Supreme Journal of Business Management SUPREME JOURNALS ...

Supreme Journal of Business Management SUPREME JOURNALS

ISSN 2617-7730 (ONLINE) https://supremejournals.com

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INFLUENCE OF TECHNOLOGY INNOVATION ON FINANCIAL PERFORMANCE

OF THE FOOD AND BEVERAGES SECTOR IN NAKURU COUNTY, KENYA.

1Chepkorir Vineeta, 2Dr.John K Tanui 3Dr.Symon Kiprop and 4Kibet P Kirui

1School of Business and Economics, Kabarak University, Kenya, [email protected] 2 School of Business and Economics, Kabarak University, Kenya, [email protected] 3School of Business, Egerton University, Kenya, [email protected] 4School of Business and Economics, Kabarak University, Kenya,[email protected]

ABSTRACT

Food and beverages sector play an important role in the tax system as it is the fastest growing

sector in Kenya economy however non-compliance to the National tax system and County

government tax systems continues to plague the sector. This study was intended to identify the

factors influencing financial performance of food and beverages sector in Nakuru County,

Kenya. Nakuru County is rapidly growing with several hotels hence it was making it

convenient collecting data of this study. Some research studies have been carried out by

researchers in different institutions but little has been done on the food and beverages sector.

The main objectives looked into were technology innovation influencing financial performance

of food and beverages sector. To achieve the objectives, the study employed a survey design

approach. The study used census of 84 respondents. This study utilized structured

questionnaires to obtain data for the study. To ensure that various diverse categories of

taxpayers and business entities were included in the survey, census technique was adopted.

Data collected was analyzed using descriptive and inferential statistics. Statistical Package for

Social Science was used as analytical tool. The researcher employed The Accelerator model of

investment to relate to the work of the study. The findings revealed that there exist a positive

and statistically significant relationship between Technology Innovation and Financial

Performance (r=0.844**; p<0.01).). From the study findings, it is concluded that Technology

innovation exerts up to 52.7% positive and a significant influence on Financial Performance.

Technology innovation has a high influence on financial performance of food and beverages

sectors. This implies that technology innovation has improved performance in firms. The study

recommends that food and beverages sectors should improve on technology tools in order to

improve in overall performance. Innovation plays a prime role in the sustainable operations of

all companies. The study also recommends for further research on factors influencing financial

performance of the food and beverages sector but to be carried out on another County so as to

check if end results are the same.

Key Words: Technology Innovation, Food and Beverages Sector, Financial Performance

1. INTRODUCTION

Background of the Study

Hotels around the world are classified based on different system of classifications. The star

classifications system of Hotels is common in many countries. The higher the star rating of the

Hotel indicates the higher luxury. Hotels in Kenya are classified in star-rating system that

includes 5-star the higher luxury, 4 –star Hotels, 3-star Hotels, 2-star Hotels and 1-star Hotels.

The entity in charge of determining the conditions by which Hotels will be accountable and

which will determine whether they receive one or five star is the World Organization of

Tourism (Ostertag &Wöber, 2010).



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According to Ostertag and Wöber (2010), currently every country tends to have its own rules

and requirements for determining hotel classifications in spite of the recognized body. This

brings inconsistencies of the star-classification of hotels. Hotels assessment is based on the

facilities they have and the service quality they offer. Hotels in Nakuru County are classified

according to classes, for instance High standard Hotels refers to Hotels D class over 40 rooms,

Hotel D class from 21 to 40 rooms and Hotels D class up to 20 rooms.

Kenya’s hotel industry has been eager to capitalize on the favorable tourism outlook (Kenya

Bureau of Statistics, 2014). The Government of Kenya (2013), National tourism strategy 2013-

2018 rank Tourism as the most important industry in Kenya after agriculture. A study by

McClanahan, Mwaguni and Muthiga (2005) reported that hotel sector is responsible for 14%

of GDP and 12% total employment in the country and the sector is predicted to grow at 3.7%

per annum for the next decade. Class, elegance, and quality services are the major

distinguishing factors of the hotels. Hotels in the industry are operating in high competition,

(Kenya Space, 2018).Despite the high quality and good facilities of Kenyan hotels, competition

for resources and market share in the hotel industry in Nairobi Kenya is becoming extremely

high. Hotels like other businesses are turning to strategic management performance drivers so

that they can qualify for international recognition for standardization certificates, company of

the year awards and star rating as well as membership to professional bodies (Ongore &

Kobonyo, 2011).

