The impact of fiscal and monetary policies on manufacturing sector performance in South Africa
- Authors: Hunter, Desireѐ
- Date: 2023
- Subjects: Manufacturing industries -- South Africa , Fiscal policy -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Doctoral theses , text
- Identifier: http://hdl.handle.net/10353/28549 , vital:74417
- Description: Regulatory authorities have to date utilised a strategic blend of fiscal and monetary policies in dealing with the unique set of macroeconomic conditions facing South Africa. Government policy intervention has significant implications for economic growth and output within the manufacturing environment. Heterogeneity has also been discerned in relation to the responsiveness of various industries within the manufacturing sector towards both fiscal and monetary policy variable variations. However, given weakened growth prospects, policy alignment issues have been observed. The purpose of this study was firstly, to examine the impact of fiscal and monetary variables on manufacturing sector output in South Africa and secondly, to analyse the manufacturing industry significance of the various monetary transmission mechanism channels. The study made use of quarterly and monthly data to achieve these stated objectives, dated between 1998 and 2020. To achieve the first objective, the study employed the Autoregressive Distributed Lag (ARDL) model given the order of integration of the variables. The empirical results revealed significant, positive relations between tax revenue, deficit financing, nominal effective exchange rate (NEER) and money supply (M3) for total manufacturing (LTOTAL). Contrastingly, there were negative links between LTOTAL, government spending and the lending rate. At a disaggregated industry level, there were positive relations with tax revenue in food and wood industries, although tax revenue was significantly negative for metals. Likewise, to LTOTAL, linkages with spending were significantly negative for wood and metal industries but positive for chemicals. Negative spending signage could be a result of crowding-out. For deficit financing, positive associations within chemicals did not conform to expectations. Similarly, to LTOTAL, wood and metal industries conformed to expectations of negative relations with the lending rate. In respect of the NEER in food and wood production, significant, positive links were established. Contrastingly, a negative linkage existed for chemical activities at the 5% level. Concerning M3 and akin to LTOTAL, the relation with metal industries was positive. However, negative findings for food and chemicals contradicted expectations, suggesting money supply was not efficiently utilised in managing monetary variables in the long-term. The second objective of the study focused on analysing manufacturing industry significance of the various monetary transmission mechanism channels. The Vector Error Correction Model (VECM) were employed to analyse the relationship between the variables. Impulse response and variance decomposition were also constructed to further trace which channel is more significant in influencing manufacturing output. The empirical results revealed that the interest rate channel occupied a relatively significant role in both LTOTAL and several selected manufacturing industries. Shocks accounted for 9.71%, 11.96% and 14.28% of the variance in LTOTAL, metal and chemical industries. The asset price channel also appeared relatively significant, with shocks to the FTSE/JSE all-share index explaining 18.21% and 21.13% of the variation in food and wood production, signifying the most relevant channel for these particular industries and representing the second most important channel for LTOTAL and the other remaining industries. The exchange rate channel also presented as being a more relevant channel for food and wood, but occupied little role in LTOTAL, whilst the credit channel was relatively ineffectual for both LTOTAL and all industries examined. The results obtained imply that government should exercise caution and demonstrate fiscal restraint and that the South African Reserve Bank (SARB) need to take greater consideration of output fluctuations in monetary policy setting. Research has dictated that an expansionary fiscal policy is generally required as a means to achieving increased growth. However, findings obtained at both the aggregate and disaggregated manufacturing level in South Africa largely varied. This implies significant heterogeneity within the South African manufacturing sector in respect of fiscal policy responses. Expansionary fiscal stimulus packages need to be better targeted towards industries that will most benefit. Similarly, monetary policy responses at the aggregate and disaggregated manufacturing level in South Africa were heterogeneous and furthermore, differed when examining combined policy impacts. There was also a heterogeneous response with respect to relevance of the channels, via which monetary policy operated, with the interest rate channel dominating. SARB do take into consideration output fluctuations in policy setting but this is not currently emphasised or legislated. , Thesis (DCom) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
- Authors: Hunter, Desireѐ
- Date: 2023
- Subjects: Manufacturing industries -- South Africa , Fiscal policy -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Doctoral theses , text
