Acta Commercii最新文献

{"title":"The dividend relevance pay-out model in the context of an emerging economy","authors":"Freddy Munzhelele, H. Wolmarans, John Hall","doi":"10.4102/ac.v22i1.993","DOIUrl":"https://doi.org/10.4102/ac.v22i1.993","url":null,"abstract":"Orientation: The dividend pay-out policy remains one of the key functional areas of corporate finance, more so in that it is through the receipt of dividends that shareholders can at least share in the profits of their investments.Research purpose: Because of the importance of the dividend decision (especially for emerging economies) as well as its possible link to value creation, the present study sought to providing results with recommendations on pay-out policy to improve dividend decision-making and establish a more defined link between dividends and value creation for management and shareholders alike.Motivation for the study: The endeavours of the current study lie in its contribution to the pay-out debate as it taps into a research area that has been explored minimally in emerging markets, yet it is still among the very topical functional areas of financial decisions.Research design, approach and method: The panel data of 110 Johannesburg Stock Exchange (JSE) listed sample companies for the period 2006–2018 were used. The sample was further grouped into value and growth companies. Dynamic panel estimators were used to analyse data.Main findings: The study confirmed results of similar previous research and identified further trends relating to the South African corporate setting. Specifically, the study found that companies have target pay-out ratios, which they adjust towards. Furthermore, managers are reluctant to change (increase) dividends, which may have to be cut again later, and in their endeavour to create and maximise value, they may have to sacrifice paying dividends. These trends are evident more with growth companies.Practical implications: These results mirror those of developed markets. Furthermore, the results present South African financial managers with an enhanced platform to create and maximise value for shareholders, relatively the same way as their counterparts in developed markets.Contribution/value-add: This study includes value-based variables among the explanatory variables. It is submitted that this process will enhance the endeavours of financial managers in creating values for shareholders through dividend pay-out.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"46 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87048715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A hypothetical improvement of the quadruple helix model of innovation","authors":"Riaan Dirkse Van Schalkwyk, R. Steenkamp","doi":"10.4102/ac.v22i1.1037","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1037","url":null,"abstract":"era shows a holistic mode of production and technology into which science and not mere engineering has been integrated as part of ordinary functioning. The modern innovation culture, which is underpinned by digital technology, has almost re-invented innovation in the sense that the current digital force is being merged with the biological and physical worlds for more revolutions to come. This phenomenon brings a new model of innovation with many underlying social dimensions, such as the academic revolution (Etzkowitz & Viale 2010) and social change (Andretsch 2014; Reischauer 2018), not only to be found in electronics and automatic machinery but rather in the transformation of science itself. Orientation: Innovation is forged by sub-revolutions as described by the quadruple helix (QH) model. Research purpose: Innovation model formation is complex, and the useful QH model can develop and improve to be exemplary. Motivation for the study: The rationale of the study is to validate and improve the QH model with additional concepts, fresh perspectives of experts and the investigation of the primary sub-revolutions forging innovation. Research design, approach and method: A conceptual and critical review approach implied narrative data of the model from secondary sources; a convenience sample of five innovation experts for critical reviews was thematically analysed. Main findings: Ultimately, the improved QH model must accommodate the legal, moral and ethical world to merge with the physical, biological and digital worlds; appropriate terminology for QH innovation leadership is needed, and triple technology theory (TTT) should be incorporated with the triple management theory (TMT) dimension of the model; the review conformed the sub-revolutions of innovation with respect to (1) innovation leadership, upscaling agility and innovation essentials, (2) the triple helix (TH) ecosystems sub-revolution and epochal society and (3) the new technological paradigm, technology intensity and TMT. Practical/managerial implications: The already useful QH model is confirmed and may develop to become exemplary with respect to the hypothetical improvements suggested. Contribution/value-add: A fresh and improved QH model is suggested in the context of complex innovation model formation and the paucity of literature.