INVESTMENT LITERACY AND FINANCIAL WELL-BEING OF WOMEN-OWNED SMALL AND MEDIUM MANUFACTURING ENTERPRISES IN NAIROBI CITY COUNTY, KENYA
Main Article Content
Abstract
The study examined how investment literacy based on risk-return understanding, investment instrument knowledge, and portfolio diversification affected the financial well-being of the women-owned manufacturing Small and Medium Enterprises. A sample of 153 enterprises was selected from a population of 153 registered women-owned manufacturing SMEs located in Nairobi City County. Primary data collection was carried out using a structured questionnaire. Secondary data was collected from published works of recognised institutions. The data analysis was done using quantitative and cross-sectional research design and descriptive statistics, SPSS version 31, Pearson correlation, and multiple linear regression, was added to the descriptive statistics analysis. According to the results, risk-return awareness and knowledge of investment instruments were critical determinants of financial well-being of women-owned SMEs operational in Nairobi City County. However, the study found that time value of money awareness and portfolio diversification knowledge were not critical determinants of the financial well-being of women-owned SMEs in Nairobi City County. The study recommended that the organisations need to benchmark with other more successful SMEs in other sectors to establish how to best to integrate the awareness of inflation; understanding of compounding; and long-term financial planning into their operations so as to enhance their financial well-being. Additionally, these organisations need to investment in boosting their portfolio diversification knowledge by attending seminars and courses so as to determine how best to apply asset spread; product/ income stream diversification; and risk-mitigation strategies in order to enhance their financial well-being.
Article Details
Issue
Section
Articles
References
Abdiaziz, A. M. (2025). Working capital management practices and financial performance of Small and Medium Enterprises in Garissa County, Kenya (Doctoral dissertation, Kenyatta University).
Adenakyo, J., & Zikusooka, E. (2024). Cash flow management and its impact on the success of Small and Medium Sized Enterprises. A case study of Imaniro Sub County Mayuge District. Metropolitan Journal of Academic Multidisciplinary Research, 3(6), 30-39.
Akewugberu, H. O., Umar, S. M., Musa, U. M., Ishaaq, O. O., Ibrahim, A., Osi, A. A., & Ganiyat, A. F. (2024). Breusch-Pagan test: a comprehensive evaluation of its performance in detecting heteroscedasticity across linear, exponential, quadratic, and square root structures using Monte Carlo simulations. Fudma Journal of Sciences, 8(6), 233-239.
Akims, J., Avedi, P., & Josephat, M. (2023). Financial literacy and investment decision-making: A systematic review. Journal of Finance and Investment Studies, 15(2), 45–62.
Akumu, O. R., Abuga, V. M., & Baraza, E. (2021). Effect of financial planning on growth of small and medium enterprises in Kisumu City, Kenya. International Journal of Social Sciences, 16-29.
Alaka, S. N., Ajemunigbohun, S. S., & Balogun, M. T. (2022). Risk Management Techniques and Insurance Buying Behaviour: Evidence from Small and Medium-Sized Enterprises in Lagos, Nigeria. Acta Universitatis Danubius: Œconomica, 18(2).
Alkhadim, G. S. (2022). Cronbach's alpha and semantic overlap between items: A proposed correction and tests of significance. Frontiers in psychology, 13, 815490.
Alsuwaidi, R., Ahmad, S., & Khalid, A. (2024). Determinants of financial well-being among Emirati emerging adults: The moderating role of financial risk tolerance. International Journal of Financial Studies, 12(1), 1–18.
Apaloo, S., & Bright, D. (2022). The effect of risk management practices on performance of small and medium scale enterprises. Enterprise risk management, 7(1), 1-16.
Bagama, I. (2024). Relationship between financial literacy and investment behavior among millennials. American Journal of Finance, 9(1), 15-26.
Bakhtiari, S., Breunig, R., Magnani, L., & Zhang, J. (2020). Financial constraints and small and medium enterprises: A review. Economic Record, 96(315), 506-523.
Bann, D., Wright, L., Goisis, A., Hardy, R., Johnson, W., Maddock, J., ... & O’Neill, D. (2022). Investigating change across time in prevalence or association: the challenges of cross-study comparative research and possible solutions. Discover Social Science and Health, 2(1), 18.
Basiru, J. O., Ejiofor, C. L., Onukwulu, E. C., & Attah, R. U. (2023). Financial management strategies in emerging markets: A review of theoretical models and practical applications. Magna Scientia Advanced Research and Reviews, 7(2), 123-140.
Batrancea, L. M., Balcı, M. A., Chermezan, L., Akgüller, Ö., Masca, E. S., & Gaban, L. (2022). Sources of SMEs financing and their impact on economic growth across the European Union: Insights from a panel data study spanning sixteen years. Sustainability, 14(22), 15318.
Brown, M., & Rocha, R. (2021). Diversification strategies and SME resilience in Latin America. Small Business Economics, 57(3), 1125–1142.
Brusov, P., & Filatova, T. (2023). Capital structure theory: Past, present, future. Mathematics, 11(3), 616.
