An analysis of interest deductions and other financial payments in terms of South African income tax legislation
- Authors: Kula, Xoliswa Beverley
- Date: 2015
- Subjects: Tax planning -- South Africa , Income tax -- Law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/8188 , vital:25945
- Description: Tax avoidance through interest deductions has been highlighted internationally as a concern with the effect of eroding tax revenues of countries, including South Africa (SA). The evident cause of this concern is what is termed base erosion and profit shifting (BEPS) mainly orchestrated by multinational companies using aggressive tax planning schemes. Although the concern continues to exist, comprehensive measures are in place in SA such as the anti-avoidance rules and exchange control regulations to mitigate the concern. The study was undertaken to analyse the legislation on interest deductions in terms of the Income Tax Act No 58 of 1962 (‘the Act’) with particular focus on anti-avoidance. A number of issues pertaining to the operation of the provisions in the Act; administrative challenges as well the possible exploitation of loopholes within the provisions were identified. Furthermore, a comparative analysis conducted against Australia and the United Kingdom indicated that the measures adopted in SA are relatively similar, if not ahead. The effect the anti-avoidance measures have on the economic growth was considered. The results were positive in that the measures do not counteract the pursuit of economic growth. Lastly, the study assessed the position of SA against the internationally recommended best practice on the subject matter and it became evident that opportunities exist to improve the current measures applied in SA to mitigate the BEPS risks through interest deductions.
- Full Text:
- Date Issued: 2015
- Authors: Kula, Xoliswa Beverley
- Date: 2015
- Subjects: Tax planning -- South Africa , Income tax -- Law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/8188 , vital:25945
- Description: Tax avoidance through interest deductions has been highlighted internationally as a concern with the effect of eroding tax revenues of countries, including South Africa (SA). The evident cause of this concern is what is termed base erosion and profit shifting (BEPS) mainly orchestrated by multinational companies using aggressive tax planning schemes. Although the concern continues to exist, comprehensive measures are in place in SA such as the anti-avoidance rules and exchange control regulations to mitigate the concern. The study was undertaken to analyse the legislation on interest deductions in terms of the Income Tax Act No 58 of 1962 (‘the Act’) with particular focus on anti-avoidance. A number of issues pertaining to the operation of the provisions in the Act; administrative challenges as well the possible exploitation of loopholes within the provisions were identified. Furthermore, a comparative analysis conducted against Australia and the United Kingdom indicated that the measures adopted in SA are relatively similar, if not ahead. The effect the anti-avoidance measures have on the economic growth was considered. The results were positive in that the measures do not counteract the pursuit of economic growth. Lastly, the study assessed the position of SA against the internationally recommended best practice on the subject matter and it became evident that opportunities exist to improve the current measures applied in SA to mitigate the BEPS risks through interest deductions.
- Full Text:
- Date Issued: 2015
Analysis of calendar effects and market anomalies on the Johannesburg Stock Exchange
- Atsin, Achiapo Jessica Lisette
- Authors: Atsin, Achiapo Jessica Lisette
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg , Stocks -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9028 , http://hdl.handle.net/10948/d1020372
- Description: This study sought to empirically investigate the existence of calendar effects and market anomalies on the JSE using monthly and daily closing prices of the ALSI, Top 40, Mid Cap and Small Cap index; as well as, daily closing prices on the Value, Growth and Dividend Plus index during the sample period 2002 – 2013. The anomalies analysed are the January effect, the weekend effect, the size effect, the value effect, and the dividend yield effect. The empirical analysis uses a number of MSAR with a different number of regimes and lag orders. The results from the investigation of the January effect show the non-existence of the January effect and the value effect on the JSE during the periods 2002 – 2013 and 2004 – 2013, respectively. However, the weekend effect was found significant in the Mid Cap and the Small Cap index, and the size effect was also found significant during the same period 2002 - 2013. Finally the results from a Granger causality test concluded that there is a relationship between the returns on the Dividend Plus index and the ALSI, effectively proving the existence of the dividend yield effect on the JSE between 2006 and 2013. Additionally, the anomalies found imply the opportunity for investors to make returns above buy-and-hold.
- Full Text:
- Date Issued: 2015
- Authors: Atsin, Achiapo Jessica Lisette
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg , Stocks -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9028 , http://hdl.handle.net/10948/d1020372
- Description: This study sought to empirically investigate the existence of calendar effects and market anomalies on the JSE using monthly and daily closing prices of the ALSI, Top 40, Mid Cap and Small Cap index; as well as, daily closing prices on the Value, Growth and Dividend Plus index during the sample period 2002 – 2013. The anomalies analysed are the January effect, the weekend effect, the size effect, the value effect, and the dividend yield effect. The empirical analysis uses a number of MSAR with a different number of regimes and lag orders. The results from the investigation of the January effect show the non-existence of the January effect and the value effect on the JSE during the periods 2002 – 2013 and 2004 – 2013, respectively. However, the weekend effect was found significant in the Mid Cap and the Small Cap index, and the size effect was also found significant during the same period 2002 - 2013. Finally the results from a Granger causality test concluded that there is a relationship between the returns on the Dividend Plus index and the ALSI, effectively proving the existence of the dividend yield effect on the JSE between 2006 and 2013. Additionally, the anomalies found imply the opportunity for investors to make returns above buy-and-hold.
- Full Text:
- Date Issued: 2015
Factors affecting the usage of banking products and services by low income and under-banked consumers
- Authors: Giwe, Mbunwe Belter
- Date: 2015
- Subjects: Banks and banking , Bank facilities , Bank customers
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9334
- Description: A fundamental idea of this study was that the formal financial institutions have an essential role to play in the process of assisting financial inclusion of South Africa's low income and under-banked consumers. Financial inclusion is important for consumers to have access to affordable basic financial products and services. An increase in the number of financially included consumers is important for growth of home ownership, positive savings habits among low income consumers and mitigating risks with insurance products. Consumers have access to financial products and services but are not equipped with the basic knowledge to fully benefit from the use of these financial products and services. As a result, the construct of financial inclusion and the measures being taken by South African financial institutions to optimise financial inclusion was investigated in this study. There is a broad consensus that under-banked consumers face a myriad of factors that may prevent them from having effective access and usage of banking products and services. The effective usage of banking products and services not only promotes an inclusive society but also consumers' ability to take full advantage of the benefits of having access to suitable financial products and services. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. To achieve this, the researcher identified a number of factors that have a relationship with usage. These include Financial Awareness, Trust, Fees, Simplicity and Appropriateness of banking products and services. Consumers' usage of banking products and services were tested using primary data collected from low income and under-banked consumers in the NMB. This study only focused on five influencing factors. The investigation of other possible factors contributing to the usage of banking products and services is necessary. Making use of a larger sample and an improved model with other pertinent influencing factors might bring to light the significant factors involved in the decisions made by consumers in the usage of banking products and services. The significant factors presented in this study reveals that of the five proposed relationships, only two were found to be significant (Financial Awareness and Appropriateness). The findings of the study show that the usage of banking products and services can be increased through increased Financial Awareness about various available banking products and services, changing the unrealised need of the consumers into a realised need for banking and providing affordable products and services for various sections of the population. Appropriateness also reported a positive significant influence on Usage. This means that consumers are likely to access their bank account at different locations. With banking institutions offering products and services that meet their needs, consumers can achieve their financial goals and improve lifestyles by doing all transactions via the bank account and having more control over their personal financial affairs. Recommendations where suggested based on the empirical results to help improve the banking institutions ways of attracting and retaining consumers to effectively use their products and services. It was recommended that banking institutions should tailor their marketing campaigns towards low income and under-banked consumers in order to improve the level of financial awareness of consumers about banking products and services they consume. Seek to improve their communications strategies by adopting techniques that effectively transmits their ideas between the banking institutions and low income and under-banked consumers. And also focus should be on the creation of innovative design systems to ensure that banking products and services will effectively address the needs of low income and under-banked consumers.
- Full Text:
- Date Issued: 2015
- Authors: Giwe, Mbunwe Belter
- Date: 2015
- Subjects: Banks and banking , Bank facilities , Bank customers
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9334
- Description: A fundamental idea of this study was that the formal financial institutions have an essential role to play in the process of assisting financial inclusion of South Africa's low income and under-banked consumers. Financial inclusion is important for consumers to have access to affordable basic financial products and services. An increase in the number of financially included consumers is important for growth of home ownership, positive savings habits among low income consumers and mitigating risks with insurance products. Consumers have access to financial products and services but are not equipped with the basic knowledge to fully benefit from the use of these financial products and services. As a result, the construct of financial inclusion and the measures being taken by South African financial institutions to optimise financial inclusion was investigated in this study. There is a broad consensus that under-banked consumers face a myriad of factors that may prevent them from having effective access and usage of banking products and services. The effective usage of banking products and services not only promotes an inclusive society but also consumers' ability to take full advantage of the benefits of having access to suitable financial products and services. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. To achieve this, the researcher identified a number of factors that have a relationship with usage. These include Financial Awareness, Trust, Fees, Simplicity and Appropriateness of banking products and services. Consumers' usage of banking products and services were tested using primary data collected from low income and under-banked consumers in the NMB. This study only focused on five influencing factors. The investigation of other possible factors contributing to the usage of banking products and services is necessary. Making use of a larger sample and an improved model with other pertinent influencing factors might bring to light the significant factors involved in the decisions made by consumers in the usage of banking products and services. The significant factors presented in this study reveals that of the five proposed relationships, only two were found to be significant (Financial Awareness and Appropriateness). The findings of the study show that the usage of banking products and services can be increased through increased Financial Awareness about various available banking products and services, changing the unrealised need of the consumers into a realised need for banking and providing affordable products and services for various sections of the population. Appropriateness also reported a positive significant influence on Usage. This means that consumers are likely to access their bank account at different locations. With banking institutions offering products and services that meet their needs, consumers can achieve their financial goals and improve lifestyles by doing all transactions via the bank account and having more control over their personal financial affairs. Recommendations where suggested based on the empirical results to help improve the banking institutions ways of attracting and retaining consumers to effectively use their products and services. It was recommended that banking institutions should tailor their marketing campaigns towards low income and under-banked consumers in order to improve the level of financial awareness of consumers about banking products and services they consume. Seek to improve their communications strategies by adopting techniques that effectively transmits their ideas between the banking institutions and low income and under-banked consumers. And also focus should be on the creation of innovative design systems to ensure that banking products and services will effectively address the needs of low income and under-banked consumers.
