Electronic Theses and Dissertations (Masters/MBA)

Permanent URI for this collectionhttps://hdl.handle.net/10539/37942

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Subject: search.filters.subject.Emerging markets

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    Profitability and Size in the Five-factor model: an African context
    (University of the Witwatersrand, Johannesburg, 2024) Rugara, Blessing; Kodongo, Odongo
    This study provides a comprehensive analysis of 18 African stock markets, employing Fama and French five-factor (FF5F) regression analysis to examine the size and profitability effects. The research specifically investigates the efficacy of both operating and gross profitability as factors within the FF5F model, finding them to be distinct but both holding explanatory power. While the study supports the relevance of the size factor in African stock markets, the data reveals inconsistencies and low statistical power, highlighting the need to further refine the analysis. This applies to the profitability factors as well. Additionally, the research explores the relationship between the business cycle and size effect, uncovering a nuanced interplay between business cycle stage, stage duration, and the size effect. The findings contribute to the literature on asset pricing models in emerging markets, particularly emphasizing the necessity for nuanced analyses that account for regional and economic specificities in the African context.
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    Determinants of Growth and Profitability of the Aviation Industry
    (University of the Witwatersrand, Johannesburg, 2023) Sepeng, Reabetswe Tiisetso; Odei-Mensah, Jones
    Despite the recent decrease in growth rates, there has been a significant growth in the airline industry over the years which is evident in the increase in the number of passengers and networks before the Covid-19 pandemic, thus making the growth attributable to the increase in people’s propensity to fly. In this study, the performance of airline industries is measured in terms of the growth rate and the profitability for each region within emerging markets, namely: Africa, Asia-Pacific, Middle East, Latin America, North America and Europe. Due to a constraint in data availability, the duration of interest is between 2009 and 2017, thus excluding the effects of the covid-19 pandemic which took place in 2020. The problem this study addresses is the discrepancy identified between the growth statement made in the global context and what has been observed in emerging markets. This is done by assessing how some of the determinants that have been reported in the literature to fuel growth and profitability, affect airline companies and by investigating the relationship between the profitability and growth of airline companies in the context of emerging markets. Three different methods were used to achieve the research objectives of this study, namely: correlation, Granger causality and regression analysis. In response to the first research question, it was found that oil price fluctuations, GDP, passenger yield, size and liquidity have an effect on the growth of airline companies in emerging markets while only liquidity and fleet size to a smaller extent, have an effect on the profitability thereof. In response to the second research question, it was found that there is no significant relationship between the growth and profitability of airline companies in emerging markets. The recommendations made in the study include using a dynamic panel approach for any further research in order to increase the robustness of the study and to reduce any issues associated with endogeneity. In terms of policy and/or management recommendations, depending on the management strategy in place, the determinants should be prioritizedbased on whether the chosen business model is in pursuit of growth or profitability since the study has shown the relationship between these to be insignificant for airline companies in emerging markets
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    A comparative analysis of the extent of investment banking In Africa versus other emerging markets
    (2020) Mphakathi, Solomon
    This comparative study examines and explains investment banking levels in African emerging markets to the Asia Pacific counterparts. It examines how investment banking activities, especially the raising of capital, influence financial development. There is a paucity of studies conducted in these emerging markets to identify and contrast why their financial development levels are significantly different. African emerging markets appear to be lagging while the Asia Pacific emerging market economies are among the fastest-growing in the world. Finance theory underpins the framing of the study that demonstrates plausible relationship between financial development and economic growth. The methodological procedures followed a quantitative deductive approach through desktop and secondary data analysis to draw conclusions and make inferences. A multiple regression model was used to quantify the effects and extent to which investment banking contributes to financial development. GDP per capita and human development level relate positively to African countries' financial development level. The literature review also revealed some interesting and relevant facts about African economies and the challenges they face. Despite some marked growth in some African economies vis-a-vis others, important structural adjustments appear necessary prerequisites for enhancing Africa's financial and economic development more sustainably. Surprisingly, the empirical analysis identified no evidence of statistically significant relationship between the measure of level of investment banking (in this study) and financial development.
