The development of an optimised decision based methodology for the replacement timing of frontline equipment utilised within the quarrying industry
- Authors: Basson, Kenneth Mervyn
- Date: 2018
- Subjects: Decision making , Industrial equipment Industrial equipment -- Maintenance and repair
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/23647 , vital:30592
- Description: At present, frontline equipment employed at B&E International, and operating within the quarrying sector is typically replaced as soon as the operating expenses are deemed to be excessive. From a capital budgeting perspective, the trigger for signalling the replacement of equipment occurs when prescribed operating cost performance metrics are violated. In some instances, a further consideration for motivating the replacement of equipment is when the perception arises that the nonavailability of the equipment employed, results in financial losses being incurred by a company. It can therefore be argued that the current equipment replacement timing methodological approach adopted at B&E International is suboptimal in nature. The situation is further aggravated by the fact that in many instances, escalation of commitment manifests itself whereby unnecessary capital is repeatedly invested in order to extend the life of an asset resulting in a situation occurring whereby the required level of investment return is not achieved. In the event of these situations arising, the decision to replace an asset is prolonged as a result of the suboptimal investment decisions being made. The primary focus of this study is to provide a methodological equipment replacement framework that is based upon sound capital budgeting fundamentals. A comprehensive literature review of capital budgeting approaches that specifically focus on the optimal replacement timing of frontline quarrying equipment, did not yield any relevant studies that have been undertaken in this regard. This study did however investigate contemporary equipment replacement approaches based upon a capital budgeting paradigm and highlighted their respective limitations. Convincing evidence obtained, indicated that the most widely accepted method of identifying the optimal replacement timing of equipment occurs when the economic life of the asset is attained. This in itself would therefore infer that a cost minimisation approach is the most pervasive methodological approach adopted in order to identify the optimal replacement timing of equipment. When considering capital investment based decisions, it was found that the discounted cash flow based methodologies are the most widely used and accepted approach applied in the mining industry. Notwithstanding this, one major caveat manifests itself in that when considering the optimal replacement timing of front line equipment within the quarrying industry, the inclusion of uncertainty, flexibility and the associated financial risks was not evident. In order to model these effects, a probabilistic Net Present Value (NPV) approach was adopted and the required Discounted Cash Flow (DCF) models were constructed. Given the uncertainty of the expected cumulative R&M profiles for the asset classes constituting this study, an extensive statistical analysis was carried out in order to establish the required predictive Repair and Maintenance (R&M) models required for the DCF analysis by means of regression analysis. Further regression analyses were conducted in order to model the overall availability and utilisation metrics for the respective asset classes included in this study. The consequence of incurring downtime was investigated and the resultant DCF analysis yielded a significant impact on the Free Cash Flow (FCF) generated by the respective assets. The magnitude of the incurred consequential financial losses incurred as a result of the respective downtime was found to be significant when considering frontline equipment. In order to model the effect of, and the extent to which, the respective independent variables influence the static NPV outcome, a sensitivity analysis was performed. From this, the influence of the independent variables constituting the NPV model employed in this study, were observed. A Real Options Analysis (ROA) approach was initially employed in order to model the effects of FCF uncertainty and the results of carrying out this analysis indicated a minimal influence on the static NPV model referred to earlier. It was therefore concluded that from an equipment replacement timing perspective, the ROA approach did not provide a robust and accurate representation of the probabilistic NPV outcomes anticipated. In order to address these perceived shortcomings, an Monte Carlo Simulation (MCS) model was constructed and the requisite probability distribution functions representing the most influential independent variables determined from the sensitivity analysis were identified and subsequently analysed. The results of the MCS analysis yielded the expected NPV outcomes that were found to be far more conservative compared to the static NPV outcomes referred to previously. Furthermore, the concluding findings of this study indicate that in order to estimate the optimal time to dispose of an asset, a static NPV analysis must first be modelled and thereafter a probabilistic NPV analysis. The respective uncertainty aspects over the lifespan of the assets should be identified to be incorporated into the MCS model. This methodological approach therefore opposes the use of a strictly deterministic based approach and rather predicates the use of a probabilistic NPV based framework. This study further concluded that traditional DCF approaches fail to consider management flexibility in terms of adapting to uncertainty and to also reduce the possibility of “escalation of commitment” occurring as a result of sub-optimal equipment replacement timing decisions by management. The use and acceptance of the traditional DCF approaches are acknowledged, but in order to develop an equipment replacement methodological approach that considers uncertainty and risk on the one hand and also allows for the incorporation of real data over the assets lifetime on the other, the use of an MCS probabilistic NPV based model was found to be the optimal approach to be adopted. The result of updating the static NPV model with updated data as soon as it is obtained enables one to generate accurate probabilistic distribution functions required for the subsequent MCS analysis. By adopting this approach the study has concluded that one can obtain realistic and accurate NPV forecasts from the anticipated FCF estimates. The principal conclusion obtained from this study is that the optimal time in which to replace front line assets employed at B&E International is when the probabilistic net earnings profile, viz., NPV of the equipment is maximized.
- Full Text:
- Date Issued: 2018
- Authors: Basson, Kenneth Mervyn
- Date: 2018
- Subjects: Decision making , Industrial equipment Industrial equipment -- Maintenance and repair
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/23647 , vital:30592
- Description: At present, frontline equipment employed at B&E International, and operating within the quarrying sector is typically replaced as soon as the operating expenses are deemed to be excessive. From a capital budgeting perspective, the trigger for signalling the replacement of equipment occurs when prescribed operating cost performance metrics are violated. In some instances, a further consideration for motivating the replacement of equipment is when the perception arises that the nonavailability of the equipment employed, results in financial losses being incurred by a company. It can therefore be argued that the current equipment replacement timing methodological approach adopted at B&E International is suboptimal in nature. The situation is further aggravated by the fact that in many instances, escalation of commitment manifests itself whereby unnecessary capital is repeatedly invested in order to extend the life of an asset resulting in a situation occurring whereby the required level of investment return is not achieved. In the event of these situations arising, the decision to replace an asset is prolonged as a result of the suboptimal investment decisions being made. The primary focus of this study is to provide a methodological equipment replacement framework that is based upon sound capital budgeting fundamentals. A comprehensive literature review of capital budgeting approaches that specifically focus on the optimal replacement timing of frontline quarrying equipment, did not yield any relevant studies that have been undertaken in this regard. This study did however investigate contemporary equipment replacement approaches based upon a capital budgeting paradigm and highlighted their respective limitations. Convincing evidence obtained, indicated that the most widely accepted method of identifying the optimal replacement timing of equipment occurs when the economic life of the asset is attained. This in itself would therefore infer that a cost minimisation approach is the most pervasive methodological approach adopted in order to identify the optimal replacement timing of equipment. When considering capital investment based decisions, it was found that the discounted cash flow based methodologies are the most widely used and accepted approach applied in the mining industry. Notwithstanding this, one major caveat manifests itself in that when considering the optimal replacement timing of front line equipment within the quarrying industry, the inclusion of uncertainty, flexibility and the associated financial risks was not evident. In order to model these effects, a probabilistic Net Present Value (NPV) approach was adopted and the required Discounted Cash Flow (DCF) models were constructed. Given the uncertainty of the expected cumulative R&M profiles for the asset classes constituting this study, an extensive statistical analysis was carried out in order to establish the required predictive Repair and Maintenance (R&M) models required for the DCF analysis by means of regression analysis. Further regression analyses were conducted in order to model the overall availability and utilisation metrics for the respective asset classes included in this study. The consequence of incurring downtime was investigated and the resultant DCF analysis yielded a significant impact on the Free Cash Flow (FCF) generated by the respective assets. The magnitude of the incurred consequential financial losses incurred as a result of the respective downtime was found to be significant when considering frontline equipment. In order to model the effect of, and the extent to which, the respective independent variables influence the static NPV outcome, a sensitivity analysis was performed. From this, the influence of the independent variables constituting the NPV model employed in this study, were observed. A Real Options Analysis (ROA) approach was initially employed in order to model the effects of FCF uncertainty and the results of carrying out this analysis indicated a minimal influence on the static NPV model referred to earlier. It was therefore concluded that from an equipment replacement timing perspective, the ROA approach did not provide a robust and accurate representation of the probabilistic NPV outcomes anticipated. In order to address these perceived shortcomings, an Monte Carlo Simulation (MCS) model was constructed and the requisite probability distribution functions representing the most influential independent variables determined from the sensitivity analysis were identified and subsequently analysed. The results of the MCS analysis yielded the expected NPV outcomes that were found to be far more conservative compared to the static NPV outcomes referred to previously. Furthermore, the concluding findings of this study indicate that in order to estimate the optimal time to dispose of an asset, a static NPV analysis must first be modelled and thereafter a probabilistic NPV analysis. The respective uncertainty aspects over the lifespan of the assets should be identified to be incorporated into the MCS model. This methodological approach therefore opposes the use of a strictly deterministic based approach and rather predicates the use of a probabilistic NPV based framework. This study further concluded that traditional DCF approaches fail to consider management flexibility in terms of adapting to uncertainty and to also reduce the possibility of “escalation of commitment” occurring as a result of sub-optimal equipment replacement timing decisions by management. The use and acceptance of the traditional DCF approaches are acknowledged, but in order to develop an equipment replacement methodological approach that considers uncertainty and risk on the one hand and also allows for the incorporation of real data over the assets lifetime on the other, the use of an MCS probabilistic NPV based model was found to be the optimal approach to be adopted. The result of updating the static NPV model with updated data as soon as it is obtained enables one to generate accurate probabilistic distribution functions required for the subsequent MCS analysis. By adopting this approach the study has concluded that one can obtain realistic and accurate NPV forecasts from the anticipated FCF estimates. The principal conclusion obtained from this study is that the optimal time in which to replace front line assets employed at B&E International is when the probabilistic net earnings profile, viz., NPV of the equipment is maximized.
- Full Text:
- Date Issued: 2018
A critical analysis of organisational justice in the South African financial service industry
- Authors: Mrwebi, Viwe
- Date: 2018
- Subjects: Organizational behavior , Financial services industry -- South Africa -- Management Intrinsic motivation Employee retention Labor turnover
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/33065 , vital:32513
- Description: Organisational justice has captured the interest of scholars in recent years since it is associated with the perceptions and reactions of an individual, to the presence of fairness in an organisation. It thus captures what an individual feel or evaluates to be, morally correct rather than viewing it to be something prescriptive. This study was aimed at investigating the extent of organisational justice on organisational citizenship behaviour, ethical behaviour and employee retention in the South African financial services industry. A hypothetical model and measuring instrument was developed in order to investigate factors that may influence the organisational justice in the financial services industry. Six independent variables (trustworthiness of management, employee engagement, reward system, organisational transparency, two-way communication and organisational climate) were identified as variables that have the potential to influence organisational justice (mediating variable). It was also hypothesised that organisational justice) has the potential to affect the dependent variables (organisational citizenship behaviour, ethical behaviour and employee retention). Furthermore, nine null-hypotheses were developed to test the relationship between independent, mediating and dependent variables. All these variables were clearly defined and operationalised with various items that were obtained from other measuring instruments or self-developed items. A quantitative research approach followed. This study made use of the non-probability sampling technique, specifically convenient and judgemental sampling, as there is no data base of financial services firms available in South Africa. A purposive sample of 800 respondents was drawn from four provinces in South Africa. Factor and regression analyses were used to test the significance of the relationship between the various independent and dependent variables. The mediating variable of organisational justice was viewed by respondents as a two-dimensional construct, namely procedural-interactional justice and distributive justice. Consequently, intrinsic rewards, extrinsic rewards, organisational transparency and organisational climate were identified as independent variables that could have an impact on the procedural-interactional justice to predict organisational citizenship behaviour and reputable employee retention in the financial services industry. No relationships were identified between trustworthiness of management and employee engagement and procedural-interactional justice. The independent variables, trustworthiness of management, extrinsic rewards and organisational climate, could have an impact on distributive justice to predict organisational citizenship behaviour and reputable employee retention in the financial services industry. No relationships were identified between employee engagement, intrinsic rewards, organisational transparency and distributive justice. The findings of this study have contributed to the body of knowledge in the financial services literature in South Africa, by developing a theoretical model and a measuring instrument of organisational justice in the financial services industry. The antecedents of organisational justice in the financial services industry are not well documented in literature and findings of this study could thus contribute towards closing this gap in literature. The findings of this study could also inform policy formulation to assist with the implementation of organisational justice programmes in the financial services industry. This study provided useful and very practical guidelines to organisations in order to ensure the effective strategising and management of OJ that could enhance their local and global competitiveness and long-term survival.
- Full Text:
- Date Issued: 2018
- Authors: Mrwebi, Viwe
- Date: 2018
- Subjects: Organizational behavior , Financial services industry -- South Africa -- Management Intrinsic motivation Employee retention Labor turnover
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/33065 , vital:32513
- Description: Organisational justice has captured the interest of scholars in recent years since it is associated with the perceptions and reactions of an individual, to the presence of fairness in an organisation. It thus captures what an individual feel or evaluates to be, morally correct rather than viewing it to be something prescriptive. This study was aimed at investigating the extent of organisational justice on organisational citizenship behaviour, ethical behaviour and employee retention in the South African financial services industry. A hypothetical model and measuring instrument was developed in order to investigate factors that may influence the organisational justice in the financial services industry. Six independent variables (trustworthiness of management, employee engagement, reward system, organisational transparency, two-way communication and organisational climate) were identified as variables that have the potential to influence organisational justice (mediating variable). It was also hypothesised that organisational justice) has the potential to affect the dependent variables (organisational citizenship behaviour, ethical behaviour and employee retention). Furthermore, nine null-hypotheses were developed to test the relationship between independent, mediating and dependent variables. All these variables were clearly defined and operationalised with various items that were obtained from other measuring instruments or self-developed items. A quantitative research approach followed. This study made use of the non-probability sampling technique, specifically convenient and judgemental sampling, as there is no data base of financial services firms available in South Africa. A purposive sample of 800 respondents was drawn from four provinces in South Africa. Factor and regression analyses were used to test the significance of the relationship between the various independent and dependent variables. The mediating variable of organisational justice was viewed by respondents as a two-dimensional construct, namely procedural-interactional justice and distributive justice. Consequently, intrinsic rewards, extrinsic rewards, organisational transparency and organisational climate were identified as independent variables that could have an impact on the procedural-interactional justice to predict organisational citizenship behaviour and reputable employee retention in the financial services industry. No relationships were identified between trustworthiness of management and employee engagement and procedural-interactional justice. The independent variables, trustworthiness of management, extrinsic rewards and organisational climate, could have an impact on distributive justice to predict organisational citizenship behaviour and reputable employee retention in the financial services industry. No relationships were identified between employee engagement, intrinsic rewards, organisational transparency and distributive justice. The findings of this study have contributed to the body of knowledge in the financial services literature in South Africa, by developing a theoretical model and a measuring instrument of organisational justice in the financial services industry. The antecedents of organisational justice in the financial services industry are not well documented in literature and findings of this study could thus contribute towards closing this gap in literature. The findings of this study could also inform policy formulation to assist with the implementation of organisational justice programmes in the financial services industry. This study provided useful and very practical guidelines to organisations in order to ensure the effective strategising and management of OJ that could enhance their local and global competitiveness and long-term survival.
