Electronic Theses and Dissertations (PhDs)

Permanent URI for this collectionhttps://hdl.handle.net/10539/37943

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A phenomenological study of female entrepreneurial identity, aspiration, and success in South Africa
(University of the Witwatersrand, Johannesburg, 2022) Mlotshwa, Semukele Hellen; Murimbika, McEdward
Background: The rise of identity movements or politics may seem sudden in modern culture, revolutionary in a sense as the world witnesses the reordering of group and group affinity discourse from the #MeToo, #BLM to trans activism. Yet in academic milieu of disciplines such as entrepreneurship, traditional scholarship seems to be stunted in failure to accept that social narratives, group or tribal self-identification, definition and identity are as important in defining history just like any other underlying socio-cultural and economic forces. This is captured well in entrepreneurship scholarship where the discipline is still struggling to build a reliable definition of female entrepreneurship applicable to both developed and developing countries and its effect on their respective economies. There is no unified female entrepreneurship discourse nor a discursive space that effectively accommodate female entrepreneurship interest groups. South Africa as an emerging African economy has not be spared this anomaly where, researchers have paid little attention to women's contributions to socioeconomic well-being through entrepreneurial activity. Although there is a multitude of female-centric debates and policies, their application seems largely rhetorical further accentuating the fragmentation of the entrepreneurship with respect to women participation. This gives the impression that studying female entrepreneurs is the study of the “other”. It is these challenges that inspired this research to explore the phenomenon of female entrepreneurship specifically how they self-identify, set, or define their aspirations and what they consider to be entrepreneurial success. The study goes beyond the dominant quantifiable content of entrepreneurship but rather emphasises the meaning content of entrepreneurship (i.e., nature and characteristics) from female entrepreneurs’ experiences and perspectives of their entrepreneurial practices. Methods: Utilising semi-structured in-depth individual interviews, group meetings, business visits with participants, a qualitative study was conducted using a two-phased phenomenological approach with thirty-five female entrepreneurs in South Africa. The data was analysed in two phases: first, through summative analyses aided by ATLAS.ti version 9.1 data analysis software program and second phase focused on seven participants was through explorative, descriptive qualitative approach. Results: Key themes identified from the data analysis in the two-phased approach were: participative entrepreneurship; resilience and relationship-focused entrepreneurial practice; creativity, resource, and venture control; personal dimension, access to resources and growth; entrepreneurial role, influencers and professional autonomy; market acceptance, self-fulfilment, work-life balance, and financial achievement. Female entrepreneurs simultaneously build, balance, and manage a wide range of entrepreneurial ventures of varying sizes across sectors while maintain both role and social identities. They have diverse entrepreneurial aspirations for personal and collective growth, while defining entrepreneurial success more widely than the present subjective and objective measurements prevalent in extant literature. While others still see their entrepreneurial identities in the male-centric constructs, this phenomenological study illustrates that these generic and traditional male-centric constructs do not adequately captures female entrepreneurial experiences. There is a distinct exhibition of strong personality traits, a high need for achievement, determination as well as perseverance in pursuit of success broadly defined beyond bank balances and turn-over. Women entrepreneurs also express strong views on earning high returns and income to not only grow their business but support their employees, communities, themselves, and their families. Conclusion: Female entrepreneurs in the South African context do not seem to limit their entrepreneurial identities to those in extant definitions based on male-centric metrics. They aspire to build ventures, build and maintain entrepreneurial role identity but not in isolation from their other social identities such gender roles as daughters, sisters, mothers, partners, family builders and leaders, female role models and community leaders. Success is measured beyond the financial and allied subjective measures but is tied to other social identity constructs while accounting for role identity related outcomes such financial achievements, professional legitimacy and acknowledgement, and personal growth. Future studies should test the conceptual model and associated conceptual thresholds proposed in this study on the relationships between identity, aspirations, and perceptions of success by subjecting them to empirical tests. The study provided novel distinctive traits of female entrepreneurs that can provide researchers with improved and inclusive entrepreneurial identity constructs, new measures of entrepreneurial success beyond the dominance of financial super-profits focus which do not consider the other equally important societal measures such as gender equity, sustainability, societal impact, and inclusivity at all levels of entrepreneurship in society. The thesis closes by arguing that the discipline of entrepreneurship needs to be continuously creative, rather than reactive; problematisation of new issues such as addressing female identity, their respective aspirations and perceptions of what success looks like. Only then can the discipline of entrepreneurship continue to be relevant to the present with a future focus without the trap of relativisation of the discipline both in research and practice
