https://ir.unisa.ac.za/handle/10500/25229 Fri, 26 Jun 2026 20:20:42 GMT 2026-06-26T20:20:42Z https://ir.unisa.ac.za/handle/10500/32640 Institutional quality, financial inclusion and economic growth : evidence from selected Sub-Saharan African countries Golpet, Morgak Kassem This study's main goal was to examine the relationship between institutional quality, financial inclusion, and economic growth in selected Sub-Saharan African (SSA) countries from 2004 to 2020. The rationale was to empirically establish the role that institutional quality and financial inclusion play in driving Sub-Saharan African economic growth. This was necessary due to the unstable economic growth rates that the SSA countries have experienced and which have prevented the region from moving toward sustainable development. Despite having enormous amounts of physical, human, and natural resources, the region has had growth rates that have fluctuated between 4 and 6 percent annually for the past 20 years, making it less developed. According to figures from the World Bank and the OECD, Sub-Saharan Africa's combined GDP growth, which peaked at 6.37 percent in 2002, plunged to 1.24 percent in 2016 before making a little recovery to 2.28 percent in 2019 and then slipping into negative growth in 2020. Previous research has focused on the economic causes of growth, with little emphasis paid to institutional quality and financial inclusion as proximate causes, which could explain Sub-Saharan Africa's underwhelming growth. The Generalised Method of Moments (GMM) and panel Autoregressive Distributed Lag (ARDL) approaches, as well as panel Error Correction Models (ECM), were utilised to examine the deterministic relationships, long-run and short-run cointegration and causality linkages, respectively, between institutional quality, financial inclusion and economic growth in the sampled SSA countries. We constructed an institutional quality index and a financial inclusion index using Principal Components Analysis (PCA). The findings showed that the combined effects of financial inclusion, institutional quality, as well as the inflation rate, trade openness, unemployment rate, investment expenditure, literacy level, and total natural resource rent, affect economic growth in the selected SSA nations. The study also confirmed that there were great differences in the mean value of economic growth between the times of the COVID-19 pandemic and the global financial crisis relative to times when those significant disruptions had not occurred. The results of the two-step system Generalised Method of Moments (GMM) analysis revealed significant relationship between institutional quality, financial inclusion, and the control variables and economic growth in the selected countries, though the strength of this deterministic relationship (positive or negative) was largely dependent on the method used to measure economic growth. The findings of the panel ARDL cointegration test indicated that economic growth, financial inclusion, and institutional quality were positively correlated over the long term in the selected SSA nations. The outcomes of the panel causality tests demonstrated long-run bi-directional causality of the variables, as evidenced by the substantial causative relationship between economic growth and institutional quality in both the short-run and long-run timeframes, and the significant causal relationship between economic growth and financial inclusion over the long term. However, in the short-run, the study found an insignificant causal relationship between economic growth and financial inclusion. The results of the Error Correction Term (ECT) coefficients were negative and statistically significant, implying dynamic stability among the variables. The policy implications of these findings are that in order to foster economic growth and development in SSA nations, financial inclusion must be accelerated and institutional quality must be improved.; Eyona njongo iphambili yolu phando kukuphonononga ubudlelwane phakathi komgagangatho wamaziko, ubandakanyo lwemali nokukhula koqoqosho kumazwe akhethiweyo aseAfrika akwiSub-Sahara ukusukela kumnyaka wama2004 ukuya kowama2020. Esona sizathu yayikukufumanisa ngophando olusekelwe kumava nendima