Faculty of Commerce, Law and Management (ETDs)

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    Consumer behavior: an investigation into how motivational factors influence online consumers’ impulse purchases of fashion items
    (University of the Witwatersrand, Johannesburg, 2024) Mahomed, Asiya
    The global growth of online retail in the last decade has played a major role in altering consumer behavior. A key behavioral trend has been the rise of ‘impulsive buying’, a phenomenon that continues to grow significantly in South Africa in particular. However, in part due to its novelty and rapid emergence during and after COVID-19, the nature of and the decision-making processes behind online impulsive buying have been largely unexplored. Both retailers and marketers alike have therefore sought to understand its role in order to maximize market potential. As such, this study aims to provide new insight by building on existing literature about online consumer behavior. It determines the motivations that influence impulsive buying in online retail fashion consumers, as well as how their level of involvement or interest in fashion influences their decision-making. Using a deductive, quantitative approach and collecting data sets through survey questionnaires of 510 millennial South African consumers, the study focuses on two types of motivational factors; Utilitarian and Hedonic, in order to understand the phenomenon. Applying a moderation model, the study uses statistical analysis to demonstrate that fashion involvement can act as a moderating variable that could influence the relationship between the two factors and impulsive buying behavior. It finds that fashion involvement has a negative relationship with the utilitarian effects of price, and the hedonic effects of sensory and stimulation elements. As the regression co-efficient for these interactions is closer to zero (p<.05 or lower) with a 3-4 % variance in impulse product purchase in the macro model used, the study indicates that the impact of these elements on impulsive buying decreases as a consumer’s level of interest in fashion increases. The research ultimately contributes to the literature by explaining these relationships through the moderation model and its theoretical underpinnings. Despite its focus on a small data set drawn from the South African context, it is hoped that the study’s findings may encourage further research on a wider scale, and help marketers and online retailers develop and improve the practical efficiency of their online marketing strategies to harness impulsive buying behavior.
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    Diversification benefits of SA REITs in a mixed asset portfolio: one decade and a pandemic later
    (2023) Mphaho, Masilo; Kodongo, Odongo
    Volatility spillover between financial markets causes inefficiency of diversification. Therefore, other investment alternatives are required to build an optimal portfolio, one of them being Real Estate Investment Trusts (REITs). The low correlation between REITs and stocks implies an advantage of diversification in an investment portfolio containing both assets. An important implication of this finding is that if stocks and REITs are incorporated into an investment portfolio, the investor will have better diversification benefits. This paper looks at the diversification benefits of having REITs in a mixed asset portfolio by conducting an empirical study from when the REIT regime came into effect in South Africa 10 years ago, particularly focusing on the period between 2013 and 2023. The econometric tools used in this regard include cointegration and, time series models (VAR and VECM) for forecasting. The paper also considers how the COVID-19 pandemic has affected this relationship by conducting a mean-variance spanning test to see if the inclusion of REITs in an existing portfolio dominates it. Other measures such as Sharpe ratios and Efficient Frontiers are included for analysing portfolio performance. Therefore, providing a mature analysis of REITs continuing from current literature and assisting Fund Managers in understanding the impact of including the asset class in a portfolio with a long-term investment horizon. This study affirms the low correlation between REITs and other stocks and further shows that they are not affected by shocks in the bond and stock markets respectively while also having the potential to improve the risk-adjusted returns of a Portfolio. Therefore, Fund Managers can consider REITs for their portfolio diversification strategies.
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    The adoption of AI in the South Africa Supply Chain Industry
    (University of the Witwatersrand, Johannesburg, 2024) Naidoo, Prenesen; Oba, Pias
    The adoption of Artificial intelligence (AI) in supply chain management shows great promise for the future, by identifying and removing waste, which in turn will increase efficiencies and competitiveness within the supply chain industry. The COVID-19 pandemic has fast tracked the use of technology and AI is no different to other technologies. The significance of the research is to unpack the influence of AI adoption within one of the major industries in South Africa, the study focused on South Africa which has a unique socio-economic landscape. The study unpacks how this influences AI adoption, for example, the skills required to deploy and maintain AI, as well as the potential impact on employment (in a country with a high unemployment rate). The study evaluated the readiness for AI adoption in the country. The study analysed a company that has recently been purchased by an international conglomerate, although the company is a major player in the South African supply chain. The researcher used interviews conducted with executives (senior roles), at a company, as well as existing literature to understand the current adoption of AI in South African supply chains. Thematic analysis of the qualitative data was employed to identify trends in the adoption of AI and understand frameworks that may have been used in the adoption. The research found that there was a case in South Africa for the deployment of AI in the supply chain industry, although South Africa does not have the required socio-economic environment for AI to be deployed, due to the high unemployment, and low readiness for AI adoption, as well as low skills for AI adoption. The implication of the study is understanding the current view of iii where AI adoption falls in the supply chain industry from a priority perspective. Is there an appetite for companies within the Supply Chain industry to adopt AI. The research concludes that a more in-depth study is required extending the research beyond one organisation.
