Faculty of Commerce, Law and Management (ETDs)

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Analysis of Mining Taxation in South Africa
(University of the Witwatersrand, Johannesburg, 2011-05) Shikwambana, Callous
Mining is one of the principal industries in the South African economy, and thus fulfils an important role from the perspective of the fiscus. Mining is a high-level risk investment which involves massive capital expenditure as well as prolonged periods of non-production of mining income. It is because of this that mining taxation receives special treatment. The term ‘mineral’ is central to determining whether or not a taxpayer can be regarded as being carrying on mining operations in South Africa. A mining process usually involves different stages before minerals are obtained, being prospecting and pre-production stages, followed by the production and post-production stages. Income is earned and expenditure is incurred in all the different stages in the life of a mine. The research report will critically evaluate what is meant by ‘mining and mining operations’ as defined in the Income Tax Act 58 of 1962 (‘the Act’). The research report concludes with an analysis and evaluation of how income earned and expenditure incurred in the different stages in the life of a mine are treated in determining the taxable income in respect of a mining taxpayer.
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, Deborah
The 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.
Bypassing the union: An Employer's Right to Negotiate Directly with Striking Employees
(University of the Witwatersrand, Johannesburg, 2016-08) Nkosi, Thulani Gift; Mahomed, Shaheda
South African labour law influenced by the Constitution and notions of equity and fairness has undergone a total change and will, without doubt, continue to change to meet the ever changing nature of employment it seeks to regulate. It is after all in the nature of all laws to change with the society they seek to regulate and our labour law is no exception. Recently, focus has shifted to the institution of collective bargaining and the questions posed are whether our labour laws as they currently stand are capable of adequately regulating the process of collective bargaining in such a way that the main objective of collective bargaining which is to bring about industrial peace is promoted and maintained at all times. These questions are posed on the back of the unprecedented spates of prolonged violent strikes that have resulted in the destruction of property and loss of life as well as unimaginable financial losses not only for the employers affected but also for the economy as a whole. These unprecedented prolonged violent strikes have caused employers to engage in bargaining conduct that could erode the participation of trade unions from the collective bargaining process which bargaining conduct takes the form of employers bypassing trade unions and negotiating with striking employees directly. But do employers have a right to bypass trade unions in this way? This paper investigates this question against the background of the case of Amcu v Lonmin where the Labour Court on application by a trade union had to decide whether to grant an urgent interdict restraining employers from negotiating directly with striking employees. The employers considering themselves to be acting within their rights opposed the application. The Labour Court unfortunately dismissed the application on technical grounds relating to the lack of urgency without considering or deciding this question. This paper accordingly picks up the debate; considers the historical evolution of collective bargaining in our labour law including the voluntarist argument that is said to be embodied by the Labour Relations Act (LRA), and concludes that when all things considered employers in fact do not have a right to bypass trade unions. If employers had this right certain provisions of the LRA that guarantee trade union participation would be rendered nugatory and the whole collective bargaining process would become unworkable. The LRA envisions that once parties have voluntarily embarked on collective bargaining they bargain in good faith and do not bypass each other.
Financial inclusion in South Africa: An analysis of the financial sector regulatory framework and proposals for reform
(2018-09) Duma, Amanda; Kawadza, Herbert
Abstract Not Available.
External Factors Influencing the Sustainability of Social Entrepreneurial Ventures in South Africa
(University of the Witwatersrand, Johannesburg, 2020) Govender, Ramona; Murimbika, McEdward
Social 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.
The impact of digital ecosystems on customer loyalty in South African life insurance companies: A customer’s perspective
(University of the Witwatersrand, Johannesburg, 2021) Muthama, Georginah M.; Nyamajiwa, Michael T.