edlalwa ngumgangatho weziko nobandakanyo lwemali ekuqhubeni ukukhula koqoqosho lwaseAfrika kwiSub-Sahara. Oku kwakubalulekile ngenxa yokungazinzi kwezinga lokukhula koqoqosho oluchaphazele amazwe eSSA nokuthintele ingingqi ukuba ibe kuphuhliso oluzinzileyo. Nangona kukho ubuninzi bezibonelelo ezibonakalayo, zabantu nendalo, ingingqi yaba nokukhula kwemirhumo eguquguqukayo phakathi kweepesenti ezine ukuya kwezintandathu ngonyaka kule minyaka ingamashumi amabini (20)) idlulileyo, eyenza ukuba ingaphuhli ngokwaneleyo. Ngokwamanani avela kwiBhanki yeHlabathi nakuMbutho woQoqoshao lwamaShishini noPhuhliso (OECD), ukukhula kweGDP kwiAfrika ekwiSub-Sahara, ethe yenyuka yaya kwiipesenti ezi6.37 ngo2002, yehla ngamandla nge1.24 yepesenti phambi kokuba ivuseleleke kancinci ngeepesenti ezi2.8 ngo2019 yaze kananjalo yawela kuhlumo olungaluhlanga. Uphando oludlulileyo luqwalasele kwizizathu zokukhula koqoqosho, ngogxininiso olungephi olunikwe umgangatho weziko nobandakanyo lwemali njengezizathu eziphambili, ezazinokucacisa ukukhula okudanisayo kweSud-Saharan Afrika. Iindlela zeGeneralised Method of Moments (GMM) nephaneli Autoregressive Distributed Lag (ARDL), kwanegqiza leNdlela YeZilungiso zeZiphene (Error Correction Models) (ECM), zasetyenziselwa ukuphicotha ubudlelwane obubalulekileyo, ukuhlanganiswa kwexesha elide nelifutshane nokuthungelana kwezizathu, ngokwahluka, phakathi komgangatho weziko, ubandakanyo lwemali nokukhula koqoqosho kumazwe eSSA enziwe isampuli. Sayila isalathiso somgangatho weziko nesemali sisebenzisa uHlalutyo lwaMalungu aPhambili (Principal Components Analysis) (PCA). Iziphumo zabonisa ukuba imiphumela edibeneyo yobandakanyo lwemali, umgangatho weziko, kwanezinga lokuhla kunyuka kwamandla email, urhwebo oluvulelekileyo, izinga lentswelangqesho, inkcitho yotyalomali, umgangatho wesakhono sokufunda nokubhala, nentlawulo yezixhobo zemvelo, ziya kuchaphazela ukukhula koqoqosho kwizizwe ezikhethiweyo zeSSA. Uphando lukwaqinisekise ukuba kwakukho umahluko omkhulu kwixabiso lomyinge wokukhula koqoqosho phakathi kwamaxesha kabhubhane iCOVID-19 kunye nengxubakaxaka yemali kwihlabathi ngokuthelekiswa namaxesha apho ezo ziphazamiso zibalulekileyo zazingenzeki. Iziphumo zenkqubo enamanqanaba amabini yohlalutyo iGMM zidandalazise ubudlelwane obubalulekileyo phakathi komgangatho weziko, ubandakanyo lwemali nolawulo lwezinto ezitshintshayo kunye nokukhula koqoqosho kumazwe akhethiweyo, nangona amandla obu budlelwane bumiselweyo (olulungileyo okanye olungalunganga) babuxhomekeke kakhulu kwindlela yophando eyasetyenziswayo ukulinganisela ukukhula koqoqosho. Iziphumo zovavanyo zokuhlanganiswa kwegqiza iARDL zabonisa ukuba ukukhula koqoqosho, ubandakanyo lwemali nomgangatho weziko zahambelana kakuhle ixesha elide kwizizwe zeSSA ezikhethiweyo. Iziphumo zeemvavanyo zonobangela wegqiza zabonakalisa izizathu zexesha elide ezimbolombini zezinto ezitshintshayo, nanjengoko kungqinwe bubudlelwane obubalulekileyo bukanobangela phakathi kokukhula koqoqosho nomgangatho weziko kuwo omabini amaxesha angoku nawexesha elizayo, kwanobudlelwane obubalulekileyo bonobangela phakathi kokukhula koqoqosho nobandakanyo lwemali kwixesha elide. Nangona kunjalo, ngexesha elifutshane, uphando lwafumanisa ubudlelwane obungenamsebenzi phakathi kokukhula koqoqosho nobandakanyo lwemali. Iziphumo zemiba ephindaphindayo ye-ETC zazingentle kwaye zibalulekile ngokweenkcukachamanani, zithetha uzinzo olunamandla phakathi kwezinto eziguquguqukayo. Imiphumela yomgaqonkqubo wezi ziphumo zezokuba ukuze kukhuthazwe ukukhula koqoqosho nophuhliso kwizizwe zeSSA, ubandakanyo lwemali kufuneka lunyusiwe nomgangatho weziko kufuneka uphuculwe.; Sepheo se seholo sa thuto ena e ne e le ho hlahloba kamano pakeng tsa boleng ba mekgatlo, kenyeletso ya ditjhelete, le kgolo ya moruo dinaheng tse kgethilweng tsa Sub-Saharan African (SSA) ho tloha 2004 ho ya 2020. Sepheo se ne se le ho theha ka matla karolo eo boleng ba mekgatlo le ho kenyeletswa ha ditjhelete ho e phethang ho tsamaisa kgolo ya moruo wa Sub-Saharan African.Sena se ne se hlokahala ka lebaka la ditekanyetso tse sa tsitsang tsa kgolo ya moruo tseo dinaha tsa SSA di bileng le tsona le tse thibetseng sebaka sena ho leba ntshetsopeleng ya moshwelella. Le hoja sebaka sena se e-na le matlotlo a mangata