Doctoral Degrees (Accounting)

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Attributes of audit committee and real activities manipulations of Nigerian quoted companies.
(2020) Samuel, Gabriel.; Farai, Kwenda.; Stainbank, Lesley June.
This study investigated the impact of audit committee attributes on real activities manipulation (RAM) among listed companies in Nigeria. The study covered 14 years, from the year 2001 to 2014, and covered 74 listed firms. The study adopted a multimodel approach, using both primary and secondary data sources by firstly conducting a regression analysis, and secondly, using survey research to evaluate the results of the panel data regression analysis which provided a triangulation of the results. Relevant data (both financial and non-financial) were sourced from the annual reports of the sampled Nigerian companies using the INET BFA, Nigerian Stock Exchange (NSE) Factbooks, NSE libraries, Securities and Exchange Commission (SEC) library, sampled companies’ websites (for soft copies of published annual reports) and responses to questionnaires administered on all the current audit committee members of the sampled firms. The study investigated three types of RAM, which included sales manipulation, discretionary expenses manipulation and production cost manipulation. The aggregate or composite value of all three types formed the dependent variable of the study. Six audit committee attributes were investigated as independent variables: independence, financial literacy, frequency of meetings, multiple directorships, female directorships, and size. The study used both panel and logistic regressions in analysing the data. The results showed the prevalence of all the three types of RAM among listed firms in Nigeria. Both results (panel regression analysis and the logistic regression analysis) confirmed that manipulations of sales and discretionary expenses are the dominant nature of RAM. The results from the panel analysis indicated that three of the attributes, vis a vis, independence, frequency of meetings and female directorships are essential audit committee attributes that can constrain RAM practices. On the other hand, the logistic regression results also revealed that two attributes, independence, and frequency of meetings could significantly impact RAM. Audit committee independence and frequency of meetings are the attributes that have a negative significant influence on RAM in both results. The SEC (2003, 2011) codes were all not statistically significant in the panel regression results except in the logistic regression result. Therefore, the study recommends that audit committee members’ independence should be enhanced, and that the audit committees of other relevant agencies should give more attention to the cash flow analysis of companies to curtail the rising manipulation through sales among listed companies in Nigeria.
Complicated colorectal cancer : prevalence in KwaZulu-Natal teaching hospitals.
(2018) Mothae, Sibongile Joalane.; Madiba, Thandinkosi Enos.
Background Colorectal cancer (CRC) is the third most common +cancer in the world. According to National Cancer Registry in 2004, was listed the 4th most common cancer in South Africa. The average person’s lifetime risk of CRC is 5%. Majority of CRC is sporadic, with only 20% associated with inherited and inflammatory bowel disorders. Incidence increases with increasing age and genetic mutations. CRC incidence higher in people aged 50 and older. Unfortunately the incidence of CRC is escalating in patients younger than 50. Young age is considered a poor prognostic factor, usually presenting in advanced stages, with more aggressive histopathologic features. Other risk factors depend on lifestyle and behaviour (diet, smoking, alcohol, obesity). Survival depends on the stage at diagnosis. Five year survival for localized disease is 90%, 60% for regional disease and 10% for metastatic disease. Due to lack of recognized screening programs in South Africa, a large number of patients with CRC present to surgical units with complications of colorectal cancer. Morbidity and mortality associated with emergency surgery is very high. It is estimated that about 30% of patients with CRC present with complications such as obstruction, perforation, bleeding and fistulas. Of these 8-10% present with obstruction, and approximately 3% with perforation. These complications are associated with the worst prognosis. Aim There is a lack of data on complicated colorectal cancer in South Africa. The study was therefore undertaken in order to establish the prevalence of complicated colorectal cancer among patients presenting to the KwaZulu-Natal teaching hospitals. 8 Methods This is a retrospective analysis of a prospectively collected data. The on-going KwaZulu-Natal colorectal cancer database was established in 2000. The database now comprise 1944 patients with colorectal cancer (CRC). Of these, 448 patients presented with complicated colorectal carcinoma and these patients form the basis of this analysis. Results Four hundred and forty eight patients with complicated colorectal carcinoma were accrued during the period 2000 - 2016. There were 244 (54.5%) males and 204 (45.5%) female. There were 165 Indians, 163 Africans, 92 White and 28 Coloured patients. The mean age at presentation was 56.4± 14.4years. Seventy patients (16.1%) were young patients, presenting at or under the age of 40 years. A total of 382 (20%) patients presented with malignant obstruction, 71 (4%) with perforation and 28 (1.5%) with malignant fistula. Twenty-five patients presented with combined obstruction and perforation and eight had combined malignant obstruction and fistula. The most common sites for malignant obstruction were sigmoid and rectum; the sigmoid colon and caecum were the most common sites for perforation and the rectum and sigmoid colon predominated among patients with malignant fistula. The majority of the patients presented as stages II, III and IV at 26.3%, 26.6% and 29.7% respectively. The median follow up period was 11 months for all three groups of complications (range 1-180 months for malignant obstruction, 1-94 months for perforation and 1-94 months for malignant fistula) 9 Discussion The proportion of patients with complicated colorectal cancer was 23%.The mean age for the cohort was 56.4±14.4 years, considerably less than 63-72 years reported in the world literature. The age at presentation for Blacks was the youngest being about one to two decades younger than the other population groups. Whites were oldest at presentation in comparison to other races and their mean age approximated the world literature. These population differences in age distribution mimic that seen in the general population of patients with CRC in KwaZulu-Natal, where Blacks were a decade younger than the other population groups. The proportion of patients presenting with obstructing CRC in this study was 20%, it fell within the range of published series and did not differ between races or gender. Perforation was the second most common complication (4%) in this study. Contrary to obstruction and fistula, perforation seemed to have an equal sex incidence. The 1.5% fistula rate in this series compares favourably with the literature. In malignant obstruction resection rate was 68% with a five-year survival rate of 70%. Patients with perforation had the highest resection rate at 97% and they achieved the best an overall five-year survival of 85%. Malignant fistula had the lowest resection rate at 32% and the five-year survival was the poorest at 60% compared to the other neoplastic complications in this series. Conclusion The prevalence of complicated colorectal cancer in our setting is similar to that reported in the literature. The prevalence is the same across all population groups and the sex incidence is similar, but the age at presentation is younger in Blacks. The site distribution varied according to the complication, with obstruction associated more frequently with left-sided disease and fistula involving the sigmoid and rectum. 10 The resection rate was dependent on the type of complication. The resection rate was better for malignant perforation and obstruction than malignant fistula. The fistula population also had a worst survival rate. Patients who underwent resection had a zero in-hospital mortality rate. The perforation status did not impact on long-term outcome. Patients with malignant fistula appeared to have the worst outcome. Presentation of CCC (and CRC in general) at a younger age in our setting in Black patients highlights the need for more research in developing countries.
