Mobile money is gaining momentum in emerging markets as the solution to bank those who were previously unbanked. The number of people in Africa who have mobile phones is 644 million subscribers and has for a long time exceeded those who have bank accounts and access to formal financial services (Cobert, Helms,&Parker, 2012). About 2.5 billion adults, just over half of world’s adult population, do not use formal financial services to save or borrow, of this number 2.2 billion of these unserved adults live in Africa, Asia, Latin America, and the Middle East (Chaia et al., 2009). This study sought to explore factors that will determine adoption of mobile money by adapting Venkatesh, Thong and Xu’s (2012) Unified Theory of Acceptance and Technology Use (UTAUT 2) research model to assess the drivers of behavioural intention. The model was extended by incorporating two additional constructs; trust and infrastructure reliability, which have been excluded in previous studies that have been done in developed countries. Further to this, the findings of this study will make a significant contribution to Information Systems (IS) research by identifying factors that influence technology adoption in a developing market context.This main aim of this quantitative research was to empirically discover the deeper motivations that affect the consumer behavioural intention and usage behaviour to use mobile money in Malawi. The value of this paper lies in the use of interviews to unveil new determinants of the Unified Theory of Acceptance and Technology use in the adoption of mobile money in a developing market that influence behavioural intention and usage behaviour. The seven factors examined in this study are performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), price value (PV), infrastructure reliability (IR), and trust (T) moderated by gender and age impact on technology adoption. The study sample consists of 508 respondents with a response rate of 84%.The findings indicate that performance expectancy, effort expectancy, facilitating conditions, trust, and price value were positively associated with consumer behavioural intention to use mobile money in Malawi. In addition, infrastructure reliability and social influence were found to have an insignificant effect on consumer behavioural intention to use mobile money.The research adds value on existing studies on technology adoption as it contributes to understanding disruptive technology from a consumer perspective in a developing market which has been excluded in previous research papers. Another value of this paper lies in the use of UTAUT 2 to identify a new construct, trust, as a determinant of mobile money adoption in a consumer perspective which is applicable in Malawi. In addition to this it enables us to contribute to current literature on the emerging mobile money market in Malawi, which is largely under researched. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Magister Legum - LLM / Regiоnаl trаde, investment аnd crоss-bоrder remittаnces аre аll criticаl cоmpоnents оf ecоnоmic аnd sоciаl develоpment in the Sоuthern Аfricаn Develоpment Cоmmunity (SАDC) regiоn.1 Crоss bоrder remittаnces аre а mаin аnd stаble sоurce оf incоme fоr а mаjоrity оf the pоpulаtiоn in mоst develоping cоuntries, accounting fоr а third оf the tоtаl Grоss Dоmestic Prоduct (GDP).2 One in seven Аfricаns receives remittаnces frоm fаmily аnd friends аbrоаd аmоunting tо аpprоximаtely US$ 60 milliоn per year.3 As such, crоss bоrder remittаnces аct аs а criticаl lifeline tо develоping ecоnоmies аnd hаve hаd а significаnt impаct оn the stаndаrd оf living оf mаny recipient hоusehоlds.4 In the SАDC regiоn, crоss-bоrder remittаnces аre cоmmоnplаce, wherein remittаnce inflоws аccоunt fоr а sizeаble prоpоrtiоn оf GDP аfter Fоreign Direct Investments (FDI).

Digital Financial Services (DFS) such as mobile money apps, have become increasingly recognized as a tool to increase Financial inclusion. Access and usage of mobile money services are expected to be beneficial in more ways than one, but one desirable outcome is enabling women to have greater control over their own finances, and thus enhance Empowerment through increased participation in household decision-making. With data collected through a phone survey distributed to 189 women in Jordan, we attempt to investigate if E-wallets are effective in achieving Financial inclusion and, if we as a result, might see a positive effect on Women’s Empowerment. Impacts on Financial inclusion are measured through a description of how women use their E-wallets, along with an OLS-regression on the likelihood of saving. Empowerment effects are analyzed through a regression on different indicators meant to reflect decision-making in the household. We find some evidence that indicates that E-wallets users might be slightly more likely to have saved money in the last year, however, results regarding empowerment indicators are more unclear. When performing regressions on subsamples of unmarried women, and only employed women, we see some indications that the e-wallet might lead to an increased control of her own finances and expenditures, but this does not seem to translate significantly to other household purchases.

