Electronic Theses and Dissertations (PhDs)

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    Antecedents and consequences of online customer brand engagement in business-to-business in an emerging market
    (University of the Witwatersrand, Johannesburg, 2023) Sibanda, Tonderai Gilbert; Yvonne Kabeya , Saini
    The purpose of the research is to study the antecedents and consequences of online CBE in the context of emerging markets and B2B. The role of mediators between CBE and its consequences is yet to be fully explored. CBE has not been studied much in the B2B context in emerging markets. Data was collected from ICT decision makers in South African and Kenya through an online survey on Qualtrics. In total, four studies were done, namely, a pilot study in South Africa, two main studies in South Africa using different samples and the last one in Kenya. A PLS structural equation modelling (SEM) was performed to test the hypothesis using SmartPLS4. A mediation analysis was done to check the effect on mediators between online CBE and its consequences. The research shows that involvement, brand equity, participation and brand love are antecedents of online CBE. Relationship quality amplifies the effect of online CBE on its consequences, namely loyalty, brand advocacy, brand preference and purchase intention. This research provides business and brand managers with ideas on how to approach online CBE in B2B. It shows that a multidimensional approach to online CBE is better because each of the online CBE components are affected by the antecedents differently and each one has a different effect on the consequences. Mediators amplify the effect of online CBE on its consequences. This thesis makes a contribution in four ways: a) It makes an incremental scholarly contribution by bringing together constructs from various cognate theories and study areas relating to relationship management; and investigates how the predictors of customer brand engagement and how customer brand engagement predicts the outcome variables, b) It makes a practical contribution in the sense that it adds to our understanding of the factors that influence customer brand engagement and the expected outcomes of customer brand engagement in practice, c) It also makes a contribution relating to the study of emerging market contexts by drawing data from more than one emerging market country, namely, South Africa and Kenya d) The thesis delves into highly significant and relevant topics, with a notable focus on introducing the construct (CBE) in the B2B context, ii incorporating data from emerging markets. This pioneering inclusion of CBE in a new context highlights the thesis's exceptional contribution, as well as originality, bridging a research gap and expanding knowledge in the field.
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    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.
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    Learning Transfer among Generation Y Entrepreneurs in the South African Manufacturing Sector
    (University of the Witwatersrand, Johannesburg, 2023) Raliphada, Nditsheni J.; Carmichael ,, Terri
    South Africa has one of the highest levels of unemployment in the world, and youth entrepreneurship is viewed as one of the interventions that can help with job creation and reduce unemployment. This study aimed to understand how learning transfer occurs among Generation Y Entrepreneurs in the South African manufacturing sector. The study followed the Glaserian classical grounded theory methodology. Data was collected through direct interviews (3) and from pre-recorded interviews (27) accessed online. Data was analysed until the theory emerged, observing the principles of constant comparison, theoretical sampling and saturation. The study found that GYEs core concern is “staying afloat” linked to the survival and sustainability of their business enterprises. “Relating” emerged as the core category; learning transfer among GYE occurs primarily through relationships. This study proposes Relational Learning Transfer Theory to account for how GYEs acquire and transfer learning, navigate their environments, respond to their primary concern of staying afloat, and strategise to outsmart the competition. Relational Learning Transfer Theory is a processual theory that recognises internal factors, such as the self, and external factors, such as support structures and the environment. The study also proposes a relational learning transfer matrix and model as contributions to learning transfer. Methodologically, a new coding approach was developed and used in the study as a contribution to grounded theory and qualitative research. The method codes data for actions, conditions, attitudes and consequences (ACAC). The study’s findings provide guidance to GY entrepreneurs to build and enhance their relationships with stakeholders to sustain their enterprises. Academics and practitioners can utilise the theory, matrix, and model to enhance the entrepreneurship curriculum. Policymakers should utilise the findings in this study to direct their policies and strategies to create a conducive environment for entrepreneurial endeavour amongst South African youth.
