Economics, Management and Sustainability (E-Journal)
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Application of material flow cost accounting to achieve environmental sustainability in small-scale soybean oil production in South Africa
Full text linkPurpose: This study investigates the effectiveness of Material Flow Cost Accounting (MFCA) as a tool for enhancing resource efficiency and environmental sustainability in small-scale soybean oil production in South Africa. The main objective is to analyze the impact of MFCA on waste reduction and economic performance within the production process.
Methodology: A case study approach was adopted, focusing on the implementation of ISO 14051 in a small-scale soybean oil production setting. Data were collected through direct observation over three months, capturing cost information, inputs, and outputs across the various production stages.
Results: The findings indicate that a significant portion of waste generated during soybean oil production can be reused as by-products in other processes. The application of MFCA led to notable cost savings and promoted environmental sustainability. Specifically, the technique resulted in total savings of 6,083.05 Rands, with 196.97 Rands saved in dehulling, 4,609.08 Rands in drying, 350 Rands in oil extraction, and 927 Rands in filtration. The study also highlights the potential for revenue generation and improved resource utilization through waste minimization and reuse.
Theoretical Contribution: This research contributes to the literature by demonstrating the value of MFCA in agri-food production, emphasizing its role in reducing waste, costs, and energy use while supporting sustainability objectives.
Practical Implications: The results provide actionable recommendations for industry practitioners, policymakers, and scholars, advocating for the adoption of MFCA in soybean oil and similar production processes to achieve sustainable development goals.
Sustainable Development Goals (SDGs): SDG 2: Zero Hunger; SDG 6: Clean Water and Sanitation; SDG 7: Affordable and Clean Energy; SDG 9: Industry, Innovation and Infrastructure; SDG 12: Responsible Consumption and Production; SDG 13: Climate Action; SDG 15: Life on Land; SDG 17: Partnerships for the Goal
Exploring the nexus between banking stability and market value: Evidence from the Iraqi banking sector
Full text linkPurpose: This study aims to investigate the relationship between banking stability and market value in the Iraqi banking sector, exploring how the stability of banks impacts their market capitalization. Methodology: The study employs a quantitative approach, utilizing financial ratios such as return on assets, equity/assets, and the z-score index to quantify banking stability. Market value is measured using banks' share prices and outstanding shares. A sample of 17 Iraqi banks is analyzed over a four-year period, employing statistical analysis to examine the relationship between banking stability and market value. Results: The findings reveal a positive relationship between banking stability and market value. Banks with strong risk management practices, adequate capital buffers, and effective regulatory oversight inspire greater confidence among depositors and investors, translating into higher market valuations. Conversely, banks facing poor governance, high non-performing loans, and thin capital cushions struggle to achieve stability, eroding their market value. Theoretical Contribution: The study contributes to the existing literature by providing empirical evidence on the crucial role of banking stability in shaping market valuations. It highlights the importance of sound banking practices, regulatory frameworks, and risk management in enhancing investor confidence and, ultimately, the market value of banks. Practical Implications: The findings offer insights for policymakers, regulators, and financial institutions in Iraq and other regions. Promoting banking stability through enhanced prudential oversight, governance practices, risk management capabilities, and financial inclusion can favorably impact the market valuation and development of the banking system
Financial management engagement and small and medium-sized businesses in eThekwini municipality, South Africa
Full text linkSmall and medium-sized businesses are widely recognised as the cornerstone of growth in emerging and middle-class countries, and South Africa is no different. They generate many job possibilities and salaries for many individuals who live in cities, making them an essential component of average national production. The main objective of the research was to examine the level to which Small and Medium-sized businesses in the eThekwini Municipality used financial management. The research project used a quantitative method to collect and analyse data from the field. The survey included 60 participants from various small and medium-sized businesses in eThekwini. Proprietors and managers of small and medium-sized businesses were among those who responded. The rate at which organisations implement systems that effectively organise their money was a crucial component in analysing the financial management engagements of small and medium-sized businesses. This can be assessed in various ways, including distributing closed-ended surveys to responders. As a result, the proprietors of small and medium-sized businesses were prompted to score their companies based on the level to which financial preparation strategies were implemented and the funding sources. The research found that small and medium-sized businesses in the research areas did not develop long-term financial strategies that included investments in non-current assets, shares, stocks, and real estate initiatives. Small and medium-sized businesses must establish trustworthy systems for accounting information, disclose and analyse their financial challenges regularly, and advocate for laws that make it simpler for small and medium-sized businesses to obtain inexpensive financing. Since small and medium-sized businesses are recognised as contributing significantly to national economic growth, they must keep growing
Multi-criteria assessment methodology for remanufacturing conventional grinding machines into CNC machine tools
Full text linkPurpose: This paper presents a multi-criteria assessment methodology to evaluate the remanufacturability of converting conventional surface grinding machines into CNC machine tools.