- Full Text:
- Date Issued: 2018
Evaluating the impact of energy policies on sustainable development in South Africa
- Authors: Julius, Ibitoye Oyebanji
- Date: 2018
- Subjects: Energy policy -- South Africa , Sustainable development -- South Africa Renewable energy sources -- South Africa Sustainable living -- South Africa
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/30440 , vital:30944
- Description: The unachieved targets of the Millennium Development Goals (MDGs) at the end of 2015 by some developing countries including South Africa, lead to the evolution of the Sustainable Development Goals (SDGs). Ensuring access to sustainable, affordable, and modern energy is one of the 17 SDGs that the countries are expected to achieve before the end of 2030. Green growth is an important strategy for attaining this goal and a pathway to achieving the other goals. Therefore, an empirical study of the impact of energy policies on sustainable development is pertinent. Despite the importance of such research, there exists a gap in the literature relating to green growth and sustainable development from the SDGs point of view. This study fills the existing lacuna by developing an intertemporal holistic model which allows a study of the impact of energy policies on sustainable development in relation to the SDGs. Specifically, this thesis employs the Autoregressive Distributed Lag (ARDL) and Toda-Yamamoto approaches to analyse the long-run relationship and direction of causality respectively between green growth policies and sustainable development in South Africa from 1984 to 2016. This research provides insights into the importance of green growth for factors such as deforestation, fuel exports, energy imports and agricultural development, thus adding to the existing literature on the impact of renewable energy on a country’s social, environmental and economic conditions. Results from the analysis of the long-run relationship between green growth and macroeconomic variables, indicate a positive unidirectional relationship between changes in green growth policies and gross capital formation. This finding suggests that adopting green growth policies leads to increased investments. In contrast, green growth was found to have a negative effect on national income (gross domestic product). However, the Granger causality tests do not establish causality between these variables. Although green growth policies stimulate investments, high start-up costs associated with the implementation of these policies may mean that the resultant higher investments are yet to be translated to higher income levels in the South African economy. The findings indicate a boost in the South African balance of payment within the study period iv iv as evidenced by the positive long-run relationship between green growth policies and fuel exports. Additionally, the results indicate that green growth energy policies have assisted in improving the resilience to international oil price shocks as shown in the negative and significant long-run relationship between green growth and energy imports. With regard to environmental variables, results suggest a substitutability effect between green growth policies and the consumption of non-renewable energy. However, no evidence is found on the impact of green growth policies on the levels of deforestation and carbon dioxide(CO2) emissions, as well as natural resource depletion. In relation to the social variables, adoption of green growth policies was found to lead to improved educational quality, with causality running in both directions. This finding supports the feedback hypothesis. Similarly, green growth policies had a positive impact on agricultural development, again with causality established in both directions. The outcome of the long-run relationship between green energy consumption and unemployment shows that the green growth policies is yet to have a significant impact on unemployment reduction in South Africa. Green growth also has an insignificant and indirect relationship with GDP per capita; this result was affirmed by the absence of causality between GDP per capita and green energy consumption. This research not only makes contributions to the literature on the relevance of green growth policies for achieving economic, social and environmental sustainability, it also suggests possible policy implications which highlight the need for adoption and continued implementation of green growth policies in developing countries such as South Africa.
- Full Text:
- Date Issued: 2018
- Authors: Julius, Ibitoye Oyebanji
- Date: 2018
- Subjects: Energy policy -- South Africa , Sustainable development -- South Africa Renewable energy sources -- South Africa Sustainable living -- South Africa
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/30440 , vital:30944
- Description: The unachieved targets of the Millennium Development Goals (MDGs) at the end of 2015 by some developing countries including South Africa, lead to the evolution of the Sustainable Development Goals (SDGs). Ensuring access to sustainable, affordable, and modern energy is one of the 17 SDGs that the countries are expected to achieve before the end of 2030. Green growth is an important strategy for attaining this goal and a pathway to achieving the other goals. Therefore, an empirical study of the impact of energy policies on sustainable development is pertinent. Despite the importance of such research, there exists a gap in the literature relating to green growth and sustainable development from the SDGs point of view. This study fills the existing lacuna by developing an intertemporal holistic model which allows a study of the impact of energy policies on sustainable development in relation to the SDGs. Specifically, this thesis employs the Autoregressive Distributed Lag (ARDL) and Toda-Yamamoto approaches to analyse the long-run relationship and direction of causality respectively between green growth policies and sustainable development in South Africa from 1984 to 2016. This research provides insights into the importance of green growth for factors such as deforestation, fuel exports, energy imports and agricultural development, thus adding to the existing literature on the impact of renewable energy on a country’s social, environmental and economic conditions. Results from the analysis of the long-run relationship between green growth and macroeconomic variables, indicate a positive unidirectional relationship between changes in green growth policies and gross capital formation. This finding suggests that adopting green growth policies leads to increased investments. In contrast, green growth was found to have a negative effect on national income (gross domestic product). However, the Granger causality tests do not establish causality between these variables. Although green growth policies stimulate investments, high start-up costs associated with the implementation of these policies may mean that the resultant higher investments are yet to be translated to higher income levels in the South African economy. The findings indicate a boost in the South African balance of payment within the study period iv iv as evidenced by the positive long-run relationship between green growth policies and fuel exports. Additionally, the results indicate that green growth energy policies have assisted in improving the resilience to international oil price shocks as shown in the negative and significant long-run relationship between green growth and energy imports. With regard to environmental variables, results suggest a substitutability effect between green growth policies and the consumption of non-renewable energy. However, no evidence is found on the impact of green growth policies on the levels of deforestation and carbon dioxide(CO2) emissions, as well as natural resource depletion. In relation to the social variables, adoption of green growth policies was found to lead to improved educational quality, with causality running in both directions. This finding supports the feedback hypothesis. Similarly, green growth policies had a positive impact on agricultural development, again with causality established in both directions. The outcome of the long-run relationship between green energy consumption and unemployment shows that the green growth policies is yet to have a significant impact on unemployment reduction in South Africa. Green growth also has an insignificant and indirect relationship with GDP per capita; this result was affirmed by the absence of causality between GDP per capita and green energy consumption. This research not only makes contributions to the literature on the relevance of green growth policies for achieving economic, social and environmental sustainability, it also suggests possible policy implications which highlight the need for adoption and continued implementation of green growth policies in developing countries such as South Africa.
- Full Text:
- Date Issued: 2018
Self-determined development practices for a marginalised San community of Tsumkwe East in Otjozondjupa Region, Namibia
- Authors: Chingwe, Shuvai
- Date: 2017
- Subjects: San (African people) -- Namibia San (African people) -- Namibia -- Social conditions , San (African people) -- Namibia -- Politics and government Indigenous peoples -- Namibia
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/33239 , vital:32597
- Description: This study was an exploration of self-determined development practices as a panacea for poverty reduction in the San communities. The main aim of this study was to propose possible strategies for eliminating the marginalisation of San in order to reduce poverty. This study was guided by an Indigenous research paradigm. This study used an Indigenous research methodology because it ensures that research on Indigenous issues is carried out in a more respectful, ethical, correct, sympathetic, useful and beneficial fashion seen from the point of Indigenous people. Nine out of thirty-six villages in Tsumkwe East participated in this study. Data collection was done through key informant interviews and conversational methods namely talking circles and storying. The findings of this study reveal that the marginalisation of the Ju/’hoansi San of Nyae Nyae and other San communities is closely related to their loss of ancestral land during the colonial and post-colonial era. Although the Ju/’hoansi San have fought to maintain their ancestral lands, hunting which is their main livelihood has been restricted by government regulation. The restriction on their hunting and gathering culture has been the major contribution to their marginalisation as they can no longer fend for themselves as their forefathers used to do. Despite a multitude of factors militating against the self-determination of San communities, the Ju/’hoansi San have managed to express their voice through a remnant of their hunting and gathering culture. This study also reveals that there are two important actors in Nyae Nyae namely the government of the Republic of Namibia and the Nyae Nyae Conservancy. Nyae Nyae Conservancy is a community based natural resource management organisation which has taken a participatory developmental approach to the development of Tsumkwe East. The government has taken more of a welfare approach. Although the mainstream has labelled San people lazy, uneducated, backward and uncivilised, the success of the Nyae Nyae Conservancy which is managed by the Ju/’hoansi San is a testimony to the contrary. This study reveals that the government has failed to deliver on its policy of meeting all the welfare needs of the Ju/’hoansi San but the conservancy has risen to be a relevant organisation meeting the needs of the community whilst respecting their culture and identity as a hunting and gathering community. This study concludes that self-determined development practices maybe a panacea for the development of San communities. This can be made possible by supporting the San’s hunting and gathering livelihoods, respecting their culture, securing their land and resource rights, through long-term and consistent capacity building and supporting a culturally relevant education system.
- Full Text:
- Date Issued: 2017
- Authors: Chingwe, Shuvai
- Date: 2017
- Subjects: San (African people) -- Namibia San (African people) -- Namibia -- Social conditions , San (African people) -- Namibia -- Politics and government Indigenous peoples -- Namibia
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/33239 , vital:32597
- Description: This study was an exploration of self-determined development practices as a panacea for poverty reduction in the San communities. The main aim of this study was to propose possible strategies for eliminating the marginalisation of San in order to reduce poverty. This study was guided by an Indigenous research paradigm. This study used an Indigenous research methodology because it ensures that research on Indigenous issues is carried out in a more respectful, ethical, correct, sympathetic, useful and beneficial fashion seen from the point of Indigenous people. Nine out of thirty-six villages in Tsumkwe East participated in this study. Data collection was done through key informant interviews and conversational methods namely talking circles and storying. The findings of this study reveal that the marginalisation of the Ju/’hoansi San of Nyae Nyae and other San communities is closely related to their loss of ancestral land during the colonial and post-colonial era. Although the Ju/’hoansi San have fought to maintain their ancestral lands, hunting which is their main livelihood has been restricted by government regulation. The restriction on their hunting and gathering culture has been the major contribution to their marginalisation as they can no longer fend for themselves as their forefathers used to do. Despite a multitude of factors militating against the self-determination of San communities, the Ju/’hoansi San have managed to express their voice through a remnant of their hunting and gathering culture. This study also reveals that there are two important actors in Nyae Nyae namely the government of the Republic of Namibia and the Nyae Nyae Conservancy. Nyae Nyae Conservancy is a community based natural resource management organisation which has taken a participatory developmental approach to the development of Tsumkwe East. The government has taken more of a welfare approach. Although the mainstream has labelled San people lazy, uneducated, backward and uncivilised, the success of the Nyae Nyae Conservancy which is managed by the Ju/’hoansi San is a testimony to the contrary. This study reveals that the government has failed to deliver on its policy of meeting all the welfare needs of the Ju/’hoansi San but the conservancy has risen to be a relevant organisation meeting the needs of the community whilst respecting their culture and identity as a hunting and gathering community. This study concludes that self-determined development practices maybe a panacea for the development of San communities. This can be made possible by supporting the San’s hunting and gathering livelihoods, respecting their culture, securing their land and resource rights, through long-term and consistent capacity building and supporting a culturally relevant education system.
- Full Text:
- Date Issued: 2017
Integration of the new development bank into the international financial architecture
- Chitenderu, Tafadzwa Thelmah
- Authors: Chitenderu, Tafadzwa Thelmah
- Date: 2018
- Subjects: World Bank , International Monetary Fund -- Developing countries Economic development -- International cooperation Financial institutions, International
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/23924 , vital:30645
- Description: The study looked at the integration of the BRICS New Development Bank into the international financial architecture. In doing so, it made use of an econometric evaluation of the impact of the loans received from the current dominant financial institutions, namely International Monetary Fund (IMF) and the World Bank, on economic growth of ten self-selected African countries. Given the challenges and the failures of the Western dominated funding to African countries, it is important to ensure that the funding approach of the New Development Bank does not resemble that of the current international finance system. Using panel data and quantile regression econometric models on annual data from ten self-selected African countries that are recipients of World Bank and IMF loans from 1994 to 2014, this thesis presents a framework for the integration of the BRICS’ New Development Bank into the global financial architecture. The results obtained shows a negative and statistically significant impact of World Bank loans on Gross Domestic Product of the country under analysis and a positive statistically insignificant impact of IMF loans. Given the existing global financial institutions and the wealth of expertise at their disposal, this thesis concludes that the existing global financial structure cannot be done away with completely but the New Development Bank should rather perform a complementary role in the global finance space. Accordingly, the New Development Bank should champion a ‘post ideological rhetoric’ in the global financial architecture.
- Full Text:
- Date Issued: 2018
- Authors: Chitenderu, Tafadzwa Thelmah
- Date: 2018
- Subjects: World Bank , International Monetary Fund -- Developing countries Economic development -- International cooperation Financial institutions, International
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/23924 , vital:30645
- Description: The study looked at the integration of the BRICS New Development Bank into the international financial architecture. In doing so, it made use of an econometric evaluation of the impact of the loans received from the current dominant financial institutions, namely International Monetary Fund (IMF) and the World Bank, on economic growth of ten self-selected African countries. Given the challenges and the failures of the Western dominated funding to African countries, it is important to ensure that the funding approach of the New Development Bank does not resemble that of the current international finance system. Using panel data and quantile regression econometric models on annual data from ten self-selected African countries that are recipients of World Bank and IMF loans from 1994 to 2014, this thesis presents a framework for the integration of the BRICS’ New Development Bank into the global financial architecture. The results obtained shows a negative and statistically significant impact of World Bank loans on Gross Domestic Product of the country under analysis and a positive statistically insignificant impact of IMF loans. Given the existing global financial institutions and the wealth of expertise at their disposal, this thesis concludes that the existing global financial structure cannot be done away with completely but the New Development Bank should rather perform a complementary role in the global finance space. Accordingly, the New Development Bank should champion a ‘post ideological rhetoric’ in the global financial architecture.
