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Long memory suggests that past returns can influence future returns over extended periods, indicating potential predictability. The aim of this study was to empirically examines the interplay between long memory effects, downside risk, and stock returns across five major international equity markets (S&P 500, FTSE 100, Nikkei 225, DAX, and ASX) from 2000 to 2022. An ARFIMA model which quantify fractional differencing was used in conjunction with a correlation matrix, regression and Granger causality test to investigate the interplay. The findings revealed a significant long memory across all markets, with Nikkei 225 exhibiting the strongest persistence, attributed to Japan’s prolonged economic stagnation. Counterintuitively, lagged downside risk positively predicts returns, aligning with behavioural theories of investor overreaction to tail events. Bidirectional causality between risk and returns underscores reflexive market dynamics. The study bridges a critical gap by integrating long memory into downside risk models, demonstrating that persistent volatility amplifies tail risk premiums. The findings of this study suggest that financial market regulators need to seriously considers adaptive regulatory tools due to the dual long memory in returns and downside risk necessitates. To the author´s knowledge, this study is the first to bridge a critical gap in the literature by systematically integrating long memory effects with downside risk metrics so as to provide a more robust framework for understanding risk-return dynamics, as it accounts for the persistent nature of volatility and tail risk, which traditional short-memory models often overlook.

The enrolment of international students continues to intellectually, culturally, and educationally enrich universities across the globe. In South Africa, international students bring vast and valuable experiences, perspectives, and skills to the host institutions. Research shows that besides the above contribution that international students make within the higher institutions of learning in South Africa, they also make significant economic contributions to the host institutions and country through enrolment. But beyond institutionalised practices of support and inclusivity, international students endure invisible academic and social issues that are not spoken about and discussed widely. Although South Africa is one of the African countries with a high number of international students enrolled within the institutions of higher learning, in certain institutions, such students are alienated based on their being considered an ‘outsider.’ This conceptual paper draws its literature from chapter one of the PhD work-in-progress and therefore, examines the tacit challenges that international students face when undergoing independent academic and social support frameworks in university in higher education institutions. The primary aim of this paper is to stimulate scholarly dialogue on best practices and strategic approaches for enhancing the well-being and academic success of international students. Grounded in a review of existing literature, this paper contends that despite the presence of institutional policies and student support initiatives, international students continue to face significant challenges in their academic journeys. These include language barriers, experiences of xenophobia and discrimination, and the complexities of immigration laws and regulations. Furthermore, the paper contributes to the broader discourse on equitable access to higher education through the development of student-centred, culturally responsive, and inclusive support systems. In conclusion, the paper proposes an inclusive support framework for international students, structured around six key components: foundational principles, structural elements, interconnected support networks, academic and career integration, outreach and information delivery, and policy and institutional commitment.

The national development plan (NDP) clearly states that communities should take initiatives to solve their own problems. One of the socio-economic problems faced by communities in South Africa is the effects of inequality, which is largely the apartheid era is responsible for. In trying to deal with the socio-economic problem of inequality, many communities in South Africa have resorted to forming and running cooperatives in different sectors of the economy. However, these cooperatives are reported to be facing numerous challenges, and in some cases, many of them fail or close down. The challenges mentioned range from a lack of capacity to manage, poor economic performance in the country, heavy reliance on government grants and many others. Despite the challenges faced by cooperatives in South Africa, they are still believed to be a very important tool in dealing with the problem of inequality, which mostly affects rural areas where most of these cooperatives operate. To understand the potential impact of cooperatives in dealing with inequality, this paper uses a qualitative approach. Secondary sources of published information by government agencies and cooperatives themselves will be used, as well as literature published by experts in the area of study. Preliminary findings of the paper are that cooperatives in South Africa are very small in size, and the majority of them are in primary sectors of the economy. If cooperatives are to play a significant role in dealing with inequality, there is a need for them to be capacitated to grow and also participate in upper value chains of the economy.  

