A critical assessement of socially responsible investing in South Africa
- Authors: Viviers, Suzette
- Date: 2007
- Subjects: Investments -- Moral and ethical aspects
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9293 , http://hdl.handle.net/10948/637 , http://hdl.handle.net/10948/d1011340 , Investments -- Moral and ethical aspects
- Description: This research deals with socially responsible investing (SRI) in its broadest context in South Africa and includes an analysis of the risk-adjusted performance of local SRI funds. SRI refers to an investment strategy whereby investors integrate moral as well as environmental, social and governance (ESG) considerations alongside conventional financial criteria in evaluating investment opportunities. Typical SRI strategies include screening, shareholder activism and cause-based (targeted) investing. The primary objective of this research was to obtain a deeper understanding of SRI in South Africa as it represents a powerful means whereby private sector capital can be channelled into areas of national priority. Data and methodological triangulation strategies were adopted to investigate the research problem, respond to the research questions and test the research hypotheses of this study. The phenomenological component of the research consisted of an extensive literature review as well as in-depth, face-to-face interviews conducted with twelve SRI fund managers and industry experts. The positivistic dimension of this research centred on the construction of the first complete database of SRI funds in South Africa, the sourcing of quantitative primary data and the testing of eight pairs of null and alternative hypotheses. Risk-adjusted performance was evaluated by means of the Sharpe, Sortino and Upside-potential ratios during three sub-periods, namely 1 June 1992 to 31 August 1998, 1 September 1998 to 31 March 2002 and 1 April 2002 to 31 March 2006. Forty-three SRI funds have been launched in South Africa since June 1992 and it is estimated that SRIs constitute approximately 0.7 percent of the total investment capacity in the country. It was found that most local SRI funds combine a cause-based investment strategy with a positive or best-of-sector screening approach. ESG screens were found to focus on the promotion of broad-based Black Economic Empowerment and the development of social infrastructure in South Africa. The FTSE/JSE SRI Index and the Financial Sector Charter were identified as the most prominent drivers of SRI in South Africa, whereas a lack of skills and a shortage of new SRI opportunities, asset classes and funds were seen as impediments to the growth of the local SRI sector. The empirical evidence shows that: - local SRI funds underperformed relative to their respective benchmark indices during the first two sub-periods but significantly outperformed them during sub-period three (the resurgence period of SRI in South Africa); - local SRI fund performance is not significantly different from that of a matched sample of conventional (non-SRI) funds; and - local SRI funds significantly underperformed relative to the general equity market in South Africa during sub-period two (the decline period of SRI in South Africa) but performed on a par with the FTSE/JSE All Share Index during sub-periods one and two. The findings of this research therefore suggest that investors can consider SRI funds as part of a well-diversified investment strategy. It is strongly recommended that a Social Investment Forum be established in South Africa to address the educational needs of stakeholders in the local SRI sector. It is also recommended that local asset managers adopt a focused differentiation strategy to take advantage of the growing SRI sector in South Africa.
- Full Text:
- Date Issued: 2007
- Authors: Viviers, Suzette
- Date: 2007
- Subjects: Investments -- Moral and ethical aspects
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9293 , http://hdl.handle.net/10948/637 , http://hdl.handle.net/10948/d1011340 , Investments -- Moral and ethical aspects
- Description: This research deals with socially responsible investing (SRI) in its broadest context in South Africa and includes an analysis of the risk-adjusted performance of local SRI funds. SRI refers to an investment strategy whereby investors integrate moral as well as environmental, social and governance (ESG) considerations alongside conventional financial criteria in evaluating investment opportunities. Typical SRI strategies include screening, shareholder activism and cause-based (targeted) investing. The primary objective of this research was to obtain a deeper understanding of SRI in South Africa as it represents a powerful means whereby private sector capital can be channelled into areas of national priority. Data and methodological triangulation strategies were adopted to investigate the research problem, respond to the research questions and test the research hypotheses of this study. The phenomenological component of the research consisted of an extensive literature review as well as in-depth, face-to-face interviews conducted with twelve SRI fund managers and industry experts. The positivistic dimension of this research centred on the construction of the first complete database of SRI funds in South Africa, the sourcing of quantitative primary data and the testing of eight pairs of null and alternative hypotheses. Risk-adjusted performance was evaluated by means of the Sharpe, Sortino and Upside-potential ratios during three sub-periods, namely 1 June 1992 to 31 August 1998, 1 September 1998 to 31 March 2002 and 1 April 2002 to 31 March 2006. Forty-three SRI funds have been launched in South Africa since June 1992 and it is estimated that SRIs constitute approximately 0.7 percent of the total investment capacity in the country. It was found that most local SRI funds combine a cause-based investment strategy with a positive or best-of-sector screening approach. ESG screens were found to focus on the promotion of broad-based Black Economic Empowerment and the development of social infrastructure in South Africa. The FTSE/JSE SRI Index and the Financial Sector Charter were identified as the most prominent drivers of SRI in South Africa, whereas a lack of skills and a shortage of new SRI opportunities, asset classes and funds were seen as impediments to the growth of the local SRI sector. The empirical evidence shows that: - local SRI funds underperformed relative to their respective benchmark indices during the first two sub-periods but significantly outperformed them during sub-period three (the resurgence period of SRI in South Africa); - local SRI fund performance is not significantly different from that of a matched sample of conventional (non-SRI) funds; and - local SRI funds significantly underperformed relative to the general equity market in South Africa during sub-period two (the decline period of SRI in South Africa) but performed on a par with the FTSE/JSE All Share Index during sub-periods one and two. The findings of this research therefore suggest that investors can consider SRI funds as part of a well-diversified investment strategy. It is strongly recommended that a Social Investment Forum be established in South Africa to address the educational needs of stakeholders in the local SRI sector. It is also recommended that local asset managers adopt a focused differentiation strategy to take advantage of the growing SRI sector in South Africa.
- Full Text:
- Date Issued: 2007
A framework for enhancing the transgenerational potential of indigenous african family businesses
- Authors: Matchaba-Hove, Mtonhodzi
- Date: 2020
- Subjects: Family-owned business enterprises -- Succession Indigenous peoples -- Economic conditions
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/48894 , vital:41168
- Description: Family businesses are the backbone of many economies around the globe and are believed to constitute over two-thirds of all businesses worldwide. For nearly 300 years, the Southern African economy has been developing as a consequence of the contribution of family businesses to the region’s economy. Despite their importance to the economies of countries, their overall failure rate remains high. Given the important economic and societal contribution that family businesses make, their survival rates are a matter of concern. As far as can be established, little research has been conducted among indigenous African family businesses. The research done to date lacks depth in terms of the topics covered and the countries sampled. The majority of studies on family businesses have been done in European, American and Asian settings. Notably, the research project on Successful Transgenerational Entrepreneurship Practices (STEP) has investigated transgenerational entrepreneurship among family businesses around the world. The STEP project proposes a theoretical framework, known as the STEP framework, which to date has not been applied to the indigenous African context. There is a great need for deeper insights into, and an increased understanding of the practices implemented among indigenous African family businesses that have survived across the generations, and of the context in which these businesses operate. Therefore, the primary objective of this study is to explore and describe the factors that influence the transgenerational potential of indigenous African family businesses so as to assess the appropriateness of an existing non-African framework, namely the STEP framework, and to reconfigure it for the African context. The STEP framework proposes that various contextual factors influence both the entrepreneurial orientation and the familiness resource pools of family businesses, which in turn influence each other, and ultimately the transgenerational potential of the family business. The underlying theory applied in the study is Hofstede’s Cultural Dimensions model. Hofstede’s model provides theoretical support for the belief that the context in which a theory or framework is applied has a big influence on the successful application of such a framework. Therefore, a need exists to contextualise the STEP framework to the context in which it is being applied. An interpretivist research paradigm and a qualitative methodological approach were deemed the most suitable for the current study, as this paradigm and approach enabled the researcher to address the dynamics and invisible issues within family businesses. The current study adopted a multiple case study methodology. Adopting this methodology allowed for a deeper understanding of the object of interest. The three cases were systematically selected, using purposive sampling, to ensure that a credible and indicative sample was obtained. The criteria used for selection were based on the STEP project guidelines and the three businesses selected were from South Africa, Zimbabwe and Botswana, of indigenous African heritage and have showed sustained growth and success since their establishment. The reason for these selection criteria was to ensure that the study appropriately addressed the defined research objectives and the gap in the body of knowledge on transgenerational entrepreneurship in the African context. The instrument used to guide the key-informant interviews in this research was a semi-structured interview schedule adapted from the STEP project interview schedule. Once all the data was collected, a combination of directed content analysis and explanation building was used to analyse the data. A framework for enhancing the transgenerational potential of indigenous African family businesses is proposed in this study, based on the practices adopted by the successful indigenous African family businesses which participated. The framework developed adapts the STEP framework for the indigenous African family business context. As in the STEP framework, the framework proposed for indigenous African family businesses highlights several external contextual factors as influencing both the familiness resource pools and the dimensions of entrepreneurial orientation. In the context of indigenous African family businesses, the external contextual factors most influential are the philosophy of Ubuntu, the collectivist national culture, as well as the community and extended family commitments. The external contextual factors, namely, the business environment and the industry in which the business operates, were found to be particularly influential on the entrepreneurial orientation displayed by the participating family businesses. All eight familiness resource pools, as well as the five dimensions of entrepreneurial orientation as proposed in the STEP framework, still form part of the framework proposed for indigenous African family businesses. However, for some the nature thereof differed somewhat from the original descriptions. Therefore, the original names were adapted to better describe these concepts as applicable to an indigenous African family business context. The proposed framework supports the multi-dimensional nature of performance outcomes among indigenous African family businesses. It proposes that in an indigenous African family business context, entrepreneurial performance outcomes are important to the extent that they contribute to achieving the financial performance outcomes, while the financial performance outcomes are important to the extent that they contribute to achieving the social performance outcomes. This study contributes to a greater understanding of successful indigenous African family businesses and their best practices, specifically an understanding of the practices adopted with regards to the familiness resource pools and entrepreneurial orientation. Furthermore, this study has expanded on the understanding of paternalism in that it has provides greater clarity on the nature of this leadership style, as well as the positive outcomes associated with it, in an African context. The study also has significance for educators, who can incorporate the lessons learned from it into their entrepreneurship and family business teaching.
- Full Text:
- Date Issued: 2020
- Authors: Matchaba-Hove, Mtonhodzi
- Date: 2020
- Subjects: Family-owned business enterprises -- Succession Indigenous peoples -- Economic conditions
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/48894 , vital:41168
- Description: Family businesses are the backbone of many economies around the globe and are believed to constitute over two-thirds of all businesses worldwide. For nearly 300 years, the Southern African economy has been developing as a consequence of the contribution of family businesses to the region’s economy. Despite their importance to the economies of countries, their overall failure rate remains high. Given the important economic and societal contribution that family businesses make, their survival rates are a matter of concern. As far as can be established, little research has been conducted among indigenous African family businesses. The research done to date lacks depth in terms of the topics covered and the countries sampled. The majority of studies on family businesses have been done in European, American and Asian settings. Notably, the research project on Successful Transgenerational Entrepreneurship Practices (STEP) has investigated transgenerational entrepreneurship among family businesses around the world. The STEP project proposes a theoretical framework, known as the STEP framework, which to date has not been applied to the indigenous African context. There is a great need for deeper insights into, and an increased understanding of the practices implemented among indigenous African family businesses that have survived across the generations, and of the context in which these businesses operate. Therefore, the primary objective of this study is to explore and describe the factors that influence the transgenerational potential of indigenous African family businesses so as to assess the appropriateness of an existing non-African framework, namely the STEP framework, and to reconfigure it for the African context. The STEP framework proposes that various contextual factors influence both the entrepreneurial orientation and the familiness resource pools of family businesses, which in turn influence each other, and ultimately the transgenerational potential of the family business. The underlying theory applied in the study is Hofstede’s Cultural Dimensions model. Hofstede’s model provides theoretical support for the belief that the context in which a theory or framework is applied has a big influence on the successful application of such a framework. Therefore, a need exists to contextualise the STEP framework to the context in which it is being applied. An interpretivist research paradigm and a qualitative methodological approach were deemed the most suitable for the current study, as this paradigm and approach enabled the researcher to address the dynamics and invisible issues within family businesses. The current study adopted a multiple case study methodology. Adopting this methodology allowed for a deeper understanding of the object of interest. The three cases were systematically selected, using purposive sampling, to ensure that a credible and indicative sample was obtained. The criteria used for selection were based on the STEP project guidelines and the three businesses selected were from South Africa, Zimbabwe and Botswana, of indigenous African heritage and have showed sustained growth and success since their establishment. The reason for these selection criteria was to ensure that the study appropriately addressed the defined research objectives and the gap in the body of knowledge on transgenerational entrepreneurship in the African context. The instrument used to guide the key-informant interviews in this research was a semi-structured interview schedule adapted from the STEP project interview schedule. Once all the data was collected, a combination of directed content analysis and explanation building was used to analyse the data. A framework for enhancing the transgenerational potential of indigenous African family businesses is proposed in this study, based on the practices adopted by the successful indigenous African family businesses which participated. The framework developed adapts the STEP framework for the indigenous African family business context. As in the STEP framework, the framework proposed for indigenous African family businesses highlights several external contextual factors as influencing both the familiness resource pools and the dimensions of entrepreneurial orientation. In the context of indigenous African family businesses, the external contextual factors most influential are the philosophy of Ubuntu, the collectivist national culture, as well as the community and extended family commitments. The external contextual factors, namely, the business environment and the industry in which the business operates, were found to be particularly influential on the entrepreneurial orientation displayed by the participating family businesses. All eight familiness resource pools, as well as the five dimensions of entrepreneurial orientation as proposed in the STEP framework, still form part of the framework proposed for indigenous African family businesses. However, for some the nature thereof differed somewhat from the original descriptions. Therefore, the original names were adapted to better describe these concepts as applicable to an indigenous African family business context. The proposed framework supports the multi-dimensional nature of performance outcomes among indigenous African family businesses. It proposes that in an indigenous African family business context, entrepreneurial performance outcomes are important to the extent that they contribute to achieving the financial performance outcomes, while the financial performance outcomes are important to the extent that they contribute to achieving the social performance outcomes. This study contributes to a greater understanding of successful indigenous African family businesses and their best practices, specifically an understanding of the practices adopted with regards to the familiness resource pools and entrepreneurial orientation. Furthermore, this study has expanded on the understanding of paternalism in that it has provides greater clarity on the nature of this leadership style, as well as the positive outcomes associated with it, in an African context. The study also has significance for educators, who can incorporate the lessons learned from it into their entrepreneurship and family business teaching.
