Faculty of Commerce, Law and Management (ETDs)

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Separate repayment enforcement rights of minority lenders In defaulting syndicated loans
(University of the Witwatersrand, Johannesburg, 2018-01) Mbangi, Lelethu; Kawadza, Herbert
A syndicated loan is one where two or more Banks separately lend to one borrower in terms of a single facility agreement concluded between the Banks, the borrower, the borrower’s guarantors and the arranger or agent. The single facility agreement is a recordal of terms of the loan made available by each of the Banks forming part of the syndicate to the borrower. Taking deposits from the public is the primary business of a Bank, lending is the secondary business of a Bank. Though Banks are dominant participants in syndicated lending, there are now other participants such as fund managers and insurance companies who also have financial resources to participate just like Banks. The purpose of syndicated lending, from a Banks’ perspective, is firstly to avoid large single exposure to one borrower and secondly to participate in a loan which a Bank on its own would not have been able to make available to the borrower. By its nature syndicated lending contemplates an arrangement whereby participants will either fall into the category of being a majority or minority lender. The manner in which the Loan Market Associations’ (“LMA”) standardised facility agreements are framed, favour the majority lenders as far as decision making is concerned. The most crucial event which its treatment depends on the decision of majority lenders is the borrowers’ payment default. The conflict between the decisions of the majority and minority lenders on treatment of payment default by a borrower/s causes a legal dispute. The issue in dispute is usually the interpretation of clauses providing for separate repayment enforcement rights of minority lenders. The decisions in the cases analysed further below demonstrate the limited separate repayment enforcement rights and decision making powers of minority lenders in instances where there is a payment default by a borrower/s. Separate repayment enforcement rights and decision making clauses are suggested to extricate minority lenders from commercial decision of majority lenders which are in conflict with theirs. The suggested clauses are structured in such a way that legal conflict between the lenders is diffused by viable commercial alternatives available to each of them.
The Prioritization of Technical Debt Types in South African Financial Services
(University of the Witwatersrand, Johannesburg, 2019) Maphosa, Amos; Selemi, Sandile
Technical Debt hinders software development projects by reducing the speed of IT teams during development cycles. Although technical debt is assessed on either software artifacts or the entire application, the craftsmanship of IT resources causes the accumulation of technical debt. In this paper, I investigate two research questions related to the prioritization of technical debt among the respondents in the South African financial services. The results of 72 recorded respondents were analyzed using a quantitative data analysis approach. The analysis revealed that the Architecture Technical Debt type has the highest level of contribution to Technical Debt with 23.44% of respondents stating so. The analysis further revealed that the System Quality attribute should not be compromised with 17.42% of the respondents attesting to that. Lastly, IT strategy was deemed by 15.04% of the respondents to be the aspect of the IT risk framework to use in prioritizing the Architecture Technical Debt type.
How Diversity and Inclusion May Transform South African Commercial Property Organisations at Top Management Level
(University of the Witwatersrand, Johannesburg, 2017-08) Motshegare, Reabetswe Regina; Levy, Deborah
The purpose of this report is to outline contemporary transformation frameworks that emphasise diversity and inclusion and how the latter may likely transform Growthpoint Properties South Africa (Growthpoint S.A). The main focus of the consultancy report is to compare and contrast traditional transformation methodologies and contemporary diversity and inclusion methodologies as strategies to assist Growthpoint S.A transform its senior and executive management. The propositions are that; an effective transformation strategy for Growthpoint S.A is one that focuses on identification; inclusion; attraction; diversification and retention of key talent at senior levels. Furthermore, that once diversity and inclusion interventions are implemented, there will be transformation at senior and executive levels. Out of 15 executives in the management team, six representatives were interviewed. The limitations highlight that the majority of participants are South African and may have certain biased perceptions about the topic as opposed to the rest of the participants, who are foreign nationals. The methodology focuses on a thematic analysis and four themes namely: leadership; corporate culture; strategies and communication are identified. Following in-depth discussions, six recommendations are provided. These include 360-degree feedback; diversity and inclusion workshops; introduction of a diversity and inclusion forum; KPI’s that measure diversity and inclusion targets; workplace enhancement programmes that focus on diverse candidates and lastly, robust succession plans. The role of the researcher as a professional Human Resource Business Partner ensured that any work dealt with is approached ethically, and the researcher’s ability to do this ensured quality, reliability, validity and effectiveness of the research.
Financial inclusion in South Africa: An analysis of the financial sector regulatory framework and proposals for reform
(2018-09) Duma, Amanda; Kawadza, Herbert
Abstract Not Available.