Immigrant-owned enterprises have become a significant part of South Africa’s informal and formal economic sectors, particularly within local municipalities. In Thulamela Local Municipality, located in the Vhembe District of Limpopo Province, immigrant entrepreneurs contribute significantly to local economic activities, especially in retail and the informal sector. Despite their visible presence and contributions, these entrepreneurs encounter a range of limitations that threaten the sustainability and scalability of their businesses. This study explores the key challenges hindering immigrant enterprise owners in Thulamela Local Municipality, to identify both structural and context-specific barriers. The study adopts a qualitative research approach, utilising in-depth interviews and purposive sampling to gather data from 12 participants, guided by a structured interview guide. Data were analysed using thematic analysis to identify recurring patterns and lived experiences across cases. The findings of the study reveal several persistent challenges, including limited access to formal financial institutions, complex regulations, social exclusion, and xenophobic attitudes from local communities. These challenges not only hinder business growth but also limit the long-term integration of immigrant entrepreneurs into the broader local economy. Furthermore, the insufficient institutional support and representation in local enterprise structures amplify their vulnerability and marginalisation. The study recommends the establishment of inclusive local economic growth strategies and structured support programs that recognise the unique role immigrant entrepreneurs play in local economic resilience and inclusive development in underdeveloped municipalities.

The New Public Management (NPM) has brought a trend toward the government to administer the performance of government personnel to enhance government performance and the distribution of government services. In 1998, in accordance with the White Paper on Local Government, in South Africa Performance Management (PM) was brought in to improve the performance of government employees and ensure a successful distribution of public services. PM led to the establishment of the Municipal Performance Management Systems (MPMS). However, currently, there is little information on the effectiveness of the usage of MPMS to ameliorate the delivery of municipal services. The study evaluated the fruitfulness of MPMS through exploring the perceptions of municipal employees towards MPMS, and the ability of MPMS to foster positive change in South African municipalities through lessons gained from practices. To address the questions posed by the study, a qualitative method of research was employed drawing heavily on secondary data to expand knowledge of the usability of MPMS in the local government of South Africa. Subsequently, the findings of the study show that the effectiveness of MPMS is affected by various issues such as insufficient information and knowledge concerning MPMS, lack of monitoring and evaluation, poor financial administration, lack of participation from all municipal employees, data accuracy & the reliability of performance indicators, and shortage of skills. In short, the study concluded that the usage of MPMS in South Africa is not 100% effective and could be enhanced through establishing training workshops, monitoring, and evaluation, incorporating all municipal personnel to take part in the MPMS, and offering financial and non-financial incentives to motivate employees.

Entrepreneurship education has been implemented at numerous higher education institutions to provide students with the skills and knowledge for pursuing entrepreneurship as a career.  Nevertheless, several problems confront entrepreneurship education, despite its recognised benefits among students.  This study sought to identify the obstacles in entrepreneurship education that impede student entrepreneurial development at the University of Venda.  The research employed a qualitative design to fulfil its purpose.  The targeted population consisted of University of Venda student-entrepreneurs engaged in entrepreneurship education programs and those enrolled in entrepreneurship courses.  A convenience sample method was employed to choose 10 participants, and data were gathered using semi-structured face-to-face and telephone interviews in alignment with the research objectives.  The gathered data was evaluated thematically utilising Atlas.ti version 8.4. The findings revealed the obstacles confronting entrepreneurship education, which include budgetary limits, insufficient funding, and unsuitable teaching techniques.  This research is one of the few that have recognised the obstacles of entrepreneurship education for students.  A mixed-method research strategy is advisable for a comprehensive comprehension of the topic.

This paper examines the role of social media in enhancing public participation within the Mossel Bay Municipality, focusing on both opportunities and challenges. While social media platforms have become important channels for communication, participation, and accountability between citizens and local government, their integration into governance processes in South Africa remains underexplored. Existing literature primarily focuses on national-level initiatives or metropolitan municipalities, leaving a gap in understanding the dynamics of social media use in smaller municipal contexts. This research addresses this gap by investigating how social media platforms can strengthen citizen engagement, participation, and accountability in a local municipality. Employing a qualitative approach, the study involved semi-structured interviews with 20 participants, including municipal officials, councillors, and ward committee members. The findings reveal that social media offers significant opportunities to engage diverse audiences, particularly youth, working adults, and urban populations often excluded from traditional participation channels. However, challenges such as digital inequality, limited interaction, and insufficient strategic planning constrain its effectiveness. The study underscores the need for Mossel Bay Municipality to move beyond one-way communication and develop a comprehensive social media strategy with clear goals, interactive mechanisms, and inclusive engagement practices. By focusing on a local municipal context, this research advances e-governance scholarship in South Africa, highlighting practical strategies for leveraging social media to enhance participatory governance and promote social inclusion.

