Faculty of Commerce, Law and Management (ETDs)

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A combined assurance model to promote integrated reporting in Limpopo provincial treasury
(University of the Witwatersrand, Johannesburg, 2021) Manabalala, Matshidiso; Gobind, Jenika
Organisations expand, and business operations evolve & become more multifaceted; the growth leads to the board and ARC requiring more assurance providers’ functions to oversee achievements of objectives. The multiple uses of assurance providers’ activities in isolation cause the board and audit committees to suffer from effort duplication, leading to assurance fatigue. The purpose of the study is to explore challenges associated with the implementation of the combined assurance model by Limpopo Provincial Treasury (LPT) and develop possible solutions in the form of recommendations for LPT to improve. The study follows the qualitative research method to achieve the research objectives. This research uses unstructured and semi-structured individual interviews to collect primary data from LPT assurance providers, Auditor General South Africa (AGSA) and Departments and Public Entities Chief Financial Officer as LPT’s stakeholders. Interview questions have been developed for use during the primary data collection to interview individual participants. Permission has been requested from the HOD of LPT to interview the research participants. Findings - The challenges for LPT implementation of combined assurance are caused by Ineffective communication, working in silos and lack of collaboration results in duplication of efforts, assurance fatigue, and contradicting reports. Conclusion- Change in organisation culture and promotion of integrated thinking will lead to successfully implementing the combined assurance model.
A comparative study of housing affordability in South Africa using the adjusted Debt-Service Ratio and Price-Income Approach
(University of the Witwatersrand, Johannesburg, 2021) Mmesi, Lesotla; Alovokpinhou, Sedjro Aaron
This study compares the adjusted Debt-Service Ratio (DSR) model and the widely used Price-Income Ratio (PIR) in the South African context to establish which of the measuring approaches give better and reliable results over time. In South Africa, housing unaffordability remains a challenge and accurately quantifying the extent of the problem is of key importance. The adjusted DSR model was seen as an appealing housing affordability measure to be explored as it corrects for household income changes and net financing cost of the mortgage loan thereof giving a refined calculation for housing affordability. The research also explores the relationship of both the adjusted DSR and PIR to key macroeconomic variables, that is, economic growth (EG), mortgage rate (MR), unemployment rate (MR) and house price (HPI). The findings show that the PIR is the better measure of housing affordability than the adjusted DSR. The PIR accurately parallels other banking sector data regarding housing affordability, whereas the adjusted DSR tends to underestimate housing affordability in the South Africa context. Another key finding is that, on average, the housing prices are too high for an economy like South Africa, which is still battling with, low GDP growth rate, high unemployment rate, inequality and poverty
A comparative study on the Inflation-hedging properties of REITs and Common Stocks in South Africa
(University of the Witwatersrand, Johannesburg, 2023-06) Maratela, Tsholofelo Keletso; Godspower-Akpomiemie, Euphemia
The aim of this paper is to examine the ability of South African REITs and common stock to hedge against inflation in the short run from 2014 to 2022. Given the volatile economic environment that South Africa operates in, this poses a risk to the financial market. One of the major risks relates to inflation as it erodes real returns on investments, and this drives the need of gaining clarity on the inflation-hedging characteristics of assets in the stock market. Studies evaluating the inflation-hedging abilities of real estate and common stock present mixed results and the literature on this comparison is vast but largely excludes African countries. Moreover, the introduction of the REIT regime in South Africa in 2013 has created a new opportunity for real estate investment, which may have different implications for inflation hedging than traditional real estate. This paper adopts the Fama and Schwert approach, which is based on the Fisher model, to analyse the relationship between inflation and asset returns. The paper considers both actual inflation, measured by CPI, and expected and unexpected inflation, estimated by an ARIMA model. Using CPI as a proxy for actual inflation, a negative relationship is found between equities and inflation, and a positive relationship between REITs and inflation. These relationships were consistent for both the actual and the unexpected components of inflation. However, both asset classes exhibited a negative relationship with expected inflation. None of these regression results were statistically significant. Findings imply that neither SA Equities nor REITs can serve as reliable inflation hedges. However, the findings also imply that the relationship between inflation and the returns of these assets is nuanced and may depend on the nature of inflation (actual, expected, or unexpected). The findings will assist investors in making investment decisions, especially on protecting their wealth from excessive inflation.