A series of experimental analyses into the Disposition Effect and its manifestations among South African investor teams
(University of the Witwatersrand, Johannesburg, 2023) Shandu, Philani; Alagidede, Ihmotep
In behavioural finance literature, there is a significant amount of both empirical and experimental evidence to suggest that prior outcomes impact investment decisions through cognitive biases which most (if not all) human investors succumb to. Among the most pervasive of these biases is the disposition effect, which manifests as the tendency of the investor to sell winning stocks too soon and hold on to losing stocks for too long (Shefrin and Statman, 1985). Critically, the disposition effect is understood to lead to suboptimal portfolio returns (i.e., suboptimal levels of investor welfare). While there have been several studies in other emerging markets, studies remain few in Africa and do not address some of the important issues underpinning the intensity and nature of the disposition effect among African investors. This thesis responds to this gap by designing and analysing several field experiments which explore causal relationships between psycho-social, public health-related, and socio-political factors and the emergence, prevalence, and intensity of the disposition effect among South African university student investor teams participating in the 2019, 2020, and 2021 runs of the Johannesburg Stock Exchange (JSE) Investment Challenge. The thesis is organised into three experimental studies, each speaking to specific theme/s that form the research’s core objective while employing unique data and sound econometric techniques known to be relevant to experimental analysis in finance studies. The first study in Chapter 2 of the thesis endeavours to determine (i) whether the disposition effect exists among South African investor teams, (ii) whether it is causally intensified by a set of psycho-social factors, and (iii) whether the disposition effect causally reduces investor welfare. Among the study’s main findings are that South African investor teams are susceptible to the disposition effect, and that their susceptibility to the bias causally attenuates their investor welfare. Furthermore, low female representation in an investor team is found to causally intensify the disposition effect, subsequently leading to a decrease in investor welfare. Using ii evidence from real-world observation, the study contributes to the literature on team gender diversity and investment decision-making, and – using Hofstede’s (2001) cultural dimensions – it offers a comprehensive account for how differences in culture may lead to differences in gender-related disposition effects across different nationalities. The study also introduces to the literature experimental evidence from the field that clearly demonstrates that – among South African investor teams – a causal relationship exists (i) between female representation and the disposition effect, and (ii) between the disposition effect and investor welfare.
A theory of virtual culture formation
(University of the Witwatersrand, Johannesburg, 2021) Chitondo, Margaret Zvobgo; Carmichael, Terri
This research focused on the formation of organisational culture in virtual work teams that exist within the context of a virtual organisation. The concept of organisational culture has been studied since the late 1970s in traditional work contexts. Several studies have subsequently been carried out on the factors influencing and the processes involved in the formation of culture within the context of traditional brick and mortar workplaces. This study focused on the formation of culture in virtual organisations, which have become commonplace in the 21st century and whose key characteristics are technological enablement as well as geographic and spatial distribution. A sensitising literature review was presented to locate the study within the current discourse of organisational culture, process theory and virtual work teams within virtual organisations. A constructivist grounded theory study was carried out to investigate the phenomenon of culture formation in virtual organisations using respondents who were at the time working as part of a virtual team within a virtual organisation. Data from 18 interviewed participants and five sets of archival records were collected and analysed theoretically. The results of the study were integrated with extant literature to find that organisational culture within virtual contexts developed through managing the core theme of virtuality and by dealing with virtuality while maintaining organisational effectiveness and managing interpersonal relationships. The findings from this research are expected to inform stakeholders so that they may better anticipate, facilitate and r respond to organisational culture development within a virtual organisation context.
