Wits Business School (ETDs)
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Item Currency Volatilities of BRICS Countries: The Impact of Commodity Prices, Interest Rates and Geopolitical Risks(University of the Witwatersrand, Johannesburg, 2024) Luo, Heng; Odei-Mensah, JonesCurrency volatility in emerging markets is an interesting topic for managers, investors, and regulators. This study investigated the currency volatility of the five BRICS nations, examined the risk sources of the BRICS currencies and observed the connectedness of their currency risks, in the context of the COVID-19 pandemic, Russia-Ukraine war and current interest rate hikes, using data spanning between September 2011 and September 2023. The ARDL model was the main econometrics approach applied for identifying the long run and short run currency volatility determinants. In addition, Quantile Regression was adopted to observe the currency markets’ tail behaviours. The research has three major findings. Firstly, the research confirmed that interest risk, commodity risks, geopolitical risk, and economic policy uncertainty are the risk sources of BRICS nations’ currencies, especially when volatilities are at high levels. Additionally, the research provided support for spillover of the commodity market, the USA’s geopolitical risks and economic policy risks to the BRICS’ currency markets, and the volatility spillover across BRICS currency markets. Finally, the study revealed the shock evolution trend of Chinese RMB, with accelerating impacts of US geopolitical risk, US and home economic policy risk, and oil price exposure on RMB’s volatility. Overall, the heterogeneity of BRICS nations’ currency markets responding to external shocks, and the asymmetry of the connectedness of BRICS currency markets, were important implications of the research. The findings are crucial for investors and policy makersItem The Impact of Digital Leadership on Digital Maturity: A South African Case Study(University of the Witwatersrand, Johannesburg, 2024) Jaffer, Aasma; Sethibe, TebogoIn the rapidly evolving landscape of digital transformation, the role of digital leadership in driving organizational maturity has become increasingly crucial. This study investigates the impact of digital leadership on digital maturity within the South African fintech sector, aiming to provide insights into the mechanisms through which leadership practices influence digital maturity at a factor level. This was broken down into two key areas: identifying the most critical indicators of digital maturity and investigating the impact of digital leadership on five factors of digital maturity based on the digital maturity model used. Drawing upon a conceptual framework rooted in the literature on digital leadership and digital maturity, the study utilises an established digital maturity instrument, the Unified Digital Maturity Model by Armstrong & Lee (2021). The research employed a quantitative approach, utilizing a sample of 150 employees from various fintech companies in South Africa. Data was collected through a structured survey instrument, and statistical analysis, including regression analysis, was conducted to examine the relationship between digital leadership behaviours and organizational digital maturity levels. The findings reveal significant positive correlations between digital leadership and all five factors of digital maturity studied, namely Customer Orientation & Engagement, Digital Product Innovation, Workforce Enablement & Performance, Core Processes Digitisation and New Value Streams & Business Models. The study identifies the top three most critical digital maturity constructs as Organisational Culture, Workforce Enablement & Performance, Customer Orientation and at indicator level, found eight critical variables. These results underscore the importance of cultivating digital leadership capabilities to foster high digital maturity and in turn, streamline digital transformation in the South African fintech context. The study concludes by highlighting the imperative for organizations to prioritize investments in digital leadership development as a strategic imperative for navigating the digital landscape effectively.Item Digital innovation and disruptive potential by FinTech companies in South Africa(University of the Witwatersrand, Johannesburg, 2024) Freund, Amelia; Omotoso, PelayoFinTech companies are seen bring innovation to the financial services industry that provide an enhanced customer experience and improves financial inclusion. A contradiction exists between academic and business literature around the potential impact of the FinTech revolution on the industry and banks as incumbents in the financial services industry. This paper aims to clarify this by assessing the degree of potential disruption that domestic new-entrant FinTech companies in the payments sub-sector have on incumbent banks in South Africa, so that both parties could make informed decisions that benefit the industry and its customers. This qualitative study examines the drivers of potential disruption and the decisions made by both FinTech new-entrants and banks to develop a synthesis for a likely future scenario relating to potential changes in dominance within the financial services industry. It further analyses the advantages and challenges of each party in the context of a potential partnership and examines management views to determine alignment with the drivers of disruption. This cross-sectional study employs document analysis to examine 42 new-entrant FinTech companies in the payments sub-sector and 5 banks, in addition to the thematic analysis of semi-structured interviews 15 semi- structured interviews conducted. It was found that domestic new-entrant FinTech companies are not likely to disrupt banks (to the point where FinTech companies become more dominant) in the payments sub-sector in South Africa due to the influence of banks in the industry and the proactive response from banks to potential disruptions. Banks should, however, take notice of developments and more seriously consider solutions in the cross-border remittance and blockchain spaces. Managers may have slight differences in their opinions, but overall, they are aligned with the factors driving disruption and the influence of FinTech companies on the financial services sector. This alignment enables them to make strategic decisions effectively without