MCOM / Department of Economics / The choice of a weak or strong currency has been at the center of the debate in most developing economies as exchange rates play a vital role in a country’s level of economic growth. This growth is critical to many developing economies. The study assessed the role of real exchange rate on economic growth in South Africa from 1994, first quarter, to 2015, fourth quarter. The study used time-series data in which Augmented Dicky Fuller and Philip Perron tests for stationarity, cointegration test, Vector Error Correction Model (VECM) approach for the long-run relationship were conducted. Impulse Response Function (IRF) and Variance Decomposition (VD) were also conducted to explain the response to shock amongst variables and how much of the forecasting error variance is explained by the exogenous shocks to other variables. VECM results showed a positive role exchange rates play on economic growth in South Africa. The study’s implication is that currency devaluation (exchange rates depreciation) can be effective in improving economic growth in the short-run. Nonetheless, a strong currency is good for economic growth in the long-run as it attracts foreign investments and a good instrument for controlling inflation. Thus, basing on the findings of the study, the floating exchange rate system adopted by South Africa in 2000 can be maintained.

MAIR / Department of Development Studies / See the attached abstract below

PhD (Economics) / Department of Economics / This is the first study to investigate the impact of working capital management on the performance (profitability and value) of South African firms listed on the Johannesburg Securities Exchange (JSE) before, during and after the 2008/2009 global financial crisis. Richards and Laughlin’s (1980) Cash Conversion Cycle (CCC) theory was used as the theoretical framework for analysing and linking working capital management to firm performance. In addition, the study investigates how the separate working capital management components impact the performance of firms. The study used both accounting and market based secondary data obtained from I-Net Bridge/BFA McGregor database and the JSE for 75 firms for the 10 year period, 2003 to 2012. Panel data regression models were used in the analyses. The key findings from the study indicate the following. First, the average profitability (ROA) for the sample firms decreased from 27% (before the financial crisis) to 20.2% during the crisis period and increased to 25.9% after the financial crisis. Second, the average market capitalisation (firm value) decreased from R18.9 billion before the crisis to R16.3 billion during the crisis period, and thereafter increased to a high of R24.4 billion after the crisis. Third, the average firm’s CCC was 28.4 days before the crisis and decreased to 12.5 days during the crisis period and later increased to 16.2 days after the crisis. Fourth, and interestingly, of the four working capital management variables, only accounts receivable conversion period is significantly negatively related to profitability during the financial crisis. Fifth, the three firm-specific variables (size, financial leverage, and current assets to total assets ratio) have no significant relation with profitability during the crisis period. Sixth, the external variable, change in GDP growth rate, has a significant positive relation with profitability. This suggests firms perform better when the economy is booming and otherwise during economic downturns, which is consistent with economic theory. Finally, and perhaps the most important contribution is that the study found an inverted U-shape relationship between working capital management (proxied by cash conversion cycle) and firm value before the crisis. This implies that there exists an optimal level of investment in working capital for which the sampled firms’ value is maximized. At this point, costs and benefits are balanced. Thus corporate managers should aim to keep as close to the optimal level as possible and try to avoid any deviations from it that destroy firm value. On the contrary, the results have not established any such relationship between working capital management and profitability for any of the three financial crisis periods. Based on the findings, it is recommended that firm managers should aim at keeping as close to the optimal working capital level as possible and try to avoid any deviations from it that may destroy firm value. / NRF

