Theses and Dissertations (School of Economics and Finance)

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    Fostering diversity through South Africa's broad based black economic empowerment act
    (2018) Ijasan, Eseigboria Grace Paula
    South Africa gained strong recognition all over the world after the fall of apartheid. Alas their quest to depolarizing the economy of the country has not ended. Several transformational initiatives have been set up by the government to accomplish this feat, the latest and most successful, in terms of economic empowerment, is the Broad-Based Back Economic Empowerment (BBBEE) Act. This initiative has however, been criticized by academics and its direct beneficiaries as not fulfilling its underlying purpose which is to smooth the coexistence of its diversified society. The question has been “is this just another initiative that gives the picture-perfect demographic representation in the work environment or is it giving us much more?” A major discourse has been controversies about the Act’s operationality in achieving its aim and its possible contribution in reinforcing discrimination resulting from societal power shift; hence, the backlash effect on beneficiaries and reverse discrimination on the non-PDI’s (previously disadvantaged individuals). It is on the premise of these questions and criticisms that this research strives to evaluate the Broad Based Black Economic Empowerment initiative as a diversity initiative that has gone beyond managing diversity to fostering diversity. It introduced a framework for fostering diversity which was used as a guideline in developing the Fostering Diversity Index questionnaire. Purposive sampling was used, focusing on nine top BEE companies as rated by EmpowerDex. A well-structured questionnaire was developed and distributed within the companies. These companies had their organisational culture assessed, psychological empowerment evaluated and social perceptions of diversity through the implementation of BBBEE evaluated. Findings from this research indicate that the BBBEE Act has a good potential for fostering diversity; however, fostering diversity requires an organisation to have a culture which embraces diversity as well as an adequate level of psychological empowerment. Without both, there will always be the disconnect between a government diversity initiative, such as the BBBEE and the internal state of affairs of the organisation. This study shows the dynamic relationships between organisational culture, social perception of diversity and psychological empowerment within these top-rated BEE companies. Gender was the only factor that predicts workplace diversity. Among the implication to policy, it is recommended that the implementation process of BBBEE be reviewed to attend to the salient issues of diversity.
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    Twin deficits and the sustainability of public debt in sub-Saharan Africa
    (2018) Gichuki, James Kiiru
    Sub-Saharan African (SSA) debt has attracted attention since the 1980s. Countries in the region moved from healthy debt levels in their formative years,tobecomeoneofthemostheavilyindebtedregionsintheworldrelative to their size of gross domestic product. Policy response to the debt has been unfolding the same way as the debt. First, countries adopted a wait and see attitude in the late 1980s and early 90’s, then swung to debt forgiveness in the 2000s involving 30 out of 48 nations. This research adopts a three-tier approach to an investigation of debt in the region. First, it examines whether internal debt has a relationship with the external debt by evaluating a twin deficit hypothesis by use of a trend analysis and a panel generalized method of moments. Secondly, it controlsforthehighdebtregimeandexamineswhetherdebtreliefmanagedto bringdebtsustainabilitybacktotheregionusingcross-countryautoregressive distributive lag models. Lastly, it evaluates the performance of debt relief in the region with respect to its fiscal space effects. Here, the study investigated whetherdebt forgivenesscrowdedout aid andgrants, increasedconsumption expenditure, or affected poverty alleviation through education and health expenditure. This thesis reports that there exists a positive relationship between the current account and the primary balance and that the relationship is twined so that an increase in one deficit leads to an increase in the other. Specifically, a percentage point increase in the primary deficit leads to a 0.3 percentage pointincreaseinthecurrentaccountdeficit. Italsofindsthatbyreducingdebt from the high debt regime of the 1990s, debt relief had managed to bring back sustainability to the region. Debts had fallen to levels below the formative years of independence, and the two low debt regimes had sustainable debt with the exception of Zambia whose debt remained unsustainable and relatively high as a fraction of GDP. On the impacts of debt relief, this study findsthatdebtreliefpartlyimprovedthefiscalspacebyincreasinggovernment expenditure, domestic revenue, and education expenditure, but found no effects on recurrent and health expenditure.
