Electronic Theses and Dissertations (PhDs)

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Unpaid reproductive labour and decent work in the South African labour market
(University of the Witwatersrand, Johannesburg, 2022) Mackett, Odile; Pillay, Pundy
Since the 1970s, women’s increased labour force participation has caught the attention of scholars, governments, labour unions and organisations such as the International Labour Organisation (ILO). The increase in female labour force participation has accompanied the globalisation and liberalisation of product and labour markets around the world. As a result, the ILO developed the ‘decent work agenda’ (DWA) to set a standard by which to measure the labour market vulnerability of workers. The DWA is an aspirational statement about the sort of work that ought to define the lives of all who work and who want to work. Unpaid reproductive labour, which is performed outside of the productive labour market and predominantly by women, has proven to be a major constraint for women’s advancement in paid work. Furthermore, despite gender equality in the workplace being listed as one of the main objectives of the DWA, in instances where unpaid labour has not intersected with the productive labour market, it has largely been ignored. This study empirically investigated whether the ILO’s DWA is conceptualised in a way that reflects a commitment to real gender equality in the labour market by demonstrating a link between work performed unpaid in service of the household and the quality or ‘decency’ of wage work. Using Labour Force Survey and Time-Use Survey data, theresults showed that the more time an employed individual spent on unpaid reproductive labour, the worse the quality of their paid job. However, this relationship was only significant for women and only during a period when the government undertook a contractionary fiscal approach. The findings of this study demonstrate important links between the household and the public sector and the extent to which women, through their household labour, keep the economy running when government and business are unable to do so
Entrepreneurial Orientation and Performance within the South African Minibus Taxi Industry
(University of the Witwatersrand, Johannesburg, 2021) Kier, Jessica; Urban, Boris
The primary purpose of this research is to understand the relationship between the three dimensions of entrepreneurial orientation within the South African minibus taxi industry. This industry is pivotal to the South African economic structure and landscape as a whole. The taxi industry serves as the main mode of public transport in South Africa. A survey was used to conduct an empirical research study. A sample size of 120 participants was originally selected; however, of those 120, only 95 surveys were valid and used due to missing values in the data provided in the others. This sample size is representative of the population concerning the taxi industry. The research instrument included a 7-point Likert scale. Further, the instrument included demographic coverage and sections covering the three entrepreneurial orientations’ dimensions. The aim of this study is to understand the extent to which entrepreneurial orientation enables small- to medium-enterprise growth performance within the South African taxi industry. Empirical data to support research suppositions is difficult to access within the public domain, but this research identified and provided an analysis extracted from private enterprise which fills the gap in the current research literature space. The results indicated a weak positive influence between the three dimensions of entrepreneurial orientation and growth performance within the industry. Due to the significance of the findings, the results are not strong enough for generalising the same findings for the entire South African minibus taxi population. This industry is the main source of public transport within the country and needs to increase its literature in order to grow and further improve. Further findings can contribute to the understanding of the complexity that surrounds the industry’s atmosphere. The value of working to formulate constructive information on the taxi industry will allow for further engagement within the field
Policy uncertainty, economic distance, and macroeconomic variables in developing economies
(University of the Witwatersrand, Johannesburg, 2021) Adjei, Abigail Naa Korkor; Tweneboah, George
Although economic policy uncertainty (EPU) is a less explored source of uncertainty that is related to economic policy, economic policy uncertainty in describing the state of an economy has assumed dominance in decision-making in countries and has remained relevant to investors, governments, and policy makers across the globe. This has become the standard because studies have proved that policy uncertainty has a significant effect on the overall economy and heightened EPU (especially during recessions) has the potential to harm economic activities. The literature review revealed evidence that EPU comoves with business cycles, that uncertainty influences the distance between economies, and that EPU spillover shocks from one economy to another have a significant impact on the recipient economy's economic activities. As yet, there has been scant systematic investigation of these possible interactions. The study of EPU is of major importance to emerging market economies (EMEs) because, although literature has proved the harmful effects of EPU on EMEs, the studies done is meager since majority of study on EPU have focused on developed countries. These implications of uncertainty on EMEs have made it very relevant to focus on the role uncertainty plays in EMEs. In order to make significant contribution to the role EPU plays in EMEs, this thesis focuses on addressing three main problems. To begin, the study examines whether EPU correlates with business cycles and, if so, whether EPU is the cause or effect of recessions across business cycles. The study makes an important contribution by finding answers to why business cycles fluctuate. This study deviates from traditional sources of fluctuations and focus on uncertainty as a potential cause or effect of business cycle fluctuations. We also propose new variables as measures ofbusiness cycles (GDP, CPI, SPX, import, export and broad money). The wavelet multiple correlation and wavelet multiple cross-correlation proposed by Fernandez-Macho (2012) is used to investigate the comovement between EPU ad business cycles. The analysis shows that business cycles commove with strong records of interdependence. The scale by scale analysis, on the other hand, has shown that the level of integration is strongest in the long-term. We further investigated the role EPU plays in the comovement of variables (gross domestic product (GDP), consumer price index (CPI), SPX (SPX), import, export and broad money) within each EME and discovered that positive correlation was generally recorded between EPU and CPI within each EME. Likewise, evidence of negative correlation for EPU was recorded between EPU and SPX across all EMEs. We also note that, although there is strong evidence of comovement between EPU and the macroeconomic variables, EPU has no lead/lag potential across all the time scales within the selected EMEs. To also clear all the inconsistencies of whether uncertainty is the cause or effect of fluctuations in the business cycle, the study adopts Diks and Panchenko (2005, 2006) non- parametric test. It was discovered that causality with respect to the economic indicators of business cycles is specific to each EMEs. We conclude that EPU is both a cause and effect of business cycles fluctuations in the selected EMEs except for India where business cycles cause EPU fluctuations. The second objective is to ascertain the relationship between EPU and distance in EMEs. The study focuses on the investigation of economic distance and geographical distance. This section makes two contributions to the study. First, we conduct a novel investigation on the relationship between economic distance and EPU. Second, we adopt a non-parametric geospatial analysis to investigate the spatial dependence between EMEs (with respect to their EPU measures). We first find an answer to the question, “can EPU influence economic distance in EMEs?”