A creative business venture to promote youth development in townships
(University of the Witwatersrand, Johannesburg, 2022) Ngidi, Tebogo Lorna; Venter, Robert
From the apartheid era up until the current state, unemployment has been a challenge in South Africa, especially amongst the young people in underprivileged townships (Hodge, 2009). To try and redress this, profit and non-profit sectors have undertaken a mixture of commercialised and social tasks to respond to changes that occur within the economic and social contexts (Social Enterprise Alliance , 2021). Such tasks include start-up businesses, interactive technologies and constantly evolving demographics that try to reach different aspects of life (Social Enterprise Alliance , 2021). It is through such convergences that social entrepreneurships were established. This social entrepreneurship project investigates whether a more creative business venture can assist with regards to promoting youth development in townships. According to Venter and Urban (2015), government support on its own is not enough to meet societal demands. This is more especially with regards to wicked problems that tend to be more complex to tackle due to its interlocked nature with other issues. Even though social entrepreneurship operates in diverse realms within the community, for the context of this research paper, this project investigates the introduction of newer and more creative business ventures within the Southwest Townships (SOWETO), a township that accommodates close to half of the Gauteng population. The report draws on the findings from reviewed literature and interviews with various stakeholders; entrepreneurs (both new and established), community support institutions and the local government.
A customer communication application for organisations
(University of the Witwatersrand, Johannesburg, 2022) Netangaheni, Shumani; Horvey, Sylvester Senyo
The aim of this study was to investigate the need for an integrated communication application dedicated to service communication for organizations as well as to determine factors that users consider important for the adoption of a new communication mobile application system. This study is important to the building of an application where resources are constrained and need to be traded off. The growth of social media has seen a rise in the need for consumers to instantly want access to information that is of importance to them. It is for this reason that communication has become a commodity that organizations invest in to build stronger relationships with their customers. However, it is not always easy for organizations to get it right as the communication methods they rely on may not be efficient or cost effective. It is for this reason that theoretical work was consulted to determine a need for a central communication application which various organizations can plug into to publish messages when they have service failure or recovery. The literature advised of a need but for a different problem. Primary data was collected from respondents using a survey where respondents were asked if they would use an integrated mobile application dedicated to communication when their service providers have service failure and when the service has recovered
A digital earthmoving equipment service platform to enhance customer aftermarket experience
(University of the Witwatersrand, Johannesburg, 2023) Molele, Nnanna Reshoketswe; Horne, Renee
The absorption of technology solutions has become more and more prevalent in the mining and construction industries. Mining and construction companies worldwide are implementing technology solutions as they seek to improve the safety, productivity, and profitability of their earthmoving operations. One of the most critical and capital intensive assets that these operations own and operate is their earthmoving equipment. The maintenance and repair of the equipment also contributes heavily to the operational expenditure of such operations (19% for large operations). It is critical for these operations for their equipment maintenance to be done in a timely manner, at the lowest possible cost, and with the highest possible level of quality so as to manage operational costs and reduce the impact of machine downtime on productivity. This business venture is based on a South African company that supplies earthmoving equipment to mining and construction companies in the Southern Africa market. The company not only supplies equipment, but also aftermarket solutions (parts and maintenance & repair services). In the past five financial years, the company has seen a decline in revenue from its service business where it sells technician labour to the mining and construction markets for equipment maintenance and repairs. Its customer net loyalty score is also sitting at an average of 32% in the same period. Customer loyalty has been negatively impacted by customer dissatisfaction with the organisation’s service quality, turnaround time, and communication, to name a few. The service business profitability has also been on a downward trend (14% in 2018 to 9% in 2022). Given the size of the organisation and the number of countries it operates in, this paper only focuses on the Zambia market where the company’s service business is currently seeing negative profitability trends and the lowest customer net loyalty score of 18%. In response to this business challenge, this paper focuses on using technology and third party equipment service providers (labour for maintenance and repairs) to propose a business model that will create shared stakeholder value. The business model seeks to address current customer challenges while improving the business profitability and making it more feasible for third partner service providers to partner with the organisation instead of operating as its competitors
