Theses (Ph.D)

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Welcome to the Department of Accounting and Finance collection, dedicated to archiving and showcasing Ph.D. theses authored by esteemed members of our academic community, including both faculty and students in the School of Business (SoB). Here, you will find a wealth of scholarly works representing the culmination of rigorous research, innovative thinking, and academic excellence in the fields of accounting and finance. These theses reflect the depth of expertise and intellectual contributions of our scholars, shaping the discourse and advancing knowledge in our field. We invite you to explore this repository and engage with the cutting-edge research emerging from the vibrant academic community at Mzumbe University.

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    Financial sustainability of rural microfinance institutions (MFIs) in Tanzania
    (University of Greenwich (London), 2010) Nyamsogoro, G. Daniel
    Abstract An enduring problem facing microfinance institutions is how to attain financial sustainability. Several studies have been conducted to determine the factors affecting financial sustainability of microfinance institutions using large and well developed MFIs in various countries. However, no such study has been conducted in rural Tanzania where majority of MFIs are small, most of which are member-based (cooperatives). Consequently, the factors affecting their financial sustainability are not known. This study, therefore, was set to bridge this knowledge gap. This study followed a quantitative research approach using panel data regression as the main data analysis technique. The study was based on four years primary and secondary data obtained from 98 sampled rural MFIs in Tanzania. We found that microfinance capital structure, interest rates charged, differences in lending type, cost per borrower, product type, MFI size, number of borrowers, yield on gross loan portfolio, level of portfolio at risk, liquidity level, staff productivity, and the operating efficiency affect the financial sustainability of rural microfinance institutions in Tanzania. The study makes the following key contributions to knowledge in addition to determining factors affecting financial sustainability of rural microfinance institutions in Tanzania: First, the study reveals that there exists simultaneous causality relationship between financial sustainability and breadth of outreach. When this relationship is not considered in determining factors affecting financial sustainability there may be inconsistent evidence on the existence of mission drift. Second, it unveils the trade-off between financial sustainability and breadth of outreach with regards to the minimum loan size when group lending is used. That is, larger loan size, while improves profitability, reduces the breadth of outreach. Third, the study provides empirical evidence that the impact of a particular lending type on microfinance institution‟s profitability will depend on the term to maturity and number of instalments reflected in its lending terms. Fourth, consistent with the institutionists‟ view, the study provides empirical evidence that financial sustainability of microfinance institutions improves their breadth of outreach. Lastly, the study documents the applicability and limitations of previous studies to rural microfinance institutions in Tanzania.
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    Trade credit in the Tanzanian rice market
    (University of Groningen, SOM research school, 2010-10-14) Kihanga, Ernest P.
    To access "abstract" for this Thesis use this link : https://research.rug.nl/en/publications/197b89a2-c17c-4d00-80c7-b2ebe4c0bb12 Downloaded from the University of Groningen/UMCG research database (Pure): http://www.rug.nl/research/portal. For technical reasons the number of authors shown on this cover page is limited to 10 maximum.
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    Impact of access to microfinance services on farm households’ income in Iringa region, Tanzania
    (Sokoine University of Agriculture, 2015) Mapesa, Haruni Jeremia
    Most development proponents believe that microfinance can change the livelihood of poor households. Microfinance are said to smoothen consumption and alleviate capital constraints of poor people. However, despite these possible roles of microfinance, empirical evidence on its impact on poor households remains divisive. This thesis is about the impact of microfinance services on selected rural farm household crop income and asset accumulations. It provides empirical information in a Tanzanian context on the nature and extent of the impact of access to microfinance services on farm income, farm investments, financial savings, and physical asset accumulation on rural farm households. The study also explored the factors affecting farm household decisions to participate in microfinance institutions and the nature, extent and determinants of demand for credit of farm households. The study involved a survey of rural farm households in Mufindi, Njombe, and Kilolo districts in Iringa region of Tanzania. A sample size of 419 households was involved of which 200 were microfinance members and 219 were non-members. Results show that participation decisions are affected by instability of crop income, level of education, availability of non-farm income, age, and assets endowment. Demand for credit is affected by loan duration, location, and type of microfinance program, education, and dependents ratio. Regarding the impact of MFIs services on households, the study has found mixed results. MFIs services have positive but insignificant impact on crop income levels and farm variable inputs. Results show positive and significant impact on savings and asset accumulation. In order for MFIs services to have impacts on farm households‟ crop income, three policy responses are proposed: One, formation of specialized agricultural microfinance banks to deal with unique credit needs of farm households. Two, investment in social, agricultural, and transportation infrastructure in rural areas to enhance agriculture production and transportation. Three, reforms on marketing of agricultural products policies to alleviate volatility of prices. Future researches can use panel data, randomized controlled trials (RCTs) and involve more farm households in more regions of Tanzania.
