Wits Business School (ETDs)
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Item Essays on the proposed monetary integration in the ECOWAS region(University of the Witwatersrand, Johannesburg, 2024) Eshun, Richard; Tweneboah, vMonetary integration has been projected to increase trade relations among member countries and plays an important role when it comes to economic growth through the elimination of trade barriers, the promotion of free movement of people and goods and the introduction of common external tariff and integration of payment system and capital markets of member countries. Whiles monetary integration in ECOWAS has been given much interest in extant literature; relevant research gaps remain largely in areas such as the introduction of ex-post monetary integration. In specifics, where the salient OCA criteria is used to examine the economic benefits member countries intend to gain with ex-post introduction of the single currency. The thesis contributes to fill this gap by investigating the ex-post introduction of monetary integration in ECOWAS. Knowledge of this is extremely crucial to policymakers to understand whether monetary integration can thus promote intra-regional trade in the ECOWAS region. This thesis comprises of four self–contained empirical essays. Each essay investigates a relevant lacuna in extant literature by relying on several advanced econometric techniques. In the first empirical study, we examined the level of integration of exchange rates between the West African Monetary Zone and the West African Economic and Monetary Union countries using wavelet-based methods. Findings suggest low degrees of integration between the two blocs at higher frequencies, but the level of integration gradually becomes stronger as it navigates from the higher frequency (lower scale) to the lower frequency (higher scale). It implies that ex-ante convergence of exchange rates is difficult, however, in the long-time horizon, exchange rates convergence is possible. Evidence from the cross-correlation analysis depicts lead (lag) effects Essays on the proposed monetary integration in the ECOWAS region 2024 © Richard Eshun Page iii are time-varying and heterogeneous, showing no country’s exchange rates as leader or follower. Different currencies have the potential to lead or lag at varying scales. In the second empirical essay, we investigated whether the impact of stock market development on growth in the ECOWAS region is dependent on the level of institutional quality such as voice and accountability, political stability, rule of law, control of corruption, government effectiveness, and government regulatory control. Our evidence suggests that, when institutional quality index is used as the mediating variable, we are able to establish that stock market development and economic growth nexus is contingent on institutional quality. Thus, the quality of the development of the stock market is important for economic growth, where better institutional quality is potent in ensuring the effectiveness of stock exchanges in promoting growth. The results also demonstrate that low quality of institutions tends to distort the ability of foreign direct investment (FDI) and domestic credit to the private sector which is used in this study to proxy for financial development to have any positive significant effect on growth. When we disaggregated the institutional quality index into its various dimensions whiles we constructed a stock market development index, our evidence suggests that, stock market development has a positive and significant effect on growth when political stability is above the threshold level. We further realized that, when government effectiveness is the threshold variable, stock market development has a positive and significant relationship with growth below the threshold level whiles higher regulatory control has a negative effect on how stock market development influences growth. This indicates that too much government interference inhibit the development of stock market to have a substantial positive influence on growth. This corroborates the financial repression and financial liberalisation theory by McKinnon and Shaw (1973) which is tested in this study objective. We established that, below the threshold level of Essays on the proposed monetary integration in the ECOWAS region 2024 © Richard Eshun Page iv voice and accountability, rule of law, and control of corruption, economic growth is largely insensitive to stock market development. Our main conclusion drawn is that, when there are higher levels of institutional quality, it can promote growth in the ECOWAS region. In the third empirical essay, we departed from the conventional way of studies on the relationship between labor migration and economic growth by examining the nonlinearities in this relationship by using Shin et al. (2014) methodology. What emerged is that the evidence supports the salutary effect of labor migration on economic growth in the ECOWAS sub-region. The baseline Autoregressive Distributed Lag results show that a 1% increase in labor migration reduces GDP by 0.66% which is statistically significant whiles the Non-linear Autoregressive Distributed Lag results show that, an increase in labor migration reduces GDP by 0.16% and a decrease in labor migration, increases GDP by 1.36% albeit insignificant in the long run. The essay evidences asymmetry relationship in the labor