Activating Concentrated Curiosity in Problem Construction to enhance Creative Problem Solving
(University of the Witwatersrand, Johannesburg, 2024) Greenblatt, Jennifer; Lee, Gregory
As the first stage in the creative problem solving process, problem construction plays a pivotal role in facilitating the creativity of solutions generated. This thesis develops a theory that proposes an approach to optimise two sub-stages of problem construction, namely, the information search and problem framing, and subsequently builds a normative framework based on this theory to provide practical, evidence-based guidelines to improve the effectiveness of creative problem solving in organisations. To date, research into approaches to search for information about the problem has received little attention, and approaches to effectively frame a problem prior to generating solutions are still debated. Furthermore, research findings have not been leveraged to inform an evidence-based normative framework. This thesis comprises four papers. In paper one, the theory is developed based on literature research. In paper two, the theory is tested experimentally by exposing four groups of senior managers in a large financial services company to different experimental conditions and then comparing the creativity of solutions generated using two different approaches to the information search and two different approaches to problem framing. The development of a normative framework in paper three draws on both the theory and experimental findings. In this paper, in-depth interviews are also conducted with problem solvers from various disciplines to test the applicability and relevance of the framework developed to address the information search. The effectiveness of this normative framework is tested in an action research study in paper four, and findings are used to refine the framework and implementation guidelines. This study also serves as a second field test of the theoretical model.
African financial markets and global uncertainties: nonlinearities, asymmetries, and information flow
(University of the Witwatersrand, Johannesburg, 2024) Dadzie, Emmanuel; George, Tweneboah
The global economy has witnessed rapid integration of financial markets, resulting in increased interdependence. This thesis investigates how global uncertainties or shocks impact African financial markets, focusing on both stock markets and currencies. The study examines how African markets have become more exposed to shocks, uncertainties, and spillover effects originating from other regions, particularly during crises and pandemics. Given the increasing significance of global policy shocks in investment decisions, portfolio design, and risk management, this research seeks to fill the gap in understanding the robustness of African markets in the face of such challenges. It employs advanced econometric models to capture nonlinearities, asymmetries, and information content flow within a time-frequency domain, addressing the underexplored areas of the literature. The thesis covers African stocks or equities markets and currencies. The selection of markets reflects the diverse economic landscapes and conditions across the continent. Prominent stock exchanges such as the Nigerian Stock Exchange, Botswana Stock Exchange, Egyptian Exchange, Tunis Stock Exchange, Namibian Stock Exchange, Moroccan All Shares Index, Ghana Stock Exchange, Lusaka Stock Exchange, and the Johannesburg Stock Exchange Africa All Share Index in South Africa have been captured. In addition to the stocks or equities markets, the choice of currencies also reflects the economic diversity and regional dynamics across the continent. These include the Egyptian Pound, the South African Rand, the Nigerian Naira, the Tunisian Dinar, the Ghanaian Cedi, the Moroccan Dirham, the Botswana Pula, the Mauritian Rupee, the iii Kenyan Shilling, the Namibian Dollar, and the West African CFA Franc. The global uncertainties or global shocks used in this thesis are the US Economic Policy Uncertainty Index, Oil Volatility Index, and Volatility Index. These indices are crucial indicators of economic instability and market sentiment and provide insights into the level of uncertainty surrounding economic policies, oil prices, and overall market volatility. The analysis covers 1 January 2010 to 31 December 2022 giving 3,379 daily observations for each variable. The thesis is organized into six chapters, with three self-contained empirical chapters. Each empirical chapter focuses on one specific objective or research question. The first empirical chapter examined the information flow between African stocks and global uncertainties using advanced analytical techniques. Employing the Complete Ensemble Empirical Mode Decomposition with Adaptive Noise method for data decomposition and the Rényi effective transfer entropy technique for information exchange estimation, the relationships between economic policy uncertainty, oil volatility index, CBOE volatility index, and African stock markets are investigated. The findings reveal both significant and insignificant positive information flows between US Economic Policy Uncertainty and African stocks across different investment horizons. Similar trends were observed with the oil volatility index and the CBOE volatility index, indicating a consistent pattern of information exchange. Importantly, no significant negative transfers were observed, suggesting a limited risk of contagion and high market resilience. Moreover, all three global uncertainty indices were identified as net positive information senders to