haholo a sebaka, a batho le a tlhaho, sekgahla sa kgolo se nnile sa theoha pakeng tsa diphesente tse nne ho ya ho tse tsheletseng selemo le selemo dilemong tse 20 tse fetileng, e leng se etsang hore se be le tshetsopele e tlase.Ho ya ka dipalo tse tswang Bankeng ya Lefatshe le Mokgatlo wa Tshebedisanommoho le Ntshetsopele ya Moruo (OECD), kgolo e kopaneng ya GDP ya Sub-Saharan Africa, e ileng ya fihla sehlohlolong sa diperesente tse 6.37 ka 2002, e theohetse ho diperesente tse 1.24 ka 2016 pele e thuseha hanyane ho fihla ho diperesente tse 2.28 ka selemo sa 2019 mme ya fokotseha ka 20.Diphuputso tse fetileng di tsepamisitse maikutlo ho disosa tsa moruo tsa kgolo, ha ho hatellwa ho fokolang ho lebisitswe ho boleng ba mekgatlo le ho kenyelletswa ha ditjhelete e le disosa tse haufi, tse ka hlalosang kgolo e fokolang ya Sub-Saharan Africa.Katamelo tsa The Generalized Method of Moments (GMM) le panel Autoregressive Distributed Lag (ARDL), hammoho le panel Error Correction Models (ECM), di ile tsa sebediswa ho hlahloba dikamano tsa ketsahalo ya dintho, kopano ya nako e telele le e kgutswanyane le dikamano tsa sesosa, ka ho latellana, pakeng tsa boleng ba mekgatlo, ho kenyeletsa dinaha tsa moruo le sampole ya SA.Re thehile sesupo sa boleng ba setheo le sesupo sa kenyelletso ya ditjhelete re sebedisa Principal Components Analysis (PCA). Diphuputso di bontshitse hore diphello tse kopantsweng tsa ho kenyelletswa ha ditjhelete, boleng ba mekgatlo, hammoho le sekgahla sa theko ya ditjhelete, ho buleha ha kgwebo, sekgahla sa ho hloka mosebetsi, ditshenyehelo tsa ditjhelete, boemo ba ho bala le ho ngola, le kakaretso ya rente ya disebediswa tsa tlhaho, di ama kgolo ya moruo dinaheng tse kgethilweng tsa SSA. Thuto ena e boetse e netefaditse hore ho na le diphapang tse kgolo ho boleng ba kgolo ya moruo dipakeng tsa nako ya sewa sa COVID-19 le koduwa ya ditjhelete tsa lefatshe ho latela dinako tseo ditshitiso tse kgolo di sa kang tsa etsahala.Diphetho tsa tlhahlobo ya mehato e mmedi ya GMM e ile ya senola dikamano tse kgolo pakeng tsa boleng ba mekgatlo, kenyeletso ya ditjhelete, le mefutafuta ya taolo le kgolo ya moruo dinaheng tse kgethilweng, le hoja matla a kamano ena ya boikemisetso (e ntle kapa e mpe) e ne e itshetlehile haholo ka mokgwa o sebediswang ho lekanya kgolo ya moruo.Diphumano tsa tlhahlobo ya kgokahanyo ya phanele ya ARDL di bontshitse hore kgolo ya moruo, kenyelletso ya ditjhelete, le boleng ba mekgatlo di ne di amana hantle ka nako e telele ditjhabeng tse kgethilweng tsa SSA. Diphetho tsa diteko tsa lebaka la phanele di bontshitse lebaka la nako e telele la mabaka a mabedi a mefutafuta, jwalo ka ha ho pakwa ke dikamano tse kgolo dipakeng tsa kgolo ya moruo le boleng ba mekgatlo ka nako e kgutshwane le ya nako e telele, le kamano e kgolo ya sesosa pakeng tsa kgolo ya moruo le kenyeletso ya ditjhelete ka nako e telele. Leha ho le jwalo, ka nako e kgutswanyane, thuto e fumane kamano e sa reng letho ya sesosa pakeng tsa kgolo ya moruo le kenyeletso ya ditjhelete. Diphetho tsa dinomoro tse atiswang tsa Error Correction Term (ECT) di ne di le mpe ebile di se bohlokwa ho latela dipalopalo, di fana ka maikutlo a botsitso bo matla hara mefutafuta. Ditlamorao tsa leano la diphetho tsena ke hore molemong wa ho matlafatsa kgolo ya moruo le ntshetsopele ya dinaha tsa SSA, kenyelletso ya ditjhelete e tlameha ho potlakiswa le boleng ba mekgatlo bo tlameha ho ntlafatswa. Abstracts and keywords in English, IsiXhosa and Southern Sotho Sun, 30 Oct 2022 00:00:00 GMT https://ir.unisa.ac.za/handle/10500/32640 2022-10-30T00:00:00Z https://ir.unisa.ac.za/handle/10500/32564 Alternative infrastructure funding models: a comparative study of Ghana and Nigeria Aidoo, Samuel Kojo This work examined the role of alternative funding models in addressing the substantial infrastructure shortfall in Ghana and Nigeria, specifically focusing on road development. The primary objective of the research was to assess how alternative models, such as public-private partnerships, crowdfunding, green finance, project finance, and asset securitisation, could address the infrastructure funding deficit in Ghana and Nigeria. Using 20-year secondary data from 2003 to 2023, the study employed multiple regression and Autoregressive Distributed