School of Economics and Finance

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Book-to-market ratio and returns on the JSE
(Taylor and Francis, 2006) Auret, CJ; Sinclaire, RA
Many firm-specific attributes or characteristics are understood to be proxies for what Fama and French (1992: p428) refer to as “the unnamed sources of risk”. Perhaps the most notorious of these is the size of the firm or its market value, first documented by Banz (1981). The relationship between size and average returns has become known as the “size effect”.
Managing consumer mythology: The green consumption of E10 fuel
(2014) Chitakunye, P; Saruchera, F; Derera, E; Tarkhar-Lail, A
The purpose of this article is to explore how myths become meaningful to consumers of ethanol-blended petrol (E10) in Zimbabwe. The last decade has seen the emergence and increasing significance of being green. Consequently, green consumption has become a topic of increasing significance amongst consumers and scholars. This study adopted a multiplemethod research strategy, that included 32 key informant in-depth interviews, and 150 questionnaires completed by ordinary consumers. The study unpacks how myths can be used as a symbol of resistance where there is a wide range of product choice. We find that the market acceptance of Zimbabwe’s E10 remained pessimistic, yet elsewhere in the world, the same blend has been packaged as a ‘premium, super brand’. Drawing from the findings, we argue that consumers engage with myths in their everyday lives, and the meanings associated with myths are transferred to the ‘green fuel’ brands. Although the consumption of E10 fuel is important to the maintenance of a green society, it should be understood that there are consumer misconceptions ranging from technical fuel composition, engine compatibility, mixed pricing perceptions and policy-related issues. Revealing how E10 fuel has been a success story in other countries, our study demonstrates how marketing education can be employed to create awareness of the benefits for consuming green fuel. Our findings also reveal how myths slowly die a natural death when product choice becomes limited. These findings contribute to an understanding of how consumer misconceptions about a product or service can impact product image and sales.
An assessment of the public attitudes towards the inner City of Johannesburg as a branded destination
(2014) Daya, Nikita JC; Chiliya, N
Cities across the world have shifted their focus to urban development and place marketing strategies. These concepts are increasingly becoming important since the competition between cities have intensified globally in order to obtain investments, attract tourists, provide better living space, and to improve community businesses and overall economies of the city. Johannesburg has made use of various labels to provide a unique and attractive destination brand. The city has undergone significant changes in order to improve and reposition its image. In particular, there has been a focus on the redevelopment and brand image repositioning of the Inner City of Johannesburg. Redevelopment strategies have been outlined and implemented in order to improve the areas within the Inner City of Johannesburg. The primary purpose of this study was to investigate the effects of the current attitudes and perceptions of the public towards the Inner City of Johannesburg. A quantitative approach was used. A convenience sample consisting of 343 individuals within the Inner City of Johannesburg completed the distributed survey instrument. The data analysis consists of multiple linear regression analysis. The results of this study indicate that Government services and social bonding are the key factors the public value when they visit the inner city.
An assessment of the effectiveness of self-service technology in a university enviroment: The case of University of the Witwatersrand
(2014) Ngcwabe, Y; Chiliya, N
Self-service is basically a method of serving oneself in business-related organisation without the help of an employee. With the exponential increase of the technology, service companies adopt Self-Service Technologies (SSTs) as their innovative tools to create value. A great amount of research has focused on customers’ perspectives of adopting SSTs using factors of SST adoption, attitudes and intentions toward to use the SST. However, studies on the adoption of SSTs at University institutions particularly in South Africa has not been explored extensively. The notion of self-service is positioned as an important part of the overall system where students are to view, input and modify administrative and financial information on themselves, their work and their courses. Convenience is a major benefit of self-service technology and individuals that are not techno savvy or lack technological resources cannot reap the benefits of SSTs to its fullest potential. The study evaluates the attitudes and perceptions that students have regarding SSTs. This research consisted of a self-administered quantitative research questionnaire, which was initially tested using two pilot studies of 30 and 20 respondents respectively. The questionnaire was distributed at the University of the Witwatersrand (Wits) to a sample group of 380 respondents between the ages of 18 to 30. The data collected was analysed using statistical analysis to examine the relationships between the variables in the research model. Results indicate that some students still value face-to-face service encounters, others lack resources to use SSTs and the effect of self-efficacy limits other students from using SSTs to their fullest potential. Perceived waiting time also has a great influence on the actual use and frequency of SSTs.