- Full Text:
- Date Issued: 2020
A longitudinal investigation into employability : student transition and experiences from tertiary education into the labour market
- Authors: Harry, Tinashe Timothy
- Date: 2018
- Subjects: Employability Graduate students Labor market
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10353/11053 , vital:37015
- Description: Orientation: Several policies have been formulated by the government to redress the inequalities of apartheid. However, the policies have not yielded any positive results as many graduates from Historically Disadvantaged Institutes (HDIs) continue to struggle in the open labour market as compared to graduates from Historically Advantaged Institutes (HAIs). This has been mainly attributed to the legacy of apartheid in several previous studies. As a result, most of these previously disadvantaged individuals (mostly Black Africans) struggle to make the transition from higher education into the world of work. Research Purpose: This study thus explores the journeys of these Black African students from HDIs to understand the transition and experiences from tertiary education into the labour market. Further, the research sought to understand how these transitions and experiences manifest in a context of high unemployment. Finally, the resolution tactics used by students in such a context are given attention. Research approach, design and method: A longitudinal qualitative approach was deemed appropriate for the study as the aim was to understand the changes that occurred over time. The data was collected over a two-year period. A narrative inquiry was utilized as it allowed the participants to share their perceptions without limitations. A total of 30 participants partook in the study. The participants were selected using a purposive sampling to ensure the right participants were involved in the study. The main criteria for selection to participate was that the participants had to be enrolled with a HDI. Main findings: The narratives of the participants led to the formulation of six main themes that were regarded as affecting the transitions and experiences of the Black graduates from HDIs; namely, (1) socio-economic background, (2) education system, (3) labour market experiences, (4) geographical location, (5) social capital and (6) student resolutions to the challenges of employability. A previously disadvantaged background resulted in the participants being recipients of poor education quality, no social networks or information to navigate the labour market and limited access to the labour market due to secluded residential areas. Subsequently, most participants were unable to take responsibility of enhancing their own employability. Contribution: It is not the sole responsibility of the higher education institutes to produce employable graduates, but it's a process that should also involve government, students and employers. As long as the social inequality remains an issue in the country all the efforts to improve employability and transition into the open labour market will be in vain. Furthermore, employers must work together with higher education institutes by offering programs such as internships and career expos to enhance the employability of the graduates. A Graduate Transition Model (GTM) is suggested based on the findings of this research.
- Full Text:
- Date Issued: 2018
- Authors: Harry, Tinashe Timothy
- Date: 2018
- Subjects: Employability Graduate students Labor market
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10353/11053 , vital:37015
- Description: Orientation: Several policies have been formulated by the government to redress the inequalities of apartheid. However, the policies have not yielded any positive results as many graduates from Historically Disadvantaged Institutes (HDIs) continue to struggle in the open labour market as compared to graduates from Historically Advantaged Institutes (HAIs). This has been mainly attributed to the legacy of apartheid in several previous studies. As a result, most of these previously disadvantaged individuals (mostly Black Africans) struggle to make the transition from higher education into the world of work. Research Purpose: This study thus explores the journeys of these Black African students from HDIs to understand the transition and experiences from tertiary education into the labour market. Further, the research sought to understand how these transitions and experiences manifest in a context of high unemployment. Finally, the resolution tactics used by students in such a context are given attention. Research approach, design and method: A longitudinal qualitative approach was deemed appropriate for the study as the aim was to understand the changes that occurred over time. The data was collected over a two-year period. A narrative inquiry was utilized as it allowed the participants to share their perceptions without limitations. A total of 30 participants partook in the study. The participants were selected using a purposive sampling to ensure the right participants were involved in the study. The main criteria for selection to participate was that the participants had to be enrolled with a HDI. Main findings: The narratives of the participants led to the formulation of six main themes that were regarded as affecting the transitions and experiences of the Black graduates from HDIs; namely, (1) socio-economic background, (2) education system, (3) labour market experiences, (4) geographical location, (5) social capital and (6) student resolutions to the challenges of employability. A previously disadvantaged background resulted in the participants being recipients of poor education quality, no social networks or information to navigate the labour market and limited access to the labour market due to secluded residential areas. Subsequently, most participants were unable to take responsibility of enhancing their own employability. Contribution: It is not the sole responsibility of the higher education institutes to produce employable graduates, but it's a process that should also involve government, students and employers. As long as the social inequality remains an issue in the country all the efforts to improve employability and transition into the open labour market will be in vain. Furthermore, employers must work together with higher education institutes by offering programs such as internships and career expos to enhance the employability of the graduates. A Graduate Transition Model (GTM) is suggested based on the findings of this research.
- Full Text:
- Date Issued: 2018
An estimate of the cost of electricity outages in Zimbabwe
- Authors: Kaseke, Nyasa
- Date: 2012
- Subjects: Electric power failures -- Zimbabwe , Electric utilities
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:8997 , http://hdl.handle.net/10948/d1011119 , Electric power failures -- Zimbabwe , Electric utilities
- Description: This thesis estimates the cost of electricity outages in Zimbabwe for the year 2009. Much reference is made to government, the power utility - Zimbabwe Electricity Supply Authority (ZESA) and other countries in the Southern African Power Pool (SAPP), also experiencing electricity outages. An electricity outage is a complete loss of power supply to an area. An outage may result from planned or unplanned load shedding or faults. Load shedding is accelerated by power supply shortages. The shortages are experienced during peak demand times. In 2009, Zimbabwe’s peak demand was about 1574MW. ZESA had the capacity to supply 1080MW and imported 100MW (guaranteed from Mozambique), leaving a shortfall of 394MW. This shortfall is worsened by transmission losses (about 108MW) and consumption by ZESA properties (about 200MW) bringng down the supply to customers of about 700MW. The supply shortage is the result of a lack of investment in the power sector by government for expanded generation capacity, incorrect pricing, droughts, internal conflicts, skills flight, government energy sector regulation, vandalism of equipment and under supply of coal to thermal power stations. Consumers in all sectors are experiencing power outage incidences of different duration. The severity of the inconvenience depends on the load shedding time table, preferences of the power utility and arrangements that can be made with the utility. Power outages negatively affect (and result in cost to) the productive sectors (industry, mining and farming) and households. The main objective of the thesis is to estimate the cost of power outages to the sectors. Sub-objectives of the study include: to identify the main features of power crisis in Zimbabwe and government response to it with a regional power generated setting; to formulate a model that clearly identifies the different cost components of power outages in Zimbabwe; to identify appropriate methods by which to estimate these cost components; to estimate the cost of power outages to the productive sectors (mining, agriculture and industrial) and households of Zimbabwe; to critically analyse the credibility of these estimates, and to consider the saving of the costs of outages achieved through increased investment in generating capacity in Zimbabwe. ZESA undertook reforms (institutional and tariff) in order to improve management efficiencies and supply. It was divided into five entities resulting in management and financial improvement, but its reform of tariffs has been stiffled by subsidies and price regulations. ZESA adopted the cost plus rate of return pricing strategy in 2004 but regulation kept the tariff below cost. The regulation is pro-poor in aim but it encourages wasteful consumption. Similar supply shortages are affecting the whole SAPP group. The power pool load shed 758MW in 2009. In Zimbabwe alone load shedding was 315MW. In an attempt to solve the problem, member utilities engage in bilateral contacts and short-term trading through Short Term Energy Markets (STEM). A number of Southern African countries have to load shed - the average frequency being three to five (3-5) times per week for the region. A number of studies have been carried out by different scholars attempting to assess the impact and cost of outages. The general conclusion is that power outages cause significant costs to consumers, both direct and indirect. From a global perspective, the increase in the quality of electricity supplied has fallen behind the increase in quantity demanded, causing an increase of incidence in power outages. An analysis of Sub-Saharan Africa shows that the causes of supply shortages are natural (drought), oil price shocks, conflict and the lack of investment in generation capacity. This generates two outage cost estimates – a direct cost (welfare loss) and indirect cost (backup cost). The sum of these estimates is the total outage cost. The direct cost estimate is based on direct loss incurred during the power outages - lost production, lost materials, and lost time or leisure. In order to derive an estimated direct cost, it is necessary to obtain an accurate respondent self-assessment, which, in turn depends on the keeping of good records of hours of outages and losses incurred during outage times. The estimated indirect cost (backup cost) is derived from the cost of investment in backup sources and running of these sources as a mitigating measure during a power outage. The expected gain from self-generated kWh is assumed to be equal to the expected loss from the marginal kWh electricity not supplied by the utility (the outage). The annualised capital cost of backup source plus the variable cost of generating electricity by the backup source are another element of the cost of power outages. The prices of backup sources were obtained from the two leading retailers, Tendo Power and Ellis Electronics. To the extent that the captive generation includes investment in emergency or optional plant (as part of normal production infrastructure), it may overestimate cost.
- Full Text:
- Date Issued: 2012
- Authors: Kaseke, Nyasa
- Date: 2012
- Subjects: Electric power failures -- Zimbabwe , Electric utilities
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:8997 , http://hdl.handle.net/10948/d1011119 , Electric power failures -- Zimbabwe , Electric utilities
- Description: This thesis estimates the cost of electricity outages in Zimbabwe for the year 2009. Much reference is made to government, the power utility - Zimbabwe Electricity Supply Authority (ZESA) and other countries in the Southern African Power Pool (SAPP), also experiencing electricity outages. An electricity outage is a complete loss of power supply to an area. An outage may result from planned or unplanned load shedding or faults. Load shedding is accelerated by power supply shortages. The shortages are experienced during peak demand times. In 2009, Zimbabwe’s peak demand was about 1574MW. ZESA had the capacity to supply 1080MW and imported 100MW (guaranteed from Mozambique), leaving a shortfall of 394MW. This shortfall is worsened by transmission losses (about 108MW) and consumption by ZESA properties (about 200MW) bringng down the supply to customers of about 700MW. The supply shortage is the result of a lack of investment in the power sector by government for expanded generation capacity, incorrect pricing, droughts, internal conflicts, skills flight, government energy sector regulation, vandalism of equipment and under supply of coal to thermal power stations. Consumers in all sectors are experiencing power outage incidences of different duration. The severity of the inconvenience depends on the load shedding time table, preferences of the power utility and arrangements that can be made with the utility. Power outages negatively affect (and result in cost to) the productive sectors (industry, mining and farming) and households. The main objective of the thesis is to estimate the cost of power outages to the sectors. Sub-objectives of the study include: to identify the main features of power crisis in Zimbabwe and government response to it with a regional power generated setting; to formulate a model that clearly identifies the different cost components of power outages in Zimbabwe; to identify appropriate methods by which to estimate these cost components; to estimate the cost of power outages to the productive sectors (mining, agriculture and industrial) and households of Zimbabwe; to critically analyse the credibility of these estimates, and to consider the saving of the costs of outages achieved through increased investment in generating capacity in Zimbabwe. ZESA undertook reforms (institutional and tariff) in order to improve management efficiencies and supply. It was divided into five entities resulting in management and financial improvement, but its reform of tariffs has been stiffled by subsidies and price regulations. ZESA adopted the cost plus rate of return pricing strategy in 2004 but regulation kept the tariff below cost. The regulation is pro-poor in aim but it encourages wasteful consumption. Similar supply shortages are affecting the whole SAPP group. The power pool load shed 758MW in 2009. In Zimbabwe alone load shedding was 315MW. In an attempt to solve the problem, member utilities engage in bilateral contacts and short-term trading through Short Term Energy Markets (STEM). A number of Southern African countries have to load shed - the average frequency being three to five (3-5) times per week for the region. A number of studies have been carried out by different scholars attempting to assess the impact and cost of outages. The general conclusion is that power outages cause significant costs to consumers, both direct and indirect. From a global perspective, the increase in the quality of electricity supplied has fallen behind the increase in quantity demanded, causing an increase of incidence in power outages. An analysis of Sub-Saharan Africa shows that the causes of supply shortages are natural (drought), oil price shocks, conflict and the lack of investment in generation capacity. This generates two outage cost estimates – a direct cost (welfare loss) and indirect cost (backup cost). The sum of these estimates is the total outage cost. The direct cost estimate is based on direct loss incurred during the power outages - lost production, lost materials, and lost time or leisure. In order to derive an estimated direct cost, it is necessary to obtain an accurate respondent self-assessment, which, in turn depends on the keeping of good records of hours of outages and losses incurred during outage times. The estimated indirect cost (backup cost) is derived from the cost of investment in backup sources and running of these sources as a mitigating measure during a power outage. The expected gain from self-generated kWh is assumed to be equal to the expected loss from the marginal kWh electricity not supplied by the utility (the outage). The annualised capital cost of backup source plus the variable cost of generating electricity by the backup source are another element of the cost of power outages. The prices of backup sources were obtained from the two leading retailers, Tendo Power and Ellis Electronics. To the extent that the captive generation includes investment in emergency or optional plant (as part of normal production infrastructure), it may overestimate cost.