Kenya has been experiencing turbulent times with regard to its organizational practices in the

last two decades. This has resulted in generally low profits across the economy and this picture

is fairly well replicated in the Hotel Industry (Mutindi, Namusonge & Obwogi, 2013). The

decline in world tourism has grossly affected hotel sales and posed a threat to hotel operators

because Kenyan hotels largely depend on the International Tourism Market (Oketch, 2010).

Akama (2007) argued that in Kenya, there were declining incomes from agriculture and

manufacturing sectors. As a result, Kenya had turned her attention to tourism as an intervention

to the numerous economic problems. Kenya was considered all over the world as a great tourist

nation but recently the hotel industry was hit hard by the recent post-election violence as well

as terrorism attacks (Kuria, Alice & Wanderi, 2012).

Many hotels were closed and this caused staff to be laid off. There were also a low bed

occupancy capacity of 10-20% and the situation was headed for worse if something was not

done (Nzuve & Nyaega, 2011).Similarly, Kenyan hotels have become more complex to

manage because of factors influencing technology innovation. The study specifically was

carried out determine the effect of technology innovation on financial performance of the food

and beverages sector in Nakuru County

Statement of the Problem.

Food and beverages sector like any other sector of Kenya economy has gone through hard

times in the last two decades and this emanates from challenges within poor financial

performance. This has resulted in generally low profits across the economy and this picture is

fairly well replicated in the Hotel Industry (Namusonge et al., 2013). Kamau (2008) stated that

the tourism sector under which hotels is found in Kenya has been facing numerous challenges

which have posed a threat to their existence. As a result, Kenya had turned her attention to

tourism as an intervention to the numerous economic problems. Kenya was considered all over

the world as a great tourist nation but recently the hotel industry was hit hard by the recent

post-election violence as well as terrorism attacks (Kuria et al., 2012). Many hotels were closed



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and this caused staff to be laid off. Kenya food and beverages sectors become more complex

to manage because of factors that influence its financial performance. Hotels were finding it

difficult to meet the challenge of technologies, tax obligation and Human capital.

It is from this background that this study was carried out. A review of the existing literature

showed that no much empirical work had been done to examine the factors influencing

financial performance of food and beverages sector with many scholars dwelling more on the

financial institutions and SMEs. Also only a few studies had combined some of the firm

orientations with some of the firm characteristics in examining the performance of firms. This

study therefore sought to assess the factors of financial performance in the food and beverages

sector in Nakuru County, Kenya.

Research Objective

To examine the influence of technology innovation on the performance of food and beverages

sector in Nakuru County, Kenya.

Research Hypothesis

H01: Technology innovation has no significant statistical influence on the performance of food

and beverages sector in Nakuru County, Kenya.

2. LITERATURE REVIEW

Introduction

The chapter covers the following sections; the theoretical review, empirical review,

knowledge gap and conceptual framework.

Theoretical Review

The study was based on the The Accelerator Model of Investment

The Accelerator Model of Investment

The model originated from Clark (1917) but its applications in business cycles was advanced

by Samuelsson (1939). The model shows investment to be a function of growth of output only

assuming that the wanted capital stock is achieved in every period of time. The model assumes

that capital demand depends on the acceleration of that demand and not with the demand

volume for the finished product (Twine, Kiiza, & Bashaasha, 2015).

The accelerator is the Arithmetical value between the increases in investment relation as a

result of income increase. If national income increases and investment made falls to zero due

to the national income or output remaining constant, the net investment that is induced will be

positive(Lööf & Heshmati, 2008).The accelerator is an advanced model of the neoclassical

investment theory in which the price changes have been cut to constant coefficients (Eklund,

2013).The accelerator model shows the relationship between capital and output as determined

by a production function, and the cost of effect of capital, that captures the substitutability

among capital and other production factors.