MCom (Cost and Management Accounting) / Department of Accountancy / The relationship between a firm’s investment behaviour, financial constraints and the level of internally generated cash flows has been a subject of extensive discussion in finance literature. The discussion revolves around the effectiveness of investment cash flow sensitivity (ICFS) as a measure of financial constraints with contradicting conclusions. Empirical literature is also not in agreement about the best firm-specific proxy to distinguish firms into financially-constrained versus financially-unconstrained ones and the effect of the 2007 to 2009 global financial crisis on the ICFS of South African firms is still to be determined. There are very limited studies that have investigated ICFS in developing economies. This is important as institutional differences and capital market developments between developed and developing economies justify a separate study of South Africa as a developing economy. This study used data drawn from 131 Johannesburg Stock Exchange listed non-financial firms for the period 2003 to 2016 to establish the most suitable criterion for distinguishing firms into financially constrained versus unconstrained, to determine the effect of the 2007 to 2009 global financial crisis on the ICFS and to determine if ICFS is a good measure of financial constraints. The data for the 131 sampled firms was obtained from the financial statements on the IRESS database. The dataset was split into constrained versus unconstrained firms using three firm specific splitting variables: firm size, cash flow holding and dividends pay-out. The data was further split into panel 1 (2003 to 2006 covering the period before the global crisis); panel 2 (2006 to 2010 covering the period including the global financial crisis period) and panel 3 (2010 to 2016 covering the post global financial crisis period). The study utilised the system generalized moments method (GMM) regression model that yields consistent estimates even with unbalanced panel data sets and the Fixed Effects estimator. The models were both implemented on STATA 15 software. Samples split based on the dividend pay-out showed the highest ICFS for financially-constrained firms before, during and after the global financial crisis period. ICFS is highest during the period including the global financial crisis years compared to samples split using firm size and cash flow holding. The study concludes that dividends pay-out is the best criterion to distinguish firms into financially-constrained versus unconstrained; the global financial crisis constrained all firms; and that ICFS can be a good measure of financial constraints. The main limitation to the study was that it used a small sample size in relation to other international studies. / NRF

The study investigated the impact of remittances on financial development in Africa using the dynamic generalised methods of moments (GMM) and other panel data analysis methods with data from 2003 to 2015. Using the same econometric estimation methods, the study also explored the influence of the complementarity between remittances and economic growth on financial development in Africa. Literature on the relationship between remittances and financial development is mixed, inconclusive and indecisive. The desire to contribute towards literature on the influence of remittances on financial development in the African context prompted this study. In Africa, personal remittances had an insignificant positive impact on financial development across all the econometric estimation approaches in all the four models, in line with some empirical studies on the subject matter. African countries are urged therefore to avoid wasting their time developing and implementing remittances, foreign aid and human capital development enhancement policies as a way of spearheading financial development. Using both broad money (as % of GDP) and domestic private credit ratio as measures of financial development, the interaction between remittances and economic growth was found to have a non-significant negative effect on financial development in Africa. The policy implication is that Africa needs to avoid over relying on economic growth as a channel through which financial development can happen / Die studie het die impak van betalings op finansiële ontwikkeling in Afrika ondersoek – deur middel van die dinamiese veralgemeende momentemetode (GMM) en ander metodes van paneeldata-ontleding, met data van 2003 tot 2015. Dieselfde ekonometriese beramingsmetodes is ook ingespan om die invloed van die komplementariteite tussen betalings en ekonomiese groei op finansiële ontwikkeling in Afrika te ondersoek. Die literatuur oor die verwantskap tussen betalings en finansiële ontwikkeling is gemeng, onoortuigend en vaag. Die begeerte om tot die