Electronic Theses and Dissertations (PhDs)

Permanent URI for this collectionhttps://hdl.handle.net/10539/37966

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    A Comparative Approach to Market Wide Herding
    (University of the Witwatersrand, Johannesburg, 2024) Zwane, Sibongile; Sebehela, Tumellano
    This thesis prices, investigates and models market wide herding for selected emerged economies (i.e., U.S. and UK) and named emerging markets (i.e., Taiwan and South Africa) for bonds, equities and real estate sectors. To investigate the mentioned theme/topic, this study develops three hypotheses: (i) the selected indices are prone to market wide herding, (ii) there are systematic volatility patterns during herding process, and finally, (iii) there is positive herding in the real estate sector. The findings are as follows. First, there are persistent herding behaviour of the used indices and moreover, herding behaviour is both within and in between indices. The latter statement is consistent with the findings of Kola (2021). Second, herding exists in volatility towards to the developed economies from emerging markets, irrespective of the product type. Finally, there is definitive herding in the real estate industry, in particular, in indices and not so much in stand-alone REITs. Interestingly, evidence of herding is model sensitive. Finally, the implications are as follows. First, when you invest in bonds, equities and real estate indices, investors should mitigate against herding effects. Second, integration of products, in the context of bonds, equities and real estate, should be encouraged as that increases the levels of information symmetry. The latter statement implies that investing in financial markets would be risky (See; Kola 2021 and Sibongile 2021). Third and finally, intraday investors should have deep insights about emerging markets as emerging financial markets herd towards to emerged markets.
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    The use of integrated project delivery (ipd) to reduce construction claims in South African mining capital projects
    (University of the Witwatersrand, Johannesburg, 2024) Shoniwa, Kuda John; Saghatforous, Ehsan; Laryea, Samuel
    The current traditional Design-Bid-Build (DBB) method on capital projects, results in adversarial relationships, insufficient collaboration, poorly defined scopes of work, inadequate designs, unsatisfactory upfront planning, and diminished integration. This often leads to various changes to planned or agreed contractor scope, schedule, cost or quality during construction resulting in numerous and expensive construction claims for additional costs and time which can be reduced by incorporating Integrated Project Delivery (IPD) benefits. In this research, reference to construction claim means a request by contractor for additional cost or extension of time during construction due to changes in planned or agreed scope, schedule, cost or quality. This research study explores the use of IPD benefits to reduce construction claims in South African mining capital projects, contracted under the traditional DBB method. The research question for this study is therefore, “How can IPD benefits be incorporated into the traditional Design-Bid-Build method so as to reduce construction claims in South African mining capital projects?”. The researcher utilised literature review, survey and focus groups, as mixed research methods. Meta-synthesis, questionnaires and interviews were employed, as data collection techniques. Qualitative analysis incorporating descriptive and pattern coding and quantitative analysis were used for data analysis. In answering the research question, a literature review meta-synthesis identified 28 major causes of construction claims including: changes in design and scope, unclear risk allocation, unclear design documents and specifications, inadequate planning and poor communication. Furthermore, 17 benefits of IPD essential to reducing construction claims were identified and included: early involvement of key participants, collaboration, joint decision making, and open communication. The findings show that there is an opportunity to use aspects of IPD and infusing them into the traditional Design-Bid-Build project delivery method to reduce construction claims. IPD benefits present an opportunity to minimize changes later in the projects which in turn assists in reducing construction claims. By understanding the root causes of construction claims and reviewing the effectiveness and deficiencies of current practices used to reduce the claims, a framework that uses identified IPD benefits as remedies to causes of construction claims in capital projects can be developed. The researcher then developed a framework incorporating IPD benefits into the traditional DBB method for South African mining capital projects, to reduce construction claims. This framework will enable project stakeholders to collaborate and integrate early to deliver quality, within budget and on-time projects so that beneficial use of the assets can commence and generate value for stakeholders. Learnings from this research will promote the required changes in behaviour and attitudes in the construction industry which can lead in the direction of full IPD implementation in the future.