Empirical Review

An innovation is defined as a new idea or a new or substantially improved good or service that

has been commercialized or any substantially new improved process for the commercial

production of goods and services (Roger, 1995).Technological innovation is used to refer to

the process through which technological advances are produced (Goh, 2002). In today's global



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and dynamic competitive environment, product innovation is becoming more and more

relevant, mainly as a result of three major trends: intense international competition, fragmented

and demanding markets, and diverse and rapidly changing technologies (Williams & Edge,

1996). Firms that offer products that are adapted to the needs and want of target customers and

that market them faster and more efficiently than their competitors are in a better position to

create a sustainable competitive advantage (Calantone, 1995). Competitive advantage is

increasingly derived from knowledge and technological skills and experience in the creation of

new products (Teece, 2003).

Conceptual Framework

The study examined the effect of technology innovation, (independent variable) on financial

performance (dependent variable) of High standard Hotels in Nakuru County, Kenya. It is

hypothesized that the aspect of Technology innovation such as Remitting returns online,

Service quality, Maintenance of tax compliance register, Use of ETR machine influences

financial performance of High standards Hotels. The financial performance of High standards

Hotels were measured in terms of; Rise in productivity, return on equity, Return on investment,

Return on sales, Return on equity, liquidity ratios, profitability ratios, leverage ratios , market

value ratios ,market value ratios. The hypothesized association of the study variables is as

shown in Figure 2.1 below.

Figure 2.1: Conceptual Framework

3. RESEARCH METHODOLOGY

Research Design

Research design refers to the overall strategy that is used to integrate several components in

research in a local manner as to realize the objectives set out in research (Bordens & Abbott

2011). Descriptive survey design will be used in this study to examine factors influencing tax

compliance among food and beverage sectors in Nakuru County, Kenya. Descriptive research

is a study designed to depict the participants in an accurate way.

Target Population

A population is a set of individuals from which a researcher intends to select a sample from

and who study the findings (Kombo & Tromp, 2009). The target of this population was 165

high standards hotels having up to 20 rooms and above in Nakuru County, Kenya (Nakuru

County Government, 2018).

Independent Variable

Variables

Dependent Variable

Technology Innovation

Remitting returns online

Service quality

Maintenance of tax compliance

register

Use of ETR machine

Financial Performance

Return on sales

Return on equity

profitability ratios

Reduction in non-

compliance



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Sample Size and Sampling Procedures

Sampling refers to the process of selecting individuals or projects from a population to be

studied as a representative of the target population. It is the act of picking part of the population

in a defined manner in order to represent the entire population (Ritchie, 2013).The advantage

of using sample in the study includes; low cost, less time consuming, accuracy of data, and

suitability in limited resources’. The study targeted 42 high standard hotels from a population

of 165 high standard hotels in Nakuru County, Kenya. The study employed stratified

proportional sampling techniques to select High standard Hotels where

Hotel manager and accountants were picked from. This is because stratified sampling takes

into account each identifiable strata of population then divided into sub-groups and the

elements are selected randomly ensuring representation of each of this group in the population.

The sample of High standard Hotels was determined using the Nassiuma (2000) formula which

is as follows:

22

2

)1( eNC

NCn

……………………………………………………………..3.1

Where c=coefficient of variation, 20≤c≤30%; e=error term, 0.02≤e≤0.05

Where n is the sample size, N is the population size and e is the level of precision. The segment

sample was calculated using the following formula by Yamane (1967):

hh NN

nn

…………………………………………………………………….3.2

Where: – size of stratum h, – size of stratum h and N – total population

22

2

02).1330(21.0

)210.0(330

xn = 84

1316.00441.0

14553

n ..................................…...3.3

The segment sample was calculated using the following formula by Yamane (1967):

hh NN

nn

= (

84

330 ×165) =42 Hotels



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Table 3. 1: Food and Beverages Sector Sampling Frame

Staff Category Target Population

Finance managers

42

Accountants

42

Total

84

Source: County Government of Nakuru (2018)

The Data Collection Instrument

The data collection instruments are tools to collect information from the intended target

population/sample (Oppenheim, 2000). The data collection instruments used in this study was

developed by the researcher. The study used questionnaires for primary data collection. The

researcher seeks permission from the target High standard hotels through their Hotel manager

to collect data. The respondents were assured of their confidentiality and of any information

they supplied. This is a data collection tool to which a respondent was expected to react in

writing. The designed questions or items in hard copies were distributed to the respondents.

