A Dissertation Report presented to the Witwatersrand Business School Witwatersrand University In fulfilment of the requirements for the Doctor of Philosophy Degree in Management June 2017 / Impact investment is an innovative mechanism developed within the realm of development finance to intentionally create measurable positive impact beyond financial returns. It has become an instrument for South African banks to achieve their Financial Sector Charter goals of making a viable contribution towards economic growth, development, empowerment and reduction of inequalities and poverty in our society. South Africa is the largest market in Southern Africa for impact investment and the management dilemma faced by the South African Banking Sector as the financial intermediaries is how to account and measure the social value created by the impact investments? This study investigated the measurement practices of social value of impact investment and developed theoretical constructs on how the financial intermediaries measure social value. A multiple qualitative case study method utilising purposive sampling was employed. The sample included fourteen interviews that covered the South African Banking as financial intermediary (micro and macro perspective) and its value chain and the competitive landscape perspectives. The study had three sub-questions focusing on the conceptualisation of impact investment, the nature of the South African impact investment ecosystem and the nature of measurement of social value. Data was triangulated by integrating semi-structured interviews, field notes and secondary documents. The data analysis used Attride-Stirling’s thematic networks as an analytical tool to analyse the qualitative data. This consisted of three stages that covered six steps of analysis. The analysis used Excel software to navigate from the interview question, coding, labelling, definition of codes, issues discussed, theme identification, organising and global theme deduction, description of network, and the triangulation of data (respondents quotes, field notes and document text). The findings of the study developed three models, an impact investment conceptual model, impact investment ecosystem model for South African Banking Sector and the financial intermediary social value equation model that depicts the measurement ratios of hybrid returns of impact investment. The study recommends the seven emerging theoretical propositions as the backbone of measuring the innovative social finance. The emergent models’ theoretical propositions will ensure that practitioners use the models to measure and account for the SA Banking Sector’s social value creation and the models will influence the intellectual framing of those in academic and reflective practitioner domain. This study’s overall contribution was to create the foundation of a method and theory for measuring social value in anticipation and seeking to influence the types of managerial knowledge needed to deal with societal and organisational concerns in the fourth industrial revolution. / MT2017

As banks operate in a competitive environment, it is important for managers and marketers to identify how customer satisfaction and customer retention levels can be can be improved through social media aspects. Although models of customer satisfaction and customer retention have been well researched for client products/services, the literature available on social media as a marketing tool is limited in quantity compared to other more established areas of marketing. This research study reviews existing literature on the banking industry in terms of its characteristics and challenges. Literature on customer satisfaction and customer retention as relevant to the banking industry is reviewed, as well as how social media aspects can improve customer satisfaction and customer retention. Thus the primary objective of this study is to identify the social media aspects (benefits, clients’ trust and content) that influence the intervening variable (customer satisfaction) and dependent variable (customer retention) in the banking industry. An empirical investigation was undertaken to establish whether the independent variables; namely benefits, clients’ trust and content as related to social media can possibly influence customer satisfaction and ultimately customer retention in the banking industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of bank clients and managers. The sample size consisted of 150 bank clients and 30 bank managers in the Nelson Mandela Metropolitan area in South Africa. The questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 12.0. The validity of the study was measured by utilising Exploratory Factor analysis. Cronbach’s Alpha correlation coefficients were calculated to measure the reliability and internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics concerning the respondents and variables were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter, the internal reliability of the data was assessed using Cronbach’s Alpha correlation coefficients. Pearson’s product-moment correlation coefficients and multiple regression analyses were calculated. Through multiple regression calculations, the relationships predicted by the four hypotheses were analysed. Finally, t-tests and analysis of variance (ANOVA) tests were conducted. The empirical investigation revealed that significant positive relationships exist between the independent variables benefits, trustworthy content and the intervening variable customer satisfaction, as well as between these two independent variables and the dependent variable customer retention. From the empirical results it was concluded that if banks offer benefits and trustworthy content to their clients through social media channels, clients are likely to be satisfied with and retained by their bank. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the banking industry. All bank managers and marketers will benefit from the empirical results as well as the recommendations of this study on how to improve customer satisfaction and customer retention through social media channels which will ultimately improve the performance of banks.