. The extent of similarities (or dissimilarities) of economic characteristics between units (or countries) is termed as economic. Despite evidence that uncertainty increases when the economic characteristics between countries are different, no study has investigated the relationship between economic distance and EPU although EPU has a greater significant impact on an economy than uncertainty in general. The dynamic linear regression method is adopted to investigate the relationship between EPU and economic distance. We discover that macroeconomic variables were largely statistically significant and have explanatory power to explain the economic distance between the EMEs as compared to the role EPU plays in explaining the economic distance between EMEs. We therefore find limited evidence of EPU’s effects on the economic distance between EMEs. We also discover that changes in the values of import, CPI and broad money in most EMEs are statistically relevant and significantly drive the changes in the values of economic distance between the selected EMEs
Sustainable Supply Chain Management and Firm Performance in Ghana: Examining the Mediating and Moderating Factors
(University of the Witwatersrand, Johannesburg, 2022) Asante-Darko, Disraeli; Saruchera, Fanny
In the wake of increasing environmental degradation and human rights violations and their effect on firm performance in Ghana and the rest of the world, sustainable supply chain management has increasingly become recognised as a critical component for business advancement and competitiveness. Subsequently, this study sought to investigate the role of Supply Chain Integration, Firm Capabilities, Business Environment Uncertainty, and Operational Competitiveness in the inextricable relationship between Sustainable Supply Chain Management (SSCM) and firm performance. Drawing on the political economy theory, an integration of institutional, legitimacy, and stakeholder theories, this study proposed and tested a model using the PLS variance-based structural equation modelling. The proposed model suggested that the relationship between sustainable supply chain management and firm performance, from a triple bottom line (TBL) perspective, is mediated by firm capabilities and supply chain integration and moderated by business environment uncertainty and operational competitiveness. Grounded in deductive reasoning and a probabilistic sampling technique, the study adopted a cross-sectional quantitative approach to evaluate the proposed model. Data was collected from the managers of 455 sample firms in Ghana's service and industrial sectors using a self-administered questionnaire. From a TBL perspective, the study revealed a direct, positive, and significant relationship between sustainable supply chain management and firm performance. Additionally, firm capabilities mediate the relationship between sustainable supply chain management and firm performance from a TBL standpoint. Supplier integration, a component of supply chain integration, was also found to mediate the relationship between economic and environmental supply chain management and firm performance but not the relationship between social supply chain management and firm performance. It further emerged that customer and internal integration mediate the relationship between sustainable supply chain management and firm performance. Finally, the study discovered that when business environment uncertainty and operational competitiveness are high, the positive direct effect of sustainable supply chain management on firm performance (from a TBL standpoint) is strengthened. The study's findings provide a plausible explanation for the disparate and often contradictory results reported on the direct sustainable supply chain management-firm performance relationship. The theoretical implication is that multiple variables and elements account for the SSCM-firm performance relationship. There is a need to adequately address these factors to realise the full benefits of sustainable supply chain management and firm relationships from a TBL perspective. SSCM practitioners and policymakers are advised to take cognisance of the role of supply chain integration, firm capabilities, business environment uncertainty, and operational competitiveness in their implementation and legislation of SSCM practices
Leadership Development Impact Evaluation Approaches
(University of the Witwatersrand, Johannesburg, 2022) Mbatha, Vuyile Cynthia; Matshabaphala, Manamela
This mixed methods multiple case study research investigated the approaches used in the impact evaluation of leadership development initiatives within the context of financial services corporate organisations operating in the African continent and headquartered in South Africa. Organisations around the world are continuously investing incremental amounts of money into learning and development, more specifically directed towards leadership development initiatives (Boyett & Boyett, 1998; Clark & Clark, 1994; McCauley, Moxley, & Van Velsor, 1998) and yet to date, research and literature on leadership has been predominately focused on theories and approaches to leadership (Bass & Stogdill, 1990; Boyett & Boyett, 1998; Brungardt, 1996; Gardner, 1990; Jackson, 1992; Northouse, 1997; Yukl & van Fleet, 1992) with limited research focused on demonstrating the holist impact of leadership development investments (Avolio, 2007). Although research has been done on evaluation practices in relation to training and development, few researchers have addressed the matter of impact evaluation specifically for leadership development, through case study research using the mixed methods lenses. This research study was aimed at investigating the approaches used to measure the impact of leadership development initiatives, through engaging with stakeholders that have a vested interest in leadership development. The qualitative results revealed that the current leadership development evaluation approaches are a case of a self-fulfilling prophecy, enabled by the unilateral design of the current evaluation approaches and matrices for evaluation are not agreed upfront with relevant key stakeholders. Furthermore, the current approaches do not measure leadership impact holistically. This is problematic as business stakeholdersare not able to obtain a sense of the true and holistic impact of leadership development initiatives, in relation to their context and matrices that are important for them as business stakeholders are not included. The quantitative findings highlight the importance of having a leadership development evaluation approach that is 1) credible; 2) simple; 3) enables the evaluation to be done across all three levels of the triple bottom line; and an approach that is 4) theoretically sound. The results provided insights into the core elements that should be included in evaluating leadership development impact holistically and through this theory emerged which informs the theoretical contribution in this research study. In this, a proposed holistic leadership development impact evaluation approach is presented as an evaluation framework with underlying principles used to explain what informs the framework and how the framework may be applied in the evaluation of leadership development initiatives within the context of corporate leadership in South Africa