This method collected a lot of information over a short period of time. The questionnaire

included both structured and semi-structured questions. This allowed the respondents to give

their opinions. The questionnaires were divided into six parts. The first part was regarding to

background information of the respondents.

Data Analysis and Presentation

The data collected was analyzed, using descriptive statistics, correlations and inferential

statistics. This was achieved through the use of statistical package for social science (SPSS)

version 21 .The analysis was done and the results presented in frequency tables and percentages

to assist in answering research questions. The analysis sought to answer research questions and

explain the nature and strength of associations between the dependent and independent

variables

4. RESEARCH FINDINGS AND DISCUSSION

Descriptive Analysis

Descriptive analysis was conducted in order to determine respondents’ opinion regarding

technology innovation. The results are presented in Table 4.1 below.



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Table 4:1 Descriptive Analysis for the Variable Technology Innovation

Statement SD D NS A SA χ2 P-value

Technology innovation

ensures effective service

quality

9.1% 24.2% 6.1% 50.0% 10.6% 43.55 0.000

Technology innovation

enhances sales

10.6% 3.64% 6.1% 34.8% 12.1% 27.49 0.0000

Electronic Tax register

has helped increase sales

for VAT

7.6% 22.7% 7.6% 48.5% 13.6% 38.55 0.0000


machine has reduced

time it takes to prepare

VAT

15.2% 31.8% 3.0% 36.4% 13.6% 25.06 0.0000

All hotels receipts are

generated by Electronic

Tax register machine

12.1% 25.8% 3.0% 54.5% 4,5% 54.91 0.0000

The hotel uses


machine in doing all the

payments

6.1% 30.3% 1,5% 42.4% 19.7% 37.79 0.0000

Key: SD=Strongly Disagree; D=Disagree; NS =Not Sure; A=Agree; SA=Strongly Agree

%=Percentages.

The findings revealed that 60.6% significantly (χ2=43.55; p<0.05) agreed that technology

innovation ensures effective service quality as well as that it enhances sales (χ2=27.49;

p<0.05).This implies that application of technology by firms could improve their financial

performance. These findings concur with Gurbaxani and Whang (1991) who affirm that

innovative firms grow faster in terms of employment and profitability. This is because IT can

improve information sharing, decision-making, coordination, product quality, responsiveness,

and distribution. Additionally, 62.1% of respondents significantly (χ2=37.79; p<0.05) agreed

that their Hotel uses ETR machine in doing all the payments. These includes generation of

receipts (χ2=54.91; p<0.05).

The importance of technology in business enterprise cannot be over emphasized. It was noted

that 62.1% of respondents significantly (χ2=38.55; p<0.05) agreed that ETR has helped

increase sales for VAT as well as that has reduced times it takes to prepare VAT (χ2=25.06;

p<0.05).This implies that ETR as a technological tool has improved performance in firms. This

research agrees with Richardson (2006) who emphasized that the electronic machines known

as Electronic Tax Register is deemed to enhance VAT collection and enable taxpayers to meet

their normal tax obligations in a convenient manner without visiting tax office.



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Correlation Analysis

In this section, Pearson correlation was conducted to determine whether there existed a

statistically relationship between technology innovation and financial performance among food

and beverages sector in Nakuru County, Kenya. The results are shown in Table 4.2 below.

Correlations between Technology Innovations and Financial Performance

Table 4.2: Correlations between Technology Innovation and Financial Performance

Financial

Performance

Technology

Innovation

Financial

Performance

Pearson Correlation 1

Sig. (2-Tailed)

N 66

Technology

Innovation

Pearson Correlation .844** 1

Sig. (2-Tailed) .000

N 66 66

**. Correlation is Significant at the 0.01 Level (2-Tailed).

*. Correlation is Significant at the 0.05 Level (2-Tailed).

The finding revealed that there exist a positive and statistically significant relationship between

Technology Innovation and Financial Performance (r=0.844**; p<0.01). This implies that an

improvement in vis-à-vis information sharing, decision-making, coordination, product quality

will also improve financial performance. Conversely, an organization which lack technological

innovation could affect their financial performance. This finding agrees with Cegarra-Navarro,

Reverte, Gomez-Melero and Wensley (2016) who assert that innovation is increasingly

considered to be one of the key activities of the long-term success of companies. Therefore,

innovation plays a prime role in the sustainable operations of all companies.

