Victor Wanje Onyando was born and raised by peasant farmer in Ratanga Homabay County, Humble and dedicated in life commitment, married with four girls, he is happy to be role model and always work to achieve the target.
After secondary school was employed as a clerical officer at judiciary. Due to the interest he had in education started pursuing further education where he did his undergraduate degree and further
went on to pursue his master’s degree. Education has given him an opportunity to gain knowledge about work as well as improved his understanding of the principles and procedures employed in the
profession. My experience has not only provided me with the learning tools necessary to manage professional life more effectively and efficiently, but it also has given me a sense of personal gratification and the confidence to be anything I want to be.
Victor has been a successful employee rising through the rank of clerical officer to Senior Accountant after undertaking a professional course in accountancy. Having worked at various level provided an opportunity to learn through different cultures and has also improved his experience at employment.
Abstract
Financing decisions involve how the company’s source of funds which may be through debt or equity financing while investment decisions revolve around how the sourced funds are invested in profitable ventures for expansions and growth while dividend decisions entail the generated profits are distributed among the shareholders. The study sought to determine the effects dividend policy on debt financing as described by dividend payout ratio of commercial and service sector firms and manufacturing and allied sector firms listed at the Nairobi Securities Exchange between 2009 and 2018. The population of the study was all the twenty (20) Commercial and Service & Manufacturing and allied Sector firms listed at Nairobi Security Exchange. The dependent variable is Dividend Payout ratio measured by dividend per share divided by earning per share while independent variables are; debt financing as measured by debt ratio, firm size, liquidity, and profitability. The study employed descriptive research design and a multiple linier regression model that used secondary quantitative data from comprehensive financial statements of sampled Commercial and Service & Manufacturing and Allied Sector companies quoted at Nairobi Security Exchange. The study findings concludes that a positive relationship does exist. The study findings do not concur with studies by Brealey and Myers (2000) and Asif, et all. (2011) Atipo (2013) and Ambuko (2014), Lucy (2016) who purported that a negative association exists between financial leverage and dividend policies adopted by companies. The study recommends that when firms are setting their capital structure they should do so keeping in mind a balance between the tax saving benefits of debt and bankruptcy costs associated with borrowing. The study’s limitations is on use of secondary data with high probability of impairment of company reporting, time constraints and using few samples from selected quoted companies.
Research Supervisors
Mr James Nga'nga