Influence of Financial Control on the Sustainability of Pension Funds Administrative Institutions in Kenya
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 12
Abstract
This study sought to investigate the influence of financial control practices on the sustainability of pension funds administrative institutions (PFAIs) in Kenya. The study adopted a correlational research design with a target population of 85 PFAIs operating in Kenya from 2008 to 2016. Stratified sampling technique was used to select the sample size and a sample size of 70 PFAIs was drawn from the target population using Slovin’s formula. The study utilized both primary and secondary data with the primary data collected using structured questionnaire and data was analysed using descriptive and inferential statistics in SPSS version 20.0.The reliability test of the instrument was tested by using Cronbach alpha.The findings of the study shows that financial control practices positively and significantly influences the financial sustainability of PFAIs in Kenya (r2 = 0.267; β = 0.415; p< 0.05). This implies that 26.7% of the variations in financial sustainability observed in PFAIs is explained by financial control practices and for every unit increase in financial control leads to 0.415 increase in financial sustainability of PFAIs in Kenya. It is therefore recommended that PFAIs’ management should consistently review policies that enhance regular preparations of proper accounting records and financial report and always ensure effective utilization of financial manuals so as to promote PFAIs’ financial sustainability.
Authors and Affiliations
D. K, Nduruhu, G. S. Namusonge, K. Kabare
Keywords
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