- Full Text:
- Date Issued: 2012
Assessing the optimal size and composition of public debt in Zimbabwe
- Authors: Mupunga, Nebson
- Date: 2014
- Subjects: Debts, Public -- Management , Debts, Public -- Zimbabwe
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/8977 , vital:26448
- Description: This study provides an analysis of public debt dynamics with a view to assess the optimal size and composition of public debt in Zimbabwe that is consistent with maintaining public debt at sustainable levels. The analysis was performed by applying public debt data for Zimbabwe over the period 1980 to 2012. Robustness checks were conducted, using data for selected low income countries in the sub-Saharan Africa. The study was motivated by the public debt management concerns caused by the 2008/09 global financial crisis and the European sovereign debt crisis as well as the external public debt overhang experienced by Zimbabwe since the year 2000. The findings of the study complement existing research findings and information on public debt management of the International Monetary Fund (IMF) and other researchers. The major contribution of this thesis is the determination of optimal public debt thresholds for Zimbabwe. The optimal public debt thresholds were estimated from a joint analysis of the macroeconomic variables that affect public debt and the reaction of fiscal policy to changes in debt. The classical linear regression and Bayesian Vector Auto Regression (BVAR) models were applied to examine the drivers of debt accumulation and to assess the sensitivity of debt to macroeconomic shocks. The information from the drivers of public debt accumulation, together with the fiscal response mechanism was used to calibrate the long-run stable (optimal) public debt target. The optimal public debt threshold was also determined by assessing the link between public debt and economic growth. This assessment was carried out to establish the tipping point beyond which public debt adversely affects growth. Such a tipping point provides valuable information on the optimal size of public debt. The study also applied simulation approaches to determine the optimal composition of public debt. The results show that public debt dynamics in Zimbabwe largely comprised extensive stock flow adjustments emanating from extra budgetary expenditures to meet social and political related needs. The results of the assessment on the sensitivity of public debt to macroeconomic shocks show that Zimbabwe‟s public debt has been more vulnerable to economic growth, exchange rate and interest rate shocks. The significant influence of these variables highlights the role of automatic debt dynamics in public debt management. The results from the fiscal reaction function show that government has been responding positively to increases in public debt. This analysis also shows that government‟s policies are a-cyclical; as explained by the negative and insignificant response of the primary balance to the output gap. The dynamic stochastic simulation analysis suggests that Zimbabwe‟s public debt could follow an array of potential paths depending on the policy stance implemented by government. The simulated risk to public debt dynamics is larger, with an upper bound public debt to GDP ratio of 100 per cent and a lower bound public debt ratio of 32 per cent. The simulated lower bound provides a measure of a natural debt limit, which the government could adopt without fearing the risk of default. The results suggest that the main risks to public debt sustainability lie in growth shocks, whose volatility have been high for the period under study. The results from the analysis of growth and debt confirm the existence of an optimal growth maximising public debt ratio depicted by an inverted U-shaped relationship between public debt and economic growth. The optimal size of public debt was found to be at public debt levels of between 45-50 per cent of GDP. This means that higher public debt ratios have been associated with lower economic growth rates at debt levels above 50 per cent of GDP. The results are consistent with empirical findings for low income countries which suggest the existence of a debt laffer-curve. The results from an analysis of an optimal composition of public debt show a trade-off between a debt composition with more external concessional debt and one with more domestic debt. While a composition with more concessional borrowing was found to be desirable from a cost perspective, it proved to be less desirable from a risk perspective after taking into consideration stock flow adjustments due to changes in cross exchange rates. The findings of the study point to a need for the Zimbabwean government to swiftly respond to increases in public debt to control the swings in debt dynamics caused by macroeconomic shocks. The inverted U-shaped relationship between debt and growth suggests that government borrowing must be done in a way that simultaneously entrenches debt sustainability and ensures sustained economic growth rates in the medium to long-term. The study also highlights the need for counter-cyclical macroeconomic policies to avoid explosive debt dynamics emanating from frequent changes in the business cycle, and to minimise the interest/growth rate differential to ensure sustainable public debt dynamics. There is also a need for authorities to ensure a true balance between external and domestic borrowing to minimise the volatility in debt service costs caused by macroeconomic shocks. Generally, the findings from this study can assist in informing the policy agenda to address the imperatives of debt resolution, fiscal consolidation and economic growth acceleration.
- Full Text:
- Date Issued: 2014
- Authors: Mupunga, Nebson
- Date: 2014
- Subjects: Debts, Public -- Management , Debts, Public -- Zimbabwe
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/8977 , vital:26448
- Description: This study provides an analysis of public debt dynamics with a view to assess the optimal size and composition of public debt in Zimbabwe that is consistent with maintaining public debt at sustainable levels. The analysis was performed by applying public debt data for Zimbabwe over the period 1980 to 2012. Robustness checks were conducted, using data for selected low income countries in the sub-Saharan Africa. The study was motivated by the public debt management concerns caused by the 2008/09 global financial crisis and the European sovereign debt crisis as well as the external public debt overhang experienced by Zimbabwe since the year 2000. The findings of the study complement existing research findings and information on public debt management of the International Monetary Fund (IMF) and other researchers. The major contribution of this thesis is the determination of optimal public debt thresholds for Zimbabwe. The optimal public debt thresholds were estimated from a joint analysis of the macroeconomic variables that affect public debt and the reaction of fiscal policy to changes in debt. The classical linear regression and Bayesian Vector Auto Regression (BVAR) models were applied to examine the drivers of debt accumulation and to assess the sensitivity of debt to macroeconomic shocks. The information from the drivers of public debt accumulation, together with the fiscal response mechanism was used to calibrate the long-run stable (optimal) public debt target. The optimal public debt threshold was also determined by assessing the link between public debt and economic growth. This assessment was carried out to establish the tipping point beyond which public debt adversely affects growth. Such a tipping point provides valuable information on the optimal size of public debt. The study also applied simulation approaches to determine the optimal composition of public debt. The results show that public debt dynamics in Zimbabwe largely comprised extensive stock flow adjustments emanating from extra budgetary expenditures to meet social and political related needs. The results of the assessment on the sensitivity of public debt to macroeconomic shocks show that Zimbabwe‟s public debt has been more vulnerable to economic growth, exchange rate and interest rate shocks. The significant influence of these variables highlights the role of automatic debt dynamics in public debt management. The results from the fiscal reaction function show that government has been responding positively to increases in public debt. This analysis also shows that government‟s policies are a-cyclical; as explained by the negative and insignificant response of the primary balance to the output gap. The dynamic stochastic simulation analysis suggests that Zimbabwe‟s public debt could follow an array of potential paths depending on the policy stance implemented by government. The simulated risk to public debt dynamics is larger, with an upper bound public debt to GDP ratio of 100 per cent and a lower bound public debt ratio of 32 per cent. The simulated lower bound provides a measure of a natural debt limit, which the government could adopt without fearing the risk of default. The results suggest that the main risks to public debt sustainability lie in growth shocks, whose volatility have been high for the period under study. The results from the analysis of growth and debt confirm the existence of an optimal growth maximising public debt ratio depicted by an inverted U-shaped relationship between public debt and economic growth. The optimal size of public debt was found to be at public debt levels of between 45-50 per cent of GDP. This means that higher public debt ratios have been associated with lower economic growth rates at debt levels above 50 per cent of GDP. The results are consistent with empirical findings for low income countries which suggest the existence of a debt laffer-curve. The results from an analysis of an optimal composition of public debt show a trade-off between a debt composition with more external concessional debt and one with more domestic debt. While a composition with more concessional borrowing was found to be desirable from a cost perspective, it proved to be less desirable from a risk perspective after taking into consideration stock flow adjustments due to changes in cross exchange rates. The findings of the study point to a need for the Zimbabwean government to swiftly respond to increases in public debt to control the swings in debt dynamics caused by macroeconomic shocks. The inverted U-shaped relationship between debt and growth suggests that government borrowing must be done in a way that simultaneously entrenches debt sustainability and ensures sustained economic growth rates in the medium to long-term. The study also highlights the need for counter-cyclical macroeconomic policies to avoid explosive debt dynamics emanating from frequent changes in the business cycle, and to minimise the interest/growth rate differential to ensure sustainable public debt dynamics. There is also a need for authorities to ensure a true balance between external and domestic borrowing to minimise the volatility in debt service costs caused by macroeconomic shocks. Generally, the findings from this study can assist in informing the policy agenda to address the imperatives of debt resolution, fiscal consolidation and economic growth acceleration.
- Full Text:
- Date Issued: 2014
Correlates and outcomes of emotional intelligence in organisations
- Authors: Bosman, Leon Abraham
- Date: 2003
- Subjects: Leadership , Emotional intelligence , Organizational behavior
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:11006 , http://hdl.handle.net/10948/337 , Leadership , Emotional intelligence , Organizational behavior
- Description: Emotional Intelligence and Leadership are two very important constructs to organizations. Likewise concepts like OCB, conflict handling and intention to quit of employees are equally important constructs to organizations. The primary aim of the present study was to determine how well Organisational Citizenship Behaviour and intention to quit as well as the conflict handling style of subordinates could be predicted by means of leadership style, and the emotional intelligence of leaders. A secondary aim was to determine whether a causal model could be built to represent the relationships among the variables included in the study. Relationships among these constructs were investigated in a South African sample of employees (N=470) working for various organisations. The construct validity and internal consistency of the measuring instruments were investigated. The finally accepted factor structure of not one of the measuring instruments matched the original structure as found by the authors/developers of the measuring instruments. It was therefore decided that in all cases the factor pattern as determined on the responses of the present sample would be used in further analyses of the data. Emotional intelligence of leaders as seen by subordinates and the self - perceived conflict handling styles of subordinates seem to be related in the case of Integrating and Obliging conflict handling styles and both the emotional intelligence sub-scales, i.e. Motivation and Vigilance. The Multiple Regression analysis indicated that the emotional intelligence sub-scales scores played a minor role in the prediction of Organizational Citizenship Behaviour. Models of the relationships among the variables were built by studying the results of v previous as well as the present study. The model, in which emotional intelligence is depicted as a causal variable influencing - through leadership behaviour – organizational citizenship behaviour and the integrating style of handling interpersonal conflict represented a good fit with the data. These results seem to provide some structure for thinking about the relationships among the variables and can possibly serve as frames of reference in future studies.
- Full Text:
- Date Issued: 2003
- Authors: Bosman, Leon Abraham
- Date: 2003
- Subjects: Leadership , Emotional intelligence , Organizational behavior
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:11006 , http://hdl.handle.net/10948/337 , Leadership , Emotional intelligence , Organizational behavior
- Description: Emotional Intelligence and Leadership are two very important constructs to organizations. Likewise concepts like OCB, conflict handling and intention to quit of employees are equally important constructs to organizations. The primary aim of the present study was to determine how well Organisational Citizenship Behaviour and intention to quit as well as the conflict handling style of subordinates could be predicted by means of leadership style, and the emotional intelligence of leaders. A secondary aim was to determine whether a causal model could be built to represent the relationships among the variables included in the study. Relationships among these constructs were investigated in a South African sample of employees (N=470) working for various organisations. The construct validity and internal consistency of the measuring instruments were investigated. The finally accepted factor structure of not one of the measuring instruments matched the original structure as found by the authors/developers of the measuring instruments. It was therefore decided that in all cases the factor pattern as determined on the responses of the present sample would be used in further analyses of the data. Emotional intelligence of leaders as seen by subordinates and the self - perceived conflict handling styles of subordinates seem to be related in the case of Integrating and Obliging conflict handling styles and both the emotional intelligence sub-scales, i.e. Motivation and Vigilance. The Multiple Regression analysis indicated that the emotional intelligence sub-scales scores played a minor role in the prediction of Organizational Citizenship Behaviour. Models of the relationships among the variables were built by studying the results of v previous as well as the present study. The model, in which emotional intelligence is depicted as a causal variable influencing - through leadership behaviour – organizational citizenship behaviour and the integrating style of handling interpersonal conflict represented a good fit with the data. These results seem to provide some structure for thinking about the relationships among the variables and can possibly serve as frames of reference in future studies.
- Full Text:
- Date Issued: 2003
Environmental management systems in South African small and medium-sized businesses
- Authors: Lillah, Riyaadh
- Date: 2015
- Subjects: Business enterprises -- Environmental aspects -- South Africa , Environmental management -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/2909 , vital:20362
- Description: Businesses have been criticised for their contribution towards the ever-increasing rate of destruction of the natural environment. Although businesses have responded by adapting their management practices, production processes and products, they still face a number of challenges in reducing their environmental impact. One way in which businesses have responded to the environmental crisis is by implementing environmental management systems. Despite the importance of environmental management implementation, researchers have neglected to identify the antecedents that could lead to environmental management system implementation in South African small and medium-sized businesses. Indeed, much of the research on environmental management has concentrated on large business in Europe or the United States. The limited research that has been conducted on environmental management in small and medium-sized businesses has been descriptive in nature, and fails to produce results that are generalisable and that advance the understanding on this topic. Given this situation, the objective of this study was to develop and empirically test a theoretical model to explain the implementation of environmental management systems in small and medium-sized businesses. A quantitative survey methodology was adopted in this study to test the proposed theoretical model empirically. In total, 417 small and medium-sized businesses participated in the survey; 326 of these were not implementing an environmental management system, and 91 were implementing such a system. Descriptive statistics were used to summarise the sample data. The findings of this analysis suggest that the respondents had a favourable attitude toward environmental management systems; they were aware of environmental issues; they perceived themselves and their businesses as able to deal with the barriers to environmental management system implementation; they felt personally obligated to reduce their business‟ environmental impact; and they perceived actions aimed at reducing their businesses‟ environmental impact as socially desirable. To test the hypothesised relationships in the theoretical model, correlation and multiple regression analyses were used. The hypotheses dealing with the relationship between the environmental antecedents and the owner-manager‟s intention to implement an environmental management system, and the actual implementation of an environmental management system, were supported in this study. Thus, the environmental antecedents were found to be positively related to the small and medium-sized business owners‟ intention to implement an environmental management system; to their formal and informal implementation of an environmental management system; and to their practices related to waste management and legal compliance. Empirical evidence to support the hypothesised effect of resource constraints as a moderating variable was found in this study. In terms of environmental values, support was found for the moderating effect of egoistic, altruistic, and biospheric values. In terms of the biographical characteristics of the business owners, significant moderating effects were found for gender and age, but not for education. Gender influenced the relationships between the environmental antecedents, attitude towards an environmental management system and personal pro-environmental norms, and the intention to implement an environmental management system. Age moderated the relationship between subjective pro-environmental norms, waste management, and legal compliance. Given the empirical evidence provided in this study, it is recommended that greater awareness of environmental issues be fostered among small and medium-sized business owners as well as the individuals who influence their decision-making. There is also a need to reinforce the positive business outcomes of environmental management system implementation, as well as the personal and social obligations to protect the natural environment among small and medium-sized business owners.