Regression Analysis

This study utilized a multiple linear regression analysis in order to establish factors influencing

technology innovation of the food and beverages sector in Nakuru County, Kenya. The results

are shown in Table 4.3 below. Table 4.3: Model Results

Model R R Square Adjusted R

Square

Std. Error of the

Estimate

1 .895a .801 .788 0.37

a. Predictor: (Constant)Technology Innovation



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The model summary indicates that technology innovation influences 78.8% of financial

performance with a standard error of 0.37. Therefore the unexplained variation of 21.2% could

be explained by other factors outside the study.

Analysis of Variance

The study further used F-test to test the significance of the regression model as shown in Table

4.4 below.

Table 4.4: Analysis of Variance

Model Sum of

Squares

D f Mean

Square

F Sig.

1

Regression 34.520 4 8.630 61.347 .000b

Residual 8.581 61 .141

Total 43.101 65

a. Dependent Variable: Financial Performance

b. Predictors: (Constant), Technology Innovation

Lin (1994) proposes that the appropriateness of the multiple Regression Model as a whole can

be tested using F test. The model was significant in predicting the dependent variable at 0.05

alpha level, F (4, 61) =61.347, p< 0.05.

Regression Coefficients

The regression beta coefficients used to predict the dependent variable is presented in Table

4.5 below.

Table 4.5: Regression Coefficients

Model Unstandardized

Coefficients

T Sig.

B Std. Error

(Constant) 2.359 .355 6.647 .000

Technology Innovation .527 .071 7.427 .000

a. Dependent Variable: Financial Performance

Testing the Hypothesis

The benchmark for this study for failure to reject or failure to accept the null hypothesis

is a level of significance of 5%. If the p-value is less than 5% the null hypothesis will fail

to be accepted and the alternate hypothesis will fail to be rejected.

Ho1: Technology innovation has no significant effect on financial performance

The Unstandardized beta coefficient for the variable was (β=0.527; P value=0.000 and t

value=7.427) the null hypothesis was rejected and conclusion made that Technology



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innovation has a significant effect on financial performance.

5. SUMMARY, CONCLUSION AND RECOMMENDATIONS

Summary

The importance of technology in business enterprise cannot be overemphasized. It was noted

that 62.1% of respondents significantly (χ2=38.55; p<0.05) agreed that ETR has helped

increase sales for Value Added Tax as well as that has reduced times it takes to prepare

VAT(χ2=25.06; p<0.05).This implies that ETR as a technological tool has improved

performance in firms.

Similarly, the finding revealed that there exist a positive and statistically significant

relationship between Technology Innovation and Financial Performance (r=0.844**; p<0.01).

This implies that an improvement in vis-à-vis information sharing, decision-making,

coordination, product quality will also improve financial performance. Conversely, an

organization which lack technological innovation could affect their financial performance.

Conclusion

The study aimed at establishing the factors influencing technology innovation of food and

beverages sector in Nakuru County, Kenya. From the study findings, Technology innovation

exerts up to 52.7% positive and a significant influence on Financial Performance. Technology

innovation has a high influence on financial performance of food and beverages sectors. This

implies that technology innovation has improved performance in firms. The study concluded

that food and beverages sectors have continuously employed various technological innovations

which include ETR services. The study concludes that technological innovations have led to

increased financial performance of food and beverages in Nakuru County, Kenya through

increased sales, return on equity and profits increment.

Recommendations

The study recommends that food and beverages sectors should improve on technology tools in

order to improve in overall performance. Innovation plays a prime role in the sustainable

operations of all companies. Therefore, an organization which lack technological innovation

could affect their financial performance. This implies that innovative firms grow faster in terms

of employment and profitability. This is because Information Technology can improve

information sharing, decision-making, coordination, product quality, responsiveness, and

distribution. Innovative firms grow faster in terms of employment and profitability.

The study recommends that for food and beverages sectors to meet their customers’ needs and

remain competitive then they need to employ modern technological innovations such as

Electronic Tax Register Firms invest in information technology (IT) such as computers and

ETR machines in order to improve their economic performance. The study also recommends

that the government should provide free and cheaper ETRs to SMEs, installation costs should

be drastically reduced to support more food and beverages sector to submit their Value Added

Tax returns online and KRA should provide sufficient technical skills on management of ETRs.

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