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    Acceptance of online shopping by individuals in South African townships
    (2018) Dzimati, Shorai
    Internet connectivity has revolutionised the way we conduct our day-to-day activities like banking, communication, travelling arrangements and shopping. Internet has enabled the birth of many technological innovations throughout the world including online shopping. Online shopping is the process of purchasing goods and services from online stores also known as e-tailers over the internet. In developing countries like South Africa, buying and selling of commodities makes up most of the economic activities. Individuals. With the increase in internet connectivity, individuals now have an option to replace the traditional brick and mortar shopping with online shopping. Although online technology is already in maturity phase in the developed countries, for South Africa as a developing country, it is still in its infancy. This might be attributed to factors that may include late penetration of the internet as well as logistical challenges which common in most developing countries. South Africa as a developing country needs technology to grow its economy into a developed country and online technology is one of the key technologies required to achieve this. The majority South African population comes from the townships which means that township dwellers constitute the majority of the consumers. Online shopping technology has potential to contribute towards the growth of small and medium-sized enterprises (SMEs) which is a key part of the South African economy. This demographic set up in South Africa makes it critical for business and academics to understand the acceptance of technology in South African townships, with online shopping being one of these key technologies. The study investigated factors affecting acceptance of online shopping by individuals in South African townships using the adapted unified theory of technology acceptance theory (UTAUT). Using a hypothetical model to test various hypotheses, the study followed a positivist research paradigm. Through the theoretical lens of the adapted unified theory of acceptance and use of technology (UTAUT). A survey was used as the data collection method. The hypotheses were tested and analysed to further understand the factors affecting acceptance of online shopping by individuals in South Africa. Findings of this study revealed that the elements of the adapted unified theory of technology acceptance theory (UTAUT) are strong in predicting acceptance of online shopping in South African townships. Elements like performance expectancy, effort expectancy, social influence as well as trust proved to be significant in predicting acceptance of online technology. This research will assist academics and practitioners to further understand the acceptance of online shopping by individuals.
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    Empirical study of the reverse-causality between organisation performance and employee behaviour in the agricultural manufacturing sector of Malawi
    (2018) Mvula, Ronnie Timpuza
    Many organisations claim that Human Resources are their critical resource. However, what is most critical is not merely the human resources but how the Human Resources are managed. Human Resource Management is achieved through practices that the firm implements; these give the firm sustained competitive advantage. Many studies have found positive and significant relationship between HR management and firm performance. Previous studies have also studied reverse causality investigating whether organisational performance affects HR management policies and found significant positive relationship implying that it is good performing organisations that can afford adopting HRM practices. The purpose of this study was to investigate whether organisational performance motivates how employees behave at work in the reverse causality in the agricultural manufacturing firms in Malawi. To achieve this purpose a survey design was adopted using quantitative research strategy. Data were collected from a probability sample of 77 managers and 308 employees totalling 385 participants. Descriptive and inferential statistics using Structural Equation Modelling (SEM) were used to analyse and test seven hypotheses. The proposed relationships were tested using a number of statistical methods. Adequate reliability was achieved on all measurement scales. Confirmatory factor analysis was conducted on the content and structure of the measured constructs and were confirmed necessary. Reasonable fit was achieved for all the refined measurement models. A Lisrel based SEM was applied to examine whether the model fitted the data obtained from the sample and test the relationships between latent variables. Consistent with previous research; results of SEM revealed that Human Resource Management (HRM) practices are significant correlates of organisational performance. Further results showed positive relationships between business strategy and HRM practices; HRM practices and organisational performance. Significant negative relationship was found between employee attitudes and employee behaviour and employee behaviour and organisational performance.
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    Supply chain management predictors of sustainable procurement and inclusive business in South Africa
    (2018) Mashele, Faith
    With the rise in volatility of local and global markets, organisations are becoming attuned to the need for creating sustainable economic value for stakeholders. Procurement channels, as a result, have become potential gateways for enabling market access and for encouraging participation by marginalised groups in the economy. For this reason, it was considered interesting to examine how inclusive business approaches, can be adopted as part of the procurement landscape as a tool for creating concerted socioeconomic and environmental value for both business and society. The purpose of this study therefore, was to investigate the potential supply chain antecedents of sustainable procurement and inclusive business in South Africa. The study was grounded in three theories, namely: stakeholder theory, institutional theory and resource-based view theory. Structural equation modelling (SEM) was adopted to quantitatively test primary data that were collected from supply chain and procurement practitioners based in South Africa using an online self-administered survey. Out of the 385 responses that were received, 249 were usable and analysed using the Statistical Package for Social Sciences (SPSS version 23) and Analysis of Moment Structures (AMOS version 23) statistical software packages. Through investigating the eight hypothesised relationships that were developed, this study theoretically positioned sustainable procurement to empirical literature that focuses on strategic partnerships, competitive advantage, familiarity with policies, trust within supply chains, organisational incentives and inclusive business. Secondly, it was observed that business models and strategies that are inclusive in nature, are able to facilitate increased access to procurement markets and resources. Managers thus, may consider establishing pilot projects and specialised programmes for promoting sustainable procurement initiatives. Lastly, the results have shown, a strong and positive relationship between organisational incentives and sustainable procurement. Policy makers and practitioners, thus, may use this study as a reference point for, adopting procurement policies and strategies that are aimed at promoting responsible and inclusive procurement practices.
