Effects of economic growth on greenhouse emissions
- Authors: Mkunyana, Asebenzile Priscilla
- Date: 2020
- Subjects: Greenhouse gases -- Environmental aspects -- Africa , Climate change mitigation
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/50404 , vital:42162
- Description: This study employs the panel cointegration and Pooled Mean Group technique to examine the effects of economic growth on greenhouse emissions using the panel data from the period of 1970 to 2014 for five Southern African Development Community group of countries. The increase in the combustion of burning fossil fuels has become the global threat in environmental quality. The Environmental Kuznets Curve hypothesis postulates that at the primary stages of industrial economies there is more extracting of natural resources and more agricultural activities taking place as a result the waste generation and resource depletion accelerate. However, as the economic development improves more, the curve reaches a threshold where it starts to decline due to the increase in economic growth and the change to information-based industries. Based on the empirical evidence, the variables of this study were found to be stationary at first difference and integrated of I(0) and I(1) using Im, Pesaran & Shin W-stat, Fisher ADF, and Levin, Lin & Chu panel unit root test. The existing long-run relationship between the variables were found in both the Pedroni and Kao cointegration test and were significant at 5% in finding the relationship between the variables. The Pooled Mean Group demonstrated mixed results in the study’s regressions, monotonic relationship was found between carbon dioxide and economic growth. The strong existence relationship between economic growth and energy consumption was found to be significant at the 1% level. These results are in line with the EKC hypothesis, which assumes that as the income level increases the society will start to be environmentally friendly and the technology advancement will decrease the emission of pollutants. In addition, in finding the causal relationship between variables, the researcher used the Granger causality test, with the results from this test revealing a unidirectional and bidirectional relationship between all the chosen variables. These results are important for policy makers.
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- Date Issued: 2020
Efficient market hypothesis : testing weak-form efficiency on the Johannesburg stock exchange
- Authors: Eaton, Bradley Hayes
- Date: 2020
- Subjects: Efficient market theory
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/47895 , vital:40396
- Description: Understanding financial markets is paramount in acknowledging the flow of domestic and foreign funds over time. In this study, net market capitalisation price and simple return characteristics were investigated for the period from January 2009 to December 2017. An empirical, statistical approach was used to explore the possibility that, since the 2008 financial crisis, forward-looking, aggregate market and financial-oriented equity indices have conformed to the Efficient Market Hypothesis. Accordingly, monthly observations were made to ensure long-run traits were identified and scrutinised. Such revelations are important for portfolio diversification, risk, and expected return potentials with respect to South African equity markets. Based on the study, it was found that random walks were evident in both the price and return time-series as a result of significant stochastic price action, supported by evidence suggesting non-normality of price and return distributions. Unit root and stationarity modelling confirmed such traits. However, significant trending behaviours were evident in the auto-correlation figures with regards to prices, despite mean-reverting and stochastic influences. Therefore, it was concluded from the results of the study that the respective time-series were weak-form efficient. The empirical component was supplemented by a comprehensive investigation into the market determinants of financial market inefficiencies, including partial correlations, contagion effects, momentum, financial bubbles, and liquidity issues. Secondary objectives of the study included identifying the roles of security exchanges and the effect of international linkages, as a result of globalisation, on the financial markets. Increased macro-economic and systems integration has led to positive and negative connotations for business cycles. Spill-over effects into global equity markets are evident as can be seen through the co-integration of leading world exchanges, both in the developed and emerging market spheres. Fundamental to this study was the sensitivity of South African equity markets to recessionary pressures, as analysed through the efficiency of aggregated equity indices.
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- Date Issued: 2020
Exploring the Employee-Supervisor relationship in the Credit Recovery Department of a Financial institution
- Authors: Ndamse, Asanda Vuyo
- Date: 2020
- Subjects: Financial institutions -- South Africa -- Leadership Collection agencies -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/49975 , vital:41966
- Description: This study aimed to investigate and understand employee-supervisor relationship working in the credit recovery department of a large South African financial institution. The focus of the investigation, through qualitative research, was on numerous issues relating to their experiences working within a financial institution. The Credit Recovery Department which had nine separate divisions were particularly concerned about three main areas from survey results that they conduct yearly. The respondents to the survey were the call centre agents and team leaders. The employees surveyed felt that there was insufficient recognition for their contribution, the supervisor did not facilitate productive team engagements, and there was a lack of provision of formal and self-directed learning opportunities. These aspects were viewed as highly critical aspects of the employee-supervisor relationship and important to achieving set departmental objectives. Due to a lack of understanding of the cause of the perceptions captured by the survey, the main purpose of the study was to explore the employees’ attitudes, feelings, beliefs, experiences, reactions and concerns about the way their contributions were recognised, team engagements were facilitated, and the lack of formal and self-directed learning opportunities. From the ten questions that were asked, the three lowest scored questions were then put to the focus groups. The questions were tailored as open-ended, conversational questions with a specific focus on the three concerning areas. The first major theme that emerged from all focus groups is leadership and the style of leadership. Secondly, growth and development were a concern again for both call centre agents and team leaders, and issues were raised throughout the sessions, not only in response to the question on selfdirected learning. Further major themes that emerged were rewards and benefits, and lastly workload and systems. The findings from this study are anticipated to have important policy implications while meeting set standards for the employee-supervisor relationship status.
