Revenue Diversification, Capital Budgeting Practices and Financial Sustainability: The Moderating Role of Sustainability Audits
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Abstract
Purpose: This study is anchored on the Resource-Based View and Modern Portfolio theories to investigate the impact of revenue diversification (RD) and capital budgeting practices (CBP) on financial sustainability (FS), moderated by sustainability audits (SA).
Design/Methodology: Data were collected from 228 managers using a cross-sectional research design and a questionnaire. Data analysis were through Partial least squares structural equation modeling (PLS-SEM).
Findings: Analysis reveals that RD and CBP significantly and positively drive FS, though RD demonstrates a greater effect. SA moderated positively the association between the RD and FS, but negatively on the CBP and FS linkage.
Practical Implications: The study’s findings inform the management and policymakers of Savings and Credit Cooperative Organisations (SACCOS) in recognising and prioritising SA, RD, and CBP in their decision-making and planning processes to achieve financial success. They should embrace regular investment training, investment diversification, and designate a dedicated unit to manage revenue diversification and capital budgeting practices to achieve FS.
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Copyright (c) 2026 Marwa Nyahende Kesanta, Dr. Victoria Makuya, Dr. Athuman Makona
This work is licensed under a Creative Commons Attribution 4.0 International License.
Dr. Victoria Makuya, Department of Business Administration and Management, University of Dodoma, Dodoma, United Republic of Tanzania
Victoria Makuya holds a PhD degree and is a Senior Lecturer at the Department of Business Administration and Management, College of Business and Economics, University of Dodoma, Dodoma, Tanzania. Her research areas of interest and expertise are related to various fields of entrepreneurship, marketing, logistics and corporate governance.
Dr. Athuman Makona, Department of Business Administration and Management, University of Dodoma, Dodoma, United Republic of Tanzania
Athuman Makona holds a PhD degree and is a Lecturer at the Department of Business Administration and Management, College of Business and Economics, University of Dodoma, Dodoma, Tanzania. His areas of interest and research are specifically on entrepreneurship and innovation, trade negotiations, and marketing.
The data supporting the findings of this study are available from the corresponding author upon reasonable request.
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