Faculty of Commerce, Law and Management (ETDs)

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Supply Chain Resilience and Carbon-Neutral Supply Chain Performance: Examining the Mediating and Moderating Role of Information Sharing Capability
(University of the Witwatersrand, Johannesburg, 2024) Nyamvura, Elliot
his study investigates the impact of supply chain resilience (SCR) on carbon-neutral supply chain performance (SCP), focusing on the mediating and moderating roles of information-sharing capabilities. Conducted within the food manufacturing and retail sectors, the research highlights how SCR, characterised by preparedness, alertness, and agility, is crucial for sustaining operations and achieving carbon neutrality amidst disruptions. The findings underscore that robust information-sharing capabilities enhance the effectiveness of SCR, enabling organisations to better manage disruptions, reduce inefficiencies, and lower carbon emissions. By fostering collaboration and communication among supply chain partners, firms can optimise logistics, engage suppliers in sustainable practices, and enhance overall environmental performance. This study provides empirical evidence supporting the integration of SCR and information-sharing capabilities as strategic tools to achieve carbon-neutral goals. The insights gained offer valuable implications for policymakers and business leaders aiming to balance economic growth with environmental sustainability. The research contributes to the existing literature by providing a comprehensive framework that underscores the importance of SCR and information sharing in achieving sustainable supply chain practices. It also suggests that adopting a holistic approach that includes these factors is critical for businesses transitioning to a low-carbon economy.
Growth effects of human capital and innovation in small and medium sized South African firms before and after the Covid-19 pandemic
(University of the Witwatersrand, Johannesburg, 2024) Maingehama, Francisca Nyasha; Callaghan, Chris
This thesis examines the growth of small and medium-sized enterprises (SMEs) in South Africa before and after the COVID-19 pandemic. The COVID-19 pandemic introduced new challenges, which makes this research relevant for contemporary issues in firm growth. The problem addressed in this study was the need to understand how various factors, such as human capital, innovation, entrepreneurial orientation and motivation, affect SME growth. Previous research has focused mainly on organisational-level determinants without considering how these factors interact in a post-COVID-19 context. This gap is particularly relevant in South Africa, where SMEs face high failure rates despite efforts to support entrepreneurship. The study filled this gap by exploring the specific growth dynamics of SMEs in this contemporary and challenging context. Several key research questions guided the study and aimed to achieve two main objectives. The study used a two-phase methodology. First (Phase 1), it systematically reviewed the literature to synthesise knowledge on human capital, innovation, and firm growth before the COVID-19 pandemic. The systematic literature review analysed 206 articles published between 2000 and 2020 using descriptive statistics, bibliometric analysis, and content analysis to synthesise pre-pandemic research. Secondly (Phase 2), it developed and tested a theoretical model to understand the relationship between human capital, innovation, entrepreneurial orientation, motivation and SME growth in South Africa post- pandemic. In this phase, primary data was collected using a structured questionnaire with 497 responses from small firm owner-managers and analysed using Smart PLS (version 3.2.9). This research adopted a positivist philosophy, focussing on empirical patterns and causal relationships. Key findings indicated that innovation mediates the relationships between entrepreneurial orientation, human capital, and the growth of SMEs. Human capital has a direct impact on firm growth in the post-pandemic context. At the same time, motivation significantly mediated the link between entrepreneurial orientation and growth, though its effect on the human capital-growth relationship was less pronounced. This study advances knowledge by providing a detailed analysis of SME growth determinants in a post-pandemic context, offering a customised theoretical model for South African SMEs. This study also has practical implications, providing insight for SMEs and policymakers to enhance innovation capabilities and adapt strategies to post-pandemic challenges. Future research could explore the long-term ii impacts of COVID-19 on firm growth, the role of additional contextual variables, and comparative studies in different regions or sectors.
