Pub Date : 2020-12-09DOI: 10.4102/sajems.v23i1.3710
B. V. D. Merwe, J. Malan, R. Bruwer
complex nomological network of latent variables characterising the employee and the environment in which they operate. In order to proactively and reactively deal with these challenges, organisations need to understand what the factors are that influence successful PFAs’ intention to quit (Firth et al. 2004; Martin 2011), as well as discourage potentially successful PFAs from entering the sector. Background: A review of the literature revealed that the demanding and often challenging nature of work increases the turnover intention of employees. This trend is especially evident within the South African financial services industry. Aim: The research goal was to explore and empirically test a theoretical model identifying the most salient causes of turnover intention among sales employees employed by financial organisations operating in the South African financial service industry. Setting: The study was conducted on employees operating within the financial service industry in South Africa. Methods: The current study collected quantitative data from 102 employees of insurance or banking or investment companies, using a web-based compilation of standardised questionnaires. This followed a previous study by the research group that collected quantitative and qualitative data from 122 employees operating in an insurance environment, using a combination of an open-ended questionnaire and standardised instruments. Results: The results of the current study confirmed the significance of the paths between turnover intention and employee engagement, time wasted on non-core activities, perceived career development opportunities, and perceived supervisor support, mediated by perceived employee engagement. Conclusion: A replication of this study using a longitudinal research design is recommended in order to overcome the methodological limitations of the current study. The conceptual model developed in this study identified relationships that could be used as guidelines to effectively manage the retention of personal financial advisors in the financial service industry in South Africa
表征员工及其工作环境的潜在变量的复杂法则网络。为了主动和被动地应对这些挑战，组织需要了解影响成功的私人会计师辞职意愿的因素是什么(Firth et al. 2004;Martin 2011)，以及阻止潜在成功的PFAs进入该行业。背景:对文献的回顾表明，工作的要求和经常具有挑战性的性质增加了员工的离职倾向。这一趋势在南非金融服务业尤为明显。目的:研究目标是探索和实证检验一个理论模型，确定在南非金融服务行业经营的金融机构雇用的销售员工中最显著的离职意向原因。背景:研究对象是南非金融服务行业的员工。方法:本研究采用基于网络的标准化调查问卷收集了102名保险或银行或投资公司员工的定量数据。在此之前，研究小组进行了一项研究，该研究收集了122名在保险环境中工作的员工的定量和定性数据，使用了开放式问卷和标准化工具的组合。结果:本研究的结果证实了离职倾向与员工敬业度、非核心活动浪费时间、感知职业发展机会和感知主管支持之间的路径存在显著性，并以感知员工敬业度为中介。结论:为了克服当前研究方法上的局限性，建议采用纵向研究设计来重复本研究。本研究中开发的概念模型确定了可以用作指导方针的关系，以有效地管理南非金融服务业中个人财务顾问的保留
{"title":"Intention to quit in the financial services industry: Antecedents and managerial implications","authors":"B. V. D. Merwe, J. Malan, R. Bruwer","doi":"10.4102/sajems.v23i1.3710","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3710","url":null,"abstract":"complex nomological network of latent variables characterising the employee and the environment in which they operate. In order to proactively and reactively deal with these challenges, organisations need to understand what the factors are that influence successful PFAs’ intention to quit (Firth et al. 2004; Martin 2011), as well as discourage potentially successful PFAs from entering the sector. Background: A review of the literature revealed that the demanding and often challenging nature of work increases the turnover intention of employees. This trend is especially evident within the South African financial services industry. Aim: The research goal was to explore and empirically test a theoretical model identifying the most salient causes of turnover intention among sales employees employed by financial organisations operating in the South African financial service industry. Setting: The study was conducted on employees operating within the financial service industry in South Africa. Methods: The current study collected quantitative data from 102 employees of insurance or banking or investment companies, using a web-based compilation of standardised questionnaires. This followed a previous study by the research group that collected quantitative and qualitative data from 122 employees operating in an insurance environment, using a combination of an open-ended questionnaire and standardised instruments. Results: The results of the current study confirmed the significance of the paths between turnover intention and employee engagement, time wasted on non-core activities, perceived career development opportunities, and perceived supervisor support, mediated by perceived employee engagement. Conclusion: A replication of this study using a longitudinal research design is recommended in order to overcome the methodological limitations of the current study. The conceptual model developed in this study identified relationships that could be used as guidelines to effectively manage the retention of personal financial advisors in the financial service industry in South Africa","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"422 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2020-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76326061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-08DOI: 10.4102/sajems.v23i1.3453
