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International Journal of Finance, Accounting and Economics

(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018


www.oircjournals.org

Determining the extent of Financial


Planning and Performance of Small Scale
Enterprises (SSEs) in Kisii Town, Kenya
1Tom
Mokweri Nyamache & 2Moses Arisa Moturi
1 School of Business and Economics Turkana University College

2School of Business and Economics Mount Kenya University

Type of the Paper: Research Paper.


Type of Review: Peer Reviewed.
Indexed in: worldwide web.
Google Scholar Citation: IJFAE
How to Cite this Paper:
Nyamache, M. T., and Moturi M. A., (2018). Determining the extent of Financial
Planning and Performance of Small Scale Enterprises (SSEs) in Kisii Town,
Kenya. International Journal of Finance, Accounting and Economics (IJFAE) 1 (3), 18-29.

International Journal of Finance, Accounting and Economics (IJFAE)


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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

Determining the extent of Financial Planning and


Performance of Small Scale Enterprises (SSEs) in Kisii
Town, Kenya

1Tom
Mokweri Nyamache & 2Moses Arisa Moturi
1 School of Business and Economics Turkana University College
2School of Business and Economics Mount Kenya University

ARTICLE INFO Abstract


Small Scale Enterprises (SSEs) are very important in the
business environment of any country in terms of
Received on 8th July, 2018 employment creation, poverty reduction and contribution
Received in Revised Form 10th September, to economic growth. In Kenya, they employ over 80% of
the unemployed population which is largely women and
2018
the youth and contribute up to 18.4 % of the country’s
Accepted 18th September, 2018 Gross Domestic Product (GDP). Despite their
st
Published online 21 September, 2018 importance, they are faced with the threat of failure with
past statistics indicating that 60% fail within the first few
months of operation. Proper financial planning is vital in
Keywords: Financial, Performance, Measurement, any business enterprise. The extent to which financial
Planning, Jua Kali, Small Scale Enterprise planning determines performance of SMEs has not been
clearly understood. This study aimed at determining the
extent to which financial planning affects the performance of small scale enterprises in Kisii town. The study used a
descriptive survey research design where the respondents were selected through stratified and purposive random
sampling techniques. A sample size of 93 out of 1224 target population, respondents was used. Data was collected
by use of a questionnaire, edited, summarized and coded for ease of classification and analyzed using computer
software. Descriptive statistics especially, frequencies and percentages were applied to make it easier for the
researcher to understand and interpret implications of the findings. Presentation and reporting was in form of
frequency tables, pie charts and bar graphs. A Pearson’s correlation coefficient was used to establish the
relationship between financial planning and financial performance. It was revealed that there is a strong positive
relationship between Financial planning and business Performance at Pearson correlation coefficient r=0.894. It
was recommended that the Central government through the Ministry of Trade Commerce and Industry in
collaboration with the County government of Kisii provide training programs, through seminars and workshops, in
financial planning for Small Scale Enterprises to improve the extent of use of financial planning in their businesses.

Introduction budget and budgeted income statement and balance


Financial planning (FP) is a process of setting sheet. These budgets are very important to anticipate
objectives, assessing assets and resources, estimating the future in advance. This will in turn help to
future financial needs, and making plans to achieve minimize risks and because of the trade-off between
monetary goals (smith, 2010). Financial Panning (FP) risk and return, profitability increases. Therefore,
is one of the several functional areas of management preparing detailed financial plan or budgets will have
that is crucial to the success of any small scale a positive effect on profitability of the firm
enterprise (SSE). Businesses typically prepare a wide (Horngreen, Datar & Foster, 2006). Small businesses
array of plans and budgets. Some of which include must therefore do financial planning in order for their
sales plan, production plan, cost plan and expense business operations to achieve the desired goals.
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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

