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Recent Submissions

Factors affecting SMEs growth in Lesotho
(University of the Witswatersrand, Johannesburg, 2023) Ramosoue, Liteboho Christina
Orientation: SMEs are considered the main drivers behind the economic systems in both developing and developed economies However, SMEs are prone to the factors that preclude their growth. These factors include the challenge of access to finance, which is renowned to threaten SMEs continued growth and long-term sustainability. Motivation of the study: Likewise, in Lesotho, SMEs are considered crucial drivers towards achieving socio-economic objectives. However, according to the World Bank, the SMEs in Lesotho fail to contribute to the socio-economic objectives as per the expectations, hence the motivation to determine the challenges faced by SMEs, and how they preclude their growth. Purpose of the study: The objective of this study is to determine the impact of the challenge of access to finance on the growth and profitability of SMEs in Lesotho. Methodology: The study adopts a quantitative approach and utilises a survey questionnaire for data collection. A sample of 400 SMEs was selected using a simple random sampling technique from a population of 76 000 SMEs in Lesotho. The data collected was analysed using Multiple Linear Regression Analysis. The key findings: The study findings revealed that there is an insignificant negative relationship between collateral security requirement, interest rates and SMEs sales growth, and a significant negative relationship between the business plan requirement and SMEs sales growth. It also showed that there is a significant negative relationship between collateral security requirement and SMEs profitability, and an insignificant negative relationship between the business plan requirement, interest rates and SMEs profitability
The role of payments regulation in mobile payments adoption
(University of the Witswatersrand, Johannesburg, 2023) Phajane, Samuel Tebogo
The objective of this research is to develop an understanding of why mobile payments adoption has remained so low or insignificant for a country such as South Africa with a very economically unequal society. One of the areas where this imbalance manifest itself is in the very limited access to financial services or what is also termed financial exclusion for that segment of the population that is at the bottom of the economic spectrum. One of the basic financial services that should be accessible to each member of society, is the ability to conduct basic commercial transactions digitally as it allows members of society the ability to build a financial record. Having a financial record allows individuals and enterprises access secondary financial services such as loans and investments. However contrary to this logically sound expectation the adoption of mobile payments has remained very low or at best insignificant to make an impact to financial exclusion. It is within this context that the objective to conduct this research was conceptualized. The research process first looks at the evolution of mobile payments going back to the early 2000s, and then also evaluates how other countries have approached the deployment of mobile payments looking at both the regulatory posture of those countries and the adoption rates. Three areas of theory or theoretical framework are utilized to assess the various aspects of delivering a viable mobile payments ecosystem. The first is the Uniform Commercial Code (UCC) Payments Theory which is more a legal instrument than a theory, but is useful in evaluating that sound regulatory obligations are in place and are observed by participants throughout the payments ecosystem. The second theory is the Technology Acceptance Model which is used to determine whether the drivers of accepting technology innovation are in place. The third is the Technology Organisational Environment theory whose purpose is to examine the adoption process followed by companies when investing in IT products and services. Mogale City is a local municipality, in the Gauteng Province, of South Africa and has been selected as the primary site for the research as it is a microcosm of the South African society, in that it provides access socio-economic conditions of urban, township, farming and informal settlements. Through a mixed-method research approach that combines both the qualitative and quantitative research processes, it responds to the research questions “To what extent does mobile payments regulation enable the ability of a mobile payment deployment to scale-up” and “What influences the end-user to adopt mobile payments innovation at scale”. This is achieved through the testing of P1: Bank-led mobile payments regulation inhibit the rapid growth and adoption of mobile payments by the end-users, and H2 : The simplicity of the service components of technology innovation drive high adoption rates by end-users”. The findings of the research highlight the need to re-look at the regulatory framework for mobile payments in the SA context, so as create an environment conducive for all market players to thrive. Both the P1 and H2 hypothesis were affirmed by the research process. With the end-result the advancing an argument that it is necessary to make adjustments to the NPS framework, such that it allows mobile money to be issued as a new payment instrument, a process that would also include the establishment of a new PCH which allows banks and non-banks as participants.