Alassane Dounignatieme Yeo, Ai-min Deng
The growing volume of international trade, the disappearance of borders between countries and the expansion of the concept of globalisation have recently made the logistics sector more important in world trade. Today, logistics has emerged as one of the largest and most dynamic activities in the world. Unfortunately, the logistics gap between rich and poor countries persists. According to the Logistics Performance Index (LPI), high-income countries dominate the logistics ranking, while the worst performers are underdeveloped economies that are often landlocked countries, small island states or post-conflict countries. However, logistics performance is not merely determined by the level of per capita income, as many countries perform better than others in different income groups. When talking about logistics performance, Gani (2017) refers to the processes necessary for the safe and secure transport of goods from one country to another. Underdeveloped and developing countries, therefore, need practical trade logistics measures to facilitate trade in order to change import and export processes and optimise the supply chain without having to commit to significant additional human and financial resources.
{"title":"Logistics performance as a mediator of the relationship between trade facilitation and international trade: A mediation analysis","authors":"Alassane Dounignatieme Yeo, Ai-min Deng","doi":"10.4102/sajems.v23i1.3453","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3453","url":null,"abstract":"The growing volume of international trade, the disappearance of borders between countries and the expansion of the concept of globalisation have recently made the logistics sector more important in world trade. Today, logistics has emerged as one of the largest and most dynamic activities in the world. Unfortunately, the logistics gap between rich and poor countries persists. According to the Logistics Performance Index (LPI), high-income countries dominate the logistics ranking, while the worst performers are underdeveloped economies that are often landlocked countries, small island states or post-conflict countries. However, logistics performance is not merely determined by the level of per capita income, as many countries perform better than others in different income groups. When talking about logistics performance, Gani (2017) refers to the processes necessary for the safe and secure transport of goods from one country to another. Underdeveloped and developing countries, therefore, need practical trade logistics measures to facilitate trade in order to change import and export processes and optimise the supply chain without having to commit to significant additional human and financial resources.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"54 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2020-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91104616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-07DOI: 10.4102/sajems.v23i1.3683
M. E. Nkongho, D. Makina
According to Hagel III and Singer (2000), corporate unbundling is a process of breaking up a large business into its smaller components. Similarly, Moschieri and Mair (2005) defines corporate unbundling as an operation where the parent corporation initiates an action of disposing of and selling assets, facilities, product lines, subsidiaries, divisions or business units. Generally, unbundling has not been very common in South Africa. However, the few corporations that have undertaken the strategy have focused more on spin-offs and sell-offs. A spin-off is a pro-rata distribution of the shares of a firm’s subsidiary to the shareholders of the firm and after the distribution the operations and management of the subsidiary are separated from those of the parent (Bhana 2004). In contrast, a sell-off involves the disposal of divisions, business units, product lines or subsidiaries to other firms in exchange for cash (Menon et al. 2004).
