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Title: The extent of debt financing within state-owned corporations in Kenya
Authors: Nyamita, Micah Odhiambo 
Garbharran, Hari Lall 
Dorasamy, Nirmala 
Keywords: Debt Financing;Financial Leverage;Pecking Order Theory;Trade-Off Theory;Agency Theory;State-Owned Corporations
Issue Date: 2015
Publisher: Virtus Interpress
Source: Nyamita, M. O.; Dorasamy, N. and Garbharran, H. L. 2015. The extent of debt financing within state-owned corporations in Kenya Corporate ownership and Control. 12(4) (Special Issue): 895-903.
Journal: Corporate ownership & control (Print) 
The public sector reforms’ programme in Kenya, has witnessed five state-owned corporations being privatised, and several more, from hotels to banks, have been scheduled to be privatised. However, many of Kenya’s state-owned corporations are in considerable debt, which reduce their value in the process of privatisation. This study attempted to determine the extent and the theory suitable for explaining debt-financing within the state-owned corporations in Kenya from 2007 to 2011. The study applied both descriptive statistics and a hybrid of cross sectional and longitudinal quantitative surveys. The results observed some level of stability on the aggregate long-term debt ratios, with minimal use of stock market instruments, which implied the application of the agency theory.
ISSN: 1727-9232
DOI: 10.22495/cocv12i4csp10
Appears in Collections:Research Publications (Management Sciences)

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