literatuur oor die invloed van betalings op finansiële ontwikkeling in die Afrika-konteks by te dra, het tot hierdie studie aanleiding gegee. In Afrika het persoonlike betalings ʼn onbeduidende positiewe impak op finansiële ontwikkeling in al die benaderings tot ekonometriese beraming in al vier modelle gehad, wat strook met sommige empiriese studies oor die onderwerp. Afrika-lande word dus gemaan om nie hul tyd te mors met die ontwikkeling en implementering van betalings en buitelandse hulp en beleide om mensekapitaalontwikkeling te verbeter as ʼn manier om finansiële ontwikkeling te lei nie. Daar is bevind dat sowel breë geldvoorraad (as ʼn persentasie van BBP) en die binnelandse private kredietverhouding as maatstawwe van finansiële ontwikkeling, die wisselwerking tussen betalings, en ekonomiese groei ʼn nie-beduidende negatiewe uitwerking op finansiële ontwikkeling in Afrika het. Die beleidsimplikasie is dat Afrika moet waak teen oorafhanklikheid van ekonomiese groei as ʼn kanaal waardeur finansiële ontwikkeling kan plaasvind. / Ucwaningo beluphenya umthelela wezimali ezibhadalwayo mayelana nokuthuthukiswa komkhakha wezezimali e-Afrika ngokusebenzisa izindlela ezifanayo zezikhathi (GMM) kanye nezinye izindlela zokuhlaziywa idatha yephaneli ngokusebenzisa idatha yonyaka ka 2003 ukufikela ku 2015. Ngokusebenzisa izindlela ezifanayo zohlelo lokulinganisa isimo somnotho (econometric estimation), ucwaningo futhi luye lwahlola umthelela wousebenzisana okuphakathi kwezimali ezibhadalwayo kanye nokuhluma komnotho mayelana nokuthuthukiswa ngezimali e-Afrika. Umbhalo wobuciko mayelana nobudlelwano phakathi kwezimali ezibhadalwayo kanye nokuthuthukiswa kwezinhlaka zezimali uxutshwe ndawonye, awunaso isiphetho futhi awukwazi ukuthatha izinqumo. Isidingo sokufaka igalelo embhalweni wobuciko mayelana nomthelela wezimali ezibhadalwayo kwihlelo lokuthuthukiswa kwezimali ngaphansi kwesizinda sase-Afrika, ykho okuphembelele ukuthi kube nalolu cwaningo. E-Afrika, izimali ezibhadalwa abantu ziye zaba nomthelela omuhle kwintuthuko yezimali kuzo zonke izindlela zokulinganisa izinga lentuthuko yezomnotho kuwo wonke amamodeli amane, ngokuhambisana nezinye izifundo zocwaningo oluphathekayo lwalesi sifundo. Ngalokho-ke amazwe ase-Afrika ayanxenxwa ukuthi agweme ukumosha isikhathi sawo athuthukisana futhi asebenzisa uhlelo lokuthumela izimali futhi agweme ukuqinisa imigomo yoncedo oluvela emazweni angaphandle kanye nokuthuthukisa abantu ngokwamakhono omsebenzi, njengento yokuhlahla indlela yohlelo lokuthuthukiswa kwezimali. Ukusethenziswa kokubili imali ebanzi (njengephesenti le-GDP) kanye njengesilinganiso sesikweletu, phecelezi-domestic private credit ratio sisebenza njengesilinganiso sezinga lokutthuthuka ngokwezimali, ukusebenzisana phakathi kwezimali ezibhadalwayo kanye nokuhluma komnotho kutholakele ukuthi kube nomthelela ongabalulekile omubi phezu kwezinga lentuthuko yezimali e-Afrika. Ngokomgomo lokhu kuchaza ukuthi i-Afrika idinga ukuthi igweme ukwencika kakhulu ukusebenzisa uhlelo lokuthuthukiswa komnotho njengomgudu lapho kungathuthukiswa komnotho. / Financial Accounting / M. Com. (Business Management)

The globally relevant, billion-dollar fashion industry has been regarded as one of the industries responsible for the greatest amount of pollution. The fast fashion industry thrives on production, often overproducing clothing at a rapid pace, according to quick trends that have fleeting lifespans. It can be said that this industry feeds the ‘throw-away culture’ seen at present, whereby consumption has increased tremendously, resulting in large amounts of clothing waste which has fulfilled its superficial purpose. Consumers purchase new trends, use it for a short period of time and thereafter dispose of the clothing items to make room for the next trend. Such a practice has negative implications for the environment, through the irresponsible manner in which waste by-products are disposed of during production of the clothing and through the mass disposal of clothing, which often ends up in landfills. There are also societal implications, whereby the fast fashion industry has been responsible for many unethical business practices that allow for poor working conditions and unfair treatment of the makers of the clothing. As a response to some of these concerns, slow fashion was born. Slow fashion intends to slow down the process of clothing production entirely and revisits the emphasis on quality over quantity, as it encourages the production and conscious consumption of clothing with longevity. As a result of the process of clothing production being slowed down, it has been suggested that the consumer would then