- Full Text:
- Date Issued: 2015
Factors influencing consumer decision-making process in the private health institutions
- Authors: Akponah, Voke Blessing
- Date: 2015
- Subjects: Consumer behavior Decision making , Public-private sector cooperation
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/50033 , vital:41993
- Description: The development that has taken place in the health care sector includes all factors that have brought changes in the consumer decision-making process regarding the private health institutions. In Nigeria, the development is evident in the delivery of the health care services. This indicates that the private health institutions deliver quality health care service by using efficient and quality medical equipment. However, there is a growing awareness among clients to perform an extensive search before the purchase of health care service and the increased expectation from health care quality by clients and their family. The change in consumer behaviour has caused a shift in the consumer decision-making process due to the availability of several sources of information and various health institutions they can choose from. The purpose of this study is to investigate the factors that influence the consumer decision-making process that can enhance customer satisfaction and reduce cognitive dissonance. In this study the behaviour of consumers is related to how they make decisions along several stages before they make a purchase and in a health care setting the decision-making process refers to the process that clients pass through in making choices on alternative health institutions. The quantitative research method was adopted in this study in describing, analysing and interpreting data. A structured questionnaire was employed to collect primary data from 450 respondents in Lagos state, Nigeria. The primary data was statistically analysed using five stages, namely, exploratory factor analysis, Cronbach‟s alpha reliability testing, descriptive statistics, multiple regression analysis, and Pearson correlation analysis. The empirical results of this study indicates that service encounter experience, personal income and support sources are significantly related to the decision-making process. The decision-making process also has significant positive relationship with both customer satisfaction and cognitive dissonance. This indicates that influential factors that have been identified through the empirical results enlighten researchers and the private health institutions on issues that influence the clients‟ decisions to utilise private health institutions. The well-being and satisfaction of clients will be enhanced if the private health institutions can craft effective strategies that will enable clients to gain easy access and utilise health care services. This study emphasised that access to and utilisation of health care services in the private health institutions can be granted to clients through personal income and support sources from family members and private health institutions. Futhermore, health insurance coverage is an effective way that will help clients overcome the financial constraints and restricted access to and utilisation of private health institutions. The study further reveals that the well-being and satisfaction of clients will be enhanced if private health institutions improve access to quality health care. Failure to improve the overall quality and performances of the health care services in the private health institutions can lead to clients‟ cognitive dissonance. Both private and public health institutions should play a major role in providing the necessary facilities that can assist the clients in their decision-making process regarding their health care needs. This will enable the health care institutions‟ staff to understand what clients value and need and, therefore, how well to satisfy them and reduce cognitive dissonance. Easy access and utilisation of the private health institutions as well as satisfaction in quality health care delivery will create better health outcomes for the workforce and citizens of a country and this will improve economic development.
- Full Text:
- Date Issued: 2015
- Authors: Akponah, Voke Blessing
- Date: 2015
- Subjects: Consumer behavior Decision making , Public-private sector cooperation
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/50033 , vital:41993
- Description: The development that has taken place in the health care sector includes all factors that have brought changes in the consumer decision-making process regarding the private health institutions. In Nigeria, the development is evident in the delivery of the health care services. This indicates that the private health institutions deliver quality health care service by using efficient and quality medical equipment. However, there is a growing awareness among clients to perform an extensive search before the purchase of health care service and the increased expectation from health care quality by clients and their family. The change in consumer behaviour has caused a shift in the consumer decision-making process due to the availability of several sources of information and various health institutions they can choose from. The purpose of this study is to investigate the factors that influence the consumer decision-making process that can enhance customer satisfaction and reduce cognitive dissonance. In this study the behaviour of consumers is related to how they make decisions along several stages before they make a purchase and in a health care setting the decision-making process refers to the process that clients pass through in making choices on alternative health institutions. The quantitative research method was adopted in this study in describing, analysing and interpreting data. A structured questionnaire was employed to collect primary data from 450 respondents in Lagos state, Nigeria. The primary data was statistically analysed using five stages, namely, exploratory factor analysis, Cronbach‟s alpha reliability testing, descriptive statistics, multiple regression analysis, and Pearson correlation analysis. The empirical results of this study indicates that service encounter experience, personal income and support sources are significantly related to the decision-making process. The decision-making process also has significant positive relationship with both customer satisfaction and cognitive dissonance. This indicates that influential factors that have been identified through the empirical results enlighten researchers and the private health institutions on issues that influence the clients‟ decisions to utilise private health institutions. The well-being and satisfaction of clients will be enhanced if the private health institutions can craft effective strategies that will enable clients to gain easy access and utilise health care services. This study emphasised that access to and utilisation of health care services in the private health institutions can be granted to clients through personal income and support sources from family members and private health institutions. Futhermore, health insurance coverage is an effective way that will help clients overcome the financial constraints and restricted access to and utilisation of private health institutions. The study further reveals that the well-being and satisfaction of clients will be enhanced if private health institutions improve access to quality health care. Failure to improve the overall quality and performances of the health care services in the private health institutions can lead to clients‟ cognitive dissonance. Both private and public health institutions should play a major role in providing the necessary facilities that can assist the clients in their decision-making process regarding their health care needs. This will enable the health care institutions‟ staff to understand what clients value and need and, therefore, how well to satisfy them and reduce cognitive dissonance. Easy access and utilisation of the private health institutions as well as satisfaction in quality health care delivery will create better health outcomes for the workforce and citizens of a country and this will improve economic development.
- Full Text:
- Date Issued: 2015
Financial liberalisation and economic growth in SADC countries
- Authors: Moyo, Clement Zibusiso
- Date: 2015
- Subjects: Southern African Development Community , Economic development -- Africa, Southern
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5748 , vital:20995
- Description: Attaining high levels of economic growth and development has been one the goals of the Southern African Development Community (SADC). This paper investigates the relationship between financial liberalisation and economic growth in SADC countries. Annual data for the 15 SADC countries for the period 1985-2011 was used to develop a fixed effect model, generalised method of moments (GMM) as well as the fully-modified OLS (FMOLS) cointegration test. The results revealed that there is a positive relationship between financial liberalisation and economic growth in SADC but there is no long-run relationship between the two variables. It is recommended that the SADC adopt measures to increase the level of financial openness in the region in order to increase economic growth but this policy should be supplemented by other growth enhancing policies in order to increase economic growth over the long-term. However, prior to the increase in the level of financial openness, well-defined property rights and a sound regulatory framework should be in place to monitor the financial liberalisation process in order to avoid financial crises.
- Full Text:
- Date Issued: 2015
- Authors: Moyo, Clement Zibusiso
- Date: 2015
- Subjects: Southern African Development Community , Economic development -- Africa, Southern
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5748 , vital:20995
- Description: Attaining high levels of economic growth and development has been one the goals of the Southern African Development Community (SADC). This paper investigates the relationship between financial liberalisation and economic growth in SADC countries. Annual data for the 15 SADC countries for the period 1985-2011 was used to develop a fixed effect model, generalised method of moments (GMM) as well as the fully-modified OLS (FMOLS) cointegration test. The results revealed that there is a positive relationship between financial liberalisation and economic growth in SADC but there is no long-run relationship between the two variables. It is recommended that the SADC adopt measures to increase the level of financial openness in the region in order to increase economic growth but this policy should be supplemented by other growth enhancing policies in order to increase economic growth over the long-term. However, prior to the increase in the level of financial openness, well-defined property rights and a sound regulatory framework should be in place to monitor the financial liberalisation process in order to avoid financial crises.
- Full Text:
- Date Issued: 2015
Forecasting volatility on the rand foreign exchange market
- Authors: Klaas, Sinoxolo
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Foreign exchange administration , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/7892 , vital:24319
- Description: Exchange rates are one of the most essential determinants of a country's economic performance in terms of level of trade. Since the exchange rate is one of the best indicators of competitiveness, this study sought to examine the behaviour of the rand against other emerging countries in the South African exchange market. The study explored the trends and estimated the forecasting accuracy of six currency markets using ARCH-family and Random walk models over the period 1994 to 2013.The six currency markets examined were the Rand/Dollar, Rand/Pound, Rand/Euro, Rand/Yen and Rand/Pula. The Rand exchange rates did exhibit the characteristics of volatility clustering and asymmetric effects suggesting volatility of the Rand. Exchange rates tend to rise when there is more bad news in the financial market than good news and positive shocks imply a higher next period conditional variance than negative shocks of the same sign.
- Full Text:
- Date Issued: 2015
- Authors: Klaas, Sinoxolo
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Foreign exchange administration , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/7892 , vital:24319
- Description: Exchange rates are one of the most essential determinants of a country's economic performance in terms of level of trade. Since the exchange rate is one of the best indicators of competitiveness, this study sought to examine the behaviour of the rand against other emerging countries in the South African exchange market. The study explored the trends and estimated the forecasting accuracy of six currency markets using ARCH-family and Random walk models over the period 1994 to 2013.The six currency markets examined were the Rand/Dollar, Rand/Pound, Rand/Euro, Rand/Yen and Rand/Pula. The Rand exchange rates did exhibit the characteristics of volatility clustering and asymmetric effects suggesting volatility of the Rand. Exchange rates tend to rise when there is more bad news in the financial market than good news and positive shocks imply a higher next period conditional variance than negative shocks of the same sign.