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    Market and socio-psychological factors affecting organic food purchase decision and post-purchase outcomes in South Africa
    (2018) Chauke, Xitshembhiso Difference
    Organic food consumption is an aspect of green consumption which is increasingly making inroads into consumers’ consumption patterns across the globe, especiallyin Europe and North America. In South Africa, the growth is slow, both in supply and demand. Even though mainly sold in specialised markets, such as the Bryanston organic food market in Johannesburg, retail chains, such as Pick’n Pay, Shorprite-Checkers and Woolworths are getting into the organic food market, selling items, such as vegetables, herbs, grains and oil seeds, fruits and dairy products. The consumers are reportedly mainly medical patients, middle to upper income consumers, the “younger” consumer generation, who shop in the upmarket food stores and parents of younger children. Research has been conducted to understand the drivers of organic food purchase by employing various models and theories across the globe. For example, Aertsens, Verbeke, Mondelaers and Van Huylenbroeck’s (2009) untested model linked Schwartz’ values theory and the theory of planned behaviour (TPB) to propose personal factors affecting organic food purchase intention and behaviour. Even though the study combined two theories to suggest drivers of organic food purchase intention and behaviour, mainly psychological drivers were suggested. In addition to this limited focus, the study does not consider the resultant pleasure or satisfaction that consumers may get from purchasing and consuming a more natural and environmentally friendly food, which the Biophilia hypothesis theory suggests. More so, there are suggestions that external factors, such as marketing, economic, governmental and social factors can influence organic food purchase. The explanatory powers of some of these factors (e.g., social factors) have either not been empirically tested, or the studies of their impact are fragmented and lack integration. The fragmented studies in some cases provide contradictory findings. Studies show that when consumers purchase green products and are satisfied with their decision, their overall image of the products improves and leads to positive outcomes, such as positive word of mouth communication, repurchase intentions and the willingness to pay a high price iii associated with green products. Whether these will be the case for organic food in South Africa is one of the objectives of this study.To answer this question, and for better comprehension of the drivers of organic food purchase and post-purchase outcomes, ideas from the Biophilia Theory, Aertsens et al.’s (2009) adapted TPB and Yiridoe et al.’s (2005) model that suggests external drivers are integrated into a conceptual model in this study. This is to understand the impact of marketing, psychological and social factors on organic food purchase decision, satisfaction and three post-purchase outcomes (word of mouth communication, repurchase intentions and willingness to pay price premium). A survey of 611 South African organic food consumers in the cultural and socio-economically rich and diverse Gauteng province of South Africa, the proposed conceptual model with fourteen hypotheses (H1 – H14) were quantitatively tested using Partial Least Square (PLS) structural equation modelling.The results revealed that market factors (i.e., price, distribution and communication), even though they made no significant impact, explained 04% of organic food purchase decision. With an explanatory power of 53%, the psychological factors (perception of product attributes, environmental attitude, behavioural beliefs, perceived value and overall image) were found to havestrong impact on the purchase decision. Out of these psychological factors, only environmental attitude did not make a significant impact. Social factors explained 16% of organic food purchase decision, with family influence making a significant impact. While the purchase decision explained 66% of organic food consumption satisfaction, the satisfaction in turn had an explanatory power of 74%, 63% and 62% of repurchase intention, word of mouth and willingness to pay a price premium respectively. This study’s tested conceptual model of organic food purchase decision, satisfaction and postpurchase outcomes in an economically and socio-culturally diverse country such as South Africa, makes important theoretical and practical contributions. For example, it provides a comprehensive conceptual model, which can be used to understand other green consumption behaviour, not only in South Africa, but in other countries. It also reveals that marketers are ineffective in promoting, distributing and pricing organic food products. Further studies should be conducted in other South African provinces and should consider product related, economic and governmental factors helping and hindering organic food purchase and consumption.