- Full Text:
- Date Issued: 2018
Interest rate liberalisation and economic growth in SADC countries
- Authors: Moyo, Clement Zibusiso
- Date: 2018
- Subjects: Southern African Development Community , Economic development -- Africa, Southern Developing countries -- Economic conditions
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22791 , vital:30087
- Description: The pioneers of financial liberalisation, McKinnon (1973) and Shaw (1973) argue that inter-est rates determined by market forces have a positive effect on economic growth rates. Inter-est rates that are kept at low levels through the intervention of a central bank discourage sav-ings and capital accumulation, and distort the allocation of resources. Interest rate liberalisa-tion results in higher real interest rates which could have a positive effect on savings, invest-ments and economic growth (Ang & McKibbin 2007). Interest rate liberalisation also reduces capital flight and encourages capital inflows by increasing return for investors which supple-ments domestic investments. Shaw (1973) argued that interest rate liberalisation promotes financial development by encouraging savings and increasing the availability of funds for lending purposes. The study provides an empirical analysis of the channels through which interest rate liberalisation impacts on economic growth in SADC countries for the period 1990 to 2015. The study is motivated by the concerns on the impact of interest rate liberalisation on eco-nomic growth in the period after the 2008-’09 global financial crisis as well as concerns that interest rate liberalisation increases the likelihood of financial crises. Higher interest rates resulting from interest rate liberalisation may increase the likelihood of financial crises by encouraging risk-taking on the part of banks in an attempt to take advantage of higher returns. Authorities in most countries have reduced interest rates in an attempt to boost aggregate demand, which is expected to speed up the recovery from the crisis. However, the lowering of interest rates may result in a decrease in savings and investments, which are the main drivers of long-term economic growth. Real interest rates below equilibrium may encourage banks to take more risks in their lending practices in order to earn higher returns which may result in an increase in non-performing loans. The influence of interest rates on financial crises has thus received considerable attention since the onset of the 2008-’09 global financial crisis and this thesis contributes to the literature by determining how interest rates impact on economic growth in SADC countries and whether interest rate liberalisation increases the likelihood of financial crises. The study examines the relationship between interest rate liberalisation and economic growth through different channels. These include savings and investments, capital flows and finan-cial development. The study uses the Pooled Mean Group (PMG) estimator proposed by Pesaran et al (1999) to estimate the effect of interest rate liberalisation on economic growth through the abovementioned channels. The study also examines whether interest rate liberalisation increases the likelihood of financial crises. This is estimated using the logit model, due to the binary nature of the dependent variable. The results provide limited support for the McKinnon and Shaw hypothesis. Interest rate liberalisation has a positive effect on economic growth through higher savings and investments. Interest rate liberalisation has a positive outcome on capital inflows, which indicates that the prospect of earning higher returns encourages foreign investors to invest in the domestic economy. However, capital inflows do not enhance economic growth. This could be due to the low levels of human capital in SADC countries. Interest rate liberalisation boosts financial development through higher savings and invest-ments. However, financial development has a negative effect on economic growth because of the link between financial development and financial crises. The results show that interest rate liberalisation decreases the likelihood of financial crises directly, however, it increases the probability of financial crises indirectly through financial development. This suggests that the major cause of financial crises in the region is the low levels of institutional quality and lack of adequate supervisory frameworks to monitor the functioning of the financial system. Therefore, the results imply that the negative impact of interest rate liberalisation may outweigh the positive effect of higher savings and investments in SADC countries. A number of policy recommendations can be drawn from the study. Liberalisation of interest rates has a positive effect on economic growth through savings and investments. However improving the levels of institutional quality is vital for preventing financial crises. Interest rate liberalisation may not have a direct influence on financial crises, but higher levels of fi-nancial development emanating from higher interest rates increase the likelihood of financial crises. Therefore, a sound monitoring framework is necessary for the benefits of financial liberalisation to be realised. Also, investment in education, training and research and development is a necessity so as to increase levels of human capital, which in turn may allow the region to reap the benefits of capital inflows.
- Full Text:
- Date Issued: 2018
- Authors: Moyo, Clement Zibusiso
- Date: 2018
- Subjects: Southern African Development Community , Economic development -- Africa, Southern Developing countries -- Economic conditions
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22791 , vital:30087
- Description: The pioneers of financial liberalisation, McKinnon (1973) and Shaw (1973) argue that inter-est rates determined by market forces have a positive effect on economic growth rates. Inter-est rates that are kept at low levels through the intervention of a central bank discourage sav-ings and capital accumulation, and distort the allocation of resources. Interest rate liberalisa-tion results in higher real interest rates which could have a positive effect on savings, invest-ments and economic growth (Ang & McKibbin 2007). Interest rate liberalisation also reduces capital flight and encourages capital inflows by increasing return for investors which supple-ments domestic investments. Shaw (1973) argued that interest rate liberalisation promotes financial development by encouraging savings and increasing the availability of funds for lending purposes. The study provides an empirical analysis of the channels through which interest rate liberalisation impacts on economic growth in SADC countries for the period 1990 to 2015. The study is motivated by the concerns on the impact of interest rate liberalisation on eco-nomic growth in the period after the 2008-’09 global financial crisis as well as concerns that interest rate liberalisation increases the likelihood of financial crises. Higher interest rates resulting from interest rate liberalisation may increase the likelihood of financial crises by encouraging risk-taking on the part of banks in an attempt to take advantage of higher returns. Authorities in most countries have reduced interest rates in an attempt to boost aggregate demand, which is expected to speed up the recovery from the crisis. However, the lowering of interest rates may result in a decrease in savings and investments, which are the main drivers of long-term economic growth. Real interest rates below equilibrium may encourage banks to take more risks in their lending practices in order to earn higher returns which may result in an increase in non-performing loans. The influence of interest rates on financial crises has thus received considerable attention since the onset of the 2008-’09 global financial crisis and this thesis contributes to the literature by determining how interest rates impact on economic growth in SADC countries and whether interest rate liberalisation increases the likelihood of financial crises. The study examines the relationship between interest rate liberalisation and economic growth through different channels. These include savings and investments, capital flows and finan-cial development. The study uses the Pooled Mean Group (PMG) estimator proposed by Pesaran et al (1999) to estimate the effect of interest rate liberalisation on economic growth through the abovementioned channels. The study also examines whether interest rate liberalisation increases the likelihood of financial crises. This is estimated using the logit model, due to the binary nature of the dependent variable. The results provide limited support for the McKinnon and Shaw hypothesis. Interest rate liberalisation has a positive effect on economic growth through higher savings and investments. Interest rate liberalisation has a positive outcome on capital inflows, which indicates that the prospect of earning higher returns encourages foreign investors to invest in the domestic economy. However, capital inflows do not enhance economic growth. This could be due to the low levels of human capital in SADC countries. Interest rate liberalisation boosts financial development through higher savings and invest-ments. However, financial development has a negative effect on economic growth because of the link between financial development and financial crises. The results show that interest rate liberalisation decreases the likelihood of financial crises directly, however, it increases the probability of financial crises indirectly through financial development. This suggests that the major cause of financial crises in the region is the low levels of institutional quality and lack of adequate supervisory frameworks to monitor the functioning of the financial system. Therefore, the results imply that the negative impact of interest rate liberalisation may outweigh the positive effect of higher savings and investments in SADC countries. A number of policy recommendations can be drawn from the study. Liberalisation of interest rates has a positive effect on economic growth through savings and investments. However improving the levels of institutional quality is vital for preventing financial crises. Interest rate liberalisation may not have a direct influence on financial crises, but higher levels of fi-nancial development emanating from higher interest rates increase the likelihood of financial crises. Therefore, a sound monitoring framework is necessary for the benefits of financial liberalisation to be realised. Also, investment in education, training and research and development is a necessity so as to increase levels of human capital, which in turn may allow the region to reap the benefits of capital inflows.
- Full Text:
- Date Issued: 2018
Financial market integration, contagion and volatility transmission: a case of the globally developed markets and developing stock markets in Africa
- Authors: Chima, Anyikwa Izunna
- Date: 2018
- Subjects: Money market , Investment analysis Capital market
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/23935 , vital:30646
- Description: The widespread impact of the 2007 global financial crisis and the subsequent Eurozone sovereign debt crisis added new impetus to the on-going international discussions about the sustainability of a financial integration model. Moreover, the crisis revealed the complexity of the international transmission of financial shocks and the financial vulnerabilities of different financial markets. More so, it exposed the major weaknesses in our knowledge of how the forces that drive global financial systems operate. This is compounded by a failure to appreciate the scope of interdependencies that exist across markets and their potential to destabilise the global financial system in times of crises. At the heart of this weakness is the inability to accurately understand the various propagation mechanisms and channels through which a crisis from one market is transmitted to other markets. It is against this background that this study is undertaken, in order to empirically investigate the role of financial market integration, contagion and volatility transmission, using weekly data between the period 3 January 2003 to 26 December 2014. The study covers 27 stock markets, comprising 13 African stock markets, 10 developed stock markets and four emerging stock markets. The study employed two empirical frameworks: the first framework focused on the short-run and long-run relationships between African stock markets and major global stock markets using the Johansen co-integration test, Granger causality test, GIRF and GFEVD. The second framework focused on testing evidence of contagion and volatility transmission using the DCC-GJRGARCH model and AS model. The results show that the majority of African stock markets moved together in the long-run with the major global stock markets during the pre-crisis and Eurozone crisis periods. While the long-run relationship between African stock markets and the major global markets disappeared during the period of the global financial crisis, the relationship re-emerged during the Eurozone crisis period. From the analysis of Granger causality test, the results show some differences exist in terms of the relative strength of the causal linkages across markets and periods. However, it was shown that strong causal linkages emerged during the global financial and Eurozone crisis periods relative to the pre-crisis period. Also, the leading role of the major developed markets, compared to the emerging markets, is demonstrated throughout the analysis of causality tests. Moreover, the sensitivity of African markets to shocks from the global markets was clearly highlighted by analysis of the GIRF and GFEVD, especially during both crisis periods. Furthermore, the results from the AS model confirm significant evidence of mean and volatility spill-over effects from the major global markets to African markets especially during the periods of both crises. In addition, the level of volatility was found to be more persistent and asymmetric during both crisis periods compared to the pre-crisis period. The results confirm the existence of contagion effects through the analysis of the conditional correlation during both crisis periods. More importantly, the analysis of conditional correlation emphasised evidence of heightened co-movement between African markets and the major global markets during the periods of crisis. Consequently, the decoupling phenomenon is rejected in favour of synchronisation of business cycles between African stock markets and the major global markets. The findings of this study have several important implications for the policymakers and investors in Africa and the world at large. The findings of this study not only provide some information about the level of financial integration but also the effect of growing financial linkages between African markets and the global markets, which is important for designing appropriate regulatory frameworks. Also, the knowledge about the dynamic interrelationship in terms of contagion and volatility transmission between African markets and the major global markets can be utilised by investors, and thereby help them to make better investment decisions. Consequently, the findings of this study point to a need for policymakers in general and in Africa in particular, to monitor closely changes in financial development in other markets in order to reduce the vulnerability of domestic markets to external shocks. To mitigate the impact of the external shocks, greater co-operation and co-ordination, with proper supervision of different markets‟ fiscal and monetary policies, should be encouraged. Such policies need to be carefully aligned with the objective of external sustainability. This can be achieved through strategic partnerships and mergers, foreign institutional investments, cross market listing of shares, corporatisation of exchanges and the introduction of private ownership. Above all, effective regulation is needed to realise the benefits of financial market integration.
- Full Text:
- Date Issued: 2018
- Authors: Chima, Anyikwa Izunna
- Date: 2018
- Subjects: Money market , Investment analysis Capital market
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/23935 , vital:30646
- Description: The widespread impact of the 2007 global financial crisis and the subsequent Eurozone sovereign debt crisis added new impetus to the on-going international discussions about the sustainability of a financial integration model. Moreover, the crisis revealed the complexity of the international transmission of financial shocks and the financial vulnerabilities of different financial markets. More so, it exposed the major weaknesses in our knowledge of how the forces that drive global financial systems operate. This is compounded by a failure to appreciate the scope of interdependencies that exist across markets and their potential to destabilise the global financial system in times of crises. At the heart of this weakness is the inability to accurately understand the various propagation mechanisms and channels through which a crisis from one market is transmitted to other markets. It is against this background that this study is undertaken, in order to empirically investigate the role of financial market integration, contagion and volatility transmission, using weekly data between the period 3 January 2003 to 26 December 2014. The study covers 27 stock markets, comprising 13 African stock markets, 10 developed stock markets and four emerging stock markets. The study employed two empirical frameworks: the first framework focused on the short-run and long-run relationships between African stock markets and major global stock markets using the Johansen co-integration test, Granger causality test, GIRF and GFEVD. The second framework focused on testing evidence of contagion and volatility transmission using the DCC-GJRGARCH model and AS model. The results show that the majority of African stock markets moved together in the long-run with the major global stock markets during the pre-crisis and Eurozone crisis periods. While the long-run relationship between African stock markets and the major global markets disappeared during the period of the global financial crisis, the relationship re-emerged during the Eurozone crisis period. From the analysis of Granger causality test, the results show some differences exist in terms of the relative strength of the causal linkages across markets and periods. However, it was shown that strong causal linkages emerged during the global financial and Eurozone crisis periods relative to the pre-crisis period. Also, the leading role of the major developed markets, compared to the emerging markets, is demonstrated throughout the analysis of causality tests. Moreover, the sensitivity of African markets to shocks from the global markets was clearly highlighted by analysis of the GIRF and GFEVD, especially during both crisis periods. Furthermore, the results from the AS model confirm significant evidence of mean and volatility spill-over effects from the major global markets to African markets especially during the periods of both crises. In addition, the level of volatility was found to be more persistent and asymmetric during both crisis periods compared to the pre-crisis period. The results confirm the existence of contagion effects through the analysis of the conditional correlation during both crisis periods. More importantly, the analysis of conditional correlation emphasised evidence of heightened co-movement between African markets and the major global markets during the periods of crisis. Consequently, the decoupling phenomenon is rejected in favour of synchronisation of business cycles between African stock markets and the major global markets. The findings of this study have several important implications for the policymakers and investors in Africa and the world at large. The findings of this study not only provide some information about the level of financial integration but also the effect of growing financial linkages between African markets and the global markets, which is important for designing appropriate regulatory frameworks. Also, the knowledge about the dynamic interrelationship in terms of contagion and volatility transmission between African markets and the major global markets can be utilised by investors, and thereby help them to make better investment decisions. Consequently, the findings of this study point to a need for policymakers in general and in Africa in particular, to monitor closely changes in financial development in other markets in order to reduce the vulnerability of domestic markets to external shocks. To mitigate the impact of the external shocks, greater co-operation and co-ordination, with proper supervision of different markets‟ fiscal and monetary policies, should be encouraged. Such policies need to be carefully aligned with the objective of external sustainability. This can be achieved through strategic partnerships and mergers, foreign institutional investments, cross market listing of shares, corporatisation of exchanges and the introduction of private ownership. Above all, effective regulation is needed to realise the benefits of financial market integration.