migration and economic growth nexus in ECOWAS. A key implication that emanates from this essay is that, policy makers in the ECOWAS sub-region should institute pragmatic measures to reap the full benefits of migration. In the fourth and final essay, the study examined whether there is a homogeneous causal relationship between trade openness and economic growth in the ECOWAS region by employing the Granger causality test by Dumitrescu and Hurlin (2012). As a robustness check, the study used four separate lags to establish this and out of the four lags, three lags show that trade openness homogeneously cause economic growth in the ECOWAS region, however, there is evidence from all the lags that economic growth does not homogenously cause trade openness. The findings reported no bidirectional causality in each of the variables. We further test the resilience of growth on impulses from trade openness; the evidence suggests the effect of transmission of GDP on its own shocks was permanent. In the long term, it will proceed to have Essays on the proposed monetary integration in the ECOWAS region 2024 © Richard Eshun Page v a positive impact on the economy. Evidence from the Impulse Response Function (IRF) result also discovered permanent policy shock of foreign direct investment (FDI) with a positive influence on GDP in the long-term whiles the percentage of variance explained by own shock in the short term accounted for 81.16% and continue a downward trend until it ends with an average around 68.42% at the end of the 10th period. The Pooled Mean Group/autoregressive distributed lag results show that trade openness has a positive and significant effect on economic growth with coefficient of 0.834 (0.0470) with P-value reported in parenthesis which indicates that a 1% increase in trade openness would lead to a 0.83% increase in GDP growth. At the policy front, ECOWAS heads of state should provide more effervescent and effective trade policies that are responsive to changing the trading market landscape in the sub-region while engaging economic agents to improve on trade infrastructure development which has evincing health for trade and economic growth.Item Understanding Corporate Social Investments` results measurement in South Africa: A Case of Three Foundations(University of the Witwatersrand, Johannesburg, 2024) Chipato, Ngonidzashe; Fowler, Alan; Moyo, BhekinkosiCorporate Social Investments (CSIs) bridge the gap between social development work and private corporate sector involvement. In South Africa, CSIs are implemented through different mechanisms. Companies set up separate entities such as Corporate Foundations (CFs) to implement social development projects directly or partner with the government or Non- Governmental Organisations (NGOs). Corporate Social Investments are a component of Corporate Social Responsibility (CSR) and the term is mainly used in South Africa. CSI aims at fulfilling the company's obligations of compliance with the law and there is an expectation that these investments can uplift the socioeconomic status of the communities they operate in. CFs are usually a part of the company's CSI and registered as separate entities, typically Non-Profit entities. Challenges exist in the current CSI delivery, results measurement, and practice, including methods used and a need for more consensus on the types of outcomes to measure. This research fills this gap by assessing the three CFs implementing CSI projects in different fields. The research focuses on the results measurement of the work of three CFs in South Africa. The gist of the study is on how rigorous Monitoring and Evaluation (M&E) methods can provide corporates with useful feedback and use the knowledge as a strategic tool. The research draws from theories on CSR (legitimacy, Knowledge-Based View) and M&E (Evaluation). The research utilises a qualitative exploratory methodology that allows for deeper insights and probing into the CSI activities of the three selected foundations. Data was collected from foundation staff, community, implementing partners, and external evaluators. Information from the secondary sources assisted in corroborating the primary data. The research compares the different approaches from the three foundations. Including three foundations provides a broader perspective from different foundations, identifies similarities, and differences, and justifies the need for a more standard approach to results measurement across foundations. CFs publicly publish results on their websites and reports, showing the extent of their reach in numbers. This research argues that providing a mix of results in numbers and narratives allows for a more robust approach to results measurement beyond compliance reporting which can allow for corporates to gain a competitive advantage and justify continued CSI funding to the shareholders. Organisations in South Africa often implement CSI activities to fulfil the Broad- Based Black Economic Empowerment (BBBEE). As a result, the M&E activities provide data 5 that can respond to BBBEE requirements, mostly the number of people reached. These results are reported in the CF’s annual reporting and the corporate sustainability reporting. CFs are set up to fulfil the BBBEE of the company, and research shows that responsible investment can have a positive implication for the business. The research argues on the importance of understanding how specific