文章基本信息

标题：Moderating Effect of Interest Rates on Relationship between Foreign Exchange Rate Fluctuation and Performance of Nairobi Securities Exchange Market
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作者：Johnmark Obura ; Cynthia Anyango
期刊名称：Universal Journal of Accounting and Finance
印刷版ISSN：2331-9712
电子版ISSN：2331-9720
出版年度：2016
卷号：4
期号：2
页码：27-34
DOI：10.13189/ujaf.2016.040201
语种：English
出版社：Horizon Research Publishing
摘要：Performance of Nairobi Securities Exchange (NSE) market has remained unpredictable. This could have led to past investor losses. If this situation continues, it could lead to continued loss of investor confidence in NSE market. However, literature links foreign exchange rates fluctuation and interest rates with NSE performance. In Kenya, exchange market is active. Further, stable interest rates attract investors. Despite this, exchange rates fluctuation and interest rates have not been considered as influencing securities market performance. Moreover, reviewed literatures have left theory building impoverished due to contradiction. The study attributed this to possible moderation of the relationship between foreign exchange rates fluctuation and securities market performance by interest rates. The study sought to determine the moderating effect of interest rates on the relationship. Corelational design on secondary data between January, 2006 and December, 2010 was utilized. Hierarchical regression established significant change in R2 of 0.085 confirming moderation. The study concludes that interest rates moderate the relationship and recommends that policies governing the regulations of interest rates should be formulated since it moderates the relationship. Future researchers can adopt other techniques in the same area of study. In advancing a model and revealing moderation the study contributes to theory building.
关键词：Performance;Exchange Rates;Interest Rates;Securities Market;Fluctuation