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"106 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75751105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Grocery loyalty cards: Do they work? A customer-centred investigation","authors":"M. Wait","doi":"10.4102/ac.v22i1.1056","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1056","url":null,"abstract":"Orientation: Research into the effectiveness of loyalty programmes is fragmented and paradoxical. Some authors showed that loyalty programmes are effective, while others demonstrated the contrary.Motivation for the study: This study draws on two previous studies and argues that theories compiled in developed economies are not applicable in emerging economies and that the success of loyalty programmes is a multidimensional topic.Research purpose: This study aimed to investigate the effectiveness of grocery loyalty programmes within an emerging economy and investigate various areas to get a customer-centric perspective on this marketing tool.Research design, approach and method: This study used a qualitative methodology with an abductive mindset and proposed several hunches that arose from the findings. Ten online interviews were conducted with customers of grocery loyalty programmes, and issues were probed such as the customers’ purchase frequency, their price sensitivity, their advocacy of loyalty programmes and the quality and length of their relationship. The interview were transcribed and the content was analysed inductively.Main findings: Findings suggest that the customers of grocery loyalty programmes are generally uncertain about the benefits of loyalty programmes and a sense of disengagement is observed.Managerial/practical implications: Several suggestions are made to improve the practicality of loyalty programmes. These suggestions focus on ways to get the customers more engaged.Contribution of study: This study contributes to the academic knowledge within an emerging economy and provides some practical managerial suggestions for effective implementation. This study proposes that the effectiveness of loyalty programmes is not a simple issue and requires input from several disciplines, such as psychology.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"54 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83335651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Practices applied by practitioners to achieve management and financial control during business rescue","authors":"Thabang Madigoe, M. Pretorius","doi":"10.4102/ac.v22i1.1043","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1043","url":null,"abstract":"Orientation: To resuscitate financially distressed companies in South Africa, business rescue as introduced through the enactment of Chapter 6 of the Companies Act 71 of 2008 requires the business rescue practitioners (BRPs) to take management and financial control as part of their specific powers and duties.Research purpose: This study investigated what practices BRPs apply in order to achieve management and financial control.Motivation of the study: Business rescue practitioners are faced with complex assignments with no clear measurements in practice, thus making judgements subject to the perception of the enquirer. It was important to better understand the practices applied by BRPs to achieve management and financial control.Research design, approach and method: A qualitative study was conducted and 13 BRPs within the Gauteng Province were approached. These BRPs were registered with the Companies and Intellectual Property Commission and consisted of junior, senior and experience BRPs. A thematic analysis was conducted to analyse the interview data. This study was approved by the Research Ethics Committee of the Faculty of Economics and Management Sciences at the University of Pretoria.Main findings: The findings indicate that management control is pursued via four main categories of tasks: meeting with stakeholders; clarification of roles; taking control of decision-making and understanding the business model. Taking financial control consists of managing finances, examining key financial information and engaging with financial people.Practical/managerial implications: For practitioners and educators, this study highlights the importance of using these practices to take control and remain in control in conjunction with management to achieve a productive rescue outcome.Contribution/value-add: This study minimises the gap that exists in the literature, detailing the specific activities conducted to achieve management and financial control and how to remain in control.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73560549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Perceived work values, materialism and entitlement mentality among Generation Y students in South Africa","authors":"Emmanuel Nkomo","doi":"10.4102/ac.v22i1.1033","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1033","url":null,"abstract":"Y’s need for enjoyment is significantly associated with their nonexploitative entitlement mentality.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91255200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Modelling the antecedents for export orientation, innovation capacity and performance for South African manufacturing SMEs","authors":"Glynis J. Harrison, David Pooe","doi":"10.4102/ac.v22i1.989","DOIUrl":"https://doi.org/10.4102/ac.v22i1.989","url":null,"abstract":"especially in the areas of job and wealth creation (Lawless 2014; Mafini, Pooe & Loury-Okoumba 2016; Ngek & Van Aardt Smit 2013). For SMEs to continue making such contribution, they need to keep improving their performance in the face of shrinking markets and growing competition (Prasanna et al. 2019). This calls for SMEs to expand their markets by exploring Orientation: In order to improve performance, South African manufacturing small and medium-sized enterprises (SMEs) need to constantly look at expanding