School of Economics and Finance

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Book-to-market ratio and returns on the JSE
(Taylor and Francis, 2006) Auret, CJ; Sinclaire, RA
Many firm-specific attributes or characteristics are understood to be proxies for what Fama and French (1992: p428) refer to as “the unnamed sources of risk”. Perhaps the most notorious of these is the size of the firm or its market value, first documented by Banz (1981). The relationship between size and average returns has become known as the “size effect”.
A selected history of South African inflation perceptions: The question matters
(2014) Rossouw, J; Bosch, A; Padayachee, V
This paper provides a selected historical overview of inflation perception surveys undertaken in South Africa between 2006 and 2010 with a view to assessing the nature of the link between inflation perceptions and inflation expectations in the latest 2012 survey. These surveys are undertaken to assess the perceptions of respondents on the degree in which historic inflation figures reflect perceptions of actual inflation, and to find some link to inflation expectations. All the earlier pilot studies on inflation perceptions and the representative samples undertaken between 2006 and 2010 (in total six pilot studies, three representative samples and one survey among central bank employees) failed to show any link between inflation perceptions and inflation expectations. These findings cast some doubt on the premise that a policy of inflation targeting anchors inflation expectations in the current rate of inflation and therefore in the announced inflation target policy rate. In response to the earlier survey results, the question on inflation perceptions was put in different ways to respondents in the most-recent (2012) inflation perception survey to retest the hypothesis that inflation perceptions and inflation expectations are linked. The findings of this survey are analysed in this paper. These findings show a possible link to inflation expectations, and will be the subject of further research. The conclusion on the assessment of inflation perceptions is that the question matters.
The relationship between SMEs and insurance providers in Nelson Mandela Metropolitan area, South Africa
(2014) Chodokufa, K; Chiliya, N
Media reports on the effects of climate change on Small Medium Enterprises (SMEs) in South Africa has increased over the past decade. The amount of loss in terms of assets and infrastructure suffered by SMEs is disturbing. Yet insurance providers are not eager to insure SMEs and prefer to deal larger organisations. An empirical study of 203 SMEs was done, structured questionnaires were administered to SME owners. Data was analysed and the results illustrated factors such as the reliability of an insurer, staff knowledge and brand name of the insurer have a great impact on the decision made by SMEs to build a relationship with insurance providers. The respondents, who had been approached by an insurance broker and received training, had a business relationship with an insurance provider. This helps to reach the conclusion that any form of interaction between SMEs and insurance providers helps to facilitate a business relationship
Doctoral and Masters Supervision: The potential role of self-efficacy
(2014) Callaghan, CW
This research investigated the potential contribution of self-efficacy and different forms of experience to the numbers of sucessful doctoral and masters degree supervisions of academics. Using a comprehensive purposive sampling procedure, academics at a large South African higher educational institution were sampled; 225 responses were received. Spearman Rho tests of association, Pearson partial correlation analysis, and hierarchical regression analysis were used to test the relationships between different types of self-efficacy, together with different forms of experience, and measures of doctoral and masters degree supervisions. Findings suggest that self-efficacy accounts for variance in doctoral and masters degree supervisions over and above the contribution of years of experience as a researcher, job satisfaction, gender and the number of people reporting to an individual. However, the effect of self-efficacy might only be significant up and until the point that an individual gains sufficient supervisory experience, of one form or the other (doctoral or masters degree supervision). Male academics are found to supervise more doctoral students. Individuals that supervise more doctoral students are found to have significantly higher levels of self-efficacy relating to statistical analysis.
An assessment of the public attitudes towards the inner City of Johannesburg as a branded destination
(2014) Daya, Nikita JC; Chiliya, N
Cities across the world have shifted their focus to urban development and place marketing strategies. These concepts are increasingly becoming important since the competition between cities have intensified globally in order to obtain investments, attract tourists, provide better living space, and to improve community businesses and overall economies of the city. Johannesburg has made use of various labels to provide a unique and attractive destination brand. The city has undergone significant changes in order to improve and reposition its image. In particular, there has been a focus on the redevelopment and brand image repositioning of the Inner City of Johannesburg. Redevelopment strategies have been outlined and implemented in order to improve the areas within the Inner City of Johannesburg. The primary purpose of this study was to investigate the effects of the current attitudes and perceptions of the public towards the Inner City of Johannesburg. A quantitative approach was used. A convenience sample consisting of 343 individuals within the Inner City of Johannesburg completed the distributed survey instrument. The data analysis consists of multiple linear regression analysis. The results of this study indicate that Government services and social bonding are the key factors the public value when they visit the inner city.
