South African Journal of Economic and Management Sciences最新文献

{"title":"Earnings thresholds in South Africa listed enterprises: Manipulating research and developmental expenditures","authors":"Zhenjia Liu","doi":"10.4102/sajems.v26i1.4600","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4600","url":null,"abstract":"Background: Research and developmental (RD) expenditure directly affects profits. Therefore, managers are likely to manipulate RD expenditure to meet earnings thresholds.Aim: This study investigates whether managers manipulate RD expenditure to meet earnings thresholds, while analysing whether the prospect theory explains this behaviour.Setting: The setting is 62 South African firms listed on the Johannesburg Stock Exchange (JSE) studied from 2011 to 2019.Method: We collected 379 annual samples from the SP Capital IQ database and applied the earnings distribution model to estimate the effect of the prospect theory on earnings management.Results: Most South African listed enterprises have earnings above zero, or have avoided reporting earnings in decline before earnings manipulation. Furthermore, the study’s findings reveal that enterprises that have earnings above zero, or have maintained their earnings in the previous period after manipulation, are risk lovers, whereas enterprises with earnings below zero, or lower than those in the previous period, are risk averters.Conclusion: South African listed enterprises do not have a tendency to manipulate RD expenditures to achieve earnings above zero or avoid reporting declining earnings. The prospect theory also fails to explain their behaviour.Contribution: This study is the first to analyse how the prospect theory explains the behaviour of earnings manipulation by using a sample of South African listed enterprises and thereby fills a research gap.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"80 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80450136","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}

{"title":"Determining the business environmental factor constructs relevant to small and medium-sized enterprises trade credit management","authors":"Werner H. Otto, I. Botha, G. Els","doi":"10.4102/sajems.v26i1.4764","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4764","url":null,"abstract":"","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"s3-38 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90828399","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}

{"title":"Managerial confidence and capital structure announcement effects on share prices on the Johannesburg Share Exchange","authors":"Lerato Mapela, Chimwemwe Chipeta","doi":"10.4102/sajems.v26i1.4849","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4849","url":null,"abstract":"Background: In an attempt to enhance our understanding of the important determinants of the debt–equity choice, there is a need to explore the behavioural facets driving the decision to issue either debt or equity. Furthermore, the divergent set of implications of equity and debt issues on the share prices are empirical matters that need to be addressed.Aim: In this article the link is investigated between managerial confidence and the likelihood of issuing debt, as well as the share price implications of equity and debt issue announcements on the Johannesburg Share Exchange (JSE).Setting: The study is based on the equity bond issue announcements of JSE-listed firms for the period 2000–2020.Method: In this article, panel data regression and event study approaches are used in a sample of 81 and 113 bond and equity issue announcements, respectively, for 69 firms listed on the JSE.Results: The main findings of this article indicate that managerial optimism drives debt issuing activities on the JSE and that there are negative and significant abnormal returns associated with the announcement of equity issues.Conclusion: Overall, we conclude that behavioural finance is an important factor driving capital structure decisions, and that signalling, as well as market-timing concerns drive share price reactions on the JSE.Contribution: This article highlights the importance of behavioural factors in capital structure decisions and identifies the firm-specific channels through which managerial optimism drives leverage. Additionally, the article sheds light on the role of signalling and market timing in capital structure decisions.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"12 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80974355","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}

{"title":"Manipulation of transfer prices by multi-national companies in Nigeria","authors":"Aderounmu A. Ogunoye, Oyebanji J. Ibitoye, E. Kleynhans","doi":"10.4102/sajems.v26i1.4657","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4657","url":null,"abstract":"Background: Transfer pricing manipulation diminishes revenue generation by the host countries. The results of the investigations in the literature show divergence to the extent of the impact of transfer pricing on economic growth in both the low- and high-tax countries, especially as this type of investigation is still scanty in the literature.Aim: The study examines the effect of transfer pricing manipulation on economic growth in Nigeria.Setting: Multi-national companies in Nigeria.Methods: The auto-regressive distributed lag (ARDL) approach was applied to data from Nigeria between 1986 and 2019.Results: The findings reveal an insignificant relationship between economic growth and explanatory variables such as transfer pricing manipulation, unemployment rate, government revenue and trade openness. The result also shows a significant negative relationship between the exchange rate and economic growth.Conclusion: The study recommends that the government should implement proper monitoring of multinational companies to check their day-to-day transaction activities. This may help the government to generate more revenue, and serves as an avenue to create more employment opportunities.Contribution: In this study an important aspect is indicated in that multinational companies often misuse revenue to gain undeserved profits, rendering unnecessary costs to market and rendering other companies less competitive, as well as exploiting buyers and consumers. This is an important loophole that law- and policymakers as well as governments should pay attention to and act against.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"9 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82836340","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}