be able to appreciate the production process in itself, as well as the clothing produced, resulting in a decreased desire to consume more, but rather to extend the lifespan of the clothing purchased. Slow fashion is synonymous with the slowing down of trends and the mindful consumption of clothing. Similarly, the voluntary simplicity movement (VSM), adopts the constructs of a life simplified, through the freeing of oneself from mental and emotional clutter, as well as material possessions. This lifestyle promotes simplicity of living and the appreciation of lived experiences instead of things, as a means to gain internal and external fulfilment. The VSM has therefore been used as the conceptual framework of this study, as both movements promote reduced consumption practices. This study was qualitative in nature and took the form of an exploratory research design, as it intended to gain information and understanding on a topic within an environment where there is limited information. Millennial slow fashion consumers made up the sampling group because millennial consumers are recognised as the most influential consumer group, with the greatest buying power, and are also most likely to adopt or support environmentally and ethically sound brands and businesses. Interviews were conducted with the participants to gain knowledge on the perceptions, attitudes and awareness of these consumers in relation to slow fashion consumption in the country. Attitude has been recognised as a motivator of behaviour and was investigated to analyse consumption behaviour, in the context of this study. The findings revealed that most participants recognised the fast fashion industry purely as a money-making scheme, which often employed reckless production practices and resulted in the consumption of clothing at a dangerous pace. They were aware of the damaging effects of the by-products of these production processes on the environment, as well as the negative social impacts as a result of unethical practices that have occurred. The participants recognised slow fashion as somewhat of an antithesis to fast fashion, whereby the focus is on quality clothing made to last a lifetime, which encompasses mindful consumption. The participants revealed that they were influenced by the aesthetic appeal of clothing as well as the convenience and ease of access in acquiring the clothing. Price sensitivity was also raised as a motivator for consumption; however, the resounding motivator was that of consumption out of necessity for the item, which is a valuable perspective for both slow fashion consumers and VSM adopters. Price sensitivity is a factor that cannot be ignored, considering South Africa is a country with an unequal dispersion of wealth and a high unemployment rate. As a result, it has been determined that slow fashion is only accessible to a certain niche market, in terms of the affordability of the items. The excessive imports of fast fashion clothing, which are often cheap and easily accessible, are said to be choking the local clothing and slow fashion industries alike. However, the most common response in terms of the hindrance of slow fashion in the country was notably a lack of information, education and awareness about slow fashion, its constructs and its availability in the country. The participants recognised slow fashion as relevant in the country, and that VI | P a g e South African consumers have the influence to make a change to the local clothing industry, if they supported local producers of slow fashion, ethical and sustainable clothing, instead of overconsuming cheap, trend-inspired, imported fast fashion clothing. As a result, the slow fashion designer was revealed as having a significant role to play, in ascertaining that such clothing is locally produced with sustainable, slow trend underpinnings. Further recommendations were expressed in the need for slow fashion designers to market their products and ethos well, and to educate and inform those around them, including their customers, about the philosophies behind and need for slow fashion. The upskilling of individuals from lower or no income households was also seen as a valuable tool to not only allow those individuals to lengthen the lifespan of their clothing by repairing it, but also to equip them with a skill that might lead to some form of employment, with the hope that the end result will be a rejuvenated local clothing and textile industry and a lowered unemployment rate. Conclusively, consumption levels could prospectively see a decrease, should the interest in slow fashion clothing increase among consumers. / Life and Consumer Sciences / M.A. (Consumer Science)