Methodology: Conventional surface grinding machines remanufactured into CNC machine tools were analyzed and classified into five remanufacturing alternatives. A multi-criteria assessment model incorporating cost, time, accuracy, reliability, processing shape complexity, and ergonomics was developed. The importance of criteria and performance of alternatives were weighted through machine tool remanufacturing experience analysis and comparative literature review.
Results: The Remanufacturability Index (RI) for remanufactured conventional surface grinding machines ranges from 0.637 to 0.999 based on the level of CNC upgrades from 2-axis to 5-axis configurations. Higher-axis remanufactured machines showed greater feasibility.
Theoretical Contribution: This study provides a quantitative methodology to assess the technical, economic, and environmental feasibility of remanufacturing conventional machines into CNC machine tools. It extends the application of multi-criteria decision making to the field of machine tool remanufacturing.
Practical Implications: The proposed methodology can guide small and medium-sized manufacturers in making decisions to upgrade their conventional machines to CNC through remanufacturing. It helps evaluate the benefits and risks of different upgrade configurations to support the implementation of machine tool remanufacturing in practice.
Sustainable Development Goals (SDGs): SDG 9: Industry, Innovation and Infrastructure; SDG 12: Responsible Consumption and Production; SDG 8: Decent Work and Economic Growth; SDG 13: Climate Action; SDG 4: Quality Educatio
Examining the relationship between procurement strategies and organizational performance of Ghanaian firms: How does strategic procurement drive organizational success?
Full text linkThis study investigates the impact of procurement strategies – Strategic Procurement (STRP), Supplier Relationship Management (SRM), Risk Management Practices (RMP), and Sustainable Procurement (SUSP) – on organizational performance among industrial firms in Ghana’s Greater Accra region. A structured questionnaire was administered to 500 participants from industrial companies, resulting in 437 valid responses (an 87.4% response rate). Data were analyzed using partial least squares structural equation modeling (SEM-PLS). We used non-probability and purposive sampling methods to select firms from a list provided by the Association of Ghana Industries. The results show that Strategic Procurement significantly enhances organizational performance. SRM positively influences Strategic Procurement but does not directly impact performance. RMP positively affects both strategic procurement and organizational performance, whereas sustainable procurement positively influences both. The mediation analysis reveals that Strategic Procurement partially mediates the effects of Sustainable Procurement and RMP on organizational performance. However, Strategic Procurement does not mediate the relationship between SRM and organizational performance, suggesting that other mechanisms may drive this relationship. This study highlights the central role of Strategic Procurement in linking sustainable procurement and RMP to improve performance. This emphasizes the need for a holistic approach to procurement strategy, integrating sustainable and risk management practices for optimal outcomes in Ghana’s industrial sector. Organizations should align procurement strategies with strategic goals, foster strong supplier relationships, embed risk management in procurement processes, and integrate sustainability for regulatory compliance and reputational benefits. In addition, organizations should implement performance metrics for continuous improvement.
Sustainable Development Goals (SDGs): SDG 8: Decent Work and Economic Growth; SDG 9: Industry, Innovation and Infrastructure; SDG 12: Responsible Consumption and Production; SDG 17: Partnerships for the Goal
Factors influencing financial performance in South Africa’s food and beverage industry: An empirical analysis
Full text linkPurpose: This study aims to investigate the determinants of financial performance in the food and beverage sector of South Africa, focusing on 11 listed companies on the Johannesburg Stock Exchange. Methodology: The study employs panel data regression analysis using secondary data sourced from the Integrated Real-time Equity System (IRESS) Library, covering the period from 1988 to 2017. Return on assets (ROA) is used as the performance indicator, while the explanatory variables include debt ratio, cash conversion cycle, leverage, labour, and capital. Results: The study’s findings reveal that labour and capital are statistically significant determinants of financial performance in the food and beverage sector of South Africa. On the other hand, debt ratio, cash conversion cycle, and leverage have an insignificant impact on the firms' performance. Theoretical contribution: This study contributes to the literature on the determinants of financial performance in the food and beverage sector, particularly in the context of South Africa. The findings highlight the importance of labour and capital as key factors influencing financial performance in the sector. Practical implications: The study's results have practical implications for managers and stakeholders in the food and beverage sector of South Africa. It is recommended that firms in the sector pay more attention to labour and capital as these variables have proven to be strong determinants of financial performance
EBRD financing in Kosovo (2013-2020): Impact and strategies