Compliance with labour rights and international labour standards: Implications for workplace productivity and competitiveness
(2014) Samuel, MO
The common perception, particularly among employers of labour is that enforcement or implementation of enhanced labour standards would negatively impact on overhead costs thereby impeding the organisation’s competitive advantage through price mechanisms at both national and global marketplace. The purpose of this paper is to provide an analysis and draw inherent relationships between enforcement of labour standards by organisations and possible implications on workplace productivity and overall organisational efficiency, competitiveness and survival. Theorists of firm’s wage efficiency argue that implementation of enhanced labour standards will most certainly increase overhead costs and push up prices thereby disadvantaging the firm’s ability from competing favourably with other firm’s operating in territories where labour standards are not observed. However, comparative cost-benefit analysis of implementing labour standards by this paper suggests that organisations indeed benefit significantly by enforcing labour standards as this would translate to higher productivity and enhanced organisational competitiveness and survival as workers experience job satisfaction, safe and healthy working conditions and environment which reduces rate of industrial accidents, medical costs and sick leaves. Furthermore, employers benefit from implementing enhanced labour standards through low employee turnover rate and improved cooperation and understanding between workers and their employers resulting in a stable and positive labour relations environment that is devoid of unplanned work stoppages due to industrial actions and loss of production.
A Segmentation of Mall Shopping Motivations in the South African Gauteng Provincial Context
(2014) Jogee, R; Callaghan, CW
Consumer markets, globally, exhibit increasing diversity. Shopping malls that do not take cognisance of this diversity, along all appropriate dimensions, can lose market share to competitors that do. Despite extensive literature that is based on research done in other countries, absent from the South African literature is a current typology of market segmentation of mall consumers by mall shopping motivations. Using a sample of 224 mall consumers drawn from Gauteng, the economic hub of the country, k-means segmentation was used to test theory that relates different characteristics of consumers and their mall choices. On the basis of this analysis, a typology of shopping mall consumers is developed according to their preferences, or motivations, for mall shopping. Six different segments were found to be associated with different mall shopping preferences and other characteristics. These segments were classified as ‘Low Engagement Shoppers’; ‘Mean Oriented Shoppers’; ‘Brand Oriented Shoppers’; ‘Utilitarian Oriented Shoppers’ and ‘Ascetic Oriented Shoppers’. It is argued that knowledge of such typologies may be important in the South African context due to the increasing societal diversity that malls need to be able to take advantage of in an increasingly competitive environment.
Organisational support and its influence on teachers job satisfaction and job performance in Limpopo province of South Africa
(2014) Chinomona, R
The importance of organisational support is increasingly being recognized because of its potential positive influence on employee performance. However, studies that seek to investigate the influence of organisational support on the teachers’ job satisfaction and consequently their workplace performance at high school level have largely remained scant, particularly in developing countries of Southern Africa. Therefore, the primary objective of this study is to fill this void. Three research hypotheses are posited and a sample data of 162 collected from the Limpopo Province of South Africa is used to empirically test the hypotheses. The results of this study show that, organisational support positively influences teachers’job satisfaction and their job performance. Managerial implications of the findings are discussed and limitations and future research directions are indicated.
Consensual and entrepreneurial culture: Insights from organisational culture and human resource development policy in Nigerian banks
(2014) Atiku, SO; Chitakunye, P; Fields, Z
This study contributes to an understanding of consensual and entrepreneurial culture in organisations within the context of communicating organisational culture through human resource policy. Given that consensual and entrepreneurial culture has the potential to shape employee attitudes and work behaviours towards the attainment of business efficiency and sustainability, this study examined the relationship between organisational culture and Human Resource (HR) development policy. Two hypotheses were formulated and tested to establish the significance of the relationship between organisational culture and HR development policy. We adopted a quantitative approach, utilising a structured questionnaire (n=305) and other documented evidence. The study used a combination of convenience sampling and simple random sampling techniques to select the respondents. The findings revealed that there is a significant relationship between organisational culture and HR development policy. It was found that consensual culture as a dimension of organisational culture has the greatest influence on HR development policy, and consequently the entrepreneurial mentality and creativity within the organisation. We conclude that there is a strong positive relationship between organisational culture and HR development policy as an antecedent of HR/organisational outcome in the Nigerian banking sector. This paper recommends that consensual and entrepreneurial cultures are crucial for business sustainability in the knowledge-based global economy.
