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The impact of fiscal and monetary policies on manufacturing sector performance in South Africa

  • Authors: Hunter, Desireѐ
  • Date: 2023
  • Subjects: Manufacturing industries -- South Africa , Fiscal policy -- South Africa , Monetary policy -- South Africa
  • Language: English
  • Type: Doctoral theses , text
  • Identifier: http://hdl.handle.net/10353/28549 , vital:74417
  • Description: Regulatory authorities have to date utilised a strategic blend of fiscal and monetary policies in dealing with the unique set of macroeconomic conditions facing South Africa. Government policy intervention has significant implications for economic growth and output within the manufacturing environment. Heterogeneity has also been discerned in relation to the responsiveness of various industries within the manufacturing sector towards both fiscal and monetary policy variable variations. However, given weakened growth prospects, policy alignment issues have been observed. The purpose of this study was firstly, to examine the impact of fiscal and monetary variables on manufacturing sector output in South Africa and secondly, to analyse the manufacturing industry significance of the various monetary transmission mechanism channels. The study made use of quarterly and monthly data to achieve these stated objectives, dated between 1998 and 2020. To achieve the first objective, the study employed the Autoregressive Distributed Lag (ARDL) model given the order of integration of the variables. The empirical results revealed significant, positive relations between tax revenue, deficit financing, nominal effective exchange rate (NEER) and money supply (M3) for total manufacturing (LTOTAL). Contrastingly, there were negative links between LTOTAL, government spending and the lending rate. At a disaggregated industry level, there were positive relations with tax revenue in food and wood industries, although tax revenue was significantly negative for metals. Likewise, to LTOTAL, linkages with spending were significantly negative for wood and metal industries but positive for chemicals. Negative spending signage could be a result of crowding-out. For deficit financing, positive associations within chemicals did not conform to expectations. Similarly, to LTOTAL, wood and metal industries conformed to expectations of negative relations with the lending rate. In respect of the NEER in food and wood production, significant, positive links were established. Contrastingly, a negative linkage existed for chemical activities at the 5% level. Concerning M3 and akin to LTOTAL, the relation with metal industries was positive. However, negative findings for food and chemicals contradicted expectations, suggesting money supply was not efficiently utilised in managing monetary variables in the long-term. The second objective of the study focused on analysing manufacturing industry significance of the various monetary transmission mechanism channels. The Vector Error Correction Model (VECM) were employed to analyse the relationship between the variables. Impulse response and variance decomposition were also constructed to further trace which channel is more significant in influencing manufacturing output. The empirical results revealed that the interest rate channel occupied a relatively significant role in both LTOTAL and several selected manufacturing industries. Shocks accounted for 9.71%, 11.96% and 14.28% of the variance in LTOTAL, metal and chemical industries. The asset price channel also appeared relatively significant, with shocks to the FTSE/JSE all-share index explaining 18.21% and 21.13% of the variation in food and wood production, signifying the most relevant channel for these particular industries and representing the second most important channel for LTOTAL and the other remaining industries. The exchange rate channel also presented as being a more relevant channel for food and wood, but occupied little role in LTOTAL, whilst the credit channel was relatively ineffectual for both LTOTAL and all industries examined. The results obtained imply that government should exercise caution and demonstrate fiscal restraint and that the South African Reserve Bank (SARB) need to take greater consideration of output fluctuations in monetary policy setting. Research has dictated that an expansionary fiscal policy is generally required as a means to achieving increased growth. However, findings obtained at both the aggregate and disaggregated manufacturing level in South Africa largely varied. This implies significant heterogeneity within the South African manufacturing sector in respect of fiscal policy responses. Expansionary fiscal stimulus packages need to be better targeted towards industries that will most benefit. Similarly, monetary policy responses at the aggregate and disaggregated manufacturing level in South Africa were heterogeneous and furthermore, differed when examining combined policy impacts. There was also a heterogeneous response with respect to relevance of the channels, via which monetary policy operated, with the interest rate channel dominating. SARB do take into consideration output fluctuations in policy setting but this is not currently emphasised or legislated. , Thesis (DCom) -- Faculty of Management and Commerce, 2023
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  • Date Issued: 2023