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    Essays on investor behaviour and corporate governance in Sub-Saharan African frontier markets
    (The University of Hull, 2016) Komba, V. Gabriel
    This thesis consists of three essays that address the question, of whether the dynamics of investing in the developed markets are applicable in the Sub-Saharan African (SSA) frontier markets following the emerging market’s experience. The first essay (chapter 3) explores the existence of herding behaviour among investors in a sample of 10 frontier markets. The study employs the cross-sectional absolute deviation (CSAD) test for detecting the presence of herding behaviour. The findings reveal the presence of herd formation during the period under study in all markets. Furthermore, the evidence shows a non-existence of herding during periods of extreme market conditions. Moreover, the South African market does not seem to motivate herding in other African markets. The second essay examines the impact of corporate governance practices of the East African Community (EAC) listed companies on performance. The present study employs the fixed-effects (FE) and the random-effects (RE) – two-stage least square – instrumental variable (RE-2SLS-IV) regression models to analyse data from a sample of 47 firms. The empirical investigation shows that the size of the board has a positive impact on market values but a negative effect on operating performance. The essay also documents that the largest investors, most of whom are strategic investors too, have an adverse effect on market values, whereas they have little or no effect on improving operating performance. The result also suggests foreigners and civil servants (or politicians) board members to impact positively on operating performance. The third study is an examination of the influence of psychological factors on retail investors’ trading behaviour at the Dar es Salaam Stock Exchange (DSE). The study employed a survey approach. The main finding is that retail investors in the market are prone to several behavioural biases. Perceived trading knowledge and perceived experience, for example, affect both the trading frequency and portfolio diversification. The tendency to focus on attention-grabbing stocks explains why retail investors at the DSE prefer domestic over foreign stocks and the extent of diversifying their portfolios. The tendency to exhibit the disposition effect is mainly explained by gender, extrapolation of past performance, and perceived competence
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    Determinants of technical efficiency and financial sustainability of small scale sunflower oil processing firms in Tanzania
    (Mzumbe University, 2019) Njiku, Anastasia R.
    Technical Efficiency (TE) and Financial Sustainability (FS) of firms have attracted scholarly attention in both developed and developing world literature over several decades, since they are necessary conditions for maximizing output and institutional permanence respectively. However, little attention has been paid to small scale agroprocessing firms’ context in developing economies like Tanzania. Sunflower oil agroprocessing firms are of no exception as the sub-sector is dominated by small scale firms with no well documented determinants of TE and FS. To bridge this knowledge gap, this study was set to examine the determinants of TE and FS of sunflower oil processing firms (SOPF) in Dodoma and Singida regions. Firm level cross-sectional data were collected using a questionnaire from 219 SOPF randomly selected, in which firm owners were purposively selected. Nine key informants were likewise purposively selected for a qualitative follow-up interview. One Stage Stochastic Frontier Analysis (SFA), Standard and Hierarchical Multiple Linear Regression models were used to simultaneously estimate TE levels and their determinants, and to study the influence of TE on FS and firm-specific factors on FS of SOPF respectively. It was found that location of the firm, sole proprietorship form of ownership, firm age, education level and age of the owner contribute significantly to TE. Besides, TE, location and firm size contribute significantly to FS of SOPF in Tanzania. The obtained findings imply that, firms located along the highways, individually owned firms, youth-owned firms, newly established firms and firms with educated owners are more technical efficient than their counter parts. Moreover, location of the firm is a key determinant for both TE and FS of SOPF. TE is a necessary condition for the firm’s FS. Firms’ owners, the government and other agencies in the sector should therefore consider clustering firms in the designed industrial locations for easy accessibility of inputs and support services for standard conformity, nurturing entrepreneurial aspirations in tender age and improving TE is a pre-requisite for financial sustainability of SOPF in Tanzania.