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    Enhancing linkages in oil and gas in Qatar
    (2018) Al-Showaikh, Jenan
    Qatar’s economy is mainly dependent on oil and gas, making it vulnerable to global economic shifts and in need of diversification. Qatar’s state has always depended on Western consultancies, which largely advance a neoliberal agenda and so do not consider the long-term needs of Qatar’s economy. While a small body of academic literature has criticized Qatar’s economic strategy, this research provides an alternative strategy for diversification, recommending building linkages directed towards industrialisation. The study takes into account the needs of Qatar’s economy, focusing on diversification carried out in a stable way that creates employment, as well as other factors. The study finds that Qatar’s local content policies lack transparency, clarity, and monitoring institutions, as well as penalties and incentives to enforce the rules. Thus, there has been limited progress in forming the backward linkages knowledge linkages that would enable Qatar’s economic diversification.
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    Industrial policy implementation : the case of the bus industry in South Africa
    (2018) Khathi, Princess Gugulethu
    The South African bus industry has been neglected for a very long time in the main automotive sector support programs such as the Motor Industry Development Programme (MIDP) and the Automotive Production Development Programme (APDP). The need for rehabilitation of the industry has been triggered by the increasing demand for public transport in the country which was not being met by the supply. Industrial policies such as investment incentives, public procurement and local content were introduced to stimulate the development of the industry. The study sought to assess the industrial policy implementation mechanisms of these instruments. The in depth assessment of the implementation processes of the industrial policy targeting the bus industry reveal some weaknesses with regards to the way in which the policy that governs the sector has been implemented. There are important lessons that can be learned by the government for consideration with regards to other designated sectors that are targeted for industrial policy support. The findings suggest a need for a review of the Medium and Heavy Commercial Vehicles - Automotive Investment Scheme (MHCV-AIS), improved monitoring and evaluation of public procurement and localisation policies as well as improved enforcement capability by the respective institutions.
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    The influence of enterprise architecture maturity on business value: a perspective from the South African financial services environment
    (2018) Bachoo, Avsharn
    Enterprise Architecture (EA) is viewed as a source of business value and competitiveness due to beneficial outcomes such as reduced system complexity, business-information technology (IT) alignment, and improved system integration. However, challenges exist in understanding the relationship between EA and business value at different maturity levels. This research focused on the connection between the EA maturity of an organisation and the business value associated with it in the South African (SA) financial services environment. This study analysed dominant EA frameworks, maturity models, as well as various explanations of the term business value from literature. The resource-based view of the firm (RBV) was used as the underlying theoretical framework to structure this research, by examining EA as an intangible resource, and maturity as a source of heterogeneity. This study further contributed to the RBV operationalisation debate, by using the Architecture Capability Maturity Model (ACMM) as a supporting theory to operationalise EA from a qualitative perspective. The critical realism philosophy, which states that mechanisms generate events, shaped this research by creating focus on the underlying EA mechanisms that led to business value, as well as insights into the opportunities and challenges organisations experience as they progress to higher levels of maturity. This study built a middle range theory using a qualitative approach. Moreover, characteristics of descriptive, exploratory, and explanatory research were used within this investigation. A case study strategy, comprising of semi structured interviews and artefacts was employed to collect data for this study. The results were subsequently examined using thematic analysis techniques. This study established that within level 1 maturity, minimal EA practices driven by a few staff members were in place. Forms of value such as hardware cost savings, software cost savings, and visualisation were experienced. Most of the business units fell within level 2 maturity, indicating that EA practices were still under development. Forms of value such as increased revenue, improved development time and reduced complexity were attained. Business units within level 3 had simple EA practices in place with clear target states. Process improvements, improved risk management and improved customer service were experienced. Within level 4 maturity, EA was fully integrated into the culture, with EA metrics defined. In addition, forms of value such as improved decision-making, innovation and enhanced customer insights were also experienced. None of the business units were rated within level 5 maturity. This study found that EA was generally implemented at a coarse granularity of refinement across levels 1 and 2 maturities, at a medium granularity within level 3, and a fine granularity within level 4 maturity. Further, this study demonstrated that EA is a source of both tangible and intangible forms of value.