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- Date Issued: 2020
Factors influencing organisational commitment amongst generation Z in South Africa
- Authors: Masia, Thapelo
- Date: 2020
- Subjects: Staff Retention -- South Africa , Young adults -- Employment -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/50294 , vital:42093
- Description: In a world of constant change, organisations face demanding pressures and challenges. Now, more than ever, organisations need to optimise resources in maximising outcomes in order to maintain a competitive advantage. In doing so, it must be acknowledged that people remain the most valuable resource in achieving organisational success. This has led to a war for talent across and between organisations. In South Africa this situation is complicated for many reasons, including the fact that there is a skills shortage crisis faced in South Africa and because many experienced Baby Boomers are now reaching retirement age. This time is also marked by the entry of the newest member of the workforce, this being Generation Z. These considerations make it important for organisations to create relevant strategies to build and retain the organisational commitment of top talent, more specifically that of Generation Z. Organisational commitment is a key organisational consideration in driving employee behaviour and attitude through influencing performance, satisfaction, organisational citizenship and motivation. The aim of this study was to explore the factors influencing organisational commitment amongst Generation Z employees in the South African workplace. This is important in assisting organisations in developing and enhancing attraction and retention strategies for current and future talent.
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- Date Issued: 2020
Financial inclusion and food security nexus: Evidence from Southern African Development Community (SADC)
- Authors: Machili, Tharollo
- Date: 2020
- Subjects: Economic growth, development, planning , Finance -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/49886 , vital:41813
- Description: Everywhere on the African continent, governments are starting to realize the crucial role of financial inclusion in mitigating poverty and contributing to sustainable and inclusive economic development and stability. Emerging evidence indicates that financial sector deepening is essential for facilitating economic development. The 2016 SADC financial inclusion strategy asserts that inclusive economic growth has a positive impact on the needy through minimizing income inequality and increasing employment Finmark Trust (2016). Recent developments in financial services for the low-income segment, specifically, reveals how financial inclusion can strengthen the dependence of a vulnerable and excluded population (Demirgüç-Kunt, Klapper, Singer, Ansar and Hess, 2017). As such, many countries within the continent now have national financial inclusion strategies and lead core initiatives to enhance financial markets. A number of researcher’s stress that financial inclusion, especially the use of digital financial services and mobile money services, can have developmental benefits Although studies fail to concur on the direction of the effect that financial inclusion has on economic development. It is worth noting that, even studies that do not find any evidence of the relationship between financial inclusion and economic development to support this hypothesis, also emphasize the prospect of attaining better outcomes through careful consideration of local needs
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- Date Issued: 2020
Government size, labour productivity and economic growth in South Africa
- Authors: Mbaleki, Chuma Innocent
- Date: 2020
- Subjects: Economic development -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/48915 , vital:41170
- Description: This study investigates short-run and long-run effects of fiscal consolidation on labour productivity in South Africa using the autoregressive distributed lag bounds testing approach of cointegration. We use quarterly data collected in the period of 1994Q3 to 2017Q1. We disaggregate government expenditure as well as revenue and find a positive and significant long run relationship between revenue variables and labour productivity. This relationship is also positive and significant in the short run except for net tax variable, which seems to be growth contractive. The results further suggest a positive and significant long run relationship between government expenditure on health, public safety and order, culture and recreation as well as education and labour productivity. Government expenditure on education and health variables are also positive and significant in the short run, whilst expenditure on defense is negative and not significant both in the short run and long run.
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- Date Issued: 2020
Guidelines for the user interface design of electronic medical records in optometry
- Authors: Nathoo, Dina
- Date: 2020
- Subjects: User interfaces (Computer systems) , Medical records -- Data processing , Optometry -- South Africa -- Eastern Cape , System design , Workflow management systems
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/148782 , vital:38773
- Description: With the prevalence of digitalisation in the medical industry, e-health systems have largely replaced the traditional paper-based recording methods. At the centre of these e-health systems are Electronic Health Records (EHRs) and Electronic Medical Records (EMRs), whose benefits significantly improve physician workflows. However, provision for user interface designs (UIDs) of these systems have been so poor that they have severely hindered physician usability, disrupted their workflows and risked patient safety. UID and usability guidelines have been provided, but have been very high level and general, mostly suitable for EHRs (which are used in general practices and hospitals). These guidelines have thus been ineffective in applicability for EMRs, which are typically used in niche medical environments. Within the niche field of Optometry, physicians experience disrupted workflows as a result of poor EMR UID and usability, of which EMR guidelines to improve these challenges are scarce. Hence, the need for this research arose, aiming to create UID guidelines for EMRs in Optometry, which will help improve the usability of the optometrists’ EMR. The main research question was successfully answered to produce the set of UID Guidelines for EMRs in Optometry, which includes guidelines built upon from literature and made contextually relevant, as well as some new additions, which are more patient focused. Design Science Research (DSR) was chosen as a suitable approach, and the phased Design Science Research Process Model (DSRPM) was used to guide this research. A literature review was conducted, including EHR and EMR, usability, UIDs, Optometry, related fields, and studies previously conducted to provide guidelines, frameworks and models. The review also included studying usability problems reported on the systems and the methods to overcome them. Task Analysis (TA) was used to observe and understand the optometrists’ workflows and their interactions with their EMRs during patient appointments, also identifying EMR problem areas. To address these problems, Focus Groups (FGs) were used to brainstorm solutions in the form of EMR UID features that optometrists’ required to improve their usability. From the literature review, TAs and FGs, proposed guidelines were created. The created guidelines informed the UID of an EMR prototype, which was successfully demonstrated to optometrists during Usability Testing sessions for the evaluation. Surveys were also used for the evaluation. The results proved the guidelines were successful, and were usable, effective, efficient and of good quality. A revised, final set of guidelines was then presented. Future researchers and designers may benefit from the contributions made from this research, which are both theoretical and practical.