- Full Text:
- Date Issued: 2015
- Authors: Lillah, Riyaadh
- Date: 2015
- Subjects: Business enterprises -- Environmental aspects -- South Africa , Environmental management -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/2909 , vital:20362
- Description: Businesses have been criticised for their contribution towards the ever-increasing rate of destruction of the natural environment. Although businesses have responded by adapting their management practices, production processes and products, they still face a number of challenges in reducing their environmental impact. One way in which businesses have responded to the environmental crisis is by implementing environmental management systems. Despite the importance of environmental management implementation, researchers have neglected to identify the antecedents that could lead to environmental management system implementation in South African small and medium-sized businesses. Indeed, much of the research on environmental management has concentrated on large business in Europe or the United States. The limited research that has been conducted on environmental management in small and medium-sized businesses has been descriptive in nature, and fails to produce results that are generalisable and that advance the understanding on this topic. Given this situation, the objective of this study was to develop and empirically test a theoretical model to explain the implementation of environmental management systems in small and medium-sized businesses. A quantitative survey methodology was adopted in this study to test the proposed theoretical model empirically. In total, 417 small and medium-sized businesses participated in the survey; 326 of these were not implementing an environmental management system, and 91 were implementing such a system. Descriptive statistics were used to summarise the sample data. The findings of this analysis suggest that the respondents had a favourable attitude toward environmental management systems; they were aware of environmental issues; they perceived themselves and their businesses as able to deal with the barriers to environmental management system implementation; they felt personally obligated to reduce their business‟ environmental impact; and they perceived actions aimed at reducing their businesses‟ environmental impact as socially desirable. To test the hypothesised relationships in the theoretical model, correlation and multiple regression analyses were used. The hypotheses dealing with the relationship between the environmental antecedents and the owner-manager‟s intention to implement an environmental management system, and the actual implementation of an environmental management system, were supported in this study. Thus, the environmental antecedents were found to be positively related to the small and medium-sized business owners‟ intention to implement an environmental management system; to their formal and informal implementation of an environmental management system; and to their practices related to waste management and legal compliance. Empirical evidence to support the hypothesised effect of resource constraints as a moderating variable was found in this study. In terms of environmental values, support was found for the moderating effect of egoistic, altruistic, and biospheric values. In terms of the biographical characteristics of the business owners, significant moderating effects were found for gender and age, but not for education. Gender influenced the relationships between the environmental antecedents, attitude towards an environmental management system and personal pro-environmental norms, and the intention to implement an environmental management system. Age moderated the relationship between subjective pro-environmental norms, waste management, and legal compliance. Given the empirical evidence provided in this study, it is recommended that greater awareness of environmental issues be fostered among small and medium-sized business owners as well as the individuals who influence their decision-making. There is also a need to reinforce the positive business outcomes of environmental management system implementation, as well as the personal and social obligations to protect the natural environment among small and medium-sized business owners.
- Full Text:
- Date Issued: 2015
Factors contributing to the success of professional and business women in South Africa
- Authors: Doubell, Marianne
- Date: 2011
- Subjects: Women executives -- South Africa , Women in the professions -- South Africa , Businesswomen -- South Africa , Career development -- South Africa , Women in development -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9275 , http://hdl.handle.net/10948/1622 , Women executives -- South Africa , Women in the professions -- South Africa , Businesswomen -- South Africa , Career development -- South Africa , Women in development -- South Africa
- Description: Women remain notably underrepresented in management and leadership positions despite the enactment of Equal Opportunity and Affirmative Action policies. A critical literature review yielded evidence of a multitude of barriers inhibiting women’s career advancement beyond an apparent glass ceiling, but not which of the factors constitute the major barriers. A knowledge gap was further identified in research pertaining to characteristics of successful professional women and the environments that enable them to succeed in their professions. The purpose of the current study is to expand the empirical body of research and knowledge on factors contributing to the success of professional women, and of factors inhibiting the career progression of women in business. The study extends that of Punnett, Duffy, Fox, Gregory, Lituchy, Monserrat, Olivas-Luján and Santos (2006) and of Duffy, Fox, Punnett, Gregory, Lituchy, Monserrat, Olivas-Luján, Santos and Miller (2006), conducted in the Americas, to the South African context. The study suggests a conceptual framework for investigating factors that influence professional success of women. The developed conceptual framework of factors perceived to influence professional success was employed to empirically test the relationships between the variables presented. The empirical data collected was subjected to a series of statistical tests and the results considered in testing the hypotheses. Statistica 10 was employed to analyse the empirical data collected. Univariate and multivariate tests (MANOVA) were employed to determine whether sufficient evidence existed to make conclusions about hypotheses one to five of the study, relating to differences between two success groups of women based on their demographics and the selected variables. Pearson Product Moment Correlation (Pearson r) was employed to determine whether sufficient evidence existed to make conclusions about vi hypotheses six to ten, relating to significant relationships between the selected independent variables for the study and the professional success of women. Professional success was measured as job seniority level. For the pipeline success group, professional success was measured as seniority in relation to years in the employment sector and age. The contribution of the study to management science and possible limitations are discussed and recommendations made for future research. Recommendations for the development of women and for the social transformation of organisations are made. The study identifies a number of internal organisational support factors and government interventions which are recommended for inclusion in development initiatives for the achievement of gender equity.
- Full Text:
- Date Issued: 2011
- Authors: Doubell, Marianne
- Date: 2011
- Subjects: Women executives -- South Africa , Women in the professions -- South Africa , Businesswomen -- South Africa , Career development -- South Africa , Women in development -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9275 , http://hdl.handle.net/10948/1622 , Women executives -- South Africa , Women in the professions -- South Africa , Businesswomen -- South Africa , Career development -- South Africa , Women in development -- South Africa
- Description: Women remain notably underrepresented in management and leadership positions despite the enactment of Equal Opportunity and Affirmative Action policies. A critical literature review yielded evidence of a multitude of barriers inhibiting women’s career advancement beyond an apparent glass ceiling, but not which of the factors constitute the major barriers. A knowledge gap was further identified in research pertaining to characteristics of successful professional women and the environments that enable them to succeed in their professions. The purpose of the current study is to expand the empirical body of research and knowledge on factors contributing to the success of professional women, and of factors inhibiting the career progression of women in business. The study extends that of Punnett, Duffy, Fox, Gregory, Lituchy, Monserrat, Olivas-Luján and Santos (2006) and of Duffy, Fox, Punnett, Gregory, Lituchy, Monserrat, Olivas-Luján, Santos and Miller (2006), conducted in the Americas, to the South African context. The study suggests a conceptual framework for investigating factors that influence professional success of women. The developed conceptual framework of factors perceived to influence professional success was employed to empirically test the relationships between the variables presented. The empirical data collected was subjected to a series of statistical tests and the results considered in testing the hypotheses. Statistica 10 was employed to analyse the empirical data collected. Univariate and multivariate tests (MANOVA) were employed to determine whether sufficient evidence existed to make conclusions about hypotheses one to five of the study, relating to differences between two success groups of women based on their demographics and the selected variables. Pearson Product Moment Correlation (Pearson r) was employed to determine whether sufficient evidence existed to make conclusions about vi hypotheses six to ten, relating to significant relationships between the selected independent variables for the study and the professional success of women. Professional success was measured as job seniority level. For the pipeline success group, professional success was measured as seniority in relation to years in the employment sector and age. The contribution of the study to management science and possible limitations are discussed and recommendations made for future research. Recommendations for the development of women and for the social transformation of organisations are made. The study identifies a number of internal organisational support factors and government interventions which are recommended for inclusion in development initiatives for the achievement of gender equity.
- Full Text:
- Date Issued: 2011
Financial literacy training in the small, medium and microenterprises sector : effect on business growth in the Eastern Cape, South Africa
- Authors: Akpan, Iniobong Wilson
- Date: 2016
- Subjects: Economics Small business Business enterprises -- Finance
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10353/13608 , vital:39684
- Description: The centrality of financial literacy to business performance is increasingly becoming established in the literature, with several studies attributing business failures, especially in the small, medium and microenterprises (SMME) sector, to the failure of entrepreneurs to acquire needed levels of formal financial training. This emphasis represents a paradigm shift: small business failures were conventionally blamed on lack of access to capital, infrastructural deficits, lack of markets for SMME goods and services, regulatory constraints, and crime. In South Africa, and elsewhere in the developing world, this new orthodoxy has spurned new policy interventions aimed at improving the financial literacy levels in the SMME sector. Such is the drive to entrench formal literacy provisioning in the SMME sector that some microcredit providers now bundle financial management training into their SMME loan packages. However, there is a dearth of empirical studies that demonstrate, in any conclusive way, the effect of financial literacy training on small business growth and sustainability. The question, therefore, about whether formal financial literacy training actually leads to significant improvements in turnover levels and growth appears to be answered more as advocacy rather than on the basis of empirical evidence. It is against the backdrop of these arguments that the thesis adopted a quasi experimental design to study the business performance of a sample of SMME entrepreneurs who had received financial literacy training (the “treatment group”) at least two years before the study’s commencement and those who had had no financial literacy training at all (the “control group”). The objective was to determine whether any differences in business growth could be attributed to exposure to formal financial management training or the lack thereof. A survey was conducted with 40 respondents from each of the two groups (n = 80). The survey was triangulated with in-depth interviews of a randomly selected sample 10 of SMME operators from each of the two groups. The interviews sought to uncover the entrepreneurs’ narratives regarding the sources and salience of financial literacy in the sector. The study was conducted among SMME operators in Port Elizabeth, East London and Mthatha – the Eastern Cape’s major centres of commerce and industry. Data estimation was conducted using the Difference In Difference (DID) estimation model to determine whether financial literacy training has had any effect on the turnover of training recipients’ businesses (the treatment group) over that of non-training recipients (the control group). Also, the DID coefficient was used as a growth rate indicator to determine whether growth has occurred in training recipients’ businesses over non-training recipients businesses as a result of having received financial literacy training. The Propensity Score Matching (PSM) was used to estimate the average treatment effect (ATE) and the average treatment effect on the treated (ATET). Quantile DID correlations with covariates were also run to reveal the relationship between turnover (a growth variable) and the covariates as possible influencers of firm performance. The key findings of the study were that based on the specific financial variables tested, some basic financial management knowledge existed among members of the two groups of SMME operators, but there was very minimal application of the knowledge in the day-to-day running of the business. Operators utilise both formal financial literacy training and informal knowledge sources in the operation of their businesses. The study also found that in comparison, the difference in turnover between the treatment and control group at follow-up period was significant at a P value of 0.000. This gave rise to an overall DID P value of 0.000 in the estimation. However, the significance was in favour of control group businesses as the business of respondents in the “control group” (with no financial literacy training) performed better than that of respondents in the “treatment group” (who had received financial literacy training). Finally, the study found that financial literacy training had no effect on the growth of businesses in the short term as the growth rate of turnover of the treatment group was lower than that of the control group and the difference between the two rates was significant at a P value of 0.025. Also, compared to itself, the change in turnover levels of the treatment group was not significant in the pre- and post-training periods as revealed by the PSM ATET estimation result. Minimal changes in turnover of the treatment group was not significant at a P value of 0.124. The study concludes from these findings that while financial literacy remains a salient factor in business, scholarship about the real significance of financial literacy training on small business performance in the short term stands on a relatively shaky empirical foundation, especially when viewed against the background that many SMME entrepreneurs also rely on informal knowledge sources to make everyday business decisions. The study thus highlights the imperative of ensuring that knowledge-related interventions in the SMME sector draws on both formal and informal sources of knowledge.
- Full Text:
- Date Issued: 2016
- Authors: Akpan, Iniobong Wilson
- Date: 2016
- Subjects: Economics Small business Business enterprises -- Finance
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10353/13608 , vital:39684
- Description: The centrality of financial literacy to business performance is increasingly becoming established in the literature, with several studies attributing business failures, especially in the small, medium and microenterprises (SMME) sector, to the failure of entrepreneurs to acquire needed levels of formal financial training. This emphasis represents a paradigm shift: small business failures were conventionally blamed on lack of access to capital, infrastructural deficits, lack of markets for SMME goods and services, regulatory constraints, and crime. In South Africa, and elsewhere in the developing world, this new orthodoxy has spurned new policy interventions aimed at improving the financial literacy levels in the SMME sector. Such is the drive to entrench formal literacy provisioning in the SMME sector that some microcredit providers now bundle financial management training into their SMME loan packages. However, there is a dearth of empirical studies that demonstrate, in any conclusive way, the effect of financial literacy training on small business growth and sustainability. The question, therefore, about whether formal financial literacy training actually leads to significant improvements in turnover levels and growth appears to be answered more as advocacy rather than on the basis of empirical evidence. It is against the backdrop of these arguments that the thesis adopted a quasi experimental design to study the business performance of a sample of SMME entrepreneurs who had received financial literacy training (the “treatment group”) at least two years before the study’s commencement and those who had had no financial literacy training at all (the “control group”). The objective was to determine whether any differences in business growth could be attributed to exposure to formal financial management training or the lack thereof. A survey was conducted with 40 respondents from each of the two groups (n = 80). The survey was triangulated with in-depth interviews of a randomly selected sample 10 of SMME operators from each of the two groups. The interviews sought to uncover the entrepreneurs’ narratives regarding the sources and salience of financial literacy in the sector. The study was conducted among SMME operators in Port Elizabeth, East London and Mthatha – the Eastern Cape’s major centres of commerce and industry. Data estimation was conducted using the Difference In Difference (DID) estimation model to determine whether financial literacy training has had any effect on the turnover of training recipients’ businesses (the treatment group) over that of non-training recipients (the control group). Also, the DID coefficient was used as a growth rate indicator to determine whether growth has occurred in training recipients’ businesses over non-training recipients businesses as a result of having received financial literacy training. The Propensity Score Matching (PSM) was used to estimate the average treatment effect (ATE) and the average treatment effect on the treated (ATET). Quantile DID correlations with covariates were also run to reveal the relationship between turnover (a growth variable) and the covariates as possible influencers of firm performance. The key findings of the study were that based on the specific financial variables tested, some basic financial management knowledge existed among members of the two groups of SMME operators, but there was very minimal application of the knowledge in the day-to-day running of the business. Operators utilise both formal financial literacy training and informal knowledge sources in the operation of their businesses. The study also found that in comparison, the difference in turnover between the treatment and control group at follow-up period was significant at a P value of 0.000. This gave rise to an overall DID P value of 0.000 in the estimation. However, the significance was in favour of control group businesses as the business of respondents in the “control group” (with no financial literacy training) performed better than that of respondents in the “treatment group” (who had received financial literacy training). Finally, the study found that financial literacy training had no effect on the growth of businesses in the short term as the growth rate of turnover of the treatment group was lower than that of the control group and the difference between the two rates was significant at a P value of 0.025. Also, compared to itself, the change in turnover levels of the treatment group was not significant in the pre- and post-training periods as revealed by the PSM ATET estimation result. Minimal changes in turnover of the treatment group was not significant at a P value of 0.124. The study concludes from these findings that while financial literacy remains a salient factor in business, scholarship about the real significance of financial literacy training on small business performance in the short term stands on a relatively shaky empirical foundation, especially when viewed against the background that many SMME entrepreneurs also rely on informal knowledge sources to make everyday business decisions. The study thus highlights the imperative of ensuring that knowledge-related interventions in the SMME sector draws on both formal and informal sources of knowledge.