A digital fraud strategy framework for banks and insurance companies in South Africa
(University of the Witwatersrand, Johannesburg, 2022-08) Mahlangu, Cecilia Nonhlanhla Pretty; Oro, Oro Ufuo
South African banks and insurance companies have been focused on transforming and accelerating their digital strategies. There has been much focus for most organisations on providing products or services across various digital platforms. As a result, fraudsters are also finding new ways to commit fraud on the same digital platforms. Consequently, digital fraud numbers have increased, and banks and insurance companies should ensure that they implement suitable measures that will help them predict, prevent, detect, monitor, and respond to digital fraud in real time while protecting their customers' financial goals and improving customer experience. Existing studies have revealed components of combating digital fraud for the South African financial service providers, but no study on a holistic digital fraud strategy framework has been conducted. The aim of this research is therefore to evaluate a digital fraud strategy framework for South African banks and insurance companies, and to obtain a better understanding of how to combat digital fraud for South African banks and insurance companies. A mixed-methods approach was used in this study, in which participants in the banking and insurance industry were surveyed, and digital fraud subject matter experts were interviewed. Data analysis revealed that organisational structure, education and awareness, policies, big data, and analytics all have an impact on reducing digital fraud for South African banking and insurance institutions. The study also found that government legislation does not affect the reduction of digital fraud. South African banking and insurance institutions therefore need to implement appropriate measures that will help combat digital fraud. Keywords:
A Digital Platform Car Wash Business
(University of the Witwatersrand, Johannesburg, 2023) Ndlovu, Cebo
The Car Wash Digital Platform (App) is a new business venture that addresses the problem of customers needing a convenient car wash service. This study was aimed at evaluating the viability of this new business venture. A customer discovery was conducted using an online survey to test if potential customers would be interested in such a service. The customer discovery was only made on the end user customer who would request the car wash service. The customer discovery for the service providers was not completed due to time limitations. This project's competitive advantages include the convenience it will provide to its clients in addition to fuel and mileage saved by not having to drive to a particular car wash facility. The time saved from driving to and from the car wash service provider is another competitive advantage of this business venture. The New Business Venture adopted the Lean Business Canvas as its business strategy model. The data from the online survey contributed to mapping the Lean Business Canvas. The marketing strategy was developed by using the marketing mix of customer segmentation, the 4 Ps of marketing, and Porter’s five forces model. The financial analyses indicated that the new business venture could break even in its first year of operation and generate an estimated Net Profit Margin of 40% by the fourth year
A meal preparation and delivery service business in Maseru
(University of the Witwatersrand, Johannesburg, 2023) Raphuthing, Lomile
The purpose of this study was to assess consumer preference for an online meal ordering and payment service in the food industry in Maseru, Lesotho. This service would offer office bound workers delivery of a variety of light meal alternatives, even catering for specific dietary preferences such as Banting and vegetarian. Lesotho is a small landlocked country in Southern Africa, wholly encircled by South Africa, and one of 46 countries that falls into the United Nations category of Least Developed Countries (LDCs) (UN, 2019). With South Africa being a more developed country and with better facilities and services all round, Basotho people continuously import South African goods, services, and culture, including ways of eating (Rantšo, 2017). In many areas of urban South Africa, consumers take it for granted that they can access a variety of prepared meals and have them to their door. This experience companies likes Mr. Delivery and Uber eats have made ordinary. Conversely, very few delivery services currently exist in Lesotho. The research explored the preference of Maseru’s working-class towards a new meal preparation start-up offering a menu with freshly prepared healthy eating alternatives paired with the convenience of delivery to the office in time for their lunch break. The research question was answered by collecting data from 60 potential customers, being office bound workers, from both the private and public sectors in Maseru within the 24 to 50 year age range. Data was collected using an electronic survey and analysed using Microsoft Excel and a statistical programme called Jasp.014. Frequencies and related graphs were created in Microsoft Excel, while Jasp.014 was used for Chi-Square calculations.
