4. Electronic Theses and Dissertations (ETDs) - Faculties submissions

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    Institutional determinants of dividend policy: the case of African listed firms
    (University of the Witwatersrand, Johannesburg, 2024) Tembo, Margret; Chipeta, Chimwemwe
    This study examines the institutional determinants of dividend policy of African listed firms over the period from 2006 to 2020. While existing research extensively examines institutional influences in developed markets, there is a significant gap in understanding these dynamics within the African context. Utilizing a panel regression approach with generalized method of moments (GMM) estimations, the study comprises three essays. The first essay offers a comprehensive analysis of institutional determinants, specifically examining how investor protection, press freedom, property rights, financial development, and corruption shape dividend policy in African firms. The results underscore the pivotal role of institutional factors, highlighting investor protection, financial development, and press freedom as key determinants. Based on these findings, policymakers should prioritize strengthening investor protection laws, advancing financial sector development, and ensuring press freedom to create a more attractive environment for investment. The second essay explores the relationship between innovation and dividend policy in Africa, revealing a significant negative correlation. It also investigates whether institutional development influences this relationship. Results indicate that institutional development moderates the innovation-dividend policy relationship. The negative relationship is pronounced in countries with weak institutional development and tends to be positive in those with strong institutional development. Based on these findings, policymakers should focus on improving institutional quality to facilitate both innovation and dividend distribution, thereby supporting sustainable corporate growth and shareholder returns. This third essay examines the institutional factors influencing dividend smoothing in African firms. The study finds that African firms exhibit a speed of adjustment (SOA) of 0.539, indicating a moderate level of dividend smoothing, and a target payout ratio of 0.484, suggesting they pay out a high percentage of their earnings as dividends. The research highlights that firms operating in environments with low economic growth, civil law regimes, weak investor protection, weak property rights, low press freedom, underdeveloped financial institutions and markets, high corruption, weak government effectiveness, weak political stability, weak regulatory quality, and weak rule of law tend to engage in increased dividend smoothing. To address this, policymakers and business leaders in African emerging markets should prioritize improving governance and institutional quality. This can mitigate agency costs and information asymmetry, reducing the need for dividend smoothing. Strengthening investor protection, property rights, press freedom, financial markets, and governance standards will create a more stable investment climate. In conclusion, this research underscores the importance of institutional improvements in shaping dividend policies in African non- financial firms
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    Exploring ethical leadership in the context of the “new dawn/thuma mina” in a TVET college in Kwazulu-natal
    (University of the Witwatersrand, Johannesburg, 2024) Ngubane, Phetheni Primrose; Mthembu, P.; Mthiyane, S. E.
    This study which employed a qualitative and interpretivist approaches, sought to explore the conceptualisations and enactment of ethical leadership by campus managers and lecturers in a TVET college in the context of the “New Dawn/Thuma Mina” in KwaZulu- Natal. A case study was conducted with five campus managers and fifteen lecturers who were conveniently sampled. The study was underpinned by the following theories: Shapiro and Stefkovich`s Multiple Ethical Paradigm; Khoza’s Attuned Leadership (African Humanism or Ubuntu); Lerner and Tetlock`s Accountability Theory and Buijze`s Transparency theory. Semi-structured interviews were employed to generate data and document reviews were used to triangulate the data generated from interviews which was all thematically analysed. The findings revealed that campus managers and lecturers had a clear understating of ethics and ethical leadership to include care, empathy, honesty, integrity, and exemplary conduct, however, these were not adequately enacted on campuses. Findings also revealed that unethical practices were still very high despite policies afforded to the staff. Absenteeism and abuse of the sick leave system; sex-for- marks and corruption were amongst malpractices identified as unethical that hindered ethical leadership practices at the researched campuses. While participants understood the need to adopt ethical behaviour by following certain policies such as the SACE Code of Professional Ethics and Code of Conduct, this was not easy to implement. A code of ethics, ethics training and workshops on the Code of Conduct and SACE were recommended as strategies to enforce the ethical behaviour of all staff in the researched college. This study further recommends the rigorous training and induction of all students on Policy Frameworks on Gender-Based Violence in the TVET college. It further recommends implementing consequence management using relevant policies to enforce ethical practices and discipline in the college. Finally, the HR department should speed up the disciplinary processes and close all possible loopholes when cases are opened against staff members.