African stocks across various investment horizons. iv The second objective investigates the effect of global uncertainties on the currencies of both oil-exporting and oil-importing African currencies. The Chapter reveals asymmetrical relationships with generally positive associations, suggesting currency depreciation during changes in global shocks. Employing the Variational Mode Decomposition technique, the time series data is decomposed to reveal underlying patterns and dynamics. The results of the quantile regression model reveal asymmetries in the effects of these shocks on currency rates, with generally positive associations suggesting currency depreciation amidst fluctuations in global uncertainties. The study highlights mixed effects across different quantiles and market conditions. Short-term, medium-term, and long-term analyses reveal the varying effects of global uncertainties on African currency rates, which provides revelations into the dynamics shaping currency movements in Africa. The third objective also applies the Variational Mode Decomposition technique and the nonlinear causal technique by Diks and Panchenko (2006) to investigate the effects of global uncertainties on the currencies of oil-exporting and oil-importing African countries, across various time frames. The findings of the robust nonparametric causal tests reveal interesting patterns in the relationships between global shocks and African currencies. Notably, the US Economic Policy Uncertainty demonstrates a significant causal impact on the Ghanaian Cedi, while other oil-exporting and oil-importing currencies exhibit varied responses to global economic shocks. The Oil Volatility Index exerts short to medium- term influences on specific currency rates, with differential effects observed between v exporting and importing countries. Similarly, the Volatility Index affects the returns of certain currencies, highlighting the connectedness between global uncertainties and African currency markets. The evidence of asymmetric effects of global uncertainties on African financial markets and the diverse exposure of oil-exporting and oil-importing economies underscore the importance of considering country-specific contexts and economic structures in analyzing the impact of global shocks on the dynamics of African markets. Efforts by monetary and fiscal policymaking fronts to enhance market integration and improve information dissemination mechanisms are crucial to help African financial markets better respond to global uncertainties while minimizing adverse effects. The thesis offers valuable insights for policymakers, investors, and corporate bodies navigating African markets
An analysis of the effectiveness of corporate social responsibility in the mining sector: a comparative study of South Africa and Zimbabwe mining companies
(2020) Mandevere, Melody
Over the past years, Corporate Social Responsibility (CSR) has received increased attention from the corporate world and international organisations. There has been a call for an Africanised CSR agenda based on the African context since CSR activities being undertaken in developing countries do not address the root cause of poverty and fail to improve relations with local communities. There is concern over the sustainability of the CSR projects undertaken by mining companies in Zimbabwe and the motives behind CSR activities aimed at benefitting the mining companies’ shareholders and less on the community where they operate. CSR projects in Zimbabwe differ to that of South Africa although the companies are subsidiaries. This comparative study between Zimbabwe and South Africa’s mining sectors has been carried out to analyse the effectiveness of Corporate Social Responsibility activities. The study followed the interpretivism philosophy and the qualitative research design with multiple case studies in the two countries. The target population for the research were two companies with branches in Zimbabwe and South Africa. Hence four mines were chosen, two in Zimbabwe and two in South Africa. A total of 22 respondents were purposively selected consisting of community representatives, mining company representatives, non-governmental stakeholders and governmental stakeholders. Data was triangulated by integrating semi-structured interviews and secondary documents. The findings indicated that in South Africa there is more stakeholder inclusion and ownership of the CSR projects as compared to Zimbabwe. This is more attributed to the nature of the South African legislation on CSR that encourages stakeholder inclusion. The stakeholder inclusion and ownership contributes to project sustainability which then leads to effectiveness of CSR. The research also concluded that an Africanised CSR agenda should prioritize legal iii issues over others. This means African countries need to attend to their legislation so that CSR is mandatory with ‘social impact’ as the driving force. The study contributes to the CSR literature specifically as a comparative study between African countries. This is one of the few empirical studies that compare CSR in neighbouring developing countries. Moreover, the study also addresses whether there is a need for a more Africanised CSR to address the social challenges and understand the effectiveness of the Africanised CSR agenda leading to sustainable development
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
An integrative cognitive-behavioural framework for predicting collective intelligence in small teams
(2020) Yu-Jen Chen, Jefferson