Colasante, A., & Riccetti, L. (2021). Financial and non-financial risk attitudes: what does it matter?. Journal of Behavioral and Experimental Finance, 30, 100494.
Deku, W. A., Wang, J., Danquah, E., & Narain, D. (2021). Correlation between business innovation environment (BIE) and entrepreneurial orientation dimension (EOD) on financial performance of manufacturing SMEs in Ghana. World journal of entrepreneurship, management and sustainable development, 17(4), 787-803.
Envestreet Financial. (2025, August 27). Keroche Breweries Limited faces a liquidation petition filed at the High Court in Nakuru. Envestreet Financial. https://envestreetfinancial.com/keroche-breweries-faces-liquidation-petition-in-kenyan-high-court/
Faisal, S. I., & Abd Rashid, I. M. (2023). Technological adoption, financial well-being, financial literacy and international entrepreneur intention in Malaysia. International Journal of Academic Research in Business and Social Sciences, 13(1), 1248-1254.
Fifield, S. G., McMillan, D. G., & McMillan, F. J. (2020). Is there a risk and return relation? The European Journal of Finance, 26(11), 1075-1101.
Financial Sector Deepening (2023). MSME Trucker Survey. Retrieved from https://www.centralbank.go.ke/wp-content/uploads/2023/08/FinAccess-MSE-Tracker-Survey-August-2023.pdf
Gallagher, M., O'Connor, P., & Tan, L. (2021). Investment literacy training and financial resilience among women entrepreneurs in Indonesia. Asian Journal of Entrepreneurship, 9(2), 77–95.
Gallagher, V. C., Baranik, L. E., Hamdani, M., Valcea, S., Kiratikosolrak, P., & Wheeler, A. R. (2021). Multidimensional (mis) fit: a systemic view of the refugee employment journey from an HRM perspective. In Research in personnel and human resources management (Vol. 39, pp. 239-288). Emerald Publishing Limited.
García-Mata, O., & Zerón-Félix, M. (2022). A review of the theoretical foundations of financial well-being. International Review of Economics, 69(2), 145-176.
Gauss, J. L. (2025). Correlational Study of Financial Literacy in the Digital Age (Doctoral dissertation, National University).
Gherghina, Ș. C., Botezatu, M. A., Hosszu, A., & Simionescu, L. N. (2020). Small and medium-sized enterprises (SMEs): The engine of economic growth through investments and innovation. Sustainability, 12(1), 347. https://doi.org/10.3390/su12010347
Gichuru, G. W., Jagongo, A. O., & Ndede, F. W. (2024). The impact of capital investment decisions on the growth of Small and Medium Enterprises: A case study of Nairobi City County's central business district, Kenya. African Development Finance Journal, 8(1), 104-133.
Githaiga, J. W., & Bula, H. O. (2023). Financial literacy and sustainability of women-owned SMEs in Nairobi County, Kenya. International Journal of Business and Social Science, 14(1), 45–57. https://www.ijsab.com/volume-30-issue-1/6361
Gitonga, M. M. (2021). Supply chain resilience and operational Performance of Manufacturing small and medium enterprises operating within the Industrial area Nairobi County (Doctoral dissertation, University of Nairobi).
Gurbaxani, A., Mondal, S., & Raman, R. (2026). Investigating investment decisions of SMEs in information technology sector: an application of BWM-ISM approach. Cogent Business & Management, 13(1), 2598193.
Gul, S., Khan, M. B., Raheman, S. U., Khan, M. T., Khan, M., & Khan, W. (2013). Working capital management and performance of SME sector. European Journal of Business and management, 5(1), 60-68.
International Center for Research on Women. (2020). Women in manufacturing: Mainstreaming gender and inclusion in Kenya. International Center for Research on Women. https://www.icrw.org/publications/women-in-manufacturing-mainstreaming-gender-and-inclusion-in-kenya/
International Finance Corporation. (2021). Gender and investment: Advancing women's financial inclusion. World Bank Group. https://www.ifc.org/en/what-we-do/sector-expertise/gender
Kannaiah, P., Kanungo, S. S., Prashad, A., & Mohanty, J. P. (2024). Financial Management: An Integrated Approach to Value Creation. Chyren Publication.
Kappal, J. M., & Rastogi, S. (2020). Investment behaviour of women entrepreneurs. Qualitative Research in Financial Markets, 12(4), 485-504.
Karanja, D., & Wanjiru, M. (2022). Application of time value of money in capital budgeting among SMEs in Nairobi County. African Journal of Business Management, 16(4), 101–110.
Kaya, I. (2024). Understanding The Mathematical Background Of Modern Portfolio Theory. PressAcademia Procedia, 20(1), 29-33.