Corporate governance and the firm value proposition: evidence from Nigeria=Ukuphathwa kwebhizinisi kanye nesiphakamiso somthamo eliqinile: Ubufakazi obuvela e-Nigeria.
(2021) Agara, Iwora.; Stainbank, Lesley June.
This study investigated the relationship between compliance with the corporate governance mechanisms and the financial performance of listed non-financial firms in Nigeria from 2012 to 2019, using the compliance index and the equilibrium variable models. A compliance index was developed using the corporate governance provisions contained in the Nigerian Security and Exchange Commission (SEC) Code of 2011, which was effective from 2011 to 2019, and the Companies and Allied Matters Act (CAMA) of 1990 (as amended to date), which was also effective during the period. The agency theory was the main theoretical framework that underpinned this study. The study‟s sample was comprised of 63 listed non-financial firms, leading to 504 firm years using the panel data analysis. The research methodology was a quantitative approach based on the positivist philosophical paradigm. Using the Eviews statistical software for data analysis, the Fixed Effect estimation method was adopted. Evidence shows that during the period of the study, the compliance rate grew from 70.38% in 2012 to 71.74% in 2019. There was a negative but insignificant relationship between the corporate governance compliance index and the financial performance of the firm. A significant negative relationship existed between the Q ratio and female board membership, ROE and non-duality, and the product market share, NAT and non-duality, female board membership, and board meetings. A significant positive relationship was found between the market share and NAT. This study made 13 recommendations focusing on the enforcement of corporate governance disclosures, empowerment of the statutory audit committee, representation of the minority shareholders on boards, number of mandated board committees, frequency of meetings, inclusion of females and foreign nationals on boards, relaxing the duality requirement, fixing specific penalties for levels of corporate governance infractions, corporate governance education, and the issuance of official corporate governance ratings and scores. In addition, several policy implications were raised which are aimed at improving the corporate governance practices by listed non-financial firms to enable them to operate competitively and sustainably in the global economic renaissance. Iqoqa Lolu cwaningo luphenye ubudlelwano phakathi kwezinqubo zokuphatha izinkampani kanye nokusebenza kwezezimali kwezinkampani ezingezona ezezezimali ezisohlwini lwase-Nigeria ngokuya nge-Tobin's Q, Return on Equity (ROE), kanye Nemali Yenzuzo Yempahla, phecelezi i- Net Asset Turnover (NAT) kusetshenziswa inkomba yokuthobela imithetho namamodeli aguquguqukayo okulingana enkathi ka-2012 kuya ku-2019. Inkomba yokuthobela yasungulwa kusetshenziswa izinhlinzeko zokuphatha izinkampani eziqukethwe kuKhomishana Yezokuphepha Nokushintshisana YaseNigeria ka-2011, eyaqala ukusebenza kusukela ku-2011 kuya ku-2019, kanye Nomthetho Wezinkampani Nezihlangene ka-1990 ( njengoba ichitshiyelwe kuze kube manje), nayo eqale ukusebenza ngaleso sikhathi. Ithiyori ye-ejensi (i-agency theory) kwakuwuhlaka lwethiyori oluyinhloko olwasekela lolu cwaningo. Isampula yocwaningo yakhiwe amafemu angewona awezezimali ohlwini lwamashumi ayisthupha nantathu (63), okuholele eminyakeni engamakhulu ayisihlanu nane (504) eqinile kusetshenziswa ukuhlaziywa kwedatha yephaneli. Indlela yocwaningo bekuyindlela yokulinganisa esekelwe kumbono wefilosofi ye-positivist. Kusetshenziswa i-software yezibalo ze-Eviews yokuhlaziya idatha, indlela yokulinganisa ye-Fixed Effect (FE) yamukelwa. Ubufakazi bubonisa ukuthi phakathi nesikhathi socwaningo, izinga lokuthobela imithetho likhule lisuka ku-70.38% ngo-2012 laya ku-71.74% ngo-2019. Kube nobudlelwano obungebuhle kodwa obungabalulekile phakathi kwenkomba yokuthobela ukubusa kwebhizinisi kanye nokusebenza kwezimali kwefemu. Ubudlelwano obubalulekile obungebuhle babukhona phakathi kwesilinganiso se-Q nobulungu bebhodi labesifazane, i-ROE nokungeyona into ekabili, kanye nesabelo semakethe yomkhiqizo, i-NAT nokungeyona into ekabili, ubulungu bebhodi labesifazane, nemihlangano yebhodi. Kutholwe ubudlelwano obuhle obubalulekile phakathi kwesabelo semakethe ne-NAT. Lolu cwaningo lwenze izincomo eziyishumi nantathu (13) ezigxile ekuphoqeleleni ukudalulwa kokuphathwa kwebhizinisi, ekuhlomiseni ikomidi lokucwaninga amabhuku, ukumelwa kwabanikazi bamasheya abambalwa emabhodini, inani lamakomiti ebhodi agunyaziwe, izikhathi zemihlangano, ukufakwa kwabesifazane nabangaphandle emabhodini, ukuxegiswa kwezinhlangothi zombili, imfuneko, ukulungisa izinhlawulo ezithile zamazinga okuphulwa kokuphathwa kwebhizinisi, imfundo ngokubusa kwebhizinisi, kanye nokukhishwa kwezilinganiso zokuphatha okusemthethweni kwebhizinisi kanye namaphuzu. Ukwengeza, imithelela eminingana yenqubomgomo yaphakanyiswa okuhloswe ngayo ukuthuthukisa izinqubo zokuphatha izinkampani yizinkampani ezingezona ezezezimali ezisohlwini ukuze zikwazi ukusebenza ngokuncintisana nangokusimeme ekuvuselelweni kabusha komnotho womhlaba.