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    Motivations for Individual Giving among Ghanaians
    (University of the Witwatersrand, Johannesburg, 2023) Owusu-Ansah, Matilda; Moyoi, Bhekinkosi
    The primary objective of this thesis was to investigate the motivations for individual giving of money, gifts and time to other individuals and organisations among Ghanaians. Previous studies in Europe, America, Asia and South Africa show that individuals are the main source of immediate and long-term support to other individuals and organisations. However, research into the factors that motivate different giving types to individuals and organisations among Ghanaians is almost non-existent. Therefore, this study investigated extrinsic and intrinsic motivations influencing giving decisions by Ghanaians. Specifically, the thesis considered the demographic and psychographic factors influencing individual giving. The demographic factors include personal and socio-economic characteristics, and the psychographics includes behavioural and attitudinal factors that influence giving. The study identified gender, age and household size as the significant demographic factors, while financial constraints, egoism, giving back, social norms, religion, social justice, trust, and emotions are the significant behavioural and attitudinal factors influencingGhanaian giving. The research obtained primary data by surveying a diverse sample population of 720 respondents and conducting semi-structured interviews with 21 Ghanaians. The binary logistic regression model applied to measure the predictive ability of the demographic and psychographic factors on the three related behaviours of giving money, giving gift items, and volunteering suggests that the significant demographics influencing giving, among Ghanaians are gender, age, household size, number of children, education, ethnicity, religion and marital status. While the significant psychographics influencing giving behaviours are financial constraints, egoism, giving back, social norms, social justice, trust, and emotions.This study adopted the motivational domains of the Self Determination Theory and suggested that the motivation to give is a transition and overlaps from not being able or willing to give, through socially reward-seeking and punishment-avoiding actions to genuine concern for others’ welfare. The main contribution of this study to theory and knowledge is the adaptation and application of the Self Determination Theory in the Ghanaian context and identifying the different variables that influence the giving decision among Ghanaians. In addition, the identified factors are useful to organisations and groups that seek to motivate individual giving and involvement in community, group or national philanthropic and charity activities
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    The Role of Leadership in Driving Digital Transformation in the South African Financial Services Sector
    (University of the Witwatersrand, Johannesburg, 2023) Ngxola, Nomonde; Gobind, Jenika
    The purpose of the research is to provide an all-encompassing definition of Digital Transformation (DT) amid a sea of definitions and propose drivers that leaders operating in the South African Financial Services Sector can use to drive Digital Transformation within their respective organisations, not only as a mere project but also being mindful of the personal influence their role as leaders has on the success of a DT process (Bordeaux, 2019). From a systematic review of 100 peer-reviewed articles, the literature suggests there are seven common and key drivers of the Digital Transformation process. These were identified as digital business strategy, a review or augmentation of the organisations business model, big data-driven processes, process automation, customer centricity, digital competency, and culture (Bhardwaj et al., 2013). The literature also reflects the influential role that leaders play in the DT process through their traits and abilities (Kaidalova, Sandkuhl & Seigerroth, 2018). A close examination was made of the evolution of leadership theories: The Great Man Theory being the starting point, was premised on the leader’s abilities resting solely upon leader themself, believed to be born with a set of traits and behaviour that automatically deemed them leadership worthy (Cherry, 2019). During this era, the notion of leader development and training was not given thought (Hartl & Hess, 2017). The leader was according to this theory born and carried their own innate talents and capabilities to lead devoid any form of development and advancing. The paper seeks to explore the evolution of leadership theories that evolved from the trait and behavioural theories to that of transformational leadership, which looks specifically at leaders in relation to their subordinates to the latest DT theories to test for similarities, plus outliers when considered with respect to the methodological finding Additionally, the research incorporated notable barriers to the digital transformation process as noted by the leaders that were interviewed in the study. Themes of digital denialism, deflation and discomfort surfaced and were explored at length. vi The study adopted an exploratory sequential mixed methods approach compromising of qualitative content analysis and thematic analysis of semi-structured interviews using creative methods of extraction. The population sampled consisted of a group of Chief Information Officers, Chief Technology Officers, and Digital Heads of Business.
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    The intersectionality of social generations, locale, and race, in diversity management in South Africa
    (University of the Witwatersrand, Johannesburg, 2023) Nayager, Kesagee; Carmichael, Terri
    This qualitative case study explores the intersectionality of social generations (known as cohorts), locale (space and place), and race, how it may influence intra-generational differences in South Africa, and the meanings that intra- generational differences may have for diversity management studies. Whilst intersectionality studies commonly focus on the intersecting of social categories such as race and gender, little is known about the intersectionality of social generations, race, and locale (space and place) in the workspace in South Africa and about intra-generational differences and the meanings it may have for studies on diversity management. Whereas the literature on the phenomenon of social generations tends to portray social generations as homogenous and as defined in the American context, this study contributes to studies on local social generations by examining how intra-generational differences may be facilitated when race, locale (space and place), and social generations intersect. The seminal theory of generations defines locale in terms of space only. By expanding on the definition of locale to include both space (a physical setting) and place (the ambience created when space is socially engineered), this study explores the Black and White lived experiences of social generations, space, and place in the workspace. A dual case study design was used, and 60 face-to-face qualitative interviews were conducted with Black and White employees who were purposively selected from the three social generations (Generation X, Generation Y, and Baby Boomer) working at Bombela and the Gautrain Management Agency. The research findings were thematically analysed to explore how Black and White South Africans from each social generation experience spaces and places in present-day South Africa. The analysis revealed that, in the workspace, Black and White South Africans from different social generations have a shared experience of space but varied experiences of place. Black participants from the Generation Y social generation described their financial burden of caring for extended family members who have been historically disadvantaged by the Apartheid regime in South Africa, terming it a “Black tax” from which, they say, their White counterparts are exempt. White participants from this same social generation described their guilt and remorse for the historical system of Apartheid. They spoke of the emotional burden that they carry for it caused by their Whiteness. The study coins these different Black and White social experiences as the perceived ‘financial and socio- political costs of being Black in post-Apartheid South Africa’ and the perceived ‘socio-political cost of being White in post-Apartheid South Africa’. As a contribution to diversity management studies, the study introduces the term ‘placial planning’, which entails socially re-engineering the ambience in the workplace so that Black and White South Africans from different social generations have similar experiences of place in the workplace
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    Making Sense of Employee Ownership: An Institutional Logics Perspective
    (University of the Witwatersrand, Johannesburg, 2023) Murray, Tessa-Ann; Carmichael, Terri; Luiz, John
    This grounded theory study explored the perspectives, attitudes and behaviours of individual employee-owners within organisations that had implemented share- ownership schemes as a mechanism to address the persistently elevated levels of inequality in South Africa. The study articulates how employee-owners make sense of their dual roles as employee and owner of the organisation, and how they integrate ownership into their work experience. While the motivation for implementing employee-ownership schemes may often be aligned with shareholder capitalism, increasing awareness of the alternative of stakeholder capitalism to address inequality highlights employee ownership as a way of including employees in financial participation and decision-making in the workplace. Implementing employee ownership provides an opportunity for organisations to balance and meet their financial and social commitments. The grounded theory approach utilised in-depth interview data from 18 individuals from previously disadvantaged population groups. The key findings of the study indicated that the assimilation of employee ownership is an individual, temporal, situational process that comprises progressive levels of integration. During this process, the orientations of management and employee- owners towards employee ownership influence the individual’s momentary readiness to integrate ownership into their work experience. An institutional logics interpretation of the findings revealed the influence of macro-, meso- and micro-contexts on how employee-owners perceive management’s orientation towards employee ownership and their own perceptions and expectations of inclusion as employee-owners in the workplace. As its theoretical contribution, the study clarifies the individual’s integration of ownership and proposes a model for the integration of ownership into the work experience of the collective of employee-owners over time and the institutionalisation of employee ownership in the workplace.
