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Financial markets are a system of complex price dynamics that are often influenced by various nonlinear factors. Traditional linear models often do not capture the inherent nonlinearities that exist between them. The aim of this study was to examine the interconnectedness of global financial markets using a multivariate Granger causality framework, focusing the United States, Europe, Asia, and emerging markets. Daily closing share prices spanning 13 years were utilised (January 2010 to December 2023) to analyze the shock transmission dynamics. The findings revealed unidirectional causality from the U.S. to European, Japanese, and Emerging markets, underscoring its dominant role in global financial networks. Conversely, European and Asian markets exhibit no reverse causality on the United States, highlighting asymmetrical interdependence. Notably, China’s Shanghai Composite Granger-causes Emerging market returns, reflecting its rising influence. These insights challenge conventional models that underestimate multilateral linkages, demonstrating that financial integration has intensified bidirectional interactions between Emerging markets and developed markets. By implication, investors should reassess exposure to dominant markets like the U.S. and China’s growing sway over Emerging economies while policymakers should prioritize cross-border spillover monitoring and systemic risk frameworks to address asymmetrical dependencies. Also, institutions must adopt nonlinear models to better capture shock transmission and evolving interdependencies, enhancing resilience against contagion.

The increasing inter relationship between financial markets have led to the discovery of new risk dynamics particularly when considering downside risk. Recent advances in econometric modelling have prompted the search for new insights into the intertemporal dynamics between downside risks and expected stock returns. Therefore, the aim of this study was to investigate this relationship in the S&P 500, the FTSE 100, the DAX, the Nikkei 225, and the TSX Composite, covering the period from January 2000 to December 2023. Using a time-varying transition probability model, the findings revealed consistent negative correlations between downside risk measures and expected returns across all markets, with CVaR exhibiting stronger inverse relationships compared to VaR. These findings challenge the classical risk-return trade-off but align with behavioural explanations where heightened risk aversion during downturns suppresses returns. The regime-switching analysis further uncovers asymmetry in transition probabilities where high-risk regimes persist with a 74% probability, while low-risk regimes show greater stability. By implication, this study provides empirical support for regulatory frameworks prioritizing tail risk mitigation, particularly in volatile markets.

ABSTRACT This study aims to investigate how supply chain management (SCM) practices employed by Local Municipality affect service delivery efficiency and effectiveness. Objectives include identifying specific supply chain strategies, evaluating their impact on operational performance, and providing recommendations for improvement. A qualitative research design was used, involving interviews with key stakeholders like supply chain managers. Findings reveal that effective practices, such as collaborative planning and demand forecasting, significantly enhance service delivery and resource management. However, challenges such as limited technological integration and insufficient staff training impede full effectiveness. The study concludes that targeted training and modern technology adoption are essential for improving operational efficiency and community service.

The aim of this study was to investigate phase distribution and phase correlation dynamics across international financial markets to uncover cyclical patterns, synchronization, and contagion effects. The sample financial markets were the S&P 500, DAX, Nikkei 225, FTSE 100, Shanghai Composite, BSE Sensex with daily closing prices ranging from 2018–2023. Using the Hilbert-Huang Transform complemented by Phase Concentration Index, Kuiper tests, and Granger causality, the results reveal distinct phase clustering in the Shanghai and BSE Sensex. Developed markets exhibit lower volatility clustering (S&P 500: 28% high-volatility phases) but stronger cross-market synchronization (S&P-DAX: 0.82 correlation), underscoring their interconnectedness. The S&P 500 emerges as a global anchor, Granger-causing European and Asian markets with 1.8–3.5-day lags. Crisis periods, particularly COVID-19, amplify synchronization (average correlation=0.92), while non-crisis phases show market-specific volatility (correlation=0.65). Emerging markets demonstrate regional co-movement (Shanghai-BSE: 0.73), offering diversification opportunities. The findings highlight the hierarchical structure of global markets, where developed economies drive cycles, while emerging markets remain prone to instability. This study advances phase-based methodologies as tools for systemic risk monitoring, providing insights into crisis contagion and investor strategies balancing short-term synchronization with long-term diversification.

