Faculty of Commerce, Law and Management (ETDs)
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Item Financial inclusion in South Africa: An analysis of the financial sector regulatory framework and proposals for reform(2018-09) Duma, Amanda; Kawadza, HerbertAbstract Not Available.Item Customer retention strategies for the prepaid mobile telecommunications sector in South Africa(University of the Witwatersrand, Johannesburg, 2010) Flynn, Teresa; Peters, MarkThis study will propose ways in which companies can focus retention strategies in the local prepaid mobile telecommunications sector. Currently there is little academic literature on this topic, even though in-house marketing research has been done by the operators. The purpose of this research is to investigate the customer retention strategies in the prepaid mobile telecommunications sector in South Africa. This will be done by triangulation of what consumers believe is important in their retention, what the organisations deem as paramount, and what retention experts state are the motivators of retention. Data was collected using both a survey questionnaire for consumers, and through face to face interviews with marketing management at mobile telecommunications operators, as well as independent expert consultants on the topic of customer retention. The findings from this study were that the consumers want to keep the same cell phone number as it is part of their identity. The customer looks at the total offering when considering pricing, and not just certain costs, and prefers a prepaid model as spending is controlled in this manner. Both consumers and management agree that rewards and loyalty programs are seen as a value add, especially where they offer instant gratification. A reliable product is necessary for a consumer to stay with the company, as is accessibility to support and other products. Management realises that the total customer experience across all touch points is a retention enabler, with one really bad experience being enough cause for a customer to churn. The consumer survey indicated that customer service is a driver that all market players need to improve on. An organisation's brand allows a consumer to identify with the firm, and is more a pull factor than a push factor, unless it is perceived as dishonest or unethical. The only time a consumer's demographics came into play regarding customer behaviour was age making a difference was when using a cell phone to access the internet -older age brackets use it sparingly if at all. Although other value added services such as SMS and MMS are used across the board. Companies model consumer behaviour, and base it on data from previous churners to identify possible churners. Of these, only profitable churners are then recognised for retention campaigns. Retention campaigns are measured for success. The prepaid market makes up 80% of the mobile telecommunications market in South Africa, and the revenue they contribute is approximately 35% of the total. Therefore this customer base should not be neglected or ignored. Due to the demographics of emerging markets, prepaid offerings are the way of the future. The research paper finishes with several recommendations on how to enrich customer retention strategies for the prepaid mobile communication market.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.Item Effect of Corporate Governance and Institutional Quality on Firm Performance and Economic Growth in Emerging and Developed Markets: A comparative analysis(University of the Witwatersrand, Johannesburg, 2024) Natto, Dinah Milembe; Mokoaleli-Mokoteli, ThabangPurpose of the study The objective of the current study is to investigate the effects of corporate governance and institutional quality on firm performance and economic growth in emerging and developed markets. These sample countries were selected based on their significant role in their respective economic blocs and based on their unique economic and firm characteristic Research design The impact of corporate governance and institutional quality on firm performance was rigorously evaluated using the Generalized Method of Moments (GMM), while controlling for key variables such as economic growth and other relevant factors. Major findings The study found that corporate governance compliance levels have improved significantly in emerging economies over the study period, with South Africa leading the sample countries. In addition, corporate governance has a significant positive correlation with all firm performance measures in all sample countries. Furthermore, corporate governance has a long-term relationship with ROE and Tobin’s Q in emerging market countries and not in developed countries. However, weak institutions reverse the benefits of a robust corporate governance framework, especially in emerging economies where institutional quality was found to be low. Lastly, the study revealed that over the study period, corporate governance was only found to have a long-term relationship with Tobin’s Qin India. Practical implications Policymakers in emerging and developed markets, the research provides insights into which aspects of corporate governance and institutional quality are most effective in promoting firm performance and economic growth. This can guide the design and implementation of regulations and reforms. Investors can use the findings to assess the risk and potential returns in different markets based on the strength of corporate governance and institutional frameworks. Strong governance and institutions may indicate lower risk and higher stability. Social implication Improved firm performance driven by good governance and strong institutions may lead to better wages and working conditions for employees, reducing income inequality and contributing to social stability. Originality While studies on corporate governance, institutional quality, and their impacts on firm performance and economic growth exist, the originality lies in the comparative analysis between emerging and developed markets. Furthermore, the research integrates the analysis of corporate governance and institutional quality, rather than examining them in isolation.Item Voluntary and Involuntary Delisting – Implications for Shareholder Wealth on the Johannesburg Stock Exchange(University of the Witwatersrand, Johannesburg, 2024) Mekwa, Itumeleng; Alagidede,Imhotep PaulThe delisting of stocks from major stock exchanges has been a focal point of academic and practitioner research due to its significant implications on market dynamics and investor wealth. Companies may opt to delist voluntarily to pursue private strategies or be involuntarily delisted for failing to meet regulatory requirements. The dichotomy between voluntary and involuntary delisting has generated extensive debate regarding the underlying drivers and the consequent impact on the value of assets traded. Despite a substantial body of literature on this subject, there is a notable scarcity of research focused on a major stock market such as the Johannesburg Stock Exchange (JSE). This thesis aims to fill this gap by examining the wealth effects of delisting events and identifying the determinants of delisting on the JSE. The event study methodology and logistic regression analysis is utilised for the study. The sample comprises 92 companies delisted