- Full Text:
- Date Issued: 2018
Sustainable competitive tourism in South Africa
- Authors: Ferreira, Daniel Petrus
- Date: 2018
- Subjects: Tourism -- South Africa , Sustainable development Competition -- South Africa
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22464 , vital:29972
- Description: Tourism is one of the major economic industries in the world and is one of the main income sources for many developing countries such as South Africa (SA). The South African tourism industry contributes approximately R309 billion to the country‘s Gross Domestic Product, and is considered the country‘s fastest growing industry. Although, in comparison to 2016 SA experienced a 2% growth rate of international tourist arrivals in 2014, the increase is considerably lower than the global average of 7%. In 2018, SA also dropped five rankings to number 61, as compared to the previous year according to the Global Competitiveness 2017 to 2018 report. Consequently, SA is not considered a competitive global tourism economy. To increase the country‘s position in the global ranking, it must develop policies and marketing strategies that include both competitive and sustainable aspects. The primary objective of this study is to develop a sustainable- and competitive tourism model for SA. The study investigated and analysed how the independent variables (tourism driving forces) influence sustainable- and competitive tourism (dependent variables). From a comprehensive literature review, a hypothetical model was developed to determine tourism driving forces that might influence sustainable- and competitive tourism. Twenty-two hypotheses were formulated to test the relationships between the eleven tourism driving forces and two dependent variables, namely sustainable- and competitive tourism. This quantitative research approach study sought the perceptions of various tourism stakeholders in SA. A survey was conducted with the aid of a structured web-based questionnaire, distributed via e-mail, and posted on various tourism-specific Facebook pages. A combination of convenience- and snowball sampling was utilised. A final sample of 512 respondents was obtained. The items in the questionnaire were validated by conducting exploratory factor analysis, thereafter the Cronbach‘s alpha values were calculated for each of the valid constructs to confirm inter-item reliability. The results of the Pearson product-moment correlation tests between the various independent and dependent variables revealed mostly moderate to strong correlations. For this reason, multi-collinearity diagnostics testing was conducted prior to multiple regression analysis to confirm that there is no evidence of collinearity between the tourism driving forces, as well as between the dependent variables. The multiple regression analysis reveals three statistically significant relationships between the enabling country conditions (market conditions, technological conditions and tourism policy development) and sustainable tourism. In addition, four statistically significant relationships were found between the destination appeal forces (enablers, enhancers, infrastructure and political conditions) and competitive tourism. The empirical findings further confirmed natural attraction promotional tactics as a destination appeal driving force had a statistically significant relationship with both competitive tourism and sustainability tourism. The inter-relationship between sustainable- and competitive tourism was also confirmed, however, competitive tourism was shown to influence sustainable tourism to a larger extent. Multivariate analysis of variance calculations was used to identify whether the demographic profiles of respondents (classification data) occupy a role in how they view the tourism forces (destination appeal and enabling country conditions) important to create tourism demand in South Africa. A total of 69 statistically significant relationships were found between the classification data and the tourism forces. Post-hoc Tukey tests identified numerous significant means differences within the different classification data categories. The Cohen‘s D analysis revealed 135 practically significant relationships, of which twenty had large practical significance. The five key aspects relevant to increase tourism demand were to have a discrimination-free country regarding race, religion and sexual preference, as well as a safe and stable tourism environment without xenophobic violence. For this reason, the SA government must work actively towards providing a peaceful, safe and discrimination-free tourism environment to attract tourists. Based on the multiple regression results, the marketing of SA‘s natural attractions as a destination appeal factor is essential for competitive tourism to enhance the tourism experience, while it is also imperative for sustainable tourism to increase tourism demand. It is thus suggested that SA Tourism update relevant information regarding the country‘s wildlife and national parks monthly to remain competitive in its quest to towards sustainability. As the destination appeal factors (enablers, enhancers, infrastructure and political conditions) had statistically significant relationships with competitive tourism, these destination appeal factors require consideration. It is therefore recommended that SA should ensure its visa regulations are easily understood, and consider introducing a Tourist Visa On Arrival system to increase the country‘s global tourism competitiveness. In addition, SA should consider creating business- and paleo-tourism niche markets for tourism sustainability. Furthermore, the marketing material must outline the favourable infrastructure available and contain visuals to capture the tourists‘ experiences when selecting SA as a travel destination. The SA government should act responsibly in addressing politically-related unrest through public condemnation of xenophobic violence and showing the severe consequences to those involved in it. Based on the empirical results, enabling country condition factors such as market- and technological conditions, as well as paying attention to the development of the tourism policy, are essential in striving towards sustainable tourism in SA. It is thus suggested that tourism companies promote SA‘s current (2018) favourable exchange rate to potential foreign tourists originating from developed countries. Furthermore, the SA government should adopt globally acceptable online travel application technology to provide travellers with access to reliable and accurate information and enable easy and swift online bookings. This study can be considered one of the first in SA to compile a comprehensive model to confirm empirically which tourism driving forces bring about sustainable- and competitive tourism in the country. This model can now be used by other researchers as a framework for further testing within their respective countries. The study is also the first to identify the major role the demographic profiles of tourists can play in how they view the tourism forces by clearly indicating the differences in thinking of the different demographic groups. The recommendations are tailored for different stakeholder groups such as the government, SA Tourism and travel companies to market SA aptly in their quest towards increasing the country‘s tourism competitiveness and striving towards sustainable tourism.
- Full Text:
- Date Issued: 2018
- Authors: Ferreira, Daniel Petrus
- Date: 2018
- Subjects: Tourism -- South Africa , Sustainable development Competition -- South Africa
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22464 , vital:29972
- Description: Tourism is one of the major economic industries in the world and is one of the main income sources for many developing countries such as South Africa (SA). The South African tourism industry contributes approximately R309 billion to the country‘s Gross Domestic Product, and is considered the country‘s fastest growing industry. Although, in comparison to 2016 SA experienced a 2% growth rate of international tourist arrivals in 2014, the increase is considerably lower than the global average of 7%. In 2018, SA also dropped five rankings to number 61, as compared to the previous year according to the Global Competitiveness 2017 to 2018 report. Consequently, SA is not considered a competitive global tourism economy. To increase the country‘s position in the global ranking, it must develop policies and marketing strategies that include both competitive and sustainable aspects. The primary objective of this study is to develop a sustainable- and competitive tourism model for SA. The study investigated and analysed how the independent variables (tourism driving forces) influence sustainable- and competitive tourism (dependent variables). From a comprehensive literature review, a hypothetical model was developed to determine tourism driving forces that might influence sustainable- and competitive tourism. Twenty-two hypotheses were formulated to test the relationships between the eleven tourism driving forces and two dependent variables, namely sustainable- and competitive tourism. This quantitative research approach study sought the perceptions of various tourism stakeholders in SA. A survey was conducted with the aid of a structured web-based questionnaire, distributed via e-mail, and posted on various tourism-specific Facebook pages. A combination of convenience- and snowball sampling was utilised. A final sample of 512 respondents was obtained. The items in the questionnaire were validated by conducting exploratory factor analysis, thereafter the Cronbach‘s alpha values were calculated for each of the valid constructs to confirm inter-item reliability. The results of the Pearson product-moment correlation tests between the various independent and dependent variables revealed mostly moderate to strong correlations. For this reason, multi-collinearity diagnostics testing was conducted prior to multiple regression analysis to confirm that there is no evidence of collinearity between the tourism driving forces, as well as between the dependent variables. The multiple regression analysis reveals three statistically significant relationships between the enabling country conditions (market conditions, technological conditions and tourism policy development) and sustainable tourism. In addition, four statistically significant relationships were found between the destination appeal forces (enablers, enhancers, infrastructure and political conditions) and competitive tourism. The empirical findings further confirmed natural attraction promotional tactics as a destination appeal driving force had a statistically significant relationship with both competitive tourism and sustainability tourism. The inter-relationship between sustainable- and competitive tourism was also confirmed, however, competitive tourism was shown to influence sustainable tourism to a larger extent. Multivariate analysis of variance calculations was used to identify whether the demographic profiles of respondents (classification data) occupy a role in how they view the tourism forces (destination appeal and enabling country conditions) important to create tourism demand in South Africa. A total of 69 statistically significant relationships were found between the classification data and the tourism forces. Post-hoc Tukey tests identified numerous significant means differences within the different classification data categories. The Cohen‘s D analysis revealed 135 practically significant relationships, of which twenty had large practical significance. The five key aspects relevant to increase tourism demand were to have a discrimination-free country regarding race, religion and sexual preference, as well as a safe and stable tourism environment without xenophobic violence. For this reason, the SA government must work actively towards providing a peaceful, safe and discrimination-free tourism environment to attract tourists. Based on the multiple regression results, the marketing of SA‘s natural attractions as a destination appeal factor is essential for competitive tourism to enhance the tourism experience, while it is also imperative for sustainable tourism to increase tourism demand. It is thus suggested that SA Tourism update relevant information regarding the country‘s wildlife and national parks monthly to remain competitive in its quest to towards sustainability. As the destination appeal factors (enablers, enhancers, infrastructure and political conditions) had statistically significant relationships with competitive tourism, these destination appeal factors require consideration. It is therefore recommended that SA should ensure its visa regulations are easily understood, and consider introducing a Tourist Visa On Arrival system to increase the country‘s global tourism competitiveness. In addition, SA should consider creating business- and paleo-tourism niche markets for tourism sustainability. Furthermore, the marketing material must outline the favourable infrastructure available and contain visuals to capture the tourists‘ experiences when selecting SA as a travel destination. The SA government should act responsibly in addressing politically-related unrest through public condemnation of xenophobic violence and showing the severe consequences to those involved in it. Based on the empirical results, enabling country condition factors such as market- and technological conditions, as well as paying attention to the development of the tourism policy, are essential in striving towards sustainable tourism in SA. It is thus suggested that tourism companies promote SA‘s current (2018) favourable exchange rate to potential foreign tourists originating from developed countries. Furthermore, the SA government should adopt globally acceptable online travel application technology to provide travellers with access to reliable and accurate information and enable easy and swift online bookings. This study can be considered one of the first in SA to compile a comprehensive model to confirm empirically which tourism driving forces bring about sustainable- and competitive tourism in the country. This model can now be used by other researchers as a framework for further testing within their respective countries. The study is also the first to identify the major role the demographic profiles of tourists can play in how they view the tourism forces by clearly indicating the differences in thinking of the different demographic groups. The recommendations are tailored for different stakeholder groups such as the government, SA Tourism and travel companies to market SA aptly in their quest towards increasing the country‘s tourism competitiveness and striving towards sustainable tourism.
- Full Text:
- Date Issued: 2018
Microfinace and poverty alleviation in Uganda
- Authors: Ben, Ssembajjwe
- Date: 2018
- Subjects: Microfinance -- Uganda , Economic development -- Uganda Economic assistance, Domestic Poverty -- Economic aspects -- Uganda
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/23624 , vital:30588
- Description: Microfinance began in Uganda in the early 1990s as a response to the failure by formal financial institutions to extend financial services to the poor because of the high transaction costs involved. These microfinance institutions provide financial and non-financial services to the poor in order for the poor to generate incomes and consequently alleviate poverty. The advent of microfinance institutions was not accidental but rather in response to the people’s needs and they have therefore been beneficial for the people of Uganda. Because of that, several MFIs have been initiated to help the poor. Although many services are provided, the study focused on credit services. As most of the MFIs have to balance the business goal of profit maximization and the social goal of poverty reduction, the main objective of this study was to explore whether microfinance in Uganda is an effective tool for poverty alleviation. The study was conducted in four districts, namely Mukono, Mpigi, Wakiso and Luwero. Using random probability sampling, a sample of 170 was drawn from a pool of 300 MFI clients. and all of them responded. MFI officials were also interviewed. A total 136 officials were obtained from 47 MFI branches. The study used descriptive methods of analysis, a Likert scale to derive means, as well as a Principal Component Analysis technique. Analysis of variance (ANOVA) was used to detect if there were any statistically significant differences among the demographic variables used in the study. A Probit Regression Model was used to determine the impact of certain variables drawn from Principal Component Analysis (PCA) on poverty in Uganda. The results obtained proved that MFIs in general are effective in combating poverty in Uganda. Variables that are significant in poverty reduction through loan use are land, education, employment, household incomes and occupations of the respondents, loan sizes and improved livelihoods. Despite the positive impact of MFI loans in Uganda, the MFIs are faced with a number of challenges. The results from the interviews with the MFI officials indicated that MFIs are challenged by increasing competition, bad debt, multiple borrowings by clients, and information asymmetry. The study recommended reduced interest rates on agricultural, education and business loans. The public must also be sensitised about borrowing and there should be increased monitoring and supervision of clients, improved assessment of creditworthiness, and government should ensure an enabling environment and encourage group loans. Effort should be exerted to create employment opportunities. The study also recommended improvement in market intelligence and to be alert in gathering information on client profiles. it was recommended that microloan insurance and savings must be encouraged, operational costs be reduced, portfolios be expanded to increase loans and outreach must be maximised. Lastly, the thesis put forward some potential areas for further studies.
- Full Text:
- Date Issued: 2018
- Authors: Ben, Ssembajjwe
- Date: 2018
- Subjects: Microfinance -- Uganda , Economic development -- Uganda Economic assistance, Domestic Poverty -- Economic aspects -- Uganda
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/23624 , vital:30588
- Description: Microfinance began in Uganda in the early 1990s as a response to the failure by formal financial institutions to extend financial services to the poor because of the high transaction costs involved. These microfinance institutions provide financial and non-financial services to the poor in order for the poor to generate incomes and consequently alleviate poverty. The advent of microfinance institutions was not accidental but rather in response to the people’s needs and they have therefore been beneficial for the people of Uganda. Because of that, several MFIs have been initiated to help the poor. Although many services are provided, the study focused on credit services. As most of the MFIs have to balance the business goal of profit maximization and the social goal of poverty reduction, the main objective of this study was to explore whether microfinance in Uganda is an effective tool for poverty alleviation. The study was conducted in four districts, namely Mukono, Mpigi, Wakiso and Luwero. Using random probability sampling, a sample of 170 was drawn from a pool of 300 MFI clients. and all of them responded. MFI officials were also interviewed. A total 136 officials were obtained from 47 MFI branches. The study used descriptive methods of analysis, a Likert scale to derive means, as well as a Principal Component Analysis technique. Analysis of variance (ANOVA) was used to detect if there were any statistically significant differences among the demographic variables used in the study. A Probit Regression Model was used to determine the impact of certain variables drawn from Principal Component Analysis (PCA) on poverty in Uganda. The results obtained proved that MFIs in general are effective in combating poverty in Uganda. Variables that are significant in poverty reduction through loan use are land, education, employment, household incomes and occupations of the respondents, loan sizes and improved livelihoods. Despite the positive impact of MFI loans in Uganda, the MFIs are faced with a number of challenges. The results from the interviews with the MFI officials indicated that MFIs are challenged by increasing competition, bad debt, multiple borrowings by clients, and information asymmetry. The study recommended reduced interest rates on agricultural, education and business loans. The public must also be sensitised about borrowing and there should be increased monitoring and supervision of clients, improved assessment of creditworthiness, and government should ensure an enabling environment and encourage group loans. Effort should be exerted to create employment opportunities. The study also recommended improvement in market intelligence and to be alert in gathering information on client profiles. it was recommended that microloan insurance and savings must be encouraged, operational costs be reduced, portfolios be expanded to increase loans and outreach must be maximised. Lastly, the thesis put forward some potential areas for further studies.