- Identifier: http://hdl.handle.net/10353/28549 , vital:74417
- Description: Regulatory authorities have to date utilised a strategic blend of fiscal and monetary policies in dealing with the unique set of macroeconomic conditions facing South Africa. Government policy intervention has significant implications for economic growth and output within the manufacturing environment. Heterogeneity has also been discerned in relation to the responsiveness of various industries within the manufacturing sector towards both fiscal and monetary policy variable variations. However, given weakened growth prospects, policy alignment issues have been observed. The purpose of this study was firstly, to examine the impact of fiscal and monetary variables on manufacturing sector output in South Africa and secondly, to analyse the manufacturing industry significance of the various monetary transmission mechanism channels. The study made use of quarterly and monthly data to achieve these stated objectives, dated between 1998 and 2020. To achieve the first objective, the study employed the Autoregressive Distributed Lag (ARDL) model given the order of integration of the variables. The empirical results revealed significant, positive relations between tax revenue, deficit financing, nominal effective exchange rate (NEER) and money supply (M3) for total manufacturing (LTOTAL). Contrastingly, there were negative links between LTOTAL, government spending and the lending rate. At a disaggregated industry level, there were positive relations with tax revenue in food and wood industries, although tax revenue was significantly negative for metals. Likewise, to LTOTAL, linkages with spending were significantly negative for wood and metal industries but positive for chemicals. Negative spending signage could be a result of crowding-out. For deficit financing, positive associations within chemicals did not conform to expectations. Similarly, to LTOTAL, wood and metal industries conformed to expectations of negative relations with the lending rate. In respect of the NEER in food and wood production, significant, positive links were established. Contrastingly, a negative linkage existed for chemical activities at the 5% level. Concerning M3 and akin to LTOTAL, the relation with metal industries was positive. However, negative findings for food and chemicals contradicted expectations, suggesting money supply was not efficiently utilised in managing monetary variables in the long-term. The second objective of the study focused on analysing manufacturing industry significance of the various monetary transmission mechanism channels. The Vector Error Correction Model (VECM) were employed to analyse the relationship between the variables. Impulse response and variance decomposition were also constructed to further trace which channel is more significant in influencing manufacturing output. The empirical results revealed that the interest rate channel occupied a relatively significant role in both LTOTAL and several selected manufacturing industries. Shocks accounted for 9.71%, 11.96% and 14.28% of the variance in LTOTAL, metal and chemical industries. The asset price channel also appeared relatively significant, with shocks to the FTSE/JSE all-share index explaining 18.21% and 21.13% of the variation in food and wood production, signifying the most relevant channel for these particular industries and representing the second most important channel for LTOTAL and the other remaining industries. The exchange rate channel also presented as being a more relevant channel for food and wood, but occupied little role in LTOTAL, whilst the credit channel was relatively ineffectual for both LTOTAL and all industries examined. The results obtained imply that government should exercise caution and demonstrate fiscal restraint and that the South African Reserve Bank (SARB) need to take greater consideration of output fluctuations in monetary policy setting. Research has dictated that an expansionary fiscal policy is generally required as a means to achieving increased growth. However, findings obtained at both the aggregate and disaggregated manufacturing level in South Africa largely varied. This implies significant heterogeneity within the South African manufacturing sector in respect of fiscal policy responses. Expansionary fiscal stimulus packages need to be better targeted towards industries that will most benefit. Similarly, monetary policy responses at the aggregate and disaggregated manufacturing level in South Africa were heterogeneous and furthermore, differed when examining combined policy impacts. There was also a heterogeneous response with respect to relevance of the channels, via which monetary policy operated, with the interest rate channel dominating. SARB do take into consideration output fluctuations in policy setting but this is not currently emphasised or legislated. , Thesis (DCom) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
The mediation of knowledge-based dynamic capabilities on the relationship between small business human resource management practices and performance
- Authors: Goon, D M
- Date: 2023
- Subjects: Small business -- Personnel management , Organizational effectiveness -- Measurement , Performance -- Measurement
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/29440 , vital:77967
