The Influence of Physical Working Environment, Technological Factors, and Motivational Factors on Employee Job Satisfaction in the Malaysian Service Sector Original Research Article Country Malaysia
This study identifies the effect of Physical Working Environment, Technological Factors and Motivational Factors on Job Satisfaction in Service Sector of Malaysia. A quantitative approach was used in collecting the data from 117 respondents using a structured questionnaire and analysed with SPSS Version 30 and SmartPLS Version 4. The results show that all three factors have significant positive influence on Employee Job Satisfaction, Motivational Factors being the strongest. The study offers implications for human resource practitioners and organisations on how to improve the satisfaction and well-being of employees in the service sector in Malaysia.
The impact of supply chain management on tourism efficiency: A conceptual and literature based analysis Original Research Article Country Croatia
Tourism is a fragmented, service-intensive industry in which value is co-produced across a chain of interdependent actors, including transport providers, accommodation operators, tour operators, travel agencies, destination management organizations, and a wide array of local suppliers. Although supply chain management (SCM) has long been recognized as a primary source of competitive advantage in manufacturing and retail, its systematic application to tourism has developed more slowly, constrained by the sector's intangibility, perishability, and the coexistence of tangible (transport, food, merchandise) and intangible (experience, service) flows. This paper synthesizes the literature on supply chain management and tourism performance to examine how SCM practices integration and coordination, information sharing and technology adoption, supplier and partner relationship management, demand management and forecasting, and sustainability-oriented (green) practices influence tourism efficiency, understood as the ability of tourism firms and destinations to convert inputs (capital, labor, natural and cultural resources) into desired outputs (visitor satisfaction, revenue, occupancy, value added) with minimal waste. A conceptual framework is proposed that maps five core SCM practice domains onto four efficiency dimensions: cost efficiency, operational efficiency, service-quality efficiency, and environmental efficiency. The discussion highlights the mechanisms through which these relationships operate, the moderating role of destination governance and firm size, and the methodological challenges of measuring tourism supply chain performance, including the applicability of Data Envelopment Analysis (DEA) and the Supply Chain Operations Reference (SCOR) model to tourism settings. The paper concludes that supply chain integration constitutes a critical, though still underutilized, lever for improving tourism efficiency, and it outlines an agenda for future empirical research.
MSME Credit as a Part of Sustainable Financing and Its Impact on the Performance of Indonesia’s First Mover Sustainable Banks Original Research Article Country Indonesia
Pages 19-30
Teti Chandrayanti || Rice Haryati || Listiana Sri Mulatsih
This study aims to examine how MSME credit, as part of sustainable finance, affects the performance of banks that were among the first to commit to sustainability practices in Indonesia. A quantitative approach was employed with a population of eight banks, using purposive sampling to select six banks as samples with data covering the period 2019– 2024. Return on Assets (ROA) data were obtained from annual reports, while MSME credit and sustainable finance data were collected from sustainability reports. The data were processed using EViews. The findings reveal that MSME credit and green loan—two key components of sustainable finance—have a simultaneous effect on bank performance, although their partial effects are negative. This suggests that sustainable finance promotes new market opportunities and financial inclusion, but its effectiveness depends on regulatory initiatives, green credit diversification, growing demand for environmentally friendly products, and digital innovation. Access to financing remains constrained by collateral requirements, limited literacy on green finance, high transition costs, and inadequate policy incentives. The study concludes that sustainable finance represents both a strategic opportunity and a managerial challenge, providing valuable insights for policymakers and financial institutions in balancing sustainability and profitability goals.