Leaders’ capability to empower their employees to form small intelligent teams will profoundly impact the competitiveness of their organisations, considering that unrelenting disruption and fierce competition are the norms in today’s business landscape. In part, owing to this reason, the study of collective intelligence (CI) has emerged as a notable interdisciplinary body of knowledge in recent years. Scholars have regarded CI as the socio-psychological concept that accounts for how team members can derive superior ideas leading to higher performance when working together as collectives instead of as individuals. The study of CI in adults is relatively new ground for management science and various research gaps persist. Not only does a well-validated CI predicting framework not exist, many CI studies were not carried out in settings that closely resemble the real-life organisational context. Some researchers even contest the legitimacy and the existence of CI. To study CI in small teams can be challenging. One of the pertinent challenges is that factors attributing towards the development of individual adults’ intelligence are not well-understood. Newly emerged studies have further highlighted the poor correlation between scores generated from widely-adopted intelligent quotients (IQ) tests and adults’ intelligence. Other studies have asserted that one cannot simply assign adults’ IQ as the results of their biological attributes and further advocate that it is more accurate to study what the cognitive-behaviours are that influence the intelligence of adults in the day-to-day context. In a similar trend of logic, CI researchers have greatly accentuated that an integrative cognitive-behavioural framework that can predict the CI of the small teams is well-needed but has not yet been established. Taking these scholarly recommendations as the basis for the research design, this study regards CI as an emergent asset that arises from the cognitive-behaviours between team members during the problem-solving and decision-making processes. This study assessed the causal relations between twenty hypotheses of three cognitive-behavioural clusters, viz. resource acquisition and utilisation (RAU), strategic thinking (ST) and team members exchange (TMX), and the CI of the Action Learning Project (ALP) teams based on the outcomes of ALP competitions. The lack of academic consensus on how these twenty cognitive-behaviours impact the CI of small teams provides added novelty to this research. Considering that ALP teams are subjected to an environment that shares a fair amount of similarities with the real-life corporate scenarios but with less interference by other complex issues, the empirical findings allow researchers to further their scholarly knowledge, practitioners to design better ALP content and leaders to empower their teams. A questionnaire was developed and tested before inviting research participants to rate their own cognitive-behaviours as individuals and concurrently to assess the same cognitive-behaviours of their teams as collectives. Seeing that CI studies commonly rely on participants’ self-reporting data about the perceptions on their own cognitive-behaviours only but hardly having been probed and compared against the outcome of the participants’ perceptions of their teams as collective, contrasting two surveying approaches allow this study to conclude which approach is more appropriate for CI related studies. The responses of 406 delegates from 12 programmes were deemed fit for use, and the datasets were subjected to various statistical calculations. The findings revealed that the two datasets obtained from the two surveying approaches produced two slightly different structural path models after they were subjected to both descriptive and inferential statistic techniques. The hypotheses were reassigned into different factor dimensionalities, and subsequently, the partial least squares structural equation modelling calculations were applied to these two models. The statistical results indicated that the H-null for one of the 20 hypotheses must be rejected. An explanation was offered. Subsequently, the factors accepted were ranked according to the degree of potential impact on the overall CI of the ALP teams. The plausible rationales and the implications of this ranking are discussed. In addition, it was found that the datasets obtained from the “Rate Team” surveying approach produced a slightly better CI predictability than the ones obtained from the “Rate Self” surveying approach. The suitability of the surveying approach for CI related study is then discussed. Despite the differences between these two structural path models being marginal, this study observed a profound contrast of the key insights of each model. For the model generated from “Rate Self” surveying approach, it underscores the importance of the RAU cognitive-behaviours. Whereas the model generated from “Rate Self” surveying approach advocates that small teams must pay equal emphasis to all three types of cognitive-behaviours (RAU, ST and TMX) in order to boost overall CI of the ALP teams. The findings challenge the popular management philosophy of “culture eats strategy for breakfast”. Instead, the outcome of the study draws attention to the equal importance of gathering and utilising resources, thinking strategically and harnessing helpful styles of interaction among team members. The limitations and contributions were discussed. Recommendations for future studies are also proposed based on the findings uncovered.
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
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.