results can imply business growth. This is shown through the relevance and importance of triple-loop learning, where the foundation produces data that can support transformative processes for the business. To achieve this, the research recommends a more robust and mixed method approach to tracking results and aggregating them over time, which can be shown in the proposed social statement. This system allows better engagement with results from multiple stakeholders and comparisons across projects.Item Development aid, non-governmental organisations, and the north-south divide in Ghana(University of the Witwatersrand, Johannesburg, 2024) Bob-Milliar, Gloria Kafui; Alagidede, Imhotep PaulAid effectiveness and sustainability has become topical as donor countries face more interesting demands in the wake of the COVID-19 pandemic, the proxy war in Europe and low economic growth. In sub–Saharan Africa, poverty is perceived and acknowledged to be profound and nearly enduring. Many multi-lateral and bilateral organisations have intervened to address concerns of poverty and under-development, as donor-funded projects have targeted needy communities in developing countries. In Northern Ghana, years of neglect and lack of workable economic resources have culminated in its underdevelopment compared to Southern Ghana. Similarly, a plethora of third-sector funds have been channelled to the region with little evidence of their effect on poverty reduction. Despite the large inflows of donor funds, the north remains impoverished compared to the south. This thesis addresses the critical concerns of the north-south divide in Ghana, and the steps taken to lessen these development and inequality gaps. Data collection and analysis were conducted through a productive mixed-method approach, encased in a theatrically adapted grounded theory framework and technique. The study presents an invigorating perspective on the political economy of donor aid and its heterogeneity within a narrow target area of the savannah regions. It empirically showcased the culture of aid dependency through NGO activities based on the lived vulnerabilities of beneficiary communities. This was achieved through the evaluated mission and vision statements of NGOs, and their analytically measured impacts. The empirical evidence, however, shows a mismatch of interventions between some donor- funded NGO projects and community needs. Consequently, the study concludes there is beneficiary stress degenerating into a phenomenon the research calls ‘poverty dance’. As aid continue to target communities’ needs through project intervention advocacies, scores of NGOs similarly strived to be aid implementers with the sole aim of poverty reduction. There were various scenarios of aid fragmentation and project duplication efforts found in the research region, signalling a principal agent problem. Further evidence from this objective unveiled an aid dependency syndrome termed the red ii herring of aid implementation. The contextual conclusion to this thesis is that donor aid is producing an aid ineffectiveness conditions at the micro level, the twin phenomena of donor aid: the poverty dance of beneficiary communities and the red herring of NGO projects. This research leads the way in promoting the contestation of empirical ideas in donor aid effectiveness with robust theoretical debates on the underdevelopment of Northern Ghana. This thought-provoking research fills in the gap of the political economy of donor aid from the community perspective and proposed practical policy solutions to rural development.Item Digital Transformation of the Magistrate Courts in South Africa(University of the Witwatersrand, Johannesburg, 2024) Zikalala, Khanyisile; Magida, AyandaTechnology tools have been on the rise in multiple industries, and court administrators in South Africa can improve court service delivery by implementing more digital tools to manage court processes. To understand how digital transformation of court processes can enhance service delivery, a study was conducted with eight participants selected based on their roles and experiences within the Department of Justice (DOJ) and as users of the court services. The study involved face-to-face and virtual interviews and an analysis of the DOJ's strategy documents. The manual administration of court processes in South Africa has increased corruption. This manual system permits the manipulation of court documents, resulting in unjust outcomes and unnecessary delays in court hearings. The findings revealed that digital transformation of court processes is necessary to improve service delivery, but internal and external challenges could impede the implementation of the digital transformation strategy. The DOJ's modernization plan provided a detailed execution plan, identified the challenges faced during the execution of the plan, and suggested mitigating action items to minimize the risks. Change management is essential for addressing internal barriers to successfully implementing the digital strategy, requiring management to give it priority. The lawyers representing the citizens advocated for those who do not have access to digital tools, stating that digital transformation would benefit both people with and without access to digital tools. The transformation would also reduce the number of cases held in court buildings, allowing more focus on less digitally developed areas. The study