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    The influence of cultural values on consumer buying behaviour: a case of the wine industry in South Africa
    (2020) Chiswanda, Tafadzwa F
    As of two decades ago, the South African wine industry has been experiencing an incremental decline in exports as a result of major social and environmental changes, as well as a global oversupply of wine. In light of these negative changes, the South African wine industry is now turning some of its focus towards the domestic market. The biggest challenge is that there is insufficient information on the South African wine consumer behaviour, especially the underlying cultural values. The purpose of this study was to review and understand the influence of cultural values (individualism/collectivism, masculine/feminine and extended/limited family) on wine consumers' buying behaviour based on the perceived influence of two extrinsic attributes (price and packaging) in South Africa. The study also briefly explored the impact of demographic variables (gender and age) on wine consumer behaviour. An online survey and pen-and-paper questionnaire were utilised to collect data from 151 wine consumers, primarily from Soweto and Sandton in Johannesburg. Data was analysed using multiple-linear regression conducted on IBM SPSS (Statistical Package for Social Sciences) version 25. The results of the study indicated that cultural values do have an influence on consumers’ purchase decisions. Consumers with individual and extended family cultural values were found to associate wine quality with price and packaging perceptions when purchasing wine, while consumers with collective and limited family cultural values did not believe there was a relationship between wine quality and the two perceptions (price and packaging). However, the value of masculine/feminine was not supported. The demographic variables did not show an impact on purchasing intent.
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    The impact of foreign ownership restrictions on inward FDI and economic growth: a case for BRICS countries
    (2020) Hotane, Tsholofelo
    This study sets out to investigate the impact of foreign ownership restrictions on the inflow of Foreign Direct Investments (inflow of FDI). The study further examines how the inflow of FDI subsequently affects the growth of host economies. The study employs panel data analysis over the period of twenty-one years (1997 – 2018), providing empirical evidence in BRICS economies. The findings reveal that ownership restrictions have a negative impact on the inflow of FDI, while FDI positively impacts economic growth. The results primarily provide guidance to the policy makers in the BRICS economies who are responsible for providing a conducive environment for investments.
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    The effects of entrepreneurial resources on the allocation of entrepreneurial effort in Gauteng SMME Sector
    (2020) Mampuru, Alice Khantso
    Past research looked at the contribution of the small business sector in economic development. Some literature suggested that the performance of this sector continued to face challenges that are attributable to SMME characteristics such as demographic profiles of individual entrepreneurs. Trivial research has focused on contextual issues affecting the SMMEs sector of South Africa. This research, therefore, took a closer look at the effects of entrepreneurial resources (context) on the allocation of entrepreneurial effort in an attempt to understand how these variables applied in South Africa's SMMEs sector. Using a quantitative approach, the study collected data from a sample of 206 SMME operators. Through empirical scrutiny, this study found that demographic profiles of entrepreneurs had a significant role in explaining the variance in the allocations of entrepreneurial effort. Taken with internal entrepreneurial resources, a modest yet significant variance was explained in the allocation of entrepreneurial effort. Empirical results, however, rejected the hypothesis that external resources negatively influenced the allocation of entrepreneurial effort. While a positive yet insignificant amount of variance in value creation could be explained by external entrepreneurial resources, a strong and significant variation in value appropriation was found to be associated with external resources. The study further found that resource combinations had a positive effect on the allocation of entrepreneurial effort. Policymakers can benefit significantly from this research in their efforts to formulate a policy that is indigenous to specific contexts. Practitioners can use the insights gained from this research to elucidate and measure entrepreneurial outcomes. This could improve the processes and mechanisms used in entrepreneurship ecosystem development. This study makes a unique and significant contribution to the ongoing debate about the role of context in the allocations of entrepreneurial effort. It further appreciates the significant contribution of Baumol’s Theory of Entrepreneurship allocations in explaining the phenomenon, making a unique contribution to the vast knowledge about contextual influences on the allocations of entrepreneurial effort.