An analysis of the effectiveness of Corporate Social Responsibility in the mining sector: a comparative study of South Africa and Zimbabwe mining companies
(2021) Mandevere, Melody
Over the past years, Corporate Social Responsibility (CSR) has received increased attention from the corporate world and international organisations. There has been a call for an Africanised CSR agenda based on the African context since CSR activities being undertaken in developing countries do not address the root cause of poverty and fail to improve relations with local communities. There is concern over the sustainability of the CSR projects undertaken by mining companies in Zimbabwe and the motives behind CSR activities aimed at benefitting the mining companies’ shareholders and less on the community where they operate. CSR projects in Zimbabwe differ to that of South Africa although the companies are subsidiaries. This comparative study between Zimbabwe and South Africa’s mining sectors has been carried out to analyse the effectiveness of Corporate Social Responsibility activities. The study followed the interpretivism philosophy and the qualitative research design with multiple case studies in the two countries. The target population for the research were two companies with branches in Zimbabwe and South Africa. Hence four mines were chosen, two in Zimbabwe and two in South Africa. A total of 22 respondents were purposively selected consisting of community representatives, mining company representatives, non-governmental stakeholders and governmental stakeholders. Data was triangulated by integrating semi-structured interviews and secondary documents. The findings indicated that in South Africa there is more stakeholder inclusion and ownership of the CSR projects as compared to Zimbabwe. This is more attributed to the nature of the South African legislation on CSR that encourages stakeholder inclusion. The stakeholder inclusion and ownership contributes to project sustainability which then leads to effectiveness of CSR. The research also concluded that an Africanised CSR agenda should prioritize legal issues over others. This means African countries need to attend to their legislation so that CSR is mandatory with ‘social impact’ as the driving force. The study contributes to the CSR literature specifically as a comparative study between African countries. This is one of the few empirical studies that compare CSR in neighbouring developing countries. Moreover, the study also addresses whether there is a need for a more Africanised CSR to address the social challenges and understand the effectiveness of the Africanised CSR agenda leading to sustainable development
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.
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
Attitude and acceptance of Artificial Intelligence technologies in the South African financial services. industry
(University of the Witwatersrand, Johannesburg, 2024) Wotela, Ruth Rumbidzai; Maier, Christoph
Despite Artificial Intelligence (AI) being topical, the successful adoption of AI technologies within organisations has been slower than expected. Literature and past research highlights the mixed and contradictory views and findings regarding employees’ attitude and acceptance of AI technologies, which challenge the successful implementation and use of AI technologies. Further, research on employees’ attitude and acceptance of AI technologies in emerging market economies, such as South Africa, and specifically within mandatory settings is limited. The purpose of this research was to investigate and determine factors influencing employees’ attitude and acceptance of AI technologies amongst employees within the financial services industry, where the use of AI technologies is mandatory. The Technology Acceptance Model (TAM) and the Technology-Organisation-Environment (TOE) framework were integrated and extended. This quantitative research study used a cross-sectional design. An online survey was distributed to employees within financial services organisations. A total of 410 valid responses were analysed using descriptive statistics, correlation analysis and regression analysis. Textual responses from the open-ended questions were categorised and presented visually in the form of word clouds. The research results indicate that each of the technological, individual, organisational, and environmental factors have a significant positive effect on attitude towards use of AI technologies. Multiple regression and stepwise regression analysis were used to identify the most influential determinants of attitude towards use of AI technologies from all the technological, individual, organisational and environmental factors. The results indicate that employee wellbeing, competitive pressure, perceived usefulness, management support, perceived ease of use, organisational justice and customer pressure are key determinants of attitude towards the use of AI technologies. The attitude-acceptance relationship is confirmed, as attitude towards use of AI technologies positively influences the acceptance of AI technologies. Although employees’ job roles do not moderate the relationship between attitude and acceptance of AI technologies, their experience with using AI technologies does. Based on these findings the ITOE model for implementing AI technologies is developed, and can be used to facilitate the successful implementation and use of AI technologies. The implications of this research, as well as recommendations for organisations and future research are also discussed.
