FIRM CHARACTERISTICS AND FINANCIAL PERFORMANCE OF MICRO-FINANCE INSTITUTIONS IN ELDORET CITY, KENYA
Abstract
This study investigated the relationship between firm-specific characteristics and the financial performance of microfinance institutions operating within Eldoret City, Kenya. More precisely, the research focused on examining how key factors namely, board size, loan portfolio quality, firm leverage and firm liquidity on the institution’s financial performance. The study targeted population of 143 employees in 4 DTMs in Uasin Gishu County. The findings of the research demonstrated that several organizational characteristics, specifically firm leverage, liquidity levels, the size of the loan portfolio, and the number of board members, exert a measurable influence on the financial performance of MFIs operating within Eldoret City, Kenya. Furthermore, the analysis indicated that each of the independent variables exhibited a statistically significant and positive correlation with the dependent variable, financial performance. The outcomes of the linear regression model further confirmed the existence of a strong and meaningful association between the firm-specific attributes and the financial outcomes of the MFIs. It was concluded that that MFIs that strategically use leverage by acquiring debt to finance their operations tend to experience improved financial outcomes; MFIs with higher liquidity levels are better positioned to meet short-term obligations, sustain operational efficiency, and seize investment opportunities that drive profitability; MFIs that expand their loan portfolios improve their financial performance improves; and larger boards contribute positively to financial outcomes leading to improved governance mechanisms. It was recommended that MFIs should continuously assess their leverage ratios to maintain optimal capital structures that support long-term profitability, and should strengthen their liquidity management practices to achieve long-term growth. Policymakers and financial regulators should also support MFIs by providing an enabling environment that promotes responsible lending practices, effective credit risk management, and regulatory compliance.
Key Words: Board Size, Loan Portfolio Quality, Firm Leverage, Firm Liquidity
CITATION: Gekonge, R. N., & Miroga, J. (2025). Firm characteristics and financial performance of micro-finance institutions in Eldoret City, Kenya. The Strategic Journal of Business & Change Management, 12 (2), 637 – 667. http://dx.doi.org/10.61426/sjbcm.v12i2.3233
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DOI: http://dx.doi.org/10.61426/sjbcm.v12i2.3233
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