- Full Text:
- Date Issued: 2015
Influence of leadership styles on the business performance of family businesses in the Eastern Cape
- Authors: De Witt, Andrea
- Date: 2015
- Subjects: Family-owned business enterprises -- South Africa -- Eastern Cape , Leadership -- South Africa -- Eastern Cape , Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9306 , http://hdl.handle.net/10948/d1018510
- Description: Given the importance of family businesses with regard to the economic growth of South Africa, and the fact that their high failure rates have a negative influence on the country’s economy, this study focused on ineffective leadership among family businesses and the influence thereof on business performance. People’s perceptions of leadership are changing, and an ethical, people-centred, character-orientated approach to leadership may be what businesses require. In addition, innovation and employee well-being are being given high priority, and leadership that is ethical and caring is of great importance. The primary objective of this study was twofold, firstly to establish the levels of Ethical, Authentic, Participative and Servant leadership displayed by family business owners and employees in the Eastern Cape, and secondly to establish the influence on the Perceived business performance of the family business of displaying these styles. Poor leadership was identified as a major challenge that family businesses are faced with, and a challenge that contributes to their high failure rate. The literature dealt with the nature and importance of leadership, and both traditional and contemporary leadership styles were elaborated on. The traditional leadership styles identified were autocratic, laissez-faire, transactional, transformational and participative leadership, while the contemporary styles identified and discussed were ethical, authentic and servant leadership. From the literature it was evident that a more ethical, people-centred, character-orientated approach to leadership may be what businesses require to be successful today. The literature highlighted Ethical, Authentic, Participative, and Servant leadership as the more character-orientated leadership styles that positively influence the performance of any business, including family businesses. These leadership styles formed the main focus of this study. In this study a quantitative research design was adopted and a descriptive study of a cross-sectional nature was undertaken. A convenience sampling technique was used owing to the inaccessibility of a family business database. The sample size in this study consisted of 250 small family businesses. A survey was undertaken and a structured, self-administered questionnaire was used to gather the necessary data. The measuring instrument was developed by sourcing items from several existing studies. Family business owners and employees working in the family business were approached by fieldworkers and asked to participate in the study. In total, 266 questionnaires were usable, 133 from family business owners and 133 from family business employees. An effective response rate of 53.20 percent was achieved. The validity and reliability of the measuring instrument were confirmed by means of an exploratory factor analysis (EFA) and by the calculation of Cronbach’s alpha coefficients. Descriptive statistics were calculated in order to summarise the sample data, while t-tests were used to determine whether the differences in mean scores returned by the family business owner and employee sample groups for the leadership styles under investigation, were significantly different from each other. Pearson’s product moment correlations were used to assess the associations between the variables under investigation. A multiple regression analysis (MRA) was used to assess the relationships between the independent variables and the dependent variable Perceived business performance. Lastly, the relationships between selected demographic variables and leadership styles displayed by family business owners were tested by means of an Analysis of Variance (ANOVA). Five factors were extracted from the EFA, four of which were considered for further analysis. The four usable factors extracted could be identified as the theoretical dimensions of Ethical leadership, Participative leadership, Perceived business performance and Servant leadership. The items measuring Ethical and Authentic leadership did not load as expected, as several items measuring the two factors loaded onto one factor. The Cronbach’s alpha coefficients returned for the four usable factors extracted from the EFA were greater than 0.7, and thus the scales measuring the independent and dependent variables provided satisfactory evidence of validity and reliability. The findings of this study show that for both the family business owner and employee sample group, Ethical leadership returned the highest mean score, followed by Servant and Participative leadership. The great majority of the family business owners therefore agreed that they adopted these leadership styles. In addition the majority of family business employees agreed that the family business owner, for whom they worked, adopted these leadership styles. T-tests were conducted to assess whether the differences in mean scores returned by the two sample groups were statistically significant. Significant differences were found between the means scores returned by both sample groups with regard to the level of Ethical and Servant leadership displayed by the family business owner. No significant difference was found between the mean scores returned by both sample groups for Participative leadership. This finding was not surprising, given that socially desirable bias occurs when individuals describe or rate themselves in a manner that is untruthful or in a way that they feel may be viewed favourably by others. From the MRA, no relationships were reported between the independent variables (Ethical, Participative and Servant leadership) and the dependent variable Perceived business performance. The results of ANOVA revealed that there was no relationship between the Gender, Age, Ethnicity, Tenure, Generation, Number of employees and the Nature of the family business and the Ethical, Participative, and Servant leadership styles. However, the results show that family business owners with a tertiary qualification are more likely to adopt a Participative leadership style. Despite no significant relationship found in this study, it is well supported in the literature that the leadership styles investigated have a positive influence on business performance. Family business owners should take cognisance of this, and measures should be taken to ensure that the leadership style implemented in their businesses is ethical, participative and servant-orientated. This study has attempted to enlarge the body of knowledge available on leadership, especially concerning the servant, ethical, people-centred and character-orientated leadership styles. The results of the study differ somewhat from existing literature, and therefore add to the body of knowledge on leadership. Furthermore, this study has addressed a gap in the current literature regarding the influence of leadership on business performance among family businesses in a developing economy such as South Africa.
- Full Text:
- Date Issued: 2015
- Authors: De Witt, Andrea
- Date: 2015
- Subjects: Family-owned business enterprises -- South Africa -- Eastern Cape , Leadership -- South Africa -- Eastern Cape , Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9306 , http://hdl.handle.net/10948/d1018510
- Description: Given the importance of family businesses with regard to the economic growth of South Africa, and the fact that their high failure rates have a negative influence on the country’s economy, this study focused on ineffective leadership among family businesses and the influence thereof on business performance. People’s perceptions of leadership are changing, and an ethical, people-centred, character-orientated approach to leadership may be what businesses require. In addition, innovation and employee well-being are being given high priority, and leadership that is ethical and caring is of great importance. The primary objective of this study was twofold, firstly to establish the levels of Ethical, Authentic, Participative and Servant leadership displayed by family business owners and employees in the Eastern Cape, and secondly to establish the influence on the Perceived business performance of the family business of displaying these styles. Poor leadership was identified as a major challenge that family businesses are faced with, and a challenge that contributes to their high failure rate. The literature dealt with the nature and importance of leadership, and both traditional and contemporary leadership styles were elaborated on. The traditional leadership styles identified were autocratic, laissez-faire, transactional, transformational and participative leadership, while the contemporary styles identified and discussed were ethical, authentic and servant leadership. From the literature it was evident that a more ethical, people-centred, character-orientated approach to leadership may be what businesses require to be successful today. The literature highlighted Ethical, Authentic, Participative, and Servant leadership as the more character-orientated leadership styles that positively influence the performance of any business, including family businesses. These leadership styles formed the main focus of this study. In this study a quantitative research design was adopted and a descriptive study of a cross-sectional nature was undertaken. A convenience sampling technique was used owing to the inaccessibility of a family business database. The sample size in this study consisted of 250 small family businesses. A survey was undertaken and a structured, self-administered questionnaire was used to gather the necessary data. The measuring instrument was developed by sourcing items from several existing studies. Family business owners and employees working in the family business were approached by fieldworkers and asked to participate in the study. In total, 266 questionnaires were usable, 133 from family business owners and 133 from family business employees. An effective response rate of 53.20 percent was achieved. The validity and reliability of the measuring instrument were confirmed by means of an exploratory factor analysis (EFA) and by the calculation of Cronbach’s alpha coefficients. Descriptive statistics were calculated in order to summarise the sample data, while t-tests were used to determine whether the differences in mean scores returned by the family business owner and employee sample groups for the leadership styles under investigation, were significantly different from each other. Pearson’s product moment correlations were used to assess the associations between the variables under investigation. A multiple regression analysis (MRA) was used to assess the relationships between the independent variables and the dependent variable Perceived business performance. Lastly, the relationships between selected demographic variables and leadership styles displayed by family business owners were tested by means of an Analysis of Variance (ANOVA). Five factors were extracted from the EFA, four of which were considered for further analysis. The four usable factors extracted could be identified as the theoretical dimensions of Ethical leadership, Participative leadership, Perceived business performance and Servant leadership. The items measuring Ethical and Authentic leadership did not load as expected, as several items measuring the two factors loaded onto one factor. The Cronbach’s alpha coefficients returned for the four usable factors extracted from the EFA were greater than 0.7, and thus the scales measuring the independent and dependent variables provided satisfactory evidence of validity and reliability. The findings of this study show that for both the family business owner and employee sample group, Ethical leadership returned the highest mean score, followed by Servant and Participative leadership. The great majority of the family business owners therefore agreed that they adopted these leadership styles. In addition the majority of family business employees agreed that the family business owner, for whom they worked, adopted these leadership styles. T-tests were conducted to assess whether the differences in mean scores returned by the two sample groups were statistically significant. Significant differences were found between the means scores returned by both sample groups with regard to the level of Ethical and Servant leadership displayed by the family business owner. No significant difference was found between the mean scores returned by both sample groups for Participative leadership. This finding was not surprising, given that socially desirable bias occurs when individuals describe or rate themselves in a manner that is untruthful or in a way that they feel may be viewed favourably by others. From the MRA, no relationships were reported between the independent variables (Ethical, Participative and Servant leadership) and the dependent variable Perceived business performance. The results of ANOVA revealed that there was no relationship between the Gender, Age, Ethnicity, Tenure, Generation, Number of employees and the Nature of the family business and the Ethical, Participative, and Servant leadership styles. However, the results show that family business owners with a tertiary qualification are more likely to adopt a Participative leadership style. Despite no significant relationship found in this study, it is well supported in the literature that the leadership styles investigated have a positive influence on business performance. Family business owners should take cognisance of this, and measures should be taken to ensure that the leadership style implemented in their businesses is ethical, participative and servant-orientated. This study has attempted to enlarge the body of knowledge available on leadership, especially concerning the servant, ethical, people-centred and character-orientated leadership styles. The results of the study differ somewhat from existing literature, and therefore add to the body of knowledge on leadership. Furthermore, this study has addressed a gap in the current literature regarding the influence of leadership on business performance among family businesses in a developing economy such as South Africa.