The corporate governance practices of audit committees in the KwaZulu-Natal local government municipalities.
(2020) Mqadi, Siphiwe Freddy.; Nomlala, Bomi Cyril.; Mkhize, Msizi Vitalis.
For several decades, the Audit Committee has been a subject of substantial research interest in developed countries, including the United States of America, the United Kingdom and Australia. However, in emerging economies, Audit Committee remains a relatively new topic with their current practices not ideal for municipalities to fully benefit from them, as their contribution remains an illusion to communities. The problem derived from the comprehensive academic literature is that Audit Committees in the public sector are not deemed to be an effective instrument (governance structure) of the governing body because the practices culminating in good corporate governance are not understood and supported by the governing bodies, or that the Audit Committees themselves are not cognisant of their practices, are not effectively constituted, or take on responsibilities outside of their remit. The study investigates the corporate governance practices of Audit Committees in KwaZulu-Natal local government municipalities, a public sector sphere. The primary data was collected through questionnaire surveys and supplemented with semistructured interview surveys from four distinct (although significant) sample groups (i.e., Audit Committee Chairpersons, Municipal Managers, Chief Financial Officers, and Internal Auditors). The study employed a sequential explanatory mixed-methods approach. Data were analysed using -Statistical Package for Social Sciences (SPSS) for quantitative data Semi-structured interviews were transcribed and analysed qualitatively. The study emphasises the effectiveness of Audit Committee, which can execute its oversight role and responsibilities in relation to the quality of audit in the public sector. More specifically, the observations made in the study include: The lack of guidelines on minimum expertise (qualifications and “appropriate experience”) of Audit Committee members in the legislation creates room for wrong persons to be Audit Committee members; communities in KwaZulu-Natal local government have little to no knowledge of Audit Committees and their oversight roles; the municipal administration does not provide proper support for Audit Committees to discharge their duties; and although the Audit Committees are playing an essential role in some areas including financial reporting, external auditing, and internal auditing, there is a still considerate scope where the Audit Committees can play a more proactive and robust role. The study concludes by accentuating the need for Audit Committee effectiveness in KwaZulu-Natal local government, which includes: The adoption of a corporate governance framework (based on standardised sound governance principles) that will address the uniqueness of the local government sphere through a code of corporate governance and a corporate governance framework; strengthen municipal leadership to ensure that leaders possess official skills to enable them to realise the vision of the institution; promulgation of codes of ethics for local government to deal with problems of ethics, transparency, and accountability, and offer measures on non-compliance to this code of ethics; making financial sustainability center-stage of each municipality; and implementation of the municipal intervention (including local participatory governance) in a way it was initially conceived and written.
Dividend policy, agency cost and bank performance in sub-Saharan Africa.
(2018) Olarewaju, Odunayo Magret.; Migiro, Stephen Oseko.; Sibanda, Mabutho.
This study explored the relationship between dividend policy, agency costs and bank performance among sub-Saharan African (SSA) commercial banks. More specifically, it examined the factors that determine the dividend payout ratio of commercial banks in this region; established the direction of causality between the dividend policy and financial performance of commercial banks in sub-Saharan Africa; determined the effects of operational diversification on these banks’ financial performance and evaluated the relationship among dividend policy, agency costs, market risk and performance in SSA commercial banks. The study was motivated by the desire to assist banks to formulate a balanced dividend policy that will enable them to contribute to economic growth and thus ameliorate the poverty, underdevelopment and poor financial depth that characterise the region. Data were collected from 250 commercial banks from 30 SSA countries using BankScope for the period 2006 to 2015. The data were analysed using descriptive statistics and inferential statistics with different econometric techniques, namely, static regression via pooled, fixed and random estimations and dynamic regression analysis via Panel Generalised Method of Moments (GMM), Panel Vector Error Correction Model (P-VECM), the Panel Granger Causality test, Impulse response function and Variable decomposition. Using both Differenced and System GMM, the study found that the lagged dividend payout ratio, after tax income, size and leverage are the key determinants of the dividend payout ratio in SSA commercial banks. The analysis of the causal relationship between dividend policy (dividend payout and retention ratio) and bank performance revealed unidirectional causality between the retention ratio and Return on Assets as well as between Return on Equity and the dividend payout ratio. The study also found that none of the dimensions of operational diversification have a significant effect on financial performance in the static regression analysis, while the GMM analysis (dynamic analysis) showed that, past year performance (lagged Return on Average Assets), asset diversification, deposit diversification, loan diversification and income diversification have a significant effect on banks’ financial performance (Return on Average Assets). In addition, a long-run relationship was identified between dividend policy, agency costs, and market risk and bank performance. The disequilibrium from the long run estimate will take about 39.5% annual speed of adjustment to return to a steady state. In terms of the two proxies of market risk, the interest rate risk has a negative effect, while the foreign exchange risk has a significant positive effect on variations in bank performance in sub-Saharan Africa. The evidence from the impulse response function and variable decomposition shows that all the variables in the series responded to shocks in performance (ROA) directly or indirectly during the investigated period, with dividend policy and agency costs the most significant. These findings imply that SSA banks should curtail payment of dividends as the current situation warrants re-investment of earnings to boost their assets and make a meaningful contribution to the region’s economic growth. Among others, this study recommends policies to improve dividend policy formulation in such a way that the agency costs of debt and equity will be minimised, and all the banks’ stakeholders’ interests will be protected to promote the future growth of the sector. It contributes to the extant literature by examining dividend policy with a regional focus using data from 30 SSA countries and identifying the major bank-specific determinants of the dividend payout ratio that can serve as a uniform formula for dividend payments across the region. Furthermore, this is the first study to establish that only dividend retention policy can cause bank performance in this region. Finally, the study used the Herfindahl-Hirschmann Index to measure the diversification of four major dimensions of banking operations and is the first of its kind in the SSA region to evaluate the relationship between dividend policy, agency costs, and market risk and bank performance using long-run analysis.