This study explored the instructional media used in the correctional school and during rehabilitation programmes at the Johannesburg Female Correctional Centre and the preferences of offenders. Underpinned by the positivism paradigm, a quantitative approach was followed, and a cross-sectional survey design was used. The enumeration sampling technique was used due to the small size of the population (n = 571). Data were collected from 402 participants who were sentenced offenders, thus yielding a response rate of 70.40%. A Kolb Learning Style Questionnaire was used to collect data. Version 26.0.0 of the Statistical Package for the Social Sciences (SPSS) was used to analyse data. Descriptive and inferential statistics were computed as part of data analysis. The findings of this study revealed that offenders at the Johannesburg Female Correctional Centre rely on teachers and chalkboard as the dominant media for instruction and that these have been used in the educational or schooling environment for many years. The Johannesburg Female Correctional Centre prefers using teacher and chalkboard instructional mediums, possibly to maintain security in the facility. Based on the findings it is recommended that Johannesburg Female Correctional Centre formulates and implements a strategy that seeks to deliberately provide variations of instructional media/mediums to accommodate different learning styles during the school lessons and rehabilitation programmes, as long as these do not affect the security within the facility.

This study aimed to analyze the challenge of consultocracy in the administration of local government in South Africa, and to further identify its triggering factors and related consequences. Data collection was guided by qualitative research approach whereby 20 officials responsible for the management of different municipal internal units were interviewed. The data were thematically analysed. Among other things, the study identified skills deficit, corruption and absolute or geographical impossibility as key triggering factors behind consultocracy in municipal governments. Firstly, the study raises alarm to the emerging practices of consultocratic managerialism in the administration of local government. Secondly, it adds to the body of literature ways in which consultocracy manifests and the municipal vulnerabilities, as well as practical ways to overcome this problem.   

This research investigates the implementation of Electronic Records Management Systems (ERMS) at specific Technical and Vocational Education and Training (TVET) colleges in Limpopo, particularly emphasising Capricorn TVET College. The research seeks to improve administrative efficiency by tackling the difficulties associated with good record management. Critical issues examined encompass barriers to ERMS implementation, its advantages, and the correlation between staff productivity and technological acceptability. A quantitative research methodology was employed, utilising a cross-sectional descriptive design. Data were gathered from 180 administrative personnel at Capricorn TVET College using standardised questionnaires. The research concentrated on identifying obstacles to ERMS implementation, advantages of the system, and its effect on work performance. Research demonstrates that ERMS markedly enhances administrative performance through improved efficiency, collaboration, and data security. The results indicate that ERMS promotes administrative efficiency, bolsters data security, and minimises errors. Nonetheless, insufficient training and reluctance to change were recognised as major obstacles to acceptance. The perceived utility and user-friendliness of the system were pivotal elements affecting employee adoption and performance enhancement.

The purpose of this paper is to call for an intensified research practices and institutionalisation within municipal governments in South Africa, and the contextual focus includes typical municipalities in the Ngaka-Moridi Molema district of the North-West province. Research as a public management tool has been largely negated in municipal governance decision-making processes and this is linkable to the general deterioration of municipal governance systems in the local sphere. This paper found that the majority of municipalities in South Africa, including the ones in NMMD do not have a full appreciation of research in that very few to none have established research components to support municipal decision-making processes.  Insights were further drawn from certain theories of governance to complement the suggestions made in the paper pertaining to ways in which municipalities can inculcate not only the spirit of research but its embedding with the governance [council] system.

The concepts of environmental-specific and servant leadership (ESSL) and organisational citizenship behaviour (OCB) for the environment are recognized as pivotal in achieving environmental sustainability. This study aims to explore the interconnectedness between these two concepts. A comprehensive desktop integrative study was conducted, encompassing a thorough analysis of pertinent literature. This approach was augmented by comprehensive searches of reputable academic databases such as Web of Science, Scopus, ResearchGate, and Google Scholar, ensuring a comprehensive understanding of the research topic through high-quality, peer-reviewed articles and scholarly content. The findings strongly support the idea that ESSL plays a crucial role in cultivating a sustainable culture within organizations by empowering leaders to develop their teams' knowledge and skills in environmental sustainability. Such leadership fosters employee engagement in sustainable practices, enhancing overall environmental performance and promoting a sense of responsibility towards sustainable development. Recommendations emphasize the importance of fostering a supportive organizational culture where employees perceive their contributions to environmental goals as significant. Recognizing and rewarding exemplary environmental behaviours can further inspire others, embedding ESSL and OCB into organizational culture for holistic sustainability. This approach encourages a shared commitment to environmental stewardship, driving organizational change towards sustainable practices and positioning the company as a leader in environmental responsibility. Managerial implications highlight the role of ESSL in aligning sustainability goals with leadership practices, emphasizing stewardship and a service-oriented approach that prioritizes both employee welfare and environmental sustainability.

