Gender Diversity and Financial Performance of Sacco’s in Siaya County, Kenya

Enock Odhiambo Ong’ure and Mr. Dominic Ngaba
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Enock Odhiambo Ong’ure: Department of Accounting and Finance, School of Business, Kenyatta University, Kenya
Mr. Dominic Ngaba: Department of Accounting and Finance, School of Business, Kenyatta University, Kenya

International Journal of Research and Innovation in Social Science, 2022, vol. 06, issue 02, 267-272

Abstract: Majority of the SACCOs in Siaya County are struggling a lot to execute local obligations let alone to apply board diversity due to their limited capability. Weak corporate governance according to various studies has been the root cause of failure of most financial institutions. Diversity of the board can also be at a greater risk to be influenced with other direction with personal agendas. The study generally examined the effect of gender diversity on the financial performance of Siaya County, Kenya. A descriptive design of research was employed. The unit of analysis are the 285 respondents drawn from the 57 SACCOs. Data was collected using questionnaires. The technique on stratified random sampling was made use of which led to the selection of 50% of the board members from each SACCO. Therefore, the sample size comprised of 143 respondents. Collection of data was done using questionnaires which were semi structured. Content validity was used through consulting the supervisor assigned by testing the tool to check whether it measures the intended purpose of the study. Test retest method was employed to ensure reliability of the questionnaires. Quantitative data was analysed using descriptive analysis and utilization of inferential analysis was done in establishing the degree to which variables related which involved analysis in multiple regression. The study found that gender diversity had a positive and significant effect on financial performance. The study concludes that having a high proportion of female board members had a positive effect on financial performance. The study recommends that deposit taking Saccos in Siaya County, Kenya should try to incorporate more female members as it was proved to translate to more returns in terms of Sacco financial performance.

Date: 2022
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