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The presence of a day-of-the-week effect has been investigated by many researchers over many years, using a variety of financial data and methods. However, differences in methodology between studies could have led to conflicting results. The purpose of this paper is to expand on an existing study to observe whether an analysis of the same data set with some added years and using a different statistical technique provide the same results.

The study examines the presence of a day-of-the-week effect on the Johannesburg Stock Exchange (JSE) indices for the period March 1995-2016, using a GARCH model.

The findings show that, contrary to the original study, the day-of-the week effect is present in both volatility and return equations. The highest and lowest returns are observed on Monday and Friday, respectively, while volatility is observed on all five days from Monday to Friday.

This study adds to the existing literature on day-of-the-week effect of JSE indices, where different patterns or, in some cases, no pattern have been noted. Few previous studies on the day-of-the-week effect observed the effect at micro-level for separate industries or made use of a GARCH model. The present study thus expands on the study of Mbululu and Chipeta (2012), by adding four additional observation years and using a different statistical technique, to observe differences that arise from a different time period and statistical technique. The results indicate that a day-of-the-week effect is mostly a function of the statistical technique applied.

A quantitative study sought to better understand responsible leadership (RL) style in the private security sector. The authors analyzed RL’s mediating role in the relationship between rules climate (RC) and employees' perceived organizational support (POS).

The data were collected through an online questionnaire administered to full-time private guards in Ankara (Turkey). A mediation model was proposed, and research hypotheses were tested with structural equation modeling (SEM).

The results indicate a significant positive relationship between the company’s RC and managers' RL, and a positive significant relationship between managers' RL and employees' POS. RL mediates the relationship between company’s RC and employees' POS.

The theoretical framework draws on conservation of resources (COR) theory to consider RL an effective resource. The organization’s RC was a key factor the affecting leader’s responsible behaviors.

This study explores a thriving leadership style, gaining research attention across fields. To the authors' knowledge, no prior research has studied this leadership style in the security sector. The authors use COR to increase understanding of an important antecedent (company’s RC) and consequence (employees' POS) of RL, highlighting this emerging style’s mediating role.

Este artículo de enfoque cuantitativo favorece una mayor comprensión del liderazgo responsable (RL) en el sector de la seguridad privada. Analiza el papel mediador de este estilo de liderazgo en la relación entre un clima de regulación (RC) y la percepción de los trabajadores del apoyo organizacional (POS).

Los datos fueron recolectados a través de un cuestionario online que se administró a guardas de seguridad privados empleados a tiempo completo en la región de Ankara (Turquía). Se propone un modelo de mediación y se comprueban las hipótesis propuestas a través de ecuaciones estructurales con el software (SEM).

Los resultados obtenidos indican una relación positiva y significativa entre el RC y el liderazgo responsable de los superiores, así como una relación también positiva y significativa entre el RL y la POS de los empleados. Se encuentra que el RL media la relación entre el RC y el POS.

Bajo el marco teórico de la Teoría de Conservación de Recursos (COR) se considera que el RL es un recurso altamente efectivo para las organizaciones. El RC de la organización se perfila como un factor clave que afecta los comportamientos del líder responsable.

El diseño transversal del estudio (datos recogidos en un memento del tiempo) y el uso de una muestra de conveniencia son las principales limitaciones del trabajo.

Este estudio explora un estilo de liderazgo aún desconocido, pero con gran potencial, que está ganando fuerza en el ámbito de la investigación científica en los últimos años. Según nuestro conocimiento, se trata del primer estudio que explora este novedoso estilo de liderazgo en el sector de la seguridad privada. El empleo de la Teoría COR favorece la comprensión del RC como un antecedente de este estilo de liderazgo (RL), y también contribuye a comprender la POS de los empleados como clara consecuencia, destacando el papel mediador de este estilo de liderazgo emergente.

A method is given for the design of a two‐dimensional wind tunnel contraction for incompressible inviscid flow. The contraction is considered to join parallel channels of different width and is of finite length. The contraction boundary consists of two curved portions fairing smoothly into the channel walls at the upstream and downstream ends and a straight portion in between joining the other ends of Ihc curved portions. The shape of the boundary is determined by specifying: (i) constant velocities along the curved portions and (ii) the angle of inclination of the straight portion to the tunnel axis. The solution to the problem is obtained by working in the hodograph plane. For this purpose the contraction is considered to be made up of two distinct parts, upstream and downstream, and the solution is worked out for each separately. Results are given in tabular form for differing values of the above parameters (i) and (ii). It is hoped that the results will be found useful in the design of most low‐speed tunnels and particularly those with large contraction ratios. The results given here have been used in the design of a smoke tunnel (contraction ratio 15 to 1), a model of which has been built and tested with satisfactory results.

Sponsorship is a major contributor to income in the South African sports arena, and is a critical component allowing sports unions to remain financially viable and sustainable. Sports sponsoring companies, however, have long questioned the financial returns generated from these ventures. The purpose of this paper is to understand whether financial returns of companies with sports sponsorship in South Africa are significantly different to those without. This research was conducted on Johannesburg Stock Exchange (JSE) listed companies that sponsored sport consistently between 2000 and 2015 for a period of two years. A quantitative methodology was employed whereby share price, revenue and earnings growth were analysed, comparing firms that did not adopt strategies involving sports sponsorships to those that did.

