Search results

The purpose of this paper is to model the volatility of treasury bill (T-bill) rates in five Sub-Saharan capital markets to investigate whether or not differences in capital mobility affect volatility.

Primary data was collected from weekly T-bill auctions in five Sub-Saharan countries and was analysed using a range of Generalised Autoregressive Conditional Heteroscedasticity (GARCH) models in order to determine the volatility characteristics of each of these instruments. Differences in the institutional arrangements for each market are used to interpret the results of the econometric analysis.

Evidence is presented that indicates that the size and financial liberalisation of capital markets affect volatility. While the markets with the greatest exposure to international investors exhibit greater volatility in the long-run, the presence of non-residents in the market appears to contribute to more efficient pricing of these instruments.

The limited sample restricts the ability to generalise these findings, however, the finding that differences exist in the volatility of these markets even though they are geographically similar indicates the value of this methodological approach.

The finding that greater capital mobility may result in increased volatility and greater efficiency has significant policy implications for governments and market regulators who have to weigh the costs and benefits of financial liberalisation.

The paper employs a unique data set to model the volatility characteristics of the selected T-bills to improve the understanding of the behaviour of these important instruments in Sub-Saharan frontier markets. More specifically the study provides a novel empirical approach to addressing the question of whether capital mobility is linked to increased volatility. The finding that capital mobility is linked to greater market efficiency offers a fresh insight to this debate.

This chapter introduces a metaphor—the house—and applies Habermas’ philosophy to examine the environment where knowledge production takes place. The analysis shows the dominance of “the systemic paradigm,” which is characterized by increased bureaucratization and commercialization. This paradigm has severe consequences for two core features of universities: the open-ended search for deeper understanding and the principle of autonomy. The chapter advances the idea of reclaiming the political dimension of the epistemic endeavor and presents a series of initiatives which help to advance tourism scholarship by non-conforming to the steering conditions of this paradigm and instead reclaiming the personal and subjective; promoting multiple knowledges; and building alternative platforms of knowledge production, cooperation, and dissemination.

The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global financial crisis (GFC) on and structural breaks in the degree of integration are explored. The paper, additionally, analyses the behaviour of the level and the rate of change of the degree of integration around the period of the GFC.

The paper relies on the R² from a single factor world and the incremental R² from a two-factor world and emerging market models as proxies for the global and emerging markets degree of integration, respectively. Relying on the Quandt test for unknown structural breakdates, the paper examines structural breaks in the degree of integration.

The degree of global integration of emerging markets exceeds their degree of integration with themselves, particularly in the recent period. Additionally, the GFC is a significant driver of the recent increase in world market integration. We observe significant structural shifts in both the degree of the world and emerging markets integration measures. The breaks in the world market integration largely coincide with the GFC, whereas that of the emerging market integration is dispersed. Also, the level of the world market degree of integration has reversed recently, although, the degree of world market integration remains above pre-crisis point.

There exist high country-specific components in emerging market returns that are not accounted for by the world and emerging market factors despite the recent increase in global integration. Thusly, portfolios that diversify across emerging markets appear to have a high diversification potential. Additionally, substantial diversification gains may be realised with the inclusion of emerging market assets in global portfolios.

The paper shows that the emerging markets respond similarly to common global, although, diversely to emerging markets events. Additionally, evidence of the impacts of the GFC on the degree of global integration of emerging markets is presented.

The purpose of this study was to identify the transformation disclosures in the publicly available annual reports of South African public universities and to establish the extent to which universities account to their stakeholders about how they have discharged their transformation obligations.

This exploratory qualitative study involves a thematic content analysis of publicly available annual reports using ATLAS.ti software to identify and categorise transformation interventions disclosed by South African public universities.

This empirical study identifies several interventions that universities have introduced to facilitate access to and successful completion of tertiary studies by students. Some of the disclosed mechanisms include the provision of financial aid, student support and counselling, tutoring and mentoring and ICT enhancements and the introduction of language policies. The results also highlighted several challenges to sustainable transformation including funding, social and academic barriers and infrastructural challenges experienced by universities.

According to the authors’ knowledge, this study represents one of the first studies to use the public disclosures in the annual reports of public universities to identify interventions introduced to facilitate transformation of the student body. Despite its South African orientation, the observations have implications for universities worldwide experiencing similar challenges, especially in developing countries.

The formal adoption of internal auditing within the South African public sector was made compulsory by the Public Finance Management Act, No. 1 of 1999. Despite internal auditing’s primary role of adding value and assisting organisations to accomplish pre-defined strategic objectives, the increasing frequency of service delivery protests in South Africa, suggests that mandatory internal auditing may not have contributed to improving public sector performance and enhancing service delivery, as envisaged. This paper aims to identify the factors preventing internal audits from effectively contributing to improved public sector performance and service delivery.

The study adopted a sequential mixed-methods research approach. Firstly, a survey instrument was used to collect empirical data from survey respondents at South African national government departments. Secondly, semi-structured interviews and focus group discussions were held with a purposively selected sample of participants to explore the observations from the first phase. The observations from the first two phases were validated through an analysis of pertinent documents and records.

Despite all departments adopting internal auditing, management’s expectations of internal auditing and the services provided by the internal audit function diverged. The results suggest that the emergence of a compliance approach to organisational governance together with poor performance management skills has impaired internal auditing’s ability to effectively contribute to strategic and performance management.

Despite its South African orientation, as internal auditing is a global association and given that service delivery protests continue to occur in several countries around the world, increases the study’s international relevance. Moreover, the mandate of internal auditing requires it to add value to an organisation irrespective of its geographical location.

The study contributes to the existing body of knowledge on internal auditing, particularly its adoption and implementation in the South African public sector. In addition to identifying the factors inhibiting effective internal auditing, the study advances a suggested framework for the future of internal auditing.

This paper aims to examine the influence of interactive social media marketing communications on teenagers’ cognitive, affective and behavioral attitude components in South Africa. The study also considers the impact of a number of additional factors such as usage (access, length of usage, log-on frequency, log-on duration and profile update incidence) and demographic (gender, age and population group) variables on young consumers’ attitudes toward social media marketing communications.

A survey was used via three self-administered questionnaires, which were distributed to over 13,000 learners in the age range of 13-18 years (Generation Z cohort) at colleges and high schools in South Africa. A generalized linear model was used for statistical data analysis.

The study ascertained that social media marketing communications had a positive on each attitude component among adolescents, but on a declining scale, which correlates to the purchase funnel. The results also revealed that teenagers who used social media for long time periods; updated their profiles frequently and were from the Colored and Black population groups, displayed the most favorable attitudinal responses to social media marketing communications.

Social media was collectively analyzed and did not consider the number of different social media types, which could be examined individually. This investigation only considered the Generation Z cohort, but other cohorts to attitudes toward social media marketing communications could also be assessed.

Companies and their brands should consider using and/or adapting their strategies based on the declining impact of social media marketing communications on the hierarchical attitude stages among young consumers and the divergent influence on usage and demographic variables when targeting the lucrative and technologically advanced, but capricious, Generation Z consumers.

This research established that social media marketing communications had a favorable influence on cognitive, affective and behavioral attitude components among young consumers, but on a declining scale, which is in congruence with the purchase funnel model. This investigation also makes an important contribution to attitudinal research in developing countries, where there is a lack of research in social media marketing communications.