A small-scale sustainable farm in Tlapeng, Kagisano Molopo Municipality, North-West Province
(University of the Witswatersrand, Johannesburg, 2023) Parkins, Lorato; Moyo, Bhekinkosi
This project focuses on the establishment of a small farm business venture in Tlapeng Village, a rural area in Northwest Province, to explore market opportunities and promote social empowerment. By employing sustainable farming practices, the project seeks to enhance the socio-economic conditions of the community. Through a thorough assessment of market dynamics and consumer preferences in Kagisano Molopo, the project examines market demand, competitive landscapes, and consumer preferences. This analysis aids in identifying potential customers and developing unique selling propositions and understanding distribution channels and exploring niche markets, effective marketing strategies can be devised to gain market share. The project emphasizes the impact of a small farm business venture on social empowerment and business sustainability and highlights the key contributors to social empowerment, including bridging the knowledge gap, optimizing human resources, providing training and education programs, generating employment opportunities, ensuring access to healthy food, and fostering collaboration with the local community. These initiatives not only improve individuals' livelihoods but also foster a sense of community and overall well-being.
A comparative analysis of transformation between local and global media and advertising agencies in South Africa
(University of the Witswatersrand, Johannesburg, 2023) Ndinguri, Kevin
Poverty, unemployment and inequality among black people have been identified as key consequences of apartheid. To redress these, the Broad-Based Black Economic Empowerment Act was enacted. In the Media and Advertising industry in South Africa, the B-BBEE Act is translated through the Media and Communications Charter (MAC) which describes five elements, namely; management inclusion, skills development, responsible advertising, preferential procurement and socio-economic development. Most of the media industry studies on the compliance to the MAC charter focus on descriptions of how companies have applied the B-BBEE Act. This study’s specific objectives were to describe the nature of transformation in local media and advertising agencies, describe the nature of transformation in global media and advertising agencies and describe the effect of B-BBEE codes on local and global media and advertising agencies in South Africa. The study used a qualitative approach and an exploratory-descriptive design. The data collection tool was semi-structured interviews and data was collected through in-depth interviews. Data were analysed using thematic content analysis and presented in narrative format.The study found four themes that compare the transformation of local and global media and advertising agencies. The first theme is that transformation has taken place in local media agencies, the second is that few transformation initiatives have taken place in global media companies. The third theme is that B-BBEE codes have enabled local media companies to secure clients and the fourth theme is that B-BBEE codes have obligated global media agencies to transform the way they manage their businesses. In conclusion, global media and advertising agencies have been affected by transformation through increased diversity and change in the way they managed their businesses. Recommendations for future research should use a quantitative approach to enable the generalisation of findings
Wavelet analysis of Stock Market trends: Investigating behavioural patterns in the Johannesburg and London Stock Markets
(University of the Witswatersrand, Johannesburg, 2020) Mwenye, Ronald; Koech, Roselyne
This research explores a view that considers price index movements as a reflection of the aggregate rational and sentiment psychological elements of market agents. This perspective asserts that both psychological elements of agent rational and sentiment influence choices that drive price movements in stock markets. To investigate this behavioural link between markets and market agents, the research caries out a time series analysis of Johannesburg and London stock market trends (JSE and FSTE indexes). In examining this link using index price information, the research considers its implications on the conceptualisation of market efficiency by interrogating the very meaning of information. The research employs a Morlet continuous wavelet transform as a special form of multiresolution analysis for resolving market price signals into information patterns. The research attempts to interpret these information patterns pragmatically in terms of market agents’ beliefs about the market through a hypothesis that maps price information to liquidity and agent psychology. The study verifies the plausibility of the research hypothesis by using cross-wavelet analysis to correlate index movements and volatility. Research results appear to confirm that price index patterns represent agents’ belief in the market as an aggregate of their rational and sentiment. Wavelet analysis of the FTSE 100 index demonstrates how changes in market belief or mind-set in 2008 (the global financial crisis) and 2012 (Greece debt crisis) closely relate to its volatility measure, the VIX. The research concludes that information transparency might not be adequate to qualify market efficiency. Beyond informational transparency is a subjective element of truth that brings market beliefs forth. Studying these beliefs through market rational and sentiment patterns might be key to understanding the market landscape of the future and understanding market horizons to enable better risk-returns forecasting.