minimized through the assurance of confidentiality


Statement of the Problem and anonymity of the data provided by them.
Lack of proper financial planning has been touted as
the major setback in the performance, growth and Literature Review
development of the SSEs. This is despite assertions According to Groppeli & Nikbakht (2002), financial
that proper financial planning does enhance planning (FP) is the process in which one calculates
performance and competitiveness of the SSEs. It is how much financing is necessary to give continuity
upon this background that this study embarked on to the operations of an organization, how one decides
investigating the extent of financial planning on how much and how the necessary funds will be
performance of SSEs in Kisii town. financed. One can suppose that without a reliable
procedure to estimate the necessary resources, an
Study Objective organization may not have enough resources to
The following was the objectives of the study: honour its assumed commitments, such as obligations
i. To determine the extent to which financial and operational consumptions.
planning is practiced by small scale According to Campsey (2010), financial performance
enterprises in Kisii town. is the understanding of numbers that comprise your
business and then recognizing what is happening and
Research Question knowing how to influence the results that are being
This study will sought to answer the following achieved. Once numbers are understood business
question: managers begin to identify areas to improve
i. To what extent is financial planning being efficiency whilst building effectiveness and client
practiced by small scale enterprises in Kisii value. Financial performance greatly depends and is
town? determined by liquidity, efficiency, profitability,
capital structure and low business risks. This is
Scope of the Study beneficial in a way that, the stronger the FM the
The study was carried out among SSEs in Kisii town, greater the opportunity to maximize profits in the
Kisii County, Kenya. It was conducted between short term and to grow capital value in the long term.
March and April 2016. The stronger the FM the easier it is to raise finance,
and probably at a lower cost. Obviously banks prefer
Significance of the Study to work with business owners who can control their
finances well (World Bank Report, 2012).
i. This study is meant to enlighten those According to the European Commission (2008), it is
entrepreneurs on Financial Planning. recognized that appropriate accounting information is
ii. The study also is of use to policy makers in important for a successful management of any
the Ministries of Trade, Commerce and business entity, whether small or large. It is crucial
Industry in formulating policies and re- therefore that the accounting practices of SSEs
adjusting the existing ones on FP of business supply complete and relevant financial information
institutions. needed to improve economic decisions made by
iii. The findings of the study is of great entrepreneurs. The success of enterprises is judged by
significance to the business owners, the their financial performance, hence the choice to study
government, management consultants, if SSEs measure financial performance.
academicians and researchers.
According to International Monetary Fund (IMF,
Limitations of the Study. 2012), the level of WC is decided by management in
This study focused on FP of SSEs within Kisii town. accordance with its policy of profit planning and
The major limitation was on accessing information control. Adequate profit assists in the generation of
from the various enterprise owners and or managers. cash. It makes it possible for management to plough
Some respondents were reluctant to provide data back a part of earnings into the business and
regarding their business performance. They would substantially build up internal financial resources
have not been honest and therefore would have (IMF, 2012). Funds of creditors and owners are
withheld some vital data. However, this was invested in various assets to generate sales and profit.
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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

