Faculty of Commerce, Law and Management (Research Outputs)

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Analysing the disciplinary power of proactive monitoring bodies
(Emerald, 2025-07) Flowers, Kevin; van Zijl, Wayne; Ram, Jaywant; Warren Maroun
Purpose – The important role of regulatory monitoring bodies in enhancing financial statement quality is increasingly being studied. Prior research focuses on developed economies and often adopts a relatively unproblematic regulatory perspective to explain how these bodies foster compliance. This paper adopts a more critical approach by investigating the forces and processes at work by utilising a Foucauldian disciplinary power perspective on the proactive monitoring unit (PMU) regulating South African listed companies on the Johannesburg Stock Exchange. Design/methodology/approach – Seventeen semi-structured, open-ended interviews were conducted with expert financial statement preparers, auditors, regulators and academics. Open, axial and selective coding were used to analyse the interview data. Findings – The PMU isindicative of an enclosure mechanism that monitors and controlsthe financial reporting space of listed companies. Consequently, preparers and auditors resemble well-trained individuals who follow the PMU’s guidance without question. The PMU’s constant gaze, combined with the negative reputational impact of an adverse review for individual preparers and auditors, results in them presenting their financial statements in conformity with the PMU’sinterpretation. However, complete panoptic control is not achieved, as there is some resistance. Originality/value – This is one of the first studies to examine how an external monitoring body, the PMU, functions in a real-world setting. There is a limited understanding of what drives companies to comply with monitoring bodies that do not enjoy the direct force of law. This paper makes use of the novel Foucauldian framework to contribute towards understanding the disciplinary power that may be applied by the PMU.
Debating South Africa's approach to a lower inflation target
(University of the Witwatersrand, Joahnnesburg, 2025) Willcox, Owen
This policy brief argues against lowering of the inflation target. A lower inflation target will worsen South Africa’s fiscal dynamics, leading to deeper and longer fiscal austerity, which will result in lower economic growth and employment. The arguments of the South African Reserve Bank (SARB) for a lower target are cogent but ignore the impact on government debt, and hence the negative impact on the macroeconomy at large.
Technological Competition and the World Order
(Wits University (Southern Centre for Inequality Studies), 2025-04-04) D Nathan; S Rahul
This paper deals with the role of competition and technological domination in changing the world order. It points out that there are constraints in the major Asian economies, which could hamper their ambitions of building technological dominance. Acknowledging that competition and monopolisation dominate the history of technological development in global capitalist history, the paper points to the necessity of international cooperation in meeting contemporary global challenges and staving off new forms of devastating warfare.
Fighting Inequality: Progress Made Under G20 Brazil and the Priorities for South Africa
(2024-12-05) David Francis; David Francis
In the latter half of the 20th century, notable progress was made globally in addressing poverty and hunger, with significant reductions in poverty in large parts of the world. However, alongside these achievements came a rapid growth in inequalities of income and wealth within countries, alongside the persistence of inequalities in race and gender, among others.
The policy we want: an economic policy for informal traders in South Africa
(University of the Witwatersrand, Johannesburg , 2025-04-04) Ngidi, Siphelele; Francis, David
In 2024, SCIS, in partnership with WIEGO (Women in Informal Employment: Globalising and Organising), embarked on a research and policy project to develop an economic policy for informal traders in South Africa. The project gathered insights from individuals actively working in the sector, offering valuable perspectives for policymakers and stakeholders seeking to improve the conditions of informal traders and strengthen the informal trading economy. Based on these findings, we identified actionable policy recommendations to help create a more conducive environment for informal trading. The results are presented in a policy brief structured around eight key pillars, titled “The Economic Policy We Want.”
The Care-Climate Nexus - A Conceptual Framework
(2025-01) Phalatse, Sonia; Taylor, Julia; Valodia, Imraan
As is widely acknowledged and evidenced, climate change threatens food security and sovereignty; water availability, accessibility and quality; health and livelihoods. Where women bear the primary responsibility of unpaid care work such as food provision, water collection, and care for the young, sick and elderly, climate change disproportionately disadvantages them. This applies to the work of care and, more broadly, to social reproduction. Climate change thus contributes to an ongoing crisis of care, exacerbating the injustices associated with women carrying a disproportionate share of unpaid care. As such, fostering a value for care could be a means through which social and environmental inequalities are equally addressed in an ecological transition. This paper expands on the conceptual linkages of a care-climate nexus, with the aim of supporting climate policy.
Price discrimination in merger review in South Africa: Implications of recent case precedent
(Southern Centre for Inequality Studies (SCIS) University of the Witwatersrand, Johannesburg, 2025-02-12) Leuner, Rahma