Abstract in English with Zulu and SeTswana translations / This thesis examines organisational transparency in South African banking after the financial crisis of 2007-2009. The crisis upset the global economy and resulted in general mistrust in banks and the global financial system. In addition to poor governance standards, inadequate transparency was identified as a key issue to be addressed in order to prevent future crises. The nature and consequences of banking transparency became a matter of worldwide debate. While the extant literature focuses mainly on banking transparency in the context of accounting, this study uses a communication perspective, examining transparency as a dynamic social and organisational phenomenon that is constituted through and reflected in organisational discourse, with both symbolic and practical implications. The primary objective of this study was to establish how the discourse in the institutional field of banking in South Africa after the Financial Crisis shaped the construction of the meaning of transparency in banking, and consequently how organisational field level discourse contributed to the institutionalisation of transparency practices in South African banking. The study adapted several conceptual frameworks previously used in discourse studies in order to analyse a banking field discourse at meso-level. From the data analysis perspective, the qualitative content analysis was performed with the aid of ATLAS.ti 8 software. The sample for the study comprises 76 purposively selected documents produced by the actors within the institution field of banking from the onset of the Financial Crisis until 2018. This study underlines the importance of the discourse within the institutional field of banking in South Africa and the construction of what is normal, acceptable and expected in terms of banking transparency, and its institutionalisation, thus highlighting the historical and social embeddedness of banking transparency. The data analysis identifies the main discursive strands within the banking discourse: one that is focused on market conduct transparency and the other, which addresses the importance of banks’ transparency in maintaining stability in the financial system. The results also reveal multiple meanings of transparency in South African banking and draw attention to the historical and discursive events that trigger change in institutional fields. / Le thesisi iphenya ukusebenza shashalazi kwenhlangano eNingizimu Afrika ngemuva kwenhlekelele yezimali ukusukela ngo 2007 ukufika ngo 2009. Le nhlekelele yaguqula isimo somhlaba kwezomnotho yaze yadala izinga lokungasathembeki kwamabhangi nohlelo lwezimali emhlabeni wonke. Ukwengeza phezu kwamazinga angagculisi okuphathwa kwamabhizinisi, ukungasebenzi shashalazi ngokwanele kuye kwabonwa njengodaba oluyinkinga okufanele luxazululwe ukugwema izinkinga esikhathini esizayo. Ubunjalo besimo kanye nemiphumela yohlelo olushashalazi lwemboni yezamabhangi kugcine sekuba wudaba oluxoxwa umhlaba wonke. Njengoba umbhalo wobuciko okhona ugxile kakhulu phezu kohlelo olushashalazi lwamabhangi kweze-accounting, lolu cwaningo lusebenzisa umqondo wezokuxhumana, luhlola uhlelo olushashalazi njengohlelo lwenhlangano yomphakathi oluguqukayo futhi olwakhekayo, kanti lolu hlelo lubonakala njengodaba lwenhlangano, ngendlela yophawu nangendlela ephathekayo. Inhloso yokuqala yalolu cwaningo kwabe kukuthola indlela lesi sifundo emkhakheni weziko lezamabhangi eNingizimu Afrika ngemuva kokuthi iziNhlekelele zeZimali zishintshe isakhiwo sencazelo yegama lokusebenza shashalazi kwezamabhangi, bese ekugcineni ingabe udaba lwezinga lomkhakha wenhlangano lube negalelo elinjani ekwakhiweni kwezingqubo zohlelo olushashalazi embonini yezamabhangi eNingizimu