Wits Business School (ETDs)
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Item Sustainability and Organisational Performance of South African Small and Medium Enterprises(University of the Witwatersrand, Johannesburg, 2025) Banga, Chantal Mbala; Gobind, JenikaThis study adopted the method of a qualitative integrative literature review to investigate the sustainability and organisational performance (OP) of small and medium enterprises (SMEs) in South Africa (SA). The focus was on enablers to facilitate the attainment and the challenges impeding sustainability and organisational performance. Furthermore, the study examined the phases and steps to incorporate sustainability into organisational performance, as well as the approaches for achieving ecological, social, and economic sustainability within organisations. For the better understanding of the topic and to ensure that it has been consistently and sufficiently covered without missing any aspect of OP and sustainability phenomenon, the study integrated the four OP dimensions, namely financial, operational, market and growth performance, at the same time considering the environmental, social, economic, and cultural pillars of sustainability. The e-resources from the online library of the University of Witwatersrand were used for the selection of appropriate databases. The reading materials included academic articles, journals, conference papers, reports, dissertations, theses, handbooks, and books, and the collection of 5000 works of literature from the management field were transcribed and categorised in a comprehensive fashion to be assessed using content and thematic analysis. Of the 5000 reviewed literature publications, 2 947 (including SA literature) were excluded due to duplication, the size of the firms not mentioned, the incomplete (full version unavailable), outside the scope of interest of SMEs and SA SMEs, and not aligned with the research questions. The remaining 2 053 literature publications were selected for discussion and interpretation; of these 1 625 included SMEs in general and 428 SA SMEs. The comprehensive appendix of the collected literature provides validity and credibility to the findings. Ethical clearance was obtained from Wits Business School to conduct the study and all ethics were adhered to. The study implemented the theory of knowledge to conduct the literature review and contingency theory to build new theories. The findings revealed that the achievements of organisational performance and sustainability of SMEs in general, and particularly those located in South Africa, were enabled and challenged by organisational factors (OFs) or corporate factors (CFs), management factors (MFs), business factors (BFs), entrepreneurial factors (EFs), leadership factors (LFs), modernity factors (MOFs), and sustainable factors (SFs). Sustainable development (SD), sustainable development goals (SDGs), organisational changes (OC), the circular economy iv (CE), lean management (LM), sustainable corporate governance (SCG), corporate sustainable responsibility (CSR) and sustainable supply chain management (SCM), and other related sustainability practices (SPs) were implemented. Some sustainability pillars besides cultural sustainability were integrated and balanced in the OP of SMEs without mentioning the sequential sustainability implementation phases, integration steps and balance approaches. In addition, there is limited literature on sustainability and OP covering the SA context, leaving room for future research The findings of the reviewed literature were built by identifying the gaps in the literature, the construction of an integrated categorical-conceptual framework, the development of a contextual framework, developing novel theories, and business model designs including successful sustainable SMEs’ business performance. Furthermore, most of the reviewed literature was quantitative, therefore, future studies should consider using other research approaches. Further analysis revealed little to no mention of cultural sustainability. Although there is literature covering sustainability in SA SMEs, and OP of SA SMEs, it remains limited. Likewise, there is limited literature covering the implementation of sustainability in OP, as well as sustainability integration into OP, moreover, no published research could be found that covered the approaches to sustainability balance in SA SMEs. The analysis of all the literature reviewed for this study revealed steps to guide sustainability implementation and integration into OP as well as suggesting approaches for balancing sustainability in OPItem Business Models for Next-generation Communication Networks and Mobile Operators in Africa(University of the Witwatersrand, Johannesburg, 2025) Banda, Laurence; Mzyece, Mjumo; Mekuria, FissehaThis thesis uses an exploratory, sequential, mixed-methods research approach to: (1) identify and investigate the factors that limit existing business models for mobile network operators (MNOs) in facilitating next-generation communication networks (NGCNs); (2) develop a conceptual business model framework for