The better management of assets, the larger the markets are subject to human error and emotion. New
amount of sales. Activity ratios are employed to research discloses the mischaracterization of
evaluate the efficiency with which the firm manages investment safety and measures of financial products
and utilizes the assets. A proper balance between and markets so complex that their effects, especially
sales and assets generally reflects that assets are under conditions of uncertainty, are impossible to
managed well; several activity ratios can be predict. The study of finance is subsumed under
calculated to judge the collectiveness of assets economics as financial economics, but the scope,
utilization, (Pandey, 2001). speed, power relations and practices of the financial
According to Hull (2011), the choice of performance system can uplift or cripple whole economies and the
measures is one of the most critical challenges facing well-being of households, businesses and governing
business organizations. In fact, performance bodies within them—sometimes in a single day.
measurement systems play a key role in developing Financial Mathematics Theory
strategic plans, evaluating the achievement of firms’ Financial mathematics is a field of applied
objectives and rewarding managers. mathematics, concerned with financial markets. The
subject has a close relationship with the discipline of
Theoretical Framework financial economics, which is concerned with much
Financial economics is the branch of the underlying theory that is involved in financial
of economics studying the interrelation of mathematics. Generally, mathematical finance will
financial variables, such as prices, interest rates and derive, and extend,
shares, as opposed to those concerning the real the mathematical or numerical models suggested by
economy. Financial economics concentrates on financial economics. In terms of practice,
influences of real economic variables on financial mathematical finance also overlaps heavily with the
ones, in contrast to pure finance. It centres on field of computational finance (also known
managing risk in the context of the financial markets, as financial engineering). Arguably, these are largely
and the resultant economic and financial models. It synonymous, although the latter focuses on
essentially explores how rational investors would application, while the former focuses on modeling
apply risk and return to the problem of and derivation. The field is largely focused on the
an investment policy. Here, the twin assumptions modelling of derivatives, although other important
of rationality and market efficiency lead to modern subfields include insurance mathematics and
portfolio theory, the Capital asset pricing model quantitative portfolio problems.
(CAPM), and to the Black–Scholes theory for option
valuation; it further studies phenomena and models Experimental Finance Theory
where these assumptions do not hold, or are Experimental finance aims to establish different
extended. "Financial economics", at least formally, market settings and environments to observe
also considers investment under "certainty" (Fisher experimentally and provide a lens through which
separation theorem, "theory of investment science can analyze agents' behavior and the resulting
value", Modigliani-Miller theorem) and hence also characteristics of trading flows, information diffusion
contributes to corporate finance theory. Financial and aggregation, price setting mechanisms, and
econometrics is the branch of financial economics returns processes. Researchers in experimental
that uses econometric techniques to parameterize the finance can study to what extent existing financial
relationships suggested. Although closely related, the economics theory makes valid predictions and
disciplines of economics and finance are distinctive. therefore prove them, and attempt to discover new
The economy” is a social institution that organizes a principles on which such theory can be extended and
society’s production, distribution, and consumption be applied to future financial decisions. Research
of goods and services,” all of which must be may proceed by conducting trading simulations or by
financed. establishing and studying the behavior, and the way
Economists make a number of abstract assumptions that these people act or react, of people in artificial
for purposes of their analyses and predictions. They competitive market-like settings.
generally regard financial markets that function for
the financial system as an efficient mechanism
(Efficient-market hypothesis). Instead, financial
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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

Conceptual Framework vice versa. The diagram below represents the


It was conceptualized that, the extent of proper FP is conceptual framework of this study. It shows how the
expected to cause an effect on the level of financial dependent and independent variables are related.
performance of SSEs. Where effective FPs are in Financial planning is the independent variable while
place and extensively applied, the level of financial business performance is the dependent variable.
performance of SSEs was likely to be enhanced and

Independent Variables Intervening Variables Dependent


Variable

 Government policy
 Purchasing power
 Natural catastrophes
 Technological change

Financial planning
Performance of SSEs
 Budgeting
 Growth in Profits
 Authorization of expenditure
 Growth in Sales
 Accountability of funds
 Growth in total Assets

Source: Reasearcher, 2016

Research Methodology descriptive survey design and the study was


The researchers focused on the methods that were quantitative in nature. The objective was systematic
used in carrying out the research. The researcher or description of facts and characteristics of a given
collected valid and reliable data on SSEs in Kisii population or sample of the population or area of
town. It describes the research design, the target interest factually and accurately (Kothari, 2007). In
population, sample size and sampling procedures, this survey data at a particular point was gathered in
research instruments, pretesting of the research time with the intention of describing the nature of the
instruments, reliability and validity of the research existing conditions, identifying the standards against
instruments, data collection procedures and data which existing conditions are compared and
analysis techniques as well as ethical considerations. determining the relationship that exists between
specific events (Orodho, 2005). Survey research
Research Design design was used because the population under study
A research design is a systematic plan for collection was too large to observe directly and this enabled the
of data in order to provide answers to research researcher to use questionnaires as a method of data
questions. It is a framework intended to guide the collection. The survey was quantitative and therefore
researcher to achieve research objectives, (Fraenkel, had an advantage of the ability to using a smaller
Schiffman, & Kanuk, 2009). This study used group of people to make inferences about larger

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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

groups that would have been prohibitively expensive influence their behaviour regarding their business
to study. operations. This was in relationship to gender, age,
level of education, position in business management
Results and Discussions and also the length business has been in operation.
Gathering this data helped to determine what
Background Information of Respondents segments or subgroups existed in the overall target
The purpose of this section was to gather the population. This also assisted to create a clear and
background information of respondents with the aim broad picture of the characteristics of a typical
of establishing the nature of the respondents and what member of each of the segments.

