International Journal of Research in Business and Social Science

This study investigates the impact of financial literacy on small and medium-sized enterprises (SMEs), focusing on its role in enhancing financial decision-making, access to finance, fintech adoption, and risk management. Grounded in Resource-Based Theory (RBT) and Human Capital Theory (HCT), financial literacy is positioned as both a strategic capability and a form of human capital that strengthens firm resilience and competitiveness. A systematic literature review was conducted, synthesising evidence from 18 empirical studies published between 2016 and 2024. Findings reveal that financial literacy significantly improves SMEs’ ability to budget, manage debt, and evaluate investment decisions. It also enhances creditworthiness through improved financial record-keeping, thereby facilitating access to financing. Moreover, digital financial literacy is identified as a catalyst for fintech adoption, which contributes to cost reduction, operational efficiency, and financial transparency. The study concludes that targeted financial literacy interventions are essential, especially in developing economies where SMEs face structural constraints. It calls for integrated financial education strategies involving policymakers, financial institutions, and SME development agencies. Further empirical research is recommended to examine the long-term and digital dimensions of financial literacy as a driver of sustainable SME performance.

The integration of Information and Communication Technology (ICT) in education has the potential to enhance teaching and learning; however, several barriers hinder its effective adoption in South African schools. The paper reports on the study that examined the barrier to sustainable integration of ICT in Pietermaritzburg public secondary schools. The study used qualitative interview technique to collect data from 20 teachers. The Technology Organisation Environment (TOE) framework was used as a theoretical framework. The findings reveal that a lack of technological pedagogical content knowledge among teachers, high ICT infrastructure support costs, resource constraints, resistance to change, and theft and vandalization of ICT equipment significantly impact ICT adoption. Many teachers lack essential ICT skills, which affects their confidence in integrating technology into their teaching practices. Financial constraints further limit schools from maintaining ICT infrastructure, and resistance from experienced educators impedes change. Additionally, frequent theft and vandalization of ICT resources pose a serious risk, further hampering implementation. To address these challenges, the study recommends capacity-building initiatives to enhance teacher training, increased financial and technical support for schools, leadership-driven encouragement of ICT adoption, targeted awareness campaigns to mitigate resistance, strengthened security measures to protect ICT infrastructure, and equitable distribution of ICT resources to bridge the digital divide. A strategic and collaborative approach is essential to overcoming these barriers and ensuring effective ICT integration in South African schools.

The educational institutions in South Africa face challenges in integrating crucial 21st-century skills like critical thinking, problem-solving, and innovation into their academic programs. Project-based learning (PBL) has emerged as a valuable approach to enhancing entrepreneurial education by developing these essential competencies through real-world applications. PBL effectively bridges the gap between theoretical concepts and practical problem-solving in real-life situations by involving students in practical, hands-on learning. This study aimed to assess the effectiveness of Project-Based Learning (PBL) in fostering entrepreneurial skills among first-year science students at a rural university. Using a mixed-methods approach, participants created and presented organic soaps, simulating authentic business processes. The study used purposive sampling, and student performance was evaluated by a panel based on specific criteria. Data analysis included descriptive statistics and One-Way ANOVA, with data visualisation using Python's Matplotlib. The paper investigated whether the implementation of PBL significantly enhances students' entrepreneurial skills compared to traditional teaching methods. The study revealed that 210 students, mainly from schools with limited resources, faced challenges in practical chemistry despite prior instruction in Physical Sciences. The implementation of project-based learning proved to be an effective method for nurturing entrepreneurial skills, highlighting the importance of experiential learning. It is essential for higher education institutions to integrate entrepreneurship into their curricula, collaborate with industry, improve group dynamics, and prioritise quality control. These strategies have the potential to foster innovation and better prepare students for self-employment opportunities.

This paper explores the relationship between environmental, social, and governance performance (ESGP) and firm value in both emerging and developed economies, with the moderating impact of environmental uncertainty and competitive advantage. Using secondary unbalanced data spanning from 2011 to 2022, we examine both the direct and non-linear effects of ESG performance on firm value, employing advanced econometric estimation techniques such as two-step system GMM (2sGMM) and two-stage least square (2SLS). The analysis finds that: (1) ESG performance positively influences firm value in both Chinese and US banks, and the results remain valid after robustness test; (2) The results also confirm that ESG performance non-linearly influence firm value across the samples, with an inverted U-shape relationship; (3) Additionally, we further investigate the moderating effects of environmental uncertainty and competitive advantage, uncovering that environmental uncertainty dampens the ESGP-firm value relationship, while competitive advantage further amplifies it. This study contributes to the understanding of how ESG performance can act as strategic assets that align managerial and stakeholder interests, and improve firm performance, by underpinning agency, stakeholder, and the resource-based view theory. Practical insights are also provided for policymakers, regulators, and financial institutions regarding the use of ESGP as a competitive tool in uncertain and dynamic market environments.

The global rise in life expectancy has spurred interest in healthy ageing and preventing age-related chronic diseases. Indigenous diets and recreational activities are recognised for promoting longevity and mitigating conditions like cardiovascular disease and dementia. This scoping review, guided by PRISMA-Scr, examined the impact of indigenous dietary practices and recreational activities on healthy ageing and managing age-related diseases. We searched PubMed, Web of Science, Google Scholar, and CINAHL Central for peer-reviewed English-language articles (2015–2025), identifying 36,984 records and including 34 studies. Findings show that indigenous diets, rich in plant-based foods, lean proteins, and minimal processed foods, are associated with lower chronic disease prevalence. Recreational activities, such as farming, hunting, and communal dancing, enhance physical fitness, social cohesion, and mental well-being, which are crucial for healthy ageing. Integrating diet and activity in indigenous communities fosters a lifestyle that supports long-term health. These practices offer valuable insights for global ageing strategies. Public health initiatives should adopt culturally sensitive approaches, incorporating traditional diets and activities to improve outcomes. Future research should explore adapting these practices for diverse populations, particularly in urban settings, to enhance their scalability and impact. 

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.