{"title":"The impact of remuneration governance on chief executive officer overpayment","authors":"M. Bussin, Albert Wöcke, Benno Deysel","doi":"10.4102/sajems.v26i1.4860","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4860","url":null,"abstract":"Background: Chief executive officer (CEO) payment and company performance are highly controversial, and existing research has focused on this link for decades. The study was conducted in South Africa where corporate governance regulators have introduced measures to improve the relationship between CEO pay and performance.Aim: This research aimed to explore the problem by extending Pepper and Gore’s (2015) behavioural agency theory to examine the moderating effect of remuneration governance on the CEO pay – company performance relationship.Setting: The study focused on the Top 100 listed companies in which several regulations concerning CEO pay were introduced, which provided the opportunity to examine such regulations on the alignment of CEO pay and company performance.Method: Panel data from 67 company annual reports were analysed over two decades with 871 datapoints, divided into three periods corresponding with the introduction of regulations. Analyses included corrected panel standard errors and estimated generalised least squared hierarchical multiple regression and moderated multiple regression analyses.Results: Results showed a statistically significant positive relationship between company performance measures and total CEO remuneration (including long-term incentives [LTIs]) for each of the three periods. We found that LTIs tied to performance-vested criteria and CEO minimum shareholding do enhance pay-performance sensitivity. Results further suggest that the behavioural agency theory is incomplete and researchers should consider the role of remuneration governance in moderating CEO overpayment.Conclusion: Remuneration governance should be refined through the inclusion of retrospective CEO remuneration disclosure to increase pay-performance sensitivity.Contribution: This research contributes to knowledge of CEO payment and company performance.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"48 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91223193","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}

{"title":"Evaluating liquefied natural gas export quantities from Egypt using system dynamics approach","authors":"A. Ezzat, K. Abdallah, Yasmin Adel","doi":"10.4102/sajems.v26i1.4766","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4766","url":null,"abstract":"re-exported, are recommended strategic decisions to consider when targeting the optimisation of decisions related to the export of LNG. Investment in the generation of renewable energy and decreasing the home usage patterns come next in importance.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"18 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81501588","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}

{"title":"An analysis of South Africa’s guidance on the income tax consequences of crypto assets","authors":"Namhla Vumazonke, Shaun Parsons","doi":"10.4102/sajems.v26i1.4832","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4832","url":null,"abstract":"Background: A media statement issued by the South African Revenue Service (SARS) in 2018 represents the primary guidance available to South African taxpayers on the income tax consequences of crypto asset transactions.Aim: This study assessed the adequacy of the guidelines available to South African taxpayers on the consequences of crypto asset transactions, and identified the income tax consequences for transactions not addressed in these guidelines.Setting: This study compared the scope and depth of the SARS guidelines to guidance issued in other jurisdictions. This distinguishes it from other studies focusing on the theoretical income tax consequences of crypto asset transactions.Method: The first phase of the study was an in-depth documental analysis to benchmark the SARS guidelines against the guidance of tax authorities in other jurisdictions. In the second phase of the study, a doctrinal legal research methodology was adopted to identify the income tax consequences of transactions not addressed by SARS, applying existing legislation and case law, and taking into account the guidance of the other selected tax authorities.Results: The study found that the SARS guidelines did not comprehensively address all the crypto asset transactions addressed by the other selected tax authorities.Conclusion: The study recommended that SARS provide comprehensive guidance to South African taxpayers on the income tax consequences of crypto asset transactions, the development of which would be supported by consequences identified in this study.Contribution: This study contributes to the understanding of, and development of taxpayer guidance to address the income tax consequences of crypto asset transactions in South Africa.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"126 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73657601","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}