This paper examines the financial sustainability problems encountered by the Kuyasa Clean Development Mechanism (CDM) project, which renovated 2,309 low-income residences with solar water heaters, compact fluorescent lighting, and insulated ceilings.  Notwithstanding its environmental and social advantages, the project encountered considerable financial deficits, especially in maintenance funding, attributed to decreasing Certified Emission Reduction (CER) values and delays in payout.  A concurrent triangulation mixed-methods approach was utilised.  Quantitative data were gathered from 370 people of Kuyasa using structured questionnaires, while qualitative insights were acquired through semi-structured interviews with 20 specialists in the energy sector.  The analysis was based on the "Integrated Participatory Sustainable Framework," which integrates systems theory, sustainability theory, community empowerment, and energy availability.  The findings indicated that the project's financial unsustainability stemmed from constraints in the revenue stream, contribution channels, loan repayment strategies, and community empowerment initiatives, culminating in a negative Net Present Value (NPV).  The paper introduces the "Sustainable Chameleon Strategy to Overcome Challenges," which figuratively utilises ten adaptive traits of the chameleon to guide context-specific, sustainable financial processes.  The study presents a replicable framework for renewable energy initiatives, proposing techniques to enhance financial viability via innovative design, stakeholder engagement, and adaptable finance mechanisms beyond the CDM.  This study presents the innovative "Sustainable Chameleon Strategy to Overcome Financial Sustainability Challenges," which provides a creative and integrative method for addressing financial sustainability issues in community-based renewable energy initiatives, particularly in low-income and developing nations.

Organisational leaders are the most vital and effective machinery that organisations possess to enhance and sustain employee engagement. As such, it is important that they fully understand the significance of the effect of leadership style on employee engagement. Against this background, this paper aims to examine the effect of transformational leadership on employee engagement. A quantitative research methodology was utilised for the data collection and analysis.  The target population for this study comprised the labour force at a specific company in South Africa. The unit of analysis was all individuals employed at the company and could be seen as individuals with an influence on the performance of the company through their level of engagement. A questionnaire with closed-ended questions was utilised to collect data after having obtained an ethical clearance certificate from an institution of higher learning in South Africa. Descriptive statistics and correlational analysis were used to analyse the data. The main finding demonstrates that transformational leadership style has a positive effect on employee engagement. The study underscores the importance of transformational leadership style in fostering employee engagement. The study contributes to the theoretical discourse on leadership by emphasising the need, in an ever-changing competitive business environment, where businesses are constantly striving to achieve a competitive edge over their competitors, for a leadership style that has a positive effect on employee engagement.

This study aimed to emphasise the growing significance of Occupational Health and Safety (OHS) in company sustainability conversations, particularly in light of the Covid-19 pandemic, which highlighted the essential nature of OHS beyond simple awareness. Despite organisations' prior awareness of OHS principles, the pandemic's catastrophic effects underscored the imperative to comprehensively align OHS with overarching sustainability initiatives, particularly the United Nations' Sustainable Development Goals (SDGs). The advancement of global digitalisation requires safety experts to utilise management and data analytics tools, with Business Process Management (BPM) and Process Safety Management (PSM) being essential in this context. This study employs an extensive literature review to provide a conceptual framework integrating BPM and PSM aspects to advance the development of OHS students as future leaders in sustainable practices. The results support the incorporation of Sustainable Development Goals into Occupational Health and Safety courses, highlighting the necessity of providing students with Business Process Management, including data analytics, and Project Management skills to foster leadership in sustainability. This study introduces an innovative framework designed to augment students' abilities to spearhead sustainability-focused learning activities in the domain of Occupational Health and Safety (OHS). Integrating SDGs, BPM, and PSM into OHS education can substantially enhance the development of a more sustainable and resilient global future. This indicates that such integration can equip students to effectively tackle difficult challenges, such as pandemics and other global disasters. This study offers novel insights by presenting a paradigm that amalgamates BPM and PSM with SDGs in OHS education, hence cultivating future leaders capable of promoting sustainable practices. Nonetheless, as a theoretical investigation, additional empirical research is required to examine particular curricular requirements in other countries and to substantiate the framework's effectiveness.