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    The determinants of economic diversification from a Sub-Saharan African perspective
    (2017) Masilo, Stanley
    Sub-Saharan Africa (SSA) is poor even though it has vast natural resources, is a paradox which various scholars have studied from different points of view. Furthermore, this region has a tendency to be highly reliant on narrow natural resource export baskets which are susceptible to external shocks and mineral depletion. Thus, economic diversification is a development path that can propel SSA economies to develop broad export baskets that are not highly dependent on natural resources, in order to mitigate systemic risk that stems from volatile commodity prices and achieve long-term sustainability. The research objectives of this study are twofold. Firstly, it determines the extent of economic diversification of selected SSA economies. Secondly, this study investigates the main determinants of economic diversification. The hypothesis of this study is based on the premise that there is a statistically significant relationship between economic diversification and government quality. Government quality is an important determinant of economic diversification due to its influence on macroeconomic fundamentals, infrastructure development, public goods and services. Furthermore, government formulates national development plans which can create a conducive environment for economic diversification to take place. The main policy recommendations towards achieving economic diversification from a SSA perspective, are encapsulated by the following aspects: structural reform and Group Economics
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    The Impact of green marketing practices on competitive advantage and business performance among manufacturing small and medium enterprises (SMEs) in South Africa
    (2018) Maziriri, Eugine Tafadzwa
    The phenomenon of “green marketing” has developed particular significance in the modern market, emerging in the developing and developed world as an important concept, and is seen as an essential approach to assist with sustainable development. As green marketing becomes an essential tool for sustainable business strategy, companies are applying green marketing practices to achieve competitive advantage and business performance. This thesis sought to determine the impact of green marketing practices on competitive advantage and business performance of SMEs in the manufacturing sector of South Africa. A quantitative research approach was used for this study and the target population for this study was restricted to managers and Heads of Marketing Departments within manufacturing SMEs in the Gauteng province of South Africa. The data analysis was done in SPSS 25 for demographic data analysis and AMOS 25 was used for the structural equation modelling and path modelling. Smart PLS 3 was also utilised to test for the mediating effect of the mediating variable. According to the results of the structural equation modelling analysis, the tested relationships produced satisfactory results consistent with how they were hypothesised. Precisely, it was found out that green packaging, green advertising, and green product innovation had a positive impact on competitive advantage. In addition, it was also found out that green packaging, green advertising; competitive advantage, green product innovation and green process innovation had a positive impact on business performance. Green process innovation emerged to have a negative impact on competitive advantage. Additionally, four more hyphotheses, namely, hypothesis ten, eleven, twelve and thirteen, were also supported as the mediation results indicated that competitive advantage positively and significantly mediates the relationship between green packaging and business performance, green product innovation and business performance and green process innovation and business performance. It was also found that, althougth competitive advantage positively mediated the relationship between green advertising and business performance; it does not significantly mediate the relationship between green advertising and business performance. This research broadens the knowledge base that currently exists in the field of green marketing, competitive advantage and SMEs business performance. Also, this investigation is noteworthy to manufacturing SME proprietors and supervisors since most them endeavour to have a competitive advantage and additionally, to boost profitability as well as the business' interest.
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    Social influence, eco-literacy’s and perceived benefit impact on attitude and purchase intention of herbal cosmetics by generation Y cohort
    (2016) Chinomona, Rudo Cynthia Christine
    In today’s knowledge society, the promotion of herbal products and the subsequent consumer purchase of herbal products has been on the rise recently. This is mostly attributed to the growing believe that organic or natural products are safer to use and promote a health life style. In the same vein, the understanding of consumer motivations, attitudes and the purchase behaviour of herbal cosmetics purchase has attracted attention worldwide from both academicians and business practioners – especially marketing managers in the herbal cosmetic industry. The current study is one of the few studies in African context to investigate the predictors of consumer purchase intentions of herbal cosmetics in South Africa. This study sought to examine the effects of social influence, perceived benefits of herbal cosmetics on consumer attitude towards herbal cosmetics and their purchase intention. In total seven hypotheses were postulated and to empirically test these hypotheses a data set of 246 collected from Generation Y female cohort at the University of the Witwatersrand was used for the purpose. A structural equation modelling approach using AMOS 23 statistical software was used to empirically test the proposed seven hypotheses using the collected data set. The research findings supported all the proposed hypotheses in a significant way except one hypothesis H5 (eco-literacy and purchase intention relationship) which although positive - was insignificant. However, the results also indicated that eco-literacy has a significant influence on purchase intention via its effects on consumer attitude towards herbal cosmetics. Based on the current study findings, both academic and practical managerial contributions are made. On the academic front, new literature on a rarely researched subject of herbal cosmetics purchase intention predictors - in an oftenmost neglected research context – Africa context is generated. On the managerial front, recommendations on the possible strategies that can be adopted by marketing managers in the herbal cosmetic industry are provided based on the research findings. Finally, future research avenues are also proposed.