- Full Text:
- Date Issued: 2018
Antecedents and outcomes of service encounters in the restaurant industry in Zimbabwe
- Authors: Mukucha, Paul
- Date: 2018
- Subjects: Consumer behavior , Hospitality industry -- Zimbabwe -- Management Management -- Zimbabwe
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/32949 , vital:32479
- Description: This study aimed to determine the antecedents and outcomes of service encounter experiences of patrons in the restaurant industry in Zimbabwe. In addition, the study aimed to test the strength of the relationships between service encounter experiences and the selected antecedents, and outcomes. Service encounter experiences were investigated to contribute to the success of restaurants in Zimbabwe. The study presented literature on the restaurant industry in Zimbabwe. The literature explored the types of restaurant businesses that are operating in Zimbabwe, the contribution of the restaurant industry to the national economy, the attractiveness of the restaurant industry and the market structure of the restaurant industry. The literature also revealed that the restaurant industry immensely contributes to the national economy of Zimbabwe through employment creation and statutory payments. It was further revealed that the restaurant industry in Zimbabwe is attractive because there are little entry and exit barriers, and there is some degree of differentiation of service delivery. The contemporary issues that affect the restaurant industry in Zimbabwe cut across several macro business factors, and were identified as political, economic, social, technological, legal and environmental factors. Theories and literature were considered, and the study extensively presented content related to the postulated relationships among the study’s variables, namely the specified antecedents of service encounter experiences which are the variables service contact levels, ambience factors, service delivery quality, and typology of patrons; and the selected outcomes of service encounter experiences, namely patronage retention, re-patronage retention, and patronage loyalty. A synthesis of how all the study constructs are interrelated, culminating with the proposed conceptual model, were presented. The proposed conceptual model that captures service encounter experiences and its possible antecedents and outcomes, depicted a series of hypotheses. The hypotheses presented were developed by using extant theoretical and empirical literature. The study further presented the research methodology, and the results of this study. This explanatory study followed a quantitative survey research design and 400 restaurant patrons in Zimbabwe were respondents to the study’s questionnaire. Descriptive statistics were calculated. In addition, using exploratory factor analyses results, the conceptual framework was updated, and further inferential statistics were computed. These statistics included a reliability analysis, correlation analysis and regression analyses to statistically test the proposed relationships. The empirical results revealed that all the postulated independent variables, except the variable service contact levels, are positively and significantly related to the patrons’ service encounter experiences. Furthermore, the study revealed that the patrons’ service encounter experiences significantly influence two specified dependent variables namely re-patronage intention and patronage loyalty. Patronage retention, which was one of the hypothesised outcomes of service encounter experiences, was eliminated from the proposed conceptual model during the measurement scale validation phase as almost all of its items loaded onto the patronage loyalty factor. This suggested the absence of a conceptual distinction between patronage retention and patronage loyalty. The study concluded that the levels of the patrons’ service encounter experiences in the restaurant industry in Zimbabwe are high as a result of higher levels of the postulated antecedents such as ambience factors, service delivery quality and typology of patrons. However, the levels of contact in restaurants did not have any significant impact on the patrons’ service encounter experiences. The study also concluded that eliciting pleasant service encounter experiences generates higher levels of re-patronage retention and patronage loyalty. The conclusions generated in this study subsequently led to a number of recommendations for restaurants in Zimbabwe. The study also contributed by either closing or clarifying many research gaps as well as by developing a hypothetical model and measuring instrument. This study was the first to show how ambience factors, service quality delivery and the typology of patrons, based on their personality traits, could positively influence the service encounter experiences of Zimbabwean restaurants’ patrons. Furthermore, the study confirms that in the restaurant industry, the patronage retention construct is conceptually the same as the patronage loyalty construct. Moreover, restaurant businesses must exploit the differences in their patrons’ dispositions in order to enhance service encounter experiences through providing differentiated service offerings.
- Full Text:
- Date Issued: 2018
- Authors: Mukucha, Paul
- Date: 2018
- Subjects: Consumer behavior , Hospitality industry -- Zimbabwe -- Management Management -- Zimbabwe
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/32949 , vital:32479
- Description: This study aimed to determine the antecedents and outcomes of service encounter experiences of patrons in the restaurant industry in Zimbabwe. In addition, the study aimed to test the strength of the relationships between service encounter experiences and the selected antecedents, and outcomes. Service encounter experiences were investigated to contribute to the success of restaurants in Zimbabwe. The study presented literature on the restaurant industry in Zimbabwe. The literature explored the types of restaurant businesses that are operating in Zimbabwe, the contribution of the restaurant industry to the national economy, the attractiveness of the restaurant industry and the market structure of the restaurant industry. The literature also revealed that the restaurant industry immensely contributes to the national economy of Zimbabwe through employment creation and statutory payments. It was further revealed that the restaurant industry in Zimbabwe is attractive because there are little entry and exit barriers, and there is some degree of differentiation of service delivery. The contemporary issues that affect the restaurant industry in Zimbabwe cut across several macro business factors, and were identified as political, economic, social, technological, legal and environmental factors. Theories and literature were considered, and the study extensively presented content related to the postulated relationships among the study’s variables, namely the specified antecedents of service encounter experiences which are the variables service contact levels, ambience factors, service delivery quality, and typology of patrons; and the selected outcomes of service encounter experiences, namely patronage retention, re-patronage retention, and patronage loyalty. A synthesis of how all the study constructs are interrelated, culminating with the proposed conceptual model, were presented. The proposed conceptual model that captures service encounter experiences and its possible antecedents and outcomes, depicted a series of hypotheses. The hypotheses presented were developed by using extant theoretical and empirical literature. The study further presented the research methodology, and the results of this study. This explanatory study followed a quantitative survey research design and 400 restaurant patrons in Zimbabwe were respondents to the study’s questionnaire. Descriptive statistics were calculated. In addition, using exploratory factor analyses results, the conceptual framework was updated, and further inferential statistics were computed. These statistics included a reliability analysis, correlation analysis and regression analyses to statistically test the proposed relationships. The empirical results revealed that all the postulated independent variables, except the variable service contact levels, are positively and significantly related to the patrons’ service encounter experiences. Furthermore, the study revealed that the patrons’ service encounter experiences significantly influence two specified dependent variables namely re-patronage intention and patronage loyalty. Patronage retention, which was one of the hypothesised outcomes of service encounter experiences, was eliminated from the proposed conceptual model during the measurement scale validation phase as almost all of its items loaded onto the patronage loyalty factor. This suggested the absence of a conceptual distinction between patronage retention and patronage loyalty. The study concluded that the levels of the patrons’ service encounter experiences in the restaurant industry in Zimbabwe are high as a result of higher levels of the postulated antecedents such as ambience factors, service delivery quality and typology of patrons. However, the levels of contact in restaurants did not have any significant impact on the patrons’ service encounter experiences. The study also concluded that eliciting pleasant service encounter experiences generates higher levels of re-patronage retention and patronage loyalty. The conclusions generated in this study subsequently led to a number of recommendations for restaurants in Zimbabwe. The study also contributed by either closing or clarifying many research gaps as well as by developing a hypothetical model and measuring instrument. This study was the first to show how ambience factors, service quality delivery and the typology of patrons, based on their personality traits, could positively influence the service encounter experiences of Zimbabwean restaurants’ patrons. Furthermore, the study confirms that in the restaurant industry, the patronage retention construct is conceptually the same as the patronage loyalty construct. Moreover, restaurant businesses must exploit the differences in their patrons’ dispositions in order to enhance service encounter experiences through providing differentiated service offerings.
- Full Text:
- Date Issued: 2018
Sustainable livelihood adaptation strategies to climate change in the Nelson Mandela Bay Municipality
- Authors: Nzante, Ekiyie
- Date: 2018
- Subjects: Climatic changes -- Social aspects -- South Africa -- Nelson Mandela Bay Municipality , Sustainable development -- South Africa -- Nelson Mandela Bay Municipality Global warming -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22924 , vital:30146
- Description: The Nelson Mandela Bay Municipality (NMBM) is in the Eastern Cape Province of South Africa and is comprised of Port Elizabeth, Uitenhage, Seaview, Despatch and Blue Horizon Bay. The municipality spans 100 km of coastline and is responsible for 44% of the province’s gross geographical product. In past years the NMBM has experienced problems related to severe climate change, such as storm surges, floods and droughts, which have affected the livelihood of the people. Generally, the NMBM is looked upon as a vulnerable region with regard to climate change because of environmental stressors compounded by recurrent droughts and floods that limit the community’s capacity to cope and adapt effectively. This research explored the existing livelihood strategies set to adapt to the effects of climate change in the municipal area and assessed how effective these strategies are. It proposed sustainable solutions to livelihood problems as climate change consequences were accentuated within the municipal area. The study employed a qualitative research approach whereby data was collected by means of strategic interviews, document analysis, participant observation, focus groups and a study of existing literature. A total of 38 respondents were interviewed using a self-administered questionnaire and 5 focus groups participated in the study. The data was collected within the NMBM over a period of 9 months. The concept of sustainable livelihood (SL) was used to assess the effectiveness of the livelihood strategies implemented in the NMBM to adapt to climate change. The study findings primarily disclosed that certain livelihood strategies exist in the NMBM, such as the hydroponics projects. These strategies are ineffective due to the lack of capital and poor leadership within the municipality. Based on these findings several recommendations were made, for example, the implementation of a household credit system and the creation of a community environmental education programme, amongst others. These will speak not only to a short-term mitigation model of climate change, but would be capable of ensuring a long-term scenario and also create sustainable livelihoods for the people of the NMBM.
- Full Text:
- Date Issued: 2018
- Authors: Nzante, Ekiyie
- Date: 2018
- Subjects: Climatic changes -- Social aspects -- South Africa -- Nelson Mandela Bay Municipality , Sustainable development -- South Africa -- Nelson Mandela Bay Municipality Global warming -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22924 , vital:30146
- Description: The Nelson Mandela Bay Municipality (NMBM) is in the Eastern Cape Province of South Africa and is comprised of Port Elizabeth, Uitenhage, Seaview, Despatch and Blue Horizon Bay. The municipality spans 100 km of coastline and is responsible for 44% of the province’s gross geographical product. In past years the NMBM has experienced problems related to severe climate change, such as storm surges, floods and droughts, which have affected the livelihood of the people. Generally, the NMBM is looked upon as a vulnerable region with regard to climate change because of environmental stressors compounded by recurrent droughts and floods that limit the community’s capacity to cope and adapt effectively. This research explored the existing livelihood strategies set to adapt to the effects of climate change in the municipal area and assessed how effective these strategies are. It proposed sustainable solutions to livelihood problems as climate change consequences were accentuated within the municipal area. The study employed a qualitative research approach whereby data was collected by means of strategic interviews, document analysis, participant observation, focus groups and a study of existing literature. A total of 38 respondents were interviewed using a self-administered questionnaire and 5 focus groups participated in the study. The data was collected within the NMBM over a period of 9 months. The concept of sustainable livelihood (SL) was used to assess the effectiveness of the livelihood strategies implemented in the NMBM to adapt to climate change. The study findings primarily disclosed that certain livelihood strategies exist in the NMBM, such as the hydroponics projects. These strategies are ineffective due to the lack of capital and poor leadership within the municipality. Based on these findings several recommendations were made, for example, the implementation of a household credit system and the creation of a community environmental education programme, amongst others. These will speak not only to a short-term mitigation model of climate change, but would be capable of ensuring a long-term scenario and also create sustainable livelihoods for the people of the NMBM.
- Full Text:
- Date Issued: 2018
The intersection between social development and the internationalisation of higher education in Colombia
- Authors: Anzola-Pardo, Giovanni
- Date: 2018
- Subjects: Education, Higher -- Colombia , Education and globalization International education -- Colombia Education, Higher -- International cooperation -- Colombia
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/23371 , vital:30536
- Description: The study addresses the nature of Colombian sustainable social development and the internationalisation of higher education (iHE). This intersection is analysed within various theoretical paradigms surrounding social sustainable development and the internationalisation of higher education. This study aims at reviewing the activities of Higher Education Institutions (HEIs) which focus on internationalisation. The analysis focuses on the manner in which HEIs in Colombia approach internationalisation vis-à-vis social sustainable development, and emphasis is made on knowledge transfer, research and community engagement. Using the theories of sustainable development, the iHE, in terms of practises and policies, are assessed. Within a mixed-methods approach, data gathered from Colombian university heads (16 presidents and vice-presidents) and 133 individuals responsible for internationalisation affairs is analysed. Concurrent triangulation is used to help introduce a series of themes and sub-themes derived from the qualitative and quantitative information. Within a social constructionist framework, this study has a twofold purpose. On the one hand, it is sought to identify and understand the challenges for Colombia’s academic internationalisation; on the other, an in-depth approach is presented in relation to the way different stakeholders perceive the society-HE internationalisation nexus. The major findings of the study indicate that there is a need to clarify and revise Colombia’s Higher Education policy to address both the education needs of the society and its social development requirements. It was also found that higher education internationalisation could act as an important agent of social change.
- Full Text:
- Date Issued: 2018
- Authors: Anzola-Pardo, Giovanni
- Date: 2018
- Subjects: Education, Higher -- Colombia , Education and globalization International education -- Colombia Education, Higher -- International cooperation -- Colombia
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/23371 , vital:30536
- Description: The study addresses the nature of Colombian sustainable social development and the internationalisation of higher education (iHE). This intersection is analysed within various theoretical paradigms surrounding social sustainable development and the internationalisation of higher education. This study aims at reviewing the activities of Higher Education Institutions (HEIs) which focus on internationalisation. The analysis focuses on the manner in which HEIs in Colombia approach internationalisation vis-à-vis social sustainable development, and emphasis is made on knowledge transfer, research and community engagement. Using the theories of sustainable development, the iHE, in terms of practises and policies, are assessed. Within a mixed-methods approach, data gathered from Colombian university heads (16 presidents and vice-presidents) and 133 individuals responsible for internationalisation affairs is analysed. Concurrent triangulation is used to help introduce a series of themes and sub-themes derived from the qualitative and quantitative information. Within a social constructionist framework, this study has a twofold purpose. On the one hand, it is sought to identify and understand the challenges for Colombia’s academic internationalisation; on the other, an in-depth approach is presented in relation to the way different stakeholders perceive the society-HE internationalisation nexus. The major findings of the study indicate that there is a need to clarify and revise Colombia’s Higher Education policy to address both the education needs of the society and its social development requirements. It was also found that higher education internationalisation could act as an important agent of social change.
- Full Text:
- Date Issued: 2018
Dimensions of a memorable experience within a marine tourism context
- Authors: Jonas, Altouise Glowdean
- Date: 2018
- Subjects: Customer relations -- Management , Customer relations Relationship marketing Tourism -- Environmental aspects Coastal zone management -- Environmental aspects
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/30540 , vital:30958
- Description: Worldwide, businesses are operating in an environment which is continuously changing, forcing them to adapt their strategies in order to remain competitive. Two changes were of particular importance to this study. Firstly, businesses are faced with an increasing demand from consumers for experiences as opposed to products and services. Secondly, consumers are demanding experiences that are not just ordinary, but are unique and memorable. As one of the largest and most diverse industries globally, tourism offers a multitude of tourist activities. Marine tourism is one of the oldest, most popular and fastest developing types of tourism globally. Marine tourism has also become popular in South Africa. This popularity might be attributed to the country’s expansive coastline and to it being home to one of the most diverse marine systems in the world. Marine tourism makes significant contributions to South Africa’s economy. More benefits can be derived from this lucrative type of tourism if attention is given to the design and provision of marine tourism experiences that go beyond average experiences, and become memorable experiences. The reason for conducting this research was to provide the South African tourism industry, and marine tourism operators in particular, with information which might assist them in designing and staging memorable experiences. Such memorable experiences could result in a competitive advantage and enable the operators to attract more customers, which in turn, will benefit the individual operators, the industry as a whole, and ultimately, the South African economy. The study focused on three marine tourism activities, namely; shark-diving, visits to marine protected areas and whale-watching. Eight dimensions, namely; Delight, Hedonism, Involvement, Knowledge, Meaningfulness, Novelty, Refreshment and Social-Interaction were identified as prospective dimensions of a memorable experience within a marine tourism context. v The study employed purposive, convenience and snowball sampling to identify potential respondents. Primary data was collected by means of an online survey and paper-based self-administered questionnaires. Four hundred and forty-four useable responses were received. The results of the empirical study showed a positive correlation between all the dimensions and memorable experience for each of the three activities and for all the activities combined. A second order factor analysis showed that the eight dimensions loaded onto two factors. The resulting factors were named as the Affective Domain (consisting of Hedonism, Refreshment, Delight and Involvement) and the Cognitive Domain (consisting of Knowledge, Social- Interaction, Meaningfulness and Novelty). A positive relationship was found between the Affective Domain and Memorable Experience and also between the Cognitive Domain and Memorable Experience. The Cognitive domain showed a stronger relationship with Memorable Experience than what the Affective Domain did, for all the activities combined. The memorability of an experience in the case of all three activities combined can, firstly, be improved by Involvement. This is closely followed by the following dimensions in the Affective Domain; Delight, Hedonism and Refreshment. Under the Cognitive Domain the factor which is most important for improving memorability of all the activities combined is Meaningfulness, followed by Knowledge, Novelty and Social-Interaction. Finally, structural equation modelling confirmed a model representing the eight experience dimensions (Delight, Hedonism, Involvement, Knowledge, Meaningfulness, Novelty, Refreshment and Social-Interaction) and identified the relationships between the dimensions and Memorable Experience. This study makes four important contributions. Firstly, it contributes to the under-researched topic of marine tourism in South Africa. Secondly, it adds to the literature on memorable tourism experiences, specifically memorable marine tourism experiences and provides a measurement instrument and framework for further research. Thirdly, the study identifies and confirms that ‘delight’ is an important dimension of a memorable marine tourism experience. vi Lastly, a model was developed which can be used by marine tourism operators to enhance their strategies, operations and facilities which will enable operators to achieve a sustainable competitive advantage.