The effectiveness of electronic fiscal devices in ensuring tax compliance among small business owners of Arusha-Tanzania.
(2020) Malima, Agnes Elson.; Pillay, Surendran.; Obalade, Adefemi Alamu.
This study assessed the contribution of Electronic Fiscal Devices (EFDs) in tax compliance among small business owners of Arusha, Tanzania. The government of Tanzania invests effort to ensure that revenue adequately supports development projects; however, there is continued reliance on external sources of funds to support development projects. This poses a question on how the introduction of EFDs would increase tax compliance for sustainable government income generation. The first objective of the study determined whether the fear of whistle-blowers impacts the rate of using Electronic Fiscal Devices. Secondly, the study determined whether the perceived level of punishment due to non-compliance impacts the rate of EFD use. Furthermore, the study determined the impact of EFD use on audit effectiveness, the level of transparency and fairness in tax procedures. Lastly, the study determined the impact of EFD use, the level of transparency, fairness in tax procedures, and the audit effectiveness on tax compliance. Overall the study used mixed methods. In addition, the study used a quantitative sample of 279 respondents obtained through systematic sampling. Also, it used a qualitative sample of 10 respondents obtained conveniently. Additionally, face and content verification were used for validity confirmation, and the Cronbach Alpha tested the reliability of the data. All quantitative questions used a 5-level Likert scale. Data was analysed using descriptive procedures, One Way ANOVA, Chi-Square, and ordinal regression. The following were the findings of the study: First, the fear of whistle-blowers determined the rate of using EFDs. On the other hand, audit effectiveness impacted tax compliance. Lastly, the use of EFDs in tax audits impacted tax compliance.
Financial capability, financial socialisation and professional skills of Accounting students studying in KwaZulu-Natal universities.
(2019) Nomlala, Bomi Cyril.; Sibanda, Mabutho.
The global discourse on financial capability and financial socialisation has gained momentum in recent times. Professional skills gradually become an issue that prospective employers say most graduates are missing. This has aroused policymakers and academics’ interest in the importance of financial capability, financial socialization and professional skills in maintaining economic and financial stability. The global financial crisis of 2007/2008 was a consequence of the lack of such capability. At local and international level, much attention has been paid to financial capability and little has been done on financial socialisation and professional skills, especially when it comes to financial decision making and related skills. Both young and old have been affected by poor financial decision making which has negatively affected the economy. What further complicates the poor financial decision making is the fact that there is also bad influence coming from external sources and lack of requisite skills for sustainability. However, it remains unclear whether university students enrolled in financially related courses, particularly accounting students in the KwaZulu-Natal Province of South Africa, have higher financial capability levels as measured by financial knowledge, financial attitudes, numeracy skills and financial behaviour. It also remains an unknown factor whether what role external factors play in financial decision measure by parental influence, peer influence and social media play a critical role in the financial decision making. It is also not known whether students studying for accounting degrees in professionally accredited institutions are more financially capable than their counterparts in non-accredited institutions. Finally, there is a lack of clarity on whether financial knowledge, numerical skills, financial attitudes and financial behaviour as components of financial capability can be influenced by financial socialisation. This study was motivated by the existence of these grey areas in the current literature. It aimed to provide empirical evidence on these issues that will inform curriculum development and policy formulation on financial literacy matters in South Africa. Self-administered questionnaires were utilised to collect primary data from undergraduate accounting students studying at the University of KwaZulu-Natal (UKZN), Mangosuthu University of Technology (MUT) and Durban University of Technology (DUT). The Statistical Package for the Social Sciences (SPSS 25) was used to analyse the data. Descriptive statistics, Bivariate regression analysis and One-way Analysis of Variance (ANOVA) were employed to investigate the financial capability of accounting students and confirmatory and exploratory factor analysis was used to identify the factors that influence such capability. Cross Tabulation and Regression analysis were used to ascertain the relationship between level of study and financial capability and factor analysis was employed to determine the factors that influence the accounting students’ financial capability, financial socialisation and professional skills. Regression analysis was also used to evaluate the difference in professional skills and financial capability between UKZN (SAICA accredited) and DUT and MUT (non-SAICA accredited). Finally, Chi-square was employed to establish the relationship among the financial capability, financial socialisation and professional skills of accounting students. The results revealed that more of the respondents were female than male. The overall analysis of the financial capability of the accounting students indicated that most of the respondents (n=1416; 89.5%) have high financial capability. However, only (n=229; 14.5%) were found to have high levels of financial knowledge. With (n=1513; 95.6%), (n=1286; 81.3%), and (n=1394; 88.1%), it was found that most of the respondents have positive financial attitudes, good financial behaviour, and high numeracy skills, respectively. The computations in relation to financial socialisation and professional skills showed that most of the respondents are not influenced by social media, while most have excellent professional skills, with (n=1149; 72.6%) and (n=1506; 95.2%), respectively. The financial capability of the accounting students is high compared to the results of previous studies conducted among the general population. However, the results for financial knowledge (a component of financial capability) are low, which is consistent with the findings of other studies. The finding that financial attitudes, financial behaviour and numeracy skills significantly influence financial capability is a unique feature of this study, as it has not been reported in the literature reviewed. As expected, the numeracy skills of the accounting students were high compared to previous research. Nonetheless, much remains to be done to improve the financial knowledge of students in general and accounting students in particular.
Financial sector development and economic growth in Rwanda.