- Description: Small businesses play an important role in the growth and success of local economies worldwide. Regrettably, the persistent issue of small business failure stems from external and internal challenges. One of the most important internal challenges is the lack of knowledge required to configure a small business to sustain performance in a dynamic environment. The business's dynamic capabilities and human resource management are vital aspects. This study investigated the mediating role of knowledge-based dynamic capabilities in the relationship between human resource management practices in small businesses, using the AMO framework, and small business performance. The research employed a quantitative approach, utilising convenience and snowball sampling techniques. It yielded valid responses from 231 small businesses in the Eastern Cape region. Statistical analysis was conducted using SPSS version 27 and AMOS version 22. The relationships were tested using the Person correlation coefficient, while simple regression models were used to test the influence of the variables within the study hypotheses. To examine the mediating effect, the Hayes Process Macro was utilised. The analysis unveiled positive and significant relationships between human resource management practices and knowledge-based dynamic capabilities with performance in small businesses. Knowledge-based dynamic capabilities and all its subcomponents also mediated the relationship between all dimensions of small business human resource management practices and performance. The implication of these findings highlights the urgent attention small businesses should give towards human resource management practices and building knowledge-based dynamic capabilities. These findings also alert policymakers and small business managers to what aspects of human resource management practices and knowledge-based dynamic capabilities should be prioritised for optimal performance in small businesses. , Thesis (MBM) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
- Authors: Goon, D M
- Date: 2023
- Subjects: Small business -- Personnel management , Organizational effectiveness -- Measurement , Performance -- Measurement
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/29440 , vital:77967
- Description: Small businesses play an important role in the growth and success of local economies worldwide. Regrettably, the persistent issue of small business failure stems from external and internal challenges. One of the most important internal challenges is the lack of knowledge required to configure a small business to sustain performance in a dynamic environment. The business's dynamic capabilities and human resource management are vital aspects. This study investigated the mediating role of knowledge-based dynamic capabilities in the relationship between human resource management practices in small businesses, using the AMO framework, and small business performance. The research employed a quantitative approach, utilising convenience and snowball sampling techniques. It yielded valid responses from 231 small businesses in the Eastern Cape region. Statistical analysis was conducted using SPSS version 27 and AMOS version 22. The relationships were tested using the Person correlation coefficient, while simple regression models were used to test the influence of the variables within the study hypotheses. To examine the mediating effect, the Hayes Process Macro was utilised. The analysis unveiled positive and significant relationships between human resource management practices and knowledge-based dynamic capabilities with performance in small businesses. Knowledge-based dynamic capabilities and all its subcomponents also mediated the relationship between all dimensions of small business human resource management practices and performance. The implication of these findings highlights the urgent attention small businesses should give towards human resource management practices and building knowledge-based dynamic capabilities. These findings also alert policymakers and small business managers to what aspects of human resource management practices and knowledge-based dynamic capabilities should be prioritised for optimal performance in small businesses. , Thesis (MBM) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
The nature of competition in the banking sector and its effect on financial inclusion in South Africa
- Ngonyama, Nomasomi https://orcid.org/0000-0002-7536-9297
- Authors: Ngonyama, Nomasomi https://orcid.org/0000-0002-7536-9297
- Date: 2023
- Subjects: Banks and banking -- South Africa , Competition -- South Africa , Financial services industry
- Language: English
- Type: Doctoral theses , text
- Identifier: http://hdl.handle.net/10353/28661 , vital:74492