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- Date Issued: 2020
Macro-locational determinants and motive of Chinese foreign direct investment in Cameroon
- Authors: Andangnui, Quintabella
- Date: 2020
- Subjects: Investments, Foreign -- Cameroon , Investments, Chinese -- Cameroon , Corporations, Foreign -- Cameroon , Industrial location -- Cameroon
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/163157 , vital:41014
- Description: This research falls under the general themes of macro-locational determinants and motives of Foreign Direct Investment (FDI) and the challenges faced by FDIs. Specifically, the research focuses on macro-locational determinants of FDI and the motives of Chinese FDI in Cameroon, and the challenges faced by Chinese FDI in Cameroon. This research is motivated by China’s interest in African countries as well as the reciprocal interest in Chinese FDI by African countries, especially Cameroon. While various FDI theories and previous empirical studies indicate that macro-locational determinants of FDI constitute a country’s principal comparative advantage to attract FDI, there is still no universally acceptable set of macro-locational determinants of FDI. Furthermore, some empirical studies assert that Chinese FDI does not follow conventional FDI theories or western approaches to FDI, especially when investing in African countries. It is suggested that some widely accepted macro-locational determinants of FDI are frequently ignored by Chinese FDI. While FDI theories identify four motives for FDI (resource-, market-, efficiency-, and strategic asset-seeking) as the main motives for investing in a foreign country, the motives for Chinese FDI, especially in Africa, have been questioned by some scholars, the media and politicians, due to the significant but seemingly counterintuitive investments made by Chinese state-owned FDI in politically unstable resource-rich African countries. Furthermore, differences in the motives of Chinese privately owned and state-owned firms identified in previous empirical studies have raised concerns, particularly regarding the motives of state-owned Chinese firms in Africa which suggest a stance of neo-colonialism by Chinese state-owned FDI. The research aims to identify the significant macro-locational determinants of Chinese FDI in Cameroon, to provide clarity on the motives of Chinese FDI and to identify the challenges faced by Chinese FDI in Cameroon. To achieve the aim of this research, hypothetical relationships based on FDI theory and previous empirical research were formulated between Chinese FDI and the proposed macro-locational determinants of FDI and the four identified motives of FDI. In this research, a positivist research paradigm using quantitative methods was followed. Accordingly, the research design and methodology was underpinned by the positivist paradigm. A descriptive and analytical survey methodology was utilised, using both primary and secondary data sources. Secondary data was collected from reliable and credible databases for the period 2004 to 2018 to generate a time series to test the hypothetical relationships pertaining to the macro-locational determinants of Chinese FDI in Cameroon. To test the hypothetical relationships pertaining to the motives of Chinese FDI and to identify the challenges of Chinese FDI in Cameroon, primary data was collected by means of a questionnaire using convenience and snowball sampling techniques. The validity of the findings on the macro-locational determinants of FDI was confirmed through unit root and cointegration tests. Confirmatory Factor Analysis (CFA) and Cronbach’s alpha coefficients were used to ensure the validity and reliability of the findings on the motives of FDI. To assess the hypothetical relationships on the motives for Chinese FDI, the hypothetical relationship on the macro-locational determinants of FDI was determined using Ordinary Least Square (OLS) regression, t-tests, one-way ANOVA, descriptive statistics and logistic regression. In addition, descriptive statistics were used to analyse the data on the challenges of Chinese FDI. The findings indicated that the main macro-locational determinants of Chinese FDI in Cameroon included market size, political risk, limited trade openness, real effective exchange rate, interest rate and human capital. The findings also indicated that market-seeking constitutes the main motive of privately owned Chinese FDI in Cameroon. The findings also indicated that the top four challenges faced by Chinese FDI in Cameroon include corruption, the ambiguity of the legal system of Cameroon, the difficulty to negotiate with government and privatisation officials and high levels of taxes. The findings of this research serve as a test of theory, given that they determine whether the macro-locational determinants identified from FDI theories are also significant macro-locational determinants of Chinese FDI. Furthermore, the findings have the potential to assist in policy formulation aimed at encouraging Chinese FDI into Cameroon. The findings could also assist the Cameroonian government to allocate national resources efficiently by prioritising identified macro-locational determinants. The findings provide clarity on the motives of Chinese FDI in Cameroon and could assist the government to negotiate better deals that may enable Cameroon to benefit optimally from Chinese FDI.
