Capital Structure of SMEs in Nairobi, Kenya

This book is aimed at persons involved in SME financing. Included in this category are financiers, entrepreneurs, academics and business journalists. Financing of SMEs is often cited as a key determinant of business development. Provision of finance for SMEs however takes many forms. This book examines SME financing by assessing their capital structure using a total asset to total liability approach. This approach contrasts with the usual long term debt to equity approach used in studies of listed companies. This approach is practical for studying populations for which data is not easily available or reliable. It is hoped that the book's target audience finds it useful.

Ishmael Macharia lectures at the Strathmore University School of Finance and Applied Economics. He heads the Center for Value Investing whose aim is to develop value investing as a research discipline in East Africa. He holds a Master in Commerce (Finance) from Strathmore University and is a member of the CFA Institute