NGCNs by addressing the shortcomings of existing business models and theoretical concepts in the strategic management and technological innovation literatures; and (3) evaluate the proposed conceptual business model framework for improving the business viability of MNOs. The study was conducted in four successive phases. Phases 1, 2 and 3 achieved the preceding three research aims. Phase 4 presented and interpreted the research findings. This study linked three main concepts in developing the business model framework: 5G network technologies, mobile network operators and theoretical concepts of management science. For the qualitative part of the study, semi-structured interviews were conducted using a case study approach and snowball sampling. Interview participants included top executives and senior managers from established mobile operators in Africa. The qualitative data analysis was conducted using reflexive thematic analysis and was implemented using the MAXQDA 24 software. The emerging themes and sub-themes as well as the proposed research prepositions were used in developing a conceptual framework and associated research hypotheses. The conceptual framework was quantitatively surveyed among employees of mobile operators in Africa that have commercialised 5G network services. Quantitative data analysis was performed using partial least squares structural equation modelling (PLS-SEM) and implemented using SPSS and SmartPLS software. Based on the quantitative findings, four of the six research hypotheses formulated were significant and clearly supported, while two were insignificant and therefore rejected. The main contribution of this thesis is the development of a business model framework for African MNOs deploying 5G and beyond networks. Theoretically, the study contributes by designing and examining business models for 5G networks and MNOs in Africa. Methodologically, the study contributes by combining inductive and deductive approaches in theory development, reflexive thematic analysis, PLS-SEM, and the use of MAXQDA24, SPSS and SmartPLS software in a single study. Empirically, the study contributes by highlighting practical implications and recommendations for practitioners, regulators, policy makers, and researchers.Item A Hedge Extension of the CAPM Model: An Empirical Investigation(University of the Witwatersrand, Johannesburg, 2025) Waring, Donovan ShaunExtending the CAPM with practical hedging strategies presents an innovative approach to managing portfolios. This study extends CAPM through incorporation of a Hedge Extension that utilizes cointegration-based pairs trading within a core satellite portfolio framework. While CAPM remains foundational in asset pricing and portfolio optimization, its reliance on market efficiency assumptions and the exclusion of idiosyncratic risk undermines its efficacy in volatile markets. This paper bridges these gaps by constructing a core satellite portfolio where the JALSH functions as the passive core, while a dynamically managed satellite component employs cointegration-based pairs trading that provides an uncorrelated source of returns due to relative mispricing. Using daily closing prices of Financial and Basic Material sector stocks listed on the JSE between 2nd January 2015 and 31st December 2024, this study tests the Hedge Extension’s efficacy. The pairs were selected using the Engle-Granger two-step approach, where positions were traded when normalized cointegration spreads exceeded ±2 standard deviations, and unwound upon mean reversion. The hedge portfolio was constrained to a gross exposure limit of 200% and 2.5% net exposure cap per pair on entry. In terms of risk-adjusted returns, the hedge portfolio notably outperformed the market portfolio. The performance yielded a Jensen’s alpha of 4.28%, a Sharpe ratio of 0.1582 (in contrast to -0.1754), along with a Modigliani Squared ratio of 11.39% (compared to the markets return of 5.49%). Cumulative returns for the hedge portfolio reached 111.15%, substantially exceeding the 68.50% achieved by the market. The hedge portfolio’s systematic risk decreased significantly due to the hedging effect of cointegrated pairs, while idiosyncratic risk increased marginally due to higher gross exposure and residual pair volatility. These findings validate the hedge extension of CAPM’s efficacy and reveal how cointegration-based pairs trading is used as a mechanism to enhance CAPM’s practical utility. Thus, the strategy offers a comprehensive framework for portfolio construction, equipping portfolio managers with practical insights into how this hedging strategy can serve as an effective alpha generator within a diversified portfolio. This study advances portfolio management theory by demonstrating that integrating a dynamic hedging strategy with equilibrium models can reconcile theoretical frameworks with real world market complexitiesItem Integrated Resource Planning and Independent Power Producer Investment in South Africa's Evolving Electricity Market(University of the Witwatersrand, Johannesburg, 2025) Vimbani, Mvumikazi; Crompton, RoderickThis research