School of Business and Finance

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Accessing bank finance in relation to human capital, gender and race among SMMEs in a developing economy
(IEEE, 2015) Brijlal, Pradeep; Yan, B.
Small, Micro and Medium-sized Enterprises (SMMEs) contribute to the national economy significantly. However, many SMMEs have difficulties in accessing bank finance due to the lower level of their human capital and scarce financial resources in the context of developing economies. This study aims to investigate the key factors of human capital and associated issues with access to bank finance from gender and race perspectives. A survey design combined qualitative and quantitative research approaches were employed in this study. Data were collected through a self-administered questionnaire and a number of interviews. A group of SMME owners (n=532) were randomly selected from the Western Cape, South Africa. The findings demonstrated that the human capital and gender of SMMEs is not strongly associated with success in securing bank finance. From a race perspective, white entrepreneurs are more likely to be approved for bank finance than other race groups.
Barriers to tacit knowledge retention: an understanding of the perceptions of the knowledge management of people inside and outside the organisation
(AOSIS Open Journals, 2013) Bessick, Jacky; Naicker, Visvanathan
BACKGROUND: Knowledge loss causes challenges for organisations that wish to remain competitive. These organisations must identify the risks that could lead to knowledge loss and become aware of issues that affect knowledge retention. OBJECTIVES: The objective of this research was to identify tacit knowledge retention barriers that could cause knowledge loss in an organisation. The paper presents a framework for the assessment of the impact of these barriers and discusses the research findings in order to critique that framework. METHOD: A quantitative strategy was used to interpret the findings. The target population is information technology (IT) professionals in a government organisation. Interviews were conducted in order to produce a more context-sensitive interpretation of the findings. A quantitative research approach was used to ensure the findings would precisely reflect the target population. RESULTS: The majority of respondents confirmed that career development requires professional development, training prospects and improves the employability of employees. The agreed result was that respondents seek autonomy, that is, the ability to make decisions. Job stress and burnout are experienced because of problems with in filling posts, and the competition between the private and public sectors for experienced IT employees. CONCLUSION: Certain determinants were found that affect barriers in knowledge management: organisational commitment, job satisfaction, job characteristics and talent management. These need to be measured to prevent barriers from occurring. Implications are drawn from the study; these provide a focus for further research to bridge some gaps in information technology that currently limit the widespread use of knowledge management.
Beneficial ownership provisions in tax treaties between developed and developing countries: the Canada/South Africa example
(Clute Institute, 2013) Steenkamp, Lee-Ann
In the years since the Organisation for Economic Cooperation and Development (OECD) adopted its first draft tax treaty in 1963, the world has experienced an astonishing surge in international trade and investment. The tax treatment of these cross-border transactions is affected by double tax agreements. As tax treaty networks will likely continue to expand, concerns about tax treaty abuse might be expected to grow. The extent to which a country’s tax treaty policy favours developing countries - or not - depends upon the extent to which the country is prepared to adopt provisions from the UN model tax convention as opposed to the OECD model. Developing countries, in particular, should carefully consider the design of their tax treaties so as to effectively combat tax avoidance without sacrificing foreign direct investment. To this end, the Canada/South Africa tax treaty is compared and contrasted with these two models. The concept of beneficial ownership is reviewed in this context. It is contended that a general definition in South Africa's Income Tax Act of 'beneficial ownership' would assist in the interpretation of the term for the purposes of South Africa's tax treaties. It is submitted that the scope for the source taxation of passive investment income (viz. dividends, interest and royalties) in the developing country could be magnified through treaty negotiations.
Between Power and Perception: Understanding youth perspectives in participatory monitoring and evaluation (PM&E) in Ghana
(pubmed, 2019-07) Boadu, Evans Sakyi; Ile, Isioma Uregu
Participatory monitoring and evaluation (PM&E) approaches have been touted as an important concept for local participation in social interventions programmes. Utilizing a process analysis approaches, the PM&E data gathered through key informant interviews, formal surveys, and policy frameworks were analyzed. The study revealed three dominant power struggles between youth and programme implementers in three districts at the Greater Accra region, Ghana. The first and pervasive form of power dynamics involves the youth and programme implementers. The second involves a variety of arrangements with the government on one hand and implementers and youth on the other side. The third is who qualifies to be a beneficiary and for that matter participate in the PM&E. In these three forms of power struggles the paper reveals superior implementers control of who participate in the programme PM&E and at what stage in the process. The power imbalance between programme implementer and target beneficiaries impeded the level of beneficiaries’ participation in the PM&E.