Determinants of Corporate Social Innovation in South Africa’s Commercial Banking Sector
(University of the Witwatersrand, Johannesburg, 2024) Larbi, Lee; Venter, Rob
This study is situated within the realm of Social Innovation (SI), specifically focusing on Corporate Social Innovation (CSIn) within the South African commercial banking sector. Addressing a significant gap in the understanding of the determinants of CSIn within this context, the study draws upon Institutional Theory and Social Capital Theory to extend theoretical insights in the domain of SI. While traditional Corporate Social Responsibility (CSR) practices often view social and environmental issues as external to core business strategy, the concept of Creating Shared Value (CSV) has emerged, emphasising the creation of economic value while addressing societal challenges. Employing a sequential mixed methods approach, the study first administered a seven-point Likert scale questionnaire to 219 CSR professionals within commercial banks in South Africa. Subsequently, semi-structured interviews were conducted with 14 CSR senior managers and leaders to deepen the findings. Path analysis and Confirmatory Factor Analysis (CFA) were used for quantitative analysis, revealing positive and significant relationships between management support, transformational leadership, and internal social capital with CSIn in South African commercial banks. Furthermore, the study found that internal social capital mediates the relationship between transformational leadership and CSIn, and that transformational leadership mediates the relationship between management support and CSIn, as well as social proactiveness and CSIn in South African commercial banks. The qualitative phase of the study involved thematic analysis of interview data to complement the quantitative findings. Methodological triangulation was employed to enhance the validity of the iii results. Given the underdeveloped and empirically lacking literature on CSIn, particularly in the commercial banking industry, this study makes a substantial contribution by identifying key determinants and enriching the theoretical understanding through empirical insights. It underscores the importance of social innovative behaviours within banks in addressing societal challenges, fostering a culture of social innovation that contributes not only to meeting Environmental, Social, and Governance (ESG) targets but also brings numerous implicit benefits.
Using a Multilevel Governance Framework for the Reform of the International Investment Law Architecture
(University of the Witwatersrand, Johannesburg, 2024) Mpofu, Kathleen; Forere, Malebakeng Agnes
International investment law has come under significant scrutiny over the last few years under what has been termed as a legitimacy crisis, with various stakeholders expressing concerns regarding its operation. These concerns cover both the substantive and procedural aspects of international investment law. In response to these concerns, states have, at varying levels of governance, taken steps to reform the international investment law system with some states focusing on procedural reforms and others focusing on substantive reforms. This thesis considers the effectiveness of the reform process taking place in the international investment law system and finds that the piecemeal and fragmented approach that has been adopted by states may not be able to address the wide range of concerns raised by stakeholders. The achievement of effective reform requires a holistic approach that not only focuses on systemic change in redesigning investment treaties but also on national reforms. This approach has largely been absent in the reform process. The question that arises is how to develop a system of international investment law, that can effectively regulate the relationships and tensions that arise in the use of FDI, that incorporates the needs of all stakeholders and allows the different levels of governance to effectively participate in the system. This thesis explores alternative methods of reform that go beyond the small mandate of the Working Group III reforms currently being discussed and that can adequately address broader concerns that arise within the international investment law system that affect the needs of other stakeholders beyond the needs of investors. In order to do this, the thesis made use of the multilevel governance framework to effectively organise and incorporate the different stakeholders and different levels of governance into the international investment law system. The principles that apply in the multilevel governance framework are useful in shifting the reform discussions from the narrow focus currently present in the reform effort, to exploring a wider range of issues and concerns faced by a wider range of stakeholders and proposing inclusive solutions that share and balance power between the different levels of governance. To rebalance the rights and protections granted in IIAs and incorporate the different levels of governance into the international investment law framework, the thesis clarifies the right to regulate by embedding it as a principle of customary international law, applicable regardless of its incorporation in the treaty. To allow for broader public interest considerations such as sustainable development to be incorporated into IIAs, the thesis proposes the use of framework v clauses (which operate much like framework agreements) in the text of the IIA which will establish the broader commitments of the parties and leave the setting of specific targets to national legislation. In so doing, regulatory power can be shared between the different levels of governance using the multilevel governance principles, allowing states to enact meaningful regulatory measures within the scope of the right to regulate. To incorporate the national level of governance in the dispute settlement process, the thesis recommends the incorporation of the exhaustion of local remedies rule and sets out how the competence to settle disputes can be shared between the national and international level in a manner that limits contestation and enhances co-operation. This is coupled with the creation of a multilateral investment court at the international level of governance that does away with the use of arbitration as a mode of dispute settlement, has a more court like structure, with increased rights of access and participation for third parties who can actively participate in the dispute settlement process and have their rights vindicated by the court. In this way, the recommendations in the thesis allow for the regulation of the different relationships that arise in the use of foreign direct investment and creates an international investment law system where the achievement of investment objectives and economic growth need not come at the expense of other equally important public international law considerations.