examined the relevance of integrated resource plans (IRP) in South Africa's electricity market, particularly its role in attracting investment from Independent Power Producers (IPPs) after the removal of the 100 MW licensing exemption threshold announced on 17 January 2023. The White Paper on Energy Policy,1998 mandated IRP-based decisions for large investments, with new generation capacity licenses granted only if compliant with the IRP. Similarly, procurement by the IPP Office relied on IRP-derived technology and capacity needs. However, recent developments challenge the IRP's role. Technological advancements, electricity crises, grid limitations, and legislative changes are transforming the South African electricity market. Notably, the removal of the 100 MW licensing threshold through the Licensing Exemption & Registration Notice, 2023 weakens the link between IRPs and investment decisions. This research investigated stakeholder perspectives on the continued relevance of IRP in this evolving landscape, where IPP investment may no longer dependent on IRP-backed procurement with government guarantees. The goal was to determine whether the role of an IRP may require adaptation or replacement, and whether successful IPP investment in the new market structure can be facilitated in the absence of a guaranteed off-taker and government guarantees. A qualitative research approach was adopted using interviews for primary data collection and document analysis for secondary data collection. Interviews targeted stakeholders involved in or impacted by IRP and generation investment (government, regulators, utilities, etc.) – 14 respondents. Document analysis focused on public records and data related to IPP projects exceeding 100 MW, with public pronouncements, and completed registration with the National Energy Regulator of South Africa (NERSA). The study suggests that while the IRP program has merits, it needs modifications. It also highlights those factors often assumed to be crucial in influencing IPP investment decisions (like iii guaranteed off-takers and avoiding social obligations) may not be as decisive in the evolving South African market than conventionally understood in the broader literature.Item The perceived impact of Artificial Intelligence on cyber security operations in the South African banking sector(University of the Witwatersrand, Johannesburg, 2025) Van Bosch, EdwardCybersecurity threats are increasing exponentially, and South Africa is one of the top countries targeted by cyber criminals. Banks are adopting AI-powered cybersecurity solutions to fortify themselves against the ever-increasing cyber threat landscape, but this presents opportunities and challenges. To ascertain the efficacy and impact of AI in cybercrime eradication, the TOE framework and Perception Theory were adopted to cover the operating landscape of CS officers and guided the cognition and the rationalisation of AI adoption. The data from the literature review was posited against qualitative findings from semi-structured interviews of key CS personnel and was analysed using thematic analysis. The findings indicate a positive perception of AI as a cybersecurity force multiplier, particularly in enhancing real-time threat detection and automating response mechanisms. However, concerns were also raised about overreliance on AI, data privacy and the potential exploitation of vulnerabilities and algorithms within AI-powered cybersecurity solutions. The findings clearly demonstrated that AI is not a turnkey solution and does not possess the power and ability to eradicate cybercrime in totality but is the only solid viable defensive solution for cyber-attacks. AI cannot eradicate crime completely but is the most efficient tool and system in cybercrime detection and prevention. There was a marked disparity in perception of AI between direct AI users and literary conjecture on the impact of AI. Given the vastness of AI, a novel bespoke framework was created to guide new users on the necessity, risk, benefits and scale of AI implementation intra-organisationally.Item The Role of Industry Associations in South Africa’s Just Energy Transition Discourse(University of the Witwatersrand, Johannesburg, 2024) Tsoai, Letlhogonolo; Mahonye, NyashaThe Just Energy Transition (JET) has emerged as a pivotal topic in global discussions on decarbonising energy systems. In South Africa, the JET is particularly important as it unfolds against the backdrop of a significant energy security crisis and an oligopolistic coal economy, which necessitates a sound policy response. This research examines the discourse surrounding the JET in South Africa and evaluates the role of industry associations that focus on advocacy. Through qualitative methods, study utilised semi-structured interviews and thematic analysis to identify key themes and findings from the participants. The literature suggested that industry associations have gained prominence and are essential actors in shaping policies that support their members while striving to navigate ethical responsibilities. The study found that industry associations