Faculty of Commerce, Law and Management (ETDs)

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Now showing 1 - 8 of 8
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    Do asset pricing models explain sector returns on the Johannesburg Stock Exchange?
    (University of the Witwatersrand, Johannesburg, 2024) Ranchod, Ishani; Page, Daniel
    This study is conducted to evaluate whether style factors-based asset pricing models can explain sector returns on the Johannesburg Stock Exchange (JSE). The time frame for this research is between January 2007 to July 2023. Daily return data for both styles and sectors were used and calculated on a buy and hold basis with values that were obtained from Bloomberg and Iress. The methodology applied is a time-series regression used for a Gibbons- Ross-Shanken (1989) alpha test. This research provides investors with valuable insights into the specific asset pricing models and their underlying related style factors that can elucidate the cross-sectional variation of both sector and more comprehensively, share returns on the JSE. The results of the study confirm the effectiveness of various factor models in explaining sector returns on the JSE, with the six-factor model demonstrating superior performance. Notably, the six-factor model exhibits explanatory power for the financial and industrial sectors, highlighting its comprehensive ability to explain sector returns. The significance of size and value premiums across models underscores their importance in sector return analysis. Additionally, the six-factor model strengthens its ability to elucidate cross-sectional variation in styles and sector returns. Overall, the six-factor model emerges as a robust framework for analysing sector returns on the JSE, providing valuable insights into risk factors and how sectors perform.
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    Breaking the Twenty-Percent Barrier for Women in Leadership Positions in the Shipping and Logistics Industry in Johannesburg
    (University of the Witwatersrand, Johannesburg, 2024) Mazwi, Babalwa; Matshabaphala, Johnny Manamela
    Breaking the twenty percent barrier for women in leadership positions refers to the current status quo within the Shipping and logistics industry. According to Elias (2018) who is an expert in this space suggest that females occupying leadership positions comprise less than twenty percent throughout all levels which is local, national, regional, and global. In this regard, the researcher aims to discover techniques that will elevate this rate towards reaching approximately thirty percent (30%) by 2030 and exceeding fifty percent (50%) by 2050. The aim of this research is to examine the factors behind the low percentage (20%) of women leaders in this sector. The research seeks to explore obstacles, limitations and contributory causes while also gauging perspectives from industry stakeholders through interviews. Additionally, there will be an examination into how different companies are addressing these challenges with strategies that prepare ambitious female employees for leadership roles effectively, including positioning them more prominently within organizations and creating empowering promotion opportunities so they can succeed when chances arise. Qualitative research and interpretivist approach were applied in selecting diverse participants. The selection criteria encompassed both men and women, where 67 percent were females and 33 percent were males, these individuals are occupying various positions such as executives, middle managers, entry, and non-managers. Furthermore, the researcher also interviewed participants from other sectors to determine if the under representation of women in leadership roles exist only within shipping and logistics sector or other sectors experience similar situations. The findings, which were conducted using thematic analysis reflected various yet similar trends, and the trend that occupied the most indicated that this sector is male dominated. It further revealed that men have more experience as they have been in this sector the longest, and automatically becoming the first choice when positions are open, though women are being considered for first entry and middle management positions and a slight percentage in leadership roles. 3 The conclusion was that most companies do not have their strategies readily available however they briefly touch on the plans they have in place to increase women’s representation to leadership roles without providing supporting information or firm strategies, nor timelines. This research offers recommendations that can be applied, aiming at boosting female participation in senior positions.
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    A Queer Economic Study: Exploring the Economic and Social Burden of Discrimination Against Black Lesbians in Johannesburg
    (University of the Witwatersrand, Johannesburg, 2024) Futshane, Vuyokazi; Dawson, Hannah; Francis, David
    This qualitative study explores the experiences of Black lesbians in Johannesburg, focusing on the intersections of their identity to understand the links between sexual orientation, discrimination, and the South African social and economic context. It examines the dynamics in the workplace and connects it to social relations outside of the workplace. Drawing upon intersectionality, this study reveals how race, class, gender, and sexual orientation do not operate independently but overlap simultaneously to shape Black lesbian’s experiences of discrimination. The findings highlight the varied nature of discrimination, ranging from subtle biases and microaggressions to overt forms of prejudice, and the strategic concealment of sexual orientation by some, a coping mechanism against potential biases. The study stresses the impacts of non-conformity of heteronormative expectations and underscores the importance of exploring queer economics to understand how identities intersect with socio-economic realities more comprehensively.