- Full Text:
- Date Issued: 2018
- Authors: Jonas, Altouise Glowdean
- Date: 2018
- Subjects: Customer relations -- Management , Customer relations Relationship marketing Tourism -- Environmental aspects Coastal zone management -- Environmental aspects
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/30540 , vital:30958
- Description: Worldwide, businesses are operating in an environment which is continuously changing, forcing them to adapt their strategies in order to remain competitive. Two changes were of particular importance to this study. Firstly, businesses are faced with an increasing demand from consumers for experiences as opposed to products and services. Secondly, consumers are demanding experiences that are not just ordinary, but are unique and memorable. As one of the largest and most diverse industries globally, tourism offers a multitude of tourist activities. Marine tourism is one of the oldest, most popular and fastest developing types of tourism globally. Marine tourism has also become popular in South Africa. This popularity might be attributed to the country’s expansive coastline and to it being home to one of the most diverse marine systems in the world. Marine tourism makes significant contributions to South Africa’s economy. More benefits can be derived from this lucrative type of tourism if attention is given to the design and provision of marine tourism experiences that go beyond average experiences, and become memorable experiences. The reason for conducting this research was to provide the South African tourism industry, and marine tourism operators in particular, with information which might assist them in designing and staging memorable experiences. Such memorable experiences could result in a competitive advantage and enable the operators to attract more customers, which in turn, will benefit the individual operators, the industry as a whole, and ultimately, the South African economy. The study focused on three marine tourism activities, namely; shark-diving, visits to marine protected areas and whale-watching. Eight dimensions, namely; Delight, Hedonism, Involvement, Knowledge, Meaningfulness, Novelty, Refreshment and Social-Interaction were identified as prospective dimensions of a memorable experience within a marine tourism context. v The study employed purposive, convenience and snowball sampling to identify potential respondents. Primary data was collected by means of an online survey and paper-based self-administered questionnaires. Four hundred and forty-four useable responses were received. The results of the empirical study showed a positive correlation between all the dimensions and memorable experience for each of the three activities and for all the activities combined. A second order factor analysis showed that the eight dimensions loaded onto two factors. The resulting factors were named as the Affective Domain (consisting of Hedonism, Refreshment, Delight and Involvement) and the Cognitive Domain (consisting of Knowledge, Social- Interaction, Meaningfulness and Novelty). A positive relationship was found between the Affective Domain and Memorable Experience and also between the Cognitive Domain and Memorable Experience. The Cognitive domain showed a stronger relationship with Memorable Experience than what the Affective Domain did, for all the activities combined. The memorability of an experience in the case of all three activities combined can, firstly, be improved by Involvement. This is closely followed by the following dimensions in the Affective Domain; Delight, Hedonism and Refreshment. Under the Cognitive Domain the factor which is most important for improving memorability of all the activities combined is Meaningfulness, followed by Knowledge, Novelty and Social-Interaction. Finally, structural equation modelling confirmed a model representing the eight experience dimensions (Delight, Hedonism, Involvement, Knowledge, Meaningfulness, Novelty, Refreshment and Social-Interaction) and identified the relationships between the dimensions and Memorable Experience. This study makes four important contributions. Firstly, it contributes to the under-researched topic of marine tourism in South Africa. Secondly, it adds to the literature on memorable tourism experiences, specifically memorable marine tourism experiences and provides a measurement instrument and framework for further research. Thirdly, the study identifies and confirms that ‘delight’ is an important dimension of a memorable marine tourism experience. vi Lastly, a model was developed which can be used by marine tourism operators to enhance their strategies, operations and facilities which will enable operators to achieve a sustainable competitive advantage.
- Full Text:
- Date Issued: 2018
South Africa’s exports to Zimbabwe: a gravity model analysis
- Authors: Muronda, Francis
- Date: 2018
- Subjects: Exports -- South Africa , Foreign trade promotion -- South Africa Foreign trade promotion -- Zimbabwe International finance South Africa -- Economic policy
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22375 , vital:29964
- Description: This study sets out to explore South Africa’s exports to Zimbabwe as explained by the exchange rates, distance, the two countries’ GDPs and populations. The underlying international trade theories as well as relevant empirical literature are discussed in order to put the study into perspective. Panel data methodology was used to estimate respective gravity models per product category using the log linear specification of the Random effects model. The resultant regression parameters are elasticities. Distance being a proxy to transport costs and the exchange rates retard SA’s exports to Zimbabwe. The GDP of Zimbabwe is found to play a positive and significant role in determining SA’s export flows. The other variables had varying effects from one product category to another. The objectives of the research were threefold: firstly, to apply the gravity model to determine South Africa’s export potential to Zimbabwe; secondly, to determine the gap between the actual and potential flows of exports from South Africa to Zimbabwe and thirdly to apply the speed of convergence tests between the actual and the potential flows of SA’s exports to Zimbabwe. To estimate the gravity models for each product category the study used panel data on South Africa’s exports to SADC countries covering a period of eight years from 2009 when Zimbabwe dollarized to 2016. The parameters obtained were then simulated to provide the point estimates of potential export flows from South Africa to Zimbabwe for each product category. Simple point estimate comparisons between potential flows and the actual flows indicated that most of the product categories portrayed untapped potential; for example, 2017 point estimates showed unutilized potential in 14 product categories. The speed of convergence tests which provide a more efficient measure of expandable opportunities were then carried out between the actual and potential flows for each product category. The results of the speed of convergence tests indicated 10 product categories that presented unutilized potential for South Africa’s exports to Zimbabwe with product category C11 (Textiles and textile articles) at the top of the ranking. Thus the study established that there exists unutilized potential for SA’s exports in Zimbabwe in several product categories despite the prevailing economic hardships that the latter country is facing. Negotiating better bi-lateral trade arrangements specific to product categories; implementation of a one stop border control point and improved international marketing; product quality and disease control strategies are the policy recommendations that the study makes in order for untapped potential to be utilized to realize symbiotic benefits for the two nations.
- Full Text:
- Date Issued: 2018
- Authors: Muronda, Francis
- Date: 2018
- Subjects: Exports -- South Africa , Foreign trade promotion -- South Africa Foreign trade promotion -- Zimbabwe International finance South Africa -- Economic policy
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/22375 , vital:29964
- Description: This study sets out to explore South Africa’s exports to Zimbabwe as explained by the exchange rates, distance, the two countries’ GDPs and populations. The underlying international trade theories as well as relevant empirical literature are discussed in order to put the study into perspective. Panel data methodology was used to estimate respective gravity models per product category using the log linear specification of the Random effects model. The resultant regression parameters are elasticities. Distance being a proxy to transport costs and the exchange rates retard SA’s exports to Zimbabwe. The GDP of Zimbabwe is found to play a positive and significant role in determining SA’s export flows. The other variables had varying effects from one product category to another. The objectives of the research were threefold: firstly, to apply the gravity model to determine South Africa’s export potential to Zimbabwe; secondly, to determine the gap between the actual and potential flows of exports from South Africa to Zimbabwe and thirdly to apply the speed of convergence tests between the actual and the potential flows of SA’s exports to Zimbabwe. To estimate the gravity models for each product category the study used panel data on South Africa’s exports to SADC countries covering a period of eight years from 2009 when Zimbabwe dollarized to 2016. The parameters obtained were then simulated to provide the point estimates of potential export flows from South Africa to Zimbabwe for each product category. Simple point estimate comparisons between potential flows and the actual flows indicated that most of the product categories portrayed untapped potential; for example, 2017 point estimates showed unutilized potential in 14 product categories. The speed of convergence tests which provide a more efficient measure of expandable opportunities were then carried out between the actual and potential flows for each product category. The results of the speed of convergence tests indicated 10 product categories that presented unutilized potential for South Africa’s exports to Zimbabwe with product category C11 (Textiles and textile articles) at the top of the ranking. Thus the study established that there exists unutilized potential for SA’s exports in Zimbabwe in several product categories despite the prevailing economic hardships that the latter country is facing. Negotiating better bi-lateral trade arrangements specific to product categories; implementation of a one stop border control point and improved international marketing; product quality and disease control strategies are the policy recommendations that the study makes in order for untapped potential to be utilized to realize symbiotic benefits for the two nations.
- Full Text:
- Date Issued: 2018
The impact of diversity and organisational culture on effective strategy implementation in a higher education institution
- Authors: Strydom, Kariena
- Date: 2013
- Subjects: Diversity in the workplace -- South Africa Corporate culture -- South Africa , Organizational behavior -- South Africa Business anthropology Education, Higher -- South Africa
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/21691 , vital:29734
- Description: Diversity should be included in an organisational culture and be aligned with the corporate strategy. South African institutions face diversity and multiculturalism challenges which affect their operation and strategies. Managers in South Africa regard organisational culture as a very useful tool to manage their diverse workforce. Against this background, the primary objective of this study was to investigate and analyse how workforce diversity and organisational culture impact on strategy implementation at a higher education institution, namely Walter Sisulu University (WSU). The study identified dimensions of diversity and organisational culture and strategy implementation from theoretical models supporting the study. A hypothetical model portraying these factors was constructed, displaying each factor and their relationship with strategy implementation. Furthermore, the relationship between strategy implementation and strategic outcomes was indicated. Given the nature of the problem statement and the research objectives presented in this study, the positivistic research paradigm was adopted. Self-administered questionnaires were distributed to executive and senior management, senior academic and senior support staff at WSU. In total, 266 usable questionnaires were returned. The data obtained from these questionnaires were subjected to both descriptive and inferential statistical analyses. Structural equation modeling (SEM) was used as the key statistical analysis tool. As the hypothetical model did not load onto SEM in total, it was re-specified into four sub-models. Each sub-model was subjected to SEM to test the hypothetical model and to indicate the significance of the relationships hypothesised between the various independent, mediating and dependent variables. Eight statistically significant relationships were identified in the study. The factors identified as having a statistically significant relationship with organisational culture included the following: degree of flexibility, degree of teamwork, task directiveness, degree of formalisation, leadership styles and decision making. In addition, a statistically significant relationship was found between organisational culture and strategy implementation. Furthermore the findings indicated a statistically significant relationship between strategy implementation and strategic outcomes in a higher education institution. There was no statistically significant relationship found between diversity and strategy implementation. This finding is contrary to empirical evidence by various other researchers. The study makes a contribution to multicultural higher education institutions by highlighting the crucial role of organisational culture in effective strategy implementation. It was clear from the results of the study that the nurturing of human capital is critical if higher education institutions wish to successfully aligning culture with strategy implementation. This study provided constructive and very practical guidelines to higher education institutions to ensure effective alignment of culture with strategy implementation and so enhance local and global competitiveness and long term sustainability. University councils throughout South Africa can apply the findings of this study in their respective institutions to support effective strategy execution.
- Full Text:
- Date Issued: 2013
- Authors: Strydom, Kariena
- Date: 2013
- Subjects: Diversity in the workplace -- South Africa Corporate culture -- South Africa , Organizational behavior -- South Africa Business anthropology Education, Higher -- South Africa
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/21691 , vital:29734
- Description: Diversity should be included in an organisational culture and be aligned with the corporate strategy. South African institutions face diversity and multiculturalism challenges which affect their operation and strategies. Managers in South Africa regard organisational culture as a very useful tool to manage their diverse workforce. Against this background, the primary objective of this study was to investigate and analyse how workforce diversity and organisational culture impact on strategy implementation at a higher education institution, namely Walter Sisulu University (WSU). The study identified dimensions of diversity and organisational culture and strategy implementation from theoretical models supporting the study. A hypothetical model portraying these factors was constructed, displaying each factor and their relationship with strategy implementation. Furthermore, the relationship between strategy implementation and strategic outcomes was indicated. Given the nature of the problem statement and the research objectives presented in this study, the positivistic research paradigm was adopted. Self-administered questionnaires were distributed to executive and senior management, senior academic and senior support staff at WSU. In total, 266 usable questionnaires were returned. The data obtained from these questionnaires were subjected to both descriptive and inferential statistical analyses. Structural equation modeling (SEM) was used as the key statistical analysis tool. As the hypothetical model did not load onto SEM in total, it was re-specified into four sub-models. Each sub-model was subjected to SEM to test the hypothetical model and to indicate the significance of the relationships hypothesised between the various independent, mediating and dependent variables. Eight statistically significant relationships were identified in the study. The factors identified as having a statistically significant relationship with organisational culture included the following: degree of flexibility, degree of teamwork, task directiveness, degree of formalisation, leadership styles and decision making. In addition, a statistically significant relationship was found between organisational culture and strategy implementation. Furthermore the findings indicated a statistically significant relationship between strategy implementation and strategic outcomes in a higher education institution. There was no statistically significant relationship found between diversity and strategy implementation. This finding is contrary to empirical evidence by various other researchers. The study makes a contribution to multicultural higher education institutions by highlighting the crucial role of organisational culture in effective strategy implementation. It was clear from the results of the study that the nurturing of human capital is critical if higher education institutions wish to successfully aligning culture with strategy implementation. This study provided constructive and very practical guidelines to higher education institutions to ensure effective alignment of culture with strategy implementation and so enhance local and global competitiveness and long term sustainability. University councils throughout South Africa can apply the findings of this study in their respective institutions to support effective strategy execution.