underscores the imperative of digitizing court processes, not only for enhancing service delivery within the judicial system but also for upholding the right to impartial justice for all. The digitization of court processes will reduce instances of fraudulent cases and promote transparency within the broader legal framework, and the DOJ's modernization plan provides a detailed execution plan to overcome the challenges that could impede the implementation of the plan.Item Gaming is exploding! A framework to examine the influence of predatory monetization schemes on video game addiction in online video gaming(University of the Witwatersrand, Johannesburg, 2023) Wassink, Jarryd Dane; Ligaraba, NeoPurpose The purpose of this study is to determine the relationship between behavioural characteristics associated with video game addiction in conjunction with extended play time, and in-game expenditure. The study seeks to investigate whether there is a positive relationship between individuals that display behavioural symptoms of Internet Gaming Disorder and significant amounts of expenditure within their chosen video game in-game monetization models. Additionally, the study seeks to ascertain whether these video game monetization models, especially those that utilise “surprise” mechanics such as loot boxes, can be deemed predatory or gambling in nature and in need of additional regulations to be implemented to ensure higher levels of consumer protection. Design/Methodology/Approach The study utilises a quantitative approach in the data collection and analysis. Through the construction and distribution of a comprehensive electronic questionnaire, data was collected to determine the significance of the specific hypotheses outlined within the conceptual framework. The study tests the significance of fifteen hypotheses. The data collected was analysed using SPSS 28 and AMOS 28 software’s to test the validity and reliability of the proposed relationships outlined within the study. Findings The result of the study establishes a positive relationship between predatory monetization schemes and video game addiction. In the investigation of both constructs, namely predatory monetization scheme and gaming addiction, several variables were investigated with regards to the relationships they have with a specific construct, and the implications thereof. It is through the significance and acceptance of the majority of these hypothesised relationships that it can be concluded that extended engagement levels with video games that have in-game monetization models does have a positive influence on in-game expenditure. Practical Implications The results of the study suggest a strong and positive relationship between predatory monetization schemes and gaming addiction. This relationship suggests that prolonged exposure and engagement does in fact translate to excessive in-game spending. This further compound an 8 already volatile situation in that an individual suffering from video game addiction experiences a deterioration of both their physical and mental well-being and are now exposed to the added risk of financial harm. The situation becomes even more concerning when considering that a large portion of the player base is comprised of minors. Originality/Value The study established a significant and positive relationship between predatory monetization schemes found within many online video games and video game addiction. The results further suggest that prolonged engagement levels within these video games that have in-game monetization schemes increases the likelihood of spending real-world money on these predatory monetization schemes. There are limited consumer protection frameworks for video game monetization schemes. Therefore, the implementation of more stringent and socially responsible regulations concerning specific video gaming monetization schemes could offer greater consumer protection amongst players of such video games. Since not all mechanics found within video game monetization schemes can be considered as being similar to gambling, this may prove difficult for policy makers to impose gambling regulations to these products. However, in the interests of consumer protection, policy makers and social marketers do need to work on minimizing or removing predatory characteristics found within numerous video game monetization schemes, especially for the benefit of at-risk video gamers. The study outlines the risks these predatory monetization schemes pose to problem gamers and suggests that legislation and regulation at a government level within South Africa needs to be implemented to ensure higher levels of consumer protection against such unethical marketing practicesItem Determinants of User Growth in B2C E-Commerce Platforms in South Africa(University of the Witwatersrand, Johannesburg, 2024) Viljoen-Nel, Liesl; Ochara, NixonGlobally, e-commerce has grown exponentially, especially during the COVID-19 pandemic, since people were forced to stay at home and shop online. South Africa has also experienced e-commerce growth, and the e-commerce penetration rate is forecasted to accelerate from 27 million registered e- commerce users in 2022 (43.5%) to 39.7 million registered e-commerce users by 2027 (64%). These statistics show that retailers will need targeted activities to ensure user growth in their e-commerce platforms since the competition between retailers to obtain e-commerce customers