The concept of life insurance has been in existence for thousands of years, with a business model that has remained relatively the same. Persistency or customer retention in South African life insurance companies is an ongoing concern. Advancement in technology has provided new opportunities to life insurance companies, such as online sales, improvement in service offering, and the increase in brand awareness. The literature indicates that digital ecosystems offer a new value proposition for life insurance companies to create loyal customers. This study was motivated by the high number of policy cancellations, unmet premiums and lapsed policies experienced across the insurance industry in South Africa. The study proposed that customer loyalty can be increased with the implementation of digital ecosystems, specifically in terms of the value propositions related to ease of doing business, loyalty programs and digital platforms. The purpose of this study was to determine whether the value proposition provided by digital ecosystems can create loyal customers. A quantitative research approach was used in this study. Data was collected using surveys whereby the respondents gave their responses on a structured-self-completion questionnaire that were distributed via email and WhatsApp. A random sample of n=57 was achieved. The Cronbach’s Alpha test showed there was good internal consistency reliability for the independent variables, but the dependent variable has poor internal consistency. Exploratory Factor Analysis (EFA) was conducted and the factor loadings higher than 0.40 indicate that the constructs were valid. Multiple regression was applied to test the four research hypotheses. The results indicate that there is a statistically significant relationship between digital ecosystems and customer loyalty. Regarding individual value proposition items of digital ecosystems, ease of doing business does not have a significant relationship with customer loyalty, nor does digital platforms. Loyalty iv programs has a significant relationship with customer loyalty. The final conclusion of this research is thus that digital ecosystems do provide a value proposition which can increase customer loyalty. When a digital ecosystem consists of different value propositions, in this case, ease of doing business, loyalty programs and digital platforms, loyal customers can be created.
Proposing the establishment of a tourist-generated-video library for destination marketing by tourism organisations
(University of the Witwatersrand, Johannesburg, 2021) Lehutjo, Tshepo
Tourist-generated media content is a phenomenon that has become increasingly popular in recent years on social media platforms; to a point where many travel bloggers have even taken it on as a full-time occupation to meet the growing customer/tourist demand for it. On the other hand, tourism organisations and the industry at large have not been at the ready to take advantage of these technological developments. The prevailing explanation for this contrast is that tourism organisations do not have the know-how nor the time to invest in these technologies as they are typically staffed by small, specialised teams. As a result, entrepreneurs may investigate this identified gap to assist tourism organisations in meeting customer demands for: authentic tourist-generated videos while these customers are in the discovery and decision- making process of before their travel journey. Data was gathered remotely through publicly available platforms on the Internet, using a close-ended questionnaire to capture responses. The responses were then processed to generate descriptive statistics to elaborate on the following: the proportion of South African tourism organisations currently using the Facebook platform was determined to gauge the size of the market. Further, the extent of video use and other factors on the platform was determined, within the attraction and engagement constructs of the Digital Marketing Framework. This was done to understand how and when tourist-generated videos are used, if at all, and what other methods tourism organisations apply to attract or engage customers. Based off the findings, which show that South African tourism organisations have a low social media engagement rate with tourists and make very little use of video (which is proven to be more engaging and better for sales conversion) as a form of media content – be it tourist generated or not. This research thus proposes the use of a tourist-generated-video library that tourism organisations will pay to access so that they may use such videos to market destinations on their social media profiles and websites.
The influence of Entrepreneurial Capital on the performance of subcontracting SMMEs in Gauteng, South Africa
(University of the Witwatersrand, Johannesburg, 2019-03) Rampa, Mmatsatsi; Galawe, Jabulile
This study explores the prospect of entrepreneurial capital in stimulating SMME performance. It seeks to investigate the use of non-financial capital (entrepreneurial capital) in SMMEs registered under the CIDB, in the general building sector, and its influence on SMME performance. It unpacks the two dimensions of entrepreneurial capital which are entrepreneurial commitment and entrepreneurial competence. This study is a quantitative research, based on a positivism research paradigm. The survey structured research instrument was collected using Qualtrics. The primary data, with a sample size of 377, was distributed using emails and was consolidated via Qualtrics. The data analysis and interpretation was based on descriptive analysis, correlation analysis, exploratory analysis and multiple linear regression analysis. The study was initially designed to analyse the two dimensions (entrepreneurial competence and commitment) collectively with their antecedents (opportunity, relationship, conceptual, organising and strategic competencies); and (normative, continuous and affective commitment) respectively. The survey findings could not converge into a clear multi-dimensional factor structure for each construct. Hence the analysis could only be undertaken at the dimensions level without breaking them down any further into their sub-sets. Entrepreneurial competence was the only one of the two that emerged as the statistically significant predictor of SMME performance. However, both dimensions had a positive influence with business performance, though entrepreneurial commitments’ influence was weak and not statistically significant. SMME owners/managers should continuously advance and assess their specific entrepreneurial competence in order to positively influence their business performance. Policy makers, training and support programmes should align content to specific entrepreneurial competence.