- Full Text:
- Date Issued: 2015
Investment promotion: a Coega development corporation perspective
- Authors: Maduna, Thembinkosi Penford
- Date: 2015
- Subjects: Investments, Foreign -- South Africa -- Port Elizabeth , Economic development -- South Africa -- Port Elizabeth , Industrial development projects -- South Africa -- Port Elizabeth
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/3614 , vital:20446
- Description: In March 2002, the Coega Development Cooperation (CDC) announced that the infrastructure design was complete, and the Coega Industrial Development Zone (IDZ) was declared the first IDZ in South Africa. The Coega IDZ was established to improve the delivery of infrastructure in the Eastern Cape by addressing skill shortages, unemployment, constrained planning and project management capacity, under-expenditure, sub-standard infrastructure, and inefficiencies that characterise delivery of infrastructure by government in South Africa generally and the Eastern Cape Province in particular. In the process, socio-economic development and transformation in the Eastern Cape and South Africa as a whole will be advanced. The primary objective of the study was to investigate the extent to which the various determinants of foreign direct investment (FDI) influence the investment promotion strategy (IPS) used by the CDC, and how these determinants can be used in the IPS to increase the number of signed investors at the CDC.
- Full Text:
- Date Issued: 2015
- Authors: Maduna, Thembinkosi Penford
- Date: 2015
- Subjects: Investments, Foreign -- South Africa -- Port Elizabeth , Economic development -- South Africa -- Port Elizabeth , Industrial development projects -- South Africa -- Port Elizabeth
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/3614 , vital:20446
- Description: In March 2002, the Coega Development Cooperation (CDC) announced that the infrastructure design was complete, and the Coega Industrial Development Zone (IDZ) was declared the first IDZ in South Africa. The Coega IDZ was established to improve the delivery of infrastructure in the Eastern Cape by addressing skill shortages, unemployment, constrained planning and project management capacity, under-expenditure, sub-standard infrastructure, and inefficiencies that characterise delivery of infrastructure by government in South Africa generally and the Eastern Cape Province in particular. In the process, socio-economic development and transformation in the Eastern Cape and South Africa as a whole will be advanced. The primary objective of the study was to investigate the extent to which the various determinants of foreign direct investment (FDI) influence the investment promotion strategy (IPS) used by the CDC, and how these determinants can be used in the IPS to increase the number of signed investors at the CDC.
- Full Text:
- Date Issued: 2015
Perceptions on the use of social media in the banking industry
- Authors: Cupp, Nicole Leshaan
- Date: 2015
- Subjects: Banks and banking -- Customer services , Banks and banking -- Social aspects , Internet marketing -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5489 , vital:20870
- Description: As banks operate in a competitive environment, it is important for managers and marketers to identify how customer satisfaction and customer retention levels can be can be improved through social media aspects. Although models of customer satisfaction and customer retention have been well researched for client products/services, the literature available on social media as a marketing tool is limited in quantity compared to other more established areas of marketing. This research study reviews existing literature on the banking industry in terms of its characteristics and challenges. Literature on customer satisfaction and customer retention as relevant to the banking industry is reviewed, as well as how social media aspects can improve customer satisfaction and customer retention. Thus the primary objective of this study is to identify the social media aspects (benefits, clients’ trust and content) that influence the intervening variable (customer satisfaction) and dependent variable (customer retention) in the banking industry. An empirical investigation was undertaken to establish whether the independent variables; namely benefits, clients’ trust and content as related to social media can possibly influence customer satisfaction and ultimately customer retention in the banking industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of bank clients and managers. The sample size consisted of 150 bank clients and 30 bank managers in the Nelson Mandela Metropolitan area in South Africa. The questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 12.0. The validity of the study was measured by utilising Exploratory Factor analysis. Cronbach’s Alpha correlation coefficients were calculated to measure the reliability and internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics concerning the respondents and variables were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter, the internal reliability of the data was assessed using Cronbach’s Alpha correlation coefficients. Pearson’s product-moment correlation coefficients and multiple regression analyses were calculated. Through multiple regression calculations, the relationships predicted by the four hypotheses were analysed. Finally, t-tests and analysis of variance (ANOVA) tests were conducted. The empirical investigation revealed that significant positive relationships exist between the independent variables benefits, trustworthy content and the intervening variable customer satisfaction, as well as between these two independent variables and the dependent variable customer retention. From the empirical results it was concluded that if banks offer benefits and trustworthy content to their clients through social media channels, clients are likely to be satisfied with and retained by their bank. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the banking industry. All bank managers and marketers will benefit from the empirical results as well as the recommendations of this study on how to improve customer satisfaction and customer retention through social media channels which will ultimately improve the performance of banks.
- Full Text:
- Date Issued: 2015
- Authors: Cupp, Nicole Leshaan
- Date: 2015
- Subjects: Banks and banking -- Customer services , Banks and banking -- Social aspects , Internet marketing -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5489 , vital:20870
- Description: As banks operate in a competitive environment, it is important for managers and marketers to identify how customer satisfaction and customer retention levels can be can be improved through social media aspects. Although models of customer satisfaction and customer retention have been well researched for client products/services, the literature available on social media as a marketing tool is limited in quantity compared to other more established areas of marketing. This research study reviews existing literature on the banking industry in terms of its characteristics and challenges. Literature on customer satisfaction and customer retention as relevant to the banking industry is reviewed, as well as how social media aspects can improve customer satisfaction and customer retention. Thus the primary objective of this study is to identify the social media aspects (benefits, clients’ trust and content) that influence the intervening variable (customer satisfaction) and dependent variable (customer retention) in the banking industry. An empirical investigation was undertaken to establish whether the independent variables; namely benefits, clients’ trust and content as related to social media can possibly influence customer satisfaction and ultimately customer retention in the banking industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of bank clients and managers. The sample size consisted of 150 bank clients and 30 bank managers in the Nelson Mandela Metropolitan area in South Africa. The questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 12.0. The validity of the study was measured by utilising Exploratory Factor analysis. Cronbach’s Alpha correlation coefficients were calculated to measure the reliability and internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics concerning the respondents and variables were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter, the internal reliability of the data was assessed using Cronbach’s Alpha correlation coefficients. Pearson’s product-moment correlation coefficients and multiple regression analyses were calculated. Through multiple regression calculations, the relationships predicted by the four hypotheses were analysed. Finally, t-tests and analysis of variance (ANOVA) tests were conducted. The empirical investigation revealed that significant positive relationships exist between the independent variables benefits, trustworthy content and the intervening variable customer satisfaction, as well as between these two independent variables and the dependent variable customer retention. From the empirical results it was concluded that if banks offer benefits and trustworthy content to their clients through social media channels, clients are likely to be satisfied with and retained by their bank. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the banking industry. All bank managers and marketers will benefit from the empirical results as well as the recommendations of this study on how to improve customer satisfaction and customer retention through social media channels which will ultimately improve the performance of banks.
- Full Text:
- Date Issued: 2015
Push - and pull forces within outbound destination choice
- Authors: Ferreira, Daniel Petrus
- Date: 2015
- Subjects: Tourism -- Marketing Tourism -- South Africa -- Marketing Place marketing , Heritage tourism -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/11091 , vital:26884
- Description: Push- and pull forces are considered the most important motivational factors in driving tourism demand. Push forces are motivational forces that arise due to the individual’s need to travel, while pull forces are destination attributes which pull the traveller to the specific destination and in doing so they satisfy the need of the traveller. Understanding why people travel, how they go about selecting their holiday destination and why one country is preferred to the other, is vital to the continued success of the tourism industry. The needs and wants of travellers are constantly changing, therefore, it is imperative that tourism businesses excel at developing new products and services which are better suited to the needs of consumers. The primary objective of this study was to determine the push- and pull forces that influence outbound destination choice in Nelson Mandela Bay Metropole. The study investigated and analysed how the independent variables (push- and pull factors) influence destination choice (dependent variable). From a comprehensive literature review, a hypothetical model was developed to test the relationships between push-and pull forces and destination choice. Twelve hypotheses were formulated to test the relationship between four push forces, eight pull forces and destination choice. The study sought the perceptions of Nelson Mandela Bay Metropole residents and utitised the quantitative research paradigm. A survey was conducted with the aid of a structured self-administered questionnaire, distributed via e-mail and as a hard copy. A combination of convenience- and snowball sampling was utilised. The final sample comprised 302 respondents. The validity of the measuring instrument was ascertained by using exploratory factor analysis. The Cronbach’s alpha values for reliability were calculated for each of the factors identified during the exploratory factor analysis. The top ten destinations visited and intended to be visited were indicated. United Kingdom was the most visited international destination for both leisure and business purposes, while The United States of America was the most popular international destination to visit next for both leisure and business purposes. Pearson product-moment correlation and multiple regression analysis were used to test the correlation and significance of the relationships hypothesised between the various independent and dependent variables. Three statistically significant relationships were found between the push forces (physical and stature motivators and destination accessibility) and destination choice. Four statistically significant relationships were found between the pull forces (events, natural attractions, political issues and general infrastructure) and destination choice. The empirical findings further confirmed that an inter-relationship between push- and pull forces within destination choice does exist. However, pull forces influence push forces to a larger extent. Analysis of variance calculations were used to identify if significant relationships exist between the twelve demographic variables and nine reliable and valid independent variables. Furthermore, post-hoc Scheffè tests identified where the significant differences occurred between the different categories. Cohen’s d-values were calculated in order to assess the practical significance of the mean scores. A total of sixteen practical significant relationships were identified. Travel companies should compile travel packages and tours that serve the needs of both leisure- and business travellers. They can use social media as a communication- and promotion tool to entice travellers to specific destinations. The business travel packages should be all inclusive and include transportation, accommodation and even entries to events. The visual aids, utilised within the marketing material, should entice travellers to want to visit these destinations, and outline the favourable general infrastructure available. When marketing outbound destinations, travel service providers must pay attention to demographical variables such as gender, age, ethnical affiliation, income and marital status to compile travel packages that satisfy the needs of specific groups.
