Livestock production is the primary financial resource for most farmers in Mpumalanga province. Although commercial farmers require necessary equipment and technology to maximise their production and profit, but emerging small-scale farmers in the province face many challenges which have hindered their efforts to improve their livelihood, besides intervening in the procedure of commercialisation. Therefore, this study investigates the socioeconomic characteristics of the livestock farmers in the province, the determinants of market access and those influencing marketing inefficiency, with a view to developing policy recommendations. Structured questionnaire was administered to 300 farmers in order to capture information on market access and factors that could influence marketing inefficiency. Descriptive statistics was utilised regarding basic characteristics of the households. A logit regression model was used to analyse market access (sale of livestock through formal markets) using STATA. Marketing inefficiency was computed as the reciprocal of marketing efficiency which was calculated using Shepherd formula, while the two stage Least Square regression was applied for factors influencing marketing inefficiency after identifying market access endogenous variable. The study’s extrapolations indicated that 7 variables were consequential at 1% and 5% significance level with market access, namely transport ownership, transport cost, market price information, advertisement, farmers’ perception, marketing channel used and municipality. In addition, the results of the two stage least square model indicated that only 3 variables had remarkable significance with regard to marketing inefficiency. These are market access, livestock composition and infrastructure. The findings of the study evidenced that to reduce marketing inefficiency, then it is paramount to enable the easy dissemination of information and improving infrastructure so as to give small-scale farmers easy access to the markets. Consequently, addressing marketing constraints will provide an insight that will allow development of strategies to deal with those problems correctly and more efficiently. The study recommended that focus should be centred on addressing the constraints existing in livestock marketing system to enhance access to markets by encouraging youth participation in agricultural activities and providing training programmes and easy access for marketing related information. Also, infrastructure deserves to be given more attention by renovating the marketing facilities especially road networks in rural areas. In addition, extension officers and veterinary services are to provide help and support in preventing infections and diseases in order to minimise the losses. / Agriculture, Animal Health and Human Ecology / M. Sc. (Agriculture)

The role that women play in the economy of any society is a desirable goal for equity and efficiency considerations. Just as with the rest of the world, the South African women lagged behind their male counterparts within the economic empowerment space and in the formal labour force. However, the role of women has undergone some transformations with issues relating to employment opportunities, such that their labour force participation has risen considerably since 1994. The female labour force participation rate is still seen to be persistently lower compared to the male participation rate even in the second decade of democracy. The rate of women labour force participation is even lower than the average. On the other hand, the increases have also been coupled with the rising rate of unemployment among women. The objective of this study was to investigate the determinants of female labour force participation in the South African labour market. The study uses a regression analysis on a cross sectional panel data covering a period of 1995 to 2010. Unlike most popular beliefs, the findings of this study reveal that fertility though not statistically significant, positively influences labour force participation of women. Other variables that are statistically significant in explaining female labour force are HIV/AIDS, marital status, age, household income and education. Race was found to be insignificant in explaining female labour force participation in the South African labour force.

Thesis (M.Sc. (Agricultural Economics)) -- University of Limpopo, 2019 / Livestock production is the most important sub-sector in agriculture in South Africa. It contributes a very large proportion to the agricultural gross domestic product. It has been identified as the sub-sector that has potential in improving food security and livelihoods of the rural people. The current study analyses the determinants of market participation and profitability of IDC Nguni smallholder farmers in the Limpopo Province, South Africa. The aim of the study was to contribute to the body of knowledge that exist in the study area, particularly of Limpopo Province livestock marketing by analysing determinants of market participation and profitability. The primary data were collected using structured questionnaires. All IDC Nguni Project beneficiaries (62 famers)were included in the survey. Descriptive data were analysed using Version 23 of SPSS. The logistic regression was used to analyse market participation data, multiple regression was used for profitability data and livelihood model for assessing the contribution of the project to livelihoods. The models were analysed using Stata 14. The results revealed that 59% of the respondents participated in the market and 41% of respondents did not participate. The study revealed that 54% of the respondents indicate that market access was easy and only 38% of respondents indicated that market access was not easy and 8% of respondents revealed that they do not know how the market access was because they were not yet selling. Seventy percent of the farmers perceived their livelihoods being improved after joining IDC Nguni Cattle Project whereas 23% of the farmers perceived their livelihood not improve after joining IDC Nguni Cattle Project. Gross margin computation showed that 52% of the farmers made gross margins ranging between R2 000 and R481 200 during the 2015 production/marketing season. The overall gross margins showed that 46% of the farmers made loss ranging from R7 300 to R170 500 during the 2015 marketing season, and 2% of the smallholder farmers were operating break-even point. The average gross margin for Community Property Associations was R6 031 while for individual farmers it was R16 082. The decision making process, for example to sell vii livestock, may be complex in the CPAs and hence a higher gross margin results for individual farmers than for CPAs. Thirty-six percent of CPAs made a loss, while 49% of individual farmers also made loss during 2015. The results of logistic regression showed that marital status, education level, loan repayment, price of an animal and household income were all significant factors (at various probability levels and with different signs), influencing market participation in the study area. A multiple regression model revealed that empirically the herd size, farm size and distance travelled to the market were significant at various probability levels and with different signs influencing profitability in the study area. Livelihood model results revealed that recent increase in farm income and farm size were all significant at different probability levels and with different signs influencing smallholder farmers' livelihood improvement in the Limpopo Province. The study identified some challenges faced by smallholder farmers in Limpopo Province. The major ones were inadequate access of market information, high transactional costs, poor conditions of the animals and poor access to markets. Policy makers should come up with policies that support the smallholder farmers with formal training, seminars and workshops to improve profitability of the farmers. Basic training of production and marketing may enable the smallholder farmer to increase profits. Other recommendations were formation of farmers' organisations, access to financial resources and private-public collaboration to establish central selling points. / Department of Science and Technology-National Research Foundation (DST-NRF) Centre of Excellence (CoE) in Food Security and National Agricultural Marketing Council (NAMC)