Aim: The aim of the study is to investigate the segmentation and customer acquisition strategies that a MNC offers in emerging markets to implement digital financial service.  The core purpose of the study would be to magnify two core research questions: 1 - How do MNCs segment customers to offer MFS in emerging markets? 2 - How MNCs offering MFS implement Customer Acquisition Strategies to be successful in emerging markets? Methodology: The methodology in this study is built on a qualitative method. The authors conducted semi-structured interviews when interviewing the bKash employees and the agents. Furthermore, different articles, publications, newspapers, websites & course books were also followed. Findings and Conclusion: From the results it was possible to conclude that MNCs in EMs follow all the steps of segmentation and customer acquisition examined in the theories. We ought to assume that MNCs providing MFS services in the EMs shall follow the traditional segmentation strategy. Channel strategy shall still be depending on the physical distribution for new customer acquisition. At the same time, customer awareness program, customer and channel education will drive towards a sustainable MFS business. This study can be used as a prescription to implement successful segmentation and customer acquisition strategies similar to EMs, especially in a context similar to Bangladesh. Contribution of the study: Regarding the theoretical contribution, the study introduces a framework that emphasizes a conventional approach to segmentation customer acquisition. It illustrates that a textbook strategy can be efficient. Also, to the practical contribution, physical distribution of quality based on regular training and incentives should be of top priority when selling innovative products, such as MFS, and communicating complex value propositions in EMs. Reflections on the study and suggestions for future research: The study has been done only in 1 successful MNC providing MFS service in one of the emerging countries, Bangladesh. A further study shall be done in other emerging countries especially in sub Saharan African region to validate this study.

This study set out to investigate how mobile money apps facilitate the maintenance of interpersonal relationships and transnational communication practices among migrant women entrepreneurs. Mobile money apps such as MamaMoney, MoneyTrans and Mukuru are a form of communication that are relevant and beneficial to the unbanked migrant women entrepreneurs in South Africa. The main research question was: how do mobile money apps facilitate the maintenance of interpersonal relationships and transnational communication practices among migrant women entrepreneurs? The methodology was informed by a feminist qualitative approach to three focus group discussions with fifteen participants from Nigeria, Zimbabwe and the Democratic Republic of Congo. A thematic analysis of transcriptions of focus group discussions was conducted and two broad themes were identified. The first broad theme explores the communicative dimensions of money transfer through mobile money apps by migrant women entrepreneurs, particularly in relation to their roles as mothers, daughters, sisters and friends in the diaspora. The second broad theme is the use of mobile money apps to solicit emergency funds and financial support during the COVID-19 pandemic. Findings indicate that mobile money apps have reshaped communication practices of migrant women entrepreneurs by enhancing interpersonal communication and facilitating social practices. Furthermore, the COVID-19 pandemic emphasized the two-way nature of bonds of mutual support amongst migrants. This study also draws on the idea of remittance scripts (Carling, 2014). Remittance scripts are a helpful way to conceptualise remittances as social transactions that take several different forms. The theoretical frameworks used in this dissertation are reverse remittances (Mazzucato, 2011), networked individualism (Raine and Wellman, 2012) and polymedia (Madianou and Miller, 2013). The importance of reverse remittances during the COVID-19 period highlights reciprocal bonds of social saving when eMWEs used mobile money apps to solicit financial help and emergency relief when they were unable to work due to the COVID-19 outbreak in South Africa. Reverse remittances also highlight the shift in power relations and the need for communication between eMWEs' and their families and friends at home. As suggested by Kusimba et al., (2015) the application of networked individualism in modern African societies is used in this study to understand how mobile money apps have afforded eMWEs with personal communication channels in addition to household-centred communication around money. Polymedia is used in this study to understand how eMWEs use mobile money apps in conjunction with the complementary affordances of other platforms such as WhatsApp, Instagram and Facebook, which compensate for limitations of mobile money apps.