A needs assessment of outsourcing information technology and business services to rural areas in South Africa
(University of the Witwatersrand, Johannesburg, 2020) Ramagondo, Vhumbani; Louwrens, Jessica
The purpose of this study was to investigate the perception of South African organisations on the rural outsourcing of their Business Processing and Information Technology services. This study is based on a questionnaire survey conducted on South African organisations. The goal of this survey is to determine the perceptions of people concerning the attractiveness of potentially outsourcing their services to rural areas. Results of the study show a negative perception towards the attractiveness of rural outsourcing. The results also highlighted the factors that are contributing to this negative perception of rural outsourcing. The findings of this study have several implications for the viability of a rural outsourcing market in South Africa. The results also provide both potential rural outsourcing suppliers and clients with an assessment of the potential of rural outsourcing business processing outsourcing (BPO) and information technology outsourcing (ITO). The study also makes a valuable contribution to the outsourcing industry by identifying the business process and information technology services that are most suitable for rural outsourcing
A new business venture proposal for student accommodation in KwaZulu Natal
(University of the Witwatersrand, Johannesburg, 2021) Nxumalo, Malibongwe A.; Konar, Len
Scarcity of on-campus student housing has given birth to a niche market for private companies to close the gap as requested by the Department of Higher Education and Training (DHET) in South Africa. RasRach Student Living Company (RSLC) is a student accommodation company specialising in affordable, quality and secure studend living in Pietermaritzburg, Kwa-Zulu Natal province. Leveraging off its technological capabilities, RSLC will invest in renewable energy and the circular economy to efficiently manage operational costs and the impact of loadshedding on students, thus disrupting the sector. The Scotsville precinct within Pietermaritzburg has been identified as a hot spot to provide the service as it houses three tertiaty institutions within a five kilometre radius, making an ideal location for the RSLC housing project. This suburb provides a great opportunity for RSLC to access properties at a cheaper price and develop them to meet the housing demand. A qualitative data method was utilised to collect secondary desktop data accessible from government departments, libraries, verified journal articles, university publications and company websites. An unprecedented increase in the domestic population and the youth who require tertiary education cannot be ignored as higher education institutions are struggling to meet the demands for the provisioning of both academic and student accommodation. This serious challenge leads to the students‟ poor performance, with a drastic increase in the drop-out rates. A strong correlation exists that indicates that quality student accommodation not only impacts the students‟ performance academically but also impacts their social interactions and participation within the university programmes. RasRach Student Living Company will purchase properties near different institutions around Scotsville, Pietermaritzburg. These properties will be redeveloped to meet the requirements of the Policy on Minimum Norms and Standards for Student Housing at Pubic Universities issued by DHET. RSLC growth strategy is organic in the short-medium term and will franchise in five years to implement the strategy of the company thus advancing its business mode
A phenomenological study of female entrepreneurial identity, aspiration, and success in South Africa
(University of the Witwatersrand, Johannesburg, 2022) Mlotshwa, Semukele Hellen; Murimbika, McEdward
Background: The rise of identity movements or politics may seem sudden in modern culture, revolutionary in a sense as the world witnesses the reordering of group and group affinity discourse from the #MeToo, #BLM to trans activism. Yet in academic milieu of disciplines such as entrepreneurship, traditional scholarship seems to be stunted in failure to accept that social narratives, group or tribal self-identification, definition and identity are as important in defining history just like any other underlying socio-cultural and economic forces. This is captured well in entrepreneurship scholarship where the discipline is still struggling to build a reliable definition of female entrepreneurship applicable to both developed and developing countries and its effect on their respective economies. There is no unified female entrepreneurship discourse nor a discursive space that effectively accommodate female entrepreneurship interest groups. South Africa as an emerging African economy has not be spared this anomaly where, researchers have paid little attention to women's contributions to socioeconomic well-being through entrepreneurial activity. Although there is a multitude of female-centric debates and policies, their application seems largely rhetorical further accentuating the fragmentation of the entrepreneurship with respect to women participation. This gives the impression that studying female entrepreneurs is the study of the “other”. It is these challenges that inspired this research to explore the phenomenon of female entrepreneurship specifically how they self-identify, set, or define their aspirations and what they consider to be entrepreneurial success. The study goes beyond the dominant quantifiable