The Effects of Ownership Structure, Board Effectiveness and Managerial Discretion on Performance of Listed Companies in Kenya

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THE EFFECTS OF OWNERSHIP STRUCTURE, BOARD EFFECTIVENESS AND MANAGERIAL DISCRETION ON PERFORMANCE OF LISTED COMPANIES IN KENYA

ONGORE, VINCENT OKOTH

Thesis submitted in fulfillment of the requirements for the award of the degree of Doctor of Philosophy (Ph D) in Business Administration, School of Business, University of Nairobi, Kenya.

2008.

DECLARATION

I declare that this thesis is my original work and, to the best of my knowledge, has not been submitted to any university for a degree.

ONGORE VINCENT OKOTH Date
REG. NUMBER: D80/8987/2001

This thesis has been submitted with our authority as the candidate’s appointed university supervisors.

PROF. PETER O. K’OBONYO, Ph D Date
Department of Business Administration,
School of Business, University of Nairobi,
Kenya.

MARTIN OGUTU, Ph D Date Department of Business Administration,
School of Business, University of Nairobi,
Kenya.

COPYRIGHT

All rights reserved. No part of this thesis may be used or reproduced in any form by any means, or stored in a database or retrieval system without prior written permission of the author or the University of Nairobi, except in the case of brief quotations or references universally acceptable for purposes of reviews, articles or research papers. Making copies of this thesis for any purpose other than personal use is a violation of the Kenyan and International copyright laws. For further information, please contact Ongore Vincent Okoth on the following addresses:

P.O. Box 18132, GPO 00100, Nairobi
Kenya.
Telephone:+254 2723-854 796
+254 (020)-2817154
E-mail:vongore@yahoo.co.uk

DEDICATION

The thesis is dedicated to my mother, Susana Sind nyar Obara, who, although widowed in her early 40’s without formal education or source of regular income, demonstrated exceptional tenacity and resilience in the face of deprivation to take me through school.

I pray to the Almighty God to grant her full life.

ACKNOWLEDGEMENTS

Let me begin by registering my special gratitude to Professor Evans Aosa who forewarned my PhD class right at the onset of what to expect from the programme, and in fact, offered an exposition on the topic “The Doctoral Process as a Political Process.” I now understand what he was talking about. I sincerely thank Professor Aosa for the indelible mark that he has imprinted in my academic life, not only due to his excellent communication skills as a lecturer in Strategic Management, but also because he is a very intelligent and inspiring personality.

Professor Peter K’Obonyo deserves special mention for a number of reasons, not least of them being his inspiring professorial demeanor. The good professor intimated to me on several occasions that PhD is a good degree, but the doctoral process can sometimes become very lonely. The most important advice however, that all Professor K’Obonyo’s students always kept in mind is that “a robust conceptual framework is like the architect’s impression of a good house.” When Professor K’Obonyo accepted to supervise this thesis, he warned me to prepare for hard work, and to always think outside the box. His concentration span and capacity for reading through concepts and creating linkages among them is just amazing! Professor K’Obonyo is simply the exemplification of an intellectual power house. I sincerely do not know what I would have done without my good professor.

The unassuming Dr. Martin Ogutu of the School of Business, University of Nairobi is, in the true sense of the word, a stickler for organizational finesse. As my supervisor/academic advisor, Dr. Ogutu demonstrated unparalleled patience and magnanimity, always reminding me that I had what it took to earn a competitive PhD degree. He is generous almost to a fault. Dr. Ogutu read through the numerous corrected copies of this thesis without any hint whatsoever of impatience. I unreservedly congratulate...
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