- Full Text:
- Date Issued: 2015
- Authors: Ferreira, Daniel Petrus
- Date: 2015
- Subjects: Tourism -- Marketing Tourism -- South Africa -- Marketing Place marketing , Heritage tourism -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/11091 , vital:26884
- Description: Push- and pull forces are considered the most important motivational factors in driving tourism demand. Push forces are motivational forces that arise due to the individual’s need to travel, while pull forces are destination attributes which pull the traveller to the specific destination and in doing so they satisfy the need of the traveller. Understanding why people travel, how they go about selecting their holiday destination and why one country is preferred to the other, is vital to the continued success of the tourism industry. The needs and wants of travellers are constantly changing, therefore, it is imperative that tourism businesses excel at developing new products and services which are better suited to the needs of consumers. The primary objective of this study was to determine the push- and pull forces that influence outbound destination choice in Nelson Mandela Bay Metropole. The study investigated and analysed how the independent variables (push- and pull factors) influence destination choice (dependent variable). From a comprehensive literature review, a hypothetical model was developed to test the relationships between push-and pull forces and destination choice. Twelve hypotheses were formulated to test the relationship between four push forces, eight pull forces and destination choice. The study sought the perceptions of Nelson Mandela Bay Metropole residents and utitised the quantitative research paradigm. A survey was conducted with the aid of a structured self-administered questionnaire, distributed via e-mail and as a hard copy. A combination of convenience- and snowball sampling was utilised. The final sample comprised 302 respondents. The validity of the measuring instrument was ascertained by using exploratory factor analysis. The Cronbach’s alpha values for reliability were calculated for each of the factors identified during the exploratory factor analysis. The top ten destinations visited and intended to be visited were indicated. United Kingdom was the most visited international destination for both leisure and business purposes, while The United States of America was the most popular international destination to visit next for both leisure and business purposes. Pearson product-moment correlation and multiple regression analysis were used to test the correlation and significance of the relationships hypothesised between the various independent and dependent variables. Three statistically significant relationships were found between the push forces (physical and stature motivators and destination accessibility) and destination choice. Four statistically significant relationships were found between the pull forces (events, natural attractions, political issues and general infrastructure) and destination choice. The empirical findings further confirmed that an inter-relationship between push- and pull forces within destination choice does exist. However, pull forces influence push forces to a larger extent. Analysis of variance calculations were used to identify if significant relationships exist between the twelve demographic variables and nine reliable and valid independent variables. Furthermore, post-hoc Scheffè tests identified where the significant differences occurred between the different categories. Cohen’s d-values were calculated in order to assess the practical significance of the mean scores. A total of sixteen practical significant relationships were identified. Travel companies should compile travel packages and tours that serve the needs of both leisure- and business travellers. They can use social media as a communication- and promotion tool to entice travellers to specific destinations. The business travel packages should be all inclusive and include transportation, accommodation and even entries to events. The visual aids, utilised within the marketing material, should entice travellers to want to visit these destinations, and outline the favourable general infrastructure available. When marketing outbound destinations, travel service providers must pay attention to demographical variables such as gender, age, ethnical affiliation, income and marital status to compile travel packages that satisfy the needs of specific groups.
- Full Text:
- Date Issued: 2015
Revenue, welfare and trade effects of EU FTA on South Africa
- Authors: Guei, Kore Marc Antoine
- Date: 2015
- Subjects: Commercial treaties , Free trade -- European Union countries , Free trade -- South Africa , European Union countries -- Commercial policy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/6137 , vital:21042
- Description: The study used the partial equilibrium WITS-SMART Simulation Model to assess the impact of liberalization under the Trade Development and Cooperation Agreement (TDCA) of a free trade area between the EU and South Africa. The findings of the study reveal that total trade effects in South Africa are likely to surge by US$ 1.036 billion with a total welfare valued at US$ 134 million. Dismantling tariffs on all EU goods would be beneficial to consumers through net trade creation. Total trade creation would be US$ 782 million. However, South African producers are likely to contribute a trade diversion of US$ 254 million which has a negative impact on consumer welfare. The country might also experience a revenue loss amounting to US$ 562 million due to the removal of tariffs. On trade, the country’s export and import to the EU is expected to increase by US$ 12.419 million and US$ 1.266 million respectively. To mitigate revenue loss, the country should try to diversify its current tax base.
- Full Text:
- Date Issued: 2015
- Authors: Guei, Kore Marc Antoine
- Date: 2015
- Subjects: Commercial treaties , Free trade -- European Union countries , Free trade -- South Africa , European Union countries -- Commercial policy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/6137 , vital:21042
- Description: The study used the partial equilibrium WITS-SMART Simulation Model to assess the impact of liberalization under the Trade Development and Cooperation Agreement (TDCA) of a free trade area between the EU and South Africa. The findings of the study reveal that total trade effects in South Africa are likely to surge by US$ 1.036 billion with a total welfare valued at US$ 134 million. Dismantling tariffs on all EU goods would be beneficial to consumers through net trade creation. Total trade creation would be US$ 782 million. However, South African producers are likely to contribute a trade diversion of US$ 254 million which has a negative impact on consumer welfare. The country might also experience a revenue loss amounting to US$ 562 million due to the removal of tariffs. On trade, the country’s export and import to the EU is expected to increase by US$ 12.419 million and US$ 1.266 million respectively. To mitigate revenue loss, the country should try to diversify its current tax base.
- Full Text:
- Date Issued: 2015
Stalking black swans, dragon kings, and market crashes on the JSE
- Authors: Zuka, Mawethu
- Date: 2015
- Subjects: Johannesburg Stock Exchange -- Research Stock exchanges -- South Africa , Stocks -- South Africa -- Johannesburg Financial crises -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/18376 , vital:28631
- Description: This paper examines bubbles on the JSE All Share Index as well as the critical time of the stock market crash from 2/01/ 2004 – 27/03/2014. The underlying hypothesis define bubbles as extreme and begin as a group of small events which grow in a super exponential form explained by a log periodic power law model (LPPL model). The hypothesis is based on the assumption of investors’ herding behavior, where investors collude by making investment decision correlated with their counterparties. The paper implements a Savitzky Golary Algorithm to detect peaks and calculate the critical time of the crash from the peaks. An Ordinary Least Squares (OLS) method is used to determine both the value of stock market price index at the critical time and the increase in the stock market price index over the time before the crash. The remaining parameters of the LPPL model are estimated using a Maximum Likelihood Estimation method. On the empirical results; 68 peaks were detected, and the LPPL model at the critical crash time is estimated 34736.586. Five bubbles are detected; the 15/8/2005 bubble, 28/5/2013 bubble, 23/8/2013 bubble, 5/11/2013, and 1/20/2014.
- Full Text:
- Date Issued: 2015
- Authors: Zuka, Mawethu
- Date: 2015
- Subjects: Johannesburg Stock Exchange -- Research Stock exchanges -- South Africa , Stocks -- South Africa -- Johannesburg Financial crises -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/18376 , vital:28631
- Description: This paper examines bubbles on the JSE All Share Index as well as the critical time of the stock market crash from 2/01/ 2004 – 27/03/2014. The underlying hypothesis define bubbles as extreme and begin as a group of small events which grow in a super exponential form explained by a log periodic power law model (LPPL model). The hypothesis is based on the assumption of investors’ herding behavior, where investors collude by making investment decision correlated with their counterparties. The paper implements a Savitzky Golary Algorithm to detect peaks and calculate the critical time of the crash from the peaks. An Ordinary Least Squares (OLS) method is used to determine both the value of stock market price index at the critical time and the increase in the stock market price index over the time before the crash. The remaining parameters of the LPPL model are estimated using a Maximum Likelihood Estimation method. On the empirical results; 68 peaks were detected, and the LPPL model at the critical crash time is estimated 34736.586. Five bubbles are detected; the 15/8/2005 bubble, 28/5/2013 bubble, 23/8/2013 bubble, 5/11/2013, and 1/20/2014.
- Full Text:
- Date Issued: 2015
The effectiveness of risk mangement in local government with reference to the Nelson Mandela Bay Minicipality
- Authors: Sihlali, Siphosihle
- Date: 2015
- Subjects: Risk management -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/4407 , vital:20596
- Description: In the 1960s, risk management primarily took the form of purchased insurance against force majeure events. Today, many corporate executives are worried about not only these types of events but also many others (Mair and Cendrowski, 2009:3). “People risks” versus environmental risks, financial risks and technical risks are examples of risks that are often overlooked. People risks include, succession planning (this refers to identifying and developing key talent) and competency and skills building (dealing with employees that do not have requisite skills for success), (William & Paul, 2007:4). Massingham (2010:464) mentions that corporate disasters, such as the collapse of Enron, have increased the need for effective corporate governance, while catastrophic natural disasters, man-made tragedies such as the September 11 terrorist attacks and tsunami of 2004, have increased risk awareness as well as its consequences.
- Full Text:
- Date Issued: 2015
- Authors: Sihlali, Siphosihle
- Date: 2015
- Subjects: Risk management -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/4407 , vital:20596
- Description: In the 1960s, risk management primarily took the form of purchased insurance against force majeure events. Today, many corporate executives are worried about not only these types of events but also many others (Mair and Cendrowski, 2009:3). “People risks” versus environmental risks, financial risks and technical risks are examples of risks that are often overlooked. People risks include, succession planning (this refers to identifying and developing key talent) and competency and skills building (dealing with employees that do not have requisite skills for success), (William & Paul, 2007:4). Massingham (2010:464) mentions that corporate disasters, such as the collapse of Enron, have increased the need for effective corporate governance, while catastrophic natural disasters, man-made tragedies such as the September 11 terrorist attacks and tsunami of 2004, have increased risk awareness as well as its consequences.