Mobile money as a strategy for financial inclusion in rural communities
(2014) Thulani; Chitakunye, P; Chummun, BZ
This study contributes to a deeper understanding of the usage level of mobile money, and how it has accelerated financial inclusion among the rural communities in an emerging economy such as Zimbabwe. The study employed a mixed methods approach and a concurrent dominant status design where quantitative and qualitative approaches were concurrently used with the quantitative approach having a dominant status. The study was carried out in the Midlands Province and a simple random sampling technique was applied to select the province. Eight districts in the province formed the study population of 262 493 households and a pilot sample size of 37 household was chosen. The study used a survey method to collect data, where a questionnaire and focus group discussions were used as the main data collection instruments. It emerged that the usage of mobile money by the unbanked rural people is very high, especially for sending and receiving remittances. However the saving and loan aspect of mobile money were not very popular. Users were still relying on their traditional methods of savings and borrowing. The implications are that the service providers need to increase their awareness programs targeting this specific market to encourage them to migrate from traditional ways to safe and secure way of saving their meagre income. More so, that their saving patterns will determine their access to loans.
Attitudes and purchase behaviour of green products among generation Y consumers in South Africa
(2014) Anvar, M; Venter, M
The purpose of this study was to determine what factors influence attitudes and purchase behaviour of green products among Generation Y consumers in South Africa. The factors that were under investigation in this study were social influence, environmental awareness and price. Further, this study aimed to investigate whether consumer attitudes can in fact influence consumers’ purchase behaviour of green products. A quantitative approach was used for data gathering. Data collection was conducted by means of self-administered questionnaires among 200 students between the ages of 18 to 23. The data was analysed by using statistical methods such as simple and multiple linear regressions. The results from the study indicated that social influence, environmental awareness and price, positively influence individuals’ attitudes towards green products. The effect of attitude on buying behaviour was also positive; hence consumers with positive attitudes towards green products are more likely to purchase green products. Further, the findings indicated that there is indeed a difference between males and females with regards to buying behaviour of green. The findings of the study will provide marketers with a clearer understanding as to how they can influence Generation Y’s attitude and buying behaviour towards green products. With the Generation Y cohort being of crucial importance to marketers, companies can drive sales and increase market share through appropriate marketing strategies. This is essential for a developing country such as South Africa, and among Generation Y consumers whom will play an active role in the future global economy.
Determining the Feasibility of adopting technological innovation to enhance service delivery in selected Johannesburg health institutions
(2014) Uta, L; Chiliya, N; Chuchu, T
South African health institutions, particularly public hospitals are continuously oversubscribed and under-resourced which consequently puts pressure on the service delivery system and negatively affects the service experience of patients. As a way to address this problem, the researchers were looking to establish the feasibility of adopting technological innovation such as Customer Relationship Management (CRM) systems, cloud computing and web-applications in order to help enhance service delivery in Johannesburg health institutions. The researchers conducted a quantitative research and collected data from two public health institutions namely Charlotte Maxeke and Helen Joseph Hospital. An initial pilot study was conducted before the research was extended to a wider sample of 358 respondents. Results show that most patients generally have a positive perception on technology and are likely to consider making use technological-innovation provided they are relatively easy to use, accessible and not too complex. Results also suggest that security is a highly regarded factor that ultimately determines system-usage and technological acceptance. Technological innovations such as CRM systems, may go a long way in enhancing interaction between patients and health institutions which ultimately would result in the creation of more sustainable relationships between patients and health institutions. However in order to ensure that there is wide adoption of technologicalinnovation, it is essential for health institutions to ensure that the new innovations are easy to use and patient information is kept in a secure environment.