Fostering the retention of talented and skilled employees by understanding the motivators of employee turnover intention from a South African SMME perspective
(University of the Witwatersrand, Johannesburg, 2024) Edayi, Juliet; Venter, Robert
Current small, micro and medium-sized enterprises (SMMEs) are concerned about understanding the preliminary factors that prompt employees to leave their organisation (i.e., labour turnover intention) rather than to wait, only to be left to deal with the disruptive and costly consequences of actual employee turnover. The extant literature has widely provided evidence to justify that employee turnover is very destructive and presents many costs for organisations due to its counterproductive nature. South African small and micro businesses constantly endure high rates of employee turnover as other businesses (especially big companies) are frequently poaching highly skilled workers. This burden has made it increasingly challenging for SMMEs to keep, particularly highly skilled and high-performing employees, whose talents are highly sought after and are paramount to their firm’s overall success and sustainability. Therefore, this study was conducted from an SMME context so as to equip small and micro business employers with fresh insights on how proactively adjust their employee retention strategies and foster their continued survival and long-term growth. Moreover, the South African labour market has a limited number of high-performing and brilliant employees who eventually become assets to the business once hired, thus creating a need to retain such talented personnel. The shortage of skilled labour coupled with the high costs of attracting, hiring and training new employees proffers a compelling need for scholars to actively direct their research attention to unravelling this phenomenon of labour turnover intention. Research outputs will positively equip SMME practitioners with the relevant and proven information for them to devise well-informed retention strategies before employees’ intention to quit the organisation manifests itself into an actual turnover. This study sought to achieve a meaningful understanding of the interplay between the complex relationships that exist between the selected variables and to establish how this comprehension can aid SMME practitioners in effectively reducing employee turnover rate to a reasonable proportion. For this study to establish this ultimate goal, an empirical investigation was done amongst employees in selected SMMEs in Gauteng province of South Africa. A conceptual framework that depicted all the relationships was developed and several hypotheses were formulated based on the evidence from the extant literature. This study utilised a cross-sectional research design through a quantitative-based method. A structured questionnaire was formulated and was administered in-person, and additionally distributed via emails. Data was gathered through non-probability convenience sampling, whereby 338 valid responses were received from employees across the selected SMMEs in Gauteng. iv Descriptive statistics (e.g., item analysis, Cronbach’s alpha computation) and bivariate correlation analysis were analysed using SPSS v 28 and inferential statistics were analysed through Structural Equation Modeling was undertaken using AMOS v 28. While the findings of this study corroborated the outcomes that were submitted by earlier scholars, some fresh and exciting directions in the associations between specific variables were established. This study eventually submitted a unique conceptual model that depicts the validated interactions between the study variables. It is believed that the confirmed associations detailed in the conceptual model will be used as guidelines for small and micro business practitioners to meaningfully and effectively manage employee turnover intentions while simultaneously fostering the retention of talented and high-performing workers. This investigation concluded by recommending that a similar study must be replicated using a mixed-method approach that applies probability sampling and longitudinal research design so as to address the methodological shortcomings that characterised this study.