Business development service: Addressing the gap in the Western Cape, South Africa
(Clute Institute, 2003) Brijlal, Pradeep
A survey was conducted to evaluate utilization of business development services by small businesses in the Western Cape. It was deduced that fairly established businesses do not seem to need or use consultancy /training services. This may be due to the lack of awareness on the owner’s part or perceived value of money. Emerging and stable businesses have a strong demand for financial support, business management advice and skills, market opportunities and technical skills. The new approach to business should entail identifying specific needs of business, considering its degree of sophistication and thereby providing services to meet those unmet needs
Challenges in developing and supporting entrepreneurship education: A case study of the University of Zululand
(University of Western Cape, 2021) Radebe, Thobile N; Vezi-Magigaba, Makhosazana F
Entrepreneurship education is broadly considered an important factor in promoting an entrepreneurial culture among higher education students. Considering the importance of entrepreneurship with regard to economic growth, job creation and poverty alleviation, there is a need to train entrepreneurs and to equip them with an entrepreneurial culture that promotes entrepreneurship. However, the South African education system is lacking when it comes to entrepreneurship education. The education system seems to promote the white-collar jobs rather than self-employment, and the methodology that is used to teach entrepreneurship studies, focuses more on the theory of entrepreneurship than on its practice.
Challenges of microfinance access in Nigeria: implications for entrepreneurship development
(MCSER-CEMAS-Sapienza University of Rome, 2013) Ogujiuba, Kanayo; Jumare, Fadila; Stiegler, Nancy
Small and Medium Enterprises (SMEs) are increasingly being accepted as valuable platforms to create jobs and improve livelihoods. The Nigerian government has enacted favorable laws and regulations on contracts, leasing, and corporate tax to encourage the development of SMEs. Nonetheless, many entrepreneurs in Nigeria cannot access loans given the high levels of poverty. The paper argues that microenterprise finance cannot be financially viable because small loans are too costly to administer and the profits from such lending too meager to permit profitability. Based on content analysis of available literature, it is found that microfinance institutions have collapsed in Nigeria due to poor loan quality, default in loan repayment, high transaction costs, widespread delinquency, and management deficiencies. Given these challenges, the paper recommends savings by microfinance institutions and measures from successful initiatives from countries such as Indonesia and Bangladesh. These will enable microfinance institutions to be self-sustaining and to increase outreach.
Chartered accountancy and resistance in South Africa
(Stellenbosch University, 2021) Terblanche, Judith; Waghid, Yusef
In recent times, the chartered accountant profession was regularly in the news for reasons pertaining to the unethical and unprofessional behaviour of members. The profession has an important role to play in the South African economy, as members will often fulfil important decisionmaking roles in business. In a response to the dilemmas the profession is facing, we analysed the implications for the profession and society due to a resistance to include research as a pedagogical activity in the chartered accountancy educational landscape. Through deliberative research activities, students have the opportunity to engage with community members and with societal challenges that could foster reflexivity and humaneness in students. In addition, critical and problem-solving skills are cultivated. These are skills that are difficult to assess in the form of an examination, and the absence of research as pedagogical activity in this particular educational landscape, impacts the cultivation of these skills in future chartered accountants.