Studies on Philanthropy and Impact Investment in Ghana
(University of the Witwatersrand, Johannesburg, 2021) Osei, Dennis Boahene; Alagidede, Imhotep Paul
Anecdotal evidence of practices and institutions has accumulated over the years through oral traditions and all over the psyche of the African. While giving to good causes is not new in the Ghanaian traditional system and culture, there is a general paucity of literature regarding recent developments on the topic. Studies regarding investments that simultaneously generate financial, as well as social and /or environmental returns, are equally lacking. Using Ghana as a case study, this thesis contributes to the literature on three thematic areas in accordance with identified gaps in the philanthropy and impact investment literature. Specifically, the thesis relies on quantitative (instrumental variable probit model) and qualitative (content analysis, multiple-case study) research techniques to examine the relationships, and determinants of formal and informal charitable giving; uncover the motives, priorities, strategies, opportunities, and challenges of corporate foundation giving; and explore the approach to impact investing. These are critical issues whose understanding is theoretical and western-oriented, lacking empirical attention in the emerging literature of African philanthropy and impact investment. Given this, the thesis produced three independent essays to address these salient gaps in the philanthropy and impact investment literature. Empirical findings evolving from these essays are instructive and generally present crucial insights on African philanthropy and impact investment which is relevant for policy and practice. The first essay examines the extrinsic (socio-demographic) and intrinsic (personality) determinants of both formal and informal charitable giving. In addition, it explores whether the relationship between different types of charitable giving –cash and in-kind donations as well as time donations (volunteering) – is substitutable or complementary. Our findings, based on survey data from 1,533 households and instrumental variable probit model revealed that while marital status, education, household size, religiosity, ethnicity, and empathic concern are important predictors of formal cash and in-kind giving, informal giving of cash and in-kind is driven by income, religiosity and empathic concern. On the other hand, it was evident that formal volunteering is mainly determined by income, household size, religiosity, and empathic concern, whereas gender and religiosity influence informal volunteering. We established that, in both spheres of formal and informal giving, the relationship between cash and in-kind giving and volunteering is complementary. Premised on these findings, we recommend non-profits and policymakers to recognise the complementary role and distinctive determinants of the spheres of giving in designing tools and policies to raise the levels and effectiveness of fundraising and volunteering campaigns. In the second essay, the practice of corporate philanthropy was explored through the lens of corporate foundations. Specifically, we investigate the motives, priority areas, strategies, opportunities, and challenges of corporate foundation giving. Based on qualitative content analysis, our findings revealed that corporate foundations are influenced by both altruistic and instrumental motives of giving, and that, their approach to giving prioritises multiple areas of national interest such as education, health, economic empowerment, environment/social amenities, and sports. We also found that corporate foundations rely on a combination of strategies (request, media-lead, adoption, and contest) to identify potential beneficiaries and implement their giving programmes. Further evidence indicates that giving of corporate foundations presents opportunities to both foundations (serve society, get partnership offers from other companies, and obtain goodwill from the public) and their parent companies (indirect business and advertising opportunities). However, corporate foundation giving is constrained by insufficient funding, lack of support from stakeholders, managing expectations of individuals, poor maintenance culture, and cultural rites. The findings have implications for practitioners as it presents insights which could serve as a model to guide new entrants into the corporate foundation landscape of developing economies. In addition, the findings could assist the development of government interventions necessary to foster greater corporate giving. The third essay applies a change in perspective to explore the approach to impact investing from a supply-side standpoint. This contrasts existing studies which are mostly theoretical and provide an understanding that is western-oriented and from a demand-side viewpoint. Using multiple-case study design and qualitative data from two Ghanaian organisations, we provide evidence of an impact investment approach characterised by concurrent motive of financial and social/environmental returns, longer time horizon, and engagement or provision of non-financial support. We conclude that this approach leverages the tools of venture capital to realise social or ecological purposes. The findings can potentially assist investors and entrepreneurs to make informed decisions and navigate the complexity surrounding the emerging impact investment environment in Ghana and economies of similar nature. Additionally, it can help in developing explicit policies to regulate the sector, increase its awareness, widens its appeal, and use to serve the intended purpose of addressing social and environmental problems
Combining complexity leadership with operational systems and structures for adaptability in South African private hospitals
(University of the Witwatersrand, Johannesburg, 2022) Nel, Karen