Gisanabagabo, Sebuhuzu.; Ngalawa, Harold Phellix Emmanuel.
There is a widespread consensus in the literature that financial sector development plays a significant role in economic growth. Several studies have also shown that economic growth is associated with an efficient banking sector with low ratios of Non-Performing Loans (NPLs). Against this background, the government of Rwanda holds the view that developing the financial sector can lead to the country’s economic growth. However, there is no agreement in the literature on whether or not individuals and companies increase borrowing in response to financial sector development. In the case of Rwanda, no study that the researcher is aware of has established the directional influence between borrowing and financial sector development, and its links to economic growth. Similarly, no assessment has been made of the country’s financial sector efficiency and the causes of NPLs. Therefore, the main objective of this study is to assess the mechanism that relates financial sector development to economic growth in Rwanda. The study is made of three inter-related papers corresponding to the three specific objectives that together contribute to the achievement of the general objective of understanding how finance relates to economic growth in Rwanda. The first paper sets to investigate the relationship between financial intermediation and economic growth in Rwanda. Using a Cointegrated Structural Vector Autoregressive model on quarterly data for the period 1996:1 to 2010:4, the study finds the existence of a cointegrating relationship between financial intermediation and economic growth. It also observes that domestic credit to private sector shock accounts for the largest proportion of fluctuations in real output growth, followed by potential liquidity available, supporting the supply-leading hypothesis in the intermediation link between financial sector development and economic growth in Rwanda. The second paper aims at assessing the efficiency of commercial banks in Rwanda. Using a stochastic frontier analysis for the period 2007 to 2013, the study finds that the commercial banking sector has a mean cost efficiency score of 88.56 percent, suggesting that in order to enhance their efficiency, banks can reduce their input composition by 11.44 percent. Finally, the third paper investigates the microeconomic factors that influence NPLs in the Rwandan banking sector. Applying a multivariate logistic model, the study finds a negative relationship between repayment period and NPLs, indicating that an extension of the repayment period up to four years can lead to decreases in NPLs. Thus, for Rwanda to attract businesses that can easily make use of current financial services, it should reinforce incentives regarding the legal framework to conduct business. The country should also continue to promote the adoption and use of modern technology as well as sensitizing financial intermediaries to extend the repayment period. Combined, these measures could boost the financial sector’s efficiency, hence stimulating economic growth.
Forensic auditing as a powerful tool to enhance non-government organisations’ fraud risk management: a study of selected NGOs in eThekwini region, South Africa.
(2022) Mvunabandi, Jean Damascene.; Nomlala, Bomi Cyril.; Patrick, Harold.
Financial statement fraud is of serious concern to professional auditors, funders, and regulators. Although responsibility for fraud prevention and detection falls on management and those in charge of governing entities, external auditors are likely to come under strong criticism if fraud is not detected. This study empirically investigated the relationship between forensic auditing and fraud risk management, focusing on financial statement fraud among non-government organisations (NGOs). It aimed to determine whether forensic auditors prevent, detect, investigate, and respond to the risk of financial statement fraud among these organisations. To achieve these objectives, the study explored the significance of various fraud risk factors to propose how forensic auditors could respond to this risk using proactive forensic auditing techniques. It also explored the motivation for financial statement fraud. Four research questions guided the study, and four hypotheses were tested. Thirty large NGOs in the eThekwini region, South Africa constituted the sample, and the study population was 87 staff (internal auditors, forensic auditors, managers, accountants and bookkeepers, audit committees, finance officers, Chief Operations Officers, Chief Executive Officers, and directors). Data were gathered by means of an online questionnaire and semi-structured interviews via Zoom. Structural Equation Modelling (SEM) and Confirmatory Factor Analysis (CFA) were employed to test the fitness of the model and to evaluate the independent variables. Robustness analysis was performed using Analysis of Moment Structures (AMOS) software version 27 for CFA (alongside SPSS Version 27) to estimate statistical models. Structural Equation Modelling was simultaneously used to estimate the link between fraud risk management factors, preventive fraud practices, detective fraud practices, responsive fraud practices and proactive forensic auditing techniques among NGOs. The responses to the interview questions were analysed using conventional thematic analysis via qualitative data analytic software NVivo 12. The study’s results revealed that the proactive approach to forensic auditing has a significant impact on fraud risk management among NGOs in eThekwini region. A new, holistic fraud combination theory is proposed to address the shortcomings of the fraud triangle theory and improve fraud prevention, identification, and detection, and it is recommended that NGO governance structures adopt proactive forensic audit techniques. As the first to explore financial statement fraud and the extent to which forensic auditors could assist in the NGO context, this study deepens understanding of forensic auditing as the main driver of fraud risk management among NGOs by providing field-based evidence. It also contributes to the application of critical realism, interpretivism and positivism to accounting and auditing research.
The impact of tax planning and corporate governance on firms’ value in East Africa.
(2022) Kimea, Alfred James.; Mkhize, Msizi Vitalis.
The study investigated the impact of tax planning on the value of listed firms in East African countries (EACs). Further, it examined the moderating influence of corporate governance on the relationship between tax planning and firm value. The data collected involved 99 firms listed on the capital markets of three EACs: Tanzania, Kenya and Uganda. The study used unbalanced panel data reflecting twelve years from 2008 to 2019. The research had four separate objectives. Regarding the first objective, the empirical findings revealed the existence of tax planning activities amongst the firms listed in EACs. The results showed a gradual increase in the tax planning activities in EACs during the twelve years represented. The study’s findings concerning the second objective showed that firm size, profitability, and age significantly influenced the level of tax planning in EACs. Moreover, these results suggested that large, more profitable, and older firms were less tax aggressive. Regarding corporate governance mechanisms, the findings were that large board size, an increase in directors’ compensations and ownership concentration increased the tax planning aggressiveness of the firms. The results further demonstrated that specific institutional arrangements in a country, such as management quality, culture, regulations, ethics and auditing quality, significantly impacted the firms' tax planning activities. Regarding the third objective, the findings showed that tax planning negatively impacted firm value. Lastly, concerning the fourth objective, the results established that the strength of corporate governance had a significant moderating influence on the relationship between tax planning and firm value. The study concludes that firms that engage in better tax planning practices can generate higher firm value when good corporate governance systems are in place. The researcher recommends higher transparency in firms’ tax-planning activities because they can potentially increase a firm's value. The study contributes to knowledge since there is a general dearth of published research studies that estimate the associations between tax planning, corporate governance and firm value in emerging economies. This thesis makes several recommendations from the study concerning tax planning activities to guide governments, managers, practitioners and shareholders of firms in emerging economies.
