Temporal Dynamics of Internal Financing on Financial Performance within a Corporate Governance-Sustainability Framework. Evidence from Listed Real Sector Non-Financial Firms at the Nairobi Securities Exchange(NSE)

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Retained earnings significantly enhance financial performance in real-sector firms, showing a positive effect.
The interaction between retained earnings and corporate governance strengthens financial performance dynamics.
Corporate governance alone negatively impacts financial performance, indicating possible short-term drawbacks.
Sustainable financial performance requires strong corporate practices combined with effective internal financing.

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Causal-explanatory analysis reveals the role of corporate governance in enhancing financial performance among real-sector firms in NSE.

Agembe et al. (2025) studied this question.

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