significant misconceptions. The study discovered a potential mutually beneficial link between FinTech companies and banks that indicate partnerships between them might enhance their services to customers and enhance their overall competitive standing in the marketItem Exploring the role of social media influencers and brand ambassadors in influencing purchase intention(University of the Witwatersrand, Johannesburg, 2024) Da Fonseca, Helen; Saini , YvonneThis study investigates the comparative influence of social media influencers and celebrity brand ambassadors on purchase intention within the South African cosmetics industry, specifically targeting millennial and Generation Z consumers. Grounded in the Source Credibility Model, the research examines how credibility, trustworthiness, and expertise shape consumer decision-making. Social Media Influencer-Driven Purchase Intention (SIPI) and Brand Ambassador-Driven Purchase Intention (BAPI) were introduced as higher-order constructs to evaluate and compare which type of endorser has a stronger influence on overall purchase intention. A Structural Equation Modeling (SEM) methodology was used to analyse survey data collected from 130 respondents. The findings indicate that both Social Media Influencer-Driven Purchase Intention (SIPI) and Brand Ambassador-Driven Purchase Intention (BAPI) influence consumer purchase intention, with celebrity brand ambassadors exerting a more substantial effect due to their higher perceived credibility and expertise. Celebrity brand ambassadors were shown to play a pivotal role in enhancing consumer trust and confidence, making them more effective in driving purchase behaviour compared to social media influencers. These insights offer strategic guidance for marketers and brands looking to refine their influencer marketing strategies to better resonate with the evolving preferences of millennial and Generation Z consumers in the South African market.Item The Balance Sheet Effects of Exchange Rate Fluctuations in Emerging Markets(University of the Witwatersrand, Johannesburg, 2024) Asad, Bhushra Zamir; Malakani, ChristopherThe main objective of the research is to check the effect of GDP growth, beside baseline model for investment (including only previous investment, output growth and real interest rate), while in Tobin Q equation investment model including (change in real interest rate, equity value, exchange rate depreciation and lag term of investment growth on growth of real investment has been investigated) as Q ratio has been consider valid porky for Investment opportunities. The results have been obtained in scenario of eight Emerging Markets Chile, Czech Republic, Hungary, India, Mexico, Poland, South Africa and South Korean in order to check which estimation is more robust, and which model best forecast actual growth with respect to investment in selected emerging markets. Dynamic models have been used and in all countries except Chile, the significant influence of real GDP growth on real investment growth has been found in both models. Moreover, in scenario of South Korea, the influence of Real interest Rate has also been found. The practical implication and future direction of the study has also been discussed in detailItem How Diversity and Inclusion May Transform South African Commercial Property Organisations at Top Management Level(University of the Witwatersrand, Johannesburg, 2017-08) Motshegare, Reabetswe Regina; Levy, DeborahThe purpose of this report is to outline contemporary transformation frameworks that emphasise diversity and inclusion and how the latter may likely transform Growthpoint Properties South Africa (Growthpoint S.A). The main focus of the consultancy report is to compare and contrast traditional transformation methodologies and contemporary diversity and inclusion methodologies as strategies to assist Growthpoint S.A transform its senior and executive management. The propositions are that; an effective transformation strategy for Growthpoint S.A is one that focuses on identification; inclusion; attraction; diversification and retention of key talent at senior levels. Furthermore, that once diversity and inclusion interventions are implemented, there will be transformation at senior and executive levels. Out of 15 executives in the management team, six representatives were interviewed. The limitations highlight that the majority of participants are South African and may have certain biased perceptions about the topic as opposed to the rest of the participants, who are foreign nationals. The methodology focuses on a thematic analysis and four themes namely: leadership; corporate culture; strategies and communication are identified. Following in-depth discussions, six recommendations are provided. These include 360-degree feedback; diversity and inclusion workshops; introduction of a diversity and inclusion forum; KPI’s that measure diversity and inclusion targets; workplace enhancement programmes that focus on diverse candidates and lastly, robust succession plans. The role of the researcher as a professional Human Resource Business Partner ensured that any work dealt with is approached ethically, and the researcher’s ability to do this ensured quality, reliability, validity and effectiveness of the research.Item External Factors Influencing the Sustainability of Social Entrepreneurial Ventures in South Africa(University of the Witwatersrand, Johannesburg, 2020) Govender, Ramona; Murimbika, McEdwardSocial entrepreneurship is increasingly seen as a solution in addressing some of the social ills in the world. However, in order for the social enterprises to be more effective there is a need for them to be sustainable, particularly in terms of financial sustainability. Social enterprises that are financially sustainable are usually better able to create social value. The study sought to investigate the contributing factors towards social enterprise (SE) venture sustainability in South Africa using Cape Town as a case study. In doing so, quantitative research was conducted, with data being collected from the sampled social enterprises using an online survey. In this research it was found that, while government assistance was important, it was not significant in determining a social enterprise’s performance. The research also found that high social innovation improves a social enterprise’s access to philanthropic venture capital. In this regard, high