Publications

The study, titled Stock Market Listing and Company Performance in Rwanda aimed to explorethe connection between a company's stock market listing and its performance. Examinedwithin were firms listed in the Rwanda Stock Exchange, specifically Bralirwa, KCB, and BK.Utilizing a quantitative research design, the study relied solely on secondary data, primarilythe financial statements of the three companies that operated in Rwanda between 2008 and2015. The scope included BK, Bralirwa, and KCB. Data gathered from 2010 to 2012 wasstructured in tables, with financial ratios computed and subsequent analysis conductedusing SPSS to ascertain the relationship between stock listing and financial performance. Theresults demonstrated a positive yet statistically insignificant relationship between stocklisting and the financial performance of the listed firms. Notably, the correlation betweenfinancial leverage and financial performance lacked statistical significance (R = 0.303, P >0.01) and showed a negative correlation with market ratio (0.582, P > 0.01).Recommendations included a call for improved liquidity management, especially in workingcapital for firms like BK, to address the impact on liquidity levels while maintaining financialstability. Stakeholders were encouraged to recognize the linkage between stock listing andfinancial performance and adopt suitable measures to assess and analyze the financial statusof companies. Moreover, the study revealed that companies in Rwanda tend to rely more onshort-term debt than long-term debt, potentially due to the underdeveloped bonds market inthe country. Liquidity ratios exhibited a negative relationship with financial leverage,indicating that highly profitable and well-performing companies in Rwanda tend to have lessdebt and rely more on internal financing sources, aligning with the pecking order theory.Furthermore, the study emphasized considering the market value of capital structure inevaluating stock listing, given its stronger connection to financial performance compared tothe book value.Keywords: Stock Market, Listing, Performance of Companies, Rwanda Stock Exchange,Liquidity.