- Full Text:
- Date Issued: 2016
Income distribution and economic growth in South Africa
- Spandau, Arnt Michael Karl Max
- Authors: Spandau, Arnt Michael Karl Max
- Date: 1972
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:21131 , http://hdl.handle.net/10962/6517
- Description: It is the purpose of this study to examine the interplay of supply and demand factors for the South African economy, and to relate this to the functional, personal, and racial distribution of incomes. On the one hand, it appears that a concentration of incomes in the hands of those who possess both the ability and willingness to save, and to utilize the savings for productive investments, is a crucial determinant for the enhancement of economic growth. On the other hand, an excessive income concentration may severely limit the purchasing power of the major part of the population, thus inhibiting domestic investment. The study is developed, partly in terms of a theory of economic development, and partly in terms of a theory of economic growth. The analysis covers the period from 1918 to the present time. Periods during which the actual economic growth would have been faster had the distribution of incomes favoured work income receivers at the expense of other income receivers, are identified by employing a short-term post-Keynesian model of functional income distribution. Periods during which an acceleration of economic growth would have been achieved had the opposite condition prevailed, are also shown. An analysis is made both of the division by race of aggregate income, and of racial wage differentials in particular economic sectors. A noticeable identity between the economic growth performance and racial wage differentials is evidenced both for the mining and manufacturing sectors. It appears that in the long-term, there is regularity in respect of correlations between measures of the inequality in the size distribution of income on the one hand, and the rates of investment and economic growth on the other. From this observation, it becomes evident that inequality in the distribution of personal income has been a necessary condition for the attainment of economic growth in South Africa. It is obvious that a study of this sort necessitates the use of much statistical data. In order to avoid major disturbances in the flow of the theoretical and analytical arguments through the discussion of the statistical material, the work is submitted in two volumes, viz.,Volume 1 dealing with the Theory and Analysis, and Volume II with the Statistical Foundations.
- Full Text:
- Date Issued: 1972
- Authors: Spandau, Arnt Michael Karl Max
- Date: 1972
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:21131 , http://hdl.handle.net/10962/6517
- Description: It is the purpose of this study to examine the interplay of supply and demand factors for the South African economy, and to relate this to the functional, personal, and racial distribution of incomes. On the one hand, it appears that a concentration of incomes in the hands of those who possess both the ability and willingness to save, and to utilize the savings for productive investments, is a crucial determinant for the enhancement of economic growth. On the other hand, an excessive income concentration may severely limit the purchasing power of the major part of the population, thus inhibiting domestic investment. The study is developed, partly in terms of a theory of economic development, and partly in terms of a theory of economic growth. The analysis covers the period from 1918 to the present time. Periods during which the actual economic growth would have been faster had the distribution of incomes favoured work income receivers at the expense of other income receivers, are identified by employing a short-term post-Keynesian model of functional income distribution. Periods during which an acceleration of economic growth would have been achieved had the opposite condition prevailed, are also shown. An analysis is made both of the division by race of aggregate income, and of racial wage differentials in particular economic sectors. A noticeable identity between the economic growth performance and racial wage differentials is evidenced both for the mining and manufacturing sectors. It appears that in the long-term, there is regularity in respect of correlations between measures of the inequality in the size distribution of income on the one hand, and the rates of investment and economic growth on the other. From this observation, it becomes evident that inequality in the distribution of personal income has been a necessary condition for the attainment of economic growth in South Africa. It is obvious that a study of this sort necessitates the use of much statistical data. In order to avoid major disturbances in the flow of the theoretical and analytical arguments through the discussion of the statistical material, the work is submitted in two volumes, viz.,Volume 1 dealing with the Theory and Analysis, and Volume II with the Statistical Foundations.
- Full Text:
- Date Issued: 1972
Local content requirements and the impact on the South African renewable energy sector
- Authors: Ettmayr, Christopher
- Date: 2016
- Subjects: Renewable energy sources -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/6149 , vital:21043
- Description: Economies aim to expand over time, which always implies the need for increased energy availability in support of this growth. Governments can use their procurement of energy generation to further enhance the benefit to their economies via certain policy tools. One such tool is Local Content Requirements (LCR) where procurement of a good dictates that a certain value has to be sourced locally. The argument for this tool is that spend is localised and manufacturing, as well as job creation, can be stimulated due to industry establishing in the host economy. However, this practice is distortionary in effect and it does not create a fair playing field for global trade. Furthermore, if the local content definition is weak, or open to manipulation, the goals of such a policy may not be achieved at all. This study looked into the local content requirements of South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) and measured the impact of this policy on the renewable energy sector in general. It was found that, in order to implement a policy such as local content, the host economy had to have certain pre-existing conditions in order to avoid any negative welfare effects. Due to SA not holding all supportive pre-conditions for supporting local content policy, the impact and effect of LCRs has not been optimal and it has not been found to be a sustainable mechanism to continue using into the future indefinitely. The pricing of renewable energy was also found to be higher due to local content and such pricing is passed on to the energy consumer. Therefore, the net welfare impact created for South Africa is diminished in exchange for the creation of jobs and manufacturing, but due to the unsustainability and potential manipulation of the system the country is not maximising the welfare potential from the REIPPPP as it should. It was found that SA renewable energy resources do exist and the logistics infrastructure is strong, providing good potential for investment into renewable energy projects. The demand created by the REIPPPP provided a good market, but there was uncertainty in the long term planning and stability. So, from a market perspective this could be further enhanced. Government had created a sufficient platform for investment, but areas of development such as clusters, R&D and skills training would create a better support environment for LCR policy and strict monitoring of this would also be required to prevent any manipulation. The use of LCRs increases project costs and risk, which is passed onto the energy consumers, but this could be reduced if local goods were more readily available at the right price and at the right quality and quantity. Focus on clusters would once again assist in this regard as independent power producers (IPPs) and engineering procurement and construction (EPC) entities would be able to source components and goods locally in a more cost-effective manner. As the LCRs currently stand in the REIPPPP, it would seem that South Africa is making renewable energy more expensive and although it is argued that this is done for the benefit of creating a new industry and jobs, these are not sustainable and so the current LCR policy will only create short term benefits.
- Full Text:
- Date Issued: 2016
- Authors: Ettmayr, Christopher
- Date: 2016
- Subjects: Renewable energy sources -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/6149 , vital:21043
- Description: Economies aim to expand over time, which always implies the need for increased energy availability in support of this growth. Governments can use their procurement of energy generation to further enhance the benefit to their economies via certain policy tools. One such tool is Local Content Requirements (LCR) where procurement of a good dictates that a certain value has to be sourced locally. The argument for this tool is that spend is localised and manufacturing, as well as job creation, can be stimulated due to industry establishing in the host economy. However, this practice is distortionary in effect and it does not create a fair playing field for global trade. Furthermore, if the local content definition is weak, or open to manipulation, the goals of such a policy may not be achieved at all. This study looked into the local content requirements of South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) and measured the impact of this policy on the renewable energy sector in general. It was found that, in order to implement a policy such as local content, the host economy had to have certain pre-existing conditions in order to avoid any negative welfare effects. Due to SA not holding all supportive pre-conditions for supporting local content policy, the impact and effect of LCRs has not been optimal and it has not been found to be a sustainable mechanism to continue using into the future indefinitely. The pricing of renewable energy was also found to be higher due to local content and such pricing is passed on to the energy consumer. Therefore, the net welfare impact created for South Africa is diminished in exchange for the creation of jobs and manufacturing, but due to the unsustainability and potential manipulation of the system the country is not maximising the welfare potential from the REIPPPP as it should. It was found that SA renewable energy resources do exist and the logistics infrastructure is strong, providing good potential for investment into renewable energy projects. The demand created by the REIPPPP provided a good market, but there was uncertainty in the long term planning and stability. So, from a market perspective this could be further enhanced. Government had created a sufficient platform for investment, but areas of development such as clusters, R&D and skills training would create a better support environment for LCR policy and strict monitoring of this would also be required to prevent any manipulation. The use of LCRs increases project costs and risk, which is passed onto the energy consumers, but this could be reduced if local goods were more readily available at the right price and at the right quality and quantity. Focus on clusters would once again assist in this regard as independent power producers (IPPs) and engineering procurement and construction (EPC) entities would be able to source components and goods locally in a more cost-effective manner. As the LCRs currently stand in the REIPPPP, it would seem that South Africa is making renewable energy more expensive and although it is argued that this is done for the benefit of creating a new industry and jobs, these are not sustainable and so the current LCR policy will only create short term benefits.
- Full Text:
- Date Issued: 2016
Monetary policy transparency in Sub-Saharan Africa evidence and lessons
- Nhavira, John Davison Gondwe
- Authors: Nhavira, John Davison Gondwe
- Date: 2015
- Subjects: Monetary policy -- Africa, Sub-Saharan , Banks and banking, Central -- Africa, Sub-Saharan
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/5262 , vital:20827
- Description: This research deals with achieving and maintaining price stability in Sub-Saharan Africa (SSA) through the practice of monetary-policy transparency (MPT). On the one hand, MPT refers to a monetary strategy whereby the central bank is insulated from political influence and made accountable to society through disclosure of its policies, procedures, economic models, data and forecasts, operations and political practices (such as objectives, personnel independence, and the like). On the other hand, price stability refers to achieving and maintaining low and stable levels of inflation conducive for long-term planning and poverty alleviation. The primary objective of this research was to investigate MPT in SSA as it represents a powerful means whereby economic agents’ expectations may be coordinated and managed by the central bank to achieve its societal, objective function of low inflation. The empirical evidence shows that, first, a dependent central bank is more likely to slip into hyperinflation. Second, a SADC (2008) model central bank law is not independent enough to be used as a benchmark for any central bank or as a charter for a regional central bank. Third, the degree of central bank independence in SSA is relatively lower than that in industrialised economies. Fourth, the determinants of MPT in SSA are trade openness, and financial depth that are important factors influencing policy-makers to adopt monetary-policy transparency. Fifth, MPT is associated with a decline in the inflation rate. Sixth, MPT had no significant effect on economic output, whilst trade openness was positively associated with real GDP.
- Full Text:
- Date Issued: 2015
- Authors: Nhavira, John Davison Gondwe
- Date: 2015
- Subjects: Monetary policy -- Africa, Sub-Saharan , Banks and banking, Central -- Africa, Sub-Saharan
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/5262 , vital:20827
- Description: This research deals with achieving and maintaining price stability in Sub-Saharan Africa (SSA) through the practice of monetary-policy transparency (MPT). On the one hand, MPT refers to a monetary strategy whereby the central bank is insulated from political influence and made accountable to society through disclosure of its policies, procedures, economic models, data and forecasts, operations and political practices (such as objectives, personnel independence, and the like). On the other hand, price stability refers to achieving and maintaining low and stable levels of inflation conducive for long-term planning and poverty alleviation. The primary objective of this research was to investigate MPT in SSA as it represents a powerful means whereby economic agents’ expectations may be coordinated and managed by the central bank to achieve its societal, objective function of low inflation. The empirical evidence shows that, first, a dependent central bank is more likely to slip into hyperinflation. Second, a SADC (2008) model central bank law is not independent enough to be used as a benchmark for any central bank or as a charter for a regional central bank. Third, the degree of central bank independence in SSA is relatively lower than that in industrialised economies. Fourth, the determinants of MPT in SSA are trade openness, and financial depth that are important factors influencing policy-makers to adopt monetary-policy transparency. Fifth, MPT is associated with a decline in the inflation rate. Sixth, MPT had no significant effect on economic output, whilst trade openness was positively associated with real GDP.
- Full Text:
- Date Issued: 2015
Money attitudes and materialism among generation Y South Africans: a life-course study
- Authors: Duh, Helen Inseng
- Date: 2011
- Subjects: Consumers -- Research , Materialism , Consumer -- Behaviour , Consumer credit
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9286 , http://hdl.handle.net/10948/d1008612 , Consumers -- Research , Materialism , Consumer -- Behaviour , Consumer credit
- Description: Materialism has long been a subject of interest to researchers. More negative than positive consequences have been reported from studies on the lifestyles of materialists. For example, increased consumer and credit card debt, shrinking saving rates, increased number of consumers filing for bankruptcy, lower levels of life satisfaction and the depletion of natural resources are reported to be emanating from the increasing levels of materialism in societies. It is thus important to investigate the factors that can be implicated for the growth of materialism. Most of the studies attempt to explain materialism at a given point in time in isolation of the events people have experienced in their early life or childhood. Realizing that this practice is a shortcoming in consumer research, there is a call that consumer behaviour, such as materialism, be studied as a function of past life experiences using the life-course approach. While few studies have applied this approach to understanding materialism, little is known about the psychological processes that link childhood family structure to materialism. It is against this background that this study used the life-course approach to study how childhood family structure affects materialism through psychological processes of perceived family resources (tangible and intangible), perceived stress from the disruptive family events, and money attitudes of Generation Y South Africans. The study also assessed the moderating role of money attitudes on the relationship between childhood family experiences and materialism. Money attitude dimensions of status, achievement, worry, security and budget were introduced to broaden the life-course study of materialism because they are reported to begin in childhood, to remain in adulthood and they function in the background of every behavioural intention and action. Generation Y (commonly reported to be born between 1977 and 1994) were the subject of this study, because the literature reviewed revealed that these emerging consumers are not only numerous (about 30 percent of South Africans are Generation Y), have considerable influence and spending power, but most have been raised in disrupted single-parent/income families. With reports from family sociologists on the outcomes of divorce and single-parenthood (for example, stress, inadequate family resources, and low self-esteem) questions were raised as to how these outcomes would affect Generation Y money attitudes and materialistic values. Ten hypotheses were formulated to empirically answer the research questions. Using quantitative methodologies based on the nature of the research questions and problems, data were collected through online questionnaire from 826 business undergraduate students from the Nelson Mandela Metropolitan and Western Cape Universities. University-aged respondents were appropriate for this study since they are ideally suited to remember their past family circumstances and must have already formed consumption habits, attitudes and values at their age. The first research problem was to evaluate how two of the life-course theoretical perspectives (i.e., family resources and stress) selected for this study would explain the materialistic values of Generation Y South Africans raised in non-intact (did not live with both biological parents before 18th birthday) and intact (lived with both biological parents before 18th birthday) family structures through the money attitudes adopted. The results showed that even though a significant difference in perceived family resources (both tangible and intangible) and stress was found between subjects raised in non-intact (or disrupted) and intact families, the difference in materialism as a whole was not significant. In terms of the three materialistic values of success, happiness and centrality, subjects raised in disrupted families significantly scored higher in the happiness dimension. For the money attitude dimensions of status, achievement, worry, budget and security they significantly scored higher in the worry money attitude. Results of the correlation analyses showed that perceived decrease in tangible (food, clothing and pocket money) family resources was a childhood factor that affected later worry money attitude to significantly and positively influence all of the three materialistic values. Perceived decreases in intangible family resources (for example, love and emotional support) negatively affected the symbolic money attitudes of status and worry, which in turn, positively affected only the happiness dimension of materialism. Perceived increase in stress positively affected all of the symbolic money attitudes of status, worry and achievement. These, in turn, positively influenced only the success and happiness materialistic values. The second research problem was based on an assessment of the moderating role of money attitudes on the childhood family experiences to materialism relationship. Using hierarchical regression analyses, it was found that only the achievement and worry money attitude dimensions moderated the family resources to materialism relationship. This means that when subjects hold higher worry and achievement money attitudes, an increase in family resources (tangible and intangible) will have less effect in reducing materialistic tendencies. For the stress to materialism relationship, only the worry money attitude dimension had a moderating effect, meaning that when higher worry money attitude is held, an increase in stress from family disruptions would have a greater effect in increasing materialistic tendencies. None of the five money attitude dimensions did, however, moderate the childhood family structure to materialism relationship. The results of this study do not only have theoretical implications, but also provide valuable information to consumer-interest groups, banks and retailers, especially in terms of the money attitudes of Generation Y consumers in South Africa.