Kenya Association of Manufacturers (2023). Women in manufacturing report: Creating prosperity for the nation through industrialization. https://kam.co.ke/wp-content/uploads/2024/02/KAM-Women-in-Manufacturing-Report-2023.pdf
Kenya Association of Manufacturers. (2024). Women in Manufacturing (WIM) program. Kenya Association of Manufacturers. https://kam.co.ke/women-in-manufacturing
Kenya National Bureau of Statistics. (2023). Micro, small and medium establishments (MSME) survey report. https://statistics.knbs.or.ke/nada/index.php/catalog/129
Khudaykulov, A., Ilkhomjonov, I., & Murodova, D. (2022). SMEs’ innovative and diversification capabilities: Leveraging IT to achieve sustainable performance. International Journal of Innovation and Economic Development, 8(5), 7-14. https://doi.org/10.18775/ijied.1849-7551-7020.2015.85.2001
Krische, S. D. (2019). Investment experience, financial literacy, and investment‐related judgments. Contemporary Accounting Research, 36(3), 1634-1668.
Kulshreshtha, A., Raju, S., Muktineni, S. M., & Chatterjee, D. (2023). Income shock and financial well-being in the COVID-19 pandemic: financial resilience and psychological resilience as mediators. International Journal of Bank Marketing, 41(5), 1037-1058.
Kumar, N. K. (2023). Autocorrelation and heteroscedasticity in regression analysis. Journal of Business and Social Sciences, 5(1), 9-20.
Kumar, R., & Lal, K. (2025). Basic Research and Statistics In Special Education. Crown Publishing.
Lusardi, A., & Messy, F. (2023). Financial literacy and use of financial instruments: Evidence from cross-country surveys. Journal of Financial Literacy and Well-being, 2(1), 25–44.
Lusardi, A., & Mitchell, O. S. (2020). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Macharia, L. N., & Ombati, R. M. (2025). Influence of financial literacy on SME performance in Gatundu South Constituency, Kiambu County, Kenya. African Development Finance Journal, 8(10), 99-116.
Matt, D. T., & Rauch, E. (2020). SME 4.0: The role of small-and medium-sized enterprises in the digital transformation. In Industry 4.0 for SMEs: Challenges, opportunities and requirements (pp. 3-36). Cham: Springer International Publishing.
Muñoz Céspedes, E., Ibar-Alonso, R., & Martinez Serrano, J. (2023). Individual entrepreneurial behavior and financial literacy. International Entrepreneurship and Management Journal. Advance online publication. https://doi.org/10.1007/s11365-023-00936-4
Milambo, F. (2024). Capital structures, and savings and credit cooperative organizations-developing a growth model for Zambia (Doctoral dissertation, The University of Zambia).
Mohajan, H. K. (2020). Quantitative research: A successful investigation in natural and social sciences. Journal of economic development, environment and people, 9(4), 50-79.
Mukonde, O., & Silwimba, P. (2025). Investigating how inflation impacts the performance of SMEs: A case study of Lusaka District, Zambia. Journal of Economics, Business, and Commerce, 2(2), 455-464. https://doi.org/10.69739/jebc.v2i2.1225
Muli, J. K. (2022). The role of financial literacy in promoting long-term saving behavior among women entrepreneurs in Mombasa County. African Journal of Business Management, 16(4), 112–124. https://doi.org/10.5897/AJBM2022.9234
Nairobi City County Government. (2022). County annual development plan (CADP) 2022/2023. https://ipfglobal.or.ke/wp-content/uploads/2023/10/ADP-2022-2023-DRAFT-August-2021-Copy-1.pdf
Nkwinika, E., & Akinola, S. (2023). The importance of financial management in small and medium-sized enterprises (SMEs): an analysis of challenges and best practices. Technology audit and production reserves, 5(4 (73)), 12-20.
Noch, M. Y., & Rumasukun, M. R. (2024). Exploring market dynamics: a qualitative study on asset price behavior, market efficiency, and information role in investment decisions in the capital market. Jurnal Manajemen Bisnis, 11(2), 1054-1067.
Nunes, R. (2025). The Efficient Market Hypothesis as an Extension of Neoclassical Theory: A Theoretical and Empirical Critique. Journal of Economics, Finance and Accounting Studies, 7(4), 117-134.
Nyakundi, C. (2025). High Court grants Keroche Breweries crucial reprieve in disputed KSh 75 million liquidation battle. Nyakundi Report. https://nyakundireport.com/high-court-grants-keroche-breweries-crucial-reprieve-in-disputed-ksh-75-million-liquidation-battle/
Nyathi, L. (2022). Challenges facing SMEs in the Western Cape townships with a focus on gender issues.
Ochenge, R. (2026). MSME partial credit guarantees in Kenya: What 28,000 loans reveal about risk and pricing. KBA Centre for Research on Financial Markets and Policy® Working Paper Series. Retrieved from https://www.kba.co.ke/site25/wp-content/uploads/2026/03/WPS0226-Ochengel.pdf
Ochola, G. O., & Kimutai, C. (2025). Financial Literacy and Growth of Medium Enterprises in Kisumu County, Kenya. Journal of Finance and Accounting, 5(7), 31-37. https://doi.org/10.70619/vol5iss7pp31-37-650
Odunga, R. M. (2024). Financial literacy and performance of women-owned SMEs in Garissa County, Kenya. Account and Financial Management Journal, 9(2), 3265–3276. https://everant.org/index.php/afmjh/article/download/1182/836
Okello, A., Onyango-Delewa, P., & Owot, G. M. (2025). Debt financing and growth sustainability of small and medium-sized enterprises: The moderating effect of debt literacy. International Journal of Economics and Finance, 17(7), 1-27.