Call centre job differences
(2014) Jansen, A; Callaghan, CW
This research tested theory that predicted differences in the relationships between perceptions of management, satisfaction and performance by call centre job type. A sample of a hundred and ninety respondents was drawn from South African call centres. Findings suggest that outbound call centre agents are significantly more job dissatisfied than inbound agents, along certain dimensions. Outbound agents, sales agents and after service agents were found to rate their performance quality significantly lower than the rest of the cohort; in contrast, inbound agents and customer queries agents were found to rate their performance more highly. On the basis of the findings it is argued that assumptions of homogeneity in call centre work is problematic. It is recommended that different management strategies be built around different types of call centre work, that are responsive to the needs of those engaged in each type of work. It is also recommended that job enrichment be applied to all types of call centre work to potentially increase variability in tasks, which might increase autonomy and job satisfaction in this type of work.
Emotional intelligence: A critical success factor for selling funeral policies
(2014) Shiri, AT; Chitakunye, P; Fields, Z
This study contributes to a deeper understanding of emotional intelligence as a critical success factor in the selling of funeral insurance policies. Insights are drawn from a quantitative study that adopted a convenience sampling approach. The study tested the extent to which emotional competencies are related to job performance of funeral policy sales agents. Thirty Eight (38) agents from an insurance firm in the Midlands province of Zimbabwe participated in this study. A Schutte emotional intelligence test was used to test their overall emotional intelligence as well as their four competencies of emotional intelligence. Agents also responded to questions that tested their ability to handle client rejection and supplied other relevant data, such as age and work experience. The data was analysed using SPSS, and the output revealed that there was a positive relationship between emotional intelligence and performance. The results also revealed that some of the competences on emotional intelligence were insignificantly related to sales agents’ performance while others, such as appraisal of emotion and social skills, were significant. The results confirm that emotional intelligence is an important critical success factor in the insurance industry and management should utilise it in planning.
Research productivity and values
(2014) Callaghan, CW
According to the predictions of convergence theory, the implementation of best practices derived from the global context has been found to be associated with increased performance for both individuals and organisations. However, the values systems of individuals and within organisations have been found to constrain the adoption of best practices. This research tested Schwartz’s basic human values theory and the specific influence of basic human values upon individual work performance in the form of research productivity. The self-enhancement dimension of hedonism was found to be negatively associated with Thompson Reuters (Institute for Scientific Information) and ProQuest International Bibliography of the Social Sciences accredited journal article publication; Department of Education accredited journal article publication; conference proceedings publication; conference presentations and book chapter publication. Worryingly, openness to change values were not found to be associated with higher levels of research productivity. These results are taken to support Kuhn’s theory of paradigmatic values constraints to knowledge creation and scepticism as to the extent to which scientific research productivity is indeed inherently objective or innovative in nature. Recommendations for research practitioners and for further research are offered.
The influence of information quality, system quality and service quality on student’s self-efficacy at institutions of higher learning in South Africa
(2014) Chinomona, R
The notion of improving student self-efficacy at institutions of higher learning has become a priority matter. There is a growing realization among institutions of higher learning that one way of achieving this, is by encouraging learners to make the best out of information technology use. It is therefore in this regards that this paper seeks to investigate the influence of information quality, system quality and service quality on student’s self-efficacy at institutions of higher learning in South Africa. To address this dearth, this study proposed three hypotheses that were validated using a sample of 271 university students in the Gauteng province. The findings indicated that there are positive relationships between the posited research variables. Managerial implications of the findings are discussed and limitations and future research directions are indicated.
Doctoral and Masters Supervision: The potential role of self-efficacy
(2014) Callaghan, CW
This research investigated the potential contribution of self-efficacy and different forms of experience to the numbers of sucessful doctoral and masters degree supervisions of academics. Using a comprehensive purposive sampling procedure, academics at a large South African higher educational institution were sampled; 225 responses were received. Spearman Rho tests of association, Pearson partial correlation analysis, and hierarchical regression analysis were used to test the relationships between different types of self-efficacy, together with different forms of experience, and measures of doctoral and masters degree supervisions. Findings suggest that self-efficacy accounts for variance in doctoral and masters degree supervisions over and above the contribution of years of experience as a researcher, job satisfaction, gender and the number of people reporting to an individual. However, the effect of self-efficacy might only be significant up and until the point that an individual gains sufficient supervisory experience, of one form or the other (doctoral or masters degree supervision). Male academics are found to supervise more doctoral students. Individuals that supervise more doctoral students are found to have significantly higher levels of self-efficacy relating to statistical analysis.
