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This study aimed at determining the moderating effect of board members’ gender diversity in the relationship between financial structure and operating efficiency of housing co-operative societies. The descriptive cross-sectional research design provided a framework for data gathering. A data collection form that comprised elements of financial structure and operating efficiency, and gender diversity information collected information from audited financial statements, chief executive officers/administrators and board members. Shannon index of diversity was applied to compute indices for gender. Data from 87 housing co-operatives constituting 435 observations yielding a 50.3% response rate were analysed. Data analysis was performed through descriptive statistics, data envelopment analysis and regression analysis. The efficiency scores obtained by DEA were later regressed in the second stage to establish the hypothesized relationship. The findings show that members’ deposit was the only component of financial structure after adding the interaction term contributed to positive changes in operating efficiency. However, the inclusion of the interaction term in the model caused a positive change in adjusted R^2 thus increasing the level of operating efficiency.

In the absence of agency conflicts, firm management can pursue investments that maximize shareholders wealth. This paper sought to establish the mediating effect of agency costs on relationship between ownership structure and value of companies listed at the Nairobi Securities Exchange. The study population consisted of 64 listed firms as at 31st December 2017. Generalized least squares estimator was fitted for the analysis. The findings reveal that managerial ownership transmit a negative influence onto value of the firm through managerial discretionary expenses utilization. On the contrast, foreign ownership transmit a positive influence on the value of listed firms through efficacy in the utilization of managerial discretionary expenses. Institutional ownership enhance value directly but not indirectly via application of managerial expenses. The findings extend predictions beyond the direct link between ownership and firm value. The study support contemporary practices in corporate governance of designing costs control mechanism and setting target cost efficiency ratio to maximize shareholders value.