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    An assessment of the determinants of IT entrepreneurs' level of awareness of the most common causes of start-ups failures in Johannesburg, South Africa
    (University of the Witwatersrand, Johannesburg, 2023) Mkhavele, Nhlamulo
    In South Africa, more than 70% to 80% of small to medium-sized businesses (SMMEs) fail within the first three years. In order to gain insight into the level of awareness of IT start-up entrepreneurs regarding the causes of SMME failure, this study conducted an empirical review of the literature and developed a hypothetical framework, the study builds on the work done by Justino Vicente on the factors influencing the failure of small enterprises in order to achieve its objective. It then makes recommendations for future research on the topic. In the aftermath of several economic adversities, prominent among them unemployment, poverty, and HIV and AIDS, SMME failure and success are key among national strategic concerns in the Republic of South Africa, where this study is being conducted in the Johannesburg region. The research employed a quantitative research methodology and the main instruments for gathering data was a survey/ questionnaire, and the snowball sampling method was used. 100 ICT start-ups owners and managers received surveys. The statistical package for the social sciences (SPSS) program was employed to analyse the quantitative data collected. Tables, pie charts, and bar charts were used to display the statistically descriptive results. Due to the many different reasons why SMMEs fail, this study focused its conclusions on the following factors: determinants of IT entrepreneurs' level of awareness of the most common causes of start-ups failures in Johannesburg, South Africa, determinants of accessibility to information of the most common causes of start-up failures and the willingness of entrepreneurs to consume information related to start-up failures were also presented. Among the results of failure include unemployment, societal ills, poverty, and loss of revenue. The study concludes by recommending various interventions to improve the level of awareness
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    Assessing the Retrofitting of Office Buildings in the City of Johannesburg, South Africa
    (University of the Witwatersrand, Johannesburg, 2023) Katumba, Bamoni Nathalie; Hildebrandt, Diane
    Climate change caused by greenhouse gasses (GHG) has become a challenge to the world and South Africa (SA) alike. SA emits 450 million tons per annum (TPA) of carbon dioxide (CO2) and is the 12th largest CO2 emitter in the world. Buildings account for 50% of GHG, globally; therefore, energy use in new and existing buildings must be addressed. Retrofitting existing buildings has been identified as one of the ways to achieve sustainability in the built environment, this is done by enhancing energy efficiency (EE), the environmental performance of the property and lowering energy demand. This study, therefore, examined the challenges, benefits and critical success factors (CSF) for retrofitting offices in the City of Johannesburg (CoJ), SA. The data for this study were obtained from built environment professionals with experience in retrofitting existing office buildings. An online questionnaire was issued to the targeted sample using Google Forms and 71 responses were received. The quantitative data were analysed using the t-test function from the Statistical Package for Social Sciences (SPSS) software. This study uncovered that lack of government incentives; budget constraints; longer payback periods; technical challenges and disruption of and inconvenience to the tenant during retrofitting are the top five challenges hindering retrofitting of existing office buildings. The study also identified improved EE; enhanced marketability of the buildings; improved building climate control; reduced energy consumption and reduced operational cost of buildings as the top five benefits of retrofitting existing office buildings. Furthermore, project cost control; communication; efficient planning and regulatory approvals between the municipality and project manager; project schedule management and competency of the project manager were revealed as the top five CSF that influence retrofitting of existing office buildings. Recommendations include engagements between various stakeholders; cost benefits analysis; CSF at the beginning of retrofitting projects; changes in government regulations and policies to incentivise retrofitting projects; tenants’ inputs throughout projects, public and private sectors collaboration; availability of retrofitting information and inclusion of sustainability in the built environment tertiary curriculum
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    Buyer to supplier relationships and firm performance of retail SMEs in Johannesburg
    (2022) Chishala, Kapungwe
    In recent times, buyer and supplier relationships have become essential sources of sustainable competitive advantage for small to medium-sized enterprises (SMEs) globally, and Johannesburg's retail industry has not been spared. However, the factors influencing these buyer-to-supplier relationships’ success and firm performance have not been given enough attention in the supply chain literature. This study thus sought to examine the factors influencing buyer-to-supplier relationships, supplier selection, buyer-to-supplier trust, buyer-to-supplier engagement, and supplier success, and their effect on the SMEs firm performances in Johannesburg. A quantitative research survey was conducted among 259 SME owners/managers and sales representatives. SPSS-26 and AMOS version 26 were utilized to assess the relationship and hypotheses to interpret the data obtained. Structural equation and path modelling was adopted to assess the model and hypotheses. The study found out that supplier success positively correlated to firm performance. Hence, the study concluded that factors that influence the relationship between buyer-to-supplier trust, engagement, and supplier selection are linked to supplier success and business performance. The relationship between supplier success and SME performance was confirmed, implying supplier success is an essential driver of firm performance. This finding also implies that the well managed buyer-supplier relationship in SMEs can apply the factors that influence the buyer-to supplier relationships to improve business practices within SMEs in the retail industry. This research study adds to the body of knowledge by providing a research framework and recommendations based on the research findings for SMEs. The study suggests collaboration between buyers and suppliers to meet each other’s needs more effectively. The study also recommends that firms inculcate the culture of selecting suitable suppliers; firms must adequately follow the supplier appraisal checklist in decision-making. In addition, it emerged that implementing the culture of selecting suitable suppliers is the most effective tool for enhancing procurement management. Further research is needed on the nine provinces in South Africa, and researchers could use a largersample size to get in-depth representative views. Future studies could try other methods such as the mixed-methods approach and focus on constructs that have not been discussed in this research.