Determining the Feasibility of adopting technological innovation to enhance service delivery in selected Johannesburg health institutions
(2014) Uta, L; Chiliya, N; Chuchu, T
South African health institutions, particularly public hospitals are continuously oversubscribed and under-resourced which consequently puts pressure on the service delivery system and negatively affects the service experience of patients. As a way to address this problem, the researchers were looking to establish the feasibility of adopting technological innovation such as Customer Relationship Management (CRM) systems, cloud computing and web-applications in order to help enhance service delivery in Johannesburg health institutions. The researchers conducted a quantitative research and collected data from two public health institutions namely Charlotte Maxeke and Helen Joseph Hospital. An initial pilot study was conducted before the research was extended to a wider sample of 358 respondents. Results show that most patients generally have a positive perception on technology and are likely to consider making use technological-innovation provided they are relatively easy to use, accessible and not too complex. Results also suggest that security is a highly regarded factor that ultimately determines system-usage and technological acceptance. Technological innovations such as CRM systems, may go a long way in enhancing interaction between patients and health institutions which ultimately would result in the creation of more sustainable relationships between patients and health institutions. However in order to ensure that there is wide adoption of technologicalinnovation, it is essential for health institutions to ensure that the new innovations are easy to use and patient information is kept in a secure environment.
Attitudes and purchase behaviour of green products among generation Y consumers in South Africa
(2014) Anvar, M; Venter, M
The purpose of this study was to determine what factors influence attitudes and purchase behaviour of green products among Generation Y consumers in South Africa. The factors that were under investigation in this study were social influence, environmental awareness and price. Further, this study aimed to investigate whether consumer attitudes can in fact influence consumers’ purchase behaviour of green products. A quantitative approach was used for data gathering. Data collection was conducted by means of self-administered questionnaires among 200 students between the ages of 18 to 23. The data was analysed by using statistical methods such as simple and multiple linear regressions. The results from the study indicated that social influence, environmental awareness and price, positively influence individuals’ attitudes towards green products. The effect of attitude on buying behaviour was also positive; hence consumers with positive attitudes towards green products are more likely to purchase green products. Further, the findings indicated that there is indeed a difference between males and females with regards to buying behaviour of green. The findings of the study will provide marketers with a clearer understanding as to how they can influence Generation Y’s attitude and buying behaviour towards green products. With the Generation Y cohort being of crucial importance to marketers, companies can drive sales and increase market share through appropriate marketing strategies. This is essential for a developing country such as South Africa, and among Generation Y consumers whom will play an active role in the future global economy.
Brand endorsements: An exploratory study into the effectiveness of using video game characters as brand endorsers
(2014) Shelton, J; Chiliya, N
Celebrity endorsements have been established as one of the most preferred methods of advertising by marketers (Patel, 2009). Biswas, Hussain and O’Donnell (2009) enumerates five specific benefits of employing celebrity endorsers for a brand, they can be summarised as follows: drawing attention, crisis management, brand repositioning, global marketing, and boosting sales. However the benefits of using a celebrity endorser can be markedly reversed if the celebrity, is involved in a controversial incident, loses credibility by endorsing too many brands, suddenly changes their image, overshadows the brand which is being endorsed, experiences a drop in popularity, is the centre of negative publicity, or fails to perform within their specific career (Erdogan, 1999). As a solution to these problems this research has investigated the use of video game characters as celebrity brand endorsers. Video game characters are celebrities in their own right but they are not plagued by the same risks and problems as ordinary celebrities (Avery, Ferrand, Nicholas & Rowley, 2006; Shimp & Till, 1998). This exploratory study used a quantitative research approach. A self-administered questionnaire using a 7-point Likert scale was developed and piloted. The questionnaire was distributed at the University of the Witwatersrand to a sample group of 484 respondents between the ages of 18 to 25. Fictitious adverts were used as stimuli during the questionnaire. Convenience sampling was used because of time and monetary constraints. The linear regression results proved that video game characters are effective as brand endorsers and can be used in place of an ordinary celebrity to increase the purchase intentions of the target audience. It can be recommended that video game companies seek opportunities to create partnerships with marketers to use their characters as brand endorsers.