- Full Text:
- Date Issued: 2015
The impact of monetary policy on economic growth in Uganda
- Authors: Tumwebaze, Vivian Jane
- Date: 2015
- Subjects: Monetary policy -- Uganda , Economic development -- Uganda
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5836 , vital:21004
- Description: This study sought to empirically investigate the impact of monetary policy on the economic growth in Uganda during the period 1985-2013. The variables analysed were real gross domestic product, real interest rates, real effective exchange rates and inflation. The empirical analysis used a Vector Autoregressive (VAR) model as well as other techniques in order to obtain meaningful results. Using the Johansen technique, the empirical findings revealed that all the variables share a long run relationship. Further, real interest rates, real effective exchange rates and inflation have a negative effect on economic growth in the long run. The results further revealed that in a ten-year period, the variations in real GDP can be explained by its own innovations followed by real interest rates but real effective exchange rates and inflation however have minimal effects on real GDP. The findings of the impulse response test reiterated the VECM results showing that real interest rates and real effective exchange rate have a negative impact on economic growth in the first three years and the effect dies out after the fifth year. On the other hand, inflation rate has a marginal positive effect on economic growth in the first three years after which the effect becomes negative and wanes off after the sixth year. Uganda uses an Inflation Targeting Lite monetary framework that is based mainly on the use of interest rates to curb inflation. However, this study revealed that the use of interest rates as a policy tool to combat inflation results in a negative bearing on growth. It is on these grounds that this dissertation recommends a gradual policy shift from exclusive use of inflation targeting. Policy makers should thus consider using exchange rate targeting. Mishkin (2013) states that having a credible exchange rate target helps a country to anchor inflation to the expectations of the inflation rate in the economy because it ties the inflation rate of internationally traded goods to those of the country. This would be beneficial to Uganda which is a land locked country that relies heavily on imported products especially petroleum products and fuel whose prices fluctuate from time to time. In addition, exchange rate targeting is effective in reducing inflation quickly especially in emerging economies like Uganda. However, policy makers should be mindful that using exchange rate targeting can make a country prone to speculative attacks on their currencies which could devalue a country’s currency thus leading to a decline in economic growth. It is prudent therefore to apply these policies with a degree of caution.
- Full Text:
- Date Issued: 2015
- Authors: Tumwebaze, Vivian Jane
- Date: 2015
- Subjects: Monetary policy -- Uganda , Economic development -- Uganda
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5836 , vital:21004
- Description: This study sought to empirically investigate the impact of monetary policy on the economic growth in Uganda during the period 1985-2013. The variables analysed were real gross domestic product, real interest rates, real effective exchange rates and inflation. The empirical analysis used a Vector Autoregressive (VAR) model as well as other techniques in order to obtain meaningful results. Using the Johansen technique, the empirical findings revealed that all the variables share a long run relationship. Further, real interest rates, real effective exchange rates and inflation have a negative effect on economic growth in the long run. The results further revealed that in a ten-year period, the variations in real GDP can be explained by its own innovations followed by real interest rates but real effective exchange rates and inflation however have minimal effects on real GDP. The findings of the impulse response test reiterated the VECM results showing that real interest rates and real effective exchange rate have a negative impact on economic growth in the first three years and the effect dies out after the fifth year. On the other hand, inflation rate has a marginal positive effect on economic growth in the first three years after which the effect becomes negative and wanes off after the sixth year. Uganda uses an Inflation Targeting Lite monetary framework that is based mainly on the use of interest rates to curb inflation. However, this study revealed that the use of interest rates as a policy tool to combat inflation results in a negative bearing on growth. It is on these grounds that this dissertation recommends a gradual policy shift from exclusive use of inflation targeting. Policy makers should thus consider using exchange rate targeting. Mishkin (2013) states that having a credible exchange rate target helps a country to anchor inflation to the expectations of the inflation rate in the economy because it ties the inflation rate of internationally traded goods to those of the country. This would be beneficial to Uganda which is a land locked country that relies heavily on imported products especially petroleum products and fuel whose prices fluctuate from time to time. In addition, exchange rate targeting is effective in reducing inflation quickly especially in emerging economies like Uganda. However, policy makers should be mindful that using exchange rate targeting can make a country prone to speculative attacks on their currencies which could devalue a country’s currency thus leading to a decline in economic growth. It is prudent therefore to apply these policies with a degree of caution.
- Full Text:
- Date Issued: 2015
The influence of contemporary leadership styles on the job satisfaction and organisational commitment of SME employees
- Authors: Kupangwa, Welcome
- Date: 2015
- Subjects: Leadership , Job satisfaction , Organizational commitment , Business enterprises -- Employees
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9013 , http://hdl.handle.net/10948/d1018508
- Description: Small and medium-sized enterprises (SMEs) have the potential to enhance economic growth and innovation, create jobs, assist large businesses in the distribution of goods and services, and stimulate competition in the economy. However, SMEs face several challenges that influence their longevity, growth, and success. Poor leadership has been highlighted as influencing the job satisfaction and organisational commitment levels of employees, ultimately contributing to employee turnover and SME failure. This study mentions the dishonest, selfish and corrupt nature of modern leadership and identifies a gap in the literature regarding the practice of leadership, especially among South African SMEs. Against this background, the primary objective of this study was to assess the levels of several contemporary leadership styles displayed by SME owners, namely Servant, Authentic, Ethical and Participative leadership, and to investigate their influence on the Job satisfaction and Organisational commitment levels of employees working in SMEs in the Eastern Cape. A quantitative research paradigm was adopted and a sample was drawn from employees working in SMEs in the Eastern Cape Province. The selection of the sample was done using judgement and convenience sampling. A cross-sectional survey using a structured questionnaire was undertaken, and a total of 236 usable questionnaires were returned on which to undertake the statistical analysis. In order to assess the validity of the dependent variables, namely Job satisfaction and Organisational commitment, tests for uni-dimensionality (using factor analysis) were undertaken. An exploratory factor analysis (EFA) was undertaken on the independent variables and four factors were extracted, which corresponded with the theoretical dimensions of Relational leadership, Participative leadership, Servant leadership and Ethical leadership. The items intended to measure Authentic leadership did not load as expected, but a factor named Relational leadership emerged as a result of several items measuring Ethical and Servant leadership loading together. All the independent and dependent variables returned Cronbach’s alpha coefficients of greater than 0.7. As such, sufficient evidence of validity and reliability for the scales measuring the dependent and the independent variables was provided. The data collected was also subjected to several statistical analyses. These included descriptive statistics, Pearson’s product moment correlations, multiple regression analyses, and analysis of variance (ANOVA). The majority of respondents agreed that they experienced Job satisfaction in the SMEs in which they were employed and that they were committed to these businesses. Relational leadership returned the highest mean score while the lowest score was returned for Participative leadership. The majority of respondents also agreed that the SME owners for whom they worked displayed the leadership styles under investigation. All the independent variables were significantly and positively correlated with the dependent variables, Job satisfaction and Organisational commitment. In addition, significant positive correlations were reported between all the independent variables. The multiple regression analyses revealed that three of the four leadership styles investigated in this study had a significant positive influence on both the Job satisfaction and Organisational commitment levels of employees working in the SMEs. These leadership styles were Servant, Relational, and Ethical leadership. In addition, the results of this study showed that Job satisfaction mediates the relationship between Servant, Relational and Ethical leadership, and the Organisational commitment displayed by employees working in SMEs, but does not mediate the relationship between Participative leadership and Organisational commitment. The findings also showed that the demographic variables investigated in this study had no influence on how SME employees perceived the Servant and Relational leadership behaviours of SME owners. However, the results showed that female respondents perceived SME owners as displaying a Participative leadership style more so than male employees did. The findings also revealed that employees with a post-matric qualification perceived that SME owners displayed higher levels of Participative leadership than those without a post-matric qualification. In addition, the ANOVA revealed that White respondents perceived that SME owners exhibited more ethical behaviours than Black respondents did. Given the findings of this study, several recommendations were put forward to enhance the levels of Servant, Relational and Ethical leadership among SME owners, and to ultimately enhance the levels of Job satisfaction and Organisational commitment experienced by their employees. As such SME owners were provided with practical recommendations on how to attract and retain employees by adopting appropriate leadership behaviours. Employees play a vital role in achieving the goals and vision of a business. Satisfied and committed employees put more effort into ensuring the goals and vision of the business are achieved, contributing to business success and ultimately the economy as a whole.