根据Hagel III和Singer(2000)的观点，企业分拆是一个将大企业拆分成小公司的过程。同样，Moschieri和maair(2005)将公司分拆定义为母公司发起处置和出售资产、设施、产品线、子公司、部门或业务单位的行动。一般来说，分拆在南非并不常见。然而，实施这一战略的少数公司更侧重于分拆和出售。分拆是将公司子公司的股份按比例分配给公司股东，分配后子公司的经营和管理与母公司的经营和管理分开(Bhana 2004)。相比之下，抛售涉及将部门、业务单位、产品线或子公司出售给其他公司以换取现金(Menon et al. 2004)。
{"title":"Long-run performance of corporate spin-offs and sell-offs: Evidence from the JSE limited","authors":"M. E. Nkongho, D. Makina","doi":"10.4102/sajems.v23i1.3683","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3683","url":null,"abstract":"According to Hagel III and Singer (2000), corporate unbundling is a process of breaking up a large business into its smaller components. Similarly, Moschieri and Mair (2005) defines corporate unbundling as an operation where the parent corporation initiates an action of disposing of and selling assets, facilities, product lines, subsidiaries, divisions or business units. Generally, unbundling has not been very common in South Africa. However, the few corporations that have undertaken the strategy have focused more on spin-offs and sell-offs. A spin-off is a pro-rata distribution of the shares of a firm’s subsidiary to the shareholders of the firm and after the distribution the operations and management of the subsidiary are separated from those of the parent (Bhana 2004). In contrast, a sell-off involves the disposal of divisions, business units, product lines or subsidiaries to other firms in exchange for cash (Menon et al. 2004).","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"112 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87922915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.4102/SAJEMS.V23I1.3429
A. Engelbrecht, Karen Hendrikz
Background: Organisational citizenship behaviour (OCB) plays a substantial role in individual and organisational performance. Aim: The aim of the study was to investigate how moral intelligence and principled leadership can influence trust in the leader and OCB. Setting: Data were collected from 300 employees from various organisations in South Africa. Purposive, non-probability sampling was used. Methods: A theoretical model and hypotheses were developed to explain the structural relationships among the latent variables. Data were analysed by means of item analysis and confirmatory factor analysis conducted via structural equation modelling (SEM). Results: High levels of reliability were found for the measurement scales. Good model fit was demonstrated for the measurement and structural models. Empirical support was found for the significant mediating effects of principled leadership and trust in leaders in the indirect relationship between moral intelligence and OCB. The Principled Leadership Scale (PLS) could be used in the selection or development of principled leaders to develop an ethical culture to combat the high levels of corruption that many organisations face. Principled leaders play a key role in creating an ethical and trusting work climate conducive for OCB. Conclusion: This study is the first to analyse the joint relationships among the specific latent variables in the structural model. Furthermore, the study provided the first supporting evidence for the concurrent validity of the newly developed PLS.
{"title":"Influence of moral intelligence, principled leadership and trust on organisational citizenship behaviour","authors":"A. Engelbrecht, Karen Hendrikz","doi":"10.4102/SAJEMS.V23I1.3429","DOIUrl":"https://doi.org/10.4102/SAJEMS.V23I1.3429","url":null,"abstract":"Background: Organisational citizenship behaviour (OCB) plays a substantial role in individual and organisational performance.\u0000Aim: The aim of the study was to investigate how moral intelligence and principled leadership can influence trust in the leader and OCB.\u0000Setting: Data were collected from 300 employees from various organisations in South Africa. Purposive, non-probability sampling was used.\u0000Methods: A theoretical model and hypotheses were developed to explain the structural relationships among the latent variables. Data were analysed by means of item analysis and confirmatory factor analysis conducted via structural equation modelling (SEM).\u0000Results: High levels of reliability were found for the measurement scales. Good model fit was demonstrated for the measurement and structural models. Empirical support was found for the significant mediating effects of principled leadership and trust in leaders in the indirect relationship between moral intelligence and OCB. The Principled Leadership Scale (PLS) could be used in the selection or development of principled leaders to develop an ethical culture to combat the high levels of corruption that many organisations face. Principled leaders play a key role in creating an ethical and trusting work climate conducive for OCB.\u0000Conclusion: This study is the first to analyse the joint relationships among the specific latent variables in the structural model. Furthermore, the study provided the first supporting evidence for the concurrent validity of the newly developed PLS.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"2 1","pages":"1-9"},"PeriodicalIF":1.1,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75407347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.4102/sajems.v23i1.3533
F. Mgiba, N. Chiliya