- Description: Competition and access to financial services are lauded as key ingredients in the fight against poverty. While competition enhances markets, fosters innovation, productivity and growth, financial inclusion allows the poor to save, access credit and insurance thereby allowing them to meaningfully contribute to economic growth and also smooth their consumption. Moreover, competition reduces the cost of finance, thereby further expanding the availability of financial services. This suggests an important relationship between competition in the banking sector and financial inclusion. Research in this area is still in its infancy and little consensus exists on both whether the relationship is a robust one or not. There is no unanimity on the direction of causality or whether competition in the financial sector is good or bad for markets. This study examines the nexus between banking competition and financial inclusion in Upper-middle income countries. It employed a panel data set over the period 2011-2017 and Generalized Methods of Moments technique was employed to answer this enquiry. The findings of this study suggest that market power is not bad for financial inclusion in upper-middle income countries. Moreover, the study found that bank competition does not matter in banking the unbanked population in Upper-middle income countries. The implication of the findings of this study is that the focus of the policy makers should not be on policies that reduces concentration and market power in the banking sector, but be on measures that encourages contestability. The threat of entry is sufficient to make banks behave in a competitive manner. , Thesis (PhD) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
- Authors: Ngonyama, Nomasomi https://orcid.org/0000-0002-7536-9297
- Date: 2023
- Subjects: Banks and banking -- South Africa , Competition -- South Africa , Financial services industry
- Language: English
- Type: Doctoral theses , text
- Identifier: http://hdl.handle.net/10353/28661 , vital:74492
- Description: Competition and access to financial services are lauded as key ingredients in the fight against poverty. While competition enhances markets, fosters innovation, productivity and growth, financial inclusion allows the poor to save, access credit and insurance thereby allowing them to meaningfully contribute to economic growth and also smooth their consumption. Moreover, competition reduces the cost of finance, thereby further expanding the availability of financial services. This suggests an important relationship between competition in the banking sector and financial inclusion. Research in this area is still in its infancy and little consensus exists on both whether the relationship is a robust one or not. There is no unanimity on the direction of causality or whether competition in the financial sector is good or bad for markets. This study examines the nexus between banking competition and financial inclusion in Upper-middle income countries. It employed a panel data set over the period 2011-2017 and Generalized Methods of Moments technique was employed to answer this enquiry. The findings of this study suggest that market power is not bad for financial inclusion in upper-middle income countries. Moreover, the study found that bank competition does not matter in banking the unbanked population in Upper-middle income countries. The implication of the findings of this study is that the focus of the policy makers should not be on policies that reduces concentration and market power in the banking sector, but be on measures that encourages contestability. The threat of entry is sufficient to make banks behave in a competitive manner. , Thesis (PhD) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
The perceptions of teachers about the effectiveness and efficiency of e-learning in rural schools in the Eastern Cape during COVID-19
- September, Khanyile https://orcid.org/0000-0002-0354-3188
- Authors: September, Khanyile https://orcid.org/0000-0002-0354-3188
- Date: 2023
- Subjects: Distance education -- South Africa , Rural schools -- Effect of technological innovations on
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/29540 , vital:77976
- Description: The digital gap has been hitting rural schools across the world. This has also been witnessed in South Africa. This digital gap is a result of inequality amongst households. Hence, learners and teachers from rural schools cannot access technologies as urban learners and teachers do. This situation has caused a lack of connectivity, lack of information about ICT, lack of resources, and lack of skilled teachers in rural schools. Globally, almost all countries have shifted to do things online. However, some countries struggled to shift successfully such as India. The introduction of elearning in South African government schools was done with the aim of improving results performance and to develop skills in learners and allow a flexible learning environment. In some urban and semi-urban areas, teachers are able to use new technologies to teach; however, rural teachers are bound to use traditional teaching only. The problem actually surfaced when the new pandemic known as COVID-19 started in Wuhan, China, in 2019 and spread across the world. This also affected the South African education systems, where teachers and learners were ordered to stay away from school premises and institutions, as way of preventing the virus from spreading. Rural teachers could not perform any academic activities, like urban schools did, to reach out to their learners as they wished because of the challenges stated above. Using e-learning during the 2020 pandemic was an unending nightmare for these rural teachers as they faced more challenges than those that had existed prior to COVID-19. The identified challenges discussed in this paper are those that were experienced by Alfred Nzo district teachers. This paper also refers to how e-learning was used by these teachers. Challenges identified in the literature were addressed through guidance of the UTUAT model which was adopted for