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    The influence of interpersonal skills of IS leaders on IS employee job satisfaction
    (2018) Aboobaker, Yusuf
    Information system/technology (IS/T) leaders require varied skills to drive performance and satisfaction of IS/T employees within their departments. One way posited to increase job satisfaction of employees is by changing the characteristics of the workplace about which employees form attitudes. One such set of characteristics on which attitudes are formed is the interpersonal skills of the supervisor themselves. Generally, IS/T leaders have often been criticised as being poor communicators often with stronger technical than social skills. More research into the importance of interpersonal skills among IS/T leaders is needed. But what exactly are the interpersonal skills of supervisors and can they really affect the job satisfaction of others? The purpose of this research was to answer the above question by specifically preparing an inventory of interpersonal skills and draw on past theories to develop and subsequently test a model of the relationship between employee perceptions of their immediate IS/T leader’s interpersonal skills and their job satisfaction. Specifically, the study hypothesised that the interpersonal skills of IS/T supervisors influences the job satisfaction of the IS/T employee supervised in the presence of commonly known predicators of job satisfaction. The study employed a deductive, relational design. Data was collected using a survey methodology and employed a structured questionnaire instrument. The sample consisted of 82 IS/T departmental employees from South African organisations in which a permanent IS/T leader heads up the department. Bivariate analysis was performed, and measures were tested for reliability and validity prior to testing the hypothesised model. The model was tested using regression techniques. Results show that interpersonal skill of IS/T leaders significantly influence job satisfaction of IS/T employees, albeit only the sub elements of peer leadership skills and relationship building skills of supervisor’s influence employee job satisfaction. The combined effect of interpersonal skills over commonly known predicators is not significant, however peer leadership skills is. The originality and contribution of this research to IS/T literature takes the form of contribution by espousing the descriptions of interpersonal skills and furthering the iii understanding of what role perceived interpersonal skills of supervisors can play in creating an effective IS/T department through satisfied employees. The practical implications of the study may influence educators, students and recruiters to respectively understand, teach, learn and test for interpersonal skills. IS/T supervisors may also work on elements of those skills found lacking in their behavioural repertoire.
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    Volatility and the asset allocation decision
    (2017) Schwalbach, Joao Bruno
    This dissertation investigates the inclusion of volatility into the asset allocation decision, first as an asset class, and second as a tool for dynamic equity allocation. An examination on whether volatility exposure as an asset class has the necessary characteristics to form part of the broader investment universe is conducted. This is accomplished by comparing the risk-return characteristics of three naked option-selling strategies, a bull put spread strategy and a VIX futures strategy with the S&P 500 Index. Each volatility strategy is also included as part of a 30/30/40 volatility/equity/bond portfolio and compared to a traditional 60/40 equity/bond portfolio. Historically, the results indicate that all individual volatility strategies generated superior Sharpe ratios and exhibited less severe drawdowns than the S&P 500 Index, particularly during the 2008 Global Financial Crisis. Additionally, all volatility blended portfolios experienced better tail-risk profiles than the 60/40 equity/bond portfolio, with the naked option-selling strategies also generating similar returns as the 60/40 portfolio both over the full sample period as well during the period of recovery following the 2008 Global Financial Crisis. The results suggest that the returns associated with option-selling strategies are consistent, and have resulted in strong long-run risk-adjusted performance, qualifying short volatility exposure attained through option-selling strategies as an asset class. It however remains unclear whether the VIX futures strategy qualifies as an asset class given that it aims to exploit a market anomaly in the form of potentially non-priced volatility clustering in the S&P 500 Index. While the strategy generated considerable outperformance from 2004 to 2009, it underperformed from 2009 to 2016 suggesting that much of the non-priced volatility clustering has since been traded away. Drawing on the evidence of volatility clustering in equity markets, a managed volatility trading rule that regulates portfolio exposure between cash and equity based on how high the prevailing volatility level was relative to historical volatility levels is developed. Although transaction costs were not accounted for, the results indicated that the managed volatility trading rule has historically generated considerably superior Sharpe ratios than equity in developed and developing markets. In conclusion, volatility exposure attained through option-selling strategies has proven to be an attractive asset class, and historical evidence suggests that its inclusion into a traditional 60/40 equity/bond portfolio is likely to reduce the risk of future risk-adjusted underperformance relative to what had been achieved in the past. Additionally, the managed volatility trading rule remains an attractive alternative to investors who are precluded from investing in volatility as an asset class.