their markets by exploring export opportunities and innovating their products and services. Research purpose: The aim of this study was to model the antecedents for export orientation, innovation capacity and SME performance. Motivation for the study: Although the influence of export orientation and innovation capacity on firm performance is well established, this study has brought together these capabilities as well as SME absorptive capacity, knowledge management and entrepreneurial competence into one model. Research design, approach and method: The study adopted a quantitative research approach and employed a cross-sectional survey of 207 SMEs in South Africa. Structural equation modelling was employed for data analysis using AMOS 26.0. Main findings: Absorptive capacity and knowledge management capabilities are certainly significant capabilities that should be embedded in the SME business, in view of their role in positively influencing the development of export orientation and innovation capacity, and that the influence of entrepreneurial competence is not significant enough. The results of the study showed that the primary data collected and analysed fit the posited model. Practical/managerial implications: With SMEs seeking to enter the export market faced with a number of challenges as they begin to explore unchartered waters, the ability to learn and assimilate new knowledge will stand SMEs in good stead as they expand their markets beyond the present boundaries. Contribution/value-add: The study’s findings extend the principle of distributed focus of attention into a possible new theory called SME Export and Innovation Attention Theory.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73159333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Are we there yet? Mixed methods research in the South African Journal of Economic and Management Sciences","authors":"P. Ngulube, B. Ngulube","doi":"10.4102/ac.v22i1.1013","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1013","url":null,"abstract":"Orientation: In 2015, a study was conducted to explore the prevalence of mixed methods research (MMR) in the South African Journal of Economic and Management Sciences (SAJEMS) between 2003 and 2011. This study builds upon that study to establish the extent to which the use of MMR has developed in SAJEMS.Research purpose: The purpose of this research is to explore and compare the levels of adoption of MMR in the present study to the one reported in the study of 2015.Motivation for the study: This study goes beyond the one of 2015 by exploring methodological transparency in the use of MMR by contributors to the Journal and answers the question: are we there yet?Research design, approach and method: The study analysed the methodology used by articles published in SAJEMS from 2012 to 2019. Content analysis was conducted on a total of 362 articles published in SAJEMS. Each of the nine articles identified as utilising MMR was analysed based on the indicators of use of MMR in the extant literature.Main findings: The findings show that studies neither stated the appropriateness of mixed methods nor specified the designs. Integration was done by a few articles in a limited way. The passing of 8 years has not brought about any difference in the results of the use of MMR in SAJEMS. The use of MMR remains underrepresented. It is evident that SAJEMS is not there yet.Practical/managerial implications: This article raises the need for methodological pluralism as an alternative to quantitative and qualitative methodologies.Contribution/value-add: Researchers are informed of the advantages of using MMR and incorporating the third methodological movement to obtain superior results.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"146 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77739135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A sustainable business strategy framework for small and medium enterprises","authors":"Vinay Bugwandin, Mohamed S. Bayat","doi":"10.4102/ac.v22i1.1021","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1021","url":null,"abstract":"Orientation: Business sustainability in today’s world is primarily arduous owing to global economic and financial crises. In the first quarter of 2019, according to Statistics South Africa, the Gross Domestic Product deteriorated by 3.2%. Similarly, in KwaZulu-Natal, the state of sustainability of small and medium enterprises (SMEs) was on the decline and the majority (75%) of SMEs failed after operating for 3 years.Research purpose: To formulate a business strategy to assist SMEs achieve sustainability.Motivation for the study: Small and medium enterprises in KwaZulu-Natal do not sustain themselves for long-term periods, the underlying problem being poor strategy formulation and hence, the need for a strategy to achieve sustainability.Research design, approach and method: A mixed methodology approach was used in this empirical study. A target population of 488 000 SME’s were considered with a sample size of 384 expected respondents. A total of 200 responses ( 52% of the target sample size) were obtained from the questionnaire within a capped period of 30 days. The Social Package for Social Sciences software was used for the quantitative aspect. In particular cross tabulations, central tendencies, and group difference techniques were used to analyse the data. In addition, the grounded theory was employed on a target of 20 individuals who were interviewed to investigate opinions towards strategy development and sustainability in