Faculty of Commerce, Law and Management (ETDs)
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Item Mechanisms that enable the use of M&E information in decision-making to improve programme outcomes in the Centre for the Study of Violence and Reconciliation(University of the Witwatersrand, Johannesburg, 2024) Fanelwa, LutshabaThis study aims to show how employees employed by the Centre for Study of Violence and Reconciliation (CSVR) for a minimum of six months use M&E data to guide decision making choices and improve programme outcomes. To explore and appreciate the mechanisms and processes of decision-making using data from individuals collecting data and those making decisions in the organization, a research design used a case study through a qualitative method approach. One of the issues facing the NGO sector is the lack of documentation about the use of monitoring and evaluation data in decision-making procedures (Bornstein, 2006). Comprehending how gathered and processed data is used and how it improves programme outcomes is challenging because of this deficiency. The planned study will examine the various ways the organization uses data to make choices, as it is currently unclear if CSVR has the same conceptualization issues with data use and practice. The investigation results verified that the organization is faced with the same issue of inadequate documentation of its processes for monitoring and evaluation. This is made clear by the M&E framework, which provides insufficient information on database administration, information consumption, and routine data management activities. Using data and making decisions are related. The organization's decision-making process is not well understood; some people think decisions are made collaboratively by the team at weekly meetings, while others think project managers are in charge of making decisions. Decision-making and standardization in the application of knowledge are impossible without a functioning M&E system. The organizational structure makes it difficult to adopt an M&E system completely since it affects other programme support and where the unit fits in the organogram. M&E only provides support for one programme.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 Factors contributing to transgressions in the procurement practices of state-owned entities (SOES): Eskom and Transnet(University of the Witwatersrand, Johannesburg, 2024) Moloto, Bonolo; Setlhalogile, MatlalaPublic procurement is a vital process for governments and state-owned enterprises (SOEs) to procure essential goods and services. However, state capture and unethical practices have plagued it. The State Capture Commission Report highlighted issues such as poor governance, unethical conduct, and insufficient internal control systems. This has led to financial and operational challenges for SOEs, which heavily rely on state guarantees and bailouts. In South Africa, the government spends around R1 trillion annually on procurement, which represent 12% of the country’s gross domestic product (GDP) (National Research Foundation, n.d.). The Auditor General (AG) report for the 2020/21 financial year reported that most SOEs had high balances of irregular expenditures. Transnet had the highest irregular expenditure, totalling R14.1 billion, followed by Eskom with R11.6 billion (Maeko, 2021). This study aimed to identify the underlying governance factors contributing to transgressions in SOE procurement practices and to provide remedial actions to prevent recurrence. Agency Theory was used to examine the identified issues, and a comprehensive literature review was conducted to investigate the underlying factors. The study found that failure to address these governance issues could lead to qualified audit opinions, issues of going concerns for SOEs as well as impact investments and public confidence. The study also revealed that the slow implementation of consequence management could foster a culture of noncompliance and accountability. The current South African public procurement system ca is characterised by political interference and cadre deployment, which undermines transparency, accountability, and good governance. Political appointments and cadre deployment in critical positions encourage wasteful spending, undermine governance, and promote dictatorship. Politicised boards and management in SOEs has led to an increasing prevalence of corruption. The AG, Standing Committee of Public Accounts (SCOPA), National Treasury (NT), Department of Public Enterprises (DPE), and the respective SOEs’ boards have been unable to conduct their oversight functions effectively due to their unwillingness to do the right thing and failure to establish robust preventative controls. The state's approach to board nomination lacks transparency, operates in an ad hoc manner, and is excessively politicised. iii Remedial actions to address these issues require a dedicated commitment from top leadership, fast implementation of corrective measures, and periodic monitoring and evaluation processes. Limiting political interference in the administration of remedial actions can enhance the effectiveness, fairness, and integrity of the anti-corruption process.Item 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 The evolution of consolidation accounting: an application of chaos and memetic evolution theory(University of the Witwatersrand, Johannesburg, 2024) Van Zijl, Wayne; Maroun, WarrenMany researchers have explored the evolution of accounting either as a technical and quasi- scientific discipline or as a social construct that both influences and is influenced by history. Some researchers have considered the role played by agency costs, economic pressures, regulation and the complexity of modern business. Other researchers have focused on political lobbying, the socialisation of accountants and the agency they have when applying accounting prescriptions as key evolution factors. The impact of power struggles and acts of resistance have also received much attention. This thesis builds on these earlier works by proposing a novel framework of accounting evolution inspired by two non-accounting theories: Darwin’s theory of evolution by natural selection and chaos theory. Using the case of consolidation accounting, 30 detailed interviews with local and international financial reporting experts illustrate how accounting theory and practice evolve at the macro- and micro-level. In doing so, the thesis helps to reflect how different perspectives highlighted by the prior literature can function concurrently under the proposed framework. The application of chaos theory suggests that consolidation accounting’s