- Full Text:
- Date Issued: 2011
- Authors: Duh, Helen Inseng
- Date: 2011
- Subjects: Consumers -- Research , Materialism , Consumer -- Behaviour , Consumer credit
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9286 , http://hdl.handle.net/10948/d1008612 , Consumers -- Research , Materialism , Consumer -- Behaviour , Consumer credit
- Description: Materialism has long been a subject of interest to researchers. More negative than positive consequences have been reported from studies on the lifestyles of materialists. For example, increased consumer and credit card debt, shrinking saving rates, increased number of consumers filing for bankruptcy, lower levels of life satisfaction and the depletion of natural resources are reported to be emanating from the increasing levels of materialism in societies. It is thus important to investigate the factors that can be implicated for the growth of materialism. Most of the studies attempt to explain materialism at a given point in time in isolation of the events people have experienced in their early life or childhood. Realizing that this practice is a shortcoming in consumer research, there is a call that consumer behaviour, such as materialism, be studied as a function of past life experiences using the life-course approach. While few studies have applied this approach to understanding materialism, little is known about the psychological processes that link childhood family structure to materialism. It is against this background that this study used the life-course approach to study how childhood family structure affects materialism through psychological processes of perceived family resources (tangible and intangible), perceived stress from the disruptive family events, and money attitudes of Generation Y South Africans. The study also assessed the moderating role of money attitudes on the relationship between childhood family experiences and materialism. Money attitude dimensions of status, achievement, worry, security and budget were introduced to broaden the life-course study of materialism because they are reported to begin in childhood, to remain in adulthood and they function in the background of every behavioural intention and action. Generation Y (commonly reported to be born between 1977 and 1994) were the subject of this study, because the literature reviewed revealed that these emerging consumers are not only numerous (about 30 percent of South Africans are Generation Y), have considerable influence and spending power, but most have been raised in disrupted single-parent/income families. With reports from family sociologists on the outcomes of divorce and single-parenthood (for example, stress, inadequate family resources, and low self-esteem) questions were raised as to how these outcomes would affect Generation Y money attitudes and materialistic values. Ten hypotheses were formulated to empirically answer the research questions. Using quantitative methodologies based on the nature of the research questions and problems, data were collected through online questionnaire from 826 business undergraduate students from the Nelson Mandela Metropolitan and Western Cape Universities. University-aged respondents were appropriate for this study since they are ideally suited to remember their past family circumstances and must have already formed consumption habits, attitudes and values at their age. The first research problem was to evaluate how two of the life-course theoretical perspectives (i.e., family resources and stress) selected for this study would explain the materialistic values of Generation Y South Africans raised in non-intact (did not live with both biological parents before 18th birthday) and intact (lived with both biological parents before 18th birthday) family structures through the money attitudes adopted. The results showed that even though a significant difference in perceived family resources (both tangible and intangible) and stress was found between subjects raised in non-intact (or disrupted) and intact families, the difference in materialism as a whole was not significant. In terms of the three materialistic values of success, happiness and centrality, subjects raised in disrupted families significantly scored higher in the happiness dimension. For the money attitude dimensions of status, achievement, worry, budget and security they significantly scored higher in the worry money attitude. Results of the correlation analyses showed that perceived decrease in tangible (food, clothing and pocket money) family resources was a childhood factor that affected later worry money attitude to significantly and positively influence all of the three materialistic values. Perceived decreases in intangible family resources (for example, love and emotional support) negatively affected the symbolic money attitudes of status and worry, which in turn, positively affected only the happiness dimension of materialism. Perceived increase in stress positively affected all of the symbolic money attitudes of status, worry and achievement. These, in turn, positively influenced only the success and happiness materialistic values. The second research problem was based on an assessment of the moderating role of money attitudes on the childhood family experiences to materialism relationship. Using hierarchical regression analyses, it was found that only the achievement and worry money attitude dimensions moderated the family resources to materialism relationship. This means that when subjects hold higher worry and achievement money attitudes, an increase in family resources (tangible and intangible) will have less effect in reducing materialistic tendencies. For the stress to materialism relationship, only the worry money attitude dimension had a moderating effect, meaning that when higher worry money attitude is held, an increase in stress from family disruptions would have a greater effect in increasing materialistic tendencies. None of the five money attitude dimensions did, however, moderate the childhood family structure to materialism relationship. The results of this study do not only have theoretical implications, but also provide valuable information to consumer-interest groups, banks and retailers, especially in terms of the money attitudes of Generation Y consumers in South Africa.
- Full Text:
- Date Issued: 2011
Parental influences on the next generation’s intention to join the family business
- Authors: Saunders, Shelley Beryl
- Date: 2018
- Subjects: Family-owned business enterprises -- Succession , Family-owned business enterprises -- Management Family corporations -- Management Success in business
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/35072 , vital:33612
- Description: Family businesses play an important role worldwide and in South Africa, in terms of their economic contribution and their ability to create jobs. However, the unwillingness of next generation family members (NGFMs) to join the family business seriously jeopardises its long-term survival. This is a matter of great concern for family business owners who in general have a strong desire to pass on the business to the next generation and to preserve the family’s legacy. Of the many factors relating to a person’s choice of career, parents are by far the most influential. Against this background, the purpose of this study was to gain a better understanding of the influence that parents have on the NGFM’s intentions to join the family business as well as the factors that moderate this influence. Establishing how parents influence an NGFM’s intention to join the family business makes an important theoretical contribution to family business, succession and entrepreneurial literatures, and holds both practical and theoretical relevance. The literature review provided an overview of the field of family business and discussed the nature of these businesses. Several frameworks, theories and perspectives relating to family businesses were elaborated on. The important role that family businesses play in the economies of countries and the unique challenges they face were highlighted. One of the most important challenges facing family businesses is that of transgenerational succession and the willingness of the next generation to make the family business their career choice. Several behaviour and career choice theories were discussed, particularly in relation to the South African context, and a summary of all the factors influencing career choice in terms of these theories was presented. Several parental influences on career choice were identified and examined in detail, namely Parent–child relationship, Parents’ job characteristics, Parental financial security, Parental job satisfaction, Parental identification, Parental expectations, Parental support and Parental style. Additionally, the influence of each parental influences on NGFMs, in a family business context, was highlighted. Based on anecdotal and empirical support, these parental influences were hypothesised as influencing the dependent variable in this study, namely Intention to join the family business. Based on the social cognitive career theory, Self-efficacy and Outcome expectations were hypothesised as moderating the aforementioned relationships. This study adopted a positivist research paradigm and a quantitative methodological approach that was deductive in nature. The methodology adopted to collect primary data was a cross-sectional analytical survey. A structured questionnaire was distributed to respondents who were identified by means of judgemental sampling and 453 completed questionnaires were subjected to statistical analysis. The validity of the scales measuring the dependent, moderating and independent variables was assessed by means of factor analysis and the reliability thereof by calculating Cronbach’s alpha coefficients. Both descriptive and inferential statistics were calculated. Multiple regression analysis (MRA) was used to assess the hypothesised relationships. The findings show that only one third of the respondents agreed that they had Intentions to join the family business. Furthermore, the results of the MRA reported significant and positive relationships between the independent variables Parental expectations, Perceived parental outcomes, and Parental identification, and the dependent variable Intention to join the family business. The results of the moderated regression analysis revealed that Self-efficacy and Outcome expectations do not moderate the relationships between all the parental influences investigated and Intention to join the family business as hypothesised. However, a significant positive relationship at the ten per cent confidence level was reported between the interaction effect, Self-efficacy x Perceived parental outcomes, and Intention to join the family business. A significant positive relationship at the five per cent confidence level was also reported between the interaction effect Outcome expectations x Parental identification, and Intention to join the family business. Based on the findings of this study, numerous recommendations were made. This study makes a contribution to both theory and practice. In terms of theory, the results have highlighted the applicability of both the theory of planned behaviour and the social cognitive career theory in explaining an NGFM’s Intention to join the family business. In addition, the applicability of these theories in the family business context has been confirmed. This study also contributes to the family business literature in that it provides new insights into how parents influence one of family businesses’ biggest challenges, namely their children not wanting to take over the family business. In terms of practice, the findings show that that several of the parental influences investigated do indeed increase the intention of NGFMs to join the family business. It is anticipated that these findings will encourage parents who own family businesses to take note of how they influence their children’s decision whether to join them in the family business, and ultimately to contribute to its possible long-term survival and success.
- Full Text:
- Date Issued: 2018
- Authors: Saunders, Shelley Beryl
- Date: 2018
- Subjects: Family-owned business enterprises -- Succession , Family-owned business enterprises -- Management Family corporations -- Management Success in business
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/35072 , vital:33612
- Description: Family businesses play an important role worldwide and in South Africa, in terms of their economic contribution and their ability to create jobs. However, the unwillingness of next generation family members (NGFMs) to join the family business seriously jeopardises its long-term survival. This is a matter of great concern for family business owners who in general have a strong desire to pass on the business to the next generation and to preserve the family’s legacy. Of the many factors relating to a person’s choice of career, parents are by far the most influential. Against this background, the purpose of this study was to gain a better understanding of the influence that parents have on the NGFM’s intentions to join the family business as well as the factors that moderate this influence. Establishing how parents influence an NGFM’s intention to join the family business makes an important theoretical contribution to family business, succession and entrepreneurial literatures, and holds both practical and theoretical relevance. The literature review provided an overview of the field of family business and discussed the nature of these businesses. Several frameworks, theories and perspectives relating to family businesses were elaborated on. The important role that family businesses play in the economies of countries and the unique challenges they face were highlighted. One of the most important challenges facing family businesses is that of transgenerational succession and the willingness of the next generation to make the family business their career choice. Several behaviour and career choice theories were discussed, particularly in relation to the South African context, and a summary of all the factors influencing career choice in terms of these theories was presented. Several parental influences on career choice were identified and examined in detail, namely Parent–child relationship, Parents’ job characteristics, Parental financial security, Parental job satisfaction, Parental identification, Parental expectations, Parental support and Parental style. Additionally, the influence of each parental influences on NGFMs, in a family business context, was highlighted. Based on anecdotal and empirical support, these parental influences were hypothesised as influencing the dependent variable in this study, namely Intention to join the family business. Based on the social cognitive career theory, Self-efficacy and Outcome expectations were hypothesised as moderating the aforementioned relationships. This study adopted a positivist research paradigm and a quantitative methodological approach that was deductive in nature. The methodology adopted to collect primary data was a cross-sectional analytical survey. A structured questionnaire was distributed to respondents who were identified by means of judgemental sampling and 453 completed questionnaires were subjected to statistical analysis. The validity of the scales measuring the dependent, moderating and independent variables was assessed by means of factor analysis and the reliability thereof by calculating Cronbach’s alpha coefficients. Both descriptive and inferential statistics were calculated. Multiple regression analysis (MRA) was used to assess the hypothesised relationships. The findings show that only one third of the respondents agreed that they had Intentions to join the family business. Furthermore, the results of the MRA reported significant and positive relationships between the independent variables Parental expectations, Perceived parental outcomes, and Parental identification, and the dependent variable Intention to join the family business. The results of the moderated regression analysis revealed that Self-efficacy and Outcome expectations do not moderate the relationships between all the parental influences investigated and Intention to join the family business as hypothesised. However, a significant positive relationship at the ten per cent confidence level was reported between the interaction effect, Self-efficacy x Perceived parental outcomes, and Intention to join the family business. A significant positive relationship at the five per cent confidence level was also reported between the interaction effect Outcome expectations x Parental identification, and Intention to join the family business. Based on the findings of this study, numerous recommendations were made. This study makes a contribution to both theory and practice. In terms of theory, the results have highlighted the applicability of both the theory of planned behaviour and the social cognitive career theory in explaining an NGFM’s Intention to join the family business. In addition, the applicability of these theories in the family business context has been confirmed. This study also contributes to the family business literature in that it provides new insights into how parents influence one of family businesses’ biggest challenges, namely their children not wanting to take over the family business. In terms of practice, the findings show that that several of the parental influences investigated do indeed increase the intention of NGFMs to join the family business. It is anticipated that these findings will encourage parents who own family businesses to take note of how they influence their children’s decision whether to join them in the family business, and ultimately to contribute to its possible long-term survival and success.