The Impact of Localization Strategy and Culture Adaptation on Customer-Based Brand Equity: The Mediating Role of Brand Acceptance – Evidence From Starbucks in China Original Research Article Country THAILAND
This study examines how localization strategy and culture adaptation influence customer-based brand equity through the mediating role of brand acceptance among Starbucks consumers in China. The study addresses the practical problem that global reputation alone is insufficient in a host market characterized by intense local competition, digitalized coffee consumption, and culturally specific service expectations. A quantitative cross-sectional survey was conducted among 427 adult consumers who had purchased Starbucks products or visited Starbucks stores in mainland China. A structured questionnaire measured localization strategy, culture adaptation, brand acceptance, and customer-based brand equity using a five-point Likert scale. Data were analyzed using descriptive statistics, reliability analysis, validity assessment, correlation analysis, structural path testing, and bootstrap mediation analysis. The findings show that localization strategy and culture adaptation significantly improve brand acceptance. Localization strategy has the strongest total effect on customer-based brand equity, while culture adaptation also contributes positively, although its direct effect is smaller. Brand acceptance significantly affects customer-based brand equity and mediates both relationships. The study suggests that Starbucks strengthens customer-based brand equity in China when localized offerings, culturally appropriate service, and consumer acceptance work together.
Agile Strategies and Organizational Performance of Manufacturing Firms Listed on the Nairobi Securities Exchange Original Research Article Country Kenya
Pages 40-46
John Mureithi Mugo ||Dr. Lawrence Odollo || Dr. Grace Okello
In competitive, technologically dynamic markets, manufacturing firms increasingly rely on innovation to sustain organizational performance and competitiveness. This study examined the influence of innovation on the organizational performance of manufacturing firms listed on the Nairobi Securities Exchange (NSE), focusing specifically on the first objective of a broader study on agile strategies. A descriptive cross-sectional design targeted senior managers from all ten NSE-listed manufacturing firms through a census of firms and purposive selection of four managers per firm (target n = 40). Data were collected using a structured, pilottested questionnaire, with 38 usable responses representing a 95.0% response rate. Innovation was measured across product innovation, process innovation, and technology adoption and was found to be adopted to a high extent (M = 3.65, SD = 0.80, α = 0.915). Pearson correlation analysis revealed a strong, positive and statistically significant relationship between innovation and organizational performance (r = 0.713, p < 0.01). Simple linear regression further established that innovation significantly predicted organizational performance, explaining 50.8% of its variance (R² = 0.508, F (1, 36) = 37.23, p < 0.001; β = 0.713, p < 0.001). The hypothesis that innovation significantly influences organizational performance was therefore supported. The study concludes that innovation, particularly through product, process, and technology-adoption improvements, is an important driver of organizational performance among NSE-listed manufacturing firms. The study recommends that manufacturing firms formalize dedicated innovation budgets, strengthen product and process innovation initiatives, and pursue proactive adoption of new production technologies to enhance organizational performance.
Insolvency and Corporate Reorganization: Modern Legal Mechanisms for Overcoming Financial Instability Original Research Article Country Kenya
Pages 47-53
Stefan Gjurkov || Prof. Borka Tushevska Gavrilovikj, PhD
The subject of this paper is corporate reorganization as a legal mechanism for overcoming the financial instability of commercial companies, with a particular focus on a comparative analysis between the substantive legal framework in the Republic of North Macedonia and modern European standards for preventive restructuring. The paper examines the "second chance" mechanisms available to business entities. The primary objective of the research is to conduct a comprehensive analysis of relevant domestic legislation (the Law on Commercial Companies of the Republic of North Macedonia and the Law on Bankruptcy/Insolvency of the Republic of North Macedonia) and assess their practical applicability in addressing corporate financial distress. The motivation behind this topic stems from the systemic dilemmas and challenges faced by judicial authorities, company management, and broader stakeholders during periods of financial distress. The pressing need to modernize reorganization institutes, driven by Directive (EU) 2019/1023 on preventive restructuring frameworks, necessitates a critical examination of Macedonian judicial practice (particularly through case studies) and the formulation of concrete de lege ferenda proposals for harmonization with the European "rescue culture" model—prioritizing enterprise recovery over liquidation
Performance Appraisal Practices and Performance of Academic Staff in Private Universities in Nairobi County, Kenya Original Research Article Country Kenya