content of entrepreneurship but rather emphasises the meaning content of entrepreneurship (i.e., nature and characteristics) from female entrepreneurs’ experiences and perspectives of their entrepreneurial practices. Methods: Utilising semi-structured in-depth individual interviews, group meetings, business visits with participants, a qualitative study was conducted using a two-phased phenomenological approach with thirty-five female entrepreneurs in South Africa. The data was analysed in two phases: first, through summative analyses aided by ATLAS.ti version 9.1 data analysis software program and second phase focused on seven participants was through explorative, descriptive qualitative approach. Results: Key themes identified from the data analysis in the two-phased approach were: participative entrepreneurship; resilience and relationship-focused entrepreneurial practice; creativity, resource, and venture control; personal dimension, access to resources and growth; entrepreneurial role, influencers and professional autonomy; market acceptance, self-fulfilment, work-life balance, and financial achievement. Female entrepreneurs simultaneously build, balance, and manage a wide range of entrepreneurial ventures of varying sizes across sectors while maintain both role and social identities. They have diverse entrepreneurial aspirations for personal and collective growth, while defining entrepreneurial success more widely than the present subjective and objective measurements prevalent in extant literature. While others still see their entrepreneurial identities in the male-centric constructs, this phenomenological study illustrates that these generic and traditional male-centric constructs do not adequately captures female entrepreneurial experiences. There is a distinct exhibition of strong personality traits, a high need for achievement, determination as well as perseverance in pursuit of success broadly defined beyond bank balances and turn-over. Women entrepreneurs also express strong views on earning high returns and income to not only grow their business but support their employees, communities, themselves, and their families. Conclusion: Female entrepreneurs in the South African context do not seem to limit their entrepreneurial identities to those in extant definitions based on male-centric metrics. They aspire to build ventures, build and maintain entrepreneurial role identity but not in isolation from their other social identities such gender roles as daughters, sisters, mothers, partners, family builders and leaders, female role models and community leaders. Success is measured beyond the financial and allied subjective measures but is tied to other social identity constructs while accounting for role identity related outcomes such financial achievements, professional legitimacy and acknowledgement, and personal growth. Future studies should test the conceptual model and associated conceptual thresholds proposed in this study on the relationships between identity, aspirations, and perceptions of success by subjecting them to empirical tests. The study provided novel distinctive traits of female entrepreneurs that can provide researchers with improved and inclusive entrepreneurial identity constructs, new measures of entrepreneurial success beyond the dominance of financial super-profits focus which do not consider the other equally important societal measures such as gender equity, sustainability, societal impact, and inclusivity at all levels of entrepreneurship in society. The thesis closes by arguing that the discipline of entrepreneurship needs to be continuously creative, rather than reactive; problematisation of new issues such as addressing female identity, their respective aspirations and perceptions of what success looks like. Only then can the discipline of entrepreneurship continue to be relevant to the present with a future focus without the trap of relativisation of the discipline both in research and practice
A private education business model for township students in Gauteng schools
(University of the Witwatersrand, Johannesburg, 2021) Matli, Mmasechaba; Venter, Robert
South Africa’s (RSA) public education system is in a crisis with many of the public schools offering poor quality of education. The study developed an inclusive private education business model for township students. Previous work has focused on school choice, impact of regulations on Low Fee Private Schools (LFPS) and Public–Private Partnership (PPP) Schools, academic performance. There is little known about PPP schools in South Africa and LFPS in townships areas in South Africa. Quality education increases employment opportunities, reduces poverty levels, and increases opportunities to skills development. If not received, the inverse is true. The study presented a review of literature comprising an analysis of the research problem with a focus on symptoms, root causes, and consequences of poor-quality education in public schools. A qualitative research strategy is chosen and a case study research design. The study used semi-structured interviews and a questionnaire. A purposive sampling strategy was selected. A total of twenty-one people participated in the study. The study used content analysis to analyse data, including theme identification and code labels. The evidence of the study suggests that parents living in the township are open and willing to send their children to a township private school on condition that it is affordable. Partnerships are central to deliver quality education, it is important for schools in general to partner with various stakeholders including corporate, government, financial institutions, parents and other. Township schools need to have a deep understanding of the community needs, the complex social issues and therefore tailor services accordingly. One of the key service offerings for township schools suggested by research is social support services and remedial. Social support includes counselling, career planning and other. The proposed solution must be inclusive, affordable, holistic, and equitable. There is, however, a considerable number of parents who are happy with the quality of education in the public schools. The research findings suggest that there is a demand for quality education in the townships