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    The development of an artificial intelligence adoption framework for food retail marketing in South Africa.
    (University of the Witwatersrand, Johannesburg, 2023) Mpunzi, Sinenhlanhla; Saruchera, Fanny
    Industry 4.0 has taken the world by storm and impacted how we live, work, and behave. Focused on business transformation and revolution, industry 4.0 has given birth to one of the most celebrated inventions, Artificial Intelligence (AI). AI has provided endless opportunities for businesses respective of industry. However, AI adoption frameworks have been limited as AI is a new phenomenon in South Africa. Previous studies in food retail marketing have identified low interest in AI adoption due to a lack of guidance. Therefore, the study aimed to develop an AI adoption framework for the food retail marketing industry in South Africa. In achieving the main objective, the study examined the influence of AI on marketing strategy outcomes, the influential determinants of AI adoption in the food retail marketing industry, and the major AI technologies adopted by retail marketers and assessed the moderating effect of competitive intensity. Guided by the Innovation Diffusion Theory, Technology-Organization-Environment framework, Institutional and Productivity Paradox theories, the study established the influential factors that determine AI adoption. Using literature, theoretical constructs were drawn on AI technologies adopted, the marketing mix components (4Ps), the competition intensity elements, and strategy outcome measures. The study adopted the quantitative research method. Data were collected through self-administered questionnaires distributed to 380 respondents from food retail firms and marketing agencies with backgrounds in marketing, management, computer science, analytics, and sales. Data was analysed through SPSS version 27, where several analysis procedures were performed, such as CFA, EFA, model fitness and predictive power assessment. Partial Least Squares-Structural Equation Modelling was performed to examine the significance and ascertain relationships. The study found that systems complexity, finance, firm size, perceived AI risk, vendor participation, and external pressure influenced AI adoption in retail marketing. The research also discovered that AI technologies adopted (robots, chatbots, data analytics systems, CRM, and communication tools) improve marketing mix components by influencing the price, placement of products, R&D procedures, and sales techniques. The study found that competition intensity significantly moderates the relationship between AI adoption and marketing strategy outcome. This study further emphasizes the importance of integrating AI technology in the retail food industry, given that it enhances their marketing mix capabilities with direct positive implications on their marketing outcomes. It is evident that decision-makers need to re-strategize and pivot towards innovation integration. Therefore, the study recommends that food retail marketers adopt AI technologies as they positively influence sales, ROI, profit, and market share. Equally, food retailers must understand the adoption determinants, followed by the AI technologies that can effectively improve marketing tasks, examine how the 4Ps can be strategically tailored to suit AI integration and assess the impact through marketing strategy outcomes. The findings of this study contributed to the development of the first AI adoption framework contextualized for the food retail industry. Theoretically, the findings provide extended and new knowledge about AI adoption in food retail marketing. The empirical findings also settle debates surrounding inconclusive determinants of AI adoption. The study provides potential technologies that food retail marketers can use and ranks them according to their use and cost. The findings prove that AI integration can improve the marketing practices of food retail marketers. It gives clear solutions on how AI can be used for descriptive, diagnostic, prescriptive and predictive purposes. Future studies could focus on developing frameworks for other non- marketing functions and how AI can be regulated to avoid unforeseen consequences should they be successfully integrated
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    Exploring the social impact of corporate social investment in South Africa
    (University of the Witwatersrand, Johannesburg, 2023) Mangwiro, Neville Taziva; Moyo, Bhekinkosi
    Our research examined the social impact of corporate social investment (CSI)/corporate social responsibility (CSR) in South Africa. It evaluated CSI/CSR activities and their immediate outcomes in three South African provinces, namely Mpumalanga, Western Cape, and Gauteng. CSI initiatives within the financial sector in the three provinces were chosen because the financial sector is one of the top three locations where most CSI/CSR activities occur. The critical systems heuristics theory underpinned this study. To systematically address the key research questions, the explorative sequential mixed-methods research approach was employed, which involved a two-phase research methodology that began with phase one being qualitative and phase two being the quantitative aspect of the proposed research. Semi-structured interviews with 32 key informants from a business mentorship programme and an early childhood development practitioner training programme provided qualitative data. In addition, a self- completion survey questionnaire completed by 427 respondents with experience in conducting CSI/CSR initiatives provided quantitative data. To analyse qualitative data, ATLAS.ti 9.1.3.0 Multilingual qualitative research software was employed. Furthermore, the IBM Statistical Package for Social Sciences software 25 (SPSS 25) was used for descriptive and inferential statistics analysis of quantitative data. Significant findings revealed that CSI is a charitable activity of business conducted to achieve community relations and development for social good. It turned out that CSI initiatives can potentially reinforce the inequalities and disparities that corporate CSR/CSI should eradicate by maintaining the status quo in South Africa. The study concludes that the would-be beneficiaries cannot voice their interests in the CSI initiatives now in a way that can positively affect their lives. Therefore, engaging in the initiative in a more inclusive way that allows would-be beneficiaries to represent themselves would be more iii empowering and emancipative. The study, therefore, recommends that when the decision-makers are designing the CSI initiatives, one of the purposes for its establishment should be to ensure ownership of the purported beneficiaries’ businesses in addition to the upskilling of all stakeholders.