- Full Text:
- Date Issued: 2013
A performance metric system for the long-term sustainability of a multi-national enterprise
- Authors: Buyers, John Ian
- Date: 2018
- Subjects: nternational business enterprises , Business enterprises -- Finance Sales management Marketing -- Management
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/23526 , vital:30575
- Description: The purpose of this Qualitative research was to determine the metrics required to define the Long-Term Sustainability of a Multinational Enterprise (MNE). The study investigated and analysed how the individual subsidiaries of a listed organisation interpreted LTS and what measurements (metrics) were the most important in supporting this long-term approach. The research analysed questionnaires administered to managers from different disciplines within the organisation. This process sought to accumulate a set of responses and through the statistical analysis of these responses, in particular, extensive qualitative research was used to find a common thread of relevant metrics, which can be used presently and in the future to determine LTS. The researcher reviewed models and the literature to establish a set of questions for the construction of individual questionnaires. This was based on current theory combined with institutional knowledge and experience. The questionnaires were designed to provoke responses from management of their view of the important contributors to LTS. The individual questionnaires (Annexures I to VIII) comprised a series of focused questions and multiple-choice answers based on either 5 or 10-point Likert scales and a few open-ended questions. The main respondents were VPs, MDs, OMs, Human Resource Managers, Financial Managers, and Sales and Marketing Managers of the subsidiaries within the MNE. These “At the heart of an excellent manufacturing business rests the efficiency of its operations, the commitment of the people who manufacture the products, the level of motivation of the workforce, the passion of its salesforce and the innovation shown by its engineers” respondents were all best suited to answer questions at the required level of expertise, when taking into consideration the LTS of the organisation. The data obtained from the research was used to devise suggested scorecards that may be used as guidelines for current and future initiatives when considering LTS. Qualitative research methods were used in this research as they seek understanding of “how things work in particular contexts”. This allows for the building of new theory and the conceptual advancements of knowledge, starting with very general concepts which, as the research progresses, change their definition (Brannen, 2016). In qualitative research, researchers use themselves as the instrument, attending to their own cultural assumptions as well as to the data. to achieve imaginative insights into the respondents’ social worlds. (McCracken, 1988). Concepts and categories are relevant to qualitative research. as quantitative research is an exercise in analytical induction.
- Full Text:
- Date Issued: 2018
- Authors: Buyers, John Ian
- Date: 2018
- Subjects: nternational business enterprises , Business enterprises -- Finance Sales management Marketing -- Management
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/23526 , vital:30575
- Description: The purpose of this Qualitative research was to determine the metrics required to define the Long-Term Sustainability of a Multinational Enterprise (MNE). The study investigated and analysed how the individual subsidiaries of a listed organisation interpreted LTS and what measurements (metrics) were the most important in supporting this long-term approach. The research analysed questionnaires administered to managers from different disciplines within the organisation. This process sought to accumulate a set of responses and through the statistical analysis of these responses, in particular, extensive qualitative research was used to find a common thread of relevant metrics, which can be used presently and in the future to determine LTS. The researcher reviewed models and the literature to establish a set of questions for the construction of individual questionnaires. This was based on current theory combined with institutional knowledge and experience. The questionnaires were designed to provoke responses from management of their view of the important contributors to LTS. The individual questionnaires (Annexures I to VIII) comprised a series of focused questions and multiple-choice answers based on either 5 or 10-point Likert scales and a few open-ended questions. The main respondents were VPs, MDs, OMs, Human Resource Managers, Financial Managers, and Sales and Marketing Managers of the subsidiaries within the MNE. These “At the heart of an excellent manufacturing business rests the efficiency of its operations, the commitment of the people who manufacture the products, the level of motivation of the workforce, the passion of its salesforce and the innovation shown by its engineers” respondents were all best suited to answer questions at the required level of expertise, when taking into consideration the LTS of the organisation. The data obtained from the research was used to devise suggested scorecards that may be used as guidelines for current and future initiatives when considering LTS. Qualitative research methods were used in this research as they seek understanding of “how things work in particular contexts”. This allows for the building of new theory and the conceptual advancements of knowledge, starting with very general concepts which, as the research progresses, change their definition (Brannen, 2016). In qualitative research, researchers use themselves as the instrument, attending to their own cultural assumptions as well as to the data. to achieve imaginative insights into the respondents’ social worlds. (McCracken, 1988). Concepts and categories are relevant to qualitative research. as quantitative research is an exercise in analytical induction.
- Full Text:
- Date Issued: 2018
Detection of early warning signs of currency crises in South Africa
- Gondoza, Gladys Nicola Fernandes
- Authors: Gondoza, Gladys Nicola Fernandes
- Date: 2018
- Subjects: Financial crises -- 21st century
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/30238 , vital:30905
- Description: In a world characterised by globalisation, particularly increased financial integration and capital mobility, international economic theory stipulates that countries rather maintain a floating exchange rate system than a fixed exchange rate system in order to have less susceptibility to currency crises (Glick & Hutchison, 2011). South Africa, the economic powerhouse of Africa, is an interesting case to examine. It has a floating exchange rate and should thus be more resistant to currency crises due to market adjustment expectations that limit the build-up of pressure in its foreign exchange markets. South Africa’s foreign exchange market is characterised as volatile with recurring turbulent periods with currency crises observed in 1996, 1998, 2001 and 2008, of which the 2007/2008 global financial crisis was the worst the world had experienced since the Great Depression of the 1930s and it had a significant, negative impact on the South African economy and certainly exposed the country’s vulnerably (South African Reserve Bank, 2012). Having experienced these periods of currency crisis in South Africa and with no specific tool adequately tested and developed for the South African economy to accurately detect such an event before its occurrence, this research was an attempt to fill this gap within the economics discipline. The purpose of this thesis was to examine and make use of Early Warning System (EWS) models to ascertain which one best identifies potential early warning signs of a currency crisis in South Africa. To achieve this, the study tested two standard and commonly used EWS models, namely the Signals and probit models. Added to these approaches, two newer EWS models, namely the Markov regime switching model and the artificial neural networks model were tested. To date only two studies on EWS models for currency crises have been conducted in South Africa. Knedlik (2006) used the signals approach and Knedlik and Scheufele (2007) used the signals, probit/logit and Markov regime switching approaches. Both studies recommended that further research was needed. With this in mind, this thesis built on these studies by extending the sample period under observation from 1993/02 to 2017/03 to fully capture the probability of the global financial crisis of 2007/2008. This study separated the sample period into two parts, a first period (1993/02 – 2004/12) catering for the July 1998 and December 2001 crises and a second period (2005/01 – 2017/03) catering for the October 2008 crisis. This was done to separately observe how well the models detected early warning signs of the October 2008 crisis due to its global nature. By exploring the potential of artificial intelligence by employing the non-parametric approach of artificial neural networks, which has not yet been applied in the South African context for the probability prediction of currency crises, and comparing its prediction performance to the signals, the probit and the Markov regime switching EWS models, this thesis fills an existing information gap. This study found that of these four EWS models for predicting the probabilities of currency crises within the 24-month crisis window, the signals model performed better than the other models for the period 1993/02 – 2004/12. However, the final-outcome of the best model in probability prediction of South African currency crises is not straightforward for this period, as the artificial neural network model and Markov regime switching model performed almost as well as the signals model. During the period 2005/01 – 2017/03, the artificial neural networks model outperformed the other three models in capturing the global financial crisis of 2007/2008, specifically with regard to the evaluations of the percentage of pre-crisis periods called correctly and the percentage of tranquil periods called correctly. As the cut-off probability increases, the artificial neural networks model is the superior model and is not closely followed by the other models. The artificial neural network model also indicated a stable / tranquil economy during the period following the global financial crisis (from about 2009 – 2017), which is a true reflection of that period. The findings of this study suggest that the artificial neural network model is a powerful tool in the probability prediction of early warning signs of currency crises in South Africa.
- Full Text:
- Date Issued: 2018
- Authors: Gondoza, Gladys Nicola Fernandes
- Date: 2018
- Subjects: Financial crises -- 21st century
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10948/30238 , vital:30905
- Description: In a world characterised by globalisation, particularly increased financial integration and capital mobility, international economic theory stipulates that countries rather maintain a floating exchange rate system than a fixed exchange rate system in order to have less susceptibility to currency crises (Glick & Hutchison, 2011). South Africa, the economic powerhouse of Africa, is an interesting case to examine. It has a floating exchange rate and should thus be more resistant to currency crises due to market adjustment expectations that limit the build-up of pressure in its foreign exchange markets. South Africa’s foreign exchange market is characterised as volatile with recurring turbulent periods with currency crises observed in 1996, 1998, 2001 and 2008, of which the 2007/2008 global financial crisis was the worst the world had experienced since the Great Depression of the 1930s and it had a significant, negative impact on the South African economy and certainly exposed the country’s vulnerably (South African Reserve Bank, 2012). Having experienced these periods of currency crisis in South Africa and with no specific tool adequately tested and developed for the South African economy to accurately detect such an event before its occurrence, this research was an attempt to fill this gap within the economics discipline. The purpose of this thesis was to examine and make use of Early Warning System (EWS) models to ascertain which one best identifies potential early warning signs of a currency crisis in South Africa. To achieve this, the study tested two standard and commonly used EWS models, namely the Signals and probit models. Added to these approaches, two newer EWS models, namely the Markov regime switching model and the artificial neural networks model were tested. To date only two studies on EWS models for currency crises have been conducted in South Africa. Knedlik (2006) used the signals approach and Knedlik and Scheufele (2007) used the signals, probit/logit and Markov regime switching approaches. Both studies recommended that further research was needed. With this in mind, this thesis built on these studies by extending the sample period under observation from 1993/02 to 2017/03 to fully capture the probability of the global financial crisis of 2007/2008. This study separated the sample period into two parts, a first period (1993/02 – 2004/12) catering for the July 1998 and December 2001 crises and a second period (2005/01 – 2017/03) catering for the October 2008 crisis. This was done to separately observe how well the models detected early warning signs of the October 2008 crisis due to its global nature. By exploring the potential of artificial intelligence by employing the non-parametric approach of artificial neural networks, which has not yet been applied in the South African context for the probability prediction of currency crises, and comparing its prediction performance to the signals, the probit and the Markov regime switching EWS models, this thesis fills an existing information gap. This study found that of these four EWS models for predicting the probabilities of currency crises within the 24-month crisis window, the signals model performed better than the other models for the period 1993/02 – 2004/12. However, the final-outcome of the best model in probability prediction of South African currency crises is not straightforward for this period, as the artificial neural network model and Markov regime switching model performed almost as well as the signals model. During the period 2005/01 – 2017/03, the artificial neural networks model outperformed the other three models in capturing the global financial crisis of 2007/2008, specifically with regard to the evaluations of the percentage of pre-crisis periods called correctly and the percentage of tranquil periods called correctly. As the cut-off probability increases, the artificial neural networks model is the superior model and is not closely followed by the other models. The artificial neural network model also indicated a stable / tranquil economy during the period following the global financial crisis (from about 2009 – 2017), which is a true reflection of that period. The findings of this study suggest that the artificial neural network model is a powerful tool in the probability prediction of early warning signs of currency crises in South Africa.
- Full Text:
- Date Issued: 2018
Possible futures for agricultural financing in sub-Saharan Africa towards 2055
- Authors: Oberholster, Jacobus Hoon
- Date: 2018
- Subjects: Agriculture -- Africa, Sub-Saharan -- Finance , Agricultural industries -- Africa, Sub-Saharan , Agricultural productivity -- Africa, Sub-Saharan
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/23069 , vital:30403
- Description: The research developed four possible future scenarios for agricultural financing in Sub-Saharan Africa towards 2055, namely the “Rising Sun”, “Two Wolves”, “The Left Wing and the Right Wing”, and the “Two Moons” scenarios. The scenarios aim to stimulate new thoughts on an inclusive and broader development approach to agricultural financing, and to identify gaps in the knowledge about a broad range of research issues relating to the level of complexity with regard to the decision-making environment in agricultural financing. The scenarios are developed, according to a strict and predetermined process, which is guided by the Six-Pillars approach of futures studies. A conceptual futures study model for agricultural financing was also developed to guide and clarify the way in which the research on agricultural financing can be integrated into the body of existing futures study theory. The research begins with a comprehensive environmental scan, from which various trends and driving forces emerged. The causal-layered analysis (CLA) method is then used in tandem with other futures-study techniques, such as the futures triangle and emerging issues analyses, to guide the process of knowledge creation about the future of agricultural financing. A real-time Delphi study was also conducted to validate and prioritise the megatrends and driving forces that emerged from the research. Subsequently, the research presents four future scenarios that aim to provide a better understanding of the future of agricultural financing in Sub-Saharan Africa over next 40 years. The research presents agriculture as a multi-dimensional sector that fulfils different roles and functions in especially rural communities in Sub-Saharan Africa, which contribute to the perceived riskiness of agricultural financing. The scenarios illustrate how conditions for agricultural development and agricultural financing can develop and change in the region towards 2055. Furthermore, it provides useful insight into the drivers for change and how to anticipate these changes. The Delphibased scenario research also allowed the aggregation of expert knowledge, which can be used to inform decision-makers in the financial-service sector to test the robustness and appropriateness of existing business models and strategies. The scenarios can also be used as a starting point for financial-service providers and other key stakeholders to identify the future challenges and to maximise the emerging business and development opportunities, as offered by the agricultural sector in Sub-Saharan Africa. The research closes a research gap with regard to scenario development in agricultural financing in Sub-Saharan Africa within the context of the globaldevelopment agenda. The research looks at the future of agricultural financing in Sub-Saharan Africa over the next 40 years from a decision-maker’s point of view; and it provides key insights into especially the rural agricultural financial challenge in the region. A cornerstone of the research is to align policy initiatives and the business strategies of financial service providers with the vision of a broadened view of rural finance and increased financial inclusion in agriculture. The scenarios offer a starting point to develop new and more inclusive agricultural financing strategies that have the ability to speed up income convergence and economic diversification, especially with regard to rural economies in Sub-Saharan Africa that are heavily dependent on agriculture and its related industries. The research also makes a meaningful contribution by introducing a forward-looking, systems-thinking approach to agricultural financing, which is necessary to evaluate the sector’s financing needs within the context of modern food systems that are increasingly being characterised by increased levels of chain co-ordination and value creation. Subsequently, disruptive digital technologies and innovations in agricultural value-chain financing emerged as the most significant driving forces for agricultural financing in Sub-Saharan Africa towards 2055.