Gender

Figure 1 Gender of Respondents 1


Source: Researcher 2016
From figure 1 above, it shows that a majority of the respondents were male comprising of 61.29% while 38.71%
were female. The results suggest that, most SSEs traders in Kisii town are male but it also implies that both male and
female are actively involved in SSEs in Kisii town

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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

Age of Respondents

Age of Respondents 1
Source: Researcher 2016

The figure above, it could be observed that respondents in the age bracket of 30-40 years were the majority
comprising of 32.4% while respondents in the age bracket of Below 20 years were the minority comprising of 12%.
It can be inferred that a majority of the managers and business owners fell within 20-40 year age bracket. Clearly,
most SSEs in Kisii town are owned and mainly run by people in their 20s and 30s.

Highest Level of Education

Highest Level of Education 1


Source: Researcher 2016

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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

From figure 3 above, it is clear that a majority of the qualifications or upwards shows that most of the
respondents had a certificate as their highest level of SSEs in Kisii town owners and or managers were
education 29.0%, followed by diploma holders lowly qualified and lacked the expertise in business
(26.9%), degree holders (17.2%), postgraduate management which were necessary for the better
(15.1%), while those without any level of formal performance of their businesses. Generally it can be
education comprised of 11.8%. This shows that the inferred that SSEs in Kisii town are dominated by
majority of the respondents had not attained a people with relatively low levels of education
university qualification. The lack of graduate level
Position in the Business

Position in Business 1
Source: Researcher 2016

From figure 4 above, owner/manager were the majority (33.33%), followed by managers (30.11%), then owners
(29.03%) and lastly others who comprised of 7.53%

5 Length of Operation

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International Journal of Finance, Accounting and Economics
(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

Length of Operation 1
Source: Researcher 2016

From figure 5 above, it is observed that the Extent of Financial Planning


businesses that were sampled, 37.6% had been in The purpose of this section was to gather information
operation for a period between 6-10 years, 29.0% 1-5 on businesses’ level of involvement in financial
years, 23.7% below 1 year and lastly 9.7% that have planning. This was in relationship to budget
been in operation for above 11 years. The data shows preparation, finance accountability, recording of
that most of the businesses (90.3%) in existence were finance and expenditure in books of accounts as well
less than ten years old. as expenditure authorization.

Extent of Budget Preparation in the Business


Table 1. Budget Preparation
Frequency Percent Valid Percent Cumulative
Percent
Strongly Agree 9 9.7 9.7 9.7
Agree 8 8.6 8.6 18.3
Not sure 1 1.1 1.1 19.4
Disagree 34 36.6 36.6 55.9
Strongly Disagree 41 44.1 44.1 100.0
Total 93 100.0 100.0
Source: Researcher 2016

On whether budgets are always prepared in the showed that budget preparation practice among SSEs
business, 9.7% of the respondents strongly agreed, in Kisii town is inadequate (80.7%) and this may
8.6% agreed, 1.1% not sure, 36.6% disagreed and negatively influence the business performance.
44.1% strongly disagreed. Generally, the results

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Budgeting Process
Table 2 Budgeting process
Frequency Percent Valid Percent Cumulative
Percent
Strongly Agree 7 7.5 7.5 7.5
Agree 13 14.0 14.0 21.5
Not sure 2 2.2 2.2 23.7
Disagree 38 40.9 40.9 64.5
Strongly Disagree 33 35.5 35.5 100.0
Total 93 100.0 100.0
Source: Researcher 2016

On whether the budgeting process is participatory, showed that budget preparation of SSEs in Kisii town
7.5% of the respondents strongly agreed, 14% is not participatory and this may negatively influence
agreed, 2.2% were not sure, 40.9% disagreed, and on the implementation of the budgets leading to poor
35.5% strongly disagreed. Generally, the results business performance
Accountability of Finance by Employees

Table 3: Accountability by Employees


Frequency Percent Valid Cumulative
Percent Percent
Strongly Agree 46 49.5 49.5 49.5
Agree 34 36.6 36.6 86.0
Not sure 1 1.1 1.1 87.1
Disagree 7 7.5 7.5 94.6
Strongly Disagree 5 5.4 5.4 100.0
Total 93 100.0 100.0
Source: Researcher 2016

On whether employees are accountable to finance entrusted to them, 49.5% strongly agree, 36.6% agree, 1.1% are
not sure, 7.5% disagree and 5.4% strongly disagree. Generally majority of respondents agreed that employees
present accountabilities of funds entrusted with them which will reduce overall expenditure and hence improve on
profitability.