macro evolution is characterised by five observations. Firstly, consolidation accounting’s evolution is intertwined with and influenced by other systems, including business practice, taxation regulations, social norms and economic pressures. Secondly, accounting’s future state is highly dependent on its current state. This creates a path-dependency where its trajectory up to a specific point constrains its trajectory after that point. Thirdly, consolidation accounting remains relatively unchanged (stable) until it is disturbed. The presence of feedback loops may amplify or dampen disturbances leading to the possibility of disproportional change. Fourthly, consolidation accounting’s evolution indicates the presence of fractals, where the evolutionary pattern observed at one level resembles that of another. Fifthly, the accounting “rules-of-thumb” that develop over time may more accurately be described as strange attractors that pull accountants towards specific techniques, concepts and disclosures. In doing so, they create a sense or order because they limit the countless possibilities about how transactions and events might be treated. The application of Darwin’s theory of natural selection to non-biological systems is called memetic evolution. Considering memetic evolution of consolidation accounting at the micro-level reflects five core observations. Firstly, memetic evolution explains why accounting’s future state is Page 6 of 217 dependent on its current state. No “new” consolidation accounting technique, concept or disclosure (meme) is truly original but is a modification or recombination of one or more existing memes. Accordingly, consolidation accounting’s future state is dependent on its current state. Secondly, memetics shed additional light on how and what constitute disturbances under chaos theory. Disturbances can arise from changes to related systems, inaccurate inheritance processes, through the active modification of existing memes or the degradation of memes in accountants’ memory. Thirdly, memetic evolution enhances our understanding of feedback loops identified by chaos theory and why radical changes are often rejected in favour of marginal change. Fourthly, memetic evolution exhibits that consolidation accounting’s evolution is about the selfish replication of accounting memes. Consequently, researchers should not assume that currently accepted theory and practice represents the “best” or most “desirable” accounting prescriptions. Supporting chaos theory’s path-dependency, memes use different strategies to “win” the accounting meme selection game and become more prolific. Consequently, the criticism that accounting incentives short-term profit seeking behaviour may not represent a shortcoming of the accounting community but rather the power of evolution by natural selection. Finally, related systems co-evolve creating a complex and chaotic dynamic evolutionary environment. While the focus of the thesis is consolidation accounting, the findings are broadly applicable to accounting evolution in general. For example, the findings suggest that the accounting standard setters may serve the profession better by developing short- to medium-term accounting standards as opposed to striving to set more permanent standards. The findings form the foundation of a new research agenda into the chaotic and memetic evolution of accounting. However, there are limitations to the current study. Only purposive sampling 30 interviews were conducted to ensure participants had the qualifications and experience to provide meaningful insights, introducing an inherent bias potential.Item Institutional determinants of dividend policy: the case of African listed firms(University of the Witwatersrand, Johannesburg, 2024) Tembo, Margret; Chipeta, ChimwemweThis study examines the institutional determinants of dividend policy of African listed firms over the period from 2006 to 2020. While existing research extensively examines institutional influences in developed markets, there is a significant gap in understanding these dynamics within the African context. Utilizing a panel regression approach with generalized method of moments (GMM) estimations, the study comprises three essays. The first essay offers a comprehensive analysis of institutional determinants, specifically examining how investor protection, press freedom, property rights, financial development, and corruption shape dividend policy in African firms. The results underscore the pivotal role of institutional factors, highlighting investor protection, financial development, and press freedom as key determinants. Based on these findings, policymakers should prioritize strengthening investor protection laws, advancing financial sector development, and ensuring press freedom to create a more attractive environment for investment. The second essay explores the relationship between innovation and dividend policy in Africa, revealing a significant negative correlation. It also investigates whether institutional development influences this relationship. Results indicate that institutional development moderates the innovation-dividend policy relationship. The negative relationship is pronounced in countries with weak institutional development and tends to be positive in those with strong institutional development. Based on these findings, policymakers should focus on improving institutional quality to facilitate both innovation and dividend distribution, thereby supporting sustainable corporate growth and shareholder returns. This third essay examines the institutional factors influencing dividend smoothing in African firms. The study finds that African firms exhibit a speed of adjustment (SOA) of 0.539, indicating a moderate level of dividend smoothing, and a target payout ratio of 0.484, suggesting they pay out a high percentage of their earnings as dividends. The research highlights that firms operating in environments with low economic growth, civil law regimes, weak investor protection, weak property rights, low press freedom, underdeveloped financial institutions and markets, high corruption, weak government effectiveness, weak political stability, weak regulatory quality, and weak rule of law tend to engage in increased dividend smoothing. To address this, policymakers and business leaders in African emerging markets should prioritize improving governance and institutional quality. This can mitigate agency costs and information asymmetry, reducing the need for dividend smoothing. Strengthening investor protection, property rights, press freedom, financial markets, and governance standards will create a more stable investment climate. In conclusion, this