Comparison of multifactor asset pricing models in the South African stock market [2000–2016]
(MDPI, 2023) Mukoyi, Lenia; Ogujiuba, Kanayo K
The quest for parsimonious models has been a key objective in asset pricing. However, there appears to be no consensus on the most successful asset pricing strategy in the literature, especially for the South African Market. Using financial statements from January 2000 to December 2015, this article explores how market anomalies affect the performance of securities in the Johannesburg Stock Exchange’s (JSE’s) resources, industrial, and finance sectors. We investigated the efficacy of several asset pricing models and their capacity to account for market anomalies in the JSE’s resources, industrial, and financial sectors, as well as the applicability of the Fama and French five-factor model. The study used multiple regression techniques and applied stationarity and cointegration methods to ensure robust results. Results also suggest that when the FF5FM is implemented, there is statistical significance at the 10% level for the CMA in the resources sector as the value factor disappears. The FF5FM results in the industrial sector show a significance level of 5% in the SMB. The financial sector seems to have the majority of the style-based risk factors as the SMB is positively significant at a 5% level, the HML is significant at a 1% level, and the CMA is negatively significant at a 10% level of significance. The results suggest that the Carhart Four Factor model is the best to use in all market conditions. Results also show that value becomes redundant in a bullish market, but the opposite holds in a bearish market for a model with operating profitably and investing factors. These findings highlight the necessity for investors to determine which investment risk elements produce abnormal returns in both bearish and bullish market circumstances before investing.
Comparison of multifactor asset pricing models in the South African stock market [2000–2016]
(MDPI, 2023) Mukoyi, Lenia; Ogujiuba, Kanayo K.
first_pagesettingsOrder Article Reprints Open AccessFeature PaperArticle Comparison of Multifactor Asset Pricing Models in the South African Stock Market [2000–2016] by Lenia Mukoyi 1 andKanayo K. Ogujiuba 2,*ORCID 1 School of Business and Finance, University of the Western Cape, Belville, Cape Town 7535, Western Cape, South Africa 2 School of Development Studies, University of Mpumalanga, Nelspruit 1200, Mpumalanga, South Africa * Author to whom correspondence should be addressed. J. Risk Financial Manag. 2023, 16(1), 4; https://doi.org/10.3390/jrfm16010004 Received: 2 October 2022 / Revised: 23 November 2022 / Accepted: 25 November 2022 / Published: 22 December 2022 Download Versions Notes Abstract The quest for parsimonious models has been a key objective in asset pricing. However, there appears to be no consensus on the most successful asset pricing strategy in the literature, especially for the South African Market. Using financial statements from January 2000 to December 2015, this article explores how market anomalies affect the performance of securities in the Johannesburg Stock Exchange’s (JSE’s) resources, industrial, and finance sectors. We investigated the efficacy of several asset pricing models and their capacity to account for market anomalies in the JSE’s resources, industrial, and financial sectors, as well as the applicability of the Fama and French five-factor model. The study used multiple regression techniques and applied stationarity and cointegration methods to ensure robust results. Results also suggest that when the FF5FM is implemented, there is statistical significance at the 10% level for the CMA in the resources sector as the value factor disappears. The FF5FM results in the industrial sector show a significance level of 5% in the SMB. The financial sector seems to have the majority of the style-based risk factors as the SMB is positively significant at a 5% level, the HML is significant at a 1% level, and the CMA is negatively significant at a 10% level of significance.
Comparison of multifactor asset pricing models in the South African stock market [2000–2016]
(MDPI, 2023) Mukoyi, Lenia; Ogujiuba, Kanayo K.
The quest for parsimonious models has been a key objective in asset pricing. However, there appears to be no consensus on the most successful asset pricing strategy in the literature, especially for the South African Market. Using financial statements from January 2000 to December 2015, this article explores how market anomalies affect the performance of securities in the Johannesburg Stock Exchange’s (JSE’s) resources, industrial, and finance sectors. We investigated the efficacy of several asset pricing models and their capacity to account for market anomalies in the JSE’s resources, industrial, and financial sectors, as well as the applicability of the Fama and French five-factor model. The study used multiple regression techniques and applied stationarity and cointegration methods to ensure robust results. Results also suggest that when the FF5FM is implemented, there is statistical significance at the 10% level for the CMA in the resources sector as the value factor disappears. The FF5FM results in the industrial sector show a significance level of 5% in the SMB. The financial sector seems to have the majority of the style-based risk factors as the SMB is positively significant at a 5% level, the HML is significant at a 1% level, and the CMA is negatively significant at a 10% level of significance. The results suggest that the Carhart Four Factor model is the best to use in all market conditions.