Lag (ARDL) econometric models to investigate the correlation between alternative funding models and key development indicators. This was augmented by Granger-causality analyses to assess the directional impact of critical infrastructure variables on GDP growth. Through a comparative analysis, the study further examined the factors that influenced the successful adoption of these models in each country. The key findings of this research indicate that, while traditional funding models remain essential, alternative models, particularly public-private partnerships and green finance, offer considerable potential for bridging the infrastructure funding deficit. Additionally, the research identified key drivers of infrastructure development, such as per capita income, employment rates, poverty reduction, and access to electricity, which emerged as significant predictors of infrastructure success in both countries. Thus, the study emphasises that the effective execution of these alternative models could foster sustained economic growth, social inclusiveness, and environmental resilience. The study proposes a decision-making framework to assist policymakers in the effective selection and execution of various funding models. This framework highlights the need to balance financial sustainability, social equality, and environmental responsibility, offering a strategic guide for Ghana and Nigeria to achieve their infrastructure objectives in line with global development frameworks. This study makes a substantial contribution to the field by integrating alternative funding models with the Sustainable Development Goals (SDGs). It offers a clear pathway for African countries to meet their infrastructure targets under the SDGs and AU Agenda 2063, while fostering long-term economic growth, social inclusion, and environmental stewardship.; Lolu cwaningo luhlose ukuhlola iqhaza elibanjwe yizindlela ezahlukahlukene zoxhasomali lokuxazulula ukwentuleka kwengqalasizinda eGhana naseNigeria, ikakhulu ekuphuculeni imigwaqo. Inhloso enkulu yocwaningo ukuhlola ukuthi izindlela ezahlukene, okubalwa kuzo izivumelwano zokusebenzisa kwezinhlaka zikahulumeni nezizimele (amaPPP), abezokuxhasa ngemali ngokuhlanganyela, ezezimali yokuvikelwa kwemvelo, ezezimali yemiklamo nokuvikeleka kwempahla yokusebenza, zingasiza kanjani ukunciphisa ukungalingani kwemali yokuxhasa izingqalasizinda eGhana naseNigeria. Lapha kusetshenziswe imininingo eyisibili yeminyaka engama-20 – kusukela ngonyaka wezi-2003 kuya kowezi-2023 – izindlela zokubala ukwehla kokuphindaphinda kanye nendlela ye-Autoregressive Distributed Lag (ARDL) ukuze kuhlolwe ubudlelwano phakathi kwezindlela ezahlukahlukene zoxhasomali nezinkomba ezisemqoka zendlela yokuthuthukisa. Lokhu kwenziwe ngohlelo lokuhlolwa kwesimo seGranger ukuze kuqinisekiswe umthelela oyinkombandlela phakathi kweminxa yengqalasizinda emqoka kanye nokukhula komnotho. Ngokokuqhathaniswa kocwaningo, lolu cwaningo luphinde lwahlaziya imithelela ethinta impumelelo ngokwamukelwa kwalezi zindlela ezweni ngalinye. Imiphumela ikhombisa ukuthi, nakuba zibalulekile izindlela zoxhaso ezijwayelekile, nalezi ezinye izindlela ezahlukahlukene, ikakhulu amaPPP nezezimali yokuvikelwa kwemvelo nazo zinamandla okuvala igebe elikhona ngokuntuleka kwezimali zokwakha ingqalasizinda. Ngaphezu kwalokho, iminxa emqoka ekuthuthukiseni ingqalasizinda, okubalwa kuyo imali yokuqalisa umsebenzi, izinga lomsebenzi, ukulwa nobubha nokufinyelela ekuhlomuleni ugesi, kuye kwahlonzwa njengezinye zezinkomba ezimqoka ekuzuzeni ingqalasizinda encono kulawa mazwe womabili. Lolu cwaningo luphinde luveze ukuthi ukusetshenziswa ngokufanele kwalezi zindlela ezahlukene zoxhasomali kungagcina kahle ukukhula komnotho, ukubandakanywa komphakathi kanye nozinzo kwezemvelo. Lolu cwaningo luphakamisa ukusebenza kohlaka lokuthathwa kwezinqumo ukuze kusizakale abasunguli bezinqubomgomo ekukhetheni nasekusebenziseni ngendlela efanele izindlela ezahlukene zoxhasomali. Lolu hlaka lugcizelela isidingo sokulingana kokusebenza kwemali, ukulingana komphakathi nokusebenza kwemvelo, futhi luhlinzeka ngomhlahlandlela wokusebenza eGhana naseNigeria ukuze kufezeke izinhloso zokusebenza kwengqalasizinda ngokuhambisana nezindlela zokusebenza ekuthuthukiseni umhlaba