Pages 54-60
Nyaga Muthoni Wanyaga || Dr. Lucinda Mugaa || Dr. James Gitari
This study examined the relationship between performance appraisal practices and performance of academic staff in four private universities in Nairobi County, Kenya. Anchored on the Human Capital Theory (Becker, 1964) and complemented by the Resource-Based Theory (Barney, 1991), the study adopted a correlational research design across four private universities selected through simple random sampling from the eleven institutions accredited by the Commission for University Education. A census of 150 respondents, comprising 134 full-time academic staff and 16 chairpersons of teaching departments was targeted. Data were collected using structured questionnaires whose validity was confirmed through the Kaiser–Meyer–Olkin measure, Bartlett's Test of Sphericity and Principal Component Analysis, and whose reliability was established through Cronbach's Alpha. Data was analysed in SPSS version 29 using descriptive statistics, Pearson product-moment correlation and simple linear regression. The response rate was 79.3 percent. Performance appraisal practices were rated High by academic staff (M = 3.72, SD = 0.97) and by chairpersons (M = 4.07, SD = 0.68), while performance of academic staff was rated High (M = 4.07, SD = 0.69). The Pearson correlation returned a positive and statistically significant relationship between performance appraisal practices and performance of academic staff (r = .428, p = .049), and simple linear regression indicated that appraisal practices explained 18.3 percent of the variance in performance of academic staff (R² = .183), with an F-test that approached the conventional two-tailed threshold (F (1, 14) = 3.14, p = .098). The study concludes that performance appraisal practices contribute positively to performance of academic staff in private universities in Nairobi County, but the effect is dampened by weakness in the appraisal-toreward linkage. The study recommends that private universities institutionalize a credible reward system tied to appraisal outcomes, strengthen the post-appraisal feedback loop and adopt 360-degree feedback so that the appraisal architecture already in place translates into measurable performance gains.
Buy-And-Hold Investment Strategy and Financial Sustainability of Real Estate Firms: Evidence from Uasin Gishu County, Kenya Original Research Article Country Kenya
Pages 61-74
Kipruto K. Alex || Stephene Oloo Magadi || Stella Cheraisi Korir
Financial sustainability is essential for the long-term growth, profitability, and competitiveness of real estate firms. However, many firms continue to experience financial challenges arising from unstable rental income, fluctuating property values, and ineffective investment decisions. Despite the importance of long-term investment strategies, empirical evidence on the influence of the buy-and-hold investment strategy on the financial sustainability of real estate firms in Kenya remains limited. This study examined the effect of the buy-and-hold investment strategy on the financial sustainability of real estate firms in Uasin Gishu County, Kenya. The study was anchored on Markowitz's Portfolio Theory and adopted a positivist research philosophy and a descriptive cross-sectional research design. The target population comprised 542 employees from 31 registered real estate firms in Uasin Gishu County. A sample of 230 respondents was selected using Slovin's formula and proportionate stratified and simple random sampling techniques. Primary data were collected using structured questionnaires and analyzed using the Statistical Package for Social Sciences (SPSS) version 29. Descriptive statistics, Pearson's correlation analysis, and simple linear regression analysis were employed to analyze the data. The descriptive findings revealed that respondents generally agreed that the buy-and-hold investment strategy positively influenced the financial sustainability of real estate firms, as indicated by an overall mean score of 3.845 and a standard deviation of 1.028. The findings suggested that firms adopting long-term property ownership, stable rental income generation, property retention, and capital appreciation practices were more likely to achieve sustainable financial performance. Correlation analysis found a strong, positive, and statistically significant relationship between the buy-and-hold investment strategy and financial sustainability (r = 0.691, p < 0.001). Regression analysis further showed that the buy-and-hold investment strategy significantly influenced financial sustainability, explaining 47.7% (R² = 0.477) of the variation in financial sustainability. The regression model was statistically significant (F (1,228) = 207.915, p < 0.001), while the regression coefficient indicated a positive and significant effect (β = 0.691, B = 0.678, t = 14.420, p < 0.001). Consequently, the study rejected the null hypothesis that the buy-and-hold investment strategy has no statistically significant effect on financial sustainability. The study concluded that the buy-and-hold investment strategy significantly enhances the financial sustainability of real estate firms through stable rental income, long-term capital appreciation, and improved financial resilience. The study recommends that policymakers formulate supportive regulatory and fiscal policies that encourage long-term property investment, while real estate firm managers should strengthen the adoption of buy-and-hold strategies through strategic property acquisition, effective portfolio management, and regular property maintenance to improve long-term financial sustainability