will intensify as it becomes a dominant sales channel in South Africa. This exploratory study investigated the "Determinants of User Growth in business-to-consumer (B2C) e-Commerce Platforms in South Africa" through the unique application of an academic (UTAUT2) and a practitioner model (AARRR). This study is the first South African study on e-commerce user growth. It is exclusive as existing literature mainly studies behavioural intention to use and use behaviour of information systems. However, it fails to address user growth, a critical component of information systems' retention and continuous use intention. This aim of this study was to understand the factors that impact use behaviour from a consumer perspective and, ultimately, user growth on e- commerce platforms in the fast-moving consumer goods industry specific to South Africa. A quantitative survey was conducted through a non-probability convenience sampling process from March to July 2023. Electronic survey links were distributed via e-mails, social media posts and online messaging services to reach a sample frame of 7,386 prospective respondents. Completed questionnaires were received from 743 respondents. After a data cleansing and rescaling procedure, the data from 550 respondents were analysed in a phased approach using exploratory factor, regression, correlation and moderation analyses. ii The independent variables accounted for 65.12% of the total variance in the UTAUT2 model, and performance expectancy and facilitating conditions emerged as the strongest predictors of behavioural intention. Neither age, gender, nor experience had a moderating impact on the independent variables and behavioural intention. Behavioural intention, however, significantly influenced user growth, as the customer transitioned from activation to retention to referral and the revenue phases of the user growth construct. Retention was the dominant factor in the user growth construct, explaining 18.66% of the total variance in the data. Revenue showed the highest correlation with behavioural intention, demonstrating that consumers will use a platform if they benefit from the transaction. Customer satisfaction moderated the relationship between behavioural intention and user growth, and facilitating conditions and user growth. This result demonstrates that customer service and support are instrumental in promoting user growth in B2C e-commerce platforms. South African customers have adopted B2C e-commerce platforms and have transitioned from the acquisition to the retention phases of the customer life cycle. However, shopping online in South Africa has not become a habitual activity or a necessity, which could be attributed to the availability of plenty of shopping malls with brick-and-mortar retailers throughout the country. It is recommended that retailers use data-driven insights to design targeted marketing activities for each phase of the purchase life cycle to strengthen behavioural intention and trigger user growth in B2C e-commerce platforms. The study makes a meaningful contribution to the South African digital commerce literature by concluding with practical recommendations that managers can apply to designing, implementing, and managing B2C e-commerce platforms in the fast-moving consumer goods or other consumer packaged goods industries.Item Enhancing the value of loyalty programmes through multi-sided platforms(University of the Witwatersrand, Johannesburg, 2024) Tlabela, Sello Derick; Dorson, Thomas AnningThis research investigated the possibility of using Multi-sided Platforms (MSPs) to connect Service Providers (SPs) and consumers on Loyalty Programmes (LPs) to enhance value proposition. It assessed whether consumers are maximising the value of their LPs and determined their interest in subscribing to an MSP to enhance it. The adoption of LPs by SPs in RSA is snowballing, which brings complexity for consumers to participate fully. Managing LPs from various SPs is complicated without a centralised platform. The inefficient design of LPs impacts participation efforts, affecting consumer engagement. The growth leads to consumers not realising the total value of LPs despite frequent purchases. The research employed a quantitative data collection approach using the Qualtrics platform. The study collected quantitative data through an online survey that utilised a questionnaire with a 5-point Likert scale. The research targeted individuals residing in South Africa (RSA) with LP subscriptions in the grocery and fuel retail sectors. The sample included individuals of all ethnicities, genders, and occupations between the ages of (19 and 60). The study found that the design of loyalty programmes impacts engagement rates, and the technology used on LPs affects participation efforts. According to the study, the current LP designs are inefficient and provide value to SPs only. The research concluded that consumers would adopt MSPs if they are used on LPs and enhance the value they getItem Investigating the influence of chatbots on customer experience and frustrations in self-help functions in South Africa(University of the Witwatersrand, Johannesburg, 2023) Raphela, Lesego Jerminah Mmakgopa; Anning, Thomas DorsonOrganisations must provide responsive, efficient, and 24/7 customer service in the ever-evolving digital era. Chatbots have emerged as the preferred Artificial Intelligence (AI) technology, offering self-help