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- Date Issued: 2020
Market timing and portfolio returns: an empirical analysis of the potential profitability of buy-sell strategies, based on South African equities 2009-2018
- Authors: Mulweli, Ramulongo
- Date: 2020
- Subjects: Johannesburg Stock Exchange , Stocks -- Charts, diagrams, etc. , Investment analysis -- South Africa , Stocks -- South Africa , Stocks -- South Africa -- Cast studies
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/144487 , vital:38350
- Description: South Africa’s financial markets have become larger and more complex over recent decades. The number of market participants who are using technical analysis techniques to predict the market’s movement has been growing rapidly. This research aims to investigate if historical share prices can be used when forecasting the market’s direction and to examine the profitability of the Japanese candlestick patterns. The study is based on ten companies selected from the JSE top 40 2019 composition. These are Aspen Pharmacy Holding, Capitec Bank Holding LTD, Discovery LTD, Kumba Iron Ore LTD, Mondi PLC, Mr. Price Group LTD, MTN Group LTD, Naspers LTD, SASOL LTD, and Shoprite Holdings LTD. These were selected from the JSE top 40 based on market capitalization and sector. This research analyzes eight candlestick reversal patterns; four are bullish patterns namely: doji star, hammer, bullish engulfing and the piercing lines and the other four are bearish patterns namely: shooting star, hanging man, bearish engulfing and the dark cloud cover. The ARCH and GARCH models are used to test for correlation between past share prices and future share prices and the binomial test and the mean return calculations were used to test the profitability of candlestick patterns. The sample is from Thomson DataStream 2019 and IRESS SA 2019 and covers ten years with 2496 observations starting from 02 January 2009 to 31 December 2018. The findings from the ARCH and GARCH tests revealed that there is a serial correlation between the returns from the previous day and the returns for the current day. The results from the mean returns and the binomial tests show strong evidence that the shooting star, hanging man, bearish engulfing and the bulling engulfing are statistically significant in predicting the share price movements. On the other hand, there was no evidence that the dark cloud cover, piercing lines, and the bullish doji can predict share price movements. Additionally, further studies on this topic could be improved by adding different candlestick patterns and the total number of companies analyzed. The results could also be improved by analyzing the candlestick reversal patterns when they are used with other trading rules such as support resistance levels and oscillators.
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- Date Issued: 2020
Perceptions of the sugar-sweetened beverage tax in South Africa: a comparative study
- Authors: Jankeeparsad, Thanesha Reddy
- Date: 2020
- Subjects: Soft drinks -- Taxation -- South Africa , Carbonated drinks -- Taxation -- South Africa , Soft drinks -- Health aspects , College students -- South Africa -- Attitudes
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/142324 , vital:38070
- Description: This exploratory, comparative study aimed to investigate perceptions of the participants in the study in South Africa regarding the tax on sugar-sweetened beverages. The study further aimed to compare these perceptions with perceptions identified in selected foreign jurisdictions that have levied the tax on sugar-sweetened beverages. A voluntary, paper-based, anonymous survey questionnaire that included both closed- and open-ended questions was selected as the primary method of data collection. This questionnaire was administered to post-graduate Bachelor of Commerce Accounting and Postgraduate Diploma in Accounting students, aged twenty-one years and older, studying at three residential universities in South Africa, during the 2018 academic year. An extensive analysis of literature available on sugar-sweetened beverage taxes, both locally and internationally, was conducted. The two main constructs (construct 1: perception of the sugar-sweetened beverage tax and the price of sugar-sweetened beverages and construct 2: the social impact of the sugarsweetened beverage tax) were then analysed using descriptive statistics. This study found that there is a significant association between gender and perception that the sugary beverage levy will be beneficial to health, with female perceptions of the benefit of the sugary beverage levy being greater than that of males. Respondents appear to have a positive perception of the sugary beverages levy, understand the sugary beverage levy, as well as the health benefits that will be derived from the levy. Respondents supported the tax on sugar-sweetened beverages if the revenue generated was used to improve the health care system and if the price of healthy foods decreased. Female respondents were found to drink fewer sugarsweetened beverages than male respondents, but females reported higher sugar-sweetened beverage consumption during stressful periods. The current study can possibly provide policy makers with more information regarding acceptance of the sugar-sweetened beverage tax and shape guidelines for future amendments of the tax imposed.