Background: Academic literature has documented the benefits of technology for the tourism business. However, the influence of the fourth industrial revolution environment on the destination reputation, pre-visit experience, visit intentions and how these affect tourists' satisfaction and loyalty intentions have not received much attention, especially within the African context. Aim: The purpose of this study was to empirically test the effect of this environment on all these variables. Setting: This study is one of the few empirical types of research conducted in an urban tourism destination centre in a South African context. Methods: The study employed a positivist quantitative research methodology. Primary data (N = 235) were collected from tourists who visited the Vilakazi Street precinct during October-November 2019, using the convenient probability sampling approach. For analysis, the study employed structural equation modelling. Results: There are positive relationships between the fourth industrial revolution environment and the online reputation and the pre-visit experience. These, in turn, have a positive effect on the intention to visit the precinct, which affects the tourists' feelings of satisfaction after actually visiting the centre. Satisfaction has a positive impact on their loyalty intentions. Conclusion: The findings create a space for future research by providing another framework for investigating the usefulness of new technology in the tourism industry, which can also extend to other industries. For managers, the findings can help in the creation of online advertisement strategies, online reputation management and online pre-visit experience enhancement.
{"title":"Online reputation, virtual experience and tourists’ revisit intentions. The case of Vilakazi street tourism corridor in Soweto","authors":"F. Mgiba, N. Chiliya","doi":"10.4102/sajems.v23i1.3533","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3533","url":null,"abstract":"Background: Academic literature has documented the benefits of technology for the tourism business. However, the influence of the fourth industrial revolution environment on the destination reputation, pre-visit experience, visit intentions and how these affect tourists' satisfaction and loyalty intentions have not received much attention, especially within the African context.\u0000Aim: The purpose of this study was to empirically test the effect of this environment on all these variables.\u0000Setting: This study is one of the few empirical types of research conducted in an urban tourism destination centre in a South African context.\u0000Methods: The study employed a positivist quantitative research methodology. Primary data (N = 235) were collected from tourists who visited the Vilakazi Street precinct during October-November 2019, using the convenient probability sampling approach. For analysis, the study employed structural equation modelling.\u0000Results: There are positive relationships between the fourth industrial revolution environment and the online reputation and the pre-visit experience. These, in turn, have a positive effect on the intention to visit the precinct, which affects the tourists' feelings of satisfaction after actually visiting the centre. Satisfaction has a positive impact on their loyalty intentions.\u0000Conclusion: The findings create a space for future research by providing another framework for investigating the usefulness of new technology in the tourism industry, which can also extend to other industries. For managers, the findings can help in the creation of online advertisement strategies, online reputation management and online pre-visit experience enhancement.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"7 1","pages":"1-11"},"PeriodicalIF":1.1,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78968500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.4102/sajems.v23i1.3601
Xander van Lill, G. Roodt, G. P. Bruin
Background: Convincing employees to set aside their self-interests and commit to collective goals is essential for the effective functioning of organisations. It is critical that the impact of different managerial goal-setting styles, and the associated impressions of fair interpersonal treatment in the workplace, is understood from subordinates' perspective. This might clarify the psychological mechanisms involved in motivating subordinates to commit to organisational goals. Aim: The primary aim of this article is to determine the relationship between managers' goalsetting styles and subordinates' goal commitment. The secondary aim is to determine whether this relationship is mediated by interactional justice. Setting: A total of 451 working adults completed an online or paper-and-pen survey. Methods: A mediator model was conducted in structural equation modelling with maximum likelihood estimation and Bollen-Stine bootstrapping, with 5000 bootstrap resamples, to test the hypotheses. Results: The perception that managers are deliberative had the greatest positive direct relationship with subordinates' goal commitment, followed by the directive style. Subordinates' perception of managers as complaisant, in turn, were unrelated to goal commitment (amotivational), whereas the perception of managers as hostile had a negative relationship with goal commitment. Informational justice, not interpersonal justice, emerged as the only mediating variable. Conclusion: Managers should be encouraged to actively seek feedback from subordinates on their goal-setting styles. Managers can accordingly adapt their behaviour to effectively motivate subordinates to commit to organisational goals.
