This study examines the influence of revenue diversification on the financial performance of 212 deposit-taking savings and credit co-operatives (SACCOs) in Kenya over the period 2008–2013. An analysis of other factors influencing the financial performance of SACCOs is carried out. The findings show that increased dependence on non-interest income is associated with higher returns. The study also finds that SACCOs with more diversified revenues experience returns that are volatile. According to the findings, SACCOs with less concentrated revenue streams are associated with higher volatility in returns. Other drivers of financial performance include size, capital base, loan to assets, leverage and cost to income ratio. The study provides empirical evidence on possible regulatory and size influences on the relationship between revenue diversification and financial performance. Compared to unlicensed SACCOs, the study finds limited diversification benefits in licensed SACCOs. Finally, the results show that revenue diversification is beneficial to smaller SACCOs. This implies that as SACCOs in Kenya grow, a cautious diversification strategy is necessary as it influences financial performance and the stability of returns.

中文翻译：

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肯尼亚储蓄和信贷合作社的收入多元化和财务绩效

这项研究调查了收入多元化对2008-2013年期间肯尼亚212家接受存款的储蓄和信贷合作社（SACCO）财务业绩的影响。对影响SACCO财务绩效的其他因素进行了分析。研究结果表明，对非利息收入的依赖性增加与更高的回报率相关。该研究还发现，收入更加多样化的SACCO的收益回报是不稳定的。根据调查结果，收入流集中度较低的SACCO与收益波动性较高相关。财务绩效的其他驱动因素包括规模，资本基础，贷款至资产，杠杆和成本收入比。该研究为可能的监管和规模影响收入多元化与财务绩效之间的关系提供了经验证据。与无执照的SACCO相比，该研究发现，有执照的SACCO的多元化收益有限。最后，结果表明，收入多元化有利于规模较小的SACCO。这意味着随着肯尼亚SACCO的发展，必须采取审慎的多元化战略，因为它会影响财务业绩和回报的稳定性。