Sustainable value stream mapping at a rolling stock manufacturer

  • Authors: Mdingi Sifundile
  • Date: 2022-04
  • Subjects: Manufacturing processes , Manufacturing industries -- South Africa
  • Language: English
  • Type: Master's theses , text
  • Identifier: http://hdl.handle.net/10948/58268 , vital:58851
  • Description: This research was conducted considering the continued losses in both a rolling stock manufacturing business and the engineering operating division of a state owned company, resulting in sustainable being the highest risk. This study entailed gathering view from management level employees of the engineering operating division's local businesses on sustainability of current high speed Mark Five Variant (MK V) bogie manufacturing processes. The views were validated through a cross-sectional guide case study using a sustainable value stream map, a visualization and analytical measuring tool, to assess sustainability of the MK V bogie assembly process. The assessment was based on a Lean-Six sigma methodology of defining, measuring, analysing, improving, and controlling (DMAIC), to provide a current state process map (PM) and sustainable value stream map ( Sus-VSM) , Thesis (MA) -- Faculty of Business and Economic sciences, 2022
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  • Date Issued: 2022-04

An analysis of the impact of Uniquely African Traditional Leadership Principles on the sustainability of Lean Manufacturing Implementation within the local manufacturing industry

  • Authors: Katts, Ryan
  • Date: 2021-12
  • Subjects: Lean manufacturing -- South Africa , Manufacturing industries -- South Africa
  • Language: English
  • Type: Doctoral theses , text
  • Identifier: http://hdl.handle.net/10948/53954 , vital:46123
  • Description: Businesses are under threat and will need to continuously improve if they are to survive, compete successfully and grow in the global marketplace. This is particularly the case for the manufacturing sector where continuous improvement in the quest to become efficient is of utmost importance. Lean Manufacturing (LM) has been implemented globally and has proven itself to be a benchmark manufacturing practice for achieving continuous improvement directed at business success with respect to increase revenue and business growth. Within the South African manufacturing industry, especially amongst automotive manufacturing sector, Lean Manufacturing has been widely implemented with mixed success. As Lean Manufacturing affects both processes and people, lean principles become key contributors for successful implementation within manufacturing. This study aimed to identify key principles required to improve the success of Lean Manufacturing implementation in the local manufacturing industry in South Africa. The research conducted identified pertinent aspects of LM that could be applied within the SA context. It begins with a review of current literature on Lean Manufacturing, exploring several topics which are relevant to the study. Lean Manufacturing literature was then summarised and tabulated into the Principles and supportive behavioural elements for successful Lean implementation. Important aspects identified during the research that are required for successful LM implementation were Teamwork, Engagement / Commitment, Ideas / Suggestions, Communication, Improvement Culture, Training and Committed Leadership. Then, a literature review on African Leadership was conducted, exploring various elements of leadership and principles that are instilled in leaders within Africa. Key elements from this literature were summarised and tabulated into the Principles and supportive behavioural elements within African Leadership. For African Leadership, principles such as Communalism, Collectivism, Humaneness, Mutual Respect and Cross Cultural Literacy were identified as Uniquely African Traditional Leadership Principles required to be present for successful Lean implementation. These summaries formed the basis from which two self-constructed questionnaires and a Uniquely African Traditional Leadership Principles Interview were compiled. The two self-constructed questionnaires and interview were used as measuring instruments to measure the presence of the above mentioned principles and behavioural elements within organisations and determine whether they have an impact on the sustainability of Lean Manufacturing implementation. Finding from this research indicated that the Uniquely African Traditional Leadership Principles identified were present within organisations, but to an even greater extent within organisations that have successfully implemented Lean Manufacturing. This indicates that Uniquely African Traditional Leadership Principles have a positive effect on the sustainability of Lean Manufacturing implementation. The researcher recommends that, to further improve the presence of Uniquely African Traditional Leadership Principles and principles that display successful LI within organisations, focus be placed on the principles and supportive behavioural elements detailed within this document. , Thesis (DBA) -- Faculty of Business and Economic Sciences, 2021
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  • Date Issued: 2021-12

Radical transformation and sustainability for an advanced manufacturing industry: a progressive model