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- Date Issued: 2020
Psychological capital as a moderator of the relationship between workplace conflict and organisational citizenship behaviour among administrative staff at the University of Fort Hare
- Authors: Motema, Boiketlo
- Date: 2020
- Subjects: Organizational behavior Employees -- Attitudes Organizational effectiveness
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/18565 , vital:42609
- Description: This study investigated psychological capital (PsyCap) as a mediator of the relationship between workplace conflict (WC) and organisational citizenship behaviour (OCB). The study was based on equity theory as well as the social exchange theory. The sample encompassed of 151 administrative staff members from the University of Fort Hare (Alice, Bhisho and East London campuses) in the Eastern Cape Province. Argentero, Cortese, and Ferretti (2008) organisational citizenship behaviour questionnaire was employed to assess OCB; the Interpersonal Conflict at Work Scale (ICAWS) was employed to assess workplace conflict; and Luthans, Avolio, Avey, and Norman’s (2007) psychological capital questionnaire by McGee (2011) was employed to assess psychological capital. In terms of data analysis, a descriptive analysis, correlational analysis together with simple linear regression analysis and multiple linear regression models were applied using the Statistical Package for Social Sciences (SPSS) version 25. The findings indicated a negative relationship between workplace conflict and organisational citizenship behaviour. Thus, for the purpose of enhancing extra-role behaviours amongst staff members, the management of the institution needs to ensure equitable compensation, rewards, and benefits amongst workers. This is vital because should the employees perceive that inequity exists, they will fight for fairness and justice, and if they are not heard, it will result in workplace conflict.
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- Date Issued: 2020
Retirement planning activities of mobile phone dealers
- Authors: Kapp, Anton
- Date: 2020
- Subjects: Cell phone systems -- Retirement -- South Africa -- Planning
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/48257 , vital:40757
- Description: The mobile phone industry is one of the most technologically-advanced industries in South Africa, however, little information is available concerning retirement planning activities of mobile phone dealers in this industry. As research into the area of retirement planning and retirement planning activities of mobile phone dealers in the telecommunications industry is thus required, this study intended to fill this gap. The main objective of the study was to investigate whether mobile phone dealers were planning for their retirement and the retirement planning activities they performed. The study also further investigated the retirement activities of the mobile phone dealers’ employees. A case study research in six phases was conducted and data was obtained from 18 participants using a semi-structured interview schedule. The interview guide was prepared to focus on three theoretical themes, namely, retirement activities for retirement, retirement activities at retirement and retirement activities after retirement. The rich qualitative data was transcribed and analysed using content analysis. Most of the participants were male and in the 51+ year age category. The analysis of the feedback from the participants suggested that one out of 18 (5.56%) participants could not retire, seven out of 18 participants (38.89%) participants did not plan to retire, while ten out of 18 (55.56%) had a planned retirement date. A small number of participants actively used the retirement planning activities for employees as a successful retention tool in their businesses in an environment where employee rotation was reported to be high. The study found that the majority of mobile phone dealers had planned and provided for their own retirement. The feedback and recommendations of this study show that employees in the mobile phone dealer businesses lack knowledge on the importance of retirement planning in their lives, and that retirement planning knowledge intervention programmes should be introduced.
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- Date Issued: 2020
Revenue, Trade and Welfare Implications of the BRICS Free Trade Agreement on South Africa
- Authors: Mayende, Nosiphiwo Andisa
- Date: 2020
- Subjects: Gross domestic product -- Statistics -- South Africa , International business enterprises -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/50316 , vital:42105
- Description: The analysis presented in the study is based on the World Integrated Trade Solution (WITS)/Software Market analysis and Restrictions on Trade (SMART) was used to assess the impacts of the BRICS free trade area (FTA) on South Africa’s revenue, trade and welfare. The findings of the study show that the BRICS FTA is expected to increase imports into South Africa from China, India, Brazil and Russia by $188 million, $469.6 million, $145 million and $19.7 million, respectively. In the same vein, the country is expected to have trade diversion totalling $886.86 million which are largely caused by China with $564.7 million dollars. The combined effects of trade creation and trade diversion, that is, total imports, is expected to lead $1.7 billion in imports surge as a result of BRICS FTA. With regard to the revenue effect, the WITS/SMART simulations indicate that South Africa will have a total fiscal revenue loss of US$1.926 billion if the BRICS FTA is implemented. Major losers include motor vehicles with a loss of US$235.6 million, footwear with US$168.6 million, garments with a loss of US$97 million and textile materials with a loss of $96 million. Overall, South Africa’s exports are expected to increase by $354 million thanks to the BRICS FTA. From the above analysis it is apparent that South Africa will both lose and benefit by joining the BRICS.