jikelele. Lolu cwaningo lufaka isandla kakhulu emkhakheni weZezimali Zentuthuko ngokuhlanganisa izindlela ezahlukahlukene zoxhasomali nezinhlelo zeMigomo Yokugcina Kahle Intuthuko (amaSDG). Luhlinzeka ngendlela ecacile ngokuthi amazwe ase-Afrika angazifeza kanjani izinhloso zawo zokuba nengqalasizinda ngokwamaSDG ne-AU Agenda 2063, aphinde akhuthaze ukukhula komnotho kwesikhathi eside, ukuhlanganyela komphakathi kanye nokuzibophezela kwezemvelo.; Thuto ena e hlahlobile karolo ya mekgwa e meng ya ditjhelete ya ho rarolla mabapi le kgaello ho mafaratlhatlha bakeng sa ditlhoko tsa baahi ho Ghana le Nigeria, mme tsepamiso maikutlo e le ho ntshetsopele ya mebila. Sepheo se ka sehloohong sa dipatlisiso e ne e le ho lekola hore metjha e meng, e jwalo ka balekani ba setjhaba–poraevete (PPPs), bongata ba ditjhelete, ditjhelete tse mabapi le diprojeke tseo tikoloho e unang molemo ho tsona, ditjhelete tsa projeke le polokeho ya thepa, di ka thusa jwang ho hlola dikgaello tsa ditjhelete tsa mafaratlhatlha ho Ghana le Nigeria. Ka tshebediso ya tlhahisoleseding ya bobedi ka ho pharalla ha lemo tse 20 – ho tloha ho 2003 ho ya ho 2023 –multiple regression and Autoregressive Distributed Lag (ARDL) metjha ya dipalopalo e tla batlisisang kamano pakeng tsa metjha ya ditjhelete e meng le matshwao a bohlokwa a ntshetsopele. Sena se ile sa hodiswa ke diteko tsa Granger causality ho netefatsa ho ameha ho mahareng ha dintha tse ka fetohang tse bohlokwa tsa mafaratlhatlha le kgolo ya moruo. Ka tlhatlhobo e ka bapiswang, thuto e tswella ho hlahloba dintlha tse amang kamohelo ya metjha ena ho naha ka nngwe.Tse fumanweng tse bohlokwa di bontsha hore, ha metjha ya ditjhelete ya setso e dula e ntse e le ya bohlokwa, metjha e meng, haholoholo ditjhelete tsa PPPs le tse mabapi le ho una molemo ha tikoloho, di nehelana ka bokgoni bo nahanwang bo ka rarollang kapa bo ka kwalang dikgaello tsa ditjhelete tsa mafaratlhatlha. Ha ho tlatsetswa, dintho tse bohlokwa ho ntshetsopele ya mafaratlhatlha, jwalo ka lekeno la motho ka mong ho naha kapa lebatowa, dikgahla tsa mosebetsi, ho fokotseha ha bofuma le ho fihlella motlakase, di ile tsa fumanwa e le tsa bohlokwa ho katleho ya mafaratlhatlha ho dinaha ka bobedi. Thuto e hlakisa phethahatso e sebetsang hantle ya metjha ena e meng ya ditjhelete mme e ka kgothalletsa kgolo e tsitsitseng ya moruo, ho kenyelletswa ha setjhaba le mamello ya tikoloho. Thuto e hlahisa moralo wa ho nka qeto ho thusa baetsi ba maano ka ho kgetha ka tsela e sebetsang le ho tswedisa pele metjha e fapaneng ya ditjhelete. Moralo ona o hatella tlhokeho ya ho tsitsa ha ditjhelete, ho lekalekana ha setjhaba le maikarabelo a tikoloho, e nehelanang ka maano a tataiso bakeng sa Ghana le Nigeria ho fihlella dipheo tsa mafaratlhatlha ho ya ka meralo ya ntshetsopele ya lefatshe. Dipatlisiso tsena di etsa tlatsetso e tsitsitseng ho lekala la Ntshetsopele ya Ditjhelete ka ho kopanya metjha ya ditjhelete e meng le Dipheo tsa Ntshetsopele e Titsitseng (SDGs). E nehelana ka tsela e hlakileng bakeng sa dinaha tsa Afrika ho fihlella dipheo tsa mafaratlhatlha tlasa Lenane-tsamaiso la SDGs le AU 2063, ha e ntse e phahamisa kgolo ya nako e telele ya moruo, kenyeletso ya setjhaba le tsamaiso ya tikoloho. Text in English with abstract and keywords in Zulu and Southern Sotho Fri, 01 Nov 2024 00:00:00 GMT https://ir.unisa.ac.za/handle/10500/32564 2024-11-01T00:00:00Z https://ir.unisa.ac.za/handle/10500/32370 The assessment of financial risks of Open Distance e-Learning (ODeL) universities : empirical evidence from the University of South Africa Nkosi, Joyce Background In South Africa, universities encounter a diverse range of financial risks that can affect their stability and long-term sustainability. These risks stem from internal factors, such as operational inefficiencies, and external factors, including economic fluctuations and policy developments. Effective identification and management of these risks is vital for ensuring the continued success of higher education institutions. Problem statement Despite the growing importance of financial risk management in higher education, there is limited understanding of how open-distance e-learning (ODeL) institutions, such as the University of South Africa (Unisa), experience and address these