Olsen, R. B., & Gleason, P. (2024). Defining Target Populations for Impact Studies of Education Interventions: Balancing Generalizability and Feasibility in the Real World. Available at SSRN 4999855.
Omotimirin, O. (2024). Exploring Human Capital Development: Perspectives of Young Adults (aged 18-25) in Lagos, Nigeria (Doctoral dissertation, Walden University).
Organisation for Economic Co-operation and Development. (2020). OECD/INFE 2020 international survey of adult financial literacy. https://www.oecd.org/en/publications/oecd-infe-2020-international-survey-of-adult-financial-literacy_145f5607-en.html
Organisation for Economic Co-operation and Development. (2023). Empowering women through financial education and investment access. https://one.oecd.org/document/ECO/WKP%282023%2929/en/pdf
Organización Internacional del Trabajo. (2020). ILO Monitor: COVID-19 and the world of work. Fifth edition – Updated estimates and analysis. ILO/Cinterfor. https://www.oitcinterfor.org/en/node/7867
Petzel, T. (2021). Portfolio diversification and SME resilience: Evidence from European enterprises. European Journal of Finance, 27(6), 543–560.
Saad, M. H., Hagelaar, G., Van Der Velde, G., & Omta, S. W. F. (2021). Conceptualization of SMEs’ business resilience: A systematic literature review. Cogent Business & Management, 8(1), 1938347. https://doi.org/10.1080/23311975.2021.1938347
Saliba, G., Makdissi, E., Makdissi, R., & Mekdessi, S. (2025). Strategic diversification and its influence on financial performance: Insights from Lebanese SMEs. Journal of Economics and Finance, 16(1), 17-28. https://doi.org/10.9790/5933-1601051728
Sangu, D. (2025). Cultural factors and women SMEs performance. International Journal of Business, Law, and Education, 6(1), 22-36.
Sangu, E., & Achuti, J. (2025). Time value of money awareness and financial resilience among women entrepreneurs in West Africa. Journal of African Business, 26(2), 215–233.
Serrasqueiro, Z., Pinto, B., & Sardo, F. (2023). SMEs growth and profitability, productivity and debt relationships. Journal of Economics, Finance and Administrative Science, 28(56), 404-419. https://doi.org/10.1108/JEFAS-01-2022-0018
Serrasqueiro, Z., Sardo, F., Neves, E., & Morais, F. (2025). SME rebalancing short-term and long-term debt ratios: the role of financial distress costs. International Journal of Accounting & Information Management, 33(1), 169-186.
Shehryar, Q., Murtaza, M., Lakho, M. B., & Qadir, M. (2025). Mastering Financial Literacy: Evaluating the Role of Time Value of Money in Smarter Personal Investment Decisions. The Critical Review of Social Sciences Studies, 3(4), 2285-2299.
Shitambasi, H. K., & Makori, D. (2025). Financial risk management literacy and its effect on financial sustainability: Insights from Micro, Small and Medium Enterprises in Kakamega County. Journal of Finance and Accounting, 9(5), 12-25.
Singh, H. P., & Kumar, S. (2017). Working capital requirements of manufacturing SMEs: evidence from emerging economy. Review of International Business and Strategy, 27(3), 369-385. https://doi.org/10.1108/RIBS-03-2017-0027
Slávik, Š., Jankelová, N., Hudáková, I. M., & Mišún, J. (2023). Determinants of the growth of Small and Medium Enterprises. Entrepreneurship and Sustainability Issues, 11(2), 480-497.
Taskinsoy, J. (2020). Old and new methods of risk measurements for financial stability amid the great outbreak. Available at SSRN 3587150.
Tate, R., Beauregard, F., Peter, C., & Marotta, L. (2023). Pilot Testing as a Strategy to Develop Interview and Questionnaire Skills for Scholar Practitioners: A Selection of Education Doctorate Students' Reflective Vignettes. Impacting Education: Journal on Transforming Professional Practice, 8(4), 20-25.
Umeaduma, C. M. G. (2024). Behavioral biases influencing individual investment decisions within volatile financial markets and economic cycles. Int J Eng Technol Res Manag, 8(03), 191.
Wandeda, M., & Were, S. (2021). Joint financial decision-making and business resilience among women entrepreneurs in Kenya. Eastern African Journal of Finance & Economics, 8(3), 134–148.
Wanjiru, R., & Wanjala, J. (2021). Financial literacy and performance of SMEs in Nairobi County. International Journal of Finance and Accounting, 6(2), 76–84.
Weber, R. (2021). Embedding futurity in urban governance: Redevelopment schemes and the time value of money. Environment and Planning A: Economy and Space, 53(3), 503-524.