An investigation to determine the possible benefits that may accrue to South African investors pursuing international investment diversification.
(1987) Bhana, Narendra.; Konar, Deenadayalen.; Van der Schyf, D. B.
No abstract available.
Investor protection, auditor quality and financial reporting quality in the Sub-Saharan Africa (SSA)
(2020) Oduro, Isaac Marfo.; Sibanda, Mabutho.; Agyei, Samuel Kwaku.
Abstract available in PDF.
Material flow cost accounting practices and resource efficiencies in South African sugar industry.
(2019) Doorasamy, Mishelle.; Rhodes, Bruce David.
Given the backdrop of inefficiencies and declining productivity in the South African sugar industry, this study examined material flow cost accounting (MFCA) as a decision-making toolkit for improving resource efficiency in the industry. This was considered with three distinct objectives, namely: to establish which factors determine the quality of sucrose in sugarcane production; to demonstrate the potential environmental and economic benefits of cleaner production processes and technologies in the sugar milling industry, and to examine the effectiveness of adopting the MFCA framework approach as a decision-making tool in the supply chain to improve overall performance of the sugar industry. Data were collected from a panel of the six sugar milling firms that are operating in the South African sugar milling industry. For the first and second objectives, the panel auto regressive distributive lag (P-ARDL) estimating technique was adopted while models from literature were employed to access the efficiency of the implementation of MFCA as an important alternative to the conventional accounting process in the third objective. A system generalized method of moments (GMM) estimation technique was also used to estimate the impact of sucrose content on profitability. As well, a random effect regression model was employed to examine the relationship between material flow cost accounting and resource efficiency. Besides the aforementioned methods, detailed conceptual issues relating to cleaner production were identified and addressed. Taking the sugar cane industry in South Africa as the study focus, an alternative measure that enhances the quality of sugar, particularly that of sucrose, was investigated. Findings from the study revealed that certain factors, such as transportation and loading delay, not only contribute to losses in sucrose, but also affect the farmers’ yields due to increase in deterioration of cane sugar. Specifically, the result of objective one revealed that, both in the short- and long- runs, most of the variables investigated have the tendency of increasing the sucrose level in sugar cane while an increase in other variables would decrease sucrose level altogether. However, the impact of soil water content (100mm) appears not to be statistically significant on sucrose production in the short- and long-runs. Of special interest is stalk growth (of sugar cane) and average temperature, as their values are more significantly germane as regards to the quantity of sucrose obtained for sugar cane processing in South Africa. The study further used a structural equation model to examine the relationship between cleaner production and firm performance, which was measured by environmental, operational and financial performance. The hypothesis tested supported that cleaner production had a positive and significant influence on the environmental, operational and financial performance of the firms in the sugar industry. Results from the last two objectives of the study provide evidence to support the conclusion that the effective MFCA implementation process supports increased efficiency in the sugar cane industry as well as cleaner production. The study also found that sucrose content has a positive and significant impact on the profitability of the firms. As well, the evidence showed that material flow cost accounting has a positive relationship with resource efficiency. This study, therefore, recommends the proficient use of MFCA among the South African industries as they possess the quality of classifying product cost from waste cost, hence, improving profitability and organizational efficiency. The contribution of this study lies in the researcher’s capability to model the MFCA process for minimizing the applicable costs of the sugar industry for optimal performance.
Perspectives on legalistic („formal‟) and indigenous („informal‟) child adoption in a rural IsiZulu-speaking community.
(2017) Motebang, Bonane.; Suriamurthee, Moonsamy Maistry.
This is a study about the representation of theoretical perspectives in accounting textbooks used in the last phase of senior secondary education in Lesotho and South Africa. The study examined the use of language in the construction of meaning. The systemic functional linguistics transitivity model was, therefore, used to analyse the selected text from the sampled textbooks. In addition, the social semiotic approach was applied in analysis of the accounting schematics.The findings show that representation of processes is dominated by material and relational processes and that material processes represent economic activities undertaken in business and professional accounting processes. Material processes are mostly realised in agentless passive voice. Consequently, the medium dominates representation. In a few cases,generic agents in the form of institutions, institutional structures, professionals and professional bodies are represented.The participants of the relational clauses are realised in long complex nominal phrases involving embedded finite and non-finite clauses. In addition, some of the participants are realised by nominalisation and nominal groups formed through grammatical metaphors.These grammatical structures are used to build technical terms and theories in the field.The findings also show that the grammatical metaphors and nominalisation are used to construct nominal groups to which values can be attached. Since financial accounting focuses on the financial aspect of the economic transactions, the nominalised processes allow for formation of entities that can be quantified. The quantified entities related to each other in terms of cause effect relationships. The relationships in turn are functional in building taxonomic relations, which were found to be commonly represented in the accounting schematics.Based on the above findings the study concludes that, although functional, the grammatical structures realise meaning in generalising, abstract and complex terms. The dominant passive and the relational clauses indicate that the accounting phenomenon is represented from the perspective of the entities and the accounting processes. The implications of the findings are that decisions on teacher educations programmes and school curriculum policies must take into account the nature and structure of the subject matters as constituted in disciplines of knowledge and as represented in the programmatic curriculum, namely, the textbooks.