functions to users in need of various digital services. This study addressed the scarcity of empirical studies on the use of chatbots as self-service agents in South African companies, particularly in exploring their contribution to customer experiences, both positive and negative. The study extended the Technology Acceptance Model (TAM) to investigate the antecedents of customer chatbot engagement and their subsequent impact on customer satisfaction and frustration within the context of self-help functions. Utilising a quantitative approach, data was collected through online survey questionnaires from a sample of 258 participants who had interacted with chatbots. Multiple linear regression analysis was employed for data analysis. Results revealed that perceived ease of use, performance expectancy, compatibility, and social influence positively influenced customer chatbot engagement. Additionally, customer engagement with chatbots had a significant positive correlation with satisfaction and a negative correlation with frustration. These results suggested that enhancing user-friendly interfaces, ensuring optimal performance, aligning with user preferences, and leveraging social influence could foster increased engagement. This study stressed the significance of understanding and optimising customer chatbot engagement for a positive user experience.Item Earnings management by banks operating in emerging markets - The case of BRICS countries(University of the Witwatersrand, Johannesburg, 2024) Tigeli, Relebohile; Mokoaleli-Mokoteli, ThabangThis study was motivated by the intriguing phenomenon of earnings management within commercial banks, particularly in the BRICS nations. The choice of BRICS countries was driven by their significant role in the global economy and their unique challenges regarding regulatory practices and economic structures. The primary objective of this study is to investigate the extent and strategies of earnings manipulation within BRICS commercial banks, shedding light on both its motivation and the factors that drive such behaviour. Utilizing the Beneish Manipulation Score (M-score) model, the study identifies earnings manipulators from non-manipulators. Through the panel regression, the study elucidates the underlying objective of earnings manipulation and the factors influencing such behaviour. The findings reveal that some banks manipulate their earnings, however, this phenomena is observed in less than 30% of the sampled banks. Notably, the identified purposes for such manipulation include income smoothing, capital management, and signaling strategies. Moreover, the findings also highlight the pivotal role Factors such as management compensation, firm size, and profitability act as catalysts for earnings management, while high leverage and superior audit quality serve as deterrents. Despite the growing body of literature on earnings management, there is a noticeable gap in research focusing on BRICS nations. This study addresses this gap and underscores the need for regulatory authorities to re-assess management compensation structures, enforce stricter auditing requirements, and monitor banks’ profitability metrics. It emphasizes the importance of a robust accounting framework and stringent auditing practices for ensuring transparency and accountability in the banking sector of BRICS countries. To our knowledge, this is the first study to examine the extent, strategies, and influencing factors of earnings management within commercial banks in BRICS nations, offering valuable insights for policy formulation.Item Determinants of Digital Transformation in South African Telecommunication Organisations(University of the Witwatersrand, Johannesburg, 2024) Tar-Mahomed, Taazmin; Alagbaoso, Manessah ObinaliIn the dynamic gig economy, organisations are grappling with increasing pressure to adapt through digital transformation (DT) for continued relevance. Successful DT initiatives have proven to boost organisational performance and competitive advantage, resulting in a twofold increase in total enterprise value for digital companies. However, despite its strategic significance, the intricate and multifaceted nature of factors that influence DT contributes to consistently low success rates in adopting this initiative. This study employed a qualitative research approach to develop a comprehensive DT framework, incorporating perspectives on strategy, technology and employee engagement. This involved a literature review of five seminal frameworks, which led to the conceptualisation of an artefact framework. The framework underwent rigorous evaluation through 15 semi-structured interviews with experts in digital transformation and telecommunications. The findings from the expert interviews informed the design of a holistic proposed framework anchored in the Digital Dynamic Capabilities Theory and Business Strategy Framework. The proposed framework delineates crucial determinants of DT that are tailored for South African telecommunication organisations. It comprises six pillars, which are grouped into visionary, structural and foundational enablers and encapsulate nuanced perspectives on technology, strategy, employee engagement and change management dynamics. The framework aims to serve as a best practice guide for industry leaders, emphasising the development of the capabilities, mindsets and structural conditions necessary for a successful DT journey.