risks. In particular, there is a lack of clarity regarding the types of financial risks these institutions face and the extent to which their staff are equipped to manage them. Objectives The current study aimed to identify the types of financial risks faced by an open-distance e-learning university. It also aimed to assess the risk mitigation techniques currently employed. Finally, the study aimed to determine the training needs of staff responsible for managing financial risk. Methodology Using the University of South Africa (Unisa) as a case study, a quantitative research design using exploratory factor analysis Cross-sectional data were collected using a self-administered questionnaire distributed to 140 respondents within Unisa. The cross-sectional data provided insights into risk exposure and management practices. Results The results show that the Unisa is mostly exposed to credit and operational risks. Exposure to liquidity and market risks was observed to be low. Furthermore, the results show that there is a notable gap in staff training in risk management interventions in areas such as credit and operational risk management. Staff also demonstrated limited understanding of liquidity and market risk, indicating a broader issue in risk awareness and preparedness. Conclusion The study concludes that the concept of financial risk management in ODeL institutions is still in its infancy. Notably, liquidity and market risk are still unclear to staff in the department responsible for financial risk management, posing a threat to effective financial governance. Policy implications The study recommends the implementation of robust internal control systems, regular auditing and investing in reliable technological infrastructure to manage financial risks more effectively. Additionally, it suggests appointing a dedicated risk officer and developing a comprehensive financial risk management guide to inform institutional decision-making and improve risk response strategies.; Lingemuva ENingizimu Afrika, emanyuvesi ahlangabetana nebungoti betetimali lobehlukahlukene lobungatsintsa kusimama kwawo kanye nekugcinwa kwawo kwesikhatsi lesidze. Lobungoti buvela etintfweni tangekhatsi, letifana nekungasebenti kahle kwekusebenta, kanye netintfo tangephandle, letifaka ekhatsi kugucugucuka kwemnotfo kanye nekutfutfukiswa kwenchubomgomo. Kukhonjwa nekulawulwa kwalobungoti ngemphumelelo kubaluleke kakhulu ekucinisekiseni kutsi tikhungo temfundvo lephakeme tiyachubeka nekuphumelela. Sitatimende senkinga Nanobe kubaluleka lokukhulako kwekulawula bungoti betetimali emfundvweni lephakeme, kunekuvisisa lokunemkhawulo kwekutsi tikhungo tekufundzela usekudzeni kanye nekufundzela nge-inthanethi (i-ODeL) letivulekile, njenge Nyuvesi yaseNingizimu Afrika (i-Unisa), tihlangabetana njani nalobungoti futsi tilungisa njani. Ikakhulukati, kunekungacaci mayelana netinhlobo tebungoti betetimali letikhungo letibukene nato kanye nekutsi tisebenti tato tihlomele kangakanani kutilawula. Tinhloso Lolucwaningo lwanyalo luhlose kutfola tinhlobo tebungoti betetimali letibukene nenyuvesi ye-ODeL. Kwaphindze futsi kwahloswa kuhlola tindlela tekunciphisa bungoti letisetjentiswako nyalo. Ekugcineni, lolucwaningo beluhlose kutfola tidzingo tekuceceshwa kwetisebenti letinesibopho sekulawula bungoti betimali. Indlela yekusebenta Kusetjentiswa i-Unisa njengesifundvo sendzaba, kwamukelwa umklamo welucwaningo lwesilinganiso losebentisa kuhlatiya emaphuzu ekuhlola. Idatha yetigaba letihlangene yabutfwa kusetjentiswa liphepha lemibuto leliphatfwako lelasakatwa kulabaphendvulile labangu-140 ngaphakatsi e-Unisa. Idatha yetigaba letihlangene inikete lwati ngekuchayeka ebungotini kanye netindlela tekulawula. Imiphumela Imiphumela ikhombisa kutsi i-Unisa ichayeke kakhulu ebungotini besikweleti kanye nekusebenta. Kuchayeka ebungoti bemali kanye nemakethe kwabonakala kuphansi. Ngetulu kwaloko, imiphumela ikhombisa kutsi kunesikhala lesibonakalako ekuceceshweni kwetisebenti ekungeneleleni kwekulawula bungoti etindzaweni letifana nekulawula bungoti besikweleti kanye nekusebenta. Tisebenti tiphindze futsi takhombisa kuvisisa lokunemkhawulo kwekukhishwa kwemali kanye nebungoti bemakethe, lokukhombisa ludzaba lolubanti ekucapheleni bungoti kanye nekulungela. Siphetfo