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
Bicultural Life Experiences and Career Orientation of South African Indian Women Engineers
(University of the Witwatersrand, Johannesburg, 2021) Pillay, Vanishree Nundagopaul; Ndaba, Zanele
The purpose of this research is to explore the bicultural life experiences of South African Indian women engineers and from this, understand how identity experiences in their bicultural context inform their decision to remain in the profession. A review of the relevant literature offered biculturalism within the discourse of Identity Theory, and social cognition stemming from Social Cognitive Career Theory, as the main concepts to guide the trajectory of this investigation. The study is exploratory in nature with a qualitative design. Semi-structured interviews were conducted with 25 South African Indian women engineers from the public and private domains. Non-probability sampling strategy was adopted and effected through a snowballing technique to purposively secure candidates fitting the eligibility criteria. A narrative analysis of the transcripts was executed in a two-step process. First, by means of a three-part approach consisting of personal, social and temporal dimensions; life stories were unearthed from the interview transcripts in a deductive manner and formulated into a narrative. Secondly, narratives were inductively analysed using thematic analysis. Findings indicated that support from family, coupled with the transformed application of an Indian androcentric cultural value system within the home, positively influenced participants’ socialisation process. This triggered optimistic social cognition that informed high levels of self-efficacy and progressive decision-making. The limited organisational support reported by participants pointed to ubiquitous gender challenges: these negatively impacted professional opportunities and growth. Also clearly evident were perceptions and bias about women in the profession, strongly premised on gender identity, as opposed to racial identity. Motivation to remain an engineer was predicated on: (a) passion for the discipline; (b) career growth and opportunities; and (c) financial independence/empowerment. The findings, and their implications, offer higher education institutions and engineering bodies a point of departure that can inform strategies to motivate female engineers to remain in the profession. The study contributes to the evolving body of knowledge on biculturalism through the bicultural life stories presented by a sample of ethnic minority women who are absent from the literature pertaining to biculturalism. The research offers an assimilated version of Lent and Hackett’s Social Cognitive Career model, represented in a Bicultural Social Career Trajectory, as an understanding of the interplay between identity tags, context, cognitive processing and action behaviour. The sample’s location and nationality impose certain limitations on this study. Participants were South African- born Indian women engineers from three of the country’s nine provinces. Hence, the findings cannot be generalised to South African Indian women engineers from the remaining six provinces, nor to foreign nationals of Indian descent. These limitations offer an opportunity for future research on ethnic minority women of Indian descent, regardless of nationality. This would entail an extended geographical reach to include countries that have a population of Indian womenengineers. Such a study could potentially unearth interesting nuances regarding the bicultural life experiences and career orientation of Indian women engineers on a global scale.
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.
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
Competitiveness of South African ICT companies
(University of the Witwatersrand, Johannesburg, 2021) Christopher, Anton; Horne, Renee
A key issue facing the South African economy is the competitiveness of the ICT industry. With the growth of ICT multinationals in South Africa, the competitiveness of the local ICT industry is under scrutiny. A grounded theory-based qualitative methodology was deployed by interviewing participants drawn from the South African ICT industry and ICT multinationals in the country. Participants have experience of more than 20 years in ICT industry and worked at executive or senior management level. Data was collected through semi-structured interviews until theoretical saturation was reached. Data analysis was carried out using ATLAS.ti software. The study indicated that the South African ICT industry is only competitive within the South African ICT service sector, while not being globally competitive in the ICT manufacturing and ICT software development sectors. The study also found that ICT multinationals are competitive because of their strategically valuable resources (SVRs). These resources are both internal and external. External strategically valuable resources (SVRs) are their respective government policies and funding. Internal resources include cost-effectiveness, work ethics and innovation. Some of these resources are country-specific, while others are firm-specific. The study also showed that historically, the South African ICT industry was competitive and possessed strategically valuable resources (SVRs). It was also found that the South African ICT industry still possesses some strategically valuable resources (SVRs), these being mainly in the ICT service sector. Finally, the study also determined a framework of strategically valuable resources (SVRs) that can make the South African ICT industry competitive again. This research makes a significant theoretical contribution by enhancing resource- based theory, doing so by extending the theory – specifically an enhanced resource-based view – to a country and a heterogeneous ICT industry. This research also contributed a theoretical framework to the existing literature on resource-based theory. An empirical contribution is reached by firmly establishing the link between the competitiveness of ICT multinationals and their strategically valuable resources x (SVRs). A methodological contribution is gained by employing grounded theory-based qualitative methodology to research the ICT industry. Finally, the study provides practical recommendations to government policymakers and other stakeholders