- Full Text:
- Date Issued: 2018
- Authors: Oberholster, Jacobus Hoon
- Date: 2018
- Subjects: Agriculture -- Africa, Sub-Saharan -- Finance , Agricultural industries -- Africa, Sub-Saharan , Agricultural productivity -- Africa, Sub-Saharan
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/23069 , vital:30403
- Description: The research developed four possible future scenarios for agricultural financing in Sub-Saharan Africa towards 2055, namely the “Rising Sun”, “Two Wolves”, “The Left Wing and the Right Wing”, and the “Two Moons” scenarios. The scenarios aim to stimulate new thoughts on an inclusive and broader development approach to agricultural financing, and to identify gaps in the knowledge about a broad range of research issues relating to the level of complexity with regard to the decision-making environment in agricultural financing. The scenarios are developed, according to a strict and predetermined process, which is guided by the Six-Pillars approach of futures studies. A conceptual futures study model for agricultural financing was also developed to guide and clarify the way in which the research on agricultural financing can be integrated into the body of existing futures study theory. The research begins with a comprehensive environmental scan, from which various trends and driving forces emerged. The causal-layered analysis (CLA) method is then used in tandem with other futures-study techniques, such as the futures triangle and emerging issues analyses, to guide the process of knowledge creation about the future of agricultural financing. A real-time Delphi study was also conducted to validate and prioritise the megatrends and driving forces that emerged from the research. Subsequently, the research presents four future scenarios that aim to provide a better understanding of the future of agricultural financing in Sub-Saharan Africa over next 40 years. The research presents agriculture as a multi-dimensional sector that fulfils different roles and functions in especially rural communities in Sub-Saharan Africa, which contribute to the perceived riskiness of agricultural financing. The scenarios illustrate how conditions for agricultural development and agricultural financing can develop and change in the region towards 2055. Furthermore, it provides useful insight into the drivers for change and how to anticipate these changes. The Delphibased scenario research also allowed the aggregation of expert knowledge, which can be used to inform decision-makers in the financial-service sector to test the robustness and appropriateness of existing business models and strategies. The scenarios can also be used as a starting point for financial-service providers and other key stakeholders to identify the future challenges and to maximise the emerging business and development opportunities, as offered by the agricultural sector in Sub-Saharan Africa. The research closes a research gap with regard to scenario development in agricultural financing in Sub-Saharan Africa within the context of the globaldevelopment agenda. The research looks at the future of agricultural financing in Sub-Saharan Africa over the next 40 years from a decision-maker’s point of view; and it provides key insights into especially the rural agricultural financial challenge in the region. A cornerstone of the research is to align policy initiatives and the business strategies of financial service providers with the vision of a broadened view of rural finance and increased financial inclusion in agriculture. The scenarios offer a starting point to develop new and more inclusive agricultural financing strategies that have the ability to speed up income convergence and economic diversification, especially with regard to rural economies in Sub-Saharan Africa that are heavily dependent on agriculture and its related industries. The research also makes a meaningful contribution by introducing a forward-looking, systems-thinking approach to agricultural financing, which is necessary to evaluate the sector’s financing needs within the context of modern food systems that are increasingly being characterised by increased levels of chain co-ordination and value creation. Subsequently, disruptive digital technologies and innovations in agricultural value-chain financing emerged as the most significant driving forces for agricultural financing in Sub-Saharan Africa towards 2055.
- Full Text:
- Date Issued: 2018
Indigenous knowledge for agricultural development: a framework for potato farming in Bui division, North West Region of Cameroon
- Authors: Ngek, Shillie Peter
- Date: 2018
- Subjects: Agriculture -- Economic aspects -- Cameroon -- Bui , Agricultural industries -- Cameroon , Sustainable agriculture , Sustainable development , Indigenous peoples
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/33703 , vital:32974
- Description: Over the years, people have planned and carried out their activities depending on their indigenous knowledge base. In agriculture, documented importance of indigenous knowledge has been noted in different ways such as in crop health management, soil nutrient management, and food processing and food preservation. Indigenous smallholder farmers across the world have developed techniques that reflect their intimate knowledge of their local environments and ecosystems to improve their agricultural yields and minimise postharvest losses. However, such indigenous knowledge techniques are rarely documented or enhanced to boost agricultural practice and ensure food security. The present study has identified potato farming in Cameroon as a potential contributor to the socio-economic development of farmers, their communities and their country. The potato farming industry largely consists of smallholder farmers, predominantly women, producing primarily of immediate consumption. Historically, these farmers have been sustaining their farms through indigenous knowledge and practices that are not being exploited to the fullest beneficial opportunities for these farmers. It has often been suggested that Western highly mechanised approaches should be implemented to commercialise these farms in order to access these benefits. These approaches of mechanisation require large capital outlays, which these smallholder farmers cannot afford, hence the approach taken by the present study to capitalise on the indigenous knowledge and practices of these farmers. The present study argued that working with the existing indigenous knowledge and practices of these farmers, a level of commercialisation, with the resulting job creation and economic benefits, could be achieved. This study has succeeded in identifying the causes of postharvest potato losses on the smallholding farms, the obstacles in reducing these losses and the techniques to reduce these losses. The study provides important recommendations to improve smallholder potato farming in Cameroon. By implementing the findings of this study, the Cameroon government, prospective potato farmers, entrepreneurs, traditional authorities and NGOs could make a significant contribution to the improvement of socio-economic conditions and the reduction of poverty levels in these farming communities.
- Full Text:
- Date Issued: 2018
- Authors: Ngek, Shillie Peter
- Date: 2018
- Subjects: Agriculture -- Economic aspects -- Cameroon -- Bui , Agricultural industries -- Cameroon , Sustainable agriculture , Sustainable development , Indigenous peoples
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: http://hdl.handle.net/10948/33703 , vital:32974
- Description: Over the years, people have planned and carried out their activities depending on their indigenous knowledge base. In agriculture, documented importance of indigenous knowledge has been noted in different ways such as in crop health management, soil nutrient management, and food processing and food preservation. Indigenous smallholder farmers across the world have developed techniques that reflect their intimate knowledge of their local environments and ecosystems to improve their agricultural yields and minimise postharvest losses. However, such indigenous knowledge techniques are rarely documented or enhanced to boost agricultural practice and ensure food security. The present study has identified potato farming in Cameroon as a potential contributor to the socio-economic development of farmers, their communities and their country. The potato farming industry largely consists of smallholder farmers, predominantly women, producing primarily of immediate consumption. Historically, these farmers have been sustaining their farms through indigenous knowledge and practices that are not being exploited to the fullest beneficial opportunities for these farmers. It has often been suggested that Western highly mechanised approaches should be implemented to commercialise these farms in order to access these benefits. These approaches of mechanisation require large capital outlays, which these smallholder farmers cannot afford, hence the approach taken by the present study to capitalise on the indigenous knowledge and practices of these farmers. The present study argued that working with the existing indigenous knowledge and practices of these farmers, a level of commercialisation, with the resulting job creation and economic benefits, could be achieved. This study has succeeded in identifying the causes of postharvest potato losses on the smallholding farms, the obstacles in reducing these losses and the techniques to reduce these losses. The study provides important recommendations to improve smallholder potato farming in Cameroon. By implementing the findings of this study, the Cameroon government, prospective potato farmers, entrepreneurs, traditional authorities and NGOs could make a significant contribution to the improvement of socio-economic conditions and the reduction of poverty levels in these farming communities.
- Full Text:
- Date Issued: 2018
Biological activities of tulbaghia violacea against cryptococcus species
- Authors: Mitradev, Pattoo
- Date: 2018
- Subjects: Violaceae -- Therapeutic use -- South Africa , Anticoagulants (Medicine) , Medicinal plants -- South Africa
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/32772 , vital:32357
- Description: Cryptococcus neoformans and Cryptococcus gattii, which are environmental yeasts, are the etiological agents of cryptococcosis in both immunocompromised and immunocompetent individuals, and account for high mortality and morbidity rates in sub-Saharan Africa. The current antifungal agents used for treatment of cryptococcal infections either target the fungal cell wall (β-(1,3) glucan and chitin) or cell membrane directly or ergosterol biosynthetic pathways or fungal DNA and RNA. Gaps in antifungal therapy include the unavailability and exhorbitant costs of these drugs especially to patients in the developing world. Drug resistance to conventional drugs is also an ever-increasing problem. It is therefore essential to find alternative natural compounds from medicinal plants that are safer, cheaper and more widely available. Tulbaghia violacea, also known as wild garlic, has been used as a traditional remedy in South Africa for the treatment of several ailments. Aqueous and organic extracts of the plant have been demonstrated to have antimicrobial and antifungal activity against several pathogens. However, there is a huge gap in our current knowledge in that the mechanism/s of action/s of these extracts have not been fully investigated. The focus of the current study therefore was to determine whether T. violacea extracts from the roots, rhizome, leaves and tubers exhibited antifungal activity against C. neoformans and C. gattii and to evaluate the ability of the rhizome extract to induce changes in key fungal virulence factors. Three mechanisms (ergosterol, β-(1,3) glucan and chitin production) regulating the antifungal activity of the rhizome extract were also examined. In the current study, phytochemical analysis of aqueous extracts of the roots, leaves, rhizomes and tubers showed that the rhizomes had the highest phenolic, saponin and tannin content when compared to the other plant organs. Fingerprinting by GC-MS revealed identical compounds in the different plant parts with the detection of 4 H Pyran-4-one DDMP (known antifungal), previously unreported in studies on T. violacea. The bulk of the extract comprised of 40% sulphur-containing and 20% furan-containing compounds. The remaining minor compounds comprised of 2x alcohols (13.3%), 1x pyran (6.7%), 1x ketone (6.7%), 1x halogen (6.7%) and 1x acid (6.7%) compounds. The rhizomes also had highest content of 2 methyl methioacetic acid, benzophenone and chloromethyl methylsulfide compared to the other plant parts. The rhizomes were found to be more potent against both pathogenic fungi tested here with an MIC and MFC of 1.25 mg/ml. Nystatin was included as a positive control when determining the MIC’s and MFC’s of the different plant extracts. The antifungal nature of the T. violacea extracts in the current study may be due to the synergistic effects of the sulphide, furan, pyran and ketone compounds present in the extracts, but this still remains to be verified in future studies. An investigation of the effects of an aqueous rhizome extract of T. violacea on Cryptococcus virulence factors showed that phospholipase activity of C. neoformans and C. gattii remained unaffected with increasing sub-lethal doses of the plant extract. There was significant reduction in urease production in both fungi in a dose dependent manner relative to the untreated cultures after 24 hr exposure to the extract. However, urease production reverted to normal after 48 hr post exposure implying that the cultures were able to recover due to temporary inhibition of urease activity. A significant decrease in melanin production was observed in both C. neoformans and C. gattii with increasing sub-inhibitory concentrations of the rhizome extract. Investigation of the effect of the plant extract on the ultrastucture of the fungi via Transmission Electron Microscopy showed the induction of cytomorphological changes in C. neoformans and C. gattii. Changes included thickening of the cell wall, an increase in the number of vacuoles, mitochondrial swelling and occasional detachment of the membrane from the cell wall. These changes suggest the activation of possible defence mechanisms to compensate for the loss of cellular materials or an effort to sequester toxic T. violacea components or toxic intermediates generated from inhibited cellular pathways. The capsule size and architecture remained unaltered in the presence of sub-lethal doses of the rhizome extract. To study the mechanism of action of the rhizome extract on ergosterol biosynthesis, total sterols were extracted and ergosterol, squalene, 2,3-oxidosqualene and lanosterol were quantified using Reverse Phase High Performance Liquid Chromatography. Ergosterol concentration declined in a dose dependent manner for both pathogenic yeasts similar to the positive control terbinafine, while there was a slight accumulation of squalene in C. gattii only. 2,3-oxidosqualene levels accumulated in both fungi relative to the untreated control. Lanosterol production showed an oscillatory trend for the two microorganisms. Together, these findings indicate that the rhizome extract is capable of inhibiting squalene epoxidase and 2,3-oxidosqualene/ lanosterol cyclase causing a decrease in ergosterol production.
- Full Text:
- Date Issued: 2018
- Authors: Mitradev, Pattoo
- Date: 2018
- Subjects: Violaceae -- Therapeutic use -- South Africa , Anticoagulants (Medicine) , Medicinal plants -- South Africa
- Language: English
- Type: Thesis , Doctoral , DPhil
- Identifier: http://hdl.handle.net/10948/32772 , vital:32357
- Description: Cryptococcus neoformans and Cryptococcus gattii, which are environmental yeasts, are the etiological agents of cryptococcosis in both immunocompromised and immunocompetent individuals, and account for high mortality and morbidity rates in sub-Saharan Africa. The current antifungal agents used for treatment of cryptococcal infections either target the fungal cell wall (β-(1,3) glucan and chitin) or cell membrane directly or ergosterol biosynthetic pathways or fungal DNA and RNA. Gaps in antifungal therapy include the unavailability and exhorbitant costs of these drugs especially to patients in the developing world. Drug resistance to conventional drugs is also an ever-increasing problem. It is therefore essential to find alternative natural compounds from medicinal plants that are safer, cheaper and more widely available. Tulbaghia violacea, also known as wild garlic, has been used as a traditional remedy in South Africa for the treatment of several ailments. Aqueous and organic extracts of the plant have been demonstrated to have antimicrobial and antifungal activity against several pathogens. However, there is a huge gap in our current knowledge in that the mechanism/s of action/s of these extracts have not been fully investigated. The focus of the current study therefore was to determine whether T. violacea extracts from the roots, rhizome, leaves and tubers exhibited antifungal activity against C. neoformans and C. gattii and to evaluate the ability of the rhizome extract to induce changes in key fungal virulence factors. Three mechanisms (ergosterol, β-(1,3) glucan and chitin production) regulating the antifungal activity of the rhizome extract were also examined. In the current study, phytochemical analysis of aqueous extracts of the roots, leaves, rhizomes and tubers showed that the rhizomes had the highest phenolic, saponin and tannin content when compared to the other plant organs. Fingerprinting by GC-MS revealed identical compounds in the different plant parts with the detection of 4 H Pyran-4-one DDMP (known antifungal), previously unreported in studies on T. violacea. The bulk of the extract comprised of 40% sulphur-containing and 20% furan-containing compounds. The remaining minor compounds comprised of 2x alcohols (13.3%), 1x pyran (6.7%), 1x ketone (6.7%), 1x halogen (6.7%) and 1x acid (6.7%) compounds. The rhizomes also had highest content of 2 methyl methioacetic acid, benzophenone and chloromethyl methylsulfide compared to the other plant parts. The rhizomes were found to be more potent against both pathogenic fungi tested here with an MIC and MFC of 1.25 mg/ml. Nystatin was included as a positive control when determining the MIC’s and MFC’s of the different plant extracts. The antifungal nature of the T. violacea extracts in the current study may be due to the synergistic effects of the sulphide, furan, pyran and ketone compounds present in the extracts, but this still remains to be verified in future studies. An investigation of the effects of an aqueous rhizome extract of T. violacea on Cryptococcus virulence factors showed that phospholipase activity of C. neoformans and C. gattii remained unaffected with increasing sub-lethal doses of the plant extract. There was significant reduction in urease production in both fungi in a dose dependent manner relative to the untreated cultures after 24 hr exposure to the extract. However, urease production reverted to normal after 48 hr post exposure implying that the cultures were able to recover due to temporary inhibition of urease activity. A significant decrease in melanin production was observed in both C. neoformans and C. gattii with increasing sub-inhibitory concentrations of the rhizome extract. Investigation of the effect of the plant extract on the ultrastucture of the fungi via Transmission Electron Microscopy showed the induction of cytomorphological changes in C. neoformans and C. gattii. Changes included thickening of the cell wall, an increase in the number of vacuoles, mitochondrial swelling and occasional detachment of the membrane from the cell wall. These changes suggest the activation of possible defence mechanisms to compensate for the loss of cellular materials or an effort to sequester toxic T. violacea components or toxic intermediates generated from inhibited cellular pathways. The capsule size and architecture remained unaltered in the presence of sub-lethal doses of the rhizome extract. To study the mechanism of action of the rhizome extract on ergosterol biosynthesis, total sterols were extracted and ergosterol, squalene, 2,3-oxidosqualene and lanosterol were quantified using Reverse Phase High Performance Liquid Chromatography. Ergosterol concentration declined in a dose dependent manner for both pathogenic yeasts similar to the positive control terbinafine, while there was a slight accumulation of squalene in C. gattii only. 2,3-oxidosqualene levels accumulated in both fungi relative to the untreated control. Lanosterol production showed an oscillatory trend for the two microorganisms. Together, these findings indicate that the rhizome extract is capable of inhibiting squalene epoxidase and 2,3-oxidosqualene/ lanosterol cyclase causing a decrease in ergosterol production.
- Full Text:
- Date Issued: 2018
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