Gauteng, South Africa's preeminent economic hub, confronts the imperative of achieving sustainable infrastructure development amidst rapid urbanization. The strategic integration of smart initiatives is crucial for fostering economic growth, environmental resilience, and societal well-being. This paper presents a critical review of Gauteng's infrastructure sustainability efforts through smart initiatives, employing a conceptual model that delineates Infrastructure Sustainability Development (ISD) as the dependent variable. Four independent variables—Smart Energy Systems, Smart Transportation, Smart Water Management, and Smart Urban Planning—are examined, each further defined by five sub-variables to ensure a comprehensive evaluation of their impact. This analysis evaluates the efficacy of provincial smart infrastructure initiatives, including the flagship Lanseria Smart City project, in promoting sustainability and aligning with the United Nations Sustainable Development Goals (SDGs). The study draws upon relevant theoretical frameworks, including Sustainable Development Theory, Systems Theory, Innovation Diffusion Theory, and the Smart Cities Framework, to provide a robust analytical foundation. The findings highlight achievements, challenges, and prospects, culminating in policy implications and recommendations for enhancing sustainable infrastructure development in Gauteng.

This study investigates the impact of digital transformation leadership and customer agility on the performance of small and medium-sized enterprises (SMEs) in the Riau Islands, Indonesia. SMEs are pivotal to economic growth, yet they often face challenges in adapting to rapidly changing market conditions. Employing a sustainable development theory framework, the research explores how effective leadership in digital transformation and an agile approach to customer engagement can drive better performance outcomes. Findings reveal that while customer agility does not significantly correlate with SME performance, strong digital transformation leadership and well-implemented digital strategies initiatives are play crucial roles in enhancing operational effectiveness and performance. Study result highlights the necessity for SMEs to focus on cultivating innovative leadership that embraces digitization and developing strategies that respond swiftly to evolving customer needs. This research underscores the importance of integrating digital practices as a core component of sustainability efforts within SMEs. Ultimately, embracing effective digital transformation leadership is essential for SMEs seeking to thrive in increasingly competitive environments. The study recommends that future research should examine additional factors that may influence the performance of SMEs, providing a broader understanding of the dynamics at work in this critical sector.

This study investigates the impact of public procurement procedures on the efficacy of public projects within Zambia's Ministry of Infrastructure, Housing and Urban Development (MIHUD) and the Ministry of Local Government and Rural Development (MLGRD).  Inefficient procurement methods, characterised by delays, cost overruns, and inferior project quality, have impeded the successful execution of public projects, especially in infrastructure and rural development.  The research is to evaluate the impact of Supplier Qualification Screening (SQS), Competitive Bidding (CB), and Supplier Evaluation (SE) on project performance.  A quantitative research methodology was utilised, employing a survey-based descriptive design to gather data from 120 procurement experts and project managers within the designated ministries.  Structural Equation Modelling (SEM) was employed to examine the correlations between procurement methods and project outcomes.  The results demonstrate that SQS and CB enhance project performance by facilitating timely delivery and cost effectiveness.  Nonetheless, SE exerted a detrimental impact, indicating that too rigorous evaluation processes may result in delays and impede project accomplishment.  Hypothesis testing validated these findings, corroborating the alternative hypotheses for SQS and CB, however SE demonstrated an inverse correlation with project outcomes.  The report advocates for the fortification of regulatory frameworks, the augmentation of capacity-building programs, the rectification of bureaucratic inefficiencies, and the encouragement of e-procurement platform usage to enhance procurement efficiency.  A review of supplier evaluation procedures is essential to avert needless delays in project execution.  The study's results have substantial implications for procurement reforms and efficiency enhancements in Zambia.  Improving openness, accountability, and stakeholder collaboration in procurement procedures can result in superior project outcomes, fostering national infrastructure development and socio-economic advancement, especially in rural regions.  Enhancing procurement policies and using digital solutions will be crucial in developing a more efficient and accountable public procurement system.