Witantri, G., Giovanni, A., Kurniasari, E., & Nurunnisa, I. A. (2025). Financial Risk Management Strategies in SME International Expansion: A Systematic Review. In SHS Web of Conferences (Vol. 217, p. 02003). EDP Sciences. https://doi.org/10.1051/shsconf/202521702003
World Bank. (2022). Women entrepreneurs finance initiative annual report 2022. https://we-fi.org/annual-report/
Xu, L., & Zia, B. (2025). Financial literacy around the world: A meta-analysis of risk-return awareness and financial well-being. World Bank Policy Research Working Paper, No. 10234.
Yudha, A., Rafie, M. P., Muda, I., & Kesuma, S. A. (2024). Signaling theory in practice: bridging information gaps for organizational success. ShodhPrabandhan: Journal of Management Studies, 1(1), 44-54.
Adenakyo, J., & Zikusooka, E. (2024). Cash flow management and its impact on the success of Small and Medium Sized Enterprises. A case study of Imaniro Sub County Mayuge District. Metropolitan Journal of Academic Multidisciplinary Research, 3(6), 30-39.
Akewugberu, H. O., Umar, S. M., Musa, U. M., Ishaaq, O. O., Ibrahim, A., Osi, A. A., & Ganiyat, A. F. (2024). Breusch-Pagan test: a comprehensive evaluation of its performance in detecting heteroscedasticity across linear, exponential, quadratic, and square root structures using Monte Carlo simulations. Fudma Journal of Sciences, 8(6), 233-239.
Akims, J., Avedi, P., & Josephat, M. (2023). Financial literacy and investment decision-making: A systematic review. Journal of Finance and Investment Studies, 15(2), 45–62.
Akumu, O. R., Abuga, V. M., & Baraza, E. (2021). Effect of financial planning on growth of small and medium enterprises in Kisumu City, Kenya. International Journal of Social Sciences, 16-29.
Alaka, S. N., Ajemunigbohun, S. S., & Balogun, M. T. (2022). Risk Management Techniques and Insurance Buying Behaviour: Evidence from Small and Medium-Sized Enterprises in Lagos, Nigeria. Acta Universitatis Danubius: Œconomica, 18(2).
Alkhadim, G. S. (2022). Cronbach's alpha and semantic overlap between items: A proposed correction and tests of significance. Frontiers in psychology, 13, 815490.
Alsuwaidi, R., Ahmad, S., & Khalid, A. (2024). Determinants of financial well-being among Emirati emerging adults: The moderating role of financial risk tolerance. International Journal of Financial Studies, 12(1), 1–18.
Apaloo, S., & Bright, D. (2022). The effect of risk management practices on performance of small and medium scale enterprises. Enterprise risk management, 7(1), 1-16.
Bagama, I. (2024). Relationship between financial literacy and investment behavior among millennials. American Journal of Finance, 9(1), 15-26.
Bakhtiari, S., Breunig, R., Magnani, L., & Zhang, J. (2020). Financial constraints and small and medium enterprises: A review. Economic Record, 96(315), 506-523.
Bann, D., Wright, L., Goisis, A., Hardy, R., Johnson, W., Maddock, J., ... & O’Neill, D. (2022). Investigating change across time in prevalence or association: the challenges of cross-study comparative research and possible solutions. Discover Social Science and Health, 2(1), 18.
Basiru, J. O., Ejiofor, C. L., Onukwulu, E. C., & Attah, R. U. (2023). Financial management strategies in emerging markets: A review of theoretical models and practical applications. Magna Scientia Advanced Research and Reviews, 7(2), 123-140.
Batrancea, L. M., Balcı, M. A., Chermezan, L., Akgüller, Ö., Masca, E. S., & Gaban, L. (2022). Sources of SMEs financing and their impact on economic growth across the European Union: Insights from a panel data study spanning sixteen years. Sustainability, 14(22), 15318.
Brown, M., & Rocha, R. (2021). Diversification strategies and SME resilience in Latin America. Small Business Economics, 57(3), 1125–1142.
Brusov, P., & Filatova, T. (2023). Capital structure theory: Past, present, future. Mathematics, 11(3), 616.
Colasante, A., & Riccetti, L. (2021). Financial and non-financial risk attitudes: what does it matter?. Journal of Behavioral and Experimental Finance, 30, 100494.
Deku, W. A., Wang, J., Danquah, E., & Narain, D. (2021). Correlation between business innovation environment (BIE) and entrepreneurial orientation dimension (EOD) on financial performance of manufacturing SMEs in Ghana. World journal of entrepreneurship, management and sustainable development, 17(4), 787-803.
Envestreet Financial. (2025, August 27). Keroche Breweries Limited faces a liquidation petition filed at the High Court in Nakuru. Envestreet Financial. https://envestreetfinancial.com/keroche-breweries-faces-liquidation-petition-in-kenyan-high-court/
Faisal, S. I., & Abd Rashid, I. M. (2023). Technological adoption, financial well-being, financial literacy and international entrepreneur intention in Malaysia. International Journal of Academic Research in Business and Social Sciences, 13(1), 1248-1254.