Recording of finance in the books of accounts


Table 4 Recording of Finance
Frequency Percent Valid Percent Cumulative
Percent
Strongly Agree 4 4.3 4.3 4.3
Agree 4 4.3 4.3 8.6
Not sure 2 2.2 2.2 10.8
Disagree 44 47.3 47.3 58.1
Strongly Disagree 39 41.9 41.9 100.0
Total 93 100.0 100.0
Source: Researcher 2016
the results showed that the finance collected among
On whether all the finance collected is recorded in the SSEs in Kisii town is not effectively recorded in
the books of accounts, 4.3% of the respondents the books of accounts and this may negatively affect
strongly agreed, 4.3% agreed, 2.2% not sure, 47.3% the measurement of financial performance.
disagreed, and 41.9% strongly disagreed. Generally,

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(IJFAE) ISSN: 2617-135X Vol. 1 (3) 18-29, October, 2018
www.oircjournals.org

Authorization of expenditure
Table 5 Authorization of Expenditure
Frequency Percent Valid Cumulative
Percent Percent
Strongly Agree 8 8.6 8.6 8.6
Agree 8 8.6 8.6 17.2
Not sure 3 3.2 3.2 20.4
Disagree 36 38.7 38.7 59.1
Strongly Disagree 38 40.9 40.9 100.0
Total 93 100.0 100.0
Source: Researcher 2016

On whether all expenditure is authorized before it is authorized before it is incurred. This may increase
incurred, 8.6% of the respondents strongly agreed, total expenses which may subsequently have a
8.6% agreed, 3.2% are not sure, 38.7% disagreed and negative impact on profitability of SSEs in Kisii
40.9% strongly disagreed. Generally majority of town.
respondents disagreed that all expenditure is

Recording of Expenditure
Table 6 Recording of Expenditure
Frequency Percent Valid Cumulative
Percent Percent
Strongly Agree 5 5.4 5.4 5.4
Agree 12 12.9 12.9 18.3
Not sure 1 1.1 1.1 19.4
Disagree 39 41.9 41.9 61.3
Strongly Disagree 36 38.7 38.7 100.0
Total 93 100.0 100.0
Source: Researcher 2016

On whether all expenditure is recorded in the books that employees are accountable to the funds entrusted
of accounts, 5.4% of the respondents strongly agreed, to them.
12.9% agreed, 1.1% not sure, 41.9% disagreed, and
38.7% strongly disagreed. Generally, the results Conclusions
showed that the expenditure incurred among the In order to determine the extent to which small scale
SSEs in Kisii town is not effectively recorded in the enterprises practice financial planning it was found
books of accounts and this may negatively affect the out that, currently the business environment is
measurement of financial performance. Therefore, it complex and dynamic, requiring a greater emphasis
is hard to determine the true financial performance of on financial planning if businesses want to be
the enterprises competitive and therefore lead to business survival.
The findings also conclude that budget preparation
Summary, Conclusions and Recommendations process should be all inclusive so that all employees
Summary will be supportive during the implementation in order
Findings of the study on the extent to which financial to improve financial performance of the business.
planning is practiced by SSEs revealed that budgeting
is inadequate and non-participatory; finance collected Recommendations.
and expenditures incurred are not effectively From the above conclusion, since financial planning
recorded in the books of accounts. It was also has a significant influence on the performance of
revealed that not all expenditures of SSEs are SSEs, it is therefore recommended that, the Central
authorized before they are incurred. It was also noted government through the Ministry of Trade
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International Journal of Finance, Accounting and Economics
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www.oircjournals.org

Commerce and Industry in collaboration with the necessary financial planning skills to help them in
County government of Kisii provides training financial decisions that will positively influence their
programs, through seminars and workshops, in business continuity and performance. Also there is
financial planning for Small Scale Enterprises to need for the owners and or managers of the small
improve the extent of use of financial planning in scale enterprises to embrace proper and effective
their businesses. Symposiums, conferences, and open financial planning practices in order to be successful
forums can also be used. This will help to equip small in their financial performance.
scale business owners and or managers with
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