core focus is to represent their constituencies (membership base) and advocate their specific sub-sectors in the JET. The associations present policy positions that enable their members to operate in an environment that is free of bottlenecks. The study also found that the associations will be ethically challenged due to their funding regimen, which is based on members' contributions. The study suggests overarching governance systems and multi-stakeholder engagements across government, private sector, industry associations and civil society.Item Energy Intensity Trends and Prospects in South African Open-Cast Mine: A case study of a coal mine(University of the Witwatersrand, Johannesburg, 2025) Tlhoaele, Mosebetsi Olga; Young, BruceThe mining sector in South Africa is a major energy consumer, relying extensively on diesel and electricity, which results in increased carbon dioxide emissions. This sector represents a significant portion of the nation's electricity consumption and petroleum usage. Given increasing global pressures to lower carbon emissions, companies face an increased desire to focus on energy efficiency as an important strategy. Moreover, the growing expectations from regulators and stakeholders necessitate that companies disclose information regarding energy intensity, carbon emissions, and sustainability practices, highlighting the importance of clear and quantifiable advancements. The environmental impact, rising costs, and operational expenses associated with high energy consumption make it clear that sustainable practices are essential for the future of the industry. This study uses a quantitative methodology to examine energy consumption and intensity at an opencast coal mine in South Africa. The objective is to evaluate trends in energy intensity and identify potential avenues for enhancing energy efficiency within an open-cast coal mining environment. The results indicate that factors such as hauling distance, coal quality, operational sequencing, and seasonal production played a significant role in shaping energy demand at the case study mine. Enhancing energy efficiency leads to a notable reduction in energy use and carbon dioxide emissions, which is essential for tackling climate change and advancing global sustainability effort.Item The role of Telcos in fostering Inclusive connectivity in South Africa(University of the Witwatersrand, Johannesburg, 2025) Taylor, Tsatsawani Jessica; Magida, AyandaThis study explores the role of telecommunications companies (telcos) in South Africa in fostering inclusive connectivity, and the effectiveness of regulatory frameworks and policies that drive inclusive connectivity in the telecommunication industry. While South African policies emphasise the significance of inclusive connectivity for socio-economic development, the digital divide remains a pressing issue. Semi-structured interviews were conducted with nine purposively sampled industry professionals within the telecommunications sector. The interviews aimed to shed light on the ways in which those working in the sector perceive the role that telcos do, and should, play in fostering inclusive connectivity. Stakeholder Theory, together with the related Social Contract Theory and Technology Social Responsibility, were used as a theoretical framework for interpreting the responses of interviewees. A thematic analysis was used to analyse the data, identifying common or significant themes related to the role of telcos and of the regulatory frameworks that govern the sector. The results reveal a strong consensus on the significant role telcos play in fostering inclusive connectivity in South Africa. However, industry professionals identify several barriers to telcos' contributions in this area. Some participants expressed that expanding services into rural and underserved regions is often not commercially viable due to high infrastructure costs and lower demand. Additionally, concerns were raised about the perceived lack of legitimacy of the Independent Communications Authority of South Africa (ICASA), stemming from the alleged misuse of the Universal Service Fund, which may be undermining its ability to effectively hold telcos accountable to their license obligations. Despite these challenges, interviewees highlighted instances of positive practices, especially around digital skills programmes, and proposed innovative solutions for improvement. These insights led to several recommendations from iii the study. For the government, key recommendations include stricter enforcement of license obligations, greater transparency around the Universal Service Fund, and better protection of infrastructure against theft and vandalism In addition, policies addressing spectrum allocation, business partnerships, and accountability in the management of the UFS must be prioritised. Telcos could also explore better collaboration and infrastructure sharing partnerships with each other and leverage new technologies to accelerate connectivity rollout in underserved areas. Innovative funding models, such as results-based financing, could also be considered as