In today's competitive business landscape, organizations constantly seek strategies to enhance their market position and profitability. One of the pivotal inquiries that many industry experts and scholars are delving into is: How do cost leadership, service innovation, and customer value creation influence business performance? Cost leadership, often seen as a way to gain a competitive edge through operational efficiency, might offer immediate financial benefits. Given the frequent economic challenges, it has become increasingly crucial for hotel businesses to embrace strong competitive and marketing strategies. The hospitality sector, particularly susceptible to the ramifications of such crises, has long been scrutinized to discern the strategic measures they employ during turbulent times. This empirical investigation, encompassing insights from 437 industry professionals, underscores that initiatives centered on corporate service innovation yield a direct and favorable augmentation in organizational performance. However, the study found inconclusive evidence regarding the mediating impact of value creation through customer engagement.

There has been increasing studies that details the transmission channels through which financial development permeates to speed up growth to higher echelon. Studies have underpinned that financial development yield more growth when these channels are optimized. With studies on real sector performance sparse, this paper contributes to this discussion as it examined the effect of financial development in fostering industrial growth under the condition of high and low human capital endowment. This was investigated for a sample of five (5) West African Monetary Zone (WAMZ) countries from 1990 to 2022. The study developed a panel threshold regression (PTR) model where human capital functioned as threshold variable and data collected from the United Nations Conference on Trade and Development (UNCTAD), World Development Indicator (WDI) and International Monetary Fund (IMF) databases. The study finds a threshold effect of financial development on industrial sector growth. The PTR estimator shows financial development can produce more industrial growth if human capital exceeds a gross of 62.9493%. Additionally, other factors such as trade openness, natural resource rents and higher labour participation in economic activities support industrial sector growth. In the design of industrial growth enhancing policies, policy mandarins should implement measures that improve human capital and further develop the financial system by scaling up education expenditure to the UNESCO prescribed 26% of GDP, educating women, leveraging technology to improve human capital productivity and outcomes, reducing loan collateral requirements, strengthening legal frameworks, and boosting banking competition by allowing entrant of capitalized financial institutions and timely exist of insolvent ones.

There has been an increase in the elderly population worldwide in recent years. This situation creates some needs both at individual and social level. In particular, elderly individuals need support in carrying out their daily activities. Therefore, elderly care centers are seen as an important supporter in this respect. This study aims to identify the criteria affecting the selection of elderly care centers and prioritize them with SWARA method. The SWARA method was used to weight the criteria affecting the selection of elderly care centers in order of priority. Eight criteria identified through literature review were evaluated by five experts experienced in the relevant field. The experts evaluated the criteria by ranking them according to their importance and the final prioritization was carried out by taking the geometric mean of the evaluations. According to the results of the analysis, the most important factor affecting the selection of an elderly care center was the Quality-of-Life Comfort and Service with a weight of 22%. This was followed by Financial Status with 20%, Health Services with 16%, and Professional Staff with 13%. Location and Transportation criterion was determined as the least important factor with a weight of 0.7%. The fact that life comfort and service quality have the highest weight indicates that elderly individuals expect a quality and comfortable living environment. The results obtained from the study show that policies for elderly care homes should be organized in a way that aims to increase the comfort of living, improve service quality, ensure economic accessibility and ensure the sustainability of health services.

The study aims to investigate the extent to which the concepts of social innovation and talent management will affect the innovation performance of enterprises as a result of the literature studies on the concepts of social innovation and talent management in family businesses in the Marmara Region. A questionnaire consisting of 78 questions was applied to the employees of small, medium and large-sized family businesses operating in the Marmara Region. A total of 460 questionnaires were evaluated. SPSS program was used for the survey results and the answers were analyzed by reliability analysis, factor analysis, correlation analysis and regression analysis methods. With the analysis study, the impact of social innovation and talent management on innovation performance was tried to be determined. As a result, it has been determined that there is a significant relationship between talent management practices and innovation performance. In other words, it has been determined that talent management is a strong factor in increasing the innovation performance of enterprises. In addition, no effect of social innovativeness on innovation performance was observed. In the light of the findings, the results of the research are discussed and recommendations are presented for both managers and academicians.