Fifield, S. G., McMillan, D. G., & McMillan, F. J. (2020). Is there a risk and return relation? The European Journal of Finance, 26(11), 1075-1101.
Financial Sector Deepening (2023). MSME Trucker Survey. Retrieved from https://www.centralbank.go.ke/wp-content/uploads/2023/08/FinAccess-MSE-Tracker-Survey-August-2023.pdf
Gallagher, M., O'Connor, P., & Tan, L. (2021). Investment literacy training and financial resilience among women entrepreneurs in Indonesia. Asian Journal of Entrepreneurship, 9(2), 77–95.
Gallagher, V. C., Baranik, L. E., Hamdani, M., Valcea, S., Kiratikosolrak, P., & Wheeler, A. R. (2021). Multidimensional (mis) fit: a systemic view of the refugee employment journey from an HRM perspective. In Research in personnel and human resources management (Vol. 39, pp. 239-288). Emerald Publishing Limited.
García-Mata, O., & Zerón-Félix, M. (2022). A review of the theoretical foundations of financial well-being. International Review of Economics, 69(2), 145-176.
Gauss, J. L. (2025). Correlational Study of Financial Literacy in the Digital Age (Doctoral dissertation, National University).
Gherghina, Ș. C., Botezatu, M. A., Hosszu, A., & Simionescu, L. N. (2020). Small and medium-sized enterprises (SMEs): The engine of economic growth through investments and innovation. Sustainability, 12(1), 347. https://doi.org/10.3390/su12010347
Gichuru, G. W., Jagongo, A. O., & Ndede, F. W. (2024). The impact of capital investment decisions on the growth of Small and Medium Enterprises: A case study of Nairobi City County's central business district, Kenya. African Development Finance Journal, 8(1), 104-133.
Githaiga, J. W., & Bula, H. O. (2023). Financial literacy and sustainability of women-owned SMEs in Nairobi County, Kenya. International Journal of Business and Social Science, 14(1), 45–57. https://www.ijsab.com/volume-30-issue-1/6361
Gitonga, M. M. (2021). Supply chain resilience and operational Performance of Manufacturing small and medium enterprises operating within the Industrial area Nairobi County (Doctoral dissertation, University of Nairobi).
Gurbaxani, A., Mondal, S., & Raman, R. (2026). Investigating investment decisions of SMEs in information technology sector: an application of BWM-ISM approach. Cogent Business & Management, 13(1), 2598193.
Gul, S., Khan, M. B., Raheman, S. U., Khan, M. T., Khan, M., & Khan, W. (2013). Working capital management and performance of SME sector. European Journal of Business and management, 5(1), 60-68.
International Center for Research on Women. (2020). Women in manufacturing: Mainstreaming gender and inclusion in Kenya. International Center for Research on Women. https://www.icrw.org/publications/women-in-manufacturing-mainstreaming-gender-and-inclusion-in-kenya/
International Finance Corporation. (2021). Gender and investment: Advancing women's financial inclusion. World Bank Group. https://www.ifc.org/en/what-we-do/sector-expertise/gender
Kannaiah, P., Kanungo, S. S., Prashad, A., & Mohanty, J. P. (2024). Financial Management: An Integrated Approach to Value Creation. Chyren Publication.
Kappal, J. M., & Rastogi, S. (2020). Investment behaviour of women entrepreneurs. Qualitative Research in Financial Markets, 12(4), 485-504.
Karanja, D., & Wanjiru, M. (2022). Application of time value of money in capital budgeting among SMEs in Nairobi County. African Journal of Business Management, 16(4), 101–110.
Kaya, I. (2024). Understanding The Mathematical Background Of Modern Portfolio Theory. PressAcademia Procedia, 20(1), 29-33.
Kenya Association of Manufacturers (2023). Women in manufacturing report: Creating prosperity for the nation through industrialization. https://kam.co.ke/wp-content/uploads/2024/02/KAM-Women-in-Manufacturing-Report-2023.pdf
Kenya Association of Manufacturers. (2024). Women in Manufacturing (WIM) program. Kenya Association of Manufacturers. https://kam.co.ke/women-in-manufacturing
Kenya National Bureau of Statistics. (2023). Micro, small and medium establishments (MSME) survey report. https://statistics.knbs.or.ke/nada/index.php/catalog/129
Khudaykulov, A., Ilkhomjonov, I., & Murodova, D. (2022). SMEs’ innovative and diversification capabilities: Leveraging IT to achieve sustainable performance. International Journal of Innovation and Economic Development, 8(5), 7-14. https://doi.org/10.18775/ijied.1849-7551-7020.2015.85.2001
Krische, S. D. (2019). Investment experience, financial literacy, and investment‐related judgments. Contemporary Accounting Research, 36(3), 1634-1668.
