in sub-Saharan Africa: A sectoral perspective. Cogent Economics & Finance, 9(1), 1934976.
Van der Stede, W. A. (2014). A manipulationist view of causality in cross-sectional survey research. Accounting, Organizations and Society, 39(7), 567-574.
Wafula, F. J. (2014). The effect of diversification on portfolio returns of mutual funds in Kenya (Doctoral dissertation, University of Nairobi).
Waiganjo, S. W. (2019). Public Participation in Foreign Direct Investment Projects in Kenya (Doctoral dissertation, University of Nairobi).
World Bank Group. (2016). World development report 2016: Digital dividends. World Bank Publications.
Worrell, D., Nlandu, M., & Weekes, Q. (2016). Saving-Investment Gap in Emerging Markets and Developing Economies: An Exploratory Study. In XLVIII Annual Monetary Studies Conference.
Zafaranloo, F. R., & Sapian, R. Z. Z. (2013). The Benefit of International Portfolio Diversification in Asian Emerging Markets to the US Investors. International Journal of Business, Economics and Law, 2(2), 35-42.
Zulfikar, R., & STp, M. M. (2018). Estimation model and selection method of panel data regression: an overview of common effect, fixed effect, and random effect model. JEMA: Jurnal Ilmiah Bidang Akuntansi, 1-10.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Oyucho Esnas O., Ochieng' Linus I., Agong' David O.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