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    Empirical Evaluation of the Possible Impacts of the Transformation of Microfinance Institutions in Africa
    (University of the Witwatersrand, Johannesburg, 2023) Karuitha, John King’athia
    This dissertation explores the impacts of Microfinance Institutions’ (MFIs) trans- formation from Non-Governmental Organizations (NGOs) model to profit-seeking commercial firms’ model. Specifically, the research examines the drivers of this MFI operating model transformation and the transformation’s attendant effects on financial inclusion in Africa. The study also explores the drivers of financial efficiency, social efficiency and joint socio-financial efficiency of Africa’s MFIs. Lastly, the study examines the prevailing financing structures of Africa’s MFIs and the factors associated with these MFIs’ choice of financing alternatives. Fundamentally, older MFIs and MFIs in civil law countries are more likely to convert their operational mode from the conventional NGO model to the for- profit, financially sustainable model. Additionally, larger MFIs and MFIs located in countries with “other” legal traditions and better institutional quality, are more likely to transform. However, stock market size negatively relates to the odds of transformation. Interestingly, the transformation to the for-profit model negatively affects the depth of MFIs’ outreach. MFIs with NGO-based models reach more women and advance smaller denomination loans. Similarly, NGO- type MFIs have markedly better social efficiency and socio-financial efficiency scores than other MFIs models. Only cooperatives and rural banks consistently outperform traditional NGO-type MFIs in financial efficiency. Stock market and private credit market sizes, proxies for financial sector development, negatively affect social and socio-financial efficiencies. Most MFIs in Africa attain both financial and social goals. However, rural banks and NGO-type MFIs are more likely to achieve the dual goals than other MFI legal forms. Age, size, financial development, institutional quality, legal tradition, and legal status are statistically significant factors in MFIs attaining joint financial and social objectives. Furthermore, at the firm level, size, age, legal status, and profitability drive MFIs’ choice of financing alternatives. For example, asset structure varies inversely with leverage. And at the country level, institutional quality varies inversely with deposits and donations, respectively. Overall, most of these results indicate that the transformation of MFIs in Africa, does not necessarily lead to financial sustainability; instead, it appears to be harmful to the financial inclusion goal. There also seems to exist a need to craft better financing models for MFIs to support their twin objectives of social outreach and sustainabiliy
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    Determinants of intrapreneurial performance within the banking industry in South Africa
    (University of the Witwatersrand, Johannesburg, 2022) Govender, Thanusha; B, Urban
    The ability for large corporates to remain competitive and grow ahead of the market in an era that has been defined by globalisation, the fourth industrial revolution, and more recently the COVID-19 pandemic has become increasingly difficult. Therefore, it is a critical imperative for organisations to develop a new capability that equips them to navigate the turbulent global macro-economic environment and complex business markets successfully. Globally, banks have experienced severe pressure to transform their business models from capital intense businesses into revenue diversification drivers through new fee-based services. Investors are leaning towards new generation banking models that serve customers holistically, intuitively, and better by employing “new age” technology solutions, as profitability levels within global banks have slipped below the cost of shareholder equity. Coupled with the reality on the ground pre-2020, COVID-19 has become a watershed transformation moment for banks. It has accelerated many long-term banking trends that have resulted in customer shifts in relation to their needs, behaviours and expectations and has subsequently impacted their recovery performance. As such, African banks need to pivot their focus towards growth and relevance by ensuring the establishment of a fundamentally different business model that provides integrated digital ecosystem solutions that go beyond traditional banking, and offer to ensure market competitiveness. Corporate entrepreneurship is a strategic capability that enables organisations to embed innovation as a core competency and simultaneously engage in explorative and exploitative activities, which are essential thrusts in the strategic renewal of a company
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    Pricing Strategies of SMEs in South Africa: Investigating Antecedents and Moderators
    (University of the Witwatersrand, Johannesburg, 2023) Fathima, Asma; Dorson, Thomas Anning
    Small and medium enterprises (SMEs) performance may be influenced by several factors, including price strategy. However, there is limited empirical research on the pricing strategies of SMEs especially in emerging economies such as South Africa. The purpose of this research is to assess the antecedents, moderators and consequences of the pricing strategy of SMEs. The study also sought to explain the extent to which the size and the age of SMEs influence the effect of pricing strategies on the long-term viability. Five hundred and forty-two (542) SMEs from the Gauteng Province, South Africa were surveyed for this study. Using a partial least square structuring equation modelling (PLS-SEM) the study analyses its hypothesized model to offer some useful insight for both theory and practice. Multiplicative as well as subgroup moderation analysis were performed as part of the moderation analysis to examine the effects of SME age, size, pricing objectives and pricing capabilities. The findings indicate that some pricing conditions which are in the form of competitor relatedness, customer relatedness and corporate and market related explains pricing strategic choices of SMEs. While their significant effects vary per condition, pricing strategies were largely found to be driven by these factors. The study also found that pricing strategies in the form of value-based, competitor-based and cost-based strategies have varying effect on SME performance which were expressed in the form of market-share growth, sales growth and profitability over the past three years. The most significant effect of the pricing strategies on SME performance was found in value-based pricing, cost-based had minimal effect, while competitor-based strategy had no effect. However, with pricing objective and capability as moderators, while the effect of value-based remains significant, the effect of cost-based and competitor based become significant on some of the key performance measures. Firm characteristics such as age and size did not explain the effect of pricing strategies on firm performance as some strategic scholars have proposed even in the face of moderators. A key contribution of this study is that while the effect of pricing strategies may not offer significant direct effect of SME performance, in the face of a clear pricing objective and adequate pricing capability, these pricing strategies can bring beneficial effect to SMEs. The study also shows that, in empirical terms, SME size or age may not explain the performance differential effect of pricing strategies even with a clear pricing objective or significant pricing capability.