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- Date Issued: 2020
Sectoral co-integration and portfolio diversification benefits: a business cycle examination of South African equity sectors
- Authors: Hofisi, Tinashe S
- Date: 2020
- Subjects: Portfolio management -- South Africa , Investments -- South Africa , Investments, South African , Stocks -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/146379 , vital:38521
- Description: The onset of globalisation and simultaneous changes in financial technology and financial reforms dissipated hurdles once faced in financial transactions among stock markets. Hence, stock markets around the world became increasingly integrated because there was a free flow of cross border investments. Consequently, international diversification diminished thereby undermining the ability of investors to diversify investments across borders. For that reason, recent literature on portfolio diversification is urging investors to shift their focus to domestic portfolio diversification as an alternative. On that account, this study aims to examine the co-integration and dynamic causalities between South African equity market sectors in order to ascertain the sectoral diversification opportunities available to domestic investors over time. The study was examined over the different phases of the business cycle as well as the full sample, i.e. 2004 – 2018, with a view to shedding light on the inter-sectoral diversification opportunities of domestic investors over the South African business cycle. The phases of the business cycle applied are a| expansion and boom; b| recession and recovery phase and c| stagnation phase. The Johansen co-integration and Granger-causality tests were employed. The hypothesis of the study is that, if sectors are not cointegrated, then diversification benefits can be reaped by constructing a portfolio that combines stocks from the respective sectors. On the whole, the findings of this study show that there are both long-run and short-run diversification opportunities across the different phases of the South African business cycle as well as the full sample. However, there are lesser diversification opportunities in the recession and recovery phase over both the long-run and short-run. These results indicate that domestic sectoral portfolio diversification is least effective when it is needed the most (i.e. in a period of heightened volatility such as recession and recovery phase). This study will contribute to the existing literature in two ways; firstly, to investors who intend to diversify their portfolios domestically rather than internationally and, secondly, after reasonably thorough research it was evident that there is scant literature on domestic sectoral diversification in South Africa. As a result, the study attempts to address this gap. Additionally, the essence of the business cycle in this study is to make investors aware of potential diversification opportunities when positioning their portfolios for the next shift in the business cycle.
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- Date Issued: 2020
Statutory mergers as contemplated in the Companies Act, 2008: the applicability of the corporate rules contained in section 44 of the Income Tax Act, 1962
- Authors: Shama, Natalie Anne
- Date: 2020
- Subjects: South Africa. Companies Act, 2008 , South Africa. Income Tax Act, 1962 , Consolidation and merger of corporations -- South Africa , Corporation law -- South Africa
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/144767 , vital:38377
- Description: The purpose of this research is to determine the extent to which a statutory merger in terms of the Companies Act, 2008, may be accommodated by the provisions of an amalgamation transaction in terms of section 44 of the Income Tax Act, 1962. The research method adopted is a legal interpretative research approach. South African company law underwent significant reform with the introduction of the Companies Act, 2008. One of the fundamental areas for reform was the need for a mechanism to appropriately accommodate a corporate merger, and thus, what is referred to as a statutory merger was introduced into South African company law. What is notable is that the statutory merger has been crafted to apply across a variety of circumstances that may arise in commerce, thus offering wide versatility. On the other hand, the tax relief afforded in terms of the corporate roll-over provisions in the Income Tax Act is designed to facilitate corporate transactions on a tax neutral basis, whilst balancing the concessions these measures introduce and the potential for tax avoidance. Consequently, the tax relief applicable to an amalgamation transaction will only apply within strictly prescribed parameters. The research shows an ongoing effort by National Treasury to amend the provisions of the amalgamation transaction to better accommodate a statutory merger, but highlights that there are nevertheless certain conflicting purposes (policy) for each piece of legislation. For these reasons, the focus and parameters of a statutory merger and amalgamation transaction do not align perfectly. The key areas of inconsistency identified in this research are threefold, namely (i) the creation of a new company as a consequence of a statutory merger is not accommodated in an amalgamation transaction; (ii) the process of compensating the shareholders of the amalgamated company in an amalgamation transaction is not clearly contemplated in the statutory merger provisions; and (iii) mergers between a company and its shareholder currently present numerous complexities from both a company law and taxation perspective. The research concludes that the flexibility afforded under the statutory merger is largely minimised for parties who wish to simultaneously enjoy the tax relief afforded under an amalgamation transaction.
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- Date Issued: 2020
The current nature of intra-regional trade in the proposed tripartite free trade area
- Authors: Chibuta, Chisengele
- Date: 2020
- Subjects: Customs unions -- Africa, Southern -- Economic integration , Africa, Southern -- Economic policy , Africa, Southern -- Economic integration , Africa, Southern -- Economic conditions , Tripartite Free Trade Area , Free trade -- Africa, Southern
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/146744 , vital:38553
- Description: This thesis examines and analyses the current nature of intra-regional trade between member states of the proposed Tripartite Free Trade Area in order to contribute to an understanding of the potential for intra-regional trade within the region to increase. Trade Complementarity Indexes were used to determine how well the structures of the three founding blocs’ major imports and exports match. The results show that there is a high degree of trade complementarity in the trade of the top 5 major products traded between the regional groups. With the proposed TFTA in place, high trade complementarity could lead to increased trade between the regional groups. Trade Intensity Indexes were used to determine how intensively the three founding blocs trade with one another. Results from the indexes help determine the extent to which the blocs currently view each other as important trading partners and the implications of this for the proposed TFTA. Results show that EAC and SADC as well as EAC and COMESA viewed each other as significant trading partners while SADC and COMESA did not for the majority of the years from 2001 to 2018. With the TFTA in place, intra-regional trade could be strengthened among the members who currently trade intensively because tariffs between them would be progressively eliminated as required by the TFTA Agreement. Revealed Comparative Advantage Indexes were used to gain insights on whether member states have any comparative advantage in their top 5 exports. Results from the indexes were used to determine whether member states have comparative advantage in similar or dissimilar major exports and the implications of this for the proposed TFTA. Results show that member states have revealed comparative advantage in similar products and these products present opportunities for joint-production among member states as well as sectors for product development once the proposed TFTA is in place. Revealed Trade Barrier Indexes were used to gain insights into the extent of ease of market access into each regional bloc’s market. Results from the indexes indicate whether major products imported from each other receive possibly discriminatory or preferential treatment. The results indicate that the majority of the top 5 imports sourced from each region receive preferential treatment. This indicates that there is ease of market access for the top 5 imports sourced from each other and this could promote increased intra-regional trade among member states in these product categories because tariff and non-tariff barriers to trade will be progressively eliminated once the TFTA is in place.