This study investigates the perceptions of Management Sciences students in Bloemfontein, South Africa, regarding the role of technology in facilitating entrepreneurship and its impact on business success. In the context of a rapidly evolving technological landscape, the research aims to evaluate students' knowledge, attitudes, and comprehension of how technology influences entrepreneurial endeavours. Utilising a quantitative approach, this study identifies gaps in students' understanding, assesses their readiness to embrace technological advancements, and evaluates their awareness of the strategic importance of technology in the entrepreneurial journey. Findings reveal significant insights into students' perceptions and highlight areas for improvement in educational curricula designed to enhance technological literacy among aspiring entrepreneurs. This study contributes to the development of interventions that equip students with the necessary skills and knowledge to navigate the increasingly digital entrepreneurial landscape, thereby promoting a generation of technologically proficient and entrepreneurial-minded individuals.

Financial markets are a system of complex price dynamics that are often influenced by various nonlinear factors. Traditional linear models such as Autoregressive Moving Average also known as ARMA and the GARCH model often fail to capture the inherent nonlinearities observed in financial market returns and trading volumes which poses significant problems in modelling financial time series. The aim of this study was to investigates the role of threshold nonlinearity in modelling financial market returns and trading volume. Daily share prices and trading volumes from the S&P 500 and the Nasdaq indices spanning from January 2000 to December 2020 were used as the sample financial markets. The findings revealed that the threshold model improves predictive performance over traditional linear models, highlighting the importance of incorporating nonlinearity for understanding the dynamics of financial markets. A threshold autoregressive model was proposed to account for sudden shifts in market conditions and nonlinear dependencies between returns and trading volumes.

This study explores the challenges that impact the sustainability of family-owned businesses in Thohoyandou, Limpopo Province, South Africa. A qualitative design was employed, utilising semi-structured interviews with ten business owners and managers from diverse sectors, including transportation, construction, poultry farming, and retail. Thematic Content Analysis (TCA) was used to interpret the data. Findings revealed that poor financial management, skills shortages, over-expansion, limited government support, and family conflicts are the most significant threats to business survival. These internal and external constraints erode financial stability and governance structures, resulting in low longevity rates. The study recommends financial literacy training, formal governance mechanisms, succession planning, and simplified government support systems tailored for rural enterprises. Strengthening these aspects can enhance both sustainability and economic development in rural areas, such as Thohoyandou.

In the context of rapid technological advancement and evolving financial ecosystems, this study investigates the interplay between financial literacy, digital finance, and financial behaviour among high school teachers in KwaZulu-Natal (KZN), South Africa. Structural equation modelling (SEM) approach was used to describe intricate relationships between latent constructs, namely, financial literacy, financial Behaviour and, digital finance Knowledge as well as observed variables (B7 to B22, C23 to C44, D45 to D56, demographics). Demographic variables include Gender, Age Category, Qualification Type, Teaching Duration, Financial Literacy Course and Field Employed. The model defined each construct as a linear combination of its observed variables as well as demographic variables under its measurement component, and hypothetical relationships among three latent variables under its structural component. We used Python software and machine learning code to create and estimate the model using observed data. The missing values in each observed variable were imputed with averages of the variables’ data. The tests of normality assumption for SEM were performed using histogram and q-q plots, Shapiro-Wilk test D'Agostino and Pearson's test.  Most data vectors violated the normality assumption. Diagonally Weighted Least Squares (DWLS) was used for parameter estimation as a suitable method that can provide better estimation for more complex models with many parameters. This method has an additional advantage of being less sensitive to outliers. The DWLS parameter estimation results, based on p-values, suggest that financial literacy and financial behaviour have a negative association which means that lacking financial behaviour results in financial literacy. A positive association between has been identified between financial behaviour and digital finance knowledge. Financial literacy and digital finance knowledge have a weak or no relationship. Thus, having or not having digital finance knowledge does not necessarily determine the possibility of experiencing financial literacy. Furthermore, among demographic variables, the financial literacy Course is the only demographic variable that has a significant impact, and only on Financial Behaviour and Financial literacy. The rest of the variables do not significantly influence the latent constructs. This study uniquely applies SEM using the DWLS estimator to explore personal finance dynamics in an emerging economy, offering concise insights into key relationships.