Balancing majority shareholder rights, minority shareholder rights and creditors rights in statutory mergers: in terms of the Companies Act 71 of 2008
(University of the Witwatersrand, Johannesburg, 2024) Ado, Jean Philippe Mathurin Sik
Companies in their various forms are crucial to South Africa’s economy and its prosperity as they contribute towards wealth creation, social renewal and social welfare. In our growing world and borderless international markets, there are ongoing changes that affects a company’s competitiveness and productivity both nationally and internationally. These changes may be brought by the necessity to abide by international company law standards and practices that to some extent are aiming at sustainable economic growth and profitability. The South African company law regime, introduced since 1926, has undergone a series of amendments to ensure that its national companies and stakeholders benefit from the most updated legal system to galvanise its economy. In so doing, mergers and acquisitions represent one of the most cutting- edge concepts of company law around the world that encompasses the social, economic and financial needs of companies and that have been introduced in the current national company law regime. This research paper analyses the protections of shareholders and creditors in the statutory merger contained in the Companies Act 71 of 2008. It discusses also whether these protections are adequately balanced towards a fair consideration of majority shareholders, minority shareholders and creditors’ interests — which includes consideration of their rights too — in implementing a statutory merger. The main findings are that some protections are not properly balanced in consideration of the aforementioned parties’ interests. These include the appraisal remedy, the merger agreement and the oppression remedy — between minority and majority shareholders — and the creditors’ notification coupled with the court review, the open transferability of creditors’ contracts and the solvency and liquidity test — between majority shareholders and creditors — which in some aspects offers uncertainty in protecting their applicants. The approach adopted in the Canadian cases of Black & Decker and Loeb, set out in section 2 below, emphasises the importance of policy considerations which must meet the stated goals of s7 of the Companies Act 71 of 2008.
Balancing the odds: A law to legalise and regulate online gambling on casino games in South Africa
(University of the Witwatersrand, Johannesburg, 2024) Bate, David John; Cachalia, Firoz
Online gambling has become a pervasive phenomenon across the world. Yet South Africans enjoy limited scope to participate legally in this activity. Current legislation permits online betting on sports events (including horse racing) but prohibits all other forms of online gambling. Despite this prohibition, online gambling on casino games is widespread in South Africa. The Government has a choice: continue to criminalise the activity or follow international trends and allow the same. It initially attempted to legalise and regulate online gambling through legislation without success. It subsequently opposed (and continues to publicly oppose) any legalisation of the activity. Significant adverse consequences arise from continued prohibition of online gambling on casino games in South Africa including, inter alia: the spread of illegal gambling sites; loss of confidence in law enforcement; loss of tax revenues; discrimination against casino operators; loss of job opportunities; and inability to monitor and regulate online gambling activities. This study proposes key features for a law and licensing and regulatory framework to legalise and regulate online gambling on casino games in South Africa. It reviews regulation of online gambling on casino games in a representative sample of international jurisdictions to identify issues and best practices that may be germane to South Africa’s circumstances. It examines and analyses current and proposed legislation and stare decisis in South Africa to identify challenges and opportunities for further consideration as part of any process to legalise and regulate online gambling on casino games. It summarises and analyses public interest concerns that likely require redress as part of any such process. Based on these efforts, this study highlights fourteen areas of law and makes recommendations regarding specific interventions in those areas that may merit further consideration in development of any ‘made in South Africa’ solution to legalise and regulate online gambling on casino games in the country.