- Full Text:
- Date Issued: 2018
Relationships between psychological capital, work engagement and organisational citizenship behaviour in South African automative dealerships
- Authors: Harris, Chantel
- Date: 2012
- Subjects: Work -- Psychological aspects , Employee motivation , Job satisfaction -- South Africa , Organizational behavior , Automobile industry and trade
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9395 , http://hdl.handle.net/10948/d1008059 , Work -- Psychological aspects , Employee motivation , Job satisfaction -- South Africa , Organizational behavior , Automobile industry and trade
- Description: Psychological capital (PsyCap), work engagement (WE) and organisational citizenship behaviour (OCB) are all positive constructs which research has indicated will have a positive impact on the bottom line. In light of Positive Organisational Behaviour, this has become increasingly important, particularly in the service industry where good service leads to satisfied customers and ultimately repeat purchases. This research took on the form of a cross- sectional design, using a composite questionnaire to measure PsyCap, WE and OCB. This was a self-report electronic questionnaire which was distributed via email to customer service representatives (N=276) from a national automotive company with dealerships in Gauteng and the Western Cape. The measurement models were revalidated for the South African sample of customer service representatives through conducting Exploratory Factor Analysis. PsyCap remained a four-factor structure, however lost items in the elimination process. Both the UWES and OCB instruments lost items and became two-factor structures. This makes the notion that these instruments are portable to the South African situation questionable. To confirm these structures, item parcelling was utilised and Confirmatory Factor Analysis was conducted. The results indicated that the new measurement models were better suited to the South African sample. Demographic groups had significant differences in the means for PsyCap, WE and OCB. Further to this, relationships between the constructs were tested through multiple regression and structural equation modeling. The most significant relationship was found between PsyCap and work engagement. Finally, PsyCap (barring optimism) and WE were found to load onto a single factor when testing for factorial independence, while OCB came out as a separate factor.
- Full Text:
- Date Issued: 2012
- Authors: Harris, Chantel
- Date: 2012
- Subjects: Work -- Psychological aspects , Employee motivation , Job satisfaction -- South Africa , Organizational behavior , Automobile industry and trade
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9395 , http://hdl.handle.net/10948/d1008059 , Work -- Psychological aspects , Employee motivation , Job satisfaction -- South Africa , Organizational behavior , Automobile industry and trade
- Description: Psychological capital (PsyCap), work engagement (WE) and organisational citizenship behaviour (OCB) are all positive constructs which research has indicated will have a positive impact on the bottom line. In light of Positive Organisational Behaviour, this has become increasingly important, particularly in the service industry where good service leads to satisfied customers and ultimately repeat purchases. This research took on the form of a cross- sectional design, using a composite questionnaire to measure PsyCap, WE and OCB. This was a self-report electronic questionnaire which was distributed via email to customer service representatives (N=276) from a national automotive company with dealerships in Gauteng and the Western Cape. The measurement models were revalidated for the South African sample of customer service representatives through conducting Exploratory Factor Analysis. PsyCap remained a four-factor structure, however lost items in the elimination process. Both the UWES and OCB instruments lost items and became two-factor structures. This makes the notion that these instruments are portable to the South African situation questionable. To confirm these structures, item parcelling was utilised and Confirmatory Factor Analysis was conducted. The results indicated that the new measurement models were better suited to the South African sample. Demographic groups had significant differences in the means for PsyCap, WE and OCB. Further to this, relationships between the constructs were tested through multiple regression and structural equation modeling. The most significant relationship was found between PsyCap and work engagement. Finally, PsyCap (barring optimism) and WE were found to load onto a single factor when testing for factorial independence, while OCB came out as a separate factor.
- Full Text:
- Date Issued: 2012
Risk and portfolio management in microfinace institutional governance in Kampala metropolitan region
- Authors: Kyagulanyi, Ronald
- Date: 2016
- Subjects: Microfinance -- Uganda -- Kampala , Risk management -- Uganda -- Kampala , Portfolio management -- Uganda -- Kampala
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/8532 , vital:26401
- Description: This study was undertaken to examine the issues relating to risk and loan portfolio management in Microfinance institutions in Uganda. The first objective of this study was to establish the extent of governance in MFIs in Kampala, by looking at the overall management of these institutions, assessing how decision are made, and looking at how they are staffed. The second objective is to establish the variables that best explain management of Micro-Finance Institutions (MFIs). The third objective is to identify the risk management of loan portfolios and lastly to provide recommendations based on the findings. The researcher used explanatory and survey research designs. A minimum sample 114 participants from 50 MFIs was used in data collection and analysis. The researcher employed principle component analysis (PCA) basing on Eigen values to identify variables above mean-scores and the nodes on the scree plot (ordered eigenvalues) denotes the number of variables that best explain the dimensions and conclusion on each variables was drawn basing on mean values of descriptive statistical analysis. Furthermore the orthonormal loadings display of the variables is employed basing on the first principle component that identified the names of variables above the mean score and final variable is drown basing on descriptive statistical analysis using mean scores focusing on those above the mean. The analysis is based on three dimensions of assessments, namely; Governance, Human capital and Risk Management. In general 227 variables were observed from the 3 dimensions, however by employing the PCA the researcher was in position to come up with those that best explain the 3 dimensions and in summary 29 out of 131 variables were identified by the PCA that best describes governance, 17 out of 72 variables were extracted that best explain what is taking in place in human capital whilst 5 out of 24 variables were extracted in relation to risk management. Furthermore conclusions are drawn by employing descriptive statistical analysis basing on mean scores of the variables identified by the PCA. Therefore out of the 29 variables identified by PCA on governance dimension, 19 variables on average have mean scores above 3 signifying good performance in those areas. Therefore the strength of MFIs under governance is seen in the following areas; The MFIs surveyed have strong board that is professionally ethical and knowledgeable in the area of managing financial institutions. They are performing better in the area of decision making, they do make timely decisions, and the board keeps on monitoring management and making sure that strategies agreed upon are properly implemented. The board is well committed in filing tax returns which is a legal requirement to all taxpaying institutions. However 10 variables showed sign of weakness because they have mean scores on average below 3. Management of MFIs need to strengthen its self in the area of allowing individual initiative in decision making, recognition of management committees in place, this smoothen the operations of the institution and lastly the board need to mentor the management, most of the personnel managing these institutions lack skills in managing the entity. On the side of human capital management, 17 variables identified by PCA, basing on their mean scores, 13 have mean scores above 3 showing good performance of MFIs. In this case the strength of MFIs lies in having educated human resources in place; MFIs gave the ability to exploit the available opportunities more especially targeting low income earners that for long have been neglected. However mores is needed under human capital dimension more especially in those areas where on average their mean scores was below 3 such as training programs where the respondents revealed that the type of training obtained does not match with the job requirements therefore they do not benefit from these programs. There is still a lot of bureaucracy within the management that slows the operations of the MFIs. This is further explained by having directors commuting as loan officers. Failure to accept risk exposes the entire institution to a vague of collapse. The last dimension is risk management and in this way, 5 variables were identified by the PCA, and basing on their mean scores, 3 variables showed good progress and that is having performance management system in place, there are limited complaints from the clients about the MFIs services offered and lastly all employees are given access rights to organisation resources, the loan schemes are open to all employees and no discrimination in service delivery, however 2 variables were identified with mean scores below 3 showing weaknesses within the systems. Therefore MFIs have to improve technologies used in their operations; the use of file carbines, off line computers exposes the institution to high degree of risk. There is need to strengthen their distribution channels so that the financial services offered reach out to clients at ease. Specifically the research study identified various risks like systematic risk, operational risk, credit risk, counterparty risk and legal risk in that they do affect the gross loan portfolio in MFIs and policy measures have been recommended to mitigate such risks in financial institutions. These risks can be mitigated by; • Having Internal control systems of checks and balances • Hedging of transactions through advance booking and paying cash in advance. • Diversification of portfolio, through investing in as many assets possible • Continuous reminder of their obligations and making a fall up of clients and as well insuring the loans. • Investors are encouraged to form a network of partners in the business • Continuous engagement of a legal adviser to the institutions. The study contributed to better understanding of risk management in MFIs, that no single variable can be relied upon to explain effective management of risks but however in this study three dimensions play a crucial role in management of risks. The MFI management should focus on having an internal audit function operating independently in that financial controls should be regularly updated to cope with the changing environment. Audit committee of the board should be complete enough to supervise and regulate internal control systems, written policies in the organization should be effectively implemented with clear division of responsibilities of middle to top managers and lastly Segregation of powers and authority need to be strongly emphasized as a way of enhancing proper management of risks in MFIs.
- Full Text:
- Date Issued: 2016
Risk and portfolio management in microfinace institutional governance in Kampala metropolitan region
- Authors: Kyagulanyi, Ronald
- Date: 2016
- Subjects: Microfinance -- Uganda -- Kampala , Risk management -- Uganda -- Kampala , Portfolio management -- Uganda -- Kampala
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/8532 , vital:26401
- Description: This study was undertaken to examine the issues relating to risk and loan portfolio management in Microfinance institutions in Uganda. The first objective of this study was to establish the extent of governance in MFIs in Kampala, by looking at the overall management of these institutions, assessing how decision are made, and looking at how they are staffed. The second objective is to establish the variables that best explain management of Micro-Finance Institutions (MFIs). The third objective is to identify the risk management of loan portfolios and lastly to provide recommendations based on the findings. The researcher used explanatory and survey research designs. A minimum sample 114 participants from 50 MFIs was used in data collection and analysis. The researcher employed principle component analysis (PCA) basing on Eigen values to identify variables above mean-scores and the nodes on the scree plot (ordered eigenvalues) denotes the number of variables that best explain the dimensions and conclusion on each variables was drawn basing on mean values of descriptive statistical analysis. Furthermore the orthonormal loadings display of the variables is employed basing on the first principle component that identified the names of variables above the mean score and final variable is drown basing on descriptive statistical analysis using mean scores focusing on those above the mean. The analysis is based on three dimensions of assessments, namely; Governance, Human capital and Risk Management. In general 227 variables were observed from the 3 dimensions, however by employing the PCA the researcher was in position to come up with those that best explain the 3 dimensions and in summary 29 out of 131 variables were identified by the PCA that best describes governance, 17 out of 72 variables were extracted that best explain what is taking in place in human capital whilst 5 out of 24 variables were extracted in relation to risk management. Furthermore conclusions are drawn by employing descriptive statistical analysis basing on mean scores of the variables identified by the PCA. Therefore out of the 29 variables identified by PCA on governance dimension, 19 variables on average have mean scores above 3 signifying good performance in those areas. Therefore the strength of MFIs under governance is seen in the following areas; The MFIs surveyed have strong board that is professionally ethical and knowledgeable in the area of managing financial institutions. They are performing better in the area of decision making, they do make timely decisions, and the board keeps on monitoring management and making sure that strategies agreed upon are properly implemented. The board is well committed in filing tax returns which is a legal requirement to all taxpaying institutions. However 10 variables showed sign of weakness because they have mean scores on average below 3. Management of MFIs need to strengthen its self in the area of allowing individual initiative in decision making, recognition of management committees in place, this smoothen the operations of the institution and lastly the board need to mentor the management, most of the personnel managing these institutions lack skills in managing the entity. On the side of human capital management, 17 variables identified by PCA, basing on their mean scores, 13 have mean scores above 3 showing good performance of MFIs. In this case the strength of MFIs lies in having educated human resources in place; MFIs gave the ability to exploit the available opportunities more especially targeting low income earners that for long have been neglected. However mores is needed under human capital dimension more especially in those areas where on average their mean scores was below 3 such as training programs where the respondents revealed that the type of training obtained does not match with the job requirements therefore they do not benefit from these programs. There is still a lot of bureaucracy within the management that slows the operations of the MFIs. This is further explained by having directors commuting as loan officers. Failure to accept risk exposes the entire institution to a vague of collapse. The last dimension is risk management and in this way, 5 variables were identified by the PCA, and basing on their mean scores, 3 variables showed good progress and that is having performance management system in place, there are limited complaints from the clients about the MFIs services offered and lastly all employees are given access rights to organisation resources, the loan schemes are open to all employees and no discrimination in service delivery, however 2 variables were identified with mean scores below 3 showing weaknesses within the systems. Therefore MFIs have to improve technologies used in their operations; the use of file carbines, off line computers exposes the institution to high degree of risk. There is need to strengthen their distribution channels so that the financial services offered reach out to clients at ease. Specifically the research study identified various risks like systematic risk, operational risk, credit risk, counterparty risk and legal risk in that they do affect the gross loan portfolio in MFIs and policy measures have been recommended to mitigate such risks in financial institutions. These risks can be mitigated by; • Having Internal control systems of checks and balances • Hedging of transactions through advance booking and paying cash in advance. • Diversification of portfolio, through investing in as many assets possible • Continuous reminder of their obligations and making a fall up of clients and as well insuring the loans. • Investors are encouraged to form a network of partners in the business • Continuous engagement of a legal adviser to the institutions. The study contributed to better understanding of risk management in MFIs, that no single variable can be relied upon to explain effective management of risks but however in this study three dimensions play a crucial role in management of risks. The MFI management should focus on having an internal audit function operating independently in that financial controls should be regularly updated to cope with the changing environment. Audit committee of the board should be complete enough to supervise and regulate internal control systems, written policies in the organization should be effectively implemented with clear division of responsibilities of middle to top managers and lastly Segregation of powers and authority need to be strongly emphasized as a way of enhancing proper management of risks in MFIs.
- Full Text:
- Date Issued: 2016
Service quality perceptions in the Uganda mobile telephone branch of industry
- Authors: Byarugaba, Jotham Mbiito
- Date: 2010
- Subjects: Cell phone services industry -- Uganda , Service industries -- Uganda -- Quality control , Cell phones -- Uganda -- Design , Consumer satisfaction -- Uganda
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9373 , http://hdl.handle.net/10948/1226
- Description: Standard practice dictates that mobile telephone service providers remain accurately aligned with the dynamic expectations structure of the target mobile telephone service users they serve. To comply with this requirement, literature sources assert that service providers need to adopt a candid marketing research orientation to understand what the users expect and in-build it in their service designs. Theory further contends that if such a business stance is diligently applied, any service provider is bound to gain a competitive edge in the market place. Notwithstanding the aforementioned, service providers continue design services without sufficient understanding of what users expect. This mindset has led to disparities in both the designed and the recieved service. Despite the pioneering works of earlier reserachers on the Gaps model, evidence shows that no research had been carried out to measure users' and providers' service quality perceptions in the mobile telephone branch of industry in Uganda. Much remains unknown as regards users' perceptions of expected and actual service quality and any potential disparity thereof. In the same spirit, much remains unknown as regards providers' perceptions of users' expectations and users' real expectations and potential disparity thereof. In order to measure the aforementioned disparities, the Gaps model was used in which Gaps 1 and 5 were measured for providers and users of mobile telephone services in the branch industry in Uganda.