Thesis (M.Sc. Agriculture (Agricultural Economics)) -- University of Limpopo, 2020 / The purpose of this study was to analyse socioeconomic factors influencing formal and informal market participation by beef cattle farmers. Cattle production plays an important role in the provision of food worldwide. It important for farmers to participate in the market to improve their income and livelihood. Globally, it was discovered that livestock production contribute value to the economic development of various countries. Ethiopia is one of the countries that generate more income from the livestock production. In the study area farmers participate in the lower level of market participation. They sell at informal market than formal market because of insufficient market channel. The farmers seldom sell since their sale depends on the availability of the market. Hence it was important to analyse socioeconomic factors influencing informal and formal market participation by small-scale beef cattle farmers at Makhado Local Municipality. The aim of the study was to analyse socioeconomic factors influencing informal and formal market participation of small-scale beef cattle farmers in Makhado Local Municipality. The objectives of the study were to identify, describe the socioeconomic characteristic of beef cattle, determine the level of market participation of the beef cattle and analyse the influence of socioeconomic factors in the participation of the beef cattle farmers in both the formal and informal market in Makhado local municipality. Structured questionnaires were used to interview 82 cattle farmers who participate in both informal and formal markets. Descriptive statistics were used to analyse socioeconomic characteristics of the cattle farmers. The logistic regression model was used to analyse factors that influence the participation of small-scale cattle farmers in both formal and informal markets. Lastly, market participation index tool was used to analyse the percentage of each farmer’s participation in different markets. The descriptive statistic results were showing men dominating participation in the market than women. The findings illustrate that farmers participating in the market were mostly pensioners who depend on social grant. Most of them are married and v have low level of education. The study also revealed that most beef cattle farmers are engaged in cattle farming for the purpose of sale instead of consumption. The logistic regression model results shows the coefficients for the independent variables such as gender, family size and farming experience to be significant at 1%. Age, marital status, monthly income, and distance to the market were found to be significant at 5%. Membership association were found to be significant at 10%. Educational level, extension services as well as the market information were found to be insignificant. The market participation index tool results revealed that the participation of beef cattle farmers in level 1 was 74.39%, level 2 18.29%, level 3 3.66% and lastly, in level 4, it was 3.66%. Additionally, the study revealed that only 1 farmer had a minimum score of participation of 3 and another farmer scored the highest participation of 23 out of all 82 farmers who participated in different market channels namely, homestead, village market, auctions, town market and fresh produce market. The study indicated various constraints faced by cattle farmers in both formal and informal markets. However, for a farmer to be a full participant all farmers should be able to participate in all the above-mentioned market channels. Additionally, for a farmer to increase his/her level of market participation, there is a need for each farmer to sell many cattle per year in different marketing channels mentioned above. It is also vital to increase the cattle productivity and to decrease identified constraints that negatively influence market participation of beef cattle farmers. Furthermore, constraints influencing market participation of beef cattle farmers need to be addressed to increase the sale of cattle by farmers. This requires assistance by both government and non-governmental stakeholders. Government stakeholders include extension officers, agricultural experts and veterinaries, while nongovernmental stakeholders include meat quality experts, agricultural cattle commercial farmers, and cattle farm managers. / Department of Agriculture, Forestry and Fisheries