Kulshreshtha, A., Raju, S., Muktineni, S. M., & Chatterjee, D. (2023). Income shock and financial well-being in the COVID-19 pandemic: financial resilience and psychological resilience as mediators. International Journal of Bank Marketing, 41(5), 1037-1058.
Kumar, N. K. (2023). Autocorrelation and heteroscedasticity in regression analysis. Journal of Business and Social Sciences, 5(1), 9-20.
Kumar, R., & Lal, K. (2025). Basic Research and Statistics In Special Education. Crown Publishing.
Lusardi, A., & Messy, F. (2023). Financial literacy and use of financial instruments: Evidence from cross-country surveys. Journal of Financial Literacy and Well-being, 2(1), 25–44.
Lusardi, A., & Mitchell, O. S. (2020). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Macharia, L. N., & Ombati, R. M. (2025). Influence of financial literacy on SME performance in Gatundu South Constituency, Kiambu County, Kenya. African Development Finance Journal, 8(10), 99-116.
Matt, D. T., & Rauch, E. (2020). SME 4.0: The role of small-and medium-sized enterprises in the digital transformation. In Industry 4.0 for SMEs: Challenges, opportunities and requirements (pp. 3-36). Cham: Springer International Publishing.
Muñoz Céspedes, E., Ibar-Alonso, R., & Martinez Serrano, J. (2023). Individual entrepreneurial behavior and financial literacy. International Entrepreneurship and Management Journal. Advance online publication. https://doi.org/10.1007/s11365-023-00936-4
Milambo, F. (2024). Capital structures, and savings and credit cooperative organizations-developing a growth model for Zambia (Doctoral dissertation, The University of Zambia).
Mohajan, H. K. (2020). Quantitative research: A successful investigation in natural and social sciences. Journal of economic development, environment and people, 9(4), 50-79.
Mukonde, O., & Silwimba, P. (2025). Investigating how inflation impacts the performance of SMEs: A case study of Lusaka District, Zambia. Journal of Economics, Business, and Commerce, 2(2), 455-464. https://doi.org/10.69739/jebc.v2i2.1225
Muli, J. K. (2022). The role of financial literacy in promoting long-term saving behavior among women entrepreneurs in Mombasa County. African Journal of Business Management, 16(4), 112–124. https://doi.org/10.5897/AJBM2022.9234
Nairobi City County Government. (2022). County annual development plan (CADP) 2022/2023. https://ipfglobal.or.ke/wp-content/uploads/2023/10/ADP-2022-2023-DRAFT-August-2021-Copy-1.pdf
Nkwinika, E., & Akinola, S. (2023). The importance of financial management in small and medium-sized enterprises (SMEs): an analysis of challenges and best practices. Technology audit and production reserves, 5(4 (73)), 12-20.
Noch, M. Y., & Rumasukun, M. R. (2024). Exploring market dynamics: a qualitative study on asset price behavior, market efficiency, and information role in investment decisions in the capital market. Jurnal Manajemen Bisnis, 11(2), 1054-1067.
Nunes, R. (2025). The Efficient Market Hypothesis as an Extension of Neoclassical Theory: A Theoretical and Empirical Critique. Journal of Economics, Finance and Accounting Studies, 7(4), 117-134.
Nyakundi, C. (2025). High Court grants Keroche Breweries crucial reprieve in disputed KSh 75 million liquidation battle. Nyakundi Report. https://nyakundireport.com/high-court-grants-keroche-breweries-crucial-reprieve-in-disputed-ksh-75-million-liquidation-battle/
Nyathi, L. (2022). Challenges facing SMEs in the Western Cape townships with a focus on gender issues.
Ochenge, R. (2026). MSME partial credit guarantees in Kenya: What 28,000 loans reveal about risk and pricing. KBA Centre for Research on Financial Markets and Policy® Working Paper Series. Retrieved from https://www.kba.co.ke/site25/wp-content/uploads/2026/03/WPS0226-Ochengel.pdf
Ochola, G. O., & Kimutai, C. (2025). Financial Literacy and Growth of Medium Enterprises in Kisumu County, Kenya. Journal of Finance and Accounting, 5(7), 31-37. https://doi.org/10.70619/vol5iss7pp31-37-650
Odunga, R. M. (2024). Financial literacy and performance of women-owned SMEs in Garissa County, Kenya. Account and Financial Management Journal, 9(2), 3265–3276. https://everant.org/index.php/afmjh/article/download/1182/836
Okello, A., Onyango-Delewa, P., & Owot, G. M. (2025). Debt financing and growth sustainability of small and medium-sized enterprises: The moderating effect of debt literacy. International Journal of Economics and Finance, 17(7), 1-27.
Olsen, R. B., & Gleason, P. (2024). Defining Target Populations for Impact Studies of Education Interventions: Balancing Generalizability and Feasibility in the Real World. Available at SSRN 4999855.
Omotimirin, O. (2024). Exploring Human Capital Development: Perspectives of Young Adults (aged 18-25) in Lagos, Nigeria (Doctoral dissertation, Walden University).