- Full Text: false
- Date Issued: 2010
- Authors: Byarugaba, Jotham Mbiito
- Date: 2010
- Subjects: Cell phone services industry -- Uganda , Service industries -- Uganda -- Quality control , Cell phones -- Uganda -- Design , Consumer satisfaction -- Uganda
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9373 , http://hdl.handle.net/10948/1226
- Description: Standard practice dictates that mobile telephone service providers remain accurately aligned with the dynamic expectations structure of the target mobile telephone service users they serve. To comply with this requirement, literature sources assert that service providers need to adopt a candid marketing research orientation to understand what the users expect and in-build it in their service designs. Theory further contends that if such a business stance is diligently applied, any service provider is bound to gain a competitive edge in the market place. Notwithstanding the aforementioned, service providers continue design services without sufficient understanding of what users expect. This mindset has led to disparities in both the designed and the recieved service. Despite the pioneering works of earlier reserachers on the Gaps model, evidence shows that no research had been carried out to measure users' and providers' service quality perceptions in the mobile telephone branch of industry in Uganda. Much remains unknown as regards users' perceptions of expected and actual service quality and any potential disparity thereof. In the same spirit, much remains unknown as regards providers' perceptions of users' expectations and users' real expectations and potential disparity thereof. In order to measure the aforementioned disparities, the Gaps model was used in which Gaps 1 and 5 were measured for providers and users of mobile telephone services in the branch industry in Uganda.
- Full Text: false
- Date Issued: 2010
Sibling partnerships in South African small and medium-sized family businesses
- Authors: Farrington, Shelley Maeva
- Date: 2009
- Subjects: Family-owned business enterprises -- South Africa -- Management , Family corporations -- South Africa -- Management , Families -- Economic aspects -- South Africa , Small business -- Management -- South Africa , Family-owned business enterprises -- Succession -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9289 , http://hdl.handle.net/10948/952 , Family-owned business enterprises -- South Africa -- Management , Family corporations -- South Africa -- Management , Families -- Economic aspects -- South Africa , Small business -- Management -- South Africa , Family-owned business enterprises -- Succession -- South Africa
- Description: Given the predicted increase in the number of family businesses owned and/or managed by siblings (Sibling Partnerships), as well as the lack of understanding and research attention given to such sibling teams, the purpose of this study was to contribute to the more effective functioning of such family businesses in South Africa by identifying the factors that impact on their success. With this purpose in mind, the primary objective was to identify, investigate and empirically test the possible influences of, and relationships between, various factors and the Perceived success of Sibling Partnerships. This study sets out to integrate prior findings and theories on team effectiveness and family relationships, to find support for these theories in the family business literature, and to incorporate these findings into a comprehensive model. The literature study revealed 5 main categories (context, composition, structure, processes, and people) of constructs influencing the Perceived success of sibling teams. Within these 5 main constructs, 13 underlying independent variables were identified and hypothesised to influence measures of effectiveness of sibling teams, namely the dependent variable Perceived success, and the 2 intermediate variables Financial performance and Family harmony. Of the 13 underlying independent variables, 6 were categorised as task-based and 7 as relational-based factors. In addition, hypotheses were formulated for possible relationships between the various task-based constructs (context, composition and structure) and the processes and people constructs. Each construct was clearly defined and then operationalised. Operationalisation was done by using reliable and valid items sourced from tested measuring instruments used in previous studies, as well as several self-generated items based on secondary sources. A structured questionnaire was made available to respondents identified by means of the convenience snowball sampling technique, and the data collected from 371 usable questionnaires was subjected to various statistical analyses. An exploratory factor analysis was conducted, and Cronbach-alpha coefficients were calculated to confirm the validity and reliability of the measuring instrument. The 6 task-based latent variables were confirmed by the exploratory factor analysis. However, all the other latent variables, as originally intended in the theoretical model, could not be confirmed. Instead, 3 dependent variables were identified, namely Financial performance, Growth performance and Satisfaction with work and family relationships, and 6 relational-based constructs, with some changes, did emerge. Structural Equation Modelling (SEM) was the main statistical procedure used to test the significance of the relationships hypothesised between the various independent and dependent variables. Because of sample size restrictions the conceptual model could not be subjected to SEM as a whole; consequently 10 submodels were identified and subjected to further analysis. The following independent variables were identified as influencing the dependent variables in this study: • Internal context • Complementary skills • Leadership • Shared dream • Fairness • Sibling relationship • Non-family members • No other family members (spouses and non-active siblings) In addition, the factors Complementary skills, Leadership, Past parent involvement, No present parent involvement, and No other family members, were identified as significantly influencing the relationship between the siblings involved in the Sibling Partnership. Furthermore, an Analysis of Variance (ANOVA), Multiple Linear Regression analysis and t-tests were undertaken to determine the influence of demographic variables on the dependent variables. How ownership is shared in a family business involving siblings, the shareholding between the siblings themselves, and the nature of leadership between the siblings, has been found to influence the iv dependent variables in the present study. In addition, a Sibling Partnership is likely to perform most effectively when it is composed of a relatively young sibling team that has a small age gap between the members, and business performance will improve as the siblings gain work experience together, and as the number of employees increase. This study has added to the empirical body of family business research by investigating a particularly limited segment of the literature, namely Sibling Partnerships in family businesses. By identifying and developing various models that outline the most significant factors that influence the success of such family business partnerships, this study offers recommendations and suggestions for managing family businesses involving siblings, in such a way as to enrich their family relationships and to improve the financial performance of their businesses.
- Full Text:
- Date Issued: 2009
- Authors: Farrington, Shelley Maeva
- Date: 2009
- Subjects: Family-owned business enterprises -- South Africa -- Management , Family corporations -- South Africa -- Management , Families -- Economic aspects -- South Africa , Small business -- Management -- South Africa , Family-owned business enterprises -- Succession -- South Africa
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9289 , http://hdl.handle.net/10948/952 , Family-owned business enterprises -- South Africa -- Management , Family corporations -- South Africa -- Management , Families -- Economic aspects -- South Africa , Small business -- Management -- South Africa , Family-owned business enterprises -- Succession -- South Africa
- Description: Given the predicted increase in the number of family businesses owned and/or managed by siblings (Sibling Partnerships), as well as the lack of understanding and research attention given to such sibling teams, the purpose of this study was to contribute to the more effective functioning of such family businesses in South Africa by identifying the factors that impact on their success. With this purpose in mind, the primary objective was to identify, investigate and empirically test the possible influences of, and relationships between, various factors and the Perceived success of Sibling Partnerships. This study sets out to integrate prior findings and theories on team effectiveness and family relationships, to find support for these theories in the family business literature, and to incorporate these findings into a comprehensive model. The literature study revealed 5 main categories (context, composition, structure, processes, and people) of constructs influencing the Perceived success of sibling teams. Within these 5 main constructs, 13 underlying independent variables were identified and hypothesised to influence measures of effectiveness of sibling teams, namely the dependent variable Perceived success, and the 2 intermediate variables Financial performance and Family harmony. Of the 13 underlying independent variables, 6 were categorised as task-based and 7 as relational-based factors. In addition, hypotheses were formulated for possible relationships between the various task-based constructs (context, composition and structure) and the processes and people constructs. Each construct was clearly defined and then operationalised. Operationalisation was done by using reliable and valid items sourced from tested measuring instruments used in previous studies, as well as several self-generated items based on secondary sources. A structured questionnaire was made available to respondents identified by means of the convenience snowball sampling technique, and the data collected from 371 usable questionnaires was subjected to various statistical analyses. An exploratory factor analysis was conducted, and Cronbach-alpha coefficients were calculated to confirm the validity and reliability of the measuring instrument. The 6 task-based latent variables were confirmed by the exploratory factor analysis. However, all the other latent variables, as originally intended in the theoretical model, could not be confirmed. Instead, 3 dependent variables were identified, namely Financial performance, Growth performance and Satisfaction with work and family relationships, and 6 relational-based constructs, with some changes, did emerge. Structural Equation Modelling (SEM) was the main statistical procedure used to test the significance of the relationships hypothesised between the various independent and dependent variables. Because of sample size restrictions the conceptual model could not be subjected to SEM as a whole; consequently 10 submodels were identified and subjected to further analysis. The following independent variables were identified as influencing the dependent variables in this study: • Internal context • Complementary skills • Leadership • Shared dream • Fairness • Sibling relationship • Non-family members • No other family members (spouses and non-active siblings) In addition, the factors Complementary skills, Leadership, Past parent involvement, No present parent involvement, and No other family members, were identified as significantly influencing the relationship between the siblings involved in the Sibling Partnership. Furthermore, an Analysis of Variance (ANOVA), Multiple Linear Regression analysis and t-tests were undertaken to determine the influence of demographic variables on the dependent variables. How ownership is shared in a family business involving siblings, the shareholding between the siblings themselves, and the nature of leadership between the siblings, has been found to influence the iv dependent variables in the present study. In addition, a Sibling Partnership is likely to perform most effectively when it is composed of a relatively young sibling team that has a small age gap between the members, and business performance will improve as the siblings gain work experience together, and as the number of employees increase. This study has added to the empirical body of family business research by investigating a particularly limited segment of the literature, namely Sibling Partnerships in family businesses. By identifying and developing various models that outline the most significant factors that influence the success of such family business partnerships, this study offers recommendations and suggestions for managing family businesses involving siblings, in such a way as to enrich their family relationships and to improve the financial performance of their businesses.
- Full Text:
- Date Issued: 2009
Stability of the money demand function and monetary inflation in the East African community
- Authors: Nsabimana, Adelit
- Date: 2015
- Subjects: Monetary policy -- Africa, East , Inflation (Finance) -- Africa, East , Equilibrium (Economics)
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/9163 , vital:26470
- Description: This research attempts to evaluate the stability of money demand functions and estimate monetary inflation models in the East African Community (EAC), using quarterly aggregate data that range from 2000Q1 to 2012Q3. We used Johansen co-integration analysis to estimate and analyse the stability of the M3 money demand model for each country member of the EAC. From this estimation, we derived a country-specific measure of money overhang. We compared its forecasting power of future inflation with that of money stock growth, and money stock available in the economy. Regarding country-specific money demand functions, with the exception of Uganda, we identified a reasonable and stable country-specific M3 money demand model. Also, for predicting future inflation, the estimation results showed that M3 money stock growth is more reliable in Burundi and in Kenya, while M3 money overhang is preferable in Rwanda and M3 money stock in Tanzania. As both country-specific and regional (EAC area) information on monetary quantity growth and its impact on price level is important to know in a monetary union, we considered the EAC area as a single market and attempted to estimate the aggregate (EAC area) demand functions for broad money M2 and M3 using Johansen co-integration analysis. The estimated long-run aggregate money demand models M2 and M3 appeared to be stable over the sample period. However, the aggregate M2 and M3 at the EAC level were proven to be weakly exogenous, which should discard them for consideration at the EAC level as the intermediate targets variables in order to achieve the overall objective of price stability in the EAC region. Instead, short-term interest rate should be given a prominent role in monetary policy framework at the EAC level.
- Full Text:
- Date Issued: 2015
- Authors: Nsabimana, Adelit
- Date: 2015
- Subjects: Monetary policy -- Africa, East , Inflation (Finance) -- Africa, East , Equilibrium (Economics)
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: http://hdl.handle.net/10948/9163 , vital:26470
- Description: This research attempts to evaluate the stability of money demand functions and estimate monetary inflation models in the East African Community (EAC), using quarterly aggregate data that range from 2000Q1 to 2012Q3. We used Johansen co-integration analysis to estimate and analyse the stability of the M3 money demand model for each country member of the EAC. From this estimation, we derived a country-specific measure of money overhang. We compared its forecasting power of future inflation with that of money stock growth, and money stock available in the economy. Regarding country-specific money demand functions, with the exception of Uganda, we identified a reasonable and stable country-specific M3 money demand model. Also, for predicting future inflation, the estimation results showed that M3 money stock growth is more reliable in Burundi and in Kenya, while M3 money overhang is preferable in Rwanda and M3 money stock in Tanzania. As both country-specific and regional (EAC area) information on monetary quantity growth and its impact on price level is important to know in a monetary union, we considered the EAC area as a single market and attempted to estimate the aggregate (EAC area) demand functions for broad money M2 and M3 using Johansen co-integration analysis. The estimated long-run aggregate money demand models M2 and M3 appeared to be stable over the sample period. However, the aggregate M2 and M3 at the EAC level were proven to be weakly exogenous, which should discard them for consideration at the EAC level as the intermediate targets variables in order to achieve the overall objective of price stability in the EAC region. Instead, short-term interest rate should be given a prominent role in monetary policy framework at the EAC level.
- Full Text:
- Date Issued: 2015
Strategies to improve business success in selected industries
- Authors: Dayan, Oren
- Date: 2008
- Subjects: Success in business , Business -- Management , Customer relations -- Management
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9366 , http://hdl.handle.net/10948/938 , Success in business , Business -- Management , Customer relations -- Management
- Description: Successful economies are dependent on successful industries.The present study explores how business success could be improved in three selected industries, namely the motorcar, high-technology and food manufacturing industries. These industries are vital to growing the economy of countries. The present study made a significant contribution towords identifying a theoretical model to improve the business success of the motorcar, high technology amd the food manufacturing industries. The study showed that various combinations of product launching stategies (distribution channel development, product image, third-party agreements, pricing, e-business, and e-saving), as well as organisational variables (TQM and market culture) are important agreements to achieve increased sales growth and CRM effectiveness.
- Full Text:
- Date Issued: 2008
- Authors: Dayan, Oren
- Date: 2008
- Subjects: Success in business , Business -- Management , Customer relations -- Management
- Language: English
- Type: Thesis , Doctoral , DCom
- Identifier: vital:9366 , http://hdl.handle.net/10948/938 , Success in business , Business -- Management , Customer relations -- Management
- Description: Successful economies are dependent on successful industries.The present study explores how business success could be improved in three selected industries, namely the motorcar, high-technology and food manufacturing industries. These industries are vital to growing the economy of countries. The present study made a significant contribution towords identifying a theoretical model to improve the business success of the motorcar, high technology amd the food manufacturing industries. The study showed that various combinations of product launching stategies (distribution channel development, product image, third-party agreements, pricing, e-business, and e-saving), as well as organisational variables (TQM and market culture) are important agreements to achieve increased sales growth and CRM effectiveness.
- Full Text:
- Date Issued: 2008