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    Essays on the Corporate Governance Evolution and South African Real Estate Investment Trusts (REITs)
    (University of the Witwatersrand, Johannesburg, 2024) Moloi, Nosipho; Chyuan, Wong Woei; Akinsomi, Omokolade
    There has been substantial attention on corporate governance globally, representing a key area of research interest. Focusing on REITs as a natural experiment to study corporate governance and disclosure polices in SA is distinctive, particularly in that results are mixed globally. Studies by Campbell et al. (2011), Chong et al. (2016), and Chong et al. (2017) found an optimistic association with corporations that adopt CG and profitability; however, Bianco et al. (2007) and Bauer et al. (2010) reported adverse results. The study conducts three separate empirical studies that cover the following aspects of REITs: (a) the impact of corporate governance and corporate social responsibility on SA REITs performance; (b) the impact of corporate governance and foreign investor trading: An SA REIT perspective; (c) Black Economic Empowerment (BEE) and its influence on SA REIT liquidity. This thesis consists of three independent essays. The first essay employs a Corporate Governance Index (CGI) formulated from the King III and King IV reports to investigate the link concerning corporate performance and superiority of CG and the corporate social responsibility (CSR) of SA REITs listed on the Johannesburg Stock Exchange (JSE). The CGI index is created from the King III and IV reports to measure the compliance of 33 SA REITs listed on the JSE as of January 2023. These REITs are assessed from 2013. The empirical investigation using multiple correspondence analysis (MCA) reveals that CG practices have a positive influence on firms’ performance (such as total share return and return on assets). The results imply that CG’s standard principles influence the performance of firms’ SA REITs with a higher magnitude. Managers and investors that observe CG principles will notice improved firm performance. The CSR index is created from the King reports, and MCA was used to analyse CSR compliance to determine that SA REITs, which comply with CSR regulations, will improve returns. The second essay investigates CG and foreign investment activity of SA REITs. REITs offer a natural experiment in CG. These leave little cash flow for management, thereby reducing agency problems. A CGI Index was formulated from the King III and IV reports to examine the association concerning foreign investment and the quality of CG. A sample of 33 SA REITs from 2013 until 2022 is documented. The study adopted the unique multiple correspondence analysis (MCA) to form a matrix for the CG, and the foreign investment was formulated by adopting the Buy and Sell Index (BSI) to capture foreign investment. With a well-balanced panel, it was found that corporate governance (CG) significantly influences foreign investment with a greater magnitude. Additionally, SA REITs that are cross-listed with better CG in place 10 were documented as this has been linked with attracting more foreign investors. Due to the nature and effectiveness of the CG and the lack of this type of investigation in South Africa (SA), this study will inform SA REITs and policy makers in understanding the importance of complying with CG and the practical implications for its influences on foreign investment activity. The third essay examines the liquidity of SA REITs and their relationship to the BEE score. The contribution of this section to the literature is on SA REIT liquidity and its relationship with BEE policy. Firm liquidity has long been an area of interest of research (Yun, 2009). The paper adopts the BEE score for all SA REITs to measure their compliance levels and the link to a REIT liquidity. Thirty-three REITs are adopted from 2013 until 2022. To capture the different dimensions of a securitised REIT, more than one liquidity measure is used. This analysis uses four proxies to calculate REIT liquidity using ordinary least squares models (OLS). The study finds that the BEE has a positive association with an SA REIT liquidity, implying that REITs that comply with BEE policy are likely to have improved liquidity. Complying with government policy has been linked with firms’ good financial standing. Highly compliant REITs wanting to maintain their liquidity levels should consider the influence of the macro-economic factors, particularly the adverse relationships that negatively affect REIT liquidity such as employment levels. This is the first study to probe the BEE and REIT liquidity in the South African context.
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    An analysis of the effectiveness of the infrastructure delivery management system in the South African government
    (University of the Witwatersrand, Johannesburg, 2024) Melete, Refiloe Minah; Khatleli, Nthatisi
    Governments face inherent obstacles in the provision of infrastructure at a global level. The decline or degradation of societal infrastructure and the limited accessibility to public services for the entire South African population can be ascribed to factors such as inadequate provisioning and upkeep of infrastructure. The adverse implications of construction project failures attributed to a variety of factors, such as delayed provision and increased costs directly impact economic well-being of individuals. South Africa's government is guided by a complicated system of broad and sector-specific policies with distinct objectives. The South African government has implemented various strategies and initiatives to enhance infrastructure delivery, and the effectiveness of developing infrastructure delivery methods for public infrastructure initiatives remains questionable. Despite substantial study on infrastructure delivery difficulties, there remains a paucity of complete evidence about the efficacy of certain infrastructure delivery changes. Previous research identified by academic research has mostly focused on challenges such as public protests, corruption, delays in service delivery, inefficient operations, and inadequate quality management, leaving a knowledge gap about the overall efficacy of various delivery reforms and restricting insights into broader system performance. The South African government has adopted the infrastructure delivery management system (IDMS), a comprehensive approach that integrates planning, implementation ,monitoring and maintenance of infrastructure projects, as its preferred framework for implementation. The system’s effectiveness has not been tested. To close this gap the research analyses the effectiveness of IDMS in infrastructure provision. The study’s objectives were achieved through a qualitative methods, involving in-depth interviews and thematic and content analysis was employed. A purposive selection process was employed to choose a cohort consisting of senior managers, project managers, and external service providers. This resulted in a total of 100 individuals who were chosen to participate in the study. Interviews were conducted with these individuals. A response rate of 72% was attained, indicating a high level of participant engagement and data reliability. The study posits that various infrastructure delivery methods have been tried by both emerging and developed nations, but with limited success rate. Without a universally diverse and integrated infrastructure delivery, the current state of deterioration will continue. South Africa, as a developing nation, has the potential to reap substantial benefits by placing emphasis on the preservation, expansion, and enhancement of its infrastructure delivery. The findings of the study suggest that there are constraints with the current delivery system on adherence to regulations and implementation of system components. The study reveal a significant prevalence of inconsistencies in the application of the system. Lack of transparency in government policies impedes their implementation, causing a multitude of obstacles that contribute to additional project delays. The project's effectiveness is impeded by its inability to run efficiently due to the impact of the changing political environment on laws and industry reform. The study identified significant relationship between competency and governance, and how each impacts the effectiveness of the delivery management system. Consistently assessing policy iii and enhancing the implementation of legislation is vital for properly harnessing industry principles and endeavours. In order to achieve a balanced approach and encourage stakeholder ownership and commitment, collaborative interaction with industry professionals is essential. Improving infrastructure delivery requires implementing an integrated framework with clear goals, enhancing governance structures, a well-defined capacitation strategy to implement the framework, clearly defined roles and responsibilities. and promoting collaboration among government stakeholders for decision making and defined timelines for processing decisions in infrastructure delivery. Additionally, it is essential to streamline processes and cultivate technical expertise within infrastructure departments. The presence of strong governance structures, streamlined processes, and efficient human resource management are strong factors recommended for an integrated delivery framework. This study offers a significant contribution to the current body of literature on public sector infrastructure delivery methods. The research offers study offers valuable insights and contributes to creating efficient and sustainable infrastructure delivery methods and serves as a guiding resource for developing government policies and decision making.