L'inclusion financière est devenue un sujet important au cours des deux dernières décennies dans les politiques de développement de l'UEMOA. Cette zone se caractérise par un faible niveau d'inclusion financière en dépit de plusieurs stratégies et programmes visant à la renforcer. Cette thèse vise à analyser d’une part la situation de l'inclusion financière de l’'UEMOA et du Niger particulièrement, et d'autre part, à étudier le rôle de la microfinance dans l’accomplissement de cette dernière. Pour ce faire, nous avons construit un indice synthétique d'inclusion financière (ISIF) pour mesurer l'inclusion financière et classer ainsi les 8 pays de l'UEMOA. A travers un modèle économétrique en panel, nous avons montré que la microfinance contribue efficacement au renforcement de l'inclusion financière sous l’angle du mobile money et l'impact (sur l'ISIF) est supérieur à celui du secteur bancaire. Nous avons en outre analysé les déterminants de l'inclusion financière à deux niveaux : d'abord à l'échelle d’un pays, et à partir des données disponibles à la BCEAO et ensuite selon les caractéristiques des personnes à l’aide des données de l’enquête que nous avons réalisé auprès d’un échantillon de 512 adultes. Ces données ont également révélé un niveau d'éducation financière inquiétant en milieu rural comme en milieu urbain au Niger / Financial inclusion has become an important topic in the last two decades in WAEMU's development policies. This area is characterized by a low level of financial inclusion despite several strategies and programs to strengthen it. This thesis aims to analyze on the one hand the situation of the financial inclusion of UEMOA and Niger in particular, and on the other hand, to study the role of microfinance in the fulfillment of the latter. To do this, we built a synthetic financial inclusion index (ISIF) to measure financial inclusion and thus classify the 8 WAEMU countries. Through an econometric panel model, we have shown that microfinance effectively contributes to strengthening financial inclusion in terms of mobile money and the impact (on ISIF) is greater than that of the banking sector. In addition, we analyzed the determinants of financial inclusion at two levels: first, at the country level, and from the data available at the BCEAO and then according to the characteristics of the individuals using the data. of the survey we conducted with a sample of 512 adults. These data also revealed a worrying level of financial education in both rural and urban areas of Niger

Abstract in English, Afrikaans and Zulu / The study investigated the effects of social media on mobile money adoption in South Africa and Zimbabwe. The main gap identified in empirical literature is the omission of social media use in technology adoption models and social networking theories. While some theories acknowledge the role of social influences in technology adoption, the social interactions considered therein are not mediated through the internet as is social media. Furthermore, no empirical study has to date focused on how social media influences mobile money technology adoption. Thus, this study deviates from the offline social network analysis approach which is restricted to the neighbourhood effects, physical contact, cell phone calls and text messages where information on mobile money technology is disseminated to an individual’s limited social circle. The secondary data used for the study were obtained from individual responses in the cross-sectional FinScope consumer surveys South Africa 2015 and Zimbabwe 2014 which were conducted and reported by FinMark Trust (2015; 2014). The study employed the binary logistic regression model to estimate the nature of effect. The results of the study indicated that use of social media had a positive and statistically significant impact on mobile money adoption in both South Africa and Zimbabwe. The results also revealed that despite there being a lower internet penetration and social media usage rate in Zimbabwe than South Africa, the use of social media in the former led to a higher rate of mobile money adoption. The study also established that mere use of social media and availability of mobile money technology did not translate to a high adoption rate; instead, availability