The influence of website content on the purchase of pharmaceutical health products
(2014) Jones, L; Chiliya, N
The purpose of this research was to determine what web content, according to the perception of consumers and their purchase behaviour, are optimal for the healthcare industry and also understand which content factors are more important than others.A quantitative, single cross-sectional approach was undertaken. A convenience technique was used. Data was collected from a sample of 362 University students by means self-administered questionnaires.Regression analyses were conducted as means of data analysis. The study shows that consumers are significantly affected by the different types of content components incorporated into a webpage. Within these content components, consumers view quality information as more valuable as they are informed about products more effectively, relevant to their needs. This then influences the consumers’ information satisfaction. Once the consumer is satisfied with the information provided through the relevant content components, loyalty towards the firm is developed due to the consistent quality of the content thus, resulting in purchase behaviour. This shows that it is important for online health websites to provide relevant and quality information to in assist consumers in making an online purchase.
R&D failure and second generation R&D: New potentialities
(2014) Callaghan, CW
Ample incentives exist for firms to pursue product, service, or process innovations to increase their profitability. In contrast, few incentives exist for firms to pursue innovations that provide social externalities if these are not inherently profitable. This article provides an argument that first generation research and development (R&D), or R&D that does not utilise economies of scale (as second generation R&D does), cannot effectively provide societal innovation that is not incentivised by market forces. An example of an alternative model for global societal problem solving, based on second generation R&D, is offered.
The relationship between SMEs and insurance providers in Nelson Mandela Metropolitan area, South Africa
(2014) Chodokufa, K; Chiliya, N
Media reports on the effects of climate change on Small Medium Enterprises (SMEs) in South Africa has increased over the past decade. The amount of loss in terms of assets and infrastructure suffered by SMEs is disturbing. Yet insurance providers are not eager to insure SMEs and prefer to deal larger organisations. An empirical study of 203 SMEs was done, structured questionnaires were administered to SME owners. Data was analysed and the results illustrated factors such as the reliability of an insurer, staff knowledge and brand name of the insurer have a great impact on the decision made by SMEs to build a relationship with insurance providers. The respondents, who had been approached by an insurance broker and received training, had a business relationship with an insurance provider. This helps to reach the conclusion that any form of interaction between SMEs and insurance providers helps to facilitate a business relationship
Does customer satisfaction lead to customer trust, loyalty and repurchase intention of local store brands? The case of Gauteng Province of South Africa
(2014) Chinomona, R; Dubihlela, D
Notwithstanding the increasing researches on consumer behaviour, there is a dearth of studies that have investigated the influence of customer satisfaction on customer trust, loyalty and repurchase intention in the African retailing context. Therefore, using a data set of 151 from retailers in Gauteng Province of South Africa, this study examines these relationships. All the posited five hypotheses are supported. The results indicate that the relationship between customer satisfaction and their trust, customer satisfaction and their loyalty, customer trust and their loyalty, customer loyalty and their repurchase intention and customer trust and their repurchase intention are positive in a significant way. The research paper discusses both academic and managerial implications of the results and future research directions are suggested.
Mobile banking applications: Consumer behaviour, acceptance and adoption strategies in Johannesburg, South Africa (RSA)
(2014) Balabanoff, GA
There has been a complete disparity in the number of cell phone subscribers when compared to fixed line users in South Africa (referred to as Republic of RSA or RSA). In 2011, results revealed that 29 million South Africans use mobile phones compared to only 5 million using fixed lines (Brown, Cajee, Davies, & Stroebel,2003; Lascaris,2012). It is because of this increased and saturated mobile market that we have seen the extreme growth of mobile applications. This increase is coupled with several benefits that mobile applications bring to the consumer, such as increased functionality, productivity improvements and entertainment (Pranata, Athauda, & Skinner, 2013). Although adoption strategies around internet banking and cell phone banking have been explored in various parts of the world, adoption strategies specifically around mobile banking applications or "mbapps" have not been vastly researched (Jaruwachirathanakul & Fink, 2005). As such, this study focused on examining consumer behaviour and acceptance towards adopting mbapps in Johannesburg RSA, where mbapps are in an emerging phase, but offer potential benefits to both consumers and industry at large. A quantitative research methodology was used for this research. Self-administered quantitative questionnaires were distributed at the University of Witwatersrand as well as to individuals within the Johannesburg area aged between 18 and 60 years. A pilot study of 30 respondents was conducted to ensure validity and reliability of the questionnaire. Following