A quantitative methodology was employed, whereby share price, revenue and earnings growth were analysed, comparing firms that did not adopt strategies involving sports sponsorships to those that did. South Africa is an emerging market and a member of the BRICS Forum ranked 14th in the sport sponsorship market globally (Sport Marketing Frontiers, 2011), becoming increasingly dominant in the global sports industry (Goldman, 2011). The population consisted of JSE-listed Main Board and alternative exchange companies that participated in any form of consistent sports sponsorship in the given time frame: 2000-2015, where the company’s share price, revenue and earnings per share (EPS) data for the period were available from the INET BFA database. The JSE is ranked 17th in terms of market capitalisation (over $1 trillion) in the world, being the largest stock exchange on the African continent with over $30bn being traded on average monthly. Multiple journals today publish research done on the JSE, for example the International Journal of Sports Marketing and Sponsorship, Investment Analysts Journal and the South African Journal of Accounting Research. This stock exchange is 125 years old and has over 400 listed companies of which 358 are domestic (Kruger et al., 2014).

Results show that companies involved in sports sponsorship during the period analysed did not experience enhanced share price or revenue growth in excess of those companies not involved in sports sponsorship. As a whole, sports sponsoring companies did however experience greater income growth (EPS) than those companies not involved in sports sponsorship. Enhanced revenue growth was found in the consumer services sector, indicating that sport sponsorship in this sector drives brand image and recall resulting in enhanced revenues. These results though indicate that a multitude of differing objectives may exist for companies engaging with sports sponsorship, with increased sales not the singular objective. In general it is concluded that sports sponsorship is considered to achieve a broad spectrum of outcomes that are likely to contribute to increased profitability.

The relatively small size of 40 firms on the JSE in the South African sports sponsorship market is a limitation for this research. The purely quantitative approach limited the ability to gain the required level of insight into those sectors with small samples, which a qualitative study would reveal. SABMiller as example could not be analysed against its sector peers, given that it is one of the most prominent and consistent sports sponsors in South Africa across all major sporting codes. The telecommunications sector was represented entirely by companies that were involved in sports sponsorship and, hence, no in-depth comparison could be conducted within this sector. Vodacom, a major sponsor of sport in South Africa, could not be compared with its peers utilising purely financial and statistical methods. Cell C is one of the most prominent sponsors of rugby in South Africa, through its title sponsorship of the Cell C Sharks, and was not included in this study as it is not listed on the JSE. It is suggested that such companies should be included in a qualitative study approach.

The results of the Mann-Whitney U test for the consumer services and financial sectors confirm no significant difference in EPS growth for companies utilising consistent sports sponsorship as part of their marketing mix to those that do not. The consumer services sector has seen above-average revenue growth from sports sponsorship compared with its sector peers; however, the sector was unable to convert this increased revenue growth into increased profits, suggesting that the cost of sponsoring, as well as the operating costs associated with sports sponsorship, counteract any growth in revenue.

The sample of sports-sponsoring companies experienced a larger annual mean EPS growth rate of 30.6 per cent compared to the remaining JSE Main Board companies which grew EPS annually at 27.4 per cent. The results of the Mann-Whitney U test confirm a significant difference in EPS growth for companies utilising consistent sports sponsorship as part of their marketing mix. From a practical interpretive perspective, this result reveals that those companies in South Africa involved in sports sponsorship consistently attain greater than market-related profit growth. This poses some interesting points for discussion, given that revenue growth was not statistically different, which suggests that many sponsors are utilising the sponsorships for purposes other than sales growths that result in a profitable outcome. The potential range of options is large but would likely comprise the creation of stronger supplier relationships, resulting in optimised business inputs. Sponsors might be utilising sponsorships to improve corporate social status, which assists them in creating regulatory compliance, in some instances. Additionally, these sponsorships may be utilised to maintain key client relationships that provide the highest levels of profitability, and whilst this might not grow revenue through new business acquisition, it may result in higher profitability as a result of a loyal and stable customer base.

Much of the available research focusses on the sponsorship of specific sporting events and the share price impact thereof at specific occasions like the announcement, renewal and termination. Where research is conducted across a multitude of sporting events and codes, this predominantly focusses on share price performance only, with varying and somewhat inconclusive results. There is little research focussing on wider, more comprehensive sets of sponsored events and sporting codes, and that seeks to provide an understanding of financial returns for sponsoring properties. In a study of more than 50 US-based corporations it was found that, as a group, corporations which consistently invested in sports sponsorships outperformed market averages, and that those with higher sponsorship spend achieved higher returns (Jensen and Hsu, 2011). The study utilised descriptive statistics. More analysis, utilising detailed statistical analysis, is required to better understand the effects of sponsorship on the wider set of variables analysed. In this case, a five-year compound annual growth rate was calculated for stock price appreciation, total revenue, net income and EPS, and analysed descriptively with only means and standard deviation. Measurement of such variables assists with an understanding of the materialized results of sponsorship as opposed to much of the work in this field, which analyses market reactions to sponsorship announcements.