Lolucwaningo luphetsa ngekutsi umcondvo wekulawula bungoti betetimali etikhungweni te-ODeL solo awukatfutfukiswa. Kuyaphawuleka kutsi, kukhishwa kwemali kanye nebungoti bemakethe solo akukacaci kubasebenti belitiko lelibukene nekulawula bungoti betetimali, lokubeka lusongo ekuphatfweni kwetimali lokuphumelelako. Imiphumela yenchubomgomo Lolucwaningo luncoma kucala kusebenta kwetinhlelo tekulawula tangekhatsi leticinile, kucwaninga njalo kanye nekutjala imali kusakhiwonchanti setebucwepheshe lesetsembekile kute kulawulwe bungoti betetimali ngemphumelelo. Ngetulu kwaloko, kuphakamisa kukhetsa sikhulu lesitinikele sebungoti kanye nekutfutfukiswa kwemhlahlandlela lophelele wekulawula bungoti betetimali kute kwatiswe kwenta tincumo tesikhungo kanye nekutfutfukisa emasu ekubukana nebungoti.; Matsalwa yale ndzaku/Matimu Etikweni ra Afrika Dzonga tiyunivhesiti ti hlangana na makhombo yo hambana hambana eka swa timali leswi swinga ha vaka na nxungweto ekamatirhelo na vumundzuku bya tona.. Makhombo lawa yangaha suka eka mintlimbo yale ndzeni, leyi fana ka na mafambiselo, na mintlimbo yale handle,ku katsa na ku tsekatseka ka ikhonomi hambi kuri ku tumbuluxiwa ka milawu ya mafambiselo.Ku longoloxiwa hivurhonwana ka makhombo lawa naku ya lawula swinga pfuna ku endla leswaku swiyenge swa tidzondzo tale hehla swi humelala eka migingiriko ya swona. Nhlamuselo ya xiphiqo Hambi leswi ku nga na ku ndlandlamuka ka xilaveko xaku lawuka makhombo ya swatimali eka xiyenge xa tidzondzo tale henhla, kahari na ku kayivela ka ntwisiso wa ndlela leyi ti Yunivhesisi leti nyikaka vukorhokeri bya dyondzo yale kule na thekinoloji tani hi Yunivhesiti ya Afrika Dzonga ti hlanganaka na makhombo no thlela ti ringeta kuya lulamisa. Hiku kongoma , ka hari na ku kayivela mayela na tinxakanxaka ta makhombo ya swatimali lawa swiyenge leswi swi langutaneke na wona na ndlela leyi vatirhi eka swiyenge leswi va faneleke ku leteriwa hi tindlela taku lwisana na makhombo lawa. Swikongomelo Vulavisisi lebya haku endliwaka abyi ngongoma eka ku ku fikelela ku kumisisa tinxaka ta makhombo lawa ya langutana na tiyunivhesiti leti nyikaka vukorhokeri bya dyondzo yale kule na thekinoloji. Byi thlela byi xopaxopa tindlela leti tirhisiwaka eka nkarhi wa sweswi ku papalata makhombo lawa.Xo hetelela vulavisisi abyi lava ku kumisisa leswaku hi byihi vuleteri leswi vatirhi lava tirhanaka na ku lawula makhombo ya swa timali vabyi lavaka . Maendlelo ya vulavisisi Ku tirhisiwe ndzavisiso wa Yunivhesiti ya Afrika Dzonga bya maendlelo ya ku tirhisa ndzavisiso wa tinhlayonhlayo . Vuxokoxoko byi kumiwe hiku tirhisa mpfampfarhuto wa swivutiso lowu tumbuluxiweke hi mulavisisi ,lowu nga nyikiwa eka vanhu va dzana na makume mune ku suka e UNISA Vuxokoxoko lebyi kumiweke ku suka eka swivutiso abyi paluxa hi makhombo na malawulelo ya wona ku suka eka lava tekeke xiave eka vulavisisi. Mbuyelo Mbuyelo wu komba leswaku UNISA yi langutane na makhombo ya mali leyi nga kona na swona makhombo ya xibundzu la langutela yari enhansi swinene.Hi hala thlelo kuna vangwa kumbe ku kayivela ekaku leteriwa ka vatirhi eka xiyenge xa malawuleyo ya swikweleti na makhombo ya mafambiselo.s. Vatirhi va kombise kuva na nkayivelo lowu kulu wa vutivi eka xiyenge xa makhombo eka swa timali, nankayivelo wa vutivi eka swa makhomboya mabindzu, leswi swinga na nxungweto lowu kulu eka vutivi bya makhombo hiku angarhela hambi kuri ku lulamela ka vona kuya emahweni. Mahetelelo Vulavisisi lebyi byi komba leswaku kahari na nkayivelo eka xiyenge xa mafambiselo ya makhombo ya swa timali eka xiyenge xa swa tidzondzo leti nyikaka dyondzo yale kule na thekinoloji. Swahari tano,mhaka ya mafambiselo ya swikweleti na bindzu kahariki nthlonthlo eka vatirhi eka dzawulo leyi lawula mafambiselo ya makhombo ya swa timali , leswi tisaka nxungweto eka mafambiselo lama nene ya swa timali. Switandzaku swa milawu ya mafamiselo Vulavisisi byi bumabumela kuva ku tirhisiwa ndlela leyi tiyeke ya malawaulelo eka ndzwawulo,swikambelo swa nkarhi na nkarhi ,na kuva ku vuvekisiwa eka switirhisiwa swa nkoka swa xitekinoji, kuri ndlela yo ringela ku lawula makhombo ya swa timal. Nthlandla kambirhi,vulavisisi byi thlela byi bumabumela ku thoriwa ka mutirhi loyi angata langutana na makhombo ya swa timali no thlela a mpfampfarhuta no