{"title":"The relationship between managers’ goal-setting styles and subordinates’ goal commitment","authors":"Xander van Lill, G. Roodt, G. P. Bruin","doi":"10.4102/sajems.v23i1.3601","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3601","url":null,"abstract":"Background: Convincing employees to set aside their self-interests and commit to collective goals is essential for the effective functioning of organisations. It is critical that the impact of different managerial goal-setting styles, and the associated impressions of fair interpersonal treatment in the workplace, is understood from subordinates' perspective. This might clarify the psychological mechanisms involved in motivating subordinates to commit to organisational goals.\u0000Aim: The primary aim of this article is to determine the relationship between managers' goalsetting styles and subordinates' goal commitment. The secondary aim is to determine whether this relationship is mediated by interactional justice.\u0000Setting: A total of 451 working adults completed an online or paper-and-pen survey.\u0000Methods: A mediator model was conducted in structural equation modelling with maximum likelihood estimation and Bollen-Stine bootstrapping, with 5000 bootstrap resamples, to test the hypotheses.\u0000Results: The perception that managers are deliberative had the greatest positive direct relationship with subordinates' goal commitment, followed by the directive style. Subordinates' perception of managers as complaisant, in turn, were unrelated to goal commitment (amotivational), whereas the perception of managers as hostile had a negative relationship with goal commitment. Informational justice, not interpersonal justice, emerged as the only mediating variable.\u0000Conclusion: Managers should be encouraged to actively seek feedback from subordinates on their goal-setting styles. Managers can accordingly adapt their behaviour to effectively motivate subordinates to commit to organisational goals.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"1 1","pages":"1-11"},"PeriodicalIF":1.1,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75366138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.4102/sajems.v23i1.3285
W. Gresse, B. J. Linde
Background: It was proposed that if we assess an individual's mental schema, it may facilitate a better understanding of the psychological contract formation process. This will add a theoretical contribution to the anticipatory psychological contract research, as it will enhance our understanding of the specific terms of the psychological contract, which are only present during the organisation entry phase. Aim: We aimed at developing and validating an instrument to measure the psychological contract expectation of university graduate labour market entrees. This information could enhance our knowledge of both the anticipatory psychological contract and psychological contract development. Setting: The research was conducted on third-year students from two different campuses of a South African university. The sample consisted of a total of 316 participants. Methods: We used an exploratory quantitative research approach to measure prospective employees' anticipatory psychological contract. The newly developed Psychological Contract Expectations Questionnaire (PCEQ) was administered and analysed. Results: Results indicated that some of the instruments within the PCEQ are reliable and valid to measure the anticipatory psychological contract of graduates. The descriptive statistics and correlation coefficient results clearly enhanced our understanding of how the anticipatory psychological contract works. Conclusion: Our research contributes to anticipatory psychological contract research by introducing the PCEQ questionnaire to effectively measure the anticipatory obligations, anticipatory expectations, entitlement and anticipatory state of the psychological contract of prospective employees' mental schema.