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    The role of culture and environmental factors on entrepreneurship in Johannesburg, South Africa
    (2021) Lakha, Mitesh
    This paper investigated the entrepreneurial intentions of high school learners in Johannesburg, South Africa. The study was based on the entrepreneurial event model and the theory of planned behaviour. The objective of the study was to test whether these models could help explain the entrepreneurial intentions of high school learners in a South African context and whether the results would differ from the traditional Eurocentric studies given the country’s cultural and environmental nuances. The study took further to understand the perceptions of the regulatory environment and whether this impacted the relationship between entrepreneurial intention and its antecedents, perceived desirability and perceived feasibility. The study was conducted by means of a survey using a structured questionnaire. Descriptive statistics and multiple regression was used to analyse the data. The results indicated that the entrepreneurial intention of the students could be predicated by their attitude towards becoming an entrepreneur as well as their perceived desirability of entering entrepreneurship. The questionnaire was found to be a valid instrument in measuring entrepreneurial intention of high school learners in Johannesburg, South Africa. Recommendations for legislature, educators and researchers have been highlighted
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    The relationship between human capital variables and the growth of small, medium and micro enterprises operating in the Johannesburg inner city
    (2020) Ramahlako, Sello
    The study examined one of the critical issues in South Africa - the role of human capital in Small Medium and Micro Enterprises (SMMEs). It adds to the existing theoretical and empirical studies in human capital theory. Human capital has long been acknowledged by scholars as playing a significant role in the productivity of individuals. Based on various studies, it has now gained increasing traction as the most influential factor that largely influences the growth of firms. Human capital is broad with varied definitions, which might leave even the most accomplished scholar confused. Depending on the context, some scholars attribute human capital specifically with education, whereas in other instances, other scholars associate it with the establishment of firms for the economic development of a nation (Mincer, 1996; Texeira, 2002). The main thrust of this study was to establish whether there is a positive relationship between human capital components, namely, knowledge, and education and work experience (independent variables) with firm growth (dependent variable). More important, the study sought to offer insight into the perceived significance of the relationship between these specific human capital elements and firm growth as delineated in the literature review. This study was motivated by the high failure rate of SMMEs, their staying power and slow growth as major concerns for a country faced with high unemployment, job losses, poverty and crime with an economy almost in recession. The study used quantitative methods to gather data, as shown in the research methodology chapter. Hypotheses were tested using descriptive statistics. Firstly, the study hypothesised that an entrepreneur’s knowledge has a positive relationship with firm growth (H1). Secondly, the study hypothesised that an entrepreneur’s level of education has a positive relationship with firm growth (H2). Extant literature has long confirmed the important links between education, venture creation and firm performance (Raposo & Paco, 2011). Thirdly, the study hypothesised that an entrepreneur’s work experience has a positive relationship with firm growth (H3). Unger, Rauch, Frese and Rosenbausch (2011), who argued that most entrepreneurs have significant years of previous experience before becoming entrepreneurs themselves, provide a similar assertion. The perceived importance of human capital in stimulating firm growth was examined and the results showed no significant relationship between knowledge, education, work experience and firm growth. However, a significant positive relationship exists between the three independent variables. The study was basic as it only focused on the perceived positive correlation of three elements of human capital, rather than dealing with each variable, as outlined in various strands of entrepreneurship theory.