A proposed internal audit tool to improve internal audit effectiveness in South African national departments
(University of the Witwatersrand, Johannesburg, 2021) Seitei, Zondre Launchya; Wotela, Kambidima; Plant, Kato
Increasing governance related issues are plaguing the South African government, which have in recent times seen many state institutions facing serious financial and operational related challenges to the point where the National Treasury had to bail out public institutions. Internal audit is a vital component of governance structures within organisations, as internal audit functions (IAF) provides support to the its governing bodies through the provision of assurance and consulting services on the effectiveness of risk management, controls and governance processes. The Institute of Internal Auditors (IIA) has made the development and implementation of a quality assurance and improvement programme (QAIP) mandatory in term of standard 1300 of the International Standards for the Professional Practice of Internal Auditing (The Standards). This augments the importance of measuring the quality delivered by internal auditors to their key stakeholders. Literature revealed that the quality or effectiveness of IAFs’ management support, independence and its competence are factors that can be positively correlated to internal audit effectiveness (IAE). However, the existence of a quality assurance self-assessment preparation (QASP) tool appears to be limited. Therefore, the aim of his study was to propose such a tool to aid IAFs in South African government national departments in conducting their own self-assessments. This could capacitate IAFs in the public sector to assess their effectiveness. This study found that there is a need for quality assurance self-assessment preparation (QASP) tool to help IAFs assess their effectiveness. Four key themes emerged from the findings, namely, IAE, internal assessments, a measurement tool and external audit reliance culminating into a proposed QASP tool. It is therefore recommended that IAFs of national departments in the South African public sector take cognisance of the proposed tool to improve internal audit quality and ultimately governance and service delivery
A renewable energy solution for small to large businesses in the Kingdom of Eswatin
(University of the Witwatersrand, Johannesburg, 2023) Manana, Cusilakhe; Mondi, Lumkile
The Kingdom of Eswatini’s electricity supply is not self-sufficient and relies on the import of electricity to meet its local demand. This has resulted in the country importing 73% of its electricity from foreign suppliers including South Africa, Mozambique, and the Southern African Power Pool (SAPP). This heavy reliance on imports means the country cannot guarantee future supply nor have full control of the tariffs charged to customers for electricity. Solar photovoltaic (PV) technology installations have seen a steady increase worldwide due to improved efficiency in technology performance and a decrease in the cost of the technology. These advancements have resulted in solar technology becoming cheaper than traditional sources of energy available to consumers. The business venture investigates the viability of using solar technology as a solution to the high electricity costs being paid by small to large businesses within Eswatini. The venture aims to install, own, operate, and maintain solar PV plants at the customer’s property and sell the generated power to the customer. The venture does not seek to replace the utility supply but aims to provide an alternative cheaper solution as an input into operations. The business venture proposal targeted small to large businesses from varying industries across the country as respondents for the study. In the study, the market perception towards solar technology as well as consumer behavior analyzed to assist in formulating a business model for the venture which would ensure uptake of the value offering. Furthermore, the business venture investigated the viability of the project by evaluating performance parameters which included the levelized cost of energy (LCOE) of the solar plants, cash flows, Internal Rate of Return (IRR), and the Net Present Value (NPV)
A series of experimental analyses into the Disposition Effect and its manifestations among South African investor teams
(University of the Witwatersrand, Johannesburg, 2023) Shandu, Philani; Alagidede, Ihmotep