from the JSE, encompassing voluntary and involuntary delistings. The findings reveal that delisting events generally result in significant negative impacts on shareholder wealth. Contrary to previous studies, voluntary delisting events do not demonstrate significant abnormal returns, suggesting market efficiency. Involuntary delisting events also fail to show significant abnormal returns, which may be attributed to informed investor behaviour. The sector-specific analysis highlights that the Consumer Non-Cyclical and Industrial sectors are particularly adversely affected by voluntary delistings, while the Technology sector experiences negative impacts from involuntary delistings. Regarding delisting determinants, cash flows emerge as a significant factor influencing overall delisting decisions, while growth prospects are particularly relevant for involuntary delistings. The study acknowledges limitations, including a relatively small sample size and the exclusion of specific contextual factors, and suggests avenues for further research. Based on the findings, policy recommendations are proposed to mitigate the negative impacts of delisting. These recommendations aim to benefit individual investors, companies, regulators, and financial advisors. Overall, this thesis contributes to a deeper understanding of the wealth effects of delisting events and the determinants of delisting decisions on the JSE, offering valuable insights for scholars and practitioners in financial markets.Item Effect of dynamic workforce capabilities on firm level innovation in the South African metals industry(University of the Witwatersrand, Johannesburg, 2024) Mabhali, Luyolo Andrew Baxolise; Mzyece, MjumoIncreasing employee diversity in gender, age, ethnicity generally has a positive impact on the firm level innovation due to diversification of views and experiences. Employee education is an important factor for innovation since education stimulates the capacity of employees to comprehend, create and process information due to better understating of the theoretical concepts of their trade. On the other hand, employee tenure is associated with experience and employees with a long organisational tenure are more familiar with the processes of the organisation and its strategy. Accumulated work experience, inside and outside the organisation, is also important as experienced employees have developed skills that are relevant and specific to their domain, thereby, tackling problems in a more focused and relevant way. The research outlined in this document proposes to combine attributes such as gender, age and ethnicity into a demographic background factor. The current research investigates the effect of this demographic background factor, together with education qualification and tenure, on firm-level innovation in the South African metals industry. The hypothesis is that these three factors (education qualification, tenure, and demographic background) are dynamic workforce capabilities that influence firm- level innovation in the South African metals industry and warrant consideration in the dynamic capabilities’ literature. The South African metals and engineering sector consists of approximately 10,000 companies that employ over 220,000 blue-collar workers and contributes around 3% of the country’s GDP or R900 billion. It has been facing challenges including production fluctuations and external economic pressures since 2008 but remains a key player in South Africa's industrial landscape. The dynamic capabilities framework is typically applied in environment of rapid change and the organisations in the metal South African metals industry are characterised by legacy machinery and equipment that make up a substantial part of their infrastructure. While the technological changes in other industries are fast-paced, the metals industry is moving at a slower pace. Due to the high numbers of blue- collar workers in this sector, understating the impact of factors such as the three under investigation in this paper could be significant for the industry. iii A positive correlation was found across all three tested factors (education qualification, tenure and demographic attributes) and firm-level innovation. The positive value of the correlation coefficient also showed that a positive change in these three factors results in a positive change in the firm level innovation in the South African metals industry. The conclusions were that dynamic workforce capabilities, which is a combination of education qualification, tenure, and demographic background factors, warrant further consideration to the literature on dynamic capabilities in the context of firm level innovation.Item Natural Resources, Productive Capabilities and Economic Performance across Sub-Saharan Countries: Economic Complexity and Product Space Perspectives(University of the Witwatersrand, Johannesburg, 2024) Kapiamba, Luabeya Franck; Odei-Mensah,JonesIn the wake of two decades referred to as ‘growth tragedy’, sub-Saharan countries entered a phase of remarkable growth acceleration starting from the mid-1990s. Despite this, sustaining rapid growth proved elusive for many, with only a handful of resource-poor nations maintaining a consistent rapid growth trajectory by the end of 2019. This study delves into the mixed outcomes suggested by empirical research on resource curse theory, critically analysing the literature on the impact of natural resources on growth. Standard empirical growth models used in this literature often overlook the heterogenous nature of economies, particularly the complexity of knowledge and capabilities embedded in countries’ productive structures. This PhD study aims to unravel the hidden growth potential and dynamics of both resource-rich and resource-poor sub-Saharan countries. Building on the capability theory of growth as a foundation, we adopt an evolutionary perspective to economics and use an extended growth regression framework that acknowledges the potential role of natural resources and country’s productive structure in growth modelling. This framework allows for a comprehensive examination of the presence or not of resource curse and other potential capability-based traps to development. Additionally, we rely on non-parametric methods, leveraging complex network theory and machine-learning techniques underpinning the economic complexity and relatedness approaches. Our findings reveal that the main obstacle to sustained growth in sub- Saharan economies is not their dependence on natural resources, but rather the limited incentives to accumulate and develop productive capabilities – “a quiescence trap”. Furthermore, resource-rich countries often possess narrow and less complex endowment of capabilities, which constrains their growth potential and leads to erratic growth patterns. These countries also face challenges in transforming their productive structures and diversifying into high value-added sectors associated with strong productivity dynamism. Our study underscores complex capabilities as a crucial element for sustaining growth in sub-Saharan Africa. It advocates a policy shift from an excessive focus on maintaining ‘sound macro fundamentals’ to prioritizing the nurturing of productive capabilities at the firm, industry, and country levels through targeted industrial and innovation policies.