a way for government to incentivise greater market reach by telcos. Suggestions for further research include comparative studies with other countries that are also pursuing inclusive connectivity, and impact evaluations of innovative solutions that are considered within the telecommunications sector. This study contributes to the theoretical understanding of inclusive connectivity in South Africa by applying and extending Stakeholder Theory, Social Contract Theory and Technological Social Responsibility theoretical frameworks to the telecommunications context of South Africa. The research findings demonstrates that telcos view their role as extending beyond profit-making to ensuring societal benefits. The study further contributes to the body of qualitative research in inclusive connectivity in South Africa using a constructivist paradigm and semi- structured interviews.Item The Impact of Standardisation on Business Performance of Fast food Franchises in South Africa: Customer Perspectives(University of the Witwatersrand, Johannesburg, 2025) Skosana, Nokwazi Cuthu; Urban, BorisThe South African fast food industry is a dynamic and competitive space where standardisation plays a crucial role in ensuring operational efficiency, brand consistency, and customer experience. However, achieving a balance between uniformity and adaptability remains a challenge, particularly in diverse and evolving markets. This study explores the relationships between standardisation, customer satisfaction, and business performance, examining whether customer satisfaction mediates this relationship. The Dynamic Capabilities Theory (DCT) serves as the theoretical framework, emphasising the importance of sensing, seizing, and reconfiguring resources to maintain competitiveness. A quantitative research design was adopted, with data collected from 450 respondents through an online consumer panel associated with major South African fast food franchises. Statistical analyses, including correlation, regression, and mediation tests, were conducted using SPSS. Findings reveal that standardisation does not significantly impact customer satisfaction, loyalty, or perceived quality. Moreover, customer satisfaction does not mediate the relationship between standardisation and business performance, suggesting that other factors such as innovation, localisation, and digital transformation may be more influential. This study advances DCT’s application in the franchise industry, challenging assumptions about rigid standardisation as a driver of customer satisfaction and business success. The findings provide critical insights for franchisors, emphasising the need for a more flexible, customer-centric approach that incorporates adaptability, innovation, and market responsiveness. Future research should explore alternative mediators and moderators, particularly the role of technology, sustainability, and personalised service strategies.Item Dynamic customisation of products and services through intelligent communication(University of the Witwatersrand, Johannesburg, 2024) Singh, Sacheen; Chalomba, NakuzeThis research explored how intelligent communication strategies could enable dynamic customisation of products and services within South African businesses. The study aimed to address the gap in AI-driven customisation adoption by investigating how businesses leverage AI, machine learning, and data analytics to enhance customer-centric product offerings. Using a qualitative research design, in-depth interviews with business leaders and industry experts were conducted. Thematic analysis through ATLAS.ti identified key themes related to AI integration, customer engagement, and business performance. The findings will contribute to both academic discourse and practical applications by offering insights into the challenges and opportunities of AI-driven product dynamism in emerging markets. To achieve this, the study employed a structured interview guide designed to explore key research themes, including AI adoption challenges, customisation strategies, and consumer engagement. Participants were asked about their experiences with traditional and AI-driven communications, the role of intelligent automation in business operations, and the barriers to full-scale implementation. The interview guide ensured consistency in data collection while allowing flexibility for participants to share unique insights that align with their industry- specific experiences. Findings from the study indicated that AI-driven intelligent communication significantly enhances customer engagement and operational efficiency, yet adoption remains limited due to cost constraints and skills shortages. Businesses that integrate AI with hybrid human-AI interaction models report higher customer satisfaction and trust. Additionally, regulatory uncertainty and infrastructure challenges were identified as key barriers to widespread AI implementation. The study provides strategic recommendations to overcome these barriers and optimise AI-driven customisation strategies, ensuring sustainable growth in South Africa’s evolving digital economy.