This study explores the influence of digital marketing strategies on brand loyalty among young airline passengers, specifically targeting Millennials and Gen Z individuals aged 18-35 years old. With the increasing reliance on digital channels such as social media, email marketing, and search engine marketing, it is crucial to understand how these strategies impact the customer-brand relationship, brand trust, and ultimately, brand loyalty. The research employs a quantitative approach, gathering data from 230 participants who are frequent users of digital platforms and have recent travel experiences with airlines. The findings reveal that social media marketing has the most significant impact on the customer-brand relationship, followed by email and search engine marketing. Additionally, the study confirms that brand trust acts as a critical mediator between digital marketing activities and brand loyalty. These results highlight the importance of tailored digital marketing strategies for airlines aiming to engage and retain young passengers in a highly competitive industry.

MSMEs are independent business units managed by individuals or groups that can take the form of individual companies, partnerships, or limited liability companies. Risk is generally always seen as something that has a negative impact, such as loss, danger, and several other consequences. Research objectives: 1) Identifying the risks of food MSMEs in Malang City; 2) Analyze the factors that influence the risk of MSMEs; 3) formulate the concept of risk mitigation of Food MSMEs in situations of Global economic policy uncertainty. Research design: using a quantitative approach by conducting interviews and distributing questionnaires. The research population includes all food MSMEs in Malang City amounting to 16,417 MSMEs. The sample used was 376 MSMEs with a purposive sampling method, the criteria for MSMEs Snacks in Malang City, has been established for at least 3 years. This research uses a descriptive qualitative approach with data collection techniques, namely distributing questionnaires and interviews to several food MSME owners in Malang City as key informants. The results showed that identifying MSME risks is an important step in business risk management. After the risks are identified, MSMEs need to mitigate risks so that they can develop a business risk mitigation concept in order to reduce the losses that will be faced in the uncertainty of global economic policies. The results of the study provide practical benefits for Malang City MSMEs to minimize risks and for policy makers. As well as producing a conceptualization of risk mitigation for food MSMEs in situations of Global Economic Policy Uncertainty.

The small, micro, and medium enterprises (SMMEs) in South Africa were found to be failing at exceedingly high rates. Some government support programmes were established in certain institutions of government to improve the SMME situation. Discrepancies seemed to show that while support programmes offered aid to the SMMEs, SMMEs showed no significant improvement. The support structures claimed that their aid was effective, and the SMMEs were saying they were not being enhanced. The aim of this paper was to analyze and understand the reasons behind any differences in responses or actions between SMMEs and the support programmes meant to aid them. A qualitative study was conducted, where both parties were interviewed, and their results compared. The study showed that the support programmes were not empowered to extend their services beyond offering aid, so they could not even monitor and evaluate their programmes’ effectiveness. When they said they were effective, it meant up to their scope. On the other hand, SMMEs expected the support institutions to visit and support them. Hence, the problem was mainly a misunderstanding. For the success of the support programmes, however, the study recommended that policies of the support structures should be extended, and activities extended to satisfy the SMMEs.

Nyaope is proportionately a new substance/drug in South Africa. It is a combination of heroin and cannabis, and it is a very addictive drug. Nyaope is a public health concern in South Africa because of its spread and prevalence across townships. The streets of South Africa have been described as being flooded by Nyaope, and it is destroying communities due to its highly addictive nature, availability, and cheap prices. In South Africa, Nyaope is one of the illicit drugs that concerns the government. The use of Nyaope is worrying because it is higher than other harder drugs like methamphetamine, cocaine, and ecstasy because of its addictiveness. The study applied the qualitative research approach to understand the comprehensive analysis of the effectiveness of nyaope rehabilitation programs for individuals in recovery. The study used semi-structured face-to-face interviews with purposive sampling selected as a technique. The study utilized interviews as an instrument for data collection. An exploratory research design was employed in the study to explore the effectiveness of rehabilitation programs for individuals in recovery.  The study observed ethical considerations such as informed consent, confidentiality, beneficence, debriefing, and harm avoidance. The study applied systems theory and ecological approach to provide a framework and foundation. This study aimed to assess the effectiveness of rehabilitation programs in addressing Nyaope addiction among individuals in Seshego, Polokwane, Capricorn District. The findings shed light on the management of rehabilitation programs in the study area, providing insights into the effectiveness and areas for improvement. Keywords Addicts, effectiveness, Nyaope, rehabilitation, service users and social workers.