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    Green marketing, green corporate governance commitment, and its impact on firm performance : the case of electronic manufacturers in South Africa.
    (2017) Atud, Vivian Abit
    The purpose of this research was to study the relationship between firm‟s commitment to green, green marketing capability, green relationship learning, green human resource investments and firm performance for electronics manufacturers in South Africa. Despite the increased focus on on green marketing, there has been little focus on research relating corporate commitment to green and how it relates to green marketing capabilities and firm performance. This study fills this research gap by proposing and testing hypotheses relating firm commitment to green, green marketing capability, green relationship learning, green human capital investment and a firm‟s performance. To answer the research questions, primary data for n=212 respondents covering a range in firm size, gender, race, and age for electronics manufacturers in South Africa was used to test the hypothesis relating corporate commitment to green, green marketing capability, and a firm‟sperformance. The structural equation modeling approach was used to test the model fit and hypothesis testing. The software SPSS 24 was used to analyse the descriptive statistics and AMOS 24 was used to test the research model. The results showed that firm commitment to green was a predictor of firm performance and green marketing capability, green relationship learning, and green human capital investments was found to be mediators in the relationship between firm commitment to green and firm performance. Indeed, the hypotheses stated in this study were found to be true. The main contribution of this study is showing how corporate governance commitment to green can enable firm performance (both marketing and financial) through mediating variables of green marketing capability, green relationship learning and green human capital investment. The study further shows that corporate commitment to green influences green corporate social investment positively. Key words: corporate commitment to green, green marketing capability, green relationship learning, green Human Capital Investment, Green CSI, firm performance
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    An analysis of the income tax consequences attendant upon the transfer of contingent liabilities in the sale of a business as a going concern
    (2017) Hansraj, Shivona
    The transfer of contingent liabilities as part of a sale of business transaction has always been a contentious issue. In particular, there is still a measure of uncertainty in whose hands, if any, contingent liabilities transferred as part of a sale of business may be deductible. Sale of business agreements may be structured in various ways, for example, the purchaser may acquire the seller’s business in exchange for cash, the creation of a loan account, or the assumption of liabilities. Furthermore, in the context of intra-group transactions to which the group roll-over relief provisions apply, the Income Tax Act 19621 (‘the Income Tax Act’) does not specifically address the transfer of contingent liabilities. This research report addresses the income tax consequences arising from the transfer of contingent liabilities from the seller to the purchaser, including an analysis of the relevant group roll-over relief provisions. Key words: Ackermans Judgment, Actually Incurred, Contingent Liabilities, Free-standing Contingent Liabilities, General Deduction Formula, Group roll-over relief, Interpretation Note 94, Sale of Business Transaction, SARS.
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    Towards an understanding of post-adoption usage behaviours in the context of m-health pregnancy support applications
    (2017) Chakabuda, Tendai Carol
    Mobile health applications are fast becoming an influential source of information for pregnant women. Studies have shown that pregnant women download 3 such apps on average on their cellphones. These mobile technologies have been shown to help women monitor their progress during their pregnancy and personalise healthcare to suit their needs. To date, llimited research has been directed towards understanding usage behaviours with these apps. Various authors have argued that there is a need to expand the scope of research from simple usage behaviour to deeper levels as technology becomes more sophisticated and easily available. M-health technologies are increasingly becoming more varied and sophisticated and as such this study aims to explore post-adoption usage specifically of mobile health pregnancy applications in the South African context. This study specifically looked at post adoption usage behaviours and used Hsieh and Zmud’s (2006) framework as a basis of understanding these behaviours. The potential influences on these behaviours were sourced from various studies done on pregnant women usage of ICT in general. These influences were then investigated to see whether they were relevant in the context of m-health pregnancy support applications. The primary method of data collection was open ended semi structured interviews with twelve pregnant women. Data analysis was done using the iterative model for qualitative data analysis proposed by Miles and Huberman (1994). The findings revealed that pregnant women displayed post adoption usage behaviours of routine use and IS continuance. With regards to the infusion stage, the study found that pregnant women engaged in the first set of post adoption usage behaviours i.e. extended usage and deep usage. They did not engage in second stage behaviours namely emergent use, feature extension or intention to explore behaviours. The influences identified in the literature were found to be relevant in the context of m-health applications and additional influences such as cost of seeing gynaecologist, number of features on the app and social structures were found to have an influence on usage of the apps. This study provides unique insights into the views of pregnant women’s experiences with m-health apps. Specifically, by using interpretive research it uncovers the subjective meanings around post adoption usage behaviours, understanding how pregnant women engage in these behaviours and subsequently how these behaviours are sustained during their pregnancy. The study recognises m-health pregnancy support apps as important tools in the pregnancy journey. It highlights how pregnant women value these apps and view them as huge information sources, reassurance and comfort during their pregnancy. It is argued that medical professionals cannot distance themselves away from these apps and need to work in conjunction with them to provide robust maternity care to their patients. 5 Theoretically, this study adds to our understanding of post adoption usage behaviours specifically in the context of m-health pregnancy apps. Limited studies have been done in this field specifically in the South African context and the study provides a foundation for further research. Further research can be done to understand how these apps are changing the relationship between pregnant women and medical professionals and furthermore, whether the information received from these apps is reliable and credible.