the study. Each problem was categorised in line with UTUAT model four construct. The two branches of philosophies were brought in which are ontology and epistemology. Ontology asks question about the reality or existence of something and epistemology asks question about proving he existence of something. This study adopted the qualitative approach and followed that approach in terms of research paradigm, data sampling, data collection and analysis and techniques. Interviews were conducted with 15 teachers (teachers, head of department, school principal and subject advisor) from high and primary school levels, after the consent forms had been issued to obtain permission to proceed with interviews. Notes and audio recordings were made use of during interview sessions for data analysis purposes, with NVivo being used to analyse the data. Form the issues identified, these are the themes that were created which are:poor understanding of the concept “e-learning” by rural educators, high levels of resistance from educators, pedagogy of educators, insufficient support of the concept “e-learning”, poor implementation of e-learning. Lastly, after the data had been collected and analysed, this study developed five new success factors that should be implemented by the Department of Basic Education (DBE) to address issues identified as themes after thorough analysis of the literature and interviews. , Thesis (MIS) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
- Authors: September, Khanyile https://orcid.org/0000-0002-0354-3188
- Date: 2023
- Subjects: Distance education -- South Africa , Rural schools -- Effect of technological innovations on
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/29540 , vital:77976
- Description: The digital gap has been hitting rural schools across the world. This has also been witnessed in South Africa. This digital gap is a result of inequality amongst households. Hence, learners and teachers from rural schools cannot access technologies as urban learners and teachers do. This situation has caused a lack of connectivity, lack of information about ICT, lack of resources, and lack of skilled teachers in rural schools. Globally, almost all countries have shifted to do things online. However, some countries struggled to shift successfully such as India. The introduction of elearning in South African government schools was done with the aim of improving results performance and to develop skills in learners and allow a flexible learning environment. In some urban and semi-urban areas, teachers are able to use new technologies to teach; however, rural teachers are bound to use traditional teaching only. The problem actually surfaced when the new pandemic known as COVID-19 started in Wuhan, China, in 2019 and spread across the world. This also affected the South African education systems, where teachers and learners were ordered to stay away from school premises and institutions, as way of preventing the virus from spreading. Rural teachers could not perform any academic activities, like urban schools did, to reach out to their learners as they wished because of the challenges stated above. Using e-learning during the 2020 pandemic was an unending nightmare for these rural teachers as they faced more challenges than those that had existed prior to COVID-19. The identified challenges discussed in this paper are those that were experienced by Alfred Nzo district teachers. This paper also refers to how e-learning was used by these teachers. Challenges identified in the literature were addressed through guidance of the UTUAT model which was adopted for the study. Each problem was categorised in line with UTUAT model four construct. The two branches of philosophies were brought in which are ontology and epistemology. Ontology asks question about the reality or existence of something and epistemology asks question about proving he existence of something. This study adopted the qualitative approach and followed that approach in terms of research paradigm, data sampling, data collection and analysis and techniques. Interviews were conducted with 15 teachers (teachers, head of department, school principal and subject advisor) from high and primary school levels, after the consent forms had been issued to obtain permission to proceed with interviews. Notes and audio recordings were made use of during interview sessions for data analysis purposes, with NVivo being used to analyse the data. Form the issues identified, these are the themes that were created which are:poor understanding of the concept “e-learning” by rural educators, high levels of resistance from educators, pedagogy of educators, insufficient support of the concept “e-learning”, poor implementation of e-learning. Lastly, after the data had been collected and analysed, this study developed five new success factors that should be implemented by the Department of Basic Education (DBE) to address issues identified as themes after thorough analysis of the literature and interviews. , Thesis (MIS) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
The role of risky cyber-security behaviours on effective utilisation of high-performance computing systems in historically disadvantaged institutions
- Authors: Skritshi, Caron
- Date: 2023
- Subjects: Computer security -- South Africa , High performance computing -- Evaluation -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/29555 , vital:77983