{"title":"The anticipatory psychological contract of management graduates: Validating a psychological contract expectations questionnaire","authors":"W. Gresse, B. J. Linde","doi":"10.4102/sajems.v23i1.3285","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3285","url":null,"abstract":"Background: It was proposed that if we assess an individual's mental schema, it may facilitate a better understanding of the psychological contract formation process. This will add a theoretical contribution to the anticipatory psychological contract research, as it will enhance our understanding of the specific terms of the psychological contract, which are only present during the organisation entry phase.\u0000Aim: We aimed at developing and validating an instrument to measure the psychological contract expectation of university graduate labour market entrees. This information could enhance our knowledge of both the anticipatory psychological contract and psychological contract development.\u0000Setting: The research was conducted on third-year students from two different campuses of a South African university. The sample consisted of a total of 316 participants.\u0000Methods: We used an exploratory quantitative research approach to measure prospective employees' anticipatory psychological contract. The newly developed Psychological Contract Expectations Questionnaire (PCEQ) was administered and analysed.\u0000Results: Results indicated that some of the instruments within the PCEQ are reliable and valid to measure the anticipatory psychological contract of graduates. The descriptive statistics and correlation coefficient results clearly enhanced our understanding of how the anticipatory psychological contract works.\u0000Conclusion: Our research contributes to anticipatory psychological contract research by introducing the PCEQ questionnaire to effectively measure the anticipatory obligations, anticipatory expectations, entitlement and anticipatory state of the psychological contract of prospective employees' mental schema.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"172 1","pages":"1-12"},"PeriodicalIF":1.1,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82667987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.4102/sajems.v23i1.3467
C. V. Heerden
Background: Based on the static mean-variance portfolio optimisation theory, investors will choose the portfolio with the highest Sharpe ratio to achieve a higher expected utility. However, the traditional Sharpe ratio only accounts for the first two moments of return distributions, which can lead to false portfolio performance diagnostics with the presence of asymmetric, highly skewed returns. Aim: With many criticising the standard deviation's applicability and with no consensus on the ascendency of which other risk denominator to consult, this study contributes to the literature by validating the importance of consulting value-at-risk as the more commendable risk denominators for the Johannesburg Stock Exchange. Method: These results were derived from a novel index approach that produces a comprehensive risk-adjusted performance evaluation score. Results: Of the 24 Sharpe ratio variations under evaluation, this study identified the value-at-risk Sharpe ratio as the better variation, which led to more profi table share selections for long-only portfolios from a one-year and five-year momentum investment strategy perspective. However, the attributes of adjusting for skewness and kurtosis exhibited more promise from a three-year momentum investment strategy perspective. Conclusion: The results highlighted the ability to outperform the market, which further emphasised the importance of active portfolio management. However, the results also conrfimed that active and more passive equity portfolio managers will have to consult different Sharpe ratio variations to enhance the ability to outperform the market and a buy-and-hold strategy.
{"title":"Establishing the risk denominator in a Sharpe ratio framework for share selection from a momentum investment strategy approach","authors":"C. V. Heerden","doi":"10.4102/sajems.v23i1.3467","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3467","url":null,"abstract":"Background: Based on the static mean-variance portfolio optimisation theory, investors will choose the portfolio with the highest Sharpe ratio to achieve a higher expected utility. However, the traditional Sharpe ratio only accounts for the first two moments of return distributions, which can lead to false portfolio performance diagnostics with the presence of asymmetric, highly skewed returns.\u0000Aim: With many criticising the standard deviation's applicability and with no consensus on the ascendency of which other risk denominator to consult, this study contributes to the literature by validating the importance of consulting value-at-risk as the more commendable risk denominators for the Johannesburg Stock Exchange.\u0000Method: These results were derived from a novel index approach that produces a comprehensive risk-adjusted performance evaluation score.