In behavioural finance literature, there is a significant amount of both empirical and experimental evidence to suggest that prior outcomes impact investment decisions through cognitive biases which most (if not all) human investors succumb to. Among the most pervasive of these biases is the disposition effect, which manifests as the tendency of the investor to sell winning stocks too soon and hold on to losing stocks for too long (Shefrin and Statman, 1985). Critically, the disposition effect is understood to lead to suboptimal portfolio returns (i.e., suboptimal levels of investor welfare). While there have been several studies in other emerging markets, studies remain few in Africa and do not address some of the important issues underpinning the intensity and nature of the disposition effect among African investors. This thesis responds to this gap by designing and analysing several field experiments which explore causal relationships between psycho-social, public health-related, and socio-political factors and the emergence, prevalence, and intensity of the disposition effect among South African university student investor teams participating in the 2019, 2020, and 2021 runs of the Johannesburg Stock Exchange (JSE) Investment Challenge. The thesis is organised into three experimental studies, each speaking to specific theme/s that form the research’s core objective while employing unique data and sound econometric techniques known to be relevant to experimental analysis in finance studies. The first study in Chapter 2 of the thesis endeavours to determine (i) whether the disposition effect exists among South African investor teams, (ii) whether it is causally intensified by a set of psycho-social factors, and (iii) whether the disposition effect causally reduces investor welfare. Among the study’s main findings are that South African investor teams are susceptible to the disposition effect, and that their susceptibility to the bias causally attenuates their investor welfare. Furthermore, low female representation in an investor team is found to causally intensify the disposition effect, subsequently leading to a decrease in investor welfare. Using ii evidence from real-world observation, the study contributes to the literature on team gender diversity and investment decision-making, and – using Hofstede’s (2001) cultural dimensions – it offers a comprehensive account for how differences in culture may lead to differences in gender-related disposition effects across different nationalities. The study also introduces to the literature experimental evidence from the field that clearly demonstrates that – among South African investor teams – a causal relationship exists (i) between female representation and the disposition effect, and (ii) between the disposition effect and investor welfare.
A strategic management approach Education for the new world of work in South Africa
(University of the Witwatersrand, Johannesburg, 2021) Manuel, Zelda; James, Goerge; Wotela, Kambidima
This research investigates the readiness of the South African education system for the new world of work. The future of work will be different, driven by automation, which place employment at risk. It therefore requires educational outcomes that can prepare individuals with the correct skillset (PWC, 2019). It will demonstrate that the traditional definition of jobs is shifting , a new breed of jobs that require multiple and diverse skills will replace role specification (March & McLennan, 2017). The study used a quantitative research strategy; the data was collected from participants using a questionnaire as a data collection instrument. Descriptive statistics was used to perform the data analysis. It found that although much work was done in the tertiary education sector to prepare learners for the new world of work, respondents confirmed that they still need to continue their learning journey to remain employable in the future. An individual’s employability is dependent on effective career planning and life-long learning (M Watson, M McMahon, 2009). The research highlights that career management aim to provide a holistic approach where learners choose careers that they are passionate about and not only for employability (Maree J. G., 2009).Career counselling allows for social and economic inclusion and the absence thereof have negative impact for families and the economy (Maree J. G., 2009). Organizations need to rethink their strategies and embrace new ways of work (Magwentshu "et al", 2019).They have the responsibility to up skill and reskill their workforce in order to adapt in the future and remain profitable (PWC, 2019). South Africa has high levels of unemployment, 29% (Stats, SA, 2020) and is faced with the challenge to accelerate economic growth. A further key challenge is the pace at which local companies are prepared to compete and grow in a digital world (Magwentshu "et al", 2019). This research will assist academic institutions to prepare learners for the new world of work by identifying skills required for the 21st century workplace that will equip learners for the future. It will aid learners to research future roles prior to registration as future careers are changing and from the research results, it is clear that employability is a key factor in selecting academic courses (Chikoti, 2018)
A theoretical analysis of how the enhancement of social media utilization can improve customer experience in South African retail banks
(University of the Witwatersrand, Johannesburg, 2020) Rapitsi, Lebohang