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    A Multi-dimensional framework for adopting Physical Address System in a developing country
    (2017) Ditsela, Jeofrey
    This thesis is about the adoption of an Information System (IS) at a country level. Information Systems literature addresses adoption of IS at an individual level, organisational level or national/country level. Each level of analysis has its own complexities. However, literature acknowledging these varied complexities has not been forth coming. That is, literature has more studies done at either individual or organisational, and hardly at national or country level. This thesis argues that the adoption of an information system (also referred to as an innovation) at country level is a multi-dimensional and multi-level phenomenon. Existing literature and previous studies have hardily addressed fully, this complexities and multi-dimensionalism, although it has been noted that countries experience and internalise the innovation adoption, as a social process, differently. The study was on a developing country adopting a Physical Address System (PAS), herein seen as an IS innovation. In this thesis, PAS is seen as a social system comprising of artefacts (digital and visual representations), physical world, residents and organisations as stakeholders. The goal of the study was to conceptualise a multi-dimensional framework for adopting a Physical Address System, in the context of a developing country. Since the thesis argument is that the adoption of IS at a country level is even more complex, varied theories were employed as lenses to tackle the various aspect of the study. These lenses are the Diffusion of Innovation, the Stakeholder Theory, Upper Echelon Theory and the Contextualist Approach. Following the interpretivist philosophy, a case study was employed as a research strategy, using Botswana as a developing country case. The research design included semi-structured interviews with stakeholders, observations, policy documents. The data was analysed, discussed, synthesised and interpreted using thematic framework analysis method. Informed by the empirical evidence and the existing literature, this thesis conceptualises that the adoption of the Physical Address System ought to be done sensitive to the developing country as a multi-dimensional social system. This multi-dimensional social system includes the roles of stakeholders, determinants of innovation and context. The contribution of the thesis is in four folds; theoretical, methodological, practical, and contextual. Theoretically, the thesis conceptualised a multi-dimensional framework for the adoption of the Physical Address System in a developing country. Methodologically, the thesis contributed by following an interpretive philosophy and a case study as appropriate for understanding the complexities of adopting an information system, employing a case. Practically, the thesis, through the framework, may inform practitioners with ways to adopt a physical address system. Contextually, the thesis gives insight into the uniqueness of a developing country adopting an information system. Keywords: Developing Country, Adoption, Physical Address System, Stakeholder Theory, Upper Echelon Theory, Diffusion of Innovation, Context
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    Integration of tax and internal audit functions to improve tax risk management
    (2017) Sambo, Sanelisiwe Mondy
    Risk management is an important part of business as some risks can threaten the continuity of the business. As part of risk management, organisations need to manage tax risks as tax errors have the potential to cause significant financial loss and also carry reputational and other business risks which can threaten the continuity of the business. When considering tax risks in general, it can be said that taxpayers have a risk that they are not paying the correct amount of tax. This could be could be the result of applying the law incorrectly or configuring the system incorrectly to determine the tax results of the business activities and operations. Tax professionals have the expertise to identify tax risks and recommend corrective measures from a tax technical / legal point of view, which can address both past and future risks. Internal auditors on the other hand, have the expertise to detect tax risks and recommend corrective measures from a procedure and systems point of view, which may often only address future risks. The aim of this research is to gain a better understanding of the concepts of tax risks, tax risk management, as well as the process of designing, implementing and testing internal controls to manage those risks. This will specifically include an analysis of the role of the tax function and internal audit function in effectively managing tax risks, particularly through integration. Key words: Tax, internal audit, tax risks, controls, internal controls, tax risk management