An assessment of the effectiveness of self-service technology in a university enviroment: The case of University of the Witwatersrand
(2014) Ngcwabe, Y; Chiliya, N
Self-service is basically a method of serving oneself in business-related organisation without the help of an employee. With the exponential increase of the technology, service companies adopt Self-Service Technologies (SSTs) as their innovative tools to create value. A great amount of research has focused on customers’ perspectives of adopting SSTs using factors of SST adoption, attitudes and intentions toward to use the SST. However, studies on the adoption of SSTs at University institutions particularly in South Africa has not been explored extensively. The notion of self-service is positioned as an important part of the overall system where students are to view, input and modify administrative and financial information on themselves, their work and their courses. Convenience is a major benefit of self-service technology and individuals that are not techno savvy or lack technological resources cannot reap the benefits of SSTs to its fullest potential. The study evaluates the attitudes and perceptions that students have regarding SSTs. This research consisted of a self-administered quantitative research questionnaire, which was initially tested using two pilot studies of 30 and 20 respondents respectively. The questionnaire was distributed at the University of the Witwatersrand (Wits) to a sample group of 380 respondents between the ages of 18 to 30. The data collected was analysed using statistical analysis to examine the relationships between the variables in the research model. Results indicate that some students still value face-to-face service encounters, others lack resources to use SSTs and the effect of self-efficacy limits other students from using SSTs to their fullest potential. Perceived waiting time also has a great influence on the actual use and frequency of SSTs.
Call centre job differences
(2014) Jansen, A; Callaghan, CW
This research tested theory that predicted differences in the relationships between perceptions of management, satisfaction and performance by call centre job type. A sample of a hundred and ninety respondents was drawn from South African call centres. Findings suggest that outbound call centre agents are significantly more job dissatisfied than inbound agents, along certain dimensions. Outbound agents, sales agents and after service agents were found to rate their performance quality significantly lower than the rest of the cohort; in contrast, inbound agents and customer queries agents were found to rate their performance more highly. On the basis of the findings it is argued that assumptions of homogeneity in call centre work is problematic. It is recommended that different management strategies be built around different types of call centre work, that are responsive to the needs of those engaged in each type of work. It is also recommended that job enrichment be applied to all types of call centre work to potentially increase variability in tasks, which might increase autonomy and job satisfaction in this type of work.
Brand endorsements: An exploratory study into the effectiveness of using video game characters as brand endorsers
(2014) Shelton, J; Chiliya, N
Celebrity endorsements have been established as one of the most preferred methods of advertising by marketers (Patel, 2009). Biswas, Hussain and O’Donnell (2009) enumerates five specific benefits of employing celebrity endorsers for a brand, they can be summarised as follows: drawing attention, crisis management, brand repositioning, global marketing, and boosting sales. However the benefits of using a celebrity endorser can be markedly reversed if the celebrity, is involved in a controversial incident, loses credibility by endorsing too many brands, suddenly changes their image, overshadows the brand which is being endorsed, experiences a drop in popularity, is the centre of negative publicity, or fails to perform within their specific career (Erdogan, 1999). As a solution to these problems this research has investigated the use of video game characters as celebrity brand endorsers. Video game characters are celebrities in their own right but they are not plagued by the same risks and problems as ordinary celebrities (Avery, Ferrand, Nicholas & Rowley, 2006; Shimp & Till, 1998). This exploratory study used a quantitative research approach. A self-administered questionnaire using a 7-point Likert scale was developed and piloted. The questionnaire was distributed at the University of the Witwatersrand to a sample group of 484 respondents between the ages of 18 to 25. Fictitious adverts were used as stimuli during the questionnaire. Convenience sampling was used because of time and monetary constraints. The linear regression results proved that video game characters are effective as brand endorsers and can be used in place of an ordinary celebrity to increase the purchase intentions of the target audience. It can be recommended that video game companies seek opportunities to create partnerships with marketers to use their characters as brand endorsers.
A new probabilistic problem-solving paradigm: A conceptual critical reflection.
(2014) Callaghan, CW
For Coase, organisations exist because they manage resources more efficiently than markets can. In contrast, for Grant, organisations exist because they are more efficient at integrating knowledge. Therefore, according to Grant, certain types of knowledge, such as tacit knowledge, cannot be transferred efficiently; problem solving therefore needs to be devolved to the level of the individual. Similarly, the work of Hayek and von Hippel suggests that knowledge is ‘sticky’ and cannot easily be transferred. In this paper the argument is made that a second generation of problem solving research and development management systems need to be developed; as a global system of distributed problem solving, in order to be able to deal with specific types of problems, termed ‘catastrophic events’, that may arise.