Purpose: The banking industry has seen a rapid shift with the emergence of digital banks and non-direct competitors, as a result banks have responded with increased focus on the use of technology in efforts to defend market share. There is currently a lack of empirical evidence which relates to how the enhancement of social media usage by South African retail banks can improve customer experience. The purpose of this study is to examine empirical evidence to support the predictor effects of customer perception, service quality, customer satisfaction, with the aim of enhancing customer experience in retail banks by utilizing social media platforms. Design/Methodology/ Approach: The empirical study was of a quantitative nature, whereby factors pertaining to customer perceptions, service quality, customer satisfaction and customer experience were assessed accordingly. The sample consisted of 62 respondents from the various retail banks in South African. Various statistical tests were initiated in order to understand the relationships between the abovementioned variables. Findings: The results from the study indicate a positive relationship between customer satisfaction as a predictor of customer experience on social media platforms. The findings also suggest although there may be associations between service quality and customer perceptions with customer experience, they are however not significant. Implications: It is critical for retail banks to continue to seek innovative ways to improve customer experience. The benefit of utilizing social media platforms is that it allows for banks to establish valuable interactions with customers whilst leveraging information in order to understand the needs of their customers
A theory of virtual culture formation
(University of the Witwatersrand, Johannesburg, 2021) Chitondo, Margaret Zvobgo; Carmichael, Terri
This research focused on the formation of organisational culture in virtual work teams that exist within the context of a virtual organisation. The concept of organisational culture has been studied since the late 1970s in traditional work contexts. Several studies have subsequently been carried out on the factors influencing and the processes involved in the formation of culture within the context of traditional brick and mortar workplaces. This study focused on the formation of culture in virtual organisations, which have become commonplace in the 21st century and whose key characteristics are technological enablement as well as geographic and spatial distribution. A sensitising literature review was presented to locate the study within the current discourse of organisational culture, process theory and virtual work teams within virtual organisations. A constructivist grounded theory study was carried out to investigate the phenomenon of culture formation in virtual organisations using respondents who were at the time working as part of a virtual team within a virtual organisation. Data from 18 interviewed participants and five sets of archival records were collected and analysed theoretically. The results of the study were integrated with extant literature to find that organisational culture within virtual contexts developed through managing the core theme of virtuality and by dealing with virtuality while maintaining organisational effectiveness and managing interpersonal relationships. The findings from this research are expected to inform stakeholders so that they may better anticipate, facilitate and r respond to organisational culture development within a virtual organisation context.
Access to finance by black-owned small and medium enterprises operating in the South African agro- processing sector
(University of the Witwatersrand, Johannesburg, 2022) Tjabadi, Jazzino; Mazonde, Nomusa
Small and medium enterprises (SMEs) make a meaningful contribution to economic growth, job creation and poverty alleviation. Despite this, there is a low creation and high failure rate of new small businesses in South Africa. Access to finance is considered the main contributing factor, particularly amongst black-owned SMEs. South Africa has identified agro-processing industry as a sector with high potential to spur growth and create jobs because of strong linkage with primary agriculture. Against this background, this study sought to investigate the factors that hinder access to finance by black-owned SMEs operating in the agro-processing sector in South Africa and explore other key factors that threaten their long-term survival. This research contributes to solutions aimed at addressing the root causes attributable to SMEs’ inability to access funding from the formal financial institutions and government agencies. Using qualitative research method, data was collected from black SME entrepreneurs through semi-structured, in-depth interviews and analysed using content analysis. Purposeful sampling was used to identify and select the participants. The insights gained from the research highlights that black-owned SMEs are severely impacted by funding and market access issues, amongst others. The findings revealed that black SME entrepreneurs prefer to use own capital and/or funds from family and friends to start and grow their businesses. Complex processes, unsuitable financial products, high interest rates, unfavourable repayment terms and favouritism in government schemes were found to be amongst the key factors that discourage SMEs from applying for formal institutional finance. Other factors such as limited access to information about available funding sources and access to market opportunities significantly influence the long-term success of black- owned SMEs. To develop a sustainable, long-term financing model for SMEs, it is recommended that government, in partnership with the private financial institutions, establish a small business financing institution for SMEs in the agro-processing industry. To avoid the major deficiencies plaguing the existing government schemes, this should be a private, stand-alone entity funded by the government and private financial sector. The new institution should introduce new, innovative financing solutions that are tailored for start-up and early-stage SMEs.

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