An Exploration of How Fast Fashion Companies’ Sustainability Policies and Practices Align To the Sustainable Development Goals
(University of the Witwatersrand, Johannesburg, 2024) Dhanjee, Kamini; Aucock, Michele; Sebastian, Avani
Background: The fast fashion industry is a significant contributor to environmental and social issues by producing greenhouse gases, generating textile waste and underpaying workers. The voluntary nature of sustainability disclosure in fast fashion corporate reports lacks standardisation and oversight. Consequently, fashion companies tend to emphasise their positive actions and policies. Media reports often present proof of actions that are inconsistent with companies’ reported actions. Purpose: This study explores the Sustainable Development Goals which fast fashion companies disclose in their corporate reports, the level of detail this disclosure and how media reports support or discredit these disclosures. Method: For the top eight fast fashion companies by revenue globally, references to each of the 17 Sustainable Development Goals (SDGs) in corporate reports from 2020 to 2022 and the level of disclosure was explored through qualitative content analysis. The analysis was led by the targets set out for each SDG by the United Nations and a total score was computed for each SDG for each company. Descriptive statistics were calculated to uncover patterns relating to disclosure frequency, disclosure detail, revenue and other company characteristics Results: There has been a persistent lack of disclosure of quantitative and information on performance targets. Commonly reported SDGs are SDGs 1, 5, 6, 7, 8, 12 and 13, demonstrating what fast fashion companies prioritise. The SDGs overall do not garner much media attention, but stakeholders tend to prioritise SDGs 8, 12 and 13. The study provides evidence of the disconnect between disclosure and practice. Implications: This implies that companies view the SDGs as a disclosure checklist with non- binding implications. From a practical standpoint, the absence of regulated Sustainable Development Goal disclosures suggests that stakeholders with an interest in the Sustainable Development Goals cannot depend on corporate reports to inform their decisions.
Oil Price Shocks and Financial Stress in Sub-Saharan African Countries
(University of the Witwatersrand, Johannesburg, 2024) Frost, Callum
This study examines the nexus between financial stability and oil shocks within South Africa, a net-oil importer, and Nigeria, a net-oil exporter. A signal theory approach utilising pAUROC analysis is used to capture relevant indicators. Furthermore, sub-market indices are weighted using a diagonal BEKK-GARCH model, allowing for time-varying cross-correlations to determine sub-market weights, allowing the constructed financial stress index (FSI) for each economy to focus on systemic events of financial stress. The FSI for each economy is then incorporated into a SVAR model which disaggregates oil demand shocks into three components (economic activity, oil consumption demand, and oil inventory demand) following the framework of Baumeister and Hamilton (2019) to capture the effects of oil market shocks on financial stability. This paper finds that positive shocks to oil supply, economic activity, and oil inventory demand tend to reduce financial stress in South Africa. Interestingly, demand driven increases in the real price of oil reduces systemic stress, even though the economy is a net-oil importer. Oil supply shocks and economic activity shocks tend to have no significant effect on Nigerian financial stress while demand driven increases to real oil prices tend to decrease financial stress. Interestingly, shock increases in demand for oil inventories tends to raise financial stress.
Deconstructing the debate around bank account closures on the pretext of institutional reputational risk
(University of the Witwatersrand, Johannesburg, 2024) Hayath, Iram; Kawadza, Herbert
The Supreme Court of Appeal in Bredenkamp v Standard Bank found that a bank has a contractual right to close a client’s accounts on reasonable notice, and that a bank is entitled to exercise this right if it perceives that a continued relationship with the client may result in reputational and business risks to the bank (albeit may be premised on allegations which the client denies). Banks have regulatory obligations to (amongst others): (i) manage their reputational risk; and (ii) take steps to avoid their accounts being used by clients to facilitate the proceeds of unlawful activities. Banks are at the receiving end of scrutiny for the latter, including from the media. Banks’ actions of closing accounts for institutional reputational risk are however, often challenged by clients on the basis that these decisions are informed by untrue allegations and are contrary to public policy. A particular consideration is the potential consequences of the clients becoming ‘unbanked’. There are also other issues of contention including that reputational risk is an elusive reason. The competing interests and public policy considerations at play have not yet been adjudicated by our courts. This research report argues that the complexities involved necessitates legislative reform to ensure certainty and fairness on both sides.

Faculty of Commerce, Law and Management (ETDs)

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