  • Authors: Noor, Richard , Van der Merwe, Karl
  • Date: 2020
  • Subjects: Manufacturing industries -- South Africa , Leadership Organisational learning
  • Language: English
  • Type: Thesis , Doctoral , DPhil
  • Identifier: http://hdl.handle.net/10948/46849 , vital:39669
  • Description: The manufacturing industry in one of the most significant contributors to a countries GDP across the world. South Africa is no different and yet it remains an interesting challenge for the country. Power and greed seem to have overtaken the moral fibre of our society and has inflicted pain and suffering to millions across the country. The manufacturing has not been immune to this challenge and appears to be in free fall on so many levels. The primary objective of this research was to develop a model for the manufacturing industry which would assist the role players to navigate the challenges and obstacle in this ever changing and demanding industry. An extensive review of literature was conducted which informed and guided the process of gathering information and data using a questionnaire and a survey conducted across the manufacturing industry. Structural Equation Modelling was used to test the relationships between the various factors identified during the literature review. Leadership Impact was confirmed as a significant contributor as well as the Economic Impact having a significant impact on both Radical Transformation and Sustainability. This study scientifically added to the body of knowledge having taken several factors within the manufacturing industry and analysed its impact on radical transformation and sustainability, the integration of these factors within one study has not been previously conducted and has contributed to the manufacturing industry, business leadership and management fields of study.
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  • Date Issued: 2020

Assessing the impact of the Employment Equity Act on the employee satisfaction in the manufacturing sector

  • Authors: Gina, Mondli
  • Date: 2018
  • Subjects: Job satisfaction -- South Africa , Employee motivation -- South Africa Labor laws and legislation -- South Africa South Africa -- Employment Equity Act, 1998 , Manufacturing industries -- South Africa
  • Language: English
  • Type: Thesis , Masters , MBA
  • Identifier: http://hdl.handle.net/10948/30150 , vital:30845
  • Description: It has been observed that the workplace environment affects the performance and job satisfaction of employees. Employees are more than the most important asset for an organisation, they play an essential role in current operational performance and future competitive advantage. Employees spend a major part of their life in the organisation within which they work. Managing the diversity of human capital in an organisations is key towards organisational sustainability in the manufacturing sector. The main objective of this study was to determine the degree of employees’ job satisfaction towards the implementation of Employment Equity Act in the manufacturing sector. One of the most important and broad-based challenges currently facing organisations in various sectors is adapting to people who are different. The term used for describing this challenge is workforce diversity. Workforce diversity means that organisations are becoming a more heterogeneous mix of people in terms gender, age, race, ethnicity, and sexual orientation. The main aim of the Employment Equity Act is the creation of a diverse workforce within South African organisations. If the organisation wants to remain competitive in the environment that its operating, it requires an effective management of diversity. The South African manufacturing sector is facing a major challenge regarding the attainment of workforce diversity in terms of implementing Employment Equity Act legislation, hence this study was an exploratory field study with the aim of understanding what impact the implementation of Employment Equity has on the employee job satisfaction in manufacturing sector. The study further investigated whether variables such as, workplace diversity, organisation culture, change management, leadership style and employee engagement do affect employee job satisfaction. A detailed questionnaire was distributed to a convenience sample of employees who are working in the manufacturing organisations. The data collected from this study was analysed by the statistician consultant provided by the Nelson Mandela University. In this iv study, the collected data was analysed using the latest Statistical Package for the Social Sciences (SPSS) which reflects the data as graphical representations. The results of the study revealed that over 60% of organisations in the manufacturing sector, and represented in the study are creating a ‘great place to work’ and their employees are satisfied with their jobs. Although, overall results of the study illustrate that employees in the manufacturing sector are satisfied with their organisations and which results in job satisfaction, an interesting finding was discovered in the study and which might have implications for manufacturing organisations in the way change management processes are carried out. The study findings revealed that the level of involvement as perceived by respondents was limited to adequate information and not necessarily total participation in the decision process. The study recommends that change management processes should include the participation of all employees in the organisation. Conclusions and recommendations were drawn from the literature and the findings of the study.
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  • Date Issued: 2018

An effective physical assets management strategy for the South African manufacturing industry

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