social innovation was also seen to have a positive effect on social enterprise performance. The research thus concludes that social innovation is an important contributor to the sustainability of a social enterprise. The study offers updated information and adds to the theory on social enterprises in South Africa which is useful to prospective social entrepreneurs seeking to structure such organizations. In addition to this, the new knowledge and new insights will help government and civil society policy makers to formulate policies that can encourage social entrepreneurship in the country, especially with regards to funding. The study also offers useful insights on social innovation and emphasises its importance within the social enterprise context.Item Attitude and acceptance of Artificial Intelligence technologies in the South African financial services. industry(University of the Witwatersrand, Johannesburg, 2024) Wotela, Ruth Rumbidzai; Maier, ChristophDespite Artificial Intelligence (AI) being topical, the successful adoption of AI technologies within organisations has been slower than expected. Literature and past research highlights the mixed and contradictory views and findings regarding employees’ attitude and acceptance of AI technologies, which challenge the successful implementation and use of AI technologies. Further, research on employees’ attitude and acceptance of AI technologies in emerging market economies, such as South Africa, and specifically within mandatory settings is limited. The purpose of this research was to investigate and determine factors influencing employees’ attitude and acceptance of AI technologies amongst employees within the financial services industry, where the use of AI technologies is mandatory. The Technology Acceptance Model (TAM) and the Technology-Organisation-Environment (TOE) framework were integrated and extended. This quantitative research study used a cross-sectional design. An online survey was distributed to employees within financial services organisations. A total of 410 valid responses were analysed using descriptive statistics, correlation analysis and regression analysis. Textual responses from the open-ended questions were categorised and presented visually in the form of word clouds. The research results indicate that each of the technological, individual, organisational, and environmental factors have a significant positive effect on attitude towards use of AI technologies. Multiple regression and stepwise regression analysis were used to identify the most influential determinants of attitude towards use of AI technologies from all the technological, individual, organisational and environmental factors. The results indicate that employee wellbeing, competitive pressure, perceived usefulness, management support, perceived ease of use, organisational justice and customer pressure are key determinants of attitude towards the use of AI technologies. The attitude-acceptance relationship is confirmed, as attitude towards use of AI technologies positively influences the acceptance of AI technologies. Although employees’ job roles do not moderate the relationship between attitude and acceptance of AI technologies, their experience with using AI technologies does. Based on these findings the ITOE model for implementing AI technologies is developed, and can be used to facilitate the successful implementation and use of AI technologies. The implications of this research, as well as recommendations for organisations and future research are also discussed.Item Customer behaviour change through gamification: Goal Framing and Temporal Effects(University of the Witwatersrand, Johannesburg, 2024) Nortje, Jacqueline; Lee, GregoryGamification is a widely used design strategy deployed across a range of contexts to encourage individuals to participate in key behaviours. Gamification deploys a range of mechanics typically associated with games to leverage underlying behavioural dynamics. A frequently used game mechanic is the use of goal setting, where these goals are either explicit aspects of the game or implicit through other game mechanics. Despite the widespread use, and continuous growth, of gamification there are aspects that are poorly researched or insufficiently grounded in theory. This thesis investigates two such aspects of gamification: the use of goal setting and the use of gamification over extended periods of time. The thesis aims to answer the research question: Does framing impact the success of goal setting in gamification design, and what is the long-term effect of such a gamification design on behaviour change and performance? This thesis consists of four related papers that addresses this question. According to goal setting theory, goals that are specific and challenging, while still being achievable, are more successful at driving positive outcomes compared to easy goals (i.e., where the goal is easily attained with little or no additional effort) or no goals at all. Furthermore, goal setting theory describes four moderators that impact how successful a goal may be, namely, ability, task complexity, goal commitment and feedback. Focusing on ability (measured as self-efficacy) and task complexity (measured as motivation), research typically describes two types of goal framing approaches and when each would be most appropriate. In this context, “framing” refers to how the goal is positioned or worded and on the focus are of the underlying goal. Performance framing is most appropriate when self- efficacy is high, or task complexity is low. Learning framing is most appropriate when task complexity is high, or self-efficacy is low. Despite the distinction between performance framing and learning framing within goal setting, performance framing tends to be the predominant choice in practice, even when there are indications that a learning-framed approach would be more suitable. Furthermore, little research exists on the appropriate framing approach when considering the interaction between the moderators. Paper 1 presents a literature review of goal setting theory and introduces an alternative model for improved goal framing within a gamification design framework that formalises the recommended framing approach based on an individual’s underlying psychological states. The model also introduces a novel hybrid approach to goal framing to accommodate scenarios where an individual has higher levels