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September 10, 2025European Journal of Business Management and ResearchOpen Access

The Mediating Effect of Working Capital on the Relationship between Debt Financing and Financial Performance: Evidence from Listed Non-Financial Firms in the East Africa Community

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Authors

JKJohn M KanjiDODuncan OchiengUniversity of NairobiHOHerick OndigoUniversity of Nairobi

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Implication

Explanatory research reveals working capital may mediate debt financing's effect on financial performance in East African Community firms.

Key Points

  • Findings reveal that working capital mediates debt financing's impact on financial performance in Tanzania.
  • Current ratio acted as a mediator in Tanzania, but not in Kenya, Rwanda, and Uganda.
  • Secondary data from four East African countries during 2011-2020 informs this study's conclusions.
  • Results encourage further exploration of financial performance dynamics beyond the East African Community.

Cite This Study

Kanji et al. (2025) studied this question.

synapsesocial.com/papers/68c23e4fb210217d64791846https://doi.org/10.24018/ejbmr.2025.10.4.2692
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