Contagion risk in equity markets during financial crises and Covid-19: A comparison of developed and emerging markets
(Alexandru Ioan Cuza University Press, 2022) Muzindutsi, Paul-Francois; Sheodin, Akita; Dube, Fikile
This study compared the impact of the Global Financial Crisis (GFC) and the COVID-19 pandemic on financial market contagion between developed and emerging markets. A DCC-GARCH model was employed to test the contagion effects of developed and emerging markets using weekly returns for the S&P 500 (US), FTSE-100 (UK), ASX 200 (AUS), IBOVESPA (BRA), BSE SENSEX (IND) and BVM IPC (MEX). The results show that there was a persuasive case made for the integration of markets for efficient financial systems. A crisis occurring in one market holds significant repercussions for any of the connected markets. The findings show that the COVID-19 pandemic affected all the markets more severely than the GFC and contagion effects were more pronounced in emerging markets than in developed markets during the GFC and the pandemic. Consequently, policymakers in emerging markets should implement policies that reduce external vulnerabilities and improve their markets’ stability to reduce the impact of contagion risk.
Cooperative enterprises as a solution to rural poverty and unemployment case studies of the Heiveld cooperative at Nieuwoudtville in the Northern Cape and die berg vrugteverwerking at Piketberg in the Western Cape province
(University of the Western Cape, 2009-11) Abrahams, Carl
Historically, the poor have always been socially, politically and economically marginalized in society. The South African Government’s Cooperative Act 2005 presents a promising step in the right direction towards addressing poverty and unemployment in rural areas. The research looks at two case studies and site relevant findings. This study gives a brief introductory account of cooperatives with regard to their history and existence, particularly in South Africa. The research report focuses on two case studies, where the organisational structures and business operations will be examined and compared. Finally the report will draw lessons to indicate the possible social and economic viability of these cooperatives and their place in rural development. Based on the findings and conclusions, a number of recommendations are made on cooperatives in the rural sector.
Countering testimonial injustice: The spatial practices of school administrative clerks
(University of KwaZulu-Natal on behalf of the South African Education Research Association, 2018) Bayat, Abdullah; Fataar, Aslam
In this article we discuss the phenomenon of how people's voices or opinions are taken up in relation to their professional status. We focus on administrative clerks in school contexts, people who occupy a professional category that is regarded as one of voicelessness and therefore easily ignored. Their low occupational role and status mean that their testimonies are deemed less credible than the testimonies of school principals and teachers. We refer to this situation as a form of testimonial injustice that is visited daily on these clerks. We illustrate how selected administrative clerks go about exercising their agency in the light of their experiences of such testimonial injustice and go on to establish a range of spatial practices that confer on them a credible professional status. This article is based on a qualitative study of three administrative clerks in selected South African public schools undertaken over a 12-week period, followed up by further interviews and site observations. Combining the theoretical constructs of testimonial injustice and rhetorical space, we argue that the administrative clerks we studied engendered transformed rhetorical spaces, which are negotiated social spaces that allowed for their voices and opinions to challenge the testimonial injustice they experience. We suggest that they achieved these rhetorical spaces through their continual and active presence in their work environments. They engender rhetorical spaces in which their voices are deemed legitimate by forming close relationships with others in their work environments, enhancing their professional capacity by furthering their educational qualifications, and the successful accomplishment of additional role tasks. Our main argument is that these clerks, despite occupying a marginalised occupational status and suffering testimonial injustice, are able to exercise their reflexive agency to improve their credibility and thereby resist the testimonial injustice visited upon them. This article contributes to nascent scholarship on school administrative clerks' contributions to their professional environments at their schools. We argue that their contribution is undergirded by spatial practices that can be understood partly as a type of resistance to their negative status and position at their respective schools. We suggest that while they are discursively projected as peripheral figures in their school environments, they nonetheless make valuable, yet under-valued, contributions to the functioning of their school.
Covid-19 and entrepreneurship at Vickispan: Challenges and responses to the lockdown.
(University of Western Cape, 2021) Svenson, Lisle
This article is centred on an entrepreneurial small farm-based enterprise in rural Riebeecksrivier in the Western Cape. It focuses on the impact of the Covid-19 lockdown on the business, its employees and the community that is affected by the enterprise. The data was obtained from a webinar series on lockdown stories hosted by the Economics and Management Sciences Faculty of the University of the Western Cape. The article describes the challenges presented by lockdown and how the pandemic has changed the way they think about the business strategy and context. It also delineates the kind of support measures required for this business to survive and achieve its potential to grow and effect greater positive impact in future.