Entrepreneurship serves as a key catalyst for innovation, job creation, and sustainable economic growth in developing societies. This paper reviews existing literature to evaluate how entrepreneurship education enhances students’ understanding of global markets and the productive economy. Using studies published between January 2015 and September 2025, the review synthesizes evidence from diverse contexts to explore cognitive, experiential, and skill-based learning outcomes. The analysis highlights recurring themes such as adaptability, resilience, innovation, and interdisciplinary learning, revealing that entrepreneurship education significantly improves students’ economic awareness and entrepreneurial intentions. Methodologically, a structured qualitative review was applied across multiple academic databases using defined inclusion criteria. Ten studies were examined in depth, showing consistent links between entrepreneurship education and enhanced global market literacy, entrepreneurial self-efficacy, and practical business application. The paper contributes to theory by integrating insights from critical realism and evolutionary economics, offering an interdisciplinary framework for analyzing entrepreneurship education’s societal impact. In practice, the findings suggest that embedding global market simulations and intercultural experiences within curricula can strengthen students’ preparedness for dynamic economies. The review concludes with implications for policymakers, educators, and future researchers.

This study examines the role of informers in murder investigations in Krugersdorp, South Africa, through the lens of Social Learning Theory (SLT). Using semi-structured interviews with 14 law enforcement officials, the study explores the values of informers, highlighting how detectives recruit, assess, and engage with informers. Findings reveal that informers, categorised as voluntary, hidden agenda, and paid informers, enhance investigative efficiency by providing insider intelligence but also pose ethical and reliability challenges, requiring trust-building and intelligence verification. The study concludes that detectives learn informer management through observation, collaboration, and crisis-based decision-making. Recommendations emphasise structured training, ethical oversight, and institutional safeguards to optimise informer use in murder investigations and law enforcement practices in Krugersdorp. By situating informer use within both theoretical and local investigative realities, the research contributes insights to criminological scholarship, bridging criminological practice with social theory and offering policy-relevant recommendations for training, ethical oversight, and institutional safeguards in resource-constrained environments.

This article aims to elucidate the effectiveness of ward committees in providing oversight within the local government framework, specifically focusing on the City of Ekurhuleni. Known as the "place of peace," Ekurhuleni is one of the largest metropolitan municipalities in South Africa, situated within Gauteng Province, also referred to as the Gauteng City Region (GCR). Notably, extensive literature exists addressing the role of ward committees across various municipal categories in South Africa, particularly regarding their function in facilitating public participation across different spheres of government. The primary objective of this paper is to outline, analyse, and evaluate the impact of ward committees on municipal governance, with an emphasis on their role in promoting effective oversight to ensure enhanced governance and service delivery. Key aspects of this discussion will include the necessity of reviewing Section 73 of the Municipal Structures Act of 1998. This statute mandates the establishment of ward committees by local government, which are expected to function in alignment with the elected political office's term of five years. The research methodology employed is predominantly desktop-based, utilising secondary data sourced from academic journals and relevant publications. This approach facilitates a comprehensive outline of existing literature concerning ward committees and public participation. Additionally, the article references a selection of published works that provide insights into the achievements of ward committees, while also identifying existing gaps within the current body of knowledge.