- Full Text:
- Date Issued: 2015
- Authors: Kupangwa, Welcome
- Date: 2015
- Subjects: Leadership , Job satisfaction , Organizational commitment , Business enterprises -- Employees
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9013 , http://hdl.handle.net/10948/d1018508
- Description: Small and medium-sized enterprises (SMEs) have the potential to enhance economic growth and innovation, create jobs, assist large businesses in the distribution of goods and services, and stimulate competition in the economy. However, SMEs face several challenges that influence their longevity, growth, and success. Poor leadership has been highlighted as influencing the job satisfaction and organisational commitment levels of employees, ultimately contributing to employee turnover and SME failure. This study mentions the dishonest, selfish and corrupt nature of modern leadership and identifies a gap in the literature regarding the practice of leadership, especially among South African SMEs. Against this background, the primary objective of this study was to assess the levels of several contemporary leadership styles displayed by SME owners, namely Servant, Authentic, Ethical and Participative leadership, and to investigate their influence on the Job satisfaction and Organisational commitment levels of employees working in SMEs in the Eastern Cape. A quantitative research paradigm was adopted and a sample was drawn from employees working in SMEs in the Eastern Cape Province. The selection of the sample was done using judgement and convenience sampling. A cross-sectional survey using a structured questionnaire was undertaken, and a total of 236 usable questionnaires were returned on which to undertake the statistical analysis. In order to assess the validity of the dependent variables, namely Job satisfaction and Organisational commitment, tests for uni-dimensionality (using factor analysis) were undertaken. An exploratory factor analysis (EFA) was undertaken on the independent variables and four factors were extracted, which corresponded with the theoretical dimensions of Relational leadership, Participative leadership, Servant leadership and Ethical leadership. The items intended to measure Authentic leadership did not load as expected, but a factor named Relational leadership emerged as a result of several items measuring Ethical and Servant leadership loading together. All the independent and dependent variables returned Cronbach’s alpha coefficients of greater than 0.7. As such, sufficient evidence of validity and reliability for the scales measuring the dependent and the independent variables was provided. The data collected was also subjected to several statistical analyses. These included descriptive statistics, Pearson’s product moment correlations, multiple regression analyses, and analysis of variance (ANOVA). The majority of respondents agreed that they experienced Job satisfaction in the SMEs in which they were employed and that they were committed to these businesses. Relational leadership returned the highest mean score while the lowest score was returned for Participative leadership. The majority of respondents also agreed that the SME owners for whom they worked displayed the leadership styles under investigation. All the independent variables were significantly and positively correlated with the dependent variables, Job satisfaction and Organisational commitment. In addition, significant positive correlations were reported between all the independent variables. The multiple regression analyses revealed that three of the four leadership styles investigated in this study had a significant positive influence on both the Job satisfaction and Organisational commitment levels of employees working in the SMEs. These leadership styles were Servant, Relational, and Ethical leadership. In addition, the results of this study showed that Job satisfaction mediates the relationship between Servant, Relational and Ethical leadership, and the Organisational commitment displayed by employees working in SMEs, but does not mediate the relationship between Participative leadership and Organisational commitment. The findings also showed that the demographic variables investigated in this study had no influence on how SME employees perceived the Servant and Relational leadership behaviours of SME owners. However, the results showed that female respondents perceived SME owners as displaying a Participative leadership style more so than male employees did. The findings also revealed that employees with a post-matric qualification perceived that SME owners displayed higher levels of Participative leadership than those without a post-matric qualification. In addition, the ANOVA revealed that White respondents perceived that SME owners exhibited more ethical behaviours than Black respondents did. Given the findings of this study, several recommendations were put forward to enhance the levels of Servant, Relational and Ethical leadership among SME owners, and to ultimately enhance the levels of Job satisfaction and Organisational commitment experienced by their employees. As such SME owners were provided with practical recommendations on how to attract and retain employees by adopting appropriate leadership behaviours. Employees play a vital role in achieving the goals and vision of a business. Satisfied and committed employees put more effort into ensuring the goals and vision of the business are achieved, contributing to business success and ultimately the economy as a whole.
- Full Text:
- Date Issued: 2015
The influence of people-centred leadership styles on owners's job satisfation and perceived financial performance : an SME perspective
- Authors: Silwana, Hlumela Zukiswa
- Date: 2015
- Subjects: Leadership , Job satisfaction , Business enterprises
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9307 , http://hdl.handle.net/10948/d1018511
- Description: It is well supported in the literature that a positive relationship exists between effective leadership and business success. Given the importance of SMEs in South Africa, their large numbers, and the extent to which they positively influence the economy of the country, it is important to study leadership behaviour in the context of small and medium-sized businesses in an attempt to reduce their high failure rates. More specifically a need has been identified to research, develop, and implement more ethical and relational leadership styles among business owners. The focus of this study is therefore on several people-centred leadership styles, and their influence on selected outcomes among the owners of small and medium-sized businesses. Against this background, the primary objective is to assess the level of Servant, Authentic, Ethical and Participative leadership exhibited by SME owners in the Eastern Cape, and to establish whether exhibiting these people-centred leadership styles influences their Job satisfaction and the Perceived financial performance of their businesses. A quantitative research paradigm was adopted for this study. More specifically, an explanatory and descriptive study of a cross-sectional nature was undertaken. A comprehensive literature study was conducted using existing secondary sources. The primary data collection procedures involved selecting the population, the sample, and the sampling method, as well as the sample size for the study. For the purpose of this study, the population consisted of all small and medium-sized business owners operating businesses within the boundaries of the Eastern Cape Province. A sample of 500 of these businesses was selected by means of convenience sampling. In total 246 usable questionnaires were returned, on which to undertake the statistical analyses. A survey was undertaken, and a structured, self-administered questionnaire was used to gather the necessary data. The scales for measuring the constructs under investigation were developed based on previous research. To assess the validity of the scales measuring the constructs in this study, an exploratory factor analysis was undertaken, and its reliability was tested by calculating Cronbach’s alpha coefficients. Statistical analysis included descriptive statistics, Pearson’s product moment correlation, regression analyses (simple and multiple) and analyses of variance. Five usable factors were extracted from the exploratory factor analysis; these corresponded with the theoretical dimensions of Participative leadership, Perceived financial performance, Ethical leadership, Servant leadership, and Job satisfaction. The items measuring Authentic leadership did not load as expected, and this construct was thus no longer included in empirical testing in this study. Satisfactory evidence of validity and reliability were provided for the other factors extracted. The independent variables reported mean scores of between 3.760 and 4.548, with the majority of respondents agreeing with the statements measuring these leadership styles. The dependent variables Job satisfaction and Perceived financial performance returned mean scores of 4.508 and 3.962 respectively, with the majority of the respondents agreeing with the statements measuring these factors. All the independent variables (Servant leadership, Ethical leadership and Participative leadership) reported significant and positive relationships with each another. The correlation between the dependent variables (Perceived financial performance and Job satisfaction) was found to reflect a moderate positive association. Job satisfaction and Perceived financial performance both reported significantly positive associations with all the independent variables. The simple regression analyses undertaken revealed a significant positive linear relationship between Perceived financial performance and Job satisfaction, as well as between Perceived financial performance and the Job satisfaction of SME owners. The multiple regression analysis undertaken revealed that significant positive linear relationships existed between two independent variables, Servant leadership and Ethical leadership, and the dependent variable Job satisfaction. A significant positive linear relationship was also reported between Ethical leadership and Perceived financial performance. No relationships were found between the independent variables Servant leadership and Participative leadership and the dependent variable Perceived financial performance. No relationship was found between the independent variable Participative leadership and the dependent variable Job satisfaction. The analysis of variance results revealed that Gender, Qualification and the Nature of the business exerted a significant influence on Servant leadership. The results also showed that Generation exerted a significant influence on the perceived level of Ethical leadership displayed by the SME owner. In addition, the findings of the present study showed that the demographic variable Nature of the business exerted a significant influence on Participative leadership. Investigating leadership styles among SMEs is a topic of significance and growing interest among researchers. Given the importance of SMEs to the economies of countries, investigating factors that influence their success is vital. The findings of this study showed that by adopting more people-centred leadership styles, the job satisfaction of SME owners was increased, and the financial performance of their businesses improved. It is hoped that the findings of this study will provide SME owners with practical suggestions on how to increase their levels of job satisfaction and the financial performance of their businesses, and that the suggestions for future research will inspire future researchers to further investigate the issue of leadership among SMEs.
- Full Text:
- Date Issued: 2015
- Authors: Silwana, Hlumela Zukiswa
- Date: 2015
- Subjects: Leadership , Job satisfaction , Business enterprises
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9307 , http://hdl.handle.net/10948/d1018511
- Description: It is well supported in the literature that a positive relationship exists between effective leadership and business success. Given the importance of SMEs in South Africa, their large numbers, and the extent to which they positively influence the economy of the country, it is important to study leadership behaviour in the context of small and medium-sized businesses in an attempt to reduce their high failure rates. More specifically a need has been identified to research, develop, and implement more ethical and relational leadership styles among business owners. The focus of this study is therefore on several people-centred leadership styles, and their influence on selected outcomes among the owners of small and medium-sized businesses. Against this background, the primary objective is to assess the level of Servant, Authentic, Ethical and Participative leadership exhibited by SME owners in the Eastern Cape, and to establish whether exhibiting these people-centred leadership styles influences their Job satisfaction and the Perceived financial performance of their businesses. A quantitative research paradigm was adopted for this study. More specifically, an explanatory and descriptive study of a cross-sectional nature was undertaken. A comprehensive literature study was conducted using existing secondary sources. The primary data collection procedures involved selecting the population, the sample, and the sampling method, as well as the sample size for the study. For the purpose of this study, the population consisted of all small and medium-sized business owners operating businesses within the boundaries of the Eastern Cape Province. A sample of 500 of these businesses was selected by means of convenience sampling. In total 246 usable questionnaires were returned, on which to undertake the statistical analyses. A survey was undertaken, and a structured, self-administered questionnaire was used to gather the necessary data. The scales for measuring the constructs under investigation were developed based on previous research. To assess the validity of the scales measuring the constructs in this study, an exploratory factor analysis was undertaken, and its reliability was tested by calculating Cronbach’s alpha coefficients. Statistical analysis included descriptive statistics, Pearson’s product moment correlation, regression analyses (simple and multiple) and analyses of variance. Five usable factors were extracted from the exploratory factor analysis; these corresponded with the theoretical dimensions of Participative leadership, Perceived financial performance, Ethical leadership, Servant leadership, and Job satisfaction. The items measuring Authentic leadership did not load as expected, and this construct was thus no longer included in empirical testing in this study. Satisfactory evidence of validity and reliability were provided for the other factors extracted. The independent variables reported mean scores of between 3.760 and 4.548, with the majority of respondents agreeing with the statements measuring these leadership styles. The dependent variables Job satisfaction and Perceived financial performance returned mean scores of 4.508 and 3.962 respectively, with the majority of the respondents agreeing with the statements measuring these factors. All the independent variables (Servant leadership, Ethical leadership and Participative leadership) reported significant and positive relationships with each another. The correlation between the dependent variables (Perceived financial performance and Job satisfaction) was found to reflect a moderate positive association. Job satisfaction and Perceived financial performance both reported significantly positive associations with all the independent variables. The simple regression analyses undertaken revealed a significant positive linear relationship between Perceived financial performance and Job satisfaction, as well as between Perceived financial performance and the Job satisfaction of SME owners. The multiple regression analysis undertaken revealed that significant positive linear relationships existed between two independent variables, Servant leadership and Ethical leadership, and the dependent variable Job satisfaction. A significant positive linear relationship was also reported between Ethical leadership and Perceived financial performance. No relationships were found between the independent variables Servant leadership and Participative leadership and the dependent variable Perceived financial performance. No relationship was found between the independent variable Participative leadership and the dependent variable Job satisfaction. The analysis of variance results revealed that Gender, Qualification and the Nature of the business exerted a significant influence on Servant leadership. The results also showed that Generation exerted a significant influence on the perceived level of Ethical leadership displayed by the SME owner. In addition, the findings of the present study showed that the demographic variable Nature of the business exerted a significant influence on Participative leadership. Investigating leadership styles among SMEs is a topic of significance and growing interest among researchers. Given the importance of SMEs to the economies of countries, investigating factors that influence their success is vital. The findings of this study showed that by adopting more people-centred leadership styles, the job satisfaction of SME owners was increased, and the financial performance of their businesses improved. It is hoped that the findings of this study will provide SME owners with practical suggestions on how to increase their levels of job satisfaction and the financial performance of their businesses, and that the suggestions for future research will inspire future researchers to further investigate the issue of leadership among SMEs.