Stock Price Prediction in Sub-Saharan Africa
(University of the Witwatersrand, Johannesburg, 2020) Murekachiro, Dennis; Mokoaleli, Thabang
Investors, researchers and practitioners are continuously exploring various ways to understanding stock market price movements and the development of techniques that can assist them in accurately predicting the stock markets and improve on in- vestment decision making and policy making. This study sought out to develop a prediction model for stock markets, determine which factors move stock prices and investigate the inefficiency of 11 selected stock markets. In order to predict the stock markets, this study made use of deep learning prediction models (LSTM, RNN, GRU, BLSTM, BRNN, BGRU) and statistical GAM in ten sub-Saharan African coun- tries (Botswana, Egypt, Kenya, Mauritius, Morocco, Nigeria, South Africa, Tunisia, Zambia, Zimbabwe) and the S&P500 (USA). Stock markets are predictable with inef- ficiencies found for the African stock markets as evidenced through calendar anoma-lies and high prediction accuracies whilst the lower prediction results for the S&P500 indicate market efficiency. The prediction model greatly improved prediction accuracy. However, there is no remarkable difference between unidirectional and bidirectional prediction models accuracy results for the eleven countries concerned. GAM statistical approach outperformed compared to all deep neural networks architectures in this study. The varying results for each country point to the uniqueness of each market confirming the varying market ecologies. In addition, this study also investigated the effect of macroeconomic variables (inflation, money supply, interest rates, exchange rates) on stock prices. Time series analyses were implemented through Johansen cointegration and Granger causality tests for short and long run relationships between macroeconomic variables and each stock market. Overall, empirical results for the African stock markets reveal a negative association between closing price and exchange rates, a positive relationship between money supply and closing stock prices for all countries. Mixed results for the other variables for each country attest to the fact that stock markets are unique and are influenced differently by these macroeconomic variables. Notably, African stock markets relate differently to macroeconomic variables as compared to developed stock markets. Stock market predictions were run on a python 3.5 environment using deep learning libraries Theano, Tensorflow, and Keras and Scikit learn and the time series analysis was analyzed using stata13 and R 3.6 software
Financial System Stability in the East African Community: Prospects and Constraints
(University of the Witwatersrand, Johannesburg, 2021) Lyimo, Anna Gustav; Ojah, Kalu
This thesis examines the EAC financial system stability, focusing on the system’s prospects and constraints for the period 2000 - 2018. The primary agenda is divided into four objectives. The first objective is to investigate the evolution of the financial system and the kind of environment that it has been operating in. The relevant findings in respect of this objective indicate that the EAC financial systems have experienced both positive and adverse developments that have led to the initiation of several macro-economic and financial sector reforms. Credit risk is one of the major factors affecting the EAC financial system stability. The second objective is to conduct an empirical examination of the determinants of credit risk in the EAC financial sector. The associated results show that credit risk is responsive to the dynamics of member-countries’ macroeconomic and macro-financial variables. We found that prudent macroeconomic policies intended to stabilize inflation and exchange rates — which stimulate economic growth and increases the capacity to borrow – influence credit growth. And credit growth (with less prudent lending standards) increases the ratio of non-performing loans as well as raises credit risk during recessions. The third objective is to measure and forecast financial systems’ resilience in the EAC. Findings here suggest that EAC financial systems have remained relatively resilient, albeit vulnerable to shocks. Despite the differences in financial instability characteristics across the region, countries have reflected similar financial stability (or instability) patterns. The forecast results indicate that the EAC continues to experience financial system stability for the period 2018 -2020, other factors held constant. The last part (objective) examined the potential systemic risk contribution of individual banks to national financial systems. Here, the banking industries’ interconnectedness is shown to have increased significantly, especially during economic downturns, which poses a potential for spill-over of shocks (vulnerability) across the region during times of crisis. Each bank’s connectedness and potential systemic risk contribution is time varying. Also, there is a significant positive correlation between bank size and systemic risk contribution. Based on the above findings, and other findings of the study, the EAC region should monitor credit expansion to ensure it is consistent with economic and market realities; optimize benefits from linkages in the EAC financial system structure; and enhance effective policy formulation for more robust financial system regulation and supervision. There is also a need to conduct effective periodic risk assessments to identify and mitigate potential systemic risk, as to ensure regional financial system stability

Faculty of Commerce, Law and Management (ETDs)

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