Covid-19 and South Africa’s small, medium and micro enterprises: Challenges and recommendations
(University of Western Cape, 2021) Fatoki, Olawale Olufunso
Small, medium and micro enterprises (SMMEs) have a major role to play in sustainable development. SMMEs create incomes through employment and help to reduce poverty and income inequality, and to spur economic growth. However, the performance of SMMEs has been negatively impacted by Covid -19, a communicable respiratory disease caused by a new strain of coronavirus that causes illness in humans. The paper explores the challenges faced by SMMEs because of Covid-19. In addition, the paper suggests recommendations that can help to mitigate the challenges faced by SMMEs because of Covid- 19. The study adopted the desk research methodology that involved the synthesis of extant local and international secondary data sources on Covid- 19 and SMMEs.
Covid-19: An alternative approach to postgraduate supervision in the digital age
(Stellenbosch University, 2022) Hendrickse, Rozenda
Universities globally are facing enormous governmental pressure to increase postgraduate output, and in turn, contribute to the knowledge economy. This pressure is transferred to research supervisors, who have to navigate the complexities of research supervision to not only meet postgraduate output targets set by the university in particular, but postgraduate output targets set by government in general. Before the COVID-19 pandemic, research supervision mostly followed the traditional apprenticeship or group model approach to supervision, where engagement took the form of face-to-face interactions. With the COVID-19 pandemic came social distancing, which forced research supervision to move to online platforms. The core objective of this article was to peruse selected research supervision models or approaches to determine which model or approach would be most suited to an online supervision context, if any. This article advances a re-imagined view of research supervision in higher education.
Customer satisfaction at an online store in South Africa
(University of Western Cape, 2021) Naidoo, Vinessa; Botsi, Keorapetse G
Online shopping has become a common way in which retail businesses are conducted across most parts of the world. South African (SA) retailers such as Takealot, Makro, and Spree added this function to their existing operations. However, the survival of SA online stores is compromised by the competitive activities set by international players, including Amazon, eBay, and Google. Online stores such as Nine West and Mango have closed amidst poor financial performance. The adoption of a customer-centred approach is among the strategies that SA online stores can take to remain competitive.
Determinants of consumer attitude toward corporate sponsors: A comparison between a profit and non-profit sport event sponsorship
(Wiley, 2017) Ko, Yong Jae; Chang, Yonghwan; Park, Chanmin; Herbst, Frikkie
The purposes of the present study were to identify key attributes of sponsors that positively influence consumers’ attitude formation and to examine the moderator role of sport event types (nonprofit vs. profit). Based on the theories of range and selective attention, we hypothesized that consumers weigh differently on particular sponsorship attributes depending on event type (i.e., profit vs. nonprofit) in constructing their attitude. The study utilized multi-group structural equation modeling on data collected by questionnaire survey from a total of 505 spectators of college sport event (n = 303) and FIFA World Cup (n = 202). Results of structural equation modeling test indicate that prominence of sponsors is an important predictor of consumer attitude in both events, while sincerity of sponsors was found to be important in local and amateur college sport event sponsorship. From a theoretical perspective, the current study sheds light on sponsorship study, particularly the importance of examining sponsor characteristics in predicting consumer attitude and the event type as a moderating variable. A key practical implication is that sport managers should carefully examine consumers’ perceptions toward sponsor characteristics in making their event sponsorship decisions.
Determinants of share prices: the case of listed firms on Johannesburg Stock Exchange
(Danubius University, 2016) Enow, Samuel Tabot; Brijlal, Pradeep
Equity investments offer considerable returns to investors and is considered to be a major source of capital for most large firms. However, these returns are subject to movement in share prices. This study investigate the determinants of share prices using fourteen companies listed on the Johannesburg stock exchange from 2009-2013. Using a multiple regression analysis, the result reveals that dividend per share, earnings per share, and price-earnings ratio accounts for 57.8% of share prices movements. Furthermore, earnings per share and price earnings are significantly positively correlated to share prices although dividend per share was not. This finding implies that, managers can create value for their shareholders by increasing dividend per share, earnings per share and price-earnings.

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