research underscores the importance of institutional improvements in shaping dividend policies in African non- financial firmsItem The Role of Psychology in Legal Education: Incorporating Cognitive Science into Legal Pedagogy(University of the Witwatersrand, Johannesburg, 2024) Starosta, Paulina Dagna; du Plessis, RiettePrevailing criticisms of legal education suggest that students enter clinical programmes ill equipped to solve problems and that they leave law school without learning the lawyering competencies of effective legal practitioners. This thesis is broadly premised on the idea that exposing law students to cognitive science and basic psychology would better equip them to achieve life-long learning and to acquire enduring practical lawyering skills. Psychology – the science of how people think and behave – has a great deal to teach us about the core competencies of lawyering. People who understand how others think, feel and behave, make better lawyers, decision makers and problem-solvers. Psychologists have conducted extensive research into psychological phenomena which are integral to effective lawyering. This research can be effectively incorporated into legal pedagogy, including how we teach law students to practice law. The proposal underpinning this research is the need for an undergraduate course on how psychology operates within the law, specifically designed to make students aware of how cognitive science and psychological phenomena affect and impact on the learning and practice of law. Developmental discourse regarding legal curricula entrenches the notion that law schools teach students how to think like lawyers but not how to be lawyers. The proposed response to this criticism is that metacognition – the awareness and understanding of one’s own thought processes – and the concomitant development of higher order thinking skills is key to the development of effective legal training, but this is presently absent in South African legal curricula. This thesis posits that experiential learning should begin before a student ever steps foot into a Law Clinic or a courtroom and that the reason why students leave law school unable to truly think like lawyers is because the notion is only truly introduced to them in their final year of law school, usually in the form of a clinical or experiential learning programme. The work contained herein is premised on the idea that legal educators ought to draw on the gains made by cognitive psychologists in understanding what happens when people learn and what neuroscience has to say about how people think and to introduce this to students at a relatively early point in their legal studies. The hypothesis underpinning this research is thus, that harnessing the science of psychology and allowing it to permeate legal pedagogy would be beneficial because the processes involved in both learning and lawyering are intricately linked to innate psychological processes and responses. Thus, the proposal is for an introductory course in basic legal psychology oriented at producing graduates who can think critically and solve problems pragmatically – graduates who are able to not only think like lawyers but also vi to act like lawyers. The research is significant as it explores the viability of such a course within the LLB curriculum at the University of the Witwatersrand and considers what such a course would look like in the South African context. An undergraduate course on psychology within the law would give students a sense of understanding themselves before they try to make sense of the actions and motivations of others (like clients, judges and opponents) when they enter their clinical programme. It is my contention that currently, legal education fails to adequately bridge the gap between law and practice because students are never taught to factor in the feelings, fears, concerns and motivations of themselves or others. A course, which exposes students to their own psychological motivations, as well as those of other players in the litigation arena, would give students the context of how to approach the acquisition of skills and the competencies required to practice law in a more pragmatic manner. Chapter 1 introduces the basic premise behind the research and orients the research focus. Chapter 2 explores both the theoretical and practical criticisms of traditional legal education locally and internationally. This chapter explores the need for the development of the South African LLB degree in the context of recommendations made by the Council for Higher Education (CHE). The chapter proposes the use of cognitive learning theory to maximise law school learning by drawing on research related to metacognition and the influence of learning styles. Chapter 3 introduces the importance of psychology within the law and orients the role of psychology in legal practice in the context of skills acquisition in undergraduate study. The chapter proceeds to isolate five indispensable legal skills required of law graduates to practice law and gives insight on how psychology impacts on the acquisition and use of those skills. This chapter advocates for the need for a stand-alone course on the study of basic psychology (including metacognitive learning) to improve lawyering skills. Chapter 4 focuses on the first part of course design, namely, the values, goals and outcomes of the proposed course on psychology within the law. This chapter engages with the values which underpin the course design process, the need to focus on law as being grounded in the humanities as opposed to being viewed as a science and the ultimate exorcism of the theory- practice divide. A proposal is made for the use of the unified learning model (ULM) in the development of the proposed course and lessons from experiential learning are used to set goals and outcomes for the syllabus. Lastly, the chapter focuses on the proposed placement of the intended course within the broader LLB curriculum. Chapter 5 focuses on the course methodology, course content and assessment of the proposed course. The chapter describes numerous teaching methodologies and their implications on the choice of course design model. Lessons on proposed course content from similar courses offered in the United States of vii America (USA) and Australia are used to construct a proposed syllabus, course outline and assessment plan for the course. Essentially, this chapter constructs a hypothetical pilot course for adaptation within the undergraduate LLB curriculum based on the goals, outcomes and placement referred to in chapter 4. Chapter 6 contains concluding remarks, reflective findings and proposals for the extension of this research.