of self-efficacy with lower levels of motivation, and vice versa. Paper 2 presents a quasi-experimental field experiment that tests the various framing approaches based on an individual’s self-efficacy and motivation at the onset of the experiment. The experimental case site was Vitality Active Rewards, a gamification platform that is part of Discovery Vitality, a wellness program in South Africa. The targeted behaviour in this study is physical activity as measured through the gamification platform. The researcher grouped study participants based on their self-efficacy and motivation using ii latent profile analysis and deployed a difference-in-differences analysis to assess the effects of the framing conditions within each group. Notably, each framing condition was successful at improving physical activity in at least one group and the researcher was able to refine the proposed optimal framing following the results of the field experiment. When considering the broader gamification design framework, despite the prevalence of gamification as a design strategy, little research or documentation of the long-term effects is available. Studies tend to be over shorter periods and there is some scepticism about whether gamification can be used in the long-term or if results are purely due to the novelty of the initial design. Furthermore, gamification design is seldom grounded in theory, leading to a somewhat fragmented view of the field. Paper 3 presents a literature review of gamification design and expands on the model introduced during the goal setting portion of the study to consider various scenarios with the intent of better understanding the effects of time on the efficacy of gamification design. The researcher provides a recommendation for the optimal approach to ensuring that a gamification platform may have longer lasting effects on the targeted behaviour. Finally, Paper 4, presents a mixed methods case study that evaluates the key propositions from the model against the Vitality Active Rewards gamification platform. Vitality Active Rewards has been live since September 2015 and underwent two major updates since its deployment. The platform presents a rich source of secondary data as well as the opportunity to conduct qualitative research in a novel population represented by financial advisors. The research highlights the initial positive effects of gamification on a target variable followed by the inevitable decline over time once the novelty of the intervention wears off. Furthermore, the study investigates the effects of making changes to a gamification platform over time and provides a recommendation for practitioners on how to approach these changes in a way that will ensure the longevity of the platform. The thesis makes several key contributions to both fields of gamification design and goal setting theory. Firstly, it enhances the use of goal setting theory within a gamification context through an alternative framing methodology. Additionally, the thesis delivers theoretical insights, elucidating the long-term impact of gamification on behaviour change and performance. The study provides a methodological contribution to gamification design by presenting an alternative implementation of gamification design strategies to ensure efficacy over time. Furthermore, the research contributes empirically by providing an understanding of the lasting effects of gamification on behaviour change and performance by examining an existing intervention that has been successful over an extensive period.Item Determinants of business success and failure for South African financial services companies doing business in West Africa(University of the Witwatersrand, Johannesburg, 2024) Ncamani, Sibulelo; Horne, ReneeWest Africa has a population of over 300 million people and is viewed as an attractive market by companies from both South Africa and outside the continent (Grant, 2001; Akinboade & Lalthapersad-Pillay, 2009; Luiz & Charalambous, 2009; Kudaisi, 2014; Anyanwu & Yameogo, 2015; Doucoure & Çankaya, 2021; Africa Business, 2023). The West African region is not a uniform region with a common language, currency, culture and business practices. The region is mainly divided into Anglophone and Francophone countries. South African companies have successfully explored many business opportunities in sub-Saharan Africa in general; however, in West Africa particularly, they have encountered challenges and subsequently exited the countries concerned (Chizema, Kleynhans, Bezuidenhout & Mhonyera, 2021; South African Institute of International Affairs, 2005; Wits Business School, 2019). In the financial services industry, both South African banks and insurance companies have a presence in West Africa; however, there are common factors that contribute towards the success and failure of South African financial service firms in that region. This study aimed to provide an in-depth analysis of the factors that enable South African financial services firms to succeed in West Africa. Qualitative research methodology, specifically case study research, was selected for this study with access to various South African financial institutions such as Sanlam, Absa, Hollard and Momentum Metropolitan. The contribution of this study is threefold: Firstly, this study has added to the existing frameworks by developing common factors that are applicable to South African financial services firms specifically, drawing from and expanding the existing theories and frameworks. Theories such as the Internationalisation Process Theory, The Network Theory, Agency Theory, and A Resource-Based View explained the empirical data gathered. The main framework that underpinned the majority of this study is the CAGE Distance Framework, but all the three dominant frameworks, thus PESTEL and the Country Portfolio Analysis, were considered. 7 Secondly, the study developed a framework that will enable South African companies (specifically in the financial services industry) to have an increased success rate when entering and doing business in West Africa. A conceptual framework was developed which South African executives can use when they plan to enter the West African region. Thirdly, from a methodological perspective, this is one of the few studies to date that uses case study methodology to provide insights on factors which cause South African financial services firms to succeed or to fail in West Africa.