- Full Text:
- Date Issued: 2015
The meaning of success : perspectives of family business owners using word associations
- Authors: Scheepers, Jessica
- Date: 2015
- Subjects: Family-owned business enterprises , Success , Association tests , Content analysis (Communication)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9308 , http://hdl.handle.net/10948/d1018512
- Description: Despite family business researchers having worked towards an understanding of how family businesses obtain success or achieve satisfaction, much confusion and debate on how to define success still exist in the field. It is suggested that defining success in terms of a family business is problematic because even family members themselves have varying perceptions of success. This confusion and debate has in recent years led to an increase in research concerning the meaning of success in the context of family businesses. Defining success is necessary, because if family businesses do not know what success means and what they are working towards, they will not know what decisions to make in order to be successful. Against this background, the primary objective of this study was to establish the perceptions of the concept of success among family business owners. For the purpose of this study, a mixed methodology was adopted because the data was collected using a qualitative method but analysed using a quantitative method. This study used a free word association test – which is a qualitative projective technique – to collect the data, which was then analysed by means of summative manifest content analysis which is a quantitative research method. Convenience sampling was used to identify small business owners to undergo the word association tests. By means of these tests, 811 words/phrases were generated by the 50 small non-family and 51 small family business owners who participated in the study. Theoretical, data, investigator and methodological triangulation was used to ensure the validity of the study whereas credibility, transferability, dependability, confirmability and authenticity were applied to ensure its reliability. A coding framework was developed and several analyses were undertaken to summarise the data. The nature and position of the words/phrases recalled as well as the most frequently occurring words/phrases recalled were reported on. To determine whether significant differences exist between the different sample groups, Chi-square statistics were calculated to ascertain statistical significance and Craemer’s V statistics to establish practical significance. The findings of this study show that small non-family business owners mostly associate business success with non-financial indicators. These non-family business owners perceive a successful small business as one that is customer-focused, provides quality service and is characterised by discipline, drive and determination. Similarly, the findings show that the small family business owners participating in this study mostly associate family business success with words/phrases of a non-financial nature. The family business owners perceived a successful family business as one where, in addition to financial returns, discipline, drive and determination, as well as trust, honesty and hard work prevail. Even though both non-family and family business owner participants mostly recalled words/phrases of a non-financial nature, non-family business owners were mainly concerned with being customer-focused and proving quality, whereas family business owners focused more on values such as discipline, drive and determination as well as trust and honesty. Based on the perceptions of success among family business owners, a workable definition of “family business success” was formulated. Family business owners mainly perceive a successful family business as one where, in addition to financial returns, values such as discipline, drive and determination as well as trust, honesty and hard work prevail in the organisational culture of their businesses. Investigating the meaning of success in the field of family business has become a topic of growing interest. This study is one of the first in South Africa to adopt a qualitative dominant approach in attempting to overcome the lack of consensus, as well as to gain greater clarity regarding the way in which success is defined by family businesses. It is hoped that the results of this study will provide family business owners as well as practitioners and researchers in the field with a better understanding of what family business success entails. This understanding offers the potential to guide and improve goal-setting and strategic processes by family businesses, resulting in fewer family business failures and ultimately improving the South African economy.
- Full Text:
- Date Issued: 2015
- Authors: Scheepers, Jessica
- Date: 2015
- Subjects: Family-owned business enterprises , Success , Association tests , Content analysis (Communication)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9308 , http://hdl.handle.net/10948/d1018512
- Description: Despite family business researchers having worked towards an understanding of how family businesses obtain success or achieve satisfaction, much confusion and debate on how to define success still exist in the field. It is suggested that defining success in terms of a family business is problematic because even family members themselves have varying perceptions of success. This confusion and debate has in recent years led to an increase in research concerning the meaning of success in the context of family businesses. Defining success is necessary, because if family businesses do not know what success means and what they are working towards, they will not know what decisions to make in order to be successful. Against this background, the primary objective of this study was to establish the perceptions of the concept of success among family business owners. For the purpose of this study, a mixed methodology was adopted because the data was collected using a qualitative method but analysed using a quantitative method. This study used a free word association test – which is a qualitative projective technique – to collect the data, which was then analysed by means of summative manifest content analysis which is a quantitative research method. Convenience sampling was used to identify small business owners to undergo the word association tests. By means of these tests, 811 words/phrases were generated by the 50 small non-family and 51 small family business owners who participated in the study. Theoretical, data, investigator and methodological triangulation was used to ensure the validity of the study whereas credibility, transferability, dependability, confirmability and authenticity were applied to ensure its reliability. A coding framework was developed and several analyses were undertaken to summarise the data. The nature and position of the words/phrases recalled as well as the most frequently occurring words/phrases recalled were reported on. To determine whether significant differences exist between the different sample groups, Chi-square statistics were calculated to ascertain statistical significance and Craemer’s V statistics to establish practical significance. The findings of this study show that small non-family business owners mostly associate business success with non-financial indicators. These non-family business owners perceive a successful small business as one that is customer-focused, provides quality service and is characterised by discipline, drive and determination. Similarly, the findings show that the small family business owners participating in this study mostly associate family business success with words/phrases of a non-financial nature. The family business owners perceived a successful family business as one where, in addition to financial returns, discipline, drive and determination, as well as trust, honesty and hard work prevail. Even though both non-family and family business owner participants mostly recalled words/phrases of a non-financial nature, non-family business owners were mainly concerned with being customer-focused and proving quality, whereas family business owners focused more on values such as discipline, drive and determination as well as trust and honesty. Based on the perceptions of success among family business owners, a workable definition of “family business success” was formulated. Family business owners mainly perceive a successful family business as one where, in addition to financial returns, values such as discipline, drive and determination as well as trust, honesty and hard work prevail in the organisational culture of their businesses. Investigating the meaning of success in the field of family business has become a topic of growing interest. This study is one of the first in South Africa to adopt a qualitative dominant approach in attempting to overcome the lack of consensus, as well as to gain greater clarity regarding the way in which success is defined by family businesses. It is hoped that the results of this study will provide family business owners as well as practitioners and researchers in the field with a better understanding of what family business success entails. This understanding offers the potential to guide and improve goal-setting and strategic processes by family businesses, resulting in fewer family business failures and ultimately improving the South African economy.
- Full Text:
- Date Issued: 2015
The role of internal auditors with specific reference to fraud investigation
- Authors: Labuschagne, Mario
- Date: 2015
- Subjects: Auditing, Internal -- South Africa -- Port Elizabeth , Fraud investigation -- South Africa -- Port Elizabeth
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8947 , http://hdl.handle.net/10948/d1021385
- Description: The role of internal auditors is evolving to enable them to provide stakeholders with assurance and to assist organisations to achieve objectives and remain competitive to ensure the future existence of their organisations. The research for this study was guided by the question of whether the Institute of Internal Auditors guidance pronouncements provide sufficient guidance in the light of expectations of both the institute and management (stakeholders) relating to the role of internal auditors in respect of fraud investigation. Literature reviewed on the role of internal auditors showed that there is limited guidance provided with regards to fraud investigation, knowledge and skills required by an internal auditor to perform fraud investigations. The research methodology used for this study consisted of a qualitative case study of the Nelson Mandela Metropolitan University committees, namely, Council, Senate and MANCO as well as a combination of deductive and inductive interpretative analysis methods. Semi-structured interviews were used to obtain data from participants who were randomly selected from Nelson Mandela Metropolitan University Council, Senate and MANCO committees. The interviews revolved around three themes, namely, the role of internal audit, the information expected from internal audits and the role that the internal audit plays with regard to fraud. The interviews were recorded by means of a digital voice recorder which were transcribed by a qualified transcriber. The collected data was then manually coded by making use of standardised coding methods to assist with the analyses of the data. After considering the participant responses in relation to the themes, it could be deduced that a greater awareness needed to be created regarding the role of the internal audit and the services which internal audits could provide to organisations and management structures. The results of the analyses revealed that an expectation gap existed with regard to the Institute of Internal Auditors, guidance pronouncements and stakeholder expectations of internal auditor roles with specific reference to fraud investigations. This study showed that the IIA’s guidance pronouncements do not provide sufficient and adequate