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- Date Issued: 2020
The effect of company brand on the investment decisions of individual investors as mediated by behavioural finance biases in Nigeria
- Authors: Okeja, Ogechukwu Donatu
- Date: 2020
- Subjects: Branding (Marketing) -- Nigeria , Business names -- Nigeria , Brand choice -- Nigeria -- Mathematical models , Consumer behavior -- Nigeria -- Mathematical models , Consumers' preferences -- Nigeria , Nigerian Stock Exchange
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/144015 , vital:38303
- Description: Over the years, the financial sphere and its systematic process has transcended from one paradigm to another. Most prominent is the traditional finance paradigm dominating the financial sphere majorly throughout the 1960s and 1970s. The ideology and the foundation of the traditional finance paradigm was centred on the concept of rationality. Within the context of the current research, the traditional finance paradigm postulates that individuals in the process of making investment decisions, acquire and analyse all available information in the stock markets, upon which they make a rational investment decision. In other words, the traditional finance paradigm portrays individuals as perfectly informed, rational decision makers, capable of objectively solving complex problems –Homo economicus. However, research in the field of psychology gave rise to the questions and concerns that started to emerge in the 1980s concerning the realistic nature of the assumptions of the traditional finance paradigm. As opposed to the assumptions of traditional finance, these research show that it is impossible for investors to analyse the shares of all the listed companies in the market in order to make rational investment decisions due to the ambiguous nature of information available. In the behavioural finance paradigm individuals’ decision making are viewed to incorporate factors such as emotions, heuristics, experiences, intuition and perceptions. These factors in turn are seen to induce biases (such as availability bias and overconfidence) which leads to subjective decision making. The concept of behavioural finance is based on realistic outcomes of events in the financial sphere for example, the repeated occurrence of financial crises in an environment where all participants are assumed to be rational. The behavioural finance paradigm challenges the assumption of the traditional finance paradigm which is embedded on the concept of rationality. The purpose of the present research is to investigate whether brands of listed companies on the Nigerian Stock Exchange trigger behavioural finance biases in investment decisions of individual investors in Nigeria. More specifically, the aim of the present research was to establish relationships between the independent sub-variables of brand knowledge (brand awareness and brand image) and brand relationship (brand loyalty and brand attachment), the mediating sub-variables of behavioural finance biases (availability bias and overconfidence) and the dependent variable (investment decisions). To this end, objectives and hypotheses were formulated to guide the research. In order to achieve the stated objectives and test the formulated hypotheses, the present research adopted the positivistic paradigm and the methodological process involved quantitative methods. Data was acquired by means of an online questionnaire from members of the Independent shareholders association of Nigeria and individual investors whose contacts were provided by an independent broker (n= 182). The research instrument showed satisfactory levels of validity on all measures (between 0.40 and 0.89) and a relatively highly internal consistency for reliability with Cronbach’s alpha coefficient scores of between 0.81 and 0.93. Descriptive and inferential statistical analyses were performed. Descriptive statistics involved frequency distribution, mean and standard deviation. Inferential statistics involved Spearman’s rank correlation coefficient, Multiple linear regression analyses, T-test and ANOVA. Using Spearman’s rank correlation coefficient, results show that all variables were positively correlated. Results of the Multiple linear regression analyses performed, indicated that there are positive relationships between brand awareness and investment decisions; brand awareness and availability bias; brand loyalty and investment decisions; brand loyalty and overconfidence; overconfidence and investment decisions. Furthermore, Multiple linear regression analyses also indicated that availability bias mediates the relationship between brand awareness and investment decisions; and overconfidence mediates the relationship between brand loyalty and investment decisions. Results of the T-test indicated that there is no significant mean difference found in the responses of the different sex group (male and female) on independent, mediating and dependent variables. While ANOVA indicated that there is a significant difference found between the age category of respondents and brand loyalty; age category of respondents and investment decisions. Based on the results of the analyses performed, conclusions, contributions and recommendations were enumerated. Practical recommendations were made to the government, individual investors, companies and brand experts, professional brokers, financial analysts and economy developers.
