Abstract: The need for an oversight mechanism to improve governance and as such accountability is required for state-owned companies (Institute of Directors South Africa and PwC 2011). Integrated reporting, if appropriately implemented, can answer this call due to its ability to provide a holistic view of the factors that create value for an entity in the short, medium and long term. The purpose of this study was to investigate the trends in integrated reporting by state-owned companies for the 2013, 2014 and 2015 financial periods with reference to section 2 of The Public Finance Management Act 1999. This study examined the nature and extent of disclosures made by state-owned companies with reference to the recommendations and requirements of King III (2009) and The International Integrated Reporting Framework (IR Framework) (2013) in respect of integrated reporting; by means of using a scorecard approach to identify the level of disclosure made by each state-owned company. The key findings of this study suggest that the level of reporting disclosure by state-owned companies increased over the period evaluated. A positive trend was identified in the level of reporting disclosures over the measurement period. Reporting disclosures generally increased from providing "little information" in 2013 to providing "some information" in 2015. It was found that there were no instances of non-compliance with overall disclosures in respect of King III and the IR Framework by any of the state-owned companies analysed over the three-year period. Furthermore, not a single company provided disclosure overall at an excellent level in any of the three years analysed. This finding suggests that although improving, the level of integrated reporting disclosure by state-owned companies is still only satisfactory and as such there is still much room for improvement

Abstract: The primary objective of this study was to investigate the influence of selected marketing and branding practices on the “perceived financial performance” of family SMEs. A survey using a structured questionnaire was used to gather the necessary data. The population consisted of all owners of family SMEs operating within the borders of the Eastern Cape province of South Africa. Criterion and convenience sampling were used, and questionnaires were administered by field workers. In total, 325 questionnaires were useable for statistical analysis. Scale validity and reliability were assessed, descriptive statistics calculated, and Pearson’s product moment correlations established. Multiple regression analysis was undertaken to investigate the hypothesised relationships. The results show that only “product differentiation” influences the financial performance of family SMEs, but given the low beta reported for this relationship claiming any serious linear relationship would be erroneous. Keywords: small- and medium-sized enterprises (SMEs); family SMEs; family business; marketing; branding; financial performance

Abstract: Distinguishing tourists based on their age and generational cohort has been applied widely as a useful market segmentation tool. However, to date, limited research has analysed the needs of the different generations, especially in a South African tourism context. Even fewer studies have attempted to analyse or segment the resort spa visitor. This quantitative research is one of the first to analyse the profile and needs of different generations, specifically at resort spas in South Africa. A distinction was made between baby boomers and Generation X at three selected resorts in the country. The research showed the value of the generational theory in understanding the travel behaviour of visitors but also highlighted the fact that regarding research on destinations it is recommended to analyse different generations rather than solely focusing on one, as this could lead to mismanagement of resources. This research contributes towards understanding the needs of different generations in a South African context. Based on the results, this research suggests that the country’s history, and subsequent national events, may have played a significant role in shaping the travel needs, preferences and behaviour of the domestic market.

Abstract: Modelling and forecasting of tourist arrivals at one of the Seven Natural Wonders of the World, the Victoria Falls Rainforest, is critical to the tourism industry and economy of Zimbabwe. The aim of this paper is to provide quantitative techniques that will help with accurate tourist arrivals forecasting, shedding light on seasonality and other patterns of tourist arrivals. A time series plot of the monthly tourist arrivals statistics from January 2006 to December 2017 availed by the Zimbabwe Tourism Authority and Zimbabwe Parks and Wildlife Management Authority shows an upward trend in tourist arrivals with large fluctuations. To tame the variance which is increasing with time, a logarithm transformation is done on the data. A SARIMA (2, 1, 0)(2, 0, 0)12 model fits well to the data and outperformed other SARIMA models and the naA¯ve, seasonal naA¯ve and Holt-Winters exponential smoothing models. A two-year future out-of-sample forecast is done using this model and gives reasonable forecasts that indicate a general rise in tourist arrivals. Investors, tourism managers and the government can make use of such results in order to find effective and efficient solutions to the investment, foreign currency, accommodation, transport and infrastructure development problems and other tourist-related challenges faced by Zimbabweans.

Abstract: Corporate governance and risk management values that are not sufficiently established and affected may lead to the growth potential of South Africa as one of the economically leading countries in Africa being inhibited. The objective of the study was to test the interdependence of risk management, corporate governance, and management accounting in the top performing public listed companies of the Johannesburg Stock Exchange. A literature review, structured questionnaire and document review were used to conduct the study. The empirical results of the study demonstrate that there is a side-to-side interdependence of risk management, corporate governance and management accounting. It is recommended that future studies cover the risk management aspect of fraud, stakeholder management and the areas of compliance that have not been covered in the study.