this, the research was then conducted to a sample size of 373 respondents. Due to time constraints, this study made use of convenience sampling. Data collected from the questionnaires was analysed using statistical analysis to investigate the relationship between the variables used in the research model, this being a modified version of the Decomposed Theory of Planned Behaviour model – The decomposed TPB model is successful in predicting and explaining human behaviour across various platforms and breaking outcomes down into specific dimensions. In addition, the decomposed TPB model is most suitable for steering decision makers towards the implementation of innovations. The decomposed TPB model will provide insight into understanding consumers’individual attitudes, subjective norms and perceived behavioural control, which ultimately influences the likelihood of consumers using mbapps. From the findings, it can be concluded that the results of this study support the proposed conceptual model. The findings of this research, which was focused towards, Attitude, Perceived Behavioural Control and Subjective Norms do have a significant relationship on the intention to adopt mbapps. In terms of the hypotheses set and tested, all resulted as postulated. In conclusion to this study the contribution of this research provides the banking industry, marketers and academics with the factors that encourage consumers to adopt mbapps and to utilise the research to exploit the conversion rate of customers towards adopting mbapps. Lastly this study adds value to not only the RSA market but potentially to other developing and developed countries through the recommendations made in chapter 5. Decision makers are advised to take heed of the proposed strategies in maximising the rate of mbapps adoption
Mobile money as a strategy for financial inclusion in rural communities
(2014) Thulani; Chitakunye, P; Chummun, BZ
This study contributes to a deeper understanding of the usage level of mobile money, and how it has accelerated financial inclusion among the rural communities in an emerging economy such as Zimbabwe. The study employed a mixed methods approach and a concurrent dominant status design where quantitative and qualitative approaches were concurrently used with the quantitative approach having a dominant status. The study was carried out in the Midlands Province and a simple random sampling technique was applied to select the province. Eight districts in the province formed the study population of 262 493 households and a pilot sample size of 37 household was chosen. The study used a survey method to collect data, where a questionnaire and focus group discussions were used as the main data collection instruments. It emerged that the usage of mobile money by the unbanked rural people is very high, especially for sending and receiving remittances. However the saving and loan aspect of mobile money were not very popular. Users were still relying on their traditional methods of savings and borrowing. The implications are that the service providers need to increase their awareness programs targeting this specific market to encourage them to migrate from traditional ways to safe and secure way of saving their meagre income. More so, that their saving patterns will determine their access to loans.
A Segmentation of Mall Shopping Motivations in the South African Gauteng Provincial Context
(2014) Jogee, R; Callaghan, CW
Consumer markets, globally, exhibit increasing diversity. Shopping malls that do not take cognisance of this diversity, along all appropriate dimensions, can lose market share to competitors that do. Despite extensive literature that is based on research done in other countries, absent from the South African literature is a current typology of market segmentation of mall consumers by mall shopping motivations. Using a sample of 224 mall consumers drawn from Gauteng, the economic hub of the country, k-means segmentation was used to test theory that relates different characteristics of consumers and their mall choices. On the basis of this analysis, a typology of shopping mall consumers is developed according to their preferences, or motivations, for mall shopping. Six different segments were found to be associated with different mall shopping preferences and other characteristics. These segments were classified as ‘Low Engagement Shoppers’; ‘Mean Oriented Shoppers’; ‘Brand Oriented Shoppers’; ‘Utilitarian Oriented Shoppers’ and ‘Ascetic Oriented Shoppers’. It is argued that knowledge of such typologies may be important in the South African context due to the increasing societal diversity that malls need to be able to take advantage of in an increasingly competitive environment.
Organisational support and its influence on teachers job satisfaction and job performance in Limpopo province of South Africa
(2014) Chinomona, R
The importance of organisational support is increasingly being recognized because of its potential positive influence on employee performance. However, studies that seek to investigate the influence of organisational support on the teachers’ job satisfaction and consequently their workplace performance at high school level have largely remained scant, particularly in developing countries of Southern Africa. Therefore, the primary objective of this study is to fill this void. Three research hypotheses are posited and a sample data of 162 collected from the Limpopo Province of South Africa is used to empirically test the hypotheses. The results of this study show that, organisational support positively influences teachers’job satisfaction and their job performance. Managerial implications of the findings are discussed and limitations and future research directions are indicated.

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