This Dissertation, written at the Department of Political Studies in the School of Social Sciences, is submitted in fulfilment of the requirements for the Degree of Doctor of Philosophy (Ph.D), to the Faculty of Humanities at the University of the Witwatersrand, Johannesburg, South Africa, September 2017 / The purpose of this study is to examine the causes of ideological moderation in the South African party system in the post-1994 period. Previous research stresses the non-left-right feature of politics and when it recognises the centrist feature of major parties and moderation of the party system, the causes of the latter are unexplained. The deficiency in previous research is that moderation and limited left-right disagreements as fundamental causes of broader political dynamics are overlooked — moderate systems foster political consensus and democratic stability. In this study I critically examine three theoretical causal variables that account for moderation: the electoral system, the electorate, and the dominant party. This study relies on a measurement of party system fragmentation, and voter and party system polarisation, as well as an intensive qualitative assessment of the ANC. The evidence is based on a number of nationally representative surveys that measure public opinion; interviews with political party leaders and representatives, and officials from labour and business; and document analysis. The finding is that the ANC as the dominant party is the main driver of moderation in the party system. Coupled with electoral dominance, the centripetal, non-dogmatic, pragmatic and flexible tendencies that characterise the ANC permit the party to induce and stabilise party system moderation. This study: develops a causal framework for understanding moderation; builds on previous research about the centrism of major parties and the moderation of the party system (both quantitatively and qualitatively); departs from the argument about the fragmented and rightist nature of the opposition bloc and the race-based approach to the electorate; and extends the debate about the ANC by arguing that left-right movement occurs within centrist terrain, and that the party is not an amorphous or client entity but a clearly defined one. I also add to: the growing body of knowledge that finds no necessary connection between proportionalism, extremist party positioning and polarisation; the idea that party system polarisation is less reflective of voter polarisation; and concur with previous research that argues that the role of a pivotal centre party is critical for the party system. / XL2018

This research surveys the Swiss missionaries' management of social transformation in South Africa (1873-1973). It has as its major focus the management of schools, hospitals and churches as the primary institutions of social change in society. The researcher's realisation that more often than not, the changes brought to bear on proselytes by the change forces take time to manifest themselves vividly induced him to extend the scope to include the dawn of the new political dispensation in this country in 1994. This need not surprise the readership as the triadic approach, which is synonymous with historical analyses compels researchers to avail readers of what happened in the past, present as well as what is likely to occur in future. In other words, readers will encounter the ethnic nationalism engineered by different change agents in this country and the repercussions thereof, and the schism within the Swiss Mission in South Africa/Evangelical Presbyterian Church in South Africa that started in 1989 and became reality in 1991. Finally, the thesis also appraises readers of what should be done in periods of rapid social change. / Educational Studies / D.Ed. (History of Education)

The family roles and responsibilities are still allocated along the gender lines. Women assume primary child care and household roles despite working fulltime. They suffer from work-family conflict as they battle with these competing demands. A phenomenological approach was adopted for this study. The existing literature was used in defining work-family conflict, looking at different work-family theories; development of gendered defined roles, motherhood and demands brought on by women working fulltime. The semi-structured interview was used for data collection. The themes which emerged showed that women experience strong emotions associated with raising children whilst working. There is compromise on quality time dedicated in each role. Women assume sole custodian over their children’s upbringing. Women enter into a second shift after work. Having a career and children, is made easier through adoption of strong coping strategies and mechanisms. The conclusions and recommendations were made for future a research and organisational practices. / Industrial and Organisational Psychology / Thesis (M.A. (Industrial and Organisational Psycology))