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    Entrepreneurial potential and career choice regret: A focus on switching intention among employees and entrepreneurs in the DRC
    (University of the Witwatersrand, Johannesburg, 2023) Ephrem, Akilimali Ndatabaye; Murimbika, McEdward
    This thesis is made of four pieces. In the first piece, it is shown that as good as extant measurement scales of entrepreneurial potential might appear in the literature, they suffer from the lack of theory integration and clarity and are fragmented among ‘siloed’ scholars repeating each other without real progress. Through several studies, the thesis develops and validates a new entrepreneurial potential scale, therefore setting an important pre-condition for advancing entrepreneurship theory and practice. The remaining thesis problematizes that, despite the merit of extant studies on career decision regrets, they do not address important questions about the prevalence, the antecedents and consequences of regret arising from choosing entrepreneurship instead of paid employment and vice versa. The thesis examines the mediation role of career choice regret in the relationship between entrepreneurial potential and career switching intention, the moderated effect of entrepreneurial potential on career choice regret, and the moderated effect of the latter on career switching intention. The relationships between the constructs were examined by applying the PLS-SEM on data collected on 721 employees and 724 entrepreneurs from the DRC. In the second piece, it was found out that career choice regret partially mediates the effect of entrepreneurial potential on career switching intention. Thus, a contribution is made to the regret regulation theory by arguing and justifying that, what is or must be regulated is not regret only but also and most importantly the choice and the outcome. In the third piece, evidence is provided that the effect of entrepreneurial potential on career choice regret is moderated by duration in the career, social comparison, former career status, decision justifiability, and perceived environment’s supportiveness. Thus, the thesis reconsiders the regret regulation theory, in particular the propositions that relate to regret cyclicity, decision justifiability and external attributions of regret. In the fourth piece, the thesis examines when individuals consider reversing their career choices to manage regrets. By doing so, the thesis does not only test but also clarifies and extends the regret regulation theory in relation to the post- decision regret management strategies. The findings indicate that individuals consider reversing career choices to manage regrets when: (1) the foregone career is accessible and resistance to change does not prevail; (2) it is not yet too late to do so; (3) they never tried the forgone option or, mistakenly or strategically gave up on it; (4) the decision can benefit from sincere social support and approval of referent individuals; and (5) can advance valued active goals. Overall, the thesis offers novel human resource management and entrepreneurship policy implications
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    The entrepreneurial experiences of black African women entrepreneurs in South Africa: The role of compensatory capital
    (University of the Witwatersrand, Johannesburg, 2023) Cross, Eunice
    This qualitative study explores the entrepreneurial experiences of black African women entrepreneurs in South Africa. These women have established growth orientated, scalable, and socially and economically impactful businesses. They operate in a diverse range of industries regarded as male-dominated and have harnessed financial resources for their businesses. The study illuminates the contextual structural constraints they encounter as business owners, and how they cultivate capital and position their agency towards sustaining their businesses and accessing finance around their structural constraints. More specifically, the study shows that black African women entrepreneurs from historically disadvantaged and marginalised backgrounds offer specific compensatory and learned resources that facilitate their integration, adaptation and inform their coping strategies in a challenging business environment. Data were obtained through semi-structured interviews with 28 participants in South Africa. The participants were identified using snowballing and purposive sampling. Data were inductively analysed using ATLAS.ti. Epistemologically, the study draws from Bourdieu’s theory of social practice and his concepts of field, habitus, and capital, and Cross and Atinde’s theory of compensatory capital, to map out the entrepreneurial experiences of black African women entrepreneurs. The findings relating to compensatory capital represent the main contribution of this study. Despite a progressive regulatory equality framework in South Africa, the research underscores that black African women entrepreneurs in South Africa are subjected to gender and racial discrimination, and patriarchal stereotyping in their business operation and fund- raising efforts. The findings revealed that the participants’ personal characteristics, motivations, skills, and knowledge, rooted in their earlier life experiences, assisted with navigating obstacles in their business environment. These include, amongst others, their confidence in their ability, dedication to hard work, resilience, optimism, and early-age entrepreneurial and financial skills, which influenced their later entrepreneurial behaviours. Further, the participants leveraged informational resources (academic qualifications, work experience, training, and networks) to enhance their competence, credibility, and competitive advantage in their business environment. Their social networks involved strategic alliances iii with men in the business environment who had legitimacy and capital highly valued to counteract gender and racial bias. The study lays a foundation for future empirical studies on the concept of compensatory capital in the field of entrepreneurship. The insights from this study and its recommendations may assist in the formulation of future policies and interventions in South Africa aimed at promoting women’s participation and advancement in entrepreneurship and enhancing their financial inclusion.