\u0000Results: Of the 24 Sharpe ratio variations under evaluation, this study identified the value-at-risk Sharpe ratio as the better variation, which led to more profi table share selections for long-only portfolios from a one-year and five-year momentum investment strategy perspective. However, the attributes of adjusting for skewness and kurtosis exhibited more promise from a three-year momentum investment strategy perspective.\u0000Conclusion: The results highlighted the ability to outperform the market, which further emphasised the importance of active portfolio management. However, the results also conrfimed that active and more passive equity portfolio managers will have to consult different Sharpe ratio variations to enhance the ability to outperform the market and a buy-and-hold strategy.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"96 1","pages":"1-19"},"PeriodicalIF":1.1,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85777814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.4102/sajems.v23i1.3579
A. G. Jonas, L. Radder, M. V. Eyk
Background: Consumers are increasingly demanding memorable experiences, thereby placing pressure on businesses to meet these demands. The provision of memorable experiences is particularly important to the tourism industry as its core business is to provide experiences. To stage these experiences, businesses must know which dimensions to include. For this purpose, cognitive dimensions present a reasonable starting point. Aim: The current research aimed to explain and examine the cognitive dimensions that have an influence on the memorability of three marine tourism experiences, namely whalewatching, shark-cage diving and visits to marine protected areas. Marine tourism is one of the most popular forms of tourism worldwide, but also a desperately under-studied field, particularly in South Africa. The results of the research will assist providers and marketers of these activities in satisfying the experience needs of marine tourists by focusing their offerings on those dimensions that will enhance the memorability of the experience. The results will also help fill the gap in knowledge of the cognitive dimensions impacting the memorability of marine tourism experiences. Setting: The study was conducted in South Africa. Methods: Data were collected from 444 respondents using an exploratory design, mixed method approach and survey methods. Data were analysed through frequency distributions, Pearson's product-moment correlations and multivariate analysis of variance. Results: Knowledge, meaningfulness, novelty and social interaction positively influence the memorability of marine tourism experiences in South Africa. Conclusion: The results indicate that positive interrelationships exist among all the dimensions, suggesting that these dimensions all represent the cognitive domain. Furthermore, the results also indicate that all four dimensions have a positive influence on memorable marine tourism experiences. These findings are important for the enhancement of memorable marine tourism experiences. An understanding of the identified cognitive dimensions in a marine tourism experience will lead to a more memorable experience for consumers and can result in postpurchase behaviour such as a repeat purchase, loyalty and positive word-of-mouth recommendations resulting in increased profitability for the business.
{"title":"The influence of cognitive dimensions on memorable experiences within a marine tourism context","authors":"A. G. Jonas, L. Radder, M. V. Eyk","doi":"10.4102/sajems.v23i1.3579","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3579","url":null,"abstract":"Background: Consumers are increasingly demanding memorable experiences, thereby placing pressure on businesses to meet these demands. The provision of memorable experiences is particularly important to the tourism industry as its core business is to provide experiences. To stage these experiences, businesses must know which dimensions to include. For this purpose, cognitive dimensions present a reasonable starting point.\u0000Aim: The current research aimed to explain and examine the cognitive dimensions that have an influence on the memorability of three marine tourism experiences, namely whalewatching, shark-cage diving and visits to marine protected areas. Marine tourism is one of the most popular forms of tourism worldwide, but also a desperately under-studied field, particularly in South Africa. The results of the research will assist providers and marketers of these activities in satisfying the experience needs of marine tourists by focusing their offerings on those dimensions that will enhance the memorability of the experience. The results will also help fill the gap in knowledge of the cognitive dimensions impacting the memorability of marine tourism experiences.\u0000Setting: The study was conducted in South Africa.\u0000Methods: Data were collected from 444 respondents using an exploratory design, mixed method approach and survey methods. Data were analysed through frequency distributions, Pearson's product-moment correlations and multivariate analysis of variance.\u0000Results: Knowledge, meaningfulness, novelty and social interaction positively influence the memorability of marine tourism experiences in South Africa.\u0000Conclusion: The results indicate that positive interrelationships exist among all the dimensions, suggesting that these dimensions all represent the cognitive domain. Furthermore, the results also indicate that all four dimensions have a positive influence on memorable marine tourism experiences. These findings are important for the enhancement of memorable marine tourism experiences. An understanding of the identified cognitive dimensions in a marine tourism experience will lead to a more memorable experience for consumers and can result in postpurchase behaviour such as a repeat purchase, loyalty and positive word-of-mouth recommendations resulting in increased profitability for the business.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"72 1","pages":"1-14"},"PeriodicalIF":1.1,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77716271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.4102/sajems.v23i1.3413