The role of pervasive skills in the academic and professional preparation of Accounting students in the University of KwaZulu-Natal=Iqhaza lokwandiswa kwamakhono emfundo ephakeme kanye nokulungiselelwa ngobungcweti kwabafundi abafunda isifundo esibhekene nezezimali eNyuvesi yaKwaZulu-Natali.
(2022) Mhlongo, Favourite.; Sibanda, Mabutho.; Mkhize, Msizi Vitalis.
The accounting profession has changed dramatically over the past few years. Some perceive the changes that have taken place to have possibly resulted in an added focus on pervasive (or soft skills) in the profession. However, an expectation gap still exists between what employers of accounting graduates and what graduates have to offer in terms of pervasive skills is revealed in several studies. Hence, the pressure on the accounting academic programme to produce employment-ready, professional, and flexible graduates is increasing as various stakeholders, including employers and professional bodies, make more calls. Various Higher education institutions in South Africa that offer SAICA accredited accounting qualifications have responded to the concerns by implementing various interventions designed to ensure that accounting students as aspirant chartered accountants are equipped with skills, both technical and pervasive, necessary for them to be work-ready for a professional accounting environment and also achieve the best possible academic performance. Despite that, research studies indicate that employers of accounting graduates believe that accounting graduates still enter the job market with a poor command of pervasive skills and are ‘not job-ready.’ Following a case study design, using the mixed-methods approach, this study addressed the aim of the study through five research questions. Firstly, it explored the factors that have resulted in pervasive skills coming to the fore in the accounting profession in the recent past, guided by the Human Capital Theory. Furthermore, it sought to determine which of the selected pervasive skills were rated highly for securing entry-level employment in the field by two critical stakeholders, the accounting students, and academics in the professional academic programme. Additionally, the study investigated the factors that hinder or promote the development of pervasive skills by accounting students from Bronfenbrenner’s Bioecological theoretical lens. Lastly, the influence of the selected pervasive skills on the work readiness and academic performance of accounting students aspiring to be chartered accountants was explored. From the results, it emerged that several factors have resulted in pervasive skills coming to the fore, including globalization and increased competition. It also emerged that there were similarities and differences in the rating of the selected pervasive skills by accounting students and academics. For instance, both cohorts of respondents believed critical thinking, communication, and problem-solving skills are important for entry-level employment in the accounting profession. The results also showed that the factors that affect the development of pervasive skills by accounting students are multifaceted and include a range of person, process, context, and time-based factors. The selected pervasive skills were also discovered to have a significant association with the accounting students’ work-readiness and academic performance in the professional degree. These findings motivate the continued prioritization of pervasive skills by SAICA-accredited accounting programmes in South Africa, as suggested by the CA2025 project, particularly in the current era marked by global economies, increased use of technology, and shifting accounting/audit client demands. Additionally, based on the findings, the continuous emphasis on pervasive skills is justified, as these skills have a favourable influence on the academic performance and work readiness of accounting students striving toward becoming chartered accountants. Iqoqa Isifundo ngezezimali sesishintshe isibhudukani emva kweminyaka embalwa edlule. Abanye bakubuka lokhu kushintsha okwenzekile kwaba nomphumela ekugxileni kokwandisa amakhono angatheni okhalweni lobungcweti. Onalokhu engqondweni, isifundo ngezezimali ezinhlelweni zemfundo ephakeme siyazama ukukhiqiza asebekulungele ukusebenza, ubungcweti kanye namathwasa agobekayo esifundweni sezezimali njengoba abaneqhaza ngokwehlukana, kufaka abaqashi kanye nezigungu zezingcweti, zihlaba ikhwelo kakhulu. Kulandela lolu hlelo lokufunda oluyisiqopho kanye nezindlela ezixubile zokwenza, lokhu okufundwayo kulungisa izinhloso zokufundwayo ngemibuzo yocwaningo emihlanu. Okokuqala, luhlola izimbangela ezibenomphumela ekwandiseni amakhono avele obala ebungcwetini besifundo sokubala izimali, kuholwa injululwazi yeHuman Capital. Phezu kwalokho, sifuna ukuqinisekisa ukuthi kwakhethiwe amakhono andiswayo imaphi alinganiselwe phezulu ukugcina izinga lokungena mayelana nokuqashwa kulomkhakha ngabathile abaneqhaza, izitshudeni zalesi sifundo ezilangazelele ukuba ongcweti kwezokubala izimali kanye nakubafundisi bemfundo ephakeme. Ukunezezela, lokhu okufundwayo kwaphenya izimbangela ezithinta ukuthuthuka kwamakhono andiswayo izitshudeni zesifundo sokubala izimali kusukela ngehlo lobunjululwazi bukaBronfunbrenner’s Bioecological. Okokugcina, yaphenya ukusondelana phakathi kwalamakhono kanye nokulunga komsebenzi wezitshudeni zesifundo sokubala izimali kanye nokwenza emfundweni ephakeme. Kusukela emiphumelweni, kwavumbuka izimbangela ezimbalwa emakhonweni andiswayo avele obala, kufaka okomhlaba kanye nokwanda kokuncintisana. Kuphinde kuqhamuke ukuthi nhlangothi zombili zethimba labaphendulile bakholelwa ekucabangeni okujulile, ukuxhumana, kanye namakhono okuxazulula izinkinga abalulekile ezingeni lokungena ngokuqashwa kulo bungcweti bokubala izimali. Imiphumela ikhomba ukuthi izimbangela zokuthuthukiswa kokwandiswa kwamakhono ngabafundi besifundo sokubala izimali amacala maningi kanye nokufaka abantu ngokuhluka, umzuliswano, indawosimo kanye nezimbangela ezigxile ngesikhathi. Amakhono andiswayo akhethiwe kwatholakala ukuthi anokubaluleka kokuhlangana nabafundi balesi sifundo mayelana nokulungela umsebenzi kanye nokwenza ngokwemfundo ephakeme eziqwini zobungcweti. Lokhu okutholakele kugqugquzela ukuqhutshwa kokubekwa phambili kwamakhono andiswayo abe-SAICA abagunyazwe ngokwezinhlelo zokubala izimali eNingizimu Afrikha njengoba kwaphakanyiswa inhloso yeCA2025, kakhulukazi kulesi sikhathi esigxivizwe umkhakha wezezimali umhlabawonke, ukwandisa ukusetshenziswa kwezobuchwepheshe, nokuqhubezela izidingo zamakhasimende kwezokubalwa nokucwaninga amabhuku.