Effect of Cost leadership strategy on service delivery of Real Estate Agents firms in Kenya Original Research Article Country Kenya
The real estate industry in Kenya has witnessed increased competition with increase in number of real estate agent firms in operation. however, contextual literature depicts that service delivery remains a persistent challenge, with reports indicating growing consumer complaints, inefficiencies, delays and lack of transparency in transactions. The competitive business environment calls for firms that include real estate agent firms to identify and adopt cost leadership strategies so that they can gain a competitive advantage while enhancing service delivery. There is limited empirical evidence in Kenya, explaining the effect of cost leadership strategy on service delivery among real estate agent firms. In view of this gap the study sought to investigate the effect of cost leadership on service delivery among real estate agents firms in Kenya. The study was grounded on the Resource-Based View that enabled an integrated framework to contextualize service delivery through the service quality theory. Further, the study was founded on pragmatism philosophy and applied sequential explanatory mixed-methods research design. 80 real estate agent firms registered under the Kenya Property Developers Association (KPDA) formed the target population. Structured questionnaires and semi structured interviews were used to collect the data. Quantitative data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM), while qualitative data was analyzed thematically. The result showed that cost leadership had a positive and significant effect on service delivery (β = 0.309, t = 4.341, p < 0.001). Informed by the results and conclusions the study recommends that management of real estate agent firms in Kenya should prioritize the implementation of cost leadership strategies through systematic cost management, investment in digital transaction platforms, process automation and establish internal audit systems to monitor and control operational costs across all service delivery stages.
Passive Investment Strategy and Financial Sustainability Of Voluntary Private Pension Schemes in Nairobi County, Kenya Original Research Article Country Kenya
Pages 83-94
Purity Chepkwony || Prof. Patrick Kibati || Dr. Cheruiyot Peter Kimutai
Financial sustainability is crucial for voluntary private pension schemes as it ensures long-term solvency,
adequate benefit payments, and resilience against economic shocks. In recent years, the financial sustainability of
voluntary private pension schemes in Nairobi County, Kenya, has been a subject of concern, as evidenced by low funded
ratios, concentration in low-yield assets, and replacement rates falling short of international benchmarks therefore the
study sought to establish the influence of passive investment strategy on financial sustainability of voluntary private
pension schemes in Nairobi County, Kenya. The study was anchored on the Efficient Market Hypothesis and Modern
Portfolio Theory. A descriptive research design was adopted, targeting a population of 110 employees comprising branch
managers, finance officers, pension officers, business development managers, and operations officers drawn from the 22
voluntary private pension schemes operating in Nairobi County. A census approach was used. A structured questionnaire
employing a five-point Likert scale was used to collect primary data, and a pilot test involving 11 respondents was
conducted in pension schemes within Kiambu County. Content, construct, and criterion validity were established, while
reliability was assessed using Cronbach’s Alpha. Data were analysed using descriptive statistics (frequencies, means, and
standard deviations) and inferential statistics, comprising Pearson correlation and multiple regression analysis, with the
aid of the Statistical Package for Social Sciences (SPSS). The findings revealed that respondents generally agreed that
passive investment initiatives, particularly index-based allocation, lower management fees, and controlled risk exposure,
positively influenced financial sustainability, with an overall mean of 4.240 and a standard deviation of 0.803. The study
established a strong, positive, and statistically significant correlation between passive investment strategy and financial
sustainability of voluntary private pension schemes (r = 0.641, p = 0.000), and further established that passive investment
strategy had a positive and statistically significant effect on financial sustainability (β = 0.323, p = 0.003), leading to the
rejection of the null hypothesis. The study concluded that passive investment strategy, through index tracking, cost
efficiency, and controlled risk exposure, is a critical driver of financial sustainability among voluntary private pension
schemes in Nairobi County, Kenya. The study recommends that the Retirement Benefits Authority and pension scheme
trustees prioritize structured passive investment frameworks, with particular attention to expanding index-based vehicles
and reducing management costs, in order to accelerate financial sustainability
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