This study aimed to determine the applicability of western migration models to the movement patterns of foreign migrant traders at the Hartebeespoort Dam. After reflecting on theoretical dimensions of migration and the informal sector, an overview was provided of the historical development of migration patterns to and within South Africa. The complex nature of migration phenomena ensures the application of qualitative and quantitative research methodologies. A snowball sampling technique was used to select 30 respondents for the purpose of the questionnaire survey. Information obtained from this survey was supplemented by five in-depth interviews. Descriptive statistical techniques were used to analyse the information obtained from the survey. The study concluded that western migration models do not offer adequate explanation for the migration patterns observed among foreign migrant traders at the Hartebeespoort Dam. The study also established the merit of the combined use of qualitative and quantitative research methodologies in migration studies. / Geography / M.A. (Geography)

This study aimed to determine the applicability of western migration models to the movement patterns of foreign migrant traders at the Hartebeespoort Dam. After reflecting on theoretical dimensions of migration and the informal sector, an overview was provided of the historical development of migration patterns to and within South Africa. The complex nature of migration phenomena ensures the application of qualitative and quantitative research methodologies. A snowball sampling technique was used to select 30 respondents for the purpose of the questionnaire survey. Information obtained from this survey was supplemented by five in-depth interviews. Descriptive statistical techniques were used to analyse the information obtained from the survey. The study concluded that western migration models do not offer adequate explanation for the migration patterns observed among foreign migrant traders at the Hartebeespoort Dam. The study also established the merit of the combined use of qualitative and quantitative research methodologies in migration studies. / Geography / M.A. (Geography)

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

MCom / Department of Accountany / The relationship between the Equity Market Risk Premium (MRP) and macroeconomic variables has been a subject of extensive discussion in the finance literature. The MRP is a central component of the main asset pricing models which are used to estimate the cost of equity which is mainly used in investment appraisal, performance measurement and valuation of equity assets. Past studies have identified inflation rate, interest rate, foreign exchange rate and political risk as the key macroeconomic variables that determine the size of the MRP. The test of the impact of these variables on the MRP have however been based mainly on data from developed countries and a few emerging countries. To the researcher’s knowledge, there are no studies that have investigated the impact of these macroeconomic variables on the MRP in South Africa. It is necessary to test the impact of these variables in the context of South Africa as these variables vary across countries. Using time series secondary data that was obtained from the SARB database, JSE database and World Bank database for the period 2002 to 2017, this study investigated the impact of these variables on the MRP in South Africa. A total of 192 observations per series of the inflation rate, interest rate, foreign exchange rate, political risk, JSE-ALSI and 91-days Treasury bill was used in the study. The data used were tested for possible misspecification errors that could arise from using a time series secondary data and the regression model was fitted using the Ordinary Least Square (OLS) estimator. The misspecification tests and models were both implemented on STATA 15 software. The results shows that inflation rate, interest rate and foreign exchange rate have a negative impact on the MRP whilst political risk has a positive impact on the MRP. Furthermore, the result shows that the inflation rate is the only variable amongst other variable tested that has a significant influence on the MRP for the study period. The study, therefore, concludes that inflation rate has the highest impact on the MRP in the context of South Africa. The study recommends that inflation rate should be monitored and kept within its target of 3-6% amongst other variables tested in order to increase investors’ confidence in the security market and also foster economic growth. The main limitations to the study were the limited data sources and insufficient funds. / NRF

Department of Statistics / MSc (Statistics) / The ripple e ect of a stock market crash due to extremal dependence is a global issue with key attention and it is at the core of all modelling e orts in risk management. Two methods of extreme value theory (EVT) were used in this study to model equity risk and extremal dependence in the tails of stock market indices from four African emerging markets: South Africa, Nigeria, Kenya and Egypt. The rst is the \bivariate-threshold-excess model" and the second is the \point process approach". With regards to the univariate analysis, the rst nding in the study shows in descending hierarchy that volatility with persistence is highest in the South African market, followed by Egyptian market, then Nigerian market and lastly, the Kenyan equity market. In terms of risk hierarchy, the Egyptian EGX 30 market is the most risk-prone, followed by the South African JSE-ALSI market, then the Nigerian NIGALSH market and the least risky is the Kenyan NSE 20 market. It is therefore concluded that risk is not a brainchild of volatility in these markets. For the bivariate modelling, the extremal dependence ndings indicate that the African continent regional equity markets present a huge investment platform for investors and traders, and o er tremendous opportunity for portfolio diversi cation and investment synergies between markets. These synergistic opportunities are due to the markets being asymptotic (extremal) independent or (very) weak asymptotic dependent and negatively dependent. This outcome is consistent with the ndings of Alagidede (2008) who analysed these same markets using co-integration analysis. The bivariate-threshold-excess and point process models are appropriate for modelling the markets' risks. For modelling the extremal dependence however, given the same marginal threshold quantile, the point process has more access to the extreme observations due to its wider sphere of coverage than the bivariate-threshold-excess model. / NRF