Mergers have the potential to give firms access to more data from which to draw insights about consumers. This may help firms to better discern which consumers are price insensitive or captive, or exhibit behavioural biases, that they can exploit by charging them higher prices or nudging them towards higher priced options. Based on recent case precedent, we believe that the transfer or sharing of data or techniques in mergers involving price-discriminating firms may be sufficient for meeting the requirement of merger-specificity without there needing to be an increase in market power. Recent local case precedent also provides insight into when mergers impact on just a small group of consumers are likely to matter. It suggests that the competition authorities in the country should be more concerned where consumers are vulnerable and where access to the services/products is particularly important to this group.
Budget 2025 Preview: Pressures and tensions along the austerity road to fiscal sustainability
(Southern Centre for Inequality Studies, 2025-02) Sachs, Michael; Amra, Rashaad; Madonko, Thokozile; Willcox, Owen
This policy brief, ahead of the tabling of the 2025 Budget Review, considers the policy context and the fiscal and economic environment in which the Budget will be tabled. It considers the merits, limitations, and likely consequences of the government’s approach to budget policy over the medium term, as contained in the 2024 Medium-Term Budget Policy Statement (MTBPS), which redoubled efforts to consolidate public finances while attempting to promote capital spending. Since the MTBPS, several material expenditure pressures have emerged, some of which were flagged in the Public Economy Project’s (PEP) 2024 MTBPS analysis, and the economic outlook has been revised. Based on this, the Public Economy Project’s revised outlook for public finance finds that the government’s ambitious plan to stabilise debt over the medium term is unlikely to be realised.
A panoptic view of the South African wealth tax
(AOSIS, 2025-01) Ram, Asheer Jaywant
Background: Wealth taxes are a topic of intense debate, with most countries having either abolished them or considered, but not implemented such measures. The South African government is contemplating the introduction of a wealth tax, purportedly to enhance revenue collection. Aim: This article examines whether the proposed South African wealth tax functions as a government panopticon, offering an alternative explanation for its introduction. It also considers the government’s transparency regarding the potential wealth tax. Setting: This article examined the opinions of tax experts in South Africa. Method: An interpretive approach is adopted. The traits of the wealth tax and the themes of the panopticon are identified and used as the row and column headings in a correspondence table, which serves as the research instrument distributed to tax experts. The tax experts indicate any associations between the themes of the panopticon and the traits of the wealth tax. Forty aggregated responses are subjected to correspondence analysis. Results: The potential wealth tax functions as a panopticon. It identifies and reveals relevant tax information about high-wealth individuals, appearing to coerce their compliance. Conclusion: There is credence to the alternate rationale for introducing a wealth tax in South Africa. Contribution: This is one of the first articles to apply the panopticon, a novel theoretical framework, in a tax context in South Africa. The findings are relevant to the exploration of similar taxes in other jurisdictions and provide a means for the critical evaluation of the motives behind tax policy decisions made by governments.
Business development services training and entrepreneurial self-efficacy – a focus on necessity- and opportunity-driven entrepreneurs
(AOSIS Publishing, 2024) Msimango-Galawe, Jabulile; Eister, Tshegofatso
Background: Entrepreneurs have been galvanised by the worsened economic circumstances in South Africa, and small businesses struggle to become established. By providing skills training, business development services (BDS) improve the performance of firms, through the development of entrepreneurial self-efficacy. Aim: The objective of this study was to determine the impact of BDS training on the entrepreneurial self-efficacy (ESE) of necessity- and opportunity-driven entrepreneurs and whether that impact would be more positive in opportunity-driven rather than necessity-driven entrepreneurs. Setting: The study focused on 519 entrepreneurs in South Africa, of which 97 were necessitydriven and 422 were opportunity-driven. Methods: Statistical analyses were conducted using correlation analysis and multiple linear regression to test the impact of training on the ESE of necessity- and opportunity-driven entrepreneurs while controlling for the impact of confounding variables: gender, education, management experience, industry experience and partnerships. Results: The empirical evidence from this study showed that general entrepreneurial training is more effective in increasing the entrepreneurial self-efficacy of opportunity-driven entrepreneurs, whereas task-specific training was better suited for increasing the entrepreneurial self-efficacy of necessity-driven entrepreneurs. Conclusion: The implications and recommendations of this study are that policymakers should design general entrepreneurial training programmes targeted at opportunity-driven entrepreneurs and task-specific training programmes targeted at necessity-driven entrepreneurs. Contribution: This study enhances the understanding of the training needs of necessity-driven entrepreneurs and how they differ from opportunity-driven entrepreneurs concerning ESE and the growth of their businesses.

Faculty of Commerce, Law and Management (Research Outputs)

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