The global healthcare landscape is complex. The South African Government and various other researchers have highlighted the unequal nature of the healthcare system in South Africa. The system is unsustainable and urgently needs substantial transformation in its current form. As set out by the South African Government, introducing universal healthcare coverage for the whole population is a solution. This will, however, significantly impact and change all role- players relatively quickly, especially for private hospitals. The purpose of this study was to critically examine whether private hospitals in South Africa were positioned for adaptability, considering complexity leadership (with concepts: entrepreneurial leadership, operational leadership and enabling leadership) and operational systems and structures (with concepts: agile, lean and leagile), as an approach to deal with the potential changes. A mixed methods study with an explanatory sequential design was utilised where the quantitative results and sample informed the population and questions of the qualitative study. Additionally, the quantitative results' drivers were identified in the qualitative study, namely causal factors, leadership and operational consequences, and aggravating factors. This study confirmed that the leadership displayed in private hospitals and the operational systems and structures implemented in private hospitals were not aligned with complexity leadership and operational systems and structures as defined in the conceptual model of this study. A unique finding was that operational systems and structures in private hospitals had a significantly higher impact on the hospitals' daily management than the leadership displayed in these hospitals. This was especially evident between managers and non-managers and between clinical and non-clinical employees, with non-clinical employees viewing the impact of the operational systems and structures implemented in hospitals as significantly more impactful than the leadership displayed in these hospitals. Furthermore, it was identified that operational leadership and lean systems and structures were the preferred approaches in private hospitals and negatively impacted the display of entrepreneurial leadership and agile systems and structures in these hospitals. Moreover, it was found that exploitative leadership, which is the leadership approach when dealing with old certainties, labelled as operational leadership in the current complexity leadership framework, should be relabelled a administrative-operational leadership in South African private hospitals, as a result of the hierarchical, autocratic culture. Assessing the impact of the COVID-19 pandemic on the leadership displayed and the operational systems and structures that were implemented in these hospitals, it was identified that employees can either experience disruption in a positive light through an adaptive response supported flexibility, or be traumatised by it when management implemented an order response with increased controls. It was conclusively confirmed that private hospitals in South Africa do not regularly display complexity leadership nor implement operational systems and structures as defined in this study's conceptual model. Four recommendations were made that can assist the private hospital industry in becoming more adaptable. The first recommendation is for the industry to implement CL and OSS as defined by the study's conceptual model. This implementation will naturally develop into an adaptive space. The second recommendation is to overcome the disconnect between industry players, head offices and hospitals, and to increase collaboration. Although the adaptive space will impact this recommendation positively, it has to be driven and supported by senior leadership. The third recommendation is to develop a formal industry framework for adaptability in private hospitals. The fourth recommendation is for the implementation of integrated and applied development programmes for leaders and staff at all levels. The programmes will assist everyone to better understand the relationship between CL, OSS, business acumen, and business success
The Glass Cliff: Exploring the Dynamics Around the Appointment of Women to Precarious Leadership Positions in Corporate South Africa
(University of the Witwatersrand, Johannesburg, 2021) Mashele, Winsome; Alagidede, Imhotep Paul
The current research explores the "glass cliff" form of discrimination. The research argues that while women are now appointed in high-profile positions, there is a greater likelihood that they end up on a 'glass cliff' as compared to their male counterparts. Glass cliff positions put women executives' in potentially risky roles that could harm their reputations and career prospects because, when a company performs poorly, people tend to blame its leadership without considering situational variables. The research problem statement centres around the overrepresentation of women who are in senior leadership positions in organizations that are experiencing difficulties, which is an increasing concern in corporate South Africa. The main objectives of the study, among others includes to: (i) gain a better understanding of why women choose risky leadership positions. (ii) identify the leadership experiences of women in leading organisations in relation to gender. (iii) understand the suitable leadership styles that women facing the glass cliff have at their disposal to build relationships with internal shareholders as well as influence the structure of the organisation. (iv) understand the tools and resources that are needed to support women in senior leadership roles during times of crises in corporate South Africa. Design/methodology/approach: A qualitative research methodology was employed, and data collected through semi-structured interviews from a total of 15 participants. Findings: The findings suggest that women are now allowed to occupy senior leadership positions where these positions record a decline in status, competence and prestige, and as a result are time consuming and difficult to combine with a successful academic career. An important set of findings is: (i) the participants perceived the risky activity as a form of promotional opportunity and were willing to accept an offer. (ii) if women are placed in the right positions with the right skills, success is potentially guaranteed. (iii) leaders should practice the situational leadership style which evolves according to the situation, the time at hand and its nature. Contribution / value: Despite some limitations that were experienced over the course of the study, some answers emerged in response to the key question on which the study was premised. Furthermore, the aim of this study was achieved in terms of its contribution not only in providing guidance to organizational decision makers, policy makers and business leaders to address inequalities in corporate South Africa, but also in highlighting the role played by women in making career decisions within the rubric of the glass cliff phenomenon
Banking industry response to competition from the financial inclusion paradigm in Africa
(University of the Witwatersrand, Johannesburg, 2021) Kamau, Simon Muhia; Ojah, Kalu
This study examines the effects of increased competition from microfinance institutions (MFIs)– reflective of the financial inclusion paradigm – on commercial banks in Africa. More specifically, I analyze the banking industry’s response to competition for financial inclusion and how the response affects the cost efficiency, asset portfolio risk, and social outreach (performance) of the banking industry. I employ panel data comprising 16 countries that possess the most advanced national banking markets in Africa, for the period 2010-2017. Fixed effects model (FE), Fractional Probit regression method (FRM), and Generalized methods of moments (GMM) are variously the main estimation techniques. I find that banks are responding to the competition for financial inclusion by increasing the supply of credit to households and SMEs, in support of the market power hypothesis of competition. Furthermore, estimation results show strong evidence that increased supply of credits to households and SMEs, in response to competition for financial inclusion, contributes positively to the banking industry’s cost-efficiency. Additionally, results suggest that increased bank