Bongani Khonjelwayo, Thilivhali Nthakheni
Background: The electricity distribution industry in South Africa is faced with numerous challenges that include distribution capacity shortages and backlog in investments. Aim: This study was carried out to investigate the role of regulation in enabling investment in distribution capital expenditure. Setting: The study focusses on the licensed electricity distributors and the energy regulation institution in South Africa. Methods: Primary data for the study was collected through interviews with 16 Energy Regulator officials responsible for analysing and approving electricity distributor tariff applications. Secondary data was collected and analysed through a sample of 112 electricity distributors in South Africa. Results: It is established that the National Energy Regulator of South Africa has put a number of processes and methods in place to ensure that electricity distributors (EDs) are efficient in their operations and that the tariffs they charge customers are not excessive and are aligned to specific benchmarks as approved by the regulator. However, a majority of EDs are not performing according to the benchmarks. For instance, they are operating at a negative surplus, which does not allow them to make sufficient investment in infrastructure refurbishment and acquire new infrastructure. The study also discovered that EDs are spending the minimum 6% required by regulation on repairs and maintenance. Conclusion: The conclusion of the study is that in the absence of a regulatory methodology that allows EDs to earn a required return on assets, benchmarks play a big role in ensuring that they are performing at the level required and that through the surpluses they generate, they can invest in the acquisition of new infrastructure for capital gain. However, regulation alone is not sufficient to ensure that capital investment is adequate; government intervention through infrastructure grants is also necessary and a private sector capital injection.
{"title":"Investment in electricity distribution capital infrastructure in South Africa: The role of regulation","authors":"Bongani Khonjelwayo, Thilivhali Nthakheni","doi":"10.4102/sajems.v23i1.3413","DOIUrl":"https://doi.org/10.4102/sajems.v23i1.3413","url":null,"abstract":"Background: The electricity distribution industry in South Africa is faced with numerous challenges that include distribution capacity shortages and backlog in investments.\u0000Aim: This study was carried out to investigate the role of regulation in enabling investment in distribution capital expenditure.\u0000Setting: The study focusses on the licensed electricity distributors and the energy regulation institution in South Africa.\u0000Methods: Primary data for the study was collected through interviews with 16 Energy Regulator officials responsible for analysing and approving electricity distributor tariff applications. Secondary data was collected and analysed through a sample of 112 electricity distributors in South Africa.\u0000Results: It is established that the National Energy Regulator of South Africa has put a number of processes and methods in place to ensure that electricity distributors (EDs) are efficient in their operations and that the tariffs they charge customers are not excessive and are aligned to specific benchmarks as approved by the regulator. However, a majority of EDs are not performing according to the benchmarks. For instance, they are operating at a negative surplus, which does not allow them to make sufficient investment in infrastructure refurbishment and acquire new infrastructure. The study also discovered that EDs are spending the minimum 6% required by regulation on repairs and maintenance.\u0000Conclusion: The conclusion of the study is that in the absence of a regulatory methodology that allows EDs to earn a required return on assets, benchmarks play a big role in ensuring that they are performing at the level required and that through the surpluses they generate, they can invest in the acquisition of new infrastructure for capital gain. However, regulation alone is not sufficient to ensure that capital investment is adequate; government intervention through infrastructure grants is also necessary and a private sector capital injection.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"14 1","pages":"1-10"},"PeriodicalIF":1.1,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82798936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：