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    Proximal and Distal Antecedents of Behaviour Change Maintenance
    (University of the Witwatersrand, Johannesburg, 2022) Ameyibor, Leeford Edem Kojo; Kabeya, Yvonne
    The study sought to determine the proximal and distal factors of behaviour change maintenance among an understudied population of alcohol quitters. It also sought to determine the predictors of sobriety longevity and identify psychographic clusters within alcohol quit maintenance behaviour. This study was motivated by the lack of attention on this population and the high relapse rate among alcohol quitters. A quantitative method adopted a cross-sectional data collection time frame with a purposive sampling technique, which saw a total sample size of 501 former alcohol consumers participating in the study through a professional data collection firm. After data cleaning and robustness checks, the main objective was executed using a structural equation modeling technique, the second objective was answered using a logit analysis, and the last objective was addressed using k-means clustering and optimal scaling techniques using the Activity, Interest, and Opinion (AIO) framework. Findings from the study show that six (6) proximal factors, social and situational influence, had an indirect positive effect on Behaviour Change Maintenance (BCM), and change initiation had a significant positive effect on BCM. Both self-regulation and self-efficacy had a significant positive effect on BCM. BCM had a significant positive effect on the ease of change adaptation. Regarding moderation and mediation, the longevity of sobriety fully moderated the relationship between change initiation and BCM, while change initiation partially mediated the proximal and distal factors' relationships with BCM. Two (2) distal factors; pricing had a direct positive effect on change initiation, and placements also had a significant positive effect. The results of the second objective identified the married, former alcoholics, and black Africans as more likely to achieve longevity of sobriety, while the last objective found ten (10) clusters in alcohol quit behaviour maintenance; people socialised with on a regular basis had: "unique and authentic" and "good v looking and honest"; relationship interest had: "long term and growth potential relationship" and "spending time with someone with shared interest"; ingredients of good relationship had: "physicality, spirituality and intellectuality" and "emotionality"; party activities had: "caring for friends and attention seeking" and "having fun with caution"; and outing dressing had: "readiness for a photo and compliments" and "neatly dressed." Based on the findings, the study recommends that practitioners in the behaviour change discipline should use the proximal factors as a basis for triggering change initiation, segment, target, and position the BCM product using these Activity-Interest clusters identified in this study and finally encourage the strong social network ties among audience whiles using situational influence nudges to reinforce abstinence. Regarding the theoretical implications of the findings, the study shows how the ecological system theory can be used to predict BCM through the stages of change model. Change initiation does not play a total mediation role between proximal and distal factors' relationship with BCM. Ease of change adaptation is a reliable outcome of BCM, contributing to the extension of the stages of change model. Policy makers are equally recommended to implement the legislative framework on alcohol marketing activities regulation to reduce the impact of alcohol marketing activities on BCM
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    Influence of external funders on social enterprise business models: a causation-effectuation exploratory study
    (University of the Witwatersrand, Johannesburg, 2021) Njenge, Yandisa Lusapho; Myres, Kerrin; Terri Carmichael
    Social entrepreneurship research is a growing research field, growth that can also be seen in the practice of social entrepreneurship. Dominant literature in the field focuses on the definition of social entrepreneurship and the traits of the social entrepreneur and does not look deeply at social entrepreneurship practices and interactions with other institutions. To address these shortcomings in research, this study systematically analyses the dominant definitions of social entrepreneurship and proposes an all-encompassing definition. The study also focuses on the interaction between social enterprises and external funders, exploring how social enterprises implement business models and the influence that external funders have on the business model implementation. A qualitative study was used to answer the research questions by exploring the business model implementation in ten case studies. A total of 26 respondents were interviewed as founding social entrepreneurs, internal staff members or external funders. The study relied on theoretical propositions from the literature review to analyse the data inductively and this process resulted in within-case themes. Further analysis of the within-case themes resulted in five cross-case themes. What was of interest was how operating in a resource-constrained environment impacts business model implementation. The ten case studies interviewed displayed structured or causal mechanisms in implementing their business models, which differs from the view that social entrepreneurs are effectual in behaviour. A theoretical framework with five propositions is put forward by this study. The theoretical framework propositions are: Social enterprises operate in resource-constrained environments and rely on external funding from inception. Social enterprises in resource-constrained environments approach external funders that do not expect a financial return. Social enterprises in resource-constrained environments implement business model dimensions that will lead to the achievement of the social mission. Externally funded social enterprises implement their business models in a causal manner. External funders not expecting financial returns apply limited influence on the business models of the social enterprises they fund. In accordance with the findings of this study, some suggestions for future research are put forward.