The influence of Entrepreneurial Capital on the performance of subcontracting SMMEs in Gauteng, South Africa
(University of the Witwatersrand, Johannesburg, 2019-03) Rampa, Mmatsatsi; Galawe, Jabulile
This study explores the prospect of entrepreneurial capital in stimulating SMME performance. It seeks to investigate the use of non-financial capital (entrepreneurial capital) in SMMEs registered under the CIDB, in the general building sector, and its influence on SMME performance. It unpacks the two dimensions of entrepreneurial capital which are entrepreneurial commitment and entrepreneurial competence. This study is a quantitative research, based on a positivism research paradigm. The survey structured research instrument was collected using Qualtrics. The primary data, with a sample size of 377, was distributed using emails and was consolidated via Qualtrics. The data analysis and interpretation was based on descriptive analysis, correlation analysis, exploratory analysis and multiple linear regression analysis. The study was initially designed to analyse the two dimensions (entrepreneurial competence and commitment) collectively with their antecedents (opportunity, relationship, conceptual, organising and strategic competencies); and (normative, continuous and affective commitment) respectively. The survey findings could not converge into a clear multi-dimensional factor structure for each construct. Hence the analysis could only be undertaken at the dimensions level without breaking them down any further into their sub-sets. Entrepreneurial competence was the only one of the two that emerged as the statistically significant predictor of SMME performance. However, both dimensions had a positive influence with business performance, though entrepreneurial commitments’ influence was weak and not statistically significant. SMME owners/managers should continuously advance and assess their specific entrepreneurial competence in order to positively influence their business performance. Policy makers, training and support programmes should align content to specific entrepreneurial competence.
Early-stage entrepreneurs’ marketing activity in South Africa
(University of the Witwatersrand, Johannesburg, 2019) Botha, Jamie-Lee Ann; Mazonde, Nomusa
Purpose: This paper explored the unique characteristics of the marketing function of early-stage entrepreneurs operating in South Africa. Methodology/approach: A qualitative study was done. The data was collected by doing unstructured face-to-face interviews to conceptualise the unique marketing activities of early-stage entrepreneurs operating in the South African market. Findings: The study indicated that entrepreneurs do digital marketing; however, the primary marketing activity is the ‘on the ground’ marketing. Entrepreneurs still execute old fashioned, cold calling and relationship building with the customer at the centre of the business. Entrepreneurs boasted of their agility to adopt new technology and offer personalised service and product packages to meet the customer’s needs. Value: This paper uncovered the marketing activities of early-stage entrepreneurs and highlighted the marketing areas that need improvement. The results will assist entrepreneurs in the early business development stages with their marketing endeavours and enhance the business performance. The research contributed to the domain of entrepreneurial marketing
Shared Mobility and Private Vehicle Ownership: A South African Perspective
(University of the Witwatersrand, Johannesburg, 2019) Radebe, Valela Napthtal; Ndaba, Zanele
When former and late President Nelson Mandela arrived in Soweto after his release from prison in 1990, he was surprised to see the high number of private vehicles that were there since his imprisonment in the early 1960’s. The improved living standards (in spite of Apartheid) and poor public transport services had led to an increase in private vehicle ownership by Sowetans. Unlike in other more affluent areas, the majority of vehicles leaving Soweto on any given weekday have at least three occupants and some may even be overloaded. Owing to the high cost of owning and maintaining private vehicles, owners thereof have had to organise lift clubs to share costs with commuters for trips of similar origins and destinations. This form of shared mobility has also been very popular in other parts of South Africa. The lack of viable mass-transit public transport services in both poor and affluent areas has placed more reliance on private vehicles. Outdated public transport services in cities like Johannesburg are still clustered around old economic nodes like the Johannesburg Central. Rail lines built in the 1960’s and 1970’s are still based on transporting daily commuters to these central business districts. However, new economic hubs have since mushroomed in commercial districts in the north of Johannesburg in areas like Sandton, Fourways and Rosebank. The relocation in the late 1990’s of the Johannesburg Securities Exchange from Johannesburg Central to Sandton proved to be a catalyst to this business migration. Owing to the inflexibility of traditional public transport, mini-bus taxis have had to fill this void for poorer communities
Entrepreneurial orientation of the City of Johannesburg
(University of the Witwatersrand, Johannesburg, 2019) Malakoane, Jones
The notion of entrepreneurial orientation (EO) is important because it contributes to the fundamental apprehension of entrepreneurship. Increasingly, attention is being paid by scholars and policy makers to the concept of entrepreneurial ecosystems (EE) as incubators of innovation, creativity and entrepreneurship. Though the concept is still in its embryonic phase, well performing entrepreneurial ecosystems such as the Silicon Valley in California are the envy of many governments striving for economic success, through promotion of entrepreneurship. The primary objective of this study was to explore the relationship between the perceived entrepreneurial orientation of the City of Johannesburg Department of Economic Development (CoJ-DeD) and the perceived City of Johannesburg’s (CoJ) local EE performance. EO of an organisation, for the purpose of this study, is reflected in the organisation’s innovativeness, proactiveness and risk-taking abilities while EE was measured by the three variables, opportunity exploitation (OE), opportunity recognition (OR) and entrepreneurial activity (EA). The data relating to the perceived city’s EE performance was from 109 usable questionnaires collected from a target sample size of 150, the sample’s population was comprised of nascent entrepreneurs, early start-up and established business owners in the CoJ. The data concerning perceived EO of CoJ-DeD officials was from 46 usable questionnaires, this sample was collected from a population of 50 CoJ-DeD officials, comprised of middle and senior managers. The measuring instruments construct validity was evaluated by means of Cronbach alpha coefficients and principal component exploratory factor analysis. The Welch’s t-test was utilized to assess the study’s conceptual framework model. The results showed that EO of the CoJ-DeD officials is defined by proactiveness, innovativeness and risk-taking and the city’s local EE perceived performance is defined only by opportunity exploitation and opportunity recognition. The results also showed a positive relationship between innovation and opportunity recognition, proactiveness and opportunity recognition and between risk-taking and opportunity recognition. It is vi recommended that entrepreneurship becomes the dominant strategic thinking in the CoJ to help unlock opportunities and new sources of value, services and innovation.