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    Crypto Connections: Unravelling African Stock Markets and Cryptocurrencies in the COVID-19 Era
    (University of the Witwatersrand, Johannesburg, 2024) Marcus, Howard; Odei-Mensah, Jones
    Since their introduction in 2019, cryptocurrencies have become increasingly popular in the African markets. Cryptocurrencies are seen as disruptive technology based on cryptographical technologies and do not share features related to the real economy. Based on this characteristic, one hypothesises that these assets are a perfect diversification instrument during periods of high volatility, particularly as portfolio managers look for new avenues to manage risk. The main aim of this study was broadly focused on the interdependence and co-movement relationship of cryptocurrencies and African stock markets during periods of severe market stress, such as during the COVID-19 pandemic. This study was mainly concerned with those aspects of connectedness that relate to transmission through financial markets. This study sought to examine the co-movement relationships, determine the extent of integration and establish the direction of spillover by replicating modelling techniques proposed by Diebold and Yilmaz (2009; 2012) and Barunik and Krehlik (2018). These techniques measure connectedness using a spillover index, which follows a variance decomposition approach of a vector autoregressive model. The second technique allows for the estimation of connectedness to variables because of heterogeneous frequency responses to shocks. By studying the connectedness of Bitcoin, Ethereum, Tether, Binance Coin, and XRP and the five largest African stock markets based on market capitalisation (South Africa, Nigeria, Morocco, Egypt, and Kenya), the study observed that the COVID-19 sub-sample period contributed most to connectedness at 31.79% relative to the pre-COVID period at 23.67%. The highest contributors to connectedness in both periods are Bitcoin and Ethereum, with Tether being the lowest. These results indicate that information flow mostly comes from the stock markets rather than cryptocurrencies. Also, from the frequency-domain results, across both periods, the most significant contributor to connectedness is observed in the short-term being frequency 1, accounting for 17,74% and 24.77%, and frequency 2, 4.35% and 5.16% in the pre-COVID and COVID periods respectively, while the medium- term and long-term accounting for relatively more minor proportions. Thus, contagion is highest in the short term given connectedness results, thus leading to lower diversification across the short term; however, diversification benefits are noted across more extended term periods. In addition, in the longer-term period, the change in connectedness is relatively tiny. The findings of this study suggest that cryptocurrencies could be an alternative to diversifying risk in African equities. Diversification is essential for long-term investors and regulators as they build resilience in the financial markets during a crisis. This study informs policymakers and governments on the need to regulate markets to optimise diversification, safe haven, and hedging benefits across varied market conditions
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    The effects of coronavirus on SMEs business performance, technology adaptation, financial innovation, and sustainability
    (University of the Witwatersrand, Johannesburg, 2024) Kolobe, Benjamin; Maisela, Sikhumbuzo
    Businesses have been severely impacted by the COVID-19 pandemic, which has resulted in significant economic hardship. An analysis of COVID-19's impact on Small Medium Sized enterprises (SMEs) shows that these businesses' and their employees' financial outcomes are probably going to get worse before getting better. The main issue is that small and medium-sized business owners have restricted access to capital and innovative strategies, which has made it challenging for them to deal with the tight constraints. As a result, many SMEs have had to adopt innovative financial and technological strategies to promote sustainability and prevent closure (Puddister & Small, 2020). This study examines the impact on business performance, technology adaptation, financial innovation, sustainability, and lockdown restrictions of SMEs during the pandemic. An online questionnaire with 30 closed-ended questions was administered to entrepreneurs in the retail sector across Gauteng. The following inquiries are addressed in the study: What impact has the coronavirus had on SMEs' ability to do business? How has technology adoption improved small and medium- sized enterprises' performance during the coronavirus lockdowns? Is there a chance that financial innovation may sustain SMEs throughout the pandemic? Has the coronavirus epidemic affected SMEs' ability to survive? Using non-parametric tests, the researcher examined the correlations between the independent and dependent variables for each of the four hypotheses using IBM SPSS. The associations between the variables were examined using inferential statistics such as Spearman's rho correlation function, multinominal logistic regression, generalized linear model, and ordinal linear regression. All four of the hypothesis' correlations were determined to be significant. This study suggests that fostering financial inclusion, promoting technology adoption through training and grants, and encouraging innovative financial approaches can empower SMEs to navigate pandemic challenges and build resilience. Proactive policy interventions and support systems tailored to SMEs are crucial to mitigating the pandemic's economic consequences and promoting long-term sustainability