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- Date Issued: 2020
The effects of the stock and bond market on economic growth in South Africa (2003-2017)
- Authors: Faiers, Jarryd Brad
- Date: 2020
- Subjects: Capital market -- South Africa , Economic development -- Environmental aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/48102 , vital:40486
- Description: Using quarterly data from 2003:Q3 to 2017:Q1, this study investigates the effect of the stock and bond markets on economic growth in South Africa. The variables used in the study pertain to South Africa and include the JSE All-Share Index, real effective exchange rate, bond market growth, investment expenditure, inflation rate, government expenditure and gross domestic product. The empirical study is guided by an Autoregressive Distributed Lag (ARDL) model approach which includes unit root tests for stationarity, bounds tests for cointegration and causality tests using the long run and short run error correction models. Diagnostic tests and stability tests are performed on the various econometric models. Tests include the Jarque-Bera test, Ramsey Reset Test, Whites test, CUSUM and CUSUM square test. The findings suggest that the stock market growth and bond market growth have displayed significantly different results with regards to their effects on economic growth. Stock market growth has had a positive impact on economic growth in the long run, whilst growth and development in the bond market does not have a statistically significant relationship with economic growth in the long run. The study provides a solid foundation for establishing the effects of the stock and bond market on economic growth.
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- Date Issued: 2020
The impact of South African monetary policy on output and price stability in Namibia
- Authors: William, Anna Martha Tandakos
- Date: 2020
- Subjects: Common Monetary Area (Organization) , Monetary unions -- Africa, Southern , Monetary policy -- South Africa , Monetary policy -- Namibia , Repurchase agreements -- South Africa , Repurchase agreements -- Namibia , Inflation (Finance) -- South Africa , Inflation (Finance) -- Namibia , Namibia -- Economic conditions , Transmission mechanism (Monetary policy)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/167709 , vital:41505
- Description: Namibia is a member country of the Common Monetary Area (CMA) with Lesotho, Swaziland and South Africa. South Africa is the anchor country to which the smaller member states have surrendered monetary policy authority. This thesis therefore examines the empirical relationship between the South Africa repo rate (SArepo) on the one hand and Namibia’s repo rate (Namrepo), Prime Lending Rate (PLR), Private Sector Credit Extension (PSCE), Consumer Price Index (CPI) and Gross Domestic Product (GDP) on the other hand. The credit channel of the monetary policy transmission mechanism informs the theoretical foundation of the thesis. Vector Autoregression modelling, variance decomposition and impulse response functions were used to explore the nature and strength of the relationship between the SArepo and said variables in Namibia. This thesis used quarterly data for the period 2003 to 2017. The variation in the Namrepo was predominantly explained by the SArepo, which confirmed that the Namrepo strongly followed the SArepo. The impulse response function results found that the impact of a contractionary monetary policy shock (an increase in the SArepo) lasted for up to six quarters before the effect started to fade. The Namrepo exhibited a positive response to an increase in the SArepo, although the magnitude of the response started to fade after the third quarter. The PLR, as a representative of market rates in Namibia, also exhibited a positive response to an increase in the SArepo. The results were similar for the Namrepo and the PLR because changes to the NamRepo are passed through immediately to the market interest rates. On the real variables, the study found that a contractionary monetary policy shock initiated in South Africa resulted in an increase in inflation in Namibia of less than 0.4 percent, whereas output declined by less than 1.0 percent. Interestingly, a Namibia (domestic) contractionary monetary policy shock resulted in a decline in prices of less than 0.4 percent. GDP, on the other hand, exhibited a positive response to a contractionary monetary shock, with an increase of less than 2.0 percent in the first four quarters of the period observed. The results reflected that a contractionary monetary policy shock from South Africa was more effective with regard to its impact on GDP; however, a domestic monetary policy shock was more effective at impacting on domestic inflation compared to the impact from South Africa.
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- Date Issued: 2020
The political ecological economics of coal mining and water resources: a participatory economic valuation approach in Carolina, Mpumalanga
- Authors: Nzimande, Nqobile
- Date: 2020
- Subjects: Natural resources -- Management , Natural resources -- Management -- South Africa -- Carolina , Natural resources -- Valuation , Natural resources -- Valuation -- South Africa -- Carolina , Coal mines and mining -- Environmental aspects -- South Africa -- Carolina , Water-supply -- South Africa -- Carolina , Water-supply -- Government policy -- South Africa -- Carolina , Water conservation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/167274 , vital:41463
- Description: Globally, resource economic valuation has traditionally focused on monetary and market-based methods. However, there has been a recent move towards more transdiciplinary methods that encourage civil participation in resource economic valuation studies with the aim of generating more site-specific and appropriate values which can potentially improve natural resource management decisions. With a focus on Carolina, this thesis investigated whether citizen based participatory approaches can result in more appropriate resource economic values that reflect the social environmental values in Carolina. A qualitative research approach was adopted for this research which incorporated questionnaires and semi-structured interviews. The research also adopted an inductive thematic analysis. The findings of the research showed that local scale stakeholders have different perceived values of natural resources. The research further showed that national scale resource governance institutions deal with issues of natural resource economic conflicts related to environmental policy and decision making. The study will contribute to deepening an understanding of the contribution that a natural resource economics assessment, or analysis can have on equitable, sustainable and efficient water resource management in the face of water-use contestation
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- Date Issued: 2020