Tax equity perceptions, compliance intention and compliance behaviour among small and medium enterprises in Ghana=Izinkolelo Ngokulingana ngentela, Izinhloso zokuvumelekile, Ukuziphatha ngokuvumelekile Kosomabhizinisi abancane nabaphakathi nendawo eGhana.
(2023) Mbilla, Simon Akumbo Eugene.; Sibanda, Mabutho.; Mqadi, Siphiwe.
Abstract This study aimed to examine the influence of tax equity perceptions (vertical, horizontal and exchange) on compliance behaviour among small and medium enterprises in Ghana. Also, the mediation and moderation role of compliance intention and tax knowledge on the relationship between tax equity and compliance behaviour was respectively examined in this study. In addition, the study looked at other motivators of tax compliance besides tax equity perceptions. A sequential explanatory mixed-methods approach was employed for this study. Data was collected through questionnaire surveys and complemented with focus group interviews from small and medium enterprises. A multi-stage sampling technique involving probability and non probability sampling was implored for the study. Nine (9) focus groups, using quota sampling, were engaged for the qualitative sample and 391 small and medium enterprises for the quantitative sample. The study found a direct positive and statistically insignificant relationship between all three equity dimensions (vertical, horizontal and exchange) and compliance behaviour. However, the study found no mediation role of compliance intention but found a statistically significant moderation effect of tax knowledge on the relationship between tax equity and compliance behaviour. For the other motivators of tax compliance, the study found a positive and statistically significant relationship between economic, institutional and social motivators and compliance behaviour. However, the relationship between individual motivators and compliance behaviour was positive but statistically insignificant. The study objectives were analysed with smart partial least squares structural equation model version 3, while the focus group interviews/discussions were transcribed for the qualitative phase. This study is aligned with previous studies and offers theoretical insights into the tax equity and compliance framework. This scholarly work would aid policymakers, academic institutions and the understanding of small and medium enterprises and the general public. More specifically, government borrowings would be reduced, and tax revenue would be increased when an equitable and fair tax system is implemented. Tax authorities and future researchers should examine the role that media and opinion leaders play in promoting voluntary tax compliance behaviour. Iqoqa Lolu cwaningo luhlose ukuhlola umthelela wezinkolelo zokuligana ngentela (okuya phezulu, nokuvundlayo kanye nokushintshiseleka) emikhubeni yokwenza okuvumelekile kosomabhizinisi abancane nabaphakathi nendawo eGhana. Kanjalo, neqhaza lokungenelela ngenhloso yokwenza okuvumelekile kanye nolwazi ngentela ebudlelwaneni obuphakathi kokulingana ngentela kanye nokuziphatha ngokulindelekile kuye kwacutshungulwa kulolu cwaningo. Ngaphezu kwalokho, ucwaningo lubuye lwabheka ezinye zezikhuthazi ngaphandle kwezinkolelo zokulingana nentela. Kwase kulandela incazelo yendlela yocwaningo exubile esetshenziswe kulolu cwaningo. Ukuqoqwa lwemininingo kwenziwe ngesaveyi yenhlolombuzo kanye nezingxoxo zamaqoqo zosomabhizinisi abancane nabaphakathi nendawo. Iqhinga lokuthathwa kwamasampula okuzigagaba kusebenzise i-probability ne-non-probability sampling kulolu cwaningo. Amaqoqo ayisishiyagalolunye, esebenzisa amasampula ayikota, asetshenziselwe amasampula ayikhwalithethivu kanye nabamabhizinisi abancane nabaphakathi nendawo abangama-391 kwenziwa amasampula ekhwalithethivu. Ucwaningo luthole ubudlelwano obuqondile nobuhle nokungabaluleki kwezibalo phakathi kwalezi zinto ezintathu (okuya phezulu, okuvundlayo kanye nokushintshiseleka) kanye nokuziphatha okulindelekile. Kepha, ucwaningo kaluzange luthole iqhaza lwenhloso yokungenelela kepha ubumqoka bokungenelela kolwazi lwentela ebudlelwaneni bokulingana ngentela kanye nokuziphatha ngokulindelekile. Kwezinye izikhuthazi zokulindelekile enteleni, ucwaningo luthole ukuthi kunobudlelwano obuhle ngokwamanani phakathi komnotho, izikhungo kanye nezikhuthazi zenhlalo kanye nokuziphatha ngokulindelekile. Kepha, ubudlelwano phakathi kwezikhuthazi zomuntu ngamunye kanye nokuziphatha kokulindelekile kube kuhle kakhulu kepha ngokwamanani akunamthelela. Izinjongo zocwaningo zicutshungulwe kusetshenziswa i-smart partial least squares structural equation model version 3, kwase kuthi izingxoxo zamaqoqo zicutshungulwe kusetshenziswa isigaba sekhwalithethivu. Lolu cwaningo luhlobene nocwaningo olwedlule ebese luba nemibono yezinjulalwazi zokulingana ngentela nohlaka lokwenza okulindelekile. Lo msebenzi ungasiza ababumbi bezinqubomgomo, izikhungo zemfundo, kanye nokuqonda amabhizinisi amancane naphakathi nendawo kanye nomphakathi. Ngokukhethekile, imalimboleko kaHulumeni izonciphiseka kanti inzuzo yentela izokhula kahle kuphinde nohlelo lwentela lulandeleke kahle. Iziphathimandla zentela, kanye nabacwaningi bangomuso kumele bahlole iqhaza lemidiya nemibono yabaholi ekuthuthukiseni umkhuba wokwenza okulindelekile.

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