Full text linkPurpose: This paper analyzes the European Bank for Reconstruction and Development's (EBRD) strategic financing roles in Kosovo from 2013 to 2020, focusing on economic impacts and developmental progress. Methodology: Employing a quantitative and comparative approach, this study utilizes secondary data analysis, supported by statistical tools in Microsoft Excel, to evaluate the effectiveness of EBRD investments in various sectors within Kosovo. Results: The findings reveal significant EBRD investments, primarily in SMEs and infrastructure, contributing to competitive gains and sustainable development. The study details the volume of investments and their distribution across different sectors, highlighting substantial impacts on employment and green energy initiatives. Theoretical Contribution: This research enriches the literature on international financial institutions' roles in post-conflict economic development, providing a nuanced understanding of the EBRD's strategic priorities and operational outcomes in transitional economies. Practical Implications: The study offers policymakers and development agencies insights into practical strategies for leveraging international finance for economic growth and sustainability. Recommendations are provided to enhance the focus on renewable energy and infrastructure, aligning with global sustainable development goals
Does air pollution motivate organisations to adopt environmental management accounting practices? Evidence from South Africa
Full text linkThis paper identifies the extent of air pollution in motivating companies to implement environmental management accounting (EMA) practices in 67 mining and cement companies listed on the Johannesburg Stock Exchange (JSE), South Africa, from 2012 to 2021. Pooled ordinary least squares regression is applied to analyse the data. EMA is proxied by environmental training, environmental audits and energy efficiency, while air pollution is measured based on the air quality index (AQI). The results show that air pollution is essential for companies to adopt EMA practices. This means that when air quality declines within a company’s locality, a company proactively adopts EMA practices. This suggests that air pollution is a key basis of companies' adoption of EMA, as predicted by the legitimacy theory. The study includes three control variables: size, return on assets (ROA) and number of years listed on JSE. Two control variables, namely Size and ROA, portray a positive and significant effect on adopting EMA from air pollution. This portrays that a financially stable company tends to submit to air pollution and use EMA to counter the pollution. In contrast, as the number of years increases for companies listed on JSE, EMA will likely be adopted less to reduce air pollution
Evaluating the revenue and taxation implications of cannabis legalization in South Africa: Insights from Canada and the United States
Full text linkPurpose: This study aims to evaluate the impact of cannabis legalization on revenue mobilization and taxation in South Africa by analyzing the experiences of jurisdictions that have legalized cannabis. Methodology: A qualitative approach was employed, including a literature review and trend analysis. Data from Canada, California, Colorado, and Washington State, where cannabis has been legalized, were analyzed for 2018-2021. Results: The findings demonstrate that cannabis legalization significantly impacts revenue collection and taxation. However, optimal pricing and taxation policies are crucial to capture the illicit market, minimize negative externalities, and ensure industry growth. Legacy growers and previously disadvantaged individuals should be integrated into the legal market. Theoretical Contribution: The study contributes to the theoretical framework of Pigouvian taxation by examining its applicability to the cannabis industry and the challenges posed by illicit markets and product substitutability with alcohol and tobacco. Practical Implications: The study provides recommendations for South African policymakers on taxation policies, market regulation, and inclusive strategies to ensure a successful and sustainable cannabis industry while maximizing revenue mobilization
Exploring the intersection of utilitarianism and sustainability in business: A conceptual analysis
Full text linkPurpose: This research aims to elucidate the benefits commercial entities strive to accrue by implementing sustainability practices, using a conceptual analysis framework to probe into the anticipated benefits underpinning sustainability adoption. Methodology: The study employs a comprehensive literature review to define and establish a framework for utilitarianism and sustainability, focusing on their relationship and implications within the business context. Results: The research findings indicate that sustainability practices can considerably augment the utilitarian objectives of businesses. Energy efficiency initiatives, for instance, can enhance profitability by curtailing energy costs and simultaneously alleviating environmental impacts. Social responsibility endeavours can amplify brand value, solidifying customer loyalty. Elevated employee satisfaction and engagement can foster heightened productivity and competitiveness. Theoretical contribution: This study contributes to the existing body of literature by critically examining the definitions of critical terms and interrogating the ontological validity of the assumed linkage between sustainability initiatives and the anticipated benefits. It also offers a framework illustrating how businesses might integrate the principles of sustainability and utilitarianism, setting a foundation for further exploration of this theme. Practical implications: The research provides valuable insights for businesses seeking to harmonize their activities with environmental, social, and economic impacts in the pursuit of sustainability, while simultaneously aiming to maximize benefits. It underscores the importance of maintaining a delicate equilibrium between sustainability and utilitarianism, as the incorporation of sustainability principles can assist businesses in achieving their profit and benefit creation objectives, thereby fortifying their prospects for enduring success