{"title":"Is the environmental, social and corporate governance score the missing factor in the Fama-French five-factor model?","authors":"Luyanda M.Q. Nsibande, Avani Sebastian","doi":"10.4102/sajems.v26i1.4835","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4835","url":null,"abstract":"over the course of 2021. This major piece of regulation is aimed at promoting sustainable investment by clarifying the revised and increased roles and duties asset managers and investors now have in relation to the sustainability agenda. Asset pricing theory can be used in the positive and in the normative context. When observing the pricing of assets in the market, a position could be taken to try to understand the actual pricing behaviour of the assets and conclusions be formed around why the pricing of assets behaves in the Background: Companies are increasingly encouraged to focus on the creation of sustainable value. Financial research institutions evaluate companies’ performance based on pre-established indicators relating to environmental, social and governance (ESG). These scores are intended to inform decisions by equity investors, among others. However, traditional asset pricing models do not include ESG scores. Aim: The purpose of this research is to discover whether the inclusion of ESG scores in the Fama-French five-factor model (FF5F) will improve the model’s predicting power. Setting: Financial research institutions aim to improve the information environment in the South African capital markets. Johannesburg Stock Exchange (JSE)-listed firms are also required to produce integrated reports, emphasising responsible investment. Method: For the largest 40 JSE-listed companies, data over the 5-year period from 2015 to 2019 were employed to compare the predicting power of the FF5F model before and after the inclusion of ESG scores. Results: The results showed that the predictive power of the FF5F model is only marginally improved when the ESG scores are incorporated. Conclusion: These findings indicate that equity returns are not significantly influenced by ESG scores. This research provides the basis for further endeavours on the share-price implications of ESG performance. Contribution: This research contributes to the growing strand of literature on responsible investment and the creation of sustainable value. The research also offers a theoretical contribution by connecting literature on asset pricing with work on sustainability.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"396 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84351915","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}

{"title":"Promoting customer advocacy in the ride-hailing sector: A generational cohort perspective","authors":"E. van Tonder, D. Petzer","doi":"10.4102/sajems.v26i1.4670","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4670","url":null,"abstract":"The days of the sharing economy being considered a niche market have long passed, as the sharing economy has become a profitable and budding market, attracting large investments and a multitude of customers (Möhlmann 2015:193). Since their rapid growth in popularity following the 2008 financial crisis (Kuswanto et al. 2020:76), the sharing economy and platform business models have become part of many consumers’ daily existence in terms of accommodation-, entertainmentand transportation-related services (Lee et al. 2018:829; Wang et al. 2022:197). Of particular interest to this study are Transportation Network Companies (TNCs) and their ridehailing platform business models. Typically, TNCs use smartphone application platforms to link drivers and customers requiring ride-hailing services. Drivers (fellow community members) cooperating with TNCs transfer customers (service recipients), using their own cars, receive payment by card or in cash, as is the case in some developing countries (Wadud 2020).","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"11 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81061900","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}

{"title":"A validation study of the Miville-Guzman Universality-Diversity Scale in South Africa","authors":"C. Viljoen, Crizelle Els","doi":"10.4102/sajems.v26i1.4856","DOIUrl":"https://doi.org/10.4102/sajems.v26i1.4856","url":null,"abstract":"Background: In order for organisations to best implement diversity management programmes that will create an environment in which diversity is appreciated and utilised optimally to achieve organisational outcomes, they need to first identify the attitudes and orientations that individuals in the organisation have towards diversity. Universal-diverse orientation (UDO) is a largely under-researched topic in South Africa, and currently no instrument measuring UDO has been validated in a South African context.Aim: The purpose of this study was to determine the psychometric properties of the Miville-Guzman Universality-Diversity Scale (M-GUDS) in South Africa.Setting: The study was conducted among the general working population in the Gauteng Province in South Africa.Methods: A quantitative cross-sectional research design was followed. A heterogeneous sample of 255 South African employees from the general working population in Gauteng was selected to complete a voluntary web-based questionnaire.Results: The results confirm that the M-GUDS is reliable; the factorial validity, and convergent and divergent validity of the M-GUDS are also confirmed. The predictive validity of the instrument is partly confirmed.Conclusion: This study contributes to the limited research that has been done on UDO in South Africa by providing a valid instrument that can give additional insight into organisations on the orientations and attitudes of employees toward diversity. This provides organisations with a platform to assess their diversity orientation that can be used to inform diversity management programmes.Contribution: This study contributes to the limited research that has been done on UDO in South Africa, as well as addresses the gap of a lacking instrument to measure UDO in South Africa by validating the M-GUDS.","PeriodicalId":46244,"journal":{"name":"South African Journal of Economic and Management Sciences","volume":"166 7 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83337139","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}