Influence of Financial Innovation on Sustainability of Youth Owned Enterprises in Western region, Kenya

Busolo Hassan, Muli Maingi, Oseno Ben and Otuya Willis

Journal of Business and Social Review in Emerging Economies, 2024, vol. 10, issue 3, 375-386

Abstract: Purpose: This study explores the influence of financial innovation on the sustainability of youth-owned enterprises in the Western region of Kenya.Design/Methodology/Approach: Based on innovation diffusion theory and adopting a pragmatic approach, the current study used a descriptive survey design. The target population was the chairpersons/owners of 443 registered youth group enterprises in Kakamega, Vihiga, Busia, and Bungoma counties; the required sample size was calculated using Taro Yamane’s proportional sampling formula to give 210 respondents. Structured and semi-structured questionnaires were used to gather information about the participants, and the data was analysed by both descriptive and inferential statistics with the help of SPSS 23.Findings: Results obtained from a linear regression analysis showed that financial innovation has a significant and positive linear relationship with the sustainability of the youth-owned enterprises (Beta = 0.660**, p≤0.01). The model accounts for 43.4% of the variability of financial sustainability suggested by the findings, with the remaining 56.6% caused by other influences.Implications/Originality/Value: The study highlights the significance of financial innovation for the sustenance of youth businesses. Proprietors of youth-owned enterprises need to interact with dynamic, innovative financial solutions for improvement of sustainability.

Keywords: Financial Innovation; Sustainability; Youth Owned Enterprises (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:src:jbsree:v:10:y:2024:i:3:p:375-386

DOI: 10.26710/jbsee.v10i3.3099

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