lending to households and SMEs has a negative but statistically insignificant effect on banking stability. Interestingly, additional results indicate that banks’ positive response to the financial inclusion paradigm is mainly limited to the relatively wealthier segment of the low-income population. Moreover, these findings are robust to using alternative measures of competition for financial inclusion, and banking industry response, among several other robustness checks. From these results and more, I recommend policies such as enabling access to borrowers' information and supporting the development of financial market infrastructure, in order to promote competition in providing financial services to the low-income market and further drive financial inclusion. I also recommend the adoption of improved and proactive regulatory measures to ensure that competition for financial inclusion does not compromise the stability of the banking industry. Lastly, I propose policies that would ensure that competition for financial inclusion does not hurt outreach to the poorest segment of the population, as banks seek to enhance their efficiency while providing financial services to households and SMEs
The impact of foreign ownership on emerging markets' banking system: a case of BRICS
(University of the Witwatersrand, Johannesburg, 2022) Magagula, Sibusiso Vusi; MOKOALELI-MOKOTEL, Thabang
The current research examines foreign bank ownership’s impact on the financial soundness and benefits observable within-host banking markets and banks’ risk-taking behaviour in the BRICS. Also, this research examines the effects of foreign ownership on both fiscal and monetary policies’ transmission via the bank lending channel. Thus, the rationale to focus on the impact of foreign ownership on BRICS member countries’ banking markets is because post-global financial crisis, these economies stimulated their economy via banking. Moreover, the effects of the global financial crisis of 2008 did not lead to deglobalisation in their banking markets because, generally, the BRICS bloc is found to have recovered quickly from the situation without their banks changing their privatisation strategy concerning foreign ownership. The CAMELS rating analysis, two- stage least square and two-way random effect panel models are the primary study tools in the current research, and the biasness testing was incorporated as a robustness check. The results show that the foreign-owned banks contribute procyclically to the bloc's financial soundness, indicating that their presence introduces some asymmetries into their banking systems. Furthermore, foreign banks in BRICS lead to benefits that outweigh risks. However, some risk elements need to be minimised to insulate the bloc from a future globally induced crisis. These risks include systemic risk of foreign-owned banks, lowering tier II capital as required by Basel III for all banks, the ineffectiveness of fiscal and monetary policy in regulating lending risk, and excessive leveraging of domestic banks. Despite the risks associated with foreign banks' presence in BRICS, foreign bank ownership increases the performance and efficiency of all banks, with domestic banks becoming risk-averse, which may explain the quick recovery of the BRICS banking sector post-2008 global financial crisis. The policy implications from the results highlight the need for local policymakers to strategies on ways to encourage banks to lend in domestic currency to regain control over lending risks post-acquisition of their host banks by global investors. Also, host regulators need to closely monitor the extent of systemic risk from foreign-owned banks to limit the chance of a banking crisis in the future
The role of emotions and values in executive behavioural strategy
(University of the Witwatersrand, Johannesburg, 2021) Kader, Aziez
A fundamental divide in strategy research is made according to whether the research adopts rationality or behavioural mechanisms. Behavioural strategy, unlike the 'conventional' approach to research, adopts a non-positivistic notion of reality. It assumes that behaviour changes across both time and cultures, with the understanding that economic participants are not always rational and in many ways are more than economic agents. In South Africa, we have witnessed large-scale corruption and strategic failure by senior executives in the public and private sectors. Extending strategy research substantively into human-motivation complexities is bound to suggest positive but also confusing implications for our understanding of strategic conduct. Developing our knowledge with a fine-grained appreciation of the psychological foundations is likely to be especially beneficial for strategy’s behavioural movement. The study's fundamental objective is to investigate whether and how values are central to strategic behaviour, further contributing to the relationship between strategy research and psychological and sociological theories in other social science disciplines that are currently only weakly related. A glaring research opportunity persists in the strategic-management literature concerning the relationship between strategy and central values. Only limited and tenuous efforts have been made to connect strategic management and values in the literature. This study employed an interpretive, qualitative methodology involving six participants and multiple interactions. The researcher triangulated public non-interview data with interview data and observed behaviour in an unsuccessful investment venture during the research period. The study explores detailed interpretations and constructs deeper meaning in the participant experiences. It further adopts both sensemaking and goal-framing theories as analytical lenses to understand behavioural decisions in context. The study makes several contributions that link values, emotions, and cognitive psychology to strategic attention. This research adds to behavioural strategy primarily by establishing empirical connections between congruent or conflicting values, emotional and cognitive salience, and strategic attention. Secondly, the research derives a framework to understand better the motivational dynamics of values, and cognitive and emotional salience in terms of strategic attention, and ultimately behavioural strategy. Thirdly, the study extends the use of goal-framing theory to the field of behavioural strategy
Towards a framework for asset pricing in developing equity markets
(University of the Witwatersrand, Johannesburg, 2021) Ouma, Wycliffe Nduga; Kodongo, Odongo