Cryptocurrencies and African financial markets: integration, risk analysis, and diversification
(2021) Kumah, Seyram Pearl
The international financial system has witnessed cryptocurrencies as new financial instruments with increased growth in both volume and value and unique risk (return) benefits. The cryptocurrency market is integrating with financial markets which may induce increased investor participation with the chance of excessive liquidity in the cryptocurrency market. This can impair financial stability should there be shocks to the cryptocurrency markets. However, there is as yet little established scientific knowledge about the impact of cryptocurrencies on financial markets with African financial markets completely untouched. Such knowledge is critical since shocks to cryptocurrency markets may have rippling effects on the financial markets. The thesis contributes to fill this gap by investigating the nexus between cryptocurrencies and traditional asset classes in the African financial markets. This may help in understanding the microstructure of financial markets in general and the functioning of African markets in particular for regulating the general financial system. The thesis is organized into four empirical essays, each focusing on a research problem. The first essay examines the level of integration between cryptocurrencies and African stock markets using wavelet-based methods. Findings suggest low degrees of integration between the markets at higher frequencies, but this grows stronger at medium frequencies and perfectly integrates at lower frequencies. Implying that stock markets in Africa are highly exposed to cryptocurrency market disruptions from the medium-term and international investors seeking to hedge their price risk in African stock markets using cryptocurrencies may have to look at the short-term. The phase difference arrow vectors and cross-correlation analysis implying lead (lag) effects are time-varying and heterogeneous, showing no particular cryptocurrency or stock market as leader or follower. Different markets have the potential to lead or lag other markets at varying scales which may induce arbitrage opportunities for international and local investors. The second essay tests the ability of cryptocurrencies as viable alternatives to African fiat currencies during turbulent and tranquil currency conditions implementing the ensemble empirical mode decomposition-based quantile-in-quantile regression. The essay establishes that cryptocurrencies behave differently from African fiat currencies, showing significant negative relationship during extreme fiat currency regimes at medium and lower frequencies. This suggests cryptocurrencies as viable alternative digital currencies and good hedges for African fiat currencies form the medium-term. This essay affords policymakers in Africa and across the globe seeking for viable alternative digital currencies to mitigate currency crises to consider cryptocurrencies from the medium-term. Forex traders may also compensate for losses from currency shocks by using cryptocurrencies to hedge USD/African fiat currency exchange rate risk. In the third essay, we perform cryptocurrency market risk analysis focusing on tail risk and frequency spillover connectedness. The FZL function for joint Value-at-Risk and Expected Shortfall was used to measure tail risk, compare the level of risk, and capital adequacy of cryptocurrencies. Findings suggest Ethereum and Steller as less risky, followed by Monero, Das, Litecoin, Bitcoin, and Ripple, implying that Ethereum and Steller require the least capital to absorb losses. Investigating the time-varying interconnectedness across cryptocurrencies, the study posits that cryptocurrencies are strongely interconnected at high frequencies suggesting contagion risk in the cryptocurrency market and that diversification opportunity is low in the short-term. The essay also evidences time-varying volatility shock transmissions across cryptocurrencies. Economic actors interested in cryptocurrencies can follow this easy to hedge, calculate margins, and capital required to ensure financial stability in the global economy. The fourth essay sheds light on the hedging properties of seven cryptocurrencies (Bitcoin, Litecoin, Ethereum, Das, Ripple, Monero, and Steller) for gold and crude oil price fluctuations at bear (bull) markets across time employing wavelet-based quantile-in-quantile regression. The essay finds that cryptocurrencies provide negative dependences for extreme gold and crude oil price fluctuations from the medium-term, and that all cryptocurrencies are hedges for gold price fluctuations but only four cryptocurrencies (Ethereum, Monero, Ripple, and Steller) are hedges for crude oil price volatilities. The essay also evidences bidirectional causal effects among the assets establishing that when the cryptocurrency market is bearish and the price of gold and crude oil is low, economic actors can hedge the downside risk of the commodities or cryptocurrencies across time using either of the assets. The essay provides precise information to economic agents on risk mitigating strategies for gold and crude oil markets