Achievement of organisational goals and motivation of middle level managers within the context of the two-factor theory
(2014) Jansen, A; Samuel, MO
The ever dynamic nature of the world of work requires that organisations constantly review factors that energise managers (particularly middle level managers) towards achievement of set goals. This category of employees translates strategic decisions by top management into action through the operational employees. They (middle level managers) therefore serve as a link between top management and the lower level employees thus making their role to be of outmost importance to the survival and competitiveness of any organisation thus necessitating the need of our present study. The study adopted a survey research method using quantitative research design. A measuring instrument with a Cronbach alpha coefficient of above 0.70 was developed and used to collect primary data. Non-random sampling technique using purposive/convenience sampling procedure was employed in deriving a sample size of 250 middle-level managers who participated in the survey. Main hypotheses were formulated and tested using the Chi-Square test to determine the level of association between intrinsic and extrinsic motivational variables and achievement of organisational goals by middle level managers. Results show that both intrinsic and extrinsic motivational variables impacted significantly on achievement of organisational goals by this category of managers. Based on this finding, we therefore recommend that organisations should combine both intrinsic and extrinsic motivational variables in the design of goal achievement strategy for middle level managers.
Mobile TV as a marketing tool in South Africa: A consumer’s perspective
(2014) Chuchu, T; Chiliya, N; Uta, L
Mobile Television is highly considered to be the next breakthrough application in wireless technology. Recently mobile marketing has become an important method of communication with the recent advances in mobile phone technology. The primary objective of the study was to find solutions that could possibly increase the number of mobile TV subscribers in South Africa so as to increase mobile TV usefulness as a marketing tool for products and services. The design of the study was a quantitative design. This research involved distributing a questionnaire at The University of The Witwatersrand to a sample group of 380 students between the ages of 18 to 25. The data collected was analysed using Statistical Analysis Software (SAS) Enterprise Guide 5.The results of the empirical study indicated that size of screens being too small was a major concern for mobile TV viewers and would make viewers less likely consider viewing mobile TV.
An exploratory study on the marketing strategies adopted by small micro and medium enterprises in Johannesburg Central Business District
(2014) Mapila, K; Chiliya, N; Chiliya, W
Over the years marketing theory development has been limited and small enterprises often have to rely on marketing models used in big businesses. There are a number of marketing strategies that are currently applied by large companies in South Africa which cannot be implemented by small retailers. This is because of the complexity of some of the marketing strategies alluded above are not suited to small retailers because of their limited educational background and resources. Facing the problem of intense competition, SMME entrepreneurs often have to rely on price and other short term strategies to market and sell their products to the ultimate consumer. Entrepreneurs are constantly faced with challenges that restrict their productivity and economic potential. SMMEs face the challenge of marketing their products and services properly to the right markets in order to get returns from their investments. The data for the study was collected by means of interviews. The study used a judgemental sampling. Findings from the study prove that entrepreneurs rely on word of mouth, reducing prices and other low cost promotional strategies for marketing and sale purposes. The findings indicate that it might be useful for SMME’s to change their promotional strategies to suit the South African consumer market to ensure long term profitability
The effectiveness of product placement in music videos: A study on the promotion strategies for brands and products to target the Y generation in Johannesburg
(2014) Omarjee, L; Chiliya, N
Product placements are strategic brand placements within media that are meant to be noticed by the consumer, to further influence purchase intentions. Placements in music videos have grown in recent years however, there is little research on placements in this medium and available research has not measured the influence of product placement on purchase intention. The study addressed the gap where product placement in music videos was under researched. This paper investigated the effectiveness of brands and products placements in music videos in influencing the purchase intentions of the Y generation population living in Johannesburg. A self-administered research questionnaire was used to collect data through a quantitative research method by convenience sampling of 420 randomly chosen respondents, aged between 18-27, obtained from the University of the Witwatersrand and Johannesburg. A six minute music video stimulus was used for respondents to base their opinions about placements. The results indicate reliability of the constructs in the model developed as Cronbach Alphas were greater than 0.6 for the variables. The main findings show the variables individual factors and execution stimulus are significantly related to brand recall, brand recognition and brand choice. In turn, brand recall, brand recognition and brand choice influence the consumer’s purchase intentions. The strongest linear relationship existed between brand choice and purchase intention. Placement strategies are equally effective for consumers in the Y generation of differing genders, income brackers and age groups. The research reveals that music videos are an effective platform to reach the targeted Y generation population and the model adapted for placements in music videos shows the stages of the processing in the consumer’s mind from exposure to placements to the final purchase intention. The findings contribute to the knowledge of strategies marketers should use to promote brands and products to effectively target the South African Y generation.