tumbuluxa tsalwa leri ngata tsundzuxa ndzawulo hi swiboho leswi ngaha tekiwaka ku antswisa mandlelo yo lwisana na makhombo lawa yanga vaka kona. Abstract in English, SiSwati and Xitsonga Sat, 01 Mar 2025 00:00:00 GMT https://ir.unisa.ac.za/handle/10500/32370 2025-03-01T00:00:00Z https://ir.unisa.ac.za/handle/10500/32144 The nexus between enterprise risk management and risk-adjusted bank performance: evidence from South Africa Chibvongodze, Rueben Risk-adjusted bank performance provides an objective performance measurement framework by adjusting profits for risk, unlike historical and arbitrary accounting performance measures, which do not account for risk. While substantial empirical evidence exists on the impact of enterprise risk management (ERM) on bank performance, few studies, if any, have focused on the nexus between ERM and risk-adjusted bank performance using robust measures. The computation of risk-adjusted bank performance measures remains an area in need of new knowledge development and further empirical exploration. The purpose of the study was to determine the nexus and impact of ERM on risk-adjusted bank performance in South Africa. The study examined the effect of ERM sophistication (ERMS) from both a general bank performance and risk-adjusted bank performance perspective. It also investigated the impact of the ERM Index (ERMI) from both a bank performance and risk-adjustment perspective. ERMS was used to gauge the level of advancement of a bank’s ERM capabilities and their impact on bank value creation and sustainability. The study sample consisted of 10 South African banks over a 21-year period (2002–2022). Panel data, covering both the global financial crisis (GFC) of 2007 to 2009 and the Covid-19 period of 2020 to 2022, were used for the study. Secondary data were sourced from published audited financial statements. Panel data multiple regression analysis was used to test statistical relationships. Dependent variables included return on assets (ROA), return on equity (ROE), Tobin’s Q, risk-adjusted return on capital (RAROC) and the modified z-score (M_ZScore). Independent variables included financial slack, interest rates, inflation, gross domestic product (GDP) and foreign exchange rate. Using Hausman’s (1978) test, a fixed effects model (FEM) rather than a random effects model (REM) was selected for the study. The study proposed a risk-adjusted ERMI that combines qualitative bank-based ERM themes and quantitative bank-focused indicators from the CAMELS bank performance measurement framework. Capital adequacy ratio (CAR), RAROC and M_ZScore variables were used to evaluate ERM from a bank risk-adjusted performance perspective. The empirical results show that the risk-focused performance measures, RAROC and M_ZScore, are positively associated with improved risk-adjusted bank performance. The accounting performance measure, ROA, and the financial market measure, Tobin’s Q, were also found to be positively associated with improved bank performance. However, an inverse relationship was found between another performance measure, ROE, and bank performance, indicating that empirical outcomes depend on the specific measure used. The study makes several contributions. Unlike traditional studies that focus on ROA and ROE, this study strengthens the theoretical link between ERM and risk-adjusted performance measures, reinforcing the concept of risk-return trade-off in banking. Empirically, the study contributes to literature and research by developing and empirically testing ERMI, thereby providing a structured approach to measuring ERMS using both qualitative and quantitative data instead of binary ERM indicators. Methodologically, the study goes beyond the traditional approaches of assessing bank performance through measures such as RAROC and M_ZScore to account for banking risk in performance evaluation. The empirical outcomes offer valuable new insights for prudential regulatory authorities and banking executives, including chief risk officers (CROs), to strengthen both national and global financial systems and to enhance stability and certainty in financial markets. Text and abstract in English Sun, 01 Dec 2024 00:00:00 GMT https://ir.unisa.ac.za/handle/10500/32144 2024-12-01T00:00:00Z