Abstract: Regulators have imposed heavy penalties on banks for conduct failures since the global financial crisis occurred in 2007/2008. Banks play an important role in the economy, and it is therefore in the interests of both the public and government that banks have an effective conduct-risk approach in place; one that complies with regulation and ensures business sustainability. Current conduct-risk approaches are inadequate, and literature is sparse—especially regarding developing economies. The goal of this research was to explore ways in which banks can manage and mitigate conduct risk, while ensuring sustainability. The qualitative design of this study used South Africa as an example of a developing market; and it employed primary and secondary data. The analysis shows that banks have been focused on developing a suitable high-level strategy but have neglected the lower level (where employees and customers meet). Consequently, they have exposed themselves to conduct risk. Based on these findings, this article suggests that banks’ strategies should be tackled in a top-down fashion, while they simultaneously pursue customer outcomes from the bottom-up. This study is crucial, as banks must prepare for new legislation, avoid fines, and strategically position themselves to satisfy clients and remain sustainable. Since the last self-assessment by the (then called) Financial Services Board in 2013, no formal assessment of conduct risk in the South African banking industry has taken place.

Abstract: The study extends contemporary research on adaptive career behaviour by exploring the link between three under-researched psychological career-related attributes (career values, career enablers and career harmonisers) that may potentially serve as mechanisms for enhancing individuals’ self-efficacious career adaptability (career confidence). Participants (N = 248) were early and middle career stage individuals employed in an organisation situated in Gauteng, South Africa. Analyses included regression-based moderated-mediation procedures to assess conditional direct and indirect effects of the psychological career constructs. The results indicated that although the career harmonisers did not have a significant mediating effect, the conditional indirect effect of career enablers on career confidence through career harmonisers increased when the score on career values was high. Employees’ career confidence may potentially be enhanced by means of well-developed career enabling skills and positive psychosocial career attributes on the condition that they have strong (well-crystallised) career values.

Abstract: South Africa is currently one of the “dirtiest” economies in the world in terms of carbon emissions. The South African economy is heavily dependent on energy-intensive industries, such as mining and primary minerals beneficiation, which in turn rely on fossil fuels as a source of energy. Sustainability is still a relatively new concept in South Africa, but awareness is growing, and there are several on-going initiatives aimed at reducing the country’s total energy consumption. The objective of this paper is to apply the TIMBER framework to assess current transport decarbonisation activities in South Africa. The article discusses a limited field survey of ten important logistics experts in South Africa to establish whether the findings of the researchers are similar to the perceptions within the logistics sector of major industries in South Africa. This paper concludes by providing possible solutions for reducing carbon emissions in South Africa’s logistics industry.

Abstract: The aim of this paper is to ascertain the usage of price comparisons and avoidance of impulse purchases regarding in-store food-buying practices among consumers who reside in low, middle and high socio-economic status (SES) regions. The article will also focus on the effect of shopping characteristics and socio-demographic factors on in-store food-buying practices. A quantitative consumer intercept survey was conducted among 400 low, 400 middle and 400 high SES region consumers in retail stores. Statistical analysis of in-store food-buying practices was conducted via a generalised linear model analysis of variables, utilising the Wald’s Chi-square statistic distribution. Consumers who live in the low SES region exhibited the largest price comparison usage tendency, whereas the high SES region consumers showed the highest predisposition to make impulse purchases. Several shopping characteristics and socio-demographic factors resulted in significant associations in terms of price comparisons and the avoidance of impulse purchases. Food manufacturers, marketers and retailers should consider implementing the study’s primary results in their marketing activities among consumers in the different SES regions. Additionally, shopping characteristics and socio-demographic factors of in-store food-buying practices require further research to add to the limited theoretical discourse.Â

Abstract: In his article, The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861 –1957, Phillips demonstrates a clear trade-off relationship between the rate of change in nominal wages and the rate of change in unemployment for the period under study. Post-publication, Phillips’ article became popular and is widely discussed in first-year economics textbooks. This article analyses the educational implications of the Phillips curve in textbooks prescribed by South African universities. It has been found that in a number of these publications, the Phillips curve is incorrectly illustrated as a trade-off between the level of inflation and the level of unemployment, which is not what the author concluded. A change in the way the Phillips curve is taught at tertiary institutions is therefore required to ensure that students are properly informed about aspects impacting employment. The findings of Phillips in their original format, rather than as misrepresented in some South African textbooks, should be taught to South African students. The research also shows that educators should consult original sources, rather than relying on the interpretation of others, when teaching technical aspects of an academic discipline. Keywords: economic growth; economics; employment; inflation; Phillips curve; unemployment

Abstract: Financial literacy has been identified in previous studies as an area that has not been researched extensively in South Africa. This is particularly true for the working class of black South Africans, who have been previously disadvantaged and were excluded from the mainstream economy and financial services under the apartheid regime. Lower savings and over-indebtedness in this group can be attributed to lower levels of financial literacy. The aim of this study is to examine financial literacy of black South Africans with a commerce tertiary qualification working in Pretoria and Johannesburg, based on descriptive research and structured questionnaires. In total, 171 participants who work in different sectors of the economy and who live in Gauteng were surveyed. The study found that although people with a commerce tertiary qualification are more financially literate than those with non-commerce tertiary qualification, black South Africans nevertheless are less financially literate than their coloured, Indian and white counterparts. Additionally, financial literacy is a significant predictor of individuals’ saving habits.