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Private equity in Kenya : an analysis of emerging legal and institutional issues
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Tuimising, Nathan R. (2012) Private equity in Kenya : an analysis of emerging legal and institutional issues. PhD thesis, University of Warwick.
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Official URL: http://webcat.warwick.ac.uk/record=b2581798~S1
Abstract
In Kenya, like in many other countries around the world, private equity’s
emergence as a creative method for financing companies, is attracting
attention as the government seeks new ways of financing its private sector –
which it now recognises as the engine for Kenya’s economic development.
This policy outlook is undermined by the reality of a yet extensively undercapitalised
private sector, and the lack of a coherent body of knowledge and
experience on Kenyan private equity. This study, for the first time, brings
together that dispersed body of knowledge to facilitate coherent analysis of
the emerging legal and institutional issues that private equity introduces.
Using case law and statutory analysis, documentary reviews, interviews and
surveys to construct the complete picture of Kenyan private equity, this
empirical legal inquiry finds that the law on private equity in Kenya is
incomplete: it is patchy and dispersed, and is not uniformly applied among
and across all private equity market intermediaries. Secondly, the institutions
charged with supervising the implementation of the law are undercapacitated,
with the result that regulatory supervision within the private
equity industry remains weak and largely unfelt. Thirdly, the legal
institutions supporting private equity practice in Kenya (security of property
rights, security of financial contracts and integrity in financial reporting) are
in a nascent state of development. Fourthly, there is no clear policy on
alternative investments generally, and private equity particularly, in Kenya,
undermining precision in regulatory objectives. These realities combine to
blunt the impact of private equity in driving creative entrepreneurship. These
realities support the need for structured national capacity enhancement
across all spheres of private equity practice, such as would strengthen
regulatory supervision, the emergence of a ‘home brand’ to private equity,
the increased visibility of structured government engagement in channelling
private equity into economically productive sectors linked to the nation’s
development strategy. These findings mirror earlier research investigating
the under-performance of private equity in emerging markets, with the
upshot that a Law and Institutional Growth Model for Private Equity in
Kenya is the necessary catalyst that will trigger the rapid expansion of the
Kenyan private equity industry in aid of national development.
Item Type: | Thesis (PhD) | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
Library of Congress Subject Headings (LCSH): | Private equity -- Kenya, Kenya -- Economic policy | ||||
Official Date: | 2012 | ||||
Dates: |
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Institution: | University of Warwick | ||||
Theses Department: | School of Law | ||||
Thesis Type: | PhD | ||||
Publication Status: | Unpublished | ||||
Supervisor(s)/Advisor: | Singh, Dalvinder, 1970- | ||||
Extent: | xviii, 374, 12, [4] leaves : ill., charts | ||||
Language: | eng |
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