had to be matched by a demand for the financial services. Additionally, the study found that the interaction of mobile money adoption and use of social media increased the overall mobile money adoption in both countries. The study recommended the implementation of collective policies that increase internet penetration to facilitate increased use of social media platforms and promote mobile money adoption to foster improved financial inclusion in developing countries. / Hierdie studie het die gevolge van sosiale media op die ingebruikneming van mobiele geld in Suid-Afrika en Zimbabwe ondersoek. Die belangrikste leemte wat in empiriese literatuur geïdentifiseer is, is die weglating van die gebruik van sosiale media in tegnologieaanvaardingsmodelle en sosialenetwerkvorming-teorieë. Hoewel sommige teorieë (teorie van beredeneerde handeling; teorie van beplande gedrag; diffusie van innovasie) die rol van sosiale invloede op tegnologieaanvaarding erken, word die sosiale interaksies wat daarin oorweeg word nie deur middel van die internet bemiddel nie, soos wel in die geval van sosiale media. Boonop het geen empiriese studie tot op hede gefokus op hoe sosiale media die ingebruikneming van mobielegeld-tegnologie beïnvloed nie. Hierdie studie wyk dus af van die niegekoppelde sosialenetwerkontleding-benadering, wat beperk is tot die omgewingsgevolge, fisieke kontak, selfoonoproepe en teksboodskappe, waar inligting oor mobielegeld-tegnologie aan ʼn individu se beperkte sosiale kring versprei word. Die sekondêre data wat vir die studie gebruik is, is verkry uit afsonderlike response in die deursnee- FinScope-verbruikersopnames (Suid-Afrika 2015 en Zimbabwe 2014), wat onderneem en bekendgemaak is deur FinMark Trust (2015; 2014). Die studie maak gebruik van die binêre logistiese regressiemodel om die aard van effek te skat. Studiebevindings dui daarop dat die gebruik van sosiale media ’n positiewe en statisties beduidende uitwerking op die ingebruikneming van mobiele geld in sowel Suid-Afrika as Zimbabwe het. Die resultate wys ook dat, ondanks ’n laer internetpenetrasie en sosialemedia-gebruikskoers in Zimbabwe, die gebruik van sosiale media in Zimbabwe tot ’n hoër koers van ingebruikneming van mobiele geld in dié land as in Suid-Afrika tot gevolg het. Daar word verder waargeneem dat die blote gebruik van sosiale media en die beskikbaarheid van mobielegeld-tegnologie nie geredelik omgesit kan word in ’n hoë ingebruiknemingskoers nie; beskikbaarheid moet met ’n vraag na die finansiële dienste gepaard gaan. Daarbenewens toon die studie dat die interaksie tussen mobielegeld-ingebruikneming en die gebruik van sosiale media die oorkoepelende ingebruikneming van mobiele geld in albei lande versterk. Die studie beveel die implementering van beleide aan wat internetpenetrasie verhoog om wydverspreide gebruik van sosiale media te fasiliteer, wat op sy beurt die ingebruikneming van mobiele geld sal bevorder, wat finansiële insluiting sal bevorder. / Ucwaningo luphenyisise imiphumela ye-social media ekwamukelweni kwe-mobile money eNingizimu Afrika naseZimbabwe. Igebe elikhulu eliphawuliwe kwimibhalo yobufakazi ukweqiwa kokussetshenziswa kwe-social media ekwamukelweni kwama-technology adoption models kanye namathiyori e-social networking. Kodwa amanye amathiyori (i-theory of reasoned action; i-theory of planned behaviour; i-diffusion of innovation) amukela indima yemithelela ye-social influences ekwamukelweni kwetheknoloji, ngokusebenzisana kwama-social interactions abonelelwe lapha, awaxhunyaniswa nge-inthanethi, njenge-social media. Kanti-ke futhi okunye, akukho bufakazi bocwaningo kuze kubemanje obugxile kwindlela i-social media enomthelela ngayo kwi-mobile money technology adoption. Ngakho-ke, lolu cwaningo luyehluka kwizinqubo ze-offline social network analysis approach, enezihibe kwimiphumela esondelene nayo, ukuxhumana ngokubamba, ukushayelana izingcingo nge-cellphone, kanye nemilayezo ebhaliwe, lapho ulwazi kwi-mobile money technology lusatshalaliswa kumuntu ngamunye nalabo asondelene nabo. I-secondary data esetshenzisiwe kucwaningo itholakale kwizimpendulo zabantu ngamunye kwi-cross-sectional FinScope consumer surveys (iNingizimu Afrika 2015 kanye neZimbabwe 2014), olwenziwa nokubikwa nge-FinMark Trust (2015:2014). Ucwaningo