Identifying obstacles to the growth of new SMEs: A Factor Analysis Approach
(Identifying obstacles to the growth of new SMEs: A Factor Analysis Approach, 2019) Mphahlele, Dorothy B.; Merino, Andres
It is widely acknowledged that Small and Medium-Sized Enterprises (SMEs) are key drivers of economic growth and job creation in developing countries. It has also been established that new SMEs face common problems that arise as they grow and develop. These challenges stem from internal as well as external factors that can have an adverse impact on their survival and growth. The objective of this study was to identify the internal and external obstacles to the growth of SMEs. A questionnaire was used to collect data on factors affecting the growth of SMEs. The results of the questionnaire were analysed using Factor Analysis. Eight different factors were identified. These factors were further analysed to determine their impact on SMEs. The ranking of the factors in order of importance was as follows: lack of access to finance, overregulation, the economic environment, high competition, lack of internal resources, high input costs, lack of experience of the entrepreneur and poor service delivery. The report examines possible ways of mitigating the adverse factors identified and makes a series of recommendations to increase the likelihood of the survival of SMEs in the South African context.
Changes in consumer behaviour of urban black emerging middle-class consumers in South Africa, as a result of rural to urban migration
(2019-03) Malesa, Nnaniki
Multinational Corporations (MNCs) are facing the scenario that established markets are becoming saturated. They have consequently identified that pursuing entry in emerging markets will contribute to the growth of their respective brands. In turn, the development of emerging market strategies adapted to reflect understanding and localisation of the consumer behaviour habits found within these emerging markets, has become a priority for them. It is within this context that this research study was undertaken. The purpose of this research study was to investigate the changes in consumer behaviour of black emerging class consumers when they migrate from rural areas within SA to urban areas of Gauteng. A qualitative research methodology was pursued with three focus groups to understand the changes in their consumer behaviour across four key themes, namely: Circular Migrators and Remittance providers to rural dwellers; dietary consumption habits; purchase decision making and shopping habits; as well as appreciation for high-value products. Findings from this research study highlighted that black emerging middle-class consumers who migrated from rural areas of South Africa to urban areas of Gauteng remain circular migrators and do not see Gauteng as a permanent establishment for them. In addition, upon migrating to urban areas of Gauteng, these consumers continued to keep in contact with their rural-based relatives. These urban-based participants confirmed that they remitted groceries, money as well as furniture to their rural-based relatives. Lastly, the research findings confirmed that, upon migrating from rural areas to urban areas of Gauteng, the consumer behaviour habits of these participants changed. Their dietary consumption habits, their decision-making shopping habits, as well as their grocery shopping purchase habits reflected changes in their consumer behaviour patterns. In addition, it was identified in this study that the dietary consumption behaviour, decisionmaking shopping habits, as well as grocery shopping purchase habits of the rural-based relatives also changed. This was as a result of being influenced by the changing consumer behaviour habits of the urban-based participants who remitted contributions to them regularly. The findings of this research report have practical implications when pursuing strategies in emerging markets such as South Africa. In ensuring that the strategies deployed have factored an understanding of the local market and placing the consumers’ interests at heart, three key areas are proposed for consideration when developing emerging market strategies in this rural-urban context. Firstly, the decreasing rural-urban gap eminent in the changes to dietary consumption habits and grocery purchases that are similar between the two areas needs consideration. Secondly, the increasing “urban poverty”, contributed to by the limited access of basic services to the peri-urban communities, must be recognized. Lastly, the role aspiration plays in driving desire and subsequent acquisition of high-valued products by emerging middle-class consumers, is important.

Faculty of Commerce, Law and Management (ETDs)

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