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    Business model innovation in South African companies under the changing post-COVID-19 world of work
    (University of the Witwatersrand, Johannesburg, 2021) Hlabathi, Katekani; Mzyece, Mjumo
    Businesses that have survived pandemics and other major global disruptions have demonstrated the importance of continually re-evaluating their business models. Implementing business model innovation has been shown to significantly enhance a business's chances of surviving major global disruptions. This study aims to determine how the application of business model innovation, particularly in South African enterprises, has enabled these businesses to survive and remain profitable in a changing work environment, especially during the COVID-19 pandemic. In this context, business model innovation refers to the creative introduction of new ways of the business providing value to their customers through the products they sell or services they provide. A qualitative study with ten (10) respondents from South African enterprises was conducted to test the proposition that businesses who apply business model innovation in pandemics, such as the COVID-19 pandemic, will survive and become even more profitable. The study was conducted in several enterprises from different industries, using interviews and questionnaires. The study aims to provide a possible framework to be used by businesses during pandemics and to provide a basis for further research on the subject. The study's key findings show that there are both internal and external factors that influence the implementation of an innovative business model. COVID-19 was rated highly as an influence that is top of mind, affecting how firms conducted their businesses today. The study also revealed that customers and stakeholders are key to developing an innovative business model. The limitations of the study relate to the number of respondents and their location. This was a direct effect of the qualitative nature of the study and the physical and other restrictions due to COVID-19; thus, the results may not be widely representative or fully replicable. Nevertheless, overall, the study indicates that business model innovation could give businesses the competitive advantage and the differentiation needed to succeed during times of uncertainty.
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    The Impact of COVID-19 on Jobs, Skills and Skills Development in South Africa
    (University of the Witwatersrand, Johannesburg, 2021) Leeuw, Lucinda
    The scale of the COVID-19 pandemic has no equivalent in modern history. The pandemic has tested the economic and social resolve of the economies across the world. It has altered the world of work and accelerated the adoption of the Fourth Industrial Revolution in society, the economy and across sectors. For South Africa to prepare for the future, the changing world of work and learning must be understood in the South African context. An assessment of the pandemic’s implications on jobs, skills and overall skills development is crucial for the economic growth of the country. Skills development and education have always been considered critical in addressing South Africa’s triple challenge of poverty, inequality and unemployment. However, the pandemic also presents a window of opportunity to review existing trends in the economy, development and policy to ensure that present challenges do not become permanent, unsolvable problems in the country. It is therefore important to understand the social and economic context of the pandemic on education, skills and jobs—as a means towards sustainable growth—in an unfolding, dynamic and digital environment. One way for the country to carve a path out of the chaos wrought by the COVID-19 crisis is the pursuit of knowledge-creation in crucial areas of development and economics. This research, through the analysis of recent data, identifies pressure points for the South African economy and skills system. The research also identifies areas of opportunity for responsiveness and the sustainability of jobs, skills and skills development in South Africa given the scale of the social and economic change induced by the 2020 crisis
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    Experiences of remote working by South African Lawyers during the COVID-19 lockdown
    (University of the Witwatersrand, Johannesburg, 2023) Modibedi-Manentsa, Dineo; Kriek, Drikus
    Orientation: This study was aimed at understanding South African lawyers’ experiences with remote working during the COVID-19 pandemic. Research purpose: In examining lawyers’ experiences with remote working during the COVID-19 lockdown period, this research considered the internal and external factors that may have affected that experience using the grounded theory approach The study assessed the degree to which the lawyers felt prepared for remote working and whether they felt productive. It also explored factors that may have affected their working experience and considered how these factors affected their mental health and physical well-being. To this end, it looked at internal factors, such as family and children, the nature of their work and their living standards measures, and external factors, such as loadshedding and internet access. Motivation for the study: The researcher did not find any evidence of research regarding the remote working experiences of South African lawyers during the