lusebenzisa i-binary logistic regression model ukulinganisa inhlobo yomphumela. Imiphumela yocwaningo ikhombisa ukuthi i-social media inomphumela omuhle futhi ngomphumela wezibalo ezibalulekile ekwamukelweni kwe-mobile money okwamukelwe kuwo womabili amazwe iNingizimu Afrika kanye neZimbabwe. Imiphumela ikhombise nokuthi, ngisho noma i-inthanethi ingakangeneleli kangako kwezinye izindawo, kodwa izinga lokusetshenziswa kwe-social media eZimbabwe kungaphezulu kuneNingizimu Afrika, ukusetshenziswa eZimbabwe kuhola phambili ngezinga eliphezulu ekwamukelweni kwe-mobile money kunaseNingizimu Afrika. Kanti futhi kuphawulwa ukuthi ukusetshenziswa kwe-social media kanye nokutholakala kwe-mobile money technology, akuhambelani ngezinga lokwamukelwa kakhulu; ukutholakala kumele kuhambelane nesidingeko samasevisi ezezimali. Nangaphezu kwalokho, ucwaningo lukhombisa ukuthi ukusebenzisana kokwamukelwa kwe-mobile money nokusetshenziswa kwe-social media kuphakamisa ukwamukelwa kakhulu kwe-mobile money kuwo womabili amazwe. Ucwaningo luncoma ukuthi ukwamukelwa kwemigomo enyusa ukungenelela kakhulu kwe-inthanethi ukulekelela ukusetshenziswa kakhulu kwe-social media, kanti futhi lokhu okuzophakamisa kakhulu ukwamukelwa kwe-mobile money okusiza ukubandakanya wonke kwezezimali. / Business Management / D. Phil. (Management Studies)

This thesis introduces a financial simulation model covering two related financial domains: Mobile Payments and Retail Stores systems.   The problem we address in these domains is different types of fraud. We limit ourselves to isolated cases of relatively straightforward fraud. However, in this thesis the ultimate aim is to introduce our approach towards the use of computer simulation for fraud detection and its applications in financial domains. Fraud is an important problem that impact the whole economy. Currently, there is a lack of public research into the detection of fraud. One important reason is the lack of transaction data which is often sensitive. To address this problem we present a mobile money Payment Simulator (PaySim) and Retail Store Simulator (RetSim), which allow us to generate synthetic transactional data that contains both: normal customer behaviour and fraudulent behaviour.    These simulations are Multi Agent-Based Simulations (MABS) and were calibrated using real data from financial transactions. We developed agents that represent the clients and merchants in PaySim and customers and salesmen in RetSim. The normal behaviour was based on behaviour observed in data from the field, and is codified in the agents as rules of transactions and interaction between clients and merchants, or customers and salesmen. Some of these agents were intentionally designed to act fraudulently, based on observed patterns of real fraud. We introduced known signatures of fraud in our model and simulations to test and evaluate our fraud detection methods. The resulting behaviour of the agents generate a synthetic log of all transactions as a result of the simulation. This synthetic data can be used to further advance fraud detection research, without leaking sensitive information about the underlying data or breaking any non-disclose agreements.   Using statistics and social network analysis (SNA) on real data we calibrated the relations between our agents and generate realistic synthetic data sets that were verified against the domain and validated statistically against the original source.   We then used the simulation tools to model common fraud scenarios to ascertain exactly how effective are fraud techniques such as the simplest form of statistical threshold detection, which is perhaps the most common in use. The preliminary results show that threshold detection is effective enough at keeping fraud losses at a set level. This means that there seems to be little economic room for improved fraud detection techniques.   We also implemented other applications for the simulator tools such as the set up of a triage model and the measure of cost of fraud. This showed to be an important help for managers that aim to prioritise the fraud detection and want to know how much they should invest in fraud to keep the loses below a desired limit according to different experimented and expected scenarios of fraud.