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    An intersectionality of race and ethnicity: the glass ceiling in the banking sector in Kenya and South Africa
    (University of the Witwatersrand, Johannesburg, 2021-12) Genga,Cheryl Akinyi Margaret
    Even though progress has been made in the Kenyan and South African banking sector, Black African women remain a minority in Top Executive leadership positions. Previous research on the “glass ceiling” focuses on Black African women as one homogenous group not acknowledging the diversity dimensions of Black African women from Africa. Invisible factors such as race and ethnicity have been stated to contribute to the glass ceiling in the banking sector, yet this has not been investigated making Black African women more invisible. This research primarily aims to provide an understanding of the intersectionality of race, ethnicity, and career advancement of Black African women in the Kenyan and South African banking sector. This research further aims: to describe the obstacles that Black African women still face, to analyse the diversity of Black African women in management, to identify the reasons as to why some Black African women have been able to crack the glass ceiling in the Kenyan and South African banking sector and to give recommendations to stakeholders as to how they can help crack the glass ceiling for Black African women in the Kenyan and South African banking sector. To address the research objectives, this research applied a qualitative Intercatergorical Intersectionality Approach to provide an understanding of the relationship between race, ethnicity, and gender in the Kenyan and South African banking sector. This was facilitated by the use of semi-structured in-depth interviews and focus groups that were carried out with the participants being Black African women managers in the Kenyan and South African banking sector in Nairobi and Johannesburg, respectively. Data collected from the interviews were transcribed and analysed using thematic analysis in which themes and patterns were identified to address the research objectives. Firstly, findings from the research illustrated a relationship between race, ethnicity, and gender. The extent of the relationship between race, ethnicity, and gender was discussed by the role of race, the role of ethnicity, the intersectionality of race and gender, and the intersectionality of race, ethnicity, and gender in the career advancement of Black African women in the Kenyan and South African banking sector. Secondly, the findings identified the obstacles that Black African women still face in the banking sector, which were discussed and described into three groups: Black African women are their own worst enemies in the banking sector. Thirdly, the findings illustrated the diversity dimensions of Black African women managers from the Kenyan and South African banking sector in relation to their race, ethnicity, and the positions that they held in the banks they were working for. Fourthly, the findings highlighted reasons as to why some Black African women managers had cracked the glass ceiling (discussed with the use of the glass ceiling scale). Fifthly, the findings recommend that stakeholders have to be fully committed if they want to help Black African women crack the glass ceiling in the Kenyan and South African banking sector. In conclusion, through the findings, this research provides a conceptual framework to understand the glass ceiling in relation to the intersectionality of race, ethnicity, and gender of Black African women in the Kenyan and South African banking sector.