COVID- 19 lockdown. Given that the legal profession functions differently from other professions, the researcher sought to determine the extent to which remote working may have had a negative effect on lawyers’ mental health and physical well-being. Further, the researcher wanted to gauge the need for a mental health intervention, as well as assistance from employers and the government. Research approach/design and method: A qualitative research design was applied through two focus group discussions and individual interviews with 25 South African lawyers. The data was analysed through thematic analysis using ATLAS.ti. 23 (Version 4.11.1-2023-02-23). Main findings: The participants were largely unprepared for remote working during the COVID-19 pandemic and reported varying levels of productivity, intermingled with overworking and burnout. The findings also revealed that certain internal and external factors, such as family and children, the nature of work, their living conditions, loadshedding and internet access, affected their mental health and physical well-being. Practical implications: Working remotely during the COVID-19 lockdown exposed lawyers to a range of experiences, including stress, anxiety, and unproductivity. These experiences point to the need for a mental health intervention by employers and the government. Contribution: The research provided knowledge in the field of study on the remote working experiences of lawyers in South Africa
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    The efficacy of the South African COVID-19 pandemic government relief programs for South African SMMEs
    (University of the Witwatersrand, Johannesburg, 2023) Govender, Hammaren
    The study examined the The efficacy of the South African COVID-19 pandemic government relief programs for South African SMMEs. The research objectives of this study are as follows to determine the impact of Covid-19 on SMMEs in South Africa and to identify and investigate the efficacy of the Covid-19 intervention programs for SMMEs that have been introduced by the government and financial institutions in South Africa. The sample of the study was 423 core individuals representing the SMMEs which operate within South Africa. Probability random sampling was used as the sampling technique which was used to invite individuals who are business owners regarded as the SMMEs owners to participate in the study. Survey Monkey was used to sample SMMEs on LinkedIn, Facebook and Twitter. The collected data was evaluated using IBM SPSS version 26 to compute descriptive statistics. The study found out that SMMEs within South Africa were severely impacted by the Covid-19 pandemic. However, some were affected more than others. Moreover, the intervention programs that were identified in this study are: i) financial incentives from government and/or financial institutions, ii) credit extension from government and/or financial institutions, iii) special credit for SMMEs with lower rate from government and/or financial institutions such as the Small Enterprise Finance Agency (SEFA) funded loans, iv) SARS Tax relief measures and v) support from the government and/or financial institutions through business growth/resilience , Spaza support structure, Covid-19 farming disaster provision fund, tourism relief fund or loan guarantee scheme. Nonetheless, the majority of SMMEs in this study indicated that they did not benefit from this intervention at all
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    Factors influencing fuel retail site sales in South Africa pre- and post-COVID-19
    (University of the Witwatersrand, Johannesburg, 2022) Kader, Junaid Abdul; Crompton, Rodrick
    The association between the volume of fuel sold at retail sites and predictor variables has been explored in prior research. The COVID-19 pandemic was at its height in South Africa between March 2020 and March 2022 and might have changed these associations due to restrictions on people’s movements and lifestyles during the peak of the pandemic. Understanding changes in the retail fuel industry might help Government, together with the private sector, to ensure adequate fuel supply through efficient utilisation of resources. Therefore, the association between the volume of fuel sold at retail sites and predictor variables in South Africa before and after COVID-19 was explored through this quantitative study using regression analysis and Fisher transformations. It was hypothesised that the volume of fuel sold at retail sites in South Africa was associated with the average income per adult residing within two kilometres of the fuel retail site, adult population residing within two kilometres of the fuel retail site, car ownership by people residing within two kilometres of the fuel retail site, number of competitor sites within two kilometres of the fuel retail site, saturation level, location metric, and site services. In addition, it was hypothesised that the associations did not change between 2020 and 2022. Regression analysis showed that saturation level and site services had a statistically significant association, albeit with a low R-square, with the volume of fuel sold at retail sites, while the other variables did not have a statistically significant association. In addition, Fisher transformations showed that the associations did not change between 2020 and 2022. Perhaps, there was insufficient differentiation between fuel retail competitors in South Africa to influence consumer choice. Fuel could also be regarded as a commodity by consumers and their needs were equally served at any retail site.