- Description: This research study explores the impact of risky cybersecurity behaviours on effectively utilising High-Performance Computing Systems within Historically Disadvantaged Institutions in South Africa. The investigation utilises the Theory of Planned Behaviour and the Security Behaviour Intentions Scale to examine the attitudes, intentions, and actual usage patterns of High-Performance Computing Systems among students and staff members. Following the positivism paradigm, this study formulated hypotheses aimed at achieving the objectives. The research sample comprised of 306 users of High-Performance Computing systems selected through the convenience sampling. Employing a quantitative approach, the study used a crosssectional survey research design to collect and analyse data to achieve the study's objectives. The study's findings revealed a significant negative relationship between risky cybersecurity behaviours and attitudes toward High-Performance Computing Systems, highlighting the adverse impact of such behaviours on users' perceptions and acceptance of these systems. However, an insignificant relationship was found between attitudes toward High-Performance Computing Systems and the intention to use them. This suggests that attitudes alone may not substantially influence user behaviour in this context, contradicting the initially proposed relationship. Furthermore, the investigation identified an insignificant correlation between the intention to use High-Performance Computing Systems and the actual utilization of these systems, indicating a gap between intention and behaviour. This implies that the study's hypothesized relationship between these latent variables was not supported. Lastly, a noteworthy correlation emerged between social influence and the effective use of High- Performance Computing Systems, supporting the relationship between these variables. In summary, this research significantly enhances comprehension of the challenges and repercussions associated with cybersecurity behaviour in adopting and utilising High- Performance Computing Systems across five South African Historically Disadvantaged Institutions. It underscores the importance of addressing risky behaviours, enhancing user education, and implementing secure systems. These actions are essential for fostering the effective utilisation of High-Performance Computing Systems and unlocking their potential benefits for economic growth and educational advancements in South Africa. , Thesis (MIS) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
- Authors: Skritshi, Caron
- Date: 2023
- Subjects: Computer security -- South Africa , High performance computing -- Evaluation -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/29555 , vital:77983
- Description: This research study explores the impact of risky cybersecurity behaviours on effectively utilising High-Performance Computing Systems within Historically Disadvantaged Institutions in South Africa. The investigation utilises the Theory of Planned Behaviour and the Security Behaviour Intentions Scale to examine the attitudes, intentions, and actual usage patterns of High-Performance Computing Systems among students and staff members. Following the positivism paradigm, this study formulated hypotheses aimed at achieving the objectives. The research sample comprised of 306 users of High-Performance Computing systems selected through the convenience sampling. Employing a quantitative approach, the study used a crosssectional survey research design to collect and analyse data to achieve the study's objectives. The study's findings revealed a significant negative relationship between risky cybersecurity behaviours and attitudes toward High-Performance Computing Systems, highlighting the adverse impact of such behaviours on users' perceptions and acceptance of these systems. However, an insignificant relationship was found between attitudes toward High-Performance Computing Systems and the intention to use them. This suggests that attitudes alone may not substantially influence user behaviour in this context, contradicting the initially proposed relationship. Furthermore, the investigation identified an insignificant correlation between the intention to use High-Performance Computing Systems and the actual utilization of these systems, indicating a gap between intention and behaviour. This implies that the study's hypothesized relationship between these latent variables was not supported. Lastly, a noteworthy correlation emerged between social influence and the effective use of High- Performance Computing Systems, supporting the relationship between these variables. In summary, this research significantly enhances comprehension of the challenges and repercussions associated with cybersecurity behaviour in adopting and utilising High- Performance Computing Systems across five South African Historically Disadvantaged Institutions. It underscores the importance of addressing risky behaviours, enhancing user education, and implementing secure systems. These actions are essential for fostering the effective utilisation of High-Performance Computing Systems and unlocking their potential benefits for economic growth and educational advancements in South Africa. , Thesis (MIS) -- Faculty of Management and Commerce, 2023
- Full Text:
- Date Issued: 2023
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