The need to accurately determine risk-return trade-offs in financial markets is an important question that has occupied minds of various players in capital markets for over five decades now. In this study, we addressed this question by attempting to determine the drivers of returns in developing equity markets. Further, we test the ability of the identified factors to command significant and reasonable risk premiums in the returns of developing equity markets. The results of this analysis were compared with those of a select group of emerging and developed equity markets. This study employed monthly stock price data from 20 developing equity markets, starting January 1, 1996, and ending February 1, 2020, resulting in 290 months of observation. Countries are included in the study as their data became available. Monthly stock price data were used to calculate individual stock returns for the first phase of the study, which involved determining the covariance matrix of returns. This was done through a dimensionality reduction technique of Asymptotic Principal Components Analysis and standard PCA whenever data permitted. The underlying drivers of returns variations determined through these procedures resulted in a few significant principal components (PCs) driving overall stock variations. The next step related the identified PCs to the candidate risk factors ensuring that empirical testing of asset pricing factors only included factors with important influence on stock variations. The study has found important empirical results on asset pricing in developing equity markets. First, the study has established that only a few fundamental drivers influence returns in the sampled 20 developing equity markets. At country level, factor identification strategy employed discovered that only a few principal components were significantly related to the covariance matrix of returns. Canonical correlations analysis largely confirmed the results as factors such as excess market returns, book-to-equity and aggregate volatility significantly influenced returns variations in most of the individual markets in the sample. The empirical evaluation of the identified factors further established that excess market returns (MKT), book-to-market (value) factor (HML), profitability factor (RMW), momentum factor (UMD), unanticipated inflation factor (UI), aggregate volatility (VOL), and trade weighted US dollar index (TW$) were significantly priced in the returns of developing equity markets. Although FM regression did not price UI and TW$, the associated 𝑡 −statistic of their coefficients were closer to the threshold value of 2. For instance, UI and TW$ respectively produced 𝑡 −stat 1.952 and 1.929, which are significant at the 10% level. The GMM analysis, used for robustness checks, confirmed that MKT, HML, UMD and VOL were significantly priced, but further found that both UI and TW$ were not only significant drivers of risk variations, but also priced in the returns of developing equity markets Further, DS-LASSO was used to check the robustness of the entire system starting from the factor identification to testing the identified factors. The results largely corroborate the conclusions of GMM, that MKT, HML, UMD and TW$ significantly explain returns variations of frontier equity style portfolios and are priced. The results also indicated that UI is marginally priced with a 𝑡 −stat of 1.958. This study puts forward some recommendations. First, we recommend a favourable policy environment to accelerate capital market development and investment in developing countries. Since accounting information has been established to proxy for common pervasive risk drivers in stock markets, financial reporting standard is, therefore, crucial to the quality accounting information disseminated. Developing equity markets need to institute prudent and harmonised accounting practices and strong corporate governance systems to ensure quality reporting. Debt variables such as corporate bonds and government bonds form a significant component of capital market investment and are important drivers of returns in these stock markets. Unfortunately, developing equity markets do not have well-functioning debt markets rendering the variables irrelevant in their risk-return equation. Thus, these countries should institute deliberate policy measures to ensure growth of debt markets
An intersectionality of race and ethnicity: the glass ceiling in the banking sector in Kenya and South Africa
(University of the Witwatersrand, Johannesburg, 2021) Genga, Cheryl Akinyi Margaret; Maier, Christoph
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 participantsbeing 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
Management Style and Employee Engagement in Blue Collar Workers
(University of the Witwatersrand, Johannesburg, 2021) Moodley, Sheila; Maier, Christoph
A noteworthy and important part of South Africa is that “blue collar workers make up the backbone of the country’s economy” and as such, it is important to pay attention to the work related well-being of these workers in order to become a more productive nation with a more satisfied workforce (Brand-Labuschagne, Mostert, Rothmann and Rothmann, 2012:6). In the State of Labour Report (2016) it is recorded that 3 out of every 4 people in the South African working population are blue collar workers. Thompson (2001) found that the blue collar environment is dominated by black South Africans and argued that it is worthwhile to attempt to identify the perceptions and behaviours of black South Africans in the blue collar environment to address the challenges facing South Africa. In the field of employee engagement it has been found that engaged employees “show higher job and organisational performance, positive job attitudes, higher psychological well-being and proactive job behavior” (Makikangas, Schaufelli, Tolvanen and Feldt, 2013: 136). It has further been established that employee engagement is directly linked to a number of positive organisational outcomes that include improved productivity, increased job satisfaction, higher levels of motivation, employee commitment, reduced turnover intention, increased customer satisfaction, better returns on assets, profits and shareholder value (Bakker, Demerouti and Schaufeli, 2003; Bakker, Schaufeli, Leiter and Taris, 2008; Harter, Schmidt and Hayes, 2002; Schaufeli and Bakker, 2004; Lee and Mohammed, 2006; Brand- Labuschagne, Mostert, Rothmann and Rothmann, 2012). The State of Employee Engagement Report (2019), found that leaders and immediate supervisors make the biggest difference in employee engagement and the research of Kahn (1990) points to engaging the mind, body and soul of the person in the performance of their work as a way of improving employee performance
Digital Collaborative Consumption in an emerging market: South African food delivery services
(University of the Witwatersrand, Johannesburg, 2023) Tinayeshe, Shumba; Saruchera, Fanny
Many consumers have complained about food delivery services. The applications make double payments, and sometimes, the call centres are not easily accessible. Orders get mixed up, and sometimes food is delivered to the wrong addresses. Digital collaborative consumption (DCC) enables consumers to share products and services instead of owning them. A new and rapidly growing class of business models uses digitally mediated platforms to facilitate the DCC of goods and services. Smartphones' development and their rapid spread suggest that these business models could address typical low capital formation and high unemployment in emerging markets (EMs). However, although DCC is integral to daily life in emerging marketplaces, very little is known about DCC business models. The research aimed to evaluate the impact of DCC in the food delivery industry in emerging markets, focusing on South Africa. To achieve this goal, the study specifically aimed at assessing the drivers and deterrents of digital collaborative consumption in the food delivery industry, the impact of the DCC business model and develope a conceptual model which explains and predict consumer attitudes and buying intentions in EMs. Data was collected from 828 participants using validated instruments from South Africa. The theorised relations were assessed simultaneously using structural equation modelling. Models were fit to item covariance matrices using robust maximum likelihood estimation