Magister Legum - LLM / This paper analyses how the Zimbabwean economic history has led to the perception and attitude of the population towards the financial industry. It has been blighted by extremes to the extent that in 2008 the Zimbabwe economy had one of the highest hyperinflation rate in the world.1 Pettinger sums up the hyperinflation journey of Zimbabwe as having begun in the 1990s shortly after the disastrous land reform.2 This is where private farms were grabbed from landowners and re-allocated to mostly peasant farmers who had no technical know-how in farming. It was also a time when the country was involved in an unbudgeted and unsolicited second Congo civil war necessitating that the Government increase salaries to cater for soldiers and other officials assigned to the Congo.3 Earlier on the government had buckled under pressure from former war liberators (war veterans) and paid out unbudgeted bonuses.4

Migrants sending money to their countries of origin provide capital that has the potential to improve the long-run economic performance of many countries in the world. But the cost for sending remittances is unreasonably high, and there are a number of barriers hindering low- cost solutions, such as mobile money transfer services, to increase in scale. The transformation of the remittance industry is therefore impeded. This research aimed to address this problem and find the factors that are driving the market for mobile remittances forward. By identifying and understanding the key drivers, this research makes it possible for companies providing mobile remittance services to find countries that can foster a sustainable industry growth and transform the industry efficiently. As a complement to a majority of quantitative studies performed within the field of mobile money, this research used both qualitative and quantitative methods. To apply a holistic approach, the PESTLE framework was used as a structure for several parts of the research process. Key drivers were identified from an extensive literature review and interviews with industry experts. By answering a questionnaire, professionals, industry experts and researchers, rated the key drivers’ importance for the growth of the mobile remittance market. The most critical key drivers were identified and used to develop a framework for evaluating how suitable a country’s market environment is for mobile remittances. One main finding was that the perceptions on what, and who, is driving the market for mobile remittances forward are varying and highly dependent on whom is asked, but that there are some factors that people agree are of particular importance. First, the mobile remittance service should be easy to use, secure, and of lower cost than other services. It is important to have a supportive infrastructure providing efficient liquidity management for agents, high agent density and network reliability. To increase the customer awareness and adoption, agents should be educated in how to use and sell the service, and how to educate the customer. Collaborative partnerships could leverage the distribution network and increase the market interoperability, and lastly, it was shown that mobile remittances can be supported by a regulatory environment that enables mobile money and branchless banking. This research showed that to the degree to which a country’s market environment fulfils these criteria can give an indication on how suitable it is for mobile remittances. A wide range of aspects and stakeholders need to be considered and supported to foster a sustainable industry growth, and this research provides guidelines that are relevant for both companies and researchers. / Det kapital som migranter bidrar med när de skickar pengar till sitt hemland bidrar också till det landets ekonomiska utveckling. Kostnaden för att skicka remittanser är emellertid orimligt hög och det finns ett antal barriärer som hindrar lågkostnadslösningar, såsom mobila finansiella tjänser, att nå stor skala. På grund av sådana barriärer hämmas utvecklingen av den ineffektiva och ofta riskfyllda remittansindustrin. Den här studien har strävat efter att angripa problemet genom att hitta faktorer som driver marknaden för mobila remittanser framåt. Genom att identifiera och förstå de drivande faktorerna gör den här forskningen det möjligt för företag som erbjuder mobila remittanstjänster att hitta länder som kan främja en hållbar remittansindustri och bidra till en effektivare förändring av industrin. Som ett komplement till de i huvudsak kvantitativa studier som genomförts inom området för mobila finansiella tjänster har den här studien använt både kvalitativa och kvantitativa metoder. För att göra tillvägagångssättet holistiskt har PESTLE-ramverket använts som en struktur under flera delar av forskningsprocessen. Drivande faktorer identifierades genom en omfattande litteraturstudie och intervjuer med industriexperter, och genom att besvara en enkät graderade yrkesverksamma, industriexperter och forskare de drivande faktorernas betydelse för den mobila remittansmarknadens tillväxt. De mest kritiska drivande faktorerna identifierades och användes för att utveckla ett ramverk som har syftet att utvärdera hur passande ett lands marknadsmiljö är för mobila remittanser. En av huvudslutsatserna är att uppfattningarna kring vad och vem som driver marknaden för mobila remittanser framåt varierar stort mellan de tillfrågade. Men forskningen visar också att det finns några faktorer vars höga betydelse de tillfrågade personerna var eniga om. Mobila remittanstjänster ska vara enkla att använda, säkra och kosta mindre än andra remittans- tjänster. Det är viktigt att infrastrukturen är stöttande genom en hög drifttillförlitlighet och att agenter har möjlighet till effektiv likviditetshantering. För att öka kundmedvetenheten och upptagandet bör agenter bli utbildade i hur tjänsten ska användas och säljas, samt hur kund- erna ska utbildas. Marknaden för mobila remittanser kan stöttas ytterligare genom partnerskap som utnyttjar distributionsnätverk och ökar marknadens interoperabilitet, samt genom regel- verk som främjar mobila finansiella tjänster. Forskningen visade att flera av dessa faktorer kan indikera hur passande ett lands marknadsmiljö är för mobila remittanser. Det finns många aspekter och intressenter som behöver tas hänsyn till och bli stöttade för att främja tillväxt, och studien bidrar med riktlinjer som kan vara av värde för både företag och forskning.