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    Small, medium and micro enterprises’ growth under the devolved system of government in Kenya
    (2023) Tiren, Evelyn Chemutai
    A key argument supporting devolution reforms is that it can facilitate local economic development and therefore enhance SMME growth and productivity. However, empirical evidence linking devolution and SMME development outcomes particularly in developing countries are scarce. This study therefore explores how the devolved system of government outputs affect the business environment and the growth of SMMEs in Kenya through the lens of the soufflé theory of decentralization. A qualitative methodology was employed using a multiple case study design with six SMMEs from the wholesale and retail sector in Kenya. Data was collected through semi-structured interviews, documentary evidence and observation. Twenty six interviews were conducted with SMME owners, representatives of Business Member Organizations and subnational and national government officials. Data analysis was carried out using Atlas.ti version 8 software. This study deduced that the devolved system of government in Kenya failed to provide a conducive business environment thus limiting the growth of SMMEs in subnational regions. Unfavourable business regulations were identified as the key challenge affecting SMMEs in subnational regions, hence increasing the cost of doing business and limiting access to markets and resources. Further, contextual barriers such as corruption, limited administrative and fiscal capacity, poor political leadership, poor intergovernmental relations and public participation inefficiencies limited the subnational governments’ capacity to support and promote SMME growth. Therefore, the study made an empirical contribution by exploring how the political, administrative and fiscal dimensions of devolution affected the growth of SMMEs in a developing country context. Extant literature focussed mostly on the effects of the fiscal dimension on SMME growth outcomes in developed countries. Few studies employed a multiple case study method which provided an in-depth understanding of contextual issues that affected subnational governments in their quest to grow SMMEs in Kenya. The study also contributed to decentralization literature by proposing a theoretical framework linking the dimensions of devolution to SMME growth, hence extending the soufflé theory of decentralization. Previous decentralization studies primarily applied the theory in relation to rural development and service delivery outcomes
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    Central bank communication: a survey and content analysis of the South African Reserve Bank’s monetary policy committee statements
    (2022) Segawa, Arnold
    The South African Reserve Bank (SARB), South Africa’s central bank, adopted inflation targeting in 2000. In 2000, the SARB adopted flexible inflation targeting as a monetary regime and in doing so, set its inflation target at 3%–6% for the CPIX (Coco and Viegi, 2020). However, for inflation targeting to prove effective, it remains vital that the monetary institution in question contains the expectations of the private sector primarily in line with the expectations channel of the transmission (Svensson, 1999). To this end, the role of effective communication has in the past two decades proved vital in monetary policy. This PhD dissertation seeks to evaluate the SARB’s communication strategy, with particular emphasis on its Monetary Policy Committee (MPC) statements, and thereafter appraise its interaction with the media and other market agents. This evaluation takes the shape of three studies, with particular focus firstly on SARB’s MPC statements over the past twenty-one years. This study assesses whether there has been more clarity in SARB’s communication over the past twenty-one years by relying on the Flesch and Flesch-Kincaid methods, which are widely accepted in central bank communication literature. In evaluating SARB’s communications and upon surveying the data, this section offers empirical evidence about SARB’s MPC meeting statements spanning more than two decades, clearly exhibiting its evolution. The second facet of the study examines whether the SARB’s MPC communications between 2010 and 2021 triggered causality in the subsequent news reports from the Mail & Guardian newspaper in South Africa. The study examines whether SARB’s post-MPC statements’ readability was reciprocated in the subsequent Mail & Guardian newspaper articles. Relying on the Flesch-Kincaid Grade Level score and Flesch Reading Ease Score methodology to survey both SARB’s MPC statements and the corresponding Mail & Guardian newspaper articles, a computation is created that is subsequently used to examine Granger causality.
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    Studies on financial inclusion in Africa
    (2022) Poku, Kwasi
    Financial inclusion has recently been an important concern for policy makers and researchers due to its relevance to the financial system, poverty reduction and the growth of economies. In spite of the enormous policy relevance of financial inclusion, empirical evidence on this nexus suffers many limitations in findings and measurement, particularly the measurement of financial inclusion and financial development. Significantly, the context of Africa where financial exclusion is more pronounced remains relatively less explored in the financial inclusion-financial stability nexus, a void this study intends to fill. Using Africa as a case, this thesis consists of four self–contained chapters with each investigating a critical gap relying on several advanced econometric techniques. In the first essay, we investigate the influence of financial inclusion on financial development in Africa using data from 22 African countries over a 12-year period, from 2007 to 2018. We investigate this relationship using the Generalized Method of Moments (GMM) approach to panel data. We find financial inclusion, measured with the financial inclusion index, to be significant and positively related to financial development, measured with the financial development index. However, employing single measures of financial development as dependent variables, we find financial inclusion to exert an insignificant effect on financial development. In conclusion, using indexes to measure financial inclusion and financial development provide a more comprehensive measure which provides robust findings that can effectively assist policy makers in designing initiatives and strategies. In the second essay, we examine the indirect effect of financial inclusion in the relationship between financial development and income inequality in Africa using the three-stage least squares (3SLS) approach with data that covers a 12-year period, from 2004 to 2015. We find financial development to indirectly exert a negative effect on income inequality in Africa. However, iv financial development eventually reduces income inequality as financial services are extended to the marginalized as the sector further develops. The main conclusion is that, financial inclusion is essential in the achievement of income equality in Africa. The third essay investigates the impact of financial inclusion on stability in the African banking system. We employ the quantile regression approach to examine this relationship with data from 22-African countries over a 12-year period, from 2004 to 2015. We provide comprehensive evidence that greater financial inclusion enhances the stability of the African banking system. Although financial inclusion enhances the stability of banks at all levels of stability, our finding shows that, the impact of financial inclusion on stability is more pronounced in highly stable banking systems. Nonetheless, financial inclusion also enhances the stability of banks in relatively less stable banking systems. We conclude therefore that, with a more inclusive financial sector, banks enjoy greater stability. In the final essay, we investigate the non-linear relationship between financial inclusion and economic growth in Africa, with investment as the mediating/threshold variable. We employ the Hansen’s sample splitting approach to examine this relationship. We provide evidence that, investment does not only significantly influence the relationship between financial inclusion and economic growth, but also, the level of investment in the country is important in determining the sign and magnitude of this effect. Specifically, we find that, below the threshold level of investment, financial inclusion exerts a negative and significant influence on economic growth whereas above the threshold level of investment, financial inclusion affects economic growth positively and significantly. We conclude that, for financial inclusion to affect economic growth positively, the level of investment in the country must be equal to or exceed a threshold level of investment identified in this study.