Organisation for Economic Co-operation and Development. (2020). OECD/INFE 2020 international survey of adult financial literacy. https://www.oecd.org/en/publications/oecd-infe-2020-international-survey-of-adult-financial-literacy_145f5607-en.html
Organisation for Economic Co-operation and Development. (2023). Empowering women through financial education and investment access. https://one.oecd.org/document/ECO/WKP%282023%2929/en/pdf
Organización Internacional del Trabajo. (2020). ILO Monitor: COVID-19 and the world of work. Fifth edition – Updated estimates and analysis. ILO/Cinterfor. https://www.oitcinterfor.org/en/node/7867
Petzel, T. (2021). Portfolio diversification and SME resilience: Evidence from European enterprises. European Journal of Finance, 27(6), 543–560.
Saad, M. H., Hagelaar, G., Van Der Velde, G., & Omta, S. W. F. (2021). Conceptualization of SMEs’ business resilience: A systematic literature review. Cogent Business & Management, 8(1), 1938347. https://doi.org/10.1080/23311975.2021.1938347
Saliba, G., Makdissi, E., Makdissi, R., & Mekdessi, S. (2025). Strategic diversification and its influence on financial performance: Insights from Lebanese SMEs. Journal of Economics and Finance, 16(1), 17-28. https://doi.org/10.9790/5933-1601051728
Sangu, D. (2025). Cultural factors and women SMEs performance. International Journal of Business, Law, and Education, 6(1), 22-36.
Sangu, E., & Achuti, J. (2025). Time value of money awareness and financial resilience among women entrepreneurs in West Africa. Journal of African Business, 26(2), 215–233.
Serrasqueiro, Z., Pinto, B., & Sardo, F. (2023). SMEs growth and profitability, productivity and debt relationships. Journal of Economics, Finance and Administrative Science, 28(56), 404-419. https://doi.org/10.1108/JEFAS-01-2022-0018
Serrasqueiro, Z., Sardo, F., Neves, E., & Morais, F. (2025). SME rebalancing short-term and long-term debt ratios: the role of financial distress costs. International Journal of Accounting & Information Management, 33(1), 169-186.
Shehryar, Q., Murtaza, M., Lakho, M. B., & Qadir, M. (2025). Mastering Financial Literacy: Evaluating the Role of Time Value of Money in Smarter Personal Investment Decisions. The Critical Review of Social Sciences Studies, 3(4), 2285-2299.
Shitambasi, H. K., & Makori, D. (2025). Financial risk management literacy and its effect on financial sustainability: Insights from Micro, Small and Medium Enterprises in Kakamega County. Journal of Finance and Accounting, 9(5), 12-25.
Singh, H. P., & Kumar, S. (2017). Working capital requirements of manufacturing SMEs: evidence from emerging economy. Review of International Business and Strategy, 27(3), 369-385. https://doi.org/10.1108/RIBS-03-2017-0027
Slávik, Š., Jankelová, N., Hudáková, I. M., & Mišún, J. (2023). Determinants of the growth of Small and Medium Enterprises. Entrepreneurship and Sustainability Issues, 11(2), 480-497.
Taskinsoy, J. (2020). Old and new methods of risk measurements for financial stability amid the great outbreak. Available at SSRN 3587150.
Tate, R., Beauregard, F., Peter, C., & Marotta, L. (2023). Pilot Testing as a Strategy to Develop Interview and Questionnaire Skills for Scholar Practitioners: A Selection of Education Doctorate Students' Reflective Vignettes. Impacting Education: Journal on Transforming Professional Practice, 8(4), 20-25.
Umeaduma, C. M. G. (2024). Behavioral biases influencing individual investment decisions within volatile financial markets and economic cycles. Int J Eng Technol Res Manag, 8(03), 191.
Wandeda, M., & Were, S. (2021). Joint financial decision-making and business resilience among women entrepreneurs in Kenya. Eastern African Journal of Finance & Economics, 8(3), 134–148.
Wanjiru, R., & Wanjala, J. (2021). Financial literacy and performance of SMEs in Nairobi County. International Journal of Finance and Accounting, 6(2), 76–84.
Weber, R. (2021). Embedding futurity in urban governance: Redevelopment schemes and the time value of money. Environment and Planning A: Economy and Space, 53(3), 503-524.
Witantri, G., Giovanni, A., Kurniasari, E., & Nurunnisa, I. A. (2025). Financial Risk Management Strategies in SME International Expansion: A Systematic Review. In SHS Web of Conferences (Vol. 217, p. 02003). EDP Sciences. https://doi.org/10.1051/shsconf/202521702003
World Bank. (2022). Women entrepreneurs finance initiative annual report 2022. https://we-fi.org/annual-report/
Xu, L., & Zia, B. (2025). Financial literacy around the world: A meta-analysis of risk-return awareness and financial well-being. World Bank Policy Research Working Paper, No. 10234.
Yudha, A., Rafie, M. P., Muda, I., & Kesuma, S. A. (2024). Signaling theory in practice: bridging information gaps for organizational success. ShodhPrabandhan: Journal of Management Studies, 1(1), 44-54.