This study investigates the role of traditional medicine in addressing reproductive health needs in Allandale Village, Mpumalanga Province, through the lens of social justice. The research explores how indigenous healing practices intersect with principles of equity, cultural relevance, and access to reproductive healthcare in a context marked by structural inequality and limited biomedical services. In many rural South African communities, traditional medicine remains the primary source of reproductive health support due to its accessibility, affordability, and alignment with cultural values. Therefore, by investigating how indigenous healing practices interact with the concepts of equity, cultural relevance, and access to reproductive healthcare in a setting that is socially and economically marginalized, this study fills a crucial need. Guided by an ethnomedical framework, the study adopts a qualitative approach to assess whether traditional medicine enhances or constrains women's reproductive autonomy and health outcomes. Participants included local women aged 18 to 50 who actively use or engage with traditional reproductive health practices. The findings reveal that traditional healers play a crucial role in preventive care, fertility regulation, and postpartum support, with many women expressing confidence in the efficacy and cultural resonance of indigenous treatments. However, the study also highlights tensions between traditional and biomedical systems, including gaps in regulation, safety assurance, and gender dynamics. From a social justice perspective, the research argues for a pluralistic health policy that recognises and supports indigenous knowledge systems, promotes collaboration between biomedical professionals and traditional healers, and ensures that all women, especially those in marginalised rural areas, have access to safe, effective, and culturally appropriate reproductive healthcare. The study findings underscore traditional medicine’s role and further contribute to broader discussions on health equity globally by underscoring the importance of integrating culturally grounded, community driven healthcare approaches into national and international health systems to address persistent disparities and promote inclusive, context sensitive reproductive health solutions to women reproductive health. The study concludes with a call for the strengthened implementation of the Traditional Health Practitioners Act 22 of 2007 and the development of community-led, rights-based models of health integration.

Adolescents’ substance misuse presents significant challenges to the well-being of their families. Families are expected to support adolescents who are misusing substances while continuing to cope with everyday life. Additionally, families continue to endure the negative effects of prejudice and stigmatisation while supporting adolescents who misuse substances. This study aimed to provide insight into the narrative hardships of living with adolescents who misuse substances. The study aims to gain insight into the impact of living with adolescents who misuse substances. Qualitative research was used to gain an in-depth understanding of the phenomenon under study using the family systems theory as the point of departure. Data was collected from 10 parents of adolescents who misuse substances and analysed using thematic analysis. The two themes that emerged from the interviews conducted were the impact of having adolescents who misuse substances in the family and strategies for effectively managing life with adolescents who misuse substances. The study suggests that the relationship between adolescent substance misuse and families is bidirectional and thus, adolescent substance misuse may lead to strained relationships and also negatively impact the wellness of families. The findings from this study may be used to develop ongoing strategies to support and encourage personal health, mindfulness and wellness for families.

This study explores the views of teenage mothers regarding abortions of unexpected pregnancies at the village of Elim, Makhado Municipality in Limpopo Province. The study employed a qualitative approach, which recognizes the need for an in-depth exploration of these views using semi-structured, open-ended interviews. Snowball sampling was used to recruit five female participants between the ages of 15 and 19 years old. Furthermore, the researcher utilized the ecological systems framework to evaluate the context in which these teenage mothers’ function and how their perceptions regarding abortions are constructed over time based on their systems. The data was analyzed thematically, and interpretations were made based on the themes of the collected data. The study found that teenagers shared mixed feelings associated with considering abortion. Others consider having an abortion to be bad and good, while others say they will consider abortion if they become pregnant while not ready. Regarding the influences of either having an abortion or not, they cited that they will consider abortion if their parents, especially fathers and boyfriends, do not accept the pregnancy. The study also found that financial situation and age of a teenager may compel one to consider abortion. The study also found that teenagers are aware of the consequences of abortion. They cited the risk to life during and after pregnancy, while others believe the consequences are less severe as opposed to giving birth. Finally, the study also found the following barriers to abortion, peer pressure, lack of support for raising a child, and the cost of abortion can be a barrier. The study recommends that educating society about reproductive rights and offering platforms for open discussions about abortion can help reduce the moral pressure that often leads to feelings of moral conflicts and cognitive dissonance. Furthermore, social workers should advocate for broader access to reproductive health services and collaborate with healthcare providers to ensure teenage mothers receive accurate information and emotional support. Additionally, social workers can play a role in facilitating open communications within families and communities to lessen the stigma associated with abortion