in Mplus, version 7. The research advanced the understanding of DCC to make conceptual, methodological, empirical, and practical contributions. Conceptually, the study included cognitive response and attitudes as potential mediators of DCC drivers in EMs. Empirically, the study brought together variables and relations not previously studied in EMs, including environmental influences and individual differences influencing consumer adoption. Methodologically, a new scale measuring DCC was developed from existing scales, assessed rigorously using confirmatory factor analysis, and showed good measurement properties. Home delivery, economic benefits, social benefits and security assurance strongly influenced the intention to continue using the DCC business model, while trust in the platform showed a non-significant relationship. Practically, the effect size estimates suggested that home delivery, economic benefits, Perceived Usefulness (PU) and Perceived Ease of Use (PEOU) and security assurance have practical relevance for marketing strategies and reshaping public policy in DCC. The study recommends approaches that the research institutes, government, policymakers and business leaders can use to unlock opportunities and get new guidance on this rapidly growing business model in EMs
Antecedents of Social Networks and their Influence on the Propensity of Academic Entrepreneurs to Develop Successful Spin-Off Ventures
(University of the Witwatersrand, Johannesburg, 2023) Seely, Derek; Urban, Boris
There is an ongoing discussion about potentially commercialisable academic research not resulting in effective commercialisation in South Africa. This research adds to the body of knowledge by considering the role that an individual academic entrepreneur's social network plays in the spin-off process. The purpose of research is to improve our understanding of the social networks used by academic researchers that enable them to identify and commercialise their innovative research and commercialise it within the university context through the formation of an entrepreneurial spin-off. The study followed a quantitative methodological approach to establish the role of these networks in spin-off development and was actualised using a cross-sectional survey. Respondents were self-identified academic entrepreneurs, drawn from South African academic institutions. The research considered assumptions that research mobilisation, collaboration, unconventionality, university support, bureaucracy and the aspirations of the academic entrepreneur impact spin-off success. The study results provided a conceptual framework that integrates and enhances spin-off success using the academic entrepreneur's social network while enhancing entrepreneurial spin-off theory. The research showed that the existence of a triple helix is insufficient on its own to create a successful spin-off by providing insight on the networks needed for success. Further, the study clarified the importance of individual-level characteristics that are important for academic entrepreneurship to succeed. The outcomes highlighted that research mobilisation, collaboration, risk taking activities, bureaucracy and academic aspirations have significant implications for successful academic entrepreneurship. These findings are noteworthy as the research has been conducted across disciplines and universities with vastly different resource availabilities
Implication of Regulated Cannabis Legalisation on Wellbeing and Economic Growth
(University of the Witwatersrand, Johannesburg, 2022) Quarshie, Emmanuel; Alagidede, Imhotep Paul
This is a thesis on the cost benefit analysis of cannabis legalisation, public (mis)perception about cannabis usage and cannabis users, the medical application of cannabinoids and their commercial and industrial potential in the new global political economy. The study shows that, although there are misconceptions about cannabis, there is still much to unpack about its effects on human well-being. Drawing on both qualitative and quantitative cross-country dataset from Ghana and South Africa, the study employed a logit model to address the following questions: (a) What does society know about cannabis and its industrial and medical applications? (b) What is the evidence-based scientific claims of cannabis regarding human well-being? (c) What are the existing gaps between perception and knowledge? Among the contributions, this study clarifies the often-misunderstood position of cannabis in society and illuminates the blind side of the role of cannabis as an economic enabler in the post pandemic world. More importantly, while some schools of thought project cannabis as a gateway drug to the infernal realm, this study provides evidenced based on real-time practical experience from well- informed and educated users. The study provides a model for regulated cannabis legalisation, a proper guide on value-added supply chain mechanism, and guiding principles to ensure the model functions properly, based on lessons and best practices from countries that have legalized cannabis, such as the Netherlands, Canada, Lesotho, Malawi, Zambia, South Africa, and Zimbabwe. This study further establishes empirical and theoretical foundations for the key thematic subjects of cannabis use, as well as a policy direction pertaining to its regulated legalisation, prohibition, or decriminalization in Ghana and South Africa. Given the disconnect between knowledge and perception about cannabis, the study recommended knowledge enhancement and adequate advocacy on the pros and cons of cannabis for society to enhance understanding of the benefits and its side effects to provide evidence-based guidance on the medical application and industrial potentials
The Leadership of the CEO in the Turnaround of South Africa’s State-owned Enterprises
(University of the Witwatersrand, Johannesburg, 2023) Mpete, Morongwa; Maier, Christoph
This qualitative research analyses the leadership of the CEO in the turnaround of South Africa’s State-owned enterprises (SOEs). Numerous SA SOEs have embarked on turnaround strategies without any success, thus having a negative impact on economic growth. The research was conducted within 10 of the 21 SOEs classified as Schedule 2 (major public institutions) in the Public Finance Management Act (PFMA) that have previously embarked on turnaround strategies. The study comprised 24 semi-structured interviews with CEOs, CFOs, COOs, board members, union representatives, regulators and shareholders as the main role players during a turnaround of the SOE. This research makes use of pseudonyms for the organisations and participants for anonymity purposes. Thematic analysis was used to analyse the qualitative data collected through the interviews. This thesis is amongst the first to narrate the experiences of the Captains of the Industry within the SOEs in SA in an attempt to turn around the SOEs. This research identified the challenges that the CEOs of SOEs face in executing turnaround strategies and affirms that turnaround implementation should be free from political interference in order to be successful. Political landscape and power struggles, leadership practices and inefficient operations were found to be the overarching reasons for failure of turnarounds in the SOEs. This research is consistent with public choice, agency, and resource dependence theories. The findings of this research suggest that not any general CEO can turn around an SOE by specifying a job profile (capabilities, attributes, and values) of a CEO of turnaround. The profile will guide the SOEs’ boards, shareholders, and recruiters with the traits to consider when recruiting the CEO to turn around SOEs. The research suggests however, that the identified traits which were found to be more aligned to transformational, servant and situational leadership theories may not have any influence towards the outcome of a turnaround strategy in an SOE in South Africa. SOEs are characterised by de facto and de jure power. Legally, the CEO should influence turnaround as a key driver of a turnaround. However, due to the political landscape of an SOE in SA, there are multiple stakeholders that are influential towards turnaround, thus reducing the level of influence to three (moderate influence) instead of five (high influence) and therefore limiting the CEO’s authority on turnaround. Non-supportive SOE culture is also a reason for the CEO’s low influence on turnaround thus concluding that a combination of the CEO leadership and organisational characteristics influence turnaround. This empirical research therefore does not largely support upper echelons theory on the premise that CEOs of SOEs in SA are constrained in the actions they take. Future studies are recommended to test the proposed profile of a CEO of a turnaround
An exploratory study of creating opportunities out of solving societal challenges in the South African banking sector: A Creating Shared Value perspective
(University of the Witwatersrand, Johannesburg, 2022) Moloi, Tsele; Horne, Renee
The purpose of this study is to explore the Creating Shared Value (CSV) practices that the South African banking sector undertakes to create business opportunities out of solving societal challenges. Anchored on stakeholder theory, the study seeks to establish this potential link between the opportunity concept and societal challenges by deploying the qualitative multiple case study analysis of four major banks and the banking association of South Africa (BASA). The study proposes a CSV-opportunity conceptual framework. The research relied on a multi- method approach, including preliminary interviews, semi-structured in-depth interviews, document analysis, and field notes to collect qualitative data. Thematic content analysis and coding were deployed. The empirical findings suggest that CSV is mostly motivated and driven from a responsive business case (regulatory compliance, risk management, societal contract and legitimacy), a compelling societal case (desire for societal change), corporate societal initiatives (CSR, corporate philanthropy, corporate sponsorships) and a compelling business case (business opportunity). However, the compelling business case comes as a by-product or an after-thought of these other motivating factors. These motivating factors are leveraged as transitional vehicle and enabler of CSV business opportunities. This means that within social constructivism view, business opportunities are created regardless of the motivating driving factors. Findings further indicate that CSV is seen and understood as an extension of other related concepts. Most importantly, CSV is understood as an extension of the transformation of the banking sector and society to ensure that it is inclusive of many previously marginalised as a result of the country’s history of apartheid and its skewed economic activity. The empirical evidence shows that the stakeholder co-creation nature of CSV is both internal and external. Unlike CSV pioneers who presupposed CSV as a Utopian concept, free of trade- offs and challenges, the empirical results indicate a CSV that is fraught with both internal and external challenges. Internal challenges include measurement and trade-off challenges between business and society. The external challenges include external stakeholder co-creation and other external issues such as the deep-seated structural challenges of unemployment, poverty and inequality facing South Africa, all of which appear to hinder CSV interventions. Through the newly proposed CSV-opportunity framework, this study contributes to theory and practice. The study further demonstrates that CSV is indeed a social constructionist phenomenon where opportunity is subjectively constructed through actions and interactions with the social world
The moderating role of implicit person theories on gender-role orientation and entrepreneurial intentions
(University of the Witwatersrand, Johannesburg, 2023) Moloi, Jeremia; Urban, Boris
South Africa, like the rest of the world, has suffered an economic downturn as a result of the pandemic, COVID-19. In addition, the country has historically experienced an unequal distribution of resources, which affects poverty levels. Unfortunately, this unequal distribution of resources and opportunities continues to impact young people. As a watershed, this research is critical for unlocking entrepreneurial potential. The main objective of this study is to examine the relationship between gender role orientation (GRO) and entrepreneurial intentions (EI) and the function of implicit person theories (IPT), also known as mindsets, in regulating this relationship. There is consensus that entrepreneurship is a critical motivator for identifying, seizing, and creating new opportunities. Therefore, it is important to understand the elements associated with the intention to engage or behave entrepreneurially. Previous research on entrepreneurship relied on biological sex as a predictor of entrepreneurial intentions and results have been mixed and sometimes inconclusive, particularly among university students. Therefore, this study focuses on gender role orientation and mindset as determinants of entrepreneurial inclinations as opposed to biological sex. The study was cross-sectional and followed a quantitative approach. Primary data were collected from a sample of 415 individuals. Data analysis included Pearson correlation, structural equation modelling (SEM) as a statistical technique and t-tests. The results showed that the antecedents of entrepreneurship had a positive influence on the relationship between a feminine gender role orientation and entrepreneurial intentions. However, the observed relationships were not significant. This was also true for the moderating role of mindset on the relationship between gender role orientation and entrepreneurial intentions. On the other hand, this study found a significant propensity toward commercial entrepreneurship in a feminine gender role-oriented population. These findings not only contradict persistent gender stereotypes that claim entrepreneurial intentions are negatively associated with femininity, but also address the problem of few role models, as attributing feminine attributes to the entrepreneurial image will increase the number and visibility of symbolic role models for individuals with a feminine gender role orientation. The overall findings of this study will motivate and empower educational institutions, policy makers and training programmes to promote entrepreneurial content and activities that give equal weight to masculine and feminine gender roles and lead to a perceived congruence between femininity and entrepreneurship. These findings are equally effective in persuading financial institutions, media, and other key individuals to support individuals with a feminine gender role orientation in their businesses, leading to an inclusive entrepreneurial ecosystem

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