Afrika. Ucwaningo luguqule izakhiwo zegama ezimbalwa ebezisetshenziswa esikhathini esedlule ezifundweni zocwaningo ukuhlaziya udaba lomkhakha wezamabhangi ezingeni lomhlaba. Ngokomqondo wokuhlaziywa kwedatha, ukuhlaziywa ngendlela egxile kwingxoxo yolwazi olumumethwe kwenziwa ngosizo lwe-ATLAS.ti 8 software. Isampula yocwaningo iqukethe imibhalo engama-76 ekhethwe ngenhloso ekhiqizwe ngabadlali abangaphakathi komkhakha weziko lezamabhangi ngesikhathi sokuqala kweNhlekelele yeZezimali ukufika ngonyaka ka 2018. Ucwaningo lugcizelela ukubaluleka kwesifundo esingaphakathi komkhakha weziko lezamabhangi kanye nokwakhiwa kwalokho okuthathwa ukuthi kujwayelekile, kuyamukeleka futhi kulindelwe mayelana nohlelo lokusebenza shashalazi kwamabhangi, kanye nokkwakhiwa kwalolu hlelo, ngakho-ke lokhu kuveza umlando kanye kanye nabantu ohlelweni lokusebenza shashalazi kwezamabhangi. Ukuhlaziywa kwedatha kwenze ukuthi kuphawuleke izimpawu ezibalulekile ezidukisayo ngaphakathi kohlelo lwezamabhangi; olunye lugxile phezu kohlelo olushashalazi mayelana nokuziphatha kwamabhangi, kanti olunye lubhekene nokubaluleka kohlelo olushashalazi kwezamabhangi ngenhloso yokugcina ingqubo ezinzile ohlelweni lwezezimali. Imiphumela nayo iveza izincazelo eziningi zohlelo lokusebenza shashalazi kwamabhangi eNingizimu Afrika kanye nokuxwayisa ngomlando nangezehlakalo ezidukisayo eziphembelela ukuthi kube nezinguquko emikhakheni yamaziko. / Phuputso ena e hlahloba ponaletso ya mokgatlo lekaleng la dibanka tsa Afrika Borwa kamora koduwa ya ditjhelete ya ho tloha 2007 ho isa ho 2009. Koduwa ena e ile ya ferekanya moruo wa lefatshe mme ya fella ka ho se tsheptjwe ha dibanka le tsamaiso ya ditjhelete ya lefatshe. Ntle le maemo a mabe a puso, ponaletso e sa lekanang e ile ya hlwauwa e le taba ya mantlha e lokelang ho rarollwa ho thibela mathata a kamoso. Sebopeho le ditlamorao tsa ponaletso ya dibanka ebile taba ya puisano ya lefatshe ka bophara. Leha dingodilweng tse fumanehang hona jwale di shebile ponaletso ya dibanka haholo-holo maemong a ho boloka dibuka, phuputso ena e sebedisa pono ya puisano, e lekolang ponaletso e le taba e matla ya phedisano le mokgatlo e hlophisitsweng ka, mme e bontshitswe puong ya mokgatlo, ka diphello tsa matshwao le tse sebetsang ka bobedi. Morero wa mantlha wa phuputso ena e ne e le ho tiisa hore na puo lefapheng la dibanka Afrika Borwa kamora Koduwa ya Ditjhelete e thehile kaho ya moelelo wa ponaletso dibankeng jwang, le hore na puo ya boemo ba mokgatlo e kentse letsoho jwang ho hlophiseng mekgwa ya ponaletso dibankeng tsa Afrika Borwa. Phuputso e ile ya hlophisa meralo e mmalwa e neng e sebedisitswe diphuputsong tse fetileng tsa dipuo e le ho manolla puo ya lekala la dibanka maemong a bohareng. Ho latela pono ya manollo ya lesedi, manollo ya boleng ba dikateng e entswe ka thuso ya software ya ATLAS.ti 8. Sampole ya phuputso e na le ditokomane tse kgethilweng ka boomo tse 76 tse hlahisitsweng ke ba amehang lefapheng la dibanka ho tloha qalong ya Koduwa ya Ditjhelete ho fihlela 2018. Phuputso ena e totobatsa bohlokwa ba puo kahare ho lefapha la dibanka Afrika Borwa le kaho ya se tlwaelehileng, se amohelehang le se lebelletsweng mabapi le ponaletso ya dibanka, le tlhophiso ya yona ka hona ho totobatsa ho kenella ha nalane le phedisano ho ponaletso ya dibanka. Manollo ya lesedi e hlwaya dikarolwana tse ka sehloohong tse ka hare ho puo ya banka: e nngwe e shebane le ponaletso ya boitshwaro ba mmaraka, ha e nngwe e bua ka bohlokwa ba ponaletso ya dibanka ho boloka botsitso tsamaisong ya ditjhelete. Diphetho di boetse di senola ditlhaloso tse ngata tsa ponaletso dibankeng tsa Afrika Borwa le ho lebisa tlhokomelo diketsahalong tsa nalane le tse amanang le puo tse bakang phetoho makaleng a ditsi. / Communication Science / D. Phil. (Communication)