Text in Afrikaans / Summaries in Afrikaans and English / Miljoene mense ervaar voedselonsekerheid en een uit elke 50 hanger mense is woonagtig in Suid­ Afrika. Daar is genoeg voedsel op ons planeet om elke mens van 'n voldoende voorraad voedsel te verseker; dit waarborg egter nie voedselsekuriteit aan almal nie. Dit is die voedselparadoks: ondanks globale surplusproduksie van voedsel, ly miljoene mense wereldwyd aan wanvoeding en honger, maar veral in die ontwikkelende lande. Suid-Afrika is geen uitsondering nie en ten spyte van selfvoorsiening in voedsel, balanseer die voedselgelykstelling nie. Daar bestaan 'n ekstreme gaping tussen die produksie en verbruik van voedsel. Gevolglik is die probleem wat nagevors is in hierdie studie die gebrek aan voedselsekuriteit binne 'n wereldkonteks met voedselsurplusse en hoe dit reflekteer in Suid-Afrika. Teen hierdie agtergrond is daar 'n studie gedoen van die oorsake van voedselonsekerheid en die teoriee en verduidelikings van hongersnood. Die fokus van hierdie navorsingstudie is drieledig van aard. Eerstens fokus dit op 'n konseptuele ondersoek na hanger, armoede, voedselsekuriteit en hongersnood in Afrika. Tweedens is ondersoek ingestel na die oorsake vir die gebrek aan voedselsekuriteit in Afrika. Derdens is daar gefokus op Suid-Afrika en is 'n ondersoek gedoen na die voorkoms van hanger, wanvoeding, armoede en die nasionale konteks van voedselsekuriteit met die doel om vraagstukke daaromheen te identifiseer. Daar is bevind dat voedselsekuriteit bepaal word deur die beskikbaarheid van voedsel (aanbod) en die vermoe van mense om dit te bekom (aanvraag). Dit blyk dat die ontwikkelingsproses, regeringsbeleid, ekologiese omgewing en tegnologie, wetenskap en navorsing 'n direkte invloed het op die voedselsekuriteit van mense, en dat Suid-Afrika nie verskil van ander Afrikalande in hierdie verband nie. Hoewel Suid-Afrika voedselselfvoorsiening bereik het, ly miljoene mense honger weens armoede en die gebrek aan aansprake wat bydra tot 'n gebrek aan voedselsekuriteit. Die studie toon dat die Suid-Afrikaanse regering verskeie beleidsmaatreels in plek het ter bevordering van voedselsekuriteit, maar dat dit nie in die praktyk verwesenlik word nie. / Millions of people in the world experience food insecurity and one out ofevery 50 hungry people lives in South Africa. There is enough food on our planet to assure every person of an adequate supply of food; however, this does not guarantee food security for all. This is the food paradox: despite a global surplus production of food, millions of people experience malnutrition and hunger all over the world, but especially in the developing countries. South Africa is no exception and despite self-sufficiency in food, the food equation is not balanced. An extreme gap exists between the production and consumption of food. Consequently, the problem researched in this study is the lack of food security in a world context with surplus food and how this is reflected in South Africa. Against this background a study was undertaken of the causes of food insecurity and the theories and explanations of famine. The focus of this research study is threefold. Firstly it focuses on a conceptual enquiry intohunger, poverty, food security and famine in Africa. Secondly there is an enquiry into the causes of the lack of food security in Africa. Thirdly it focuses on South Africa and an enquiry is done into the incidence of hunger, malnutrition and poverty, and into the national context of food security with the aim of identifying relevant problems in food security. It was found that food security is determined by the availability of food (supply) and the capability of people to obtain it (demand). It appears that the development process, government policy, ecological environment and technology, science and research directly affect the food security of people, and that South Africa does not differ from other African countries in this regard. Although South Africa has achieved food self-sufficiency, millions of people experience hunger because of poverty and the lack of entitlements. The study shows that the South African government has various policy measures for the promotion of food security in place, but that food security does not materialise in practice. / Development Studies / D.Litt. et Phil. (Ontwikkelingsadministrasie)