KZN and NVivo software was used for the qualitative aspect.Main findings: The core element of ‘Strategy’ and the sub-elements of ‘Change’, ‘Purpose’ and ‘Leadership’ were investigated. It was found that ‘Change’, ‘Purpose’ and ‘Leadership’ were the main contributors towards achieving sustainability. Furthermore, a systems thinking model was used successfully to indicate the interdependencies to purport the goal of achieving sustainability. Ultimately it was found that ‘Strategy’, ‘Change’, ‘Purpose’ and ‘Leadership’ were required to achieve a ‘sustainable business strategy’.Practical/managerial implications: Due cognisance should be taken by leaders, from the perspectives of ‘Change’, ‘Purpose’ and ‘Leadership’, to formulate a strategy that sustains the business.Contribution/value-add: A conceptual framework to achieve a sustainable business strategy was developed for small to medium enterprises.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"102 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74961823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Investigating the antecedents and outcome of commitment in a business-to-consumer service environment","authors":"M. Roberts-Lombard, Fulufhelo H. Nemadzhilili, Gabriella S.M.Q. Coelho, Onnalena S. Mangope","doi":"10.4102/ac.v22i1.1028","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1028","url":null,"abstract":"Loyalty has been widely acknowledged as a critical component in long-term relationship-building with customers (Affran, Dza & Buckman 2019; Jo & Mo 2018). Marketing scholars like Alam, Karim and Habiba (2021) and Omoregie et al. (2019) have claimed that the future loyalty intention of customers will increasingly depend on their level of commitment. As a result, enhanced knowledge of the multidimensional nature of commitment and its potential influence on the attitudinal and behavioural loyalty of customers is important in highly competitive environments (Boonlertvanich 2019). According to Wu, Cheng and Hussein (2019), loyalty encompasses the preparedness to repurchase a product or service continuously in the future. This results in the ongoing purchase of similar products or services from the brand, although competitors are offering better value offerings that could stimulate the willingness to switch. Over the past two decades, a new school of thought has emerged that requires investigation into the multidimensional nature of commitment on loyalty. An understanding of the multidimensional nature of commitment is important to strengthen the commitment–loyalty link (Khan et al. 2020). Park and Kim (2018) and Tabrani, Amin and Nizam (2018) argued in favour of understanding commitment from a multidimensional perspective, as it can assist banks in better understanding their customers’ commitment needs. Fatima et al. (2020) and Hwang, Baloglu and Tanford (2019) agreed with this, stating that customers’ future loyalty intentions are guided by their affective and calculative Orientation: Over the past two decades, a new school of thought has emerged that requires investigation into the multidimensional nature of commitment on loyalty.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75870620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of social and institutional networks in sustaining South African rural small, medium and micro enterprises during the crisis","authors":"T. R. Farisani","doi":"10.4102/ac.v22i1.1007","DOIUrl":"https://doi.org/10.4102/ac.v22i1.1007","url":null,"abstract":"Orientation: The coronavirus disease 2019 (COVID-19) and its subsequent variants, has exposed the ill-preparedness of Small, Medium and Micro enterprises (SMMEs) to grow and sustain themselves and, by extension, livelihoods after the pandemic induced socio-economic crises around the world. Research purpose: This study aimed to contribute to an understanding of the impact of social and institutional networks in sustaining South African rural SMMEs during the crisis in rural municipalities. Motivation for the study: Previous studies on the sustainability of South Africa’s SMMEs have identified challenges and opportunities for urban-based SMMEs without clarifying the roles of rural-based social and institutional networks. This study was an attempt to fill that gap. Research design, approach and methods: This qualitative research design used an interpretative research paradigm to achieve the research objectives. Data were collected from 34 purposively (social network analysis group interviews) and 35 snowballing (semi-structured one-on-one interviews) selected participants from two rural municipalities. Data were analysed using NVivo 12 software. Main findings: The findings of the study revealed that, in the absence of provincial and nationally based institutions, rural SMME supportive groups established alternative local social and institutional networks to sustain their SMMEs in the post-socio-economic crisis period. Practical/managerial implications: It is therefore recommended that all the institutions must work together to transform rural SMMEs from their unsustainable state to sustainability (post socio-economic crisis). Contribution/value-add: By drawing on the critical elements of the sustainable livelihoods framework and institutional theory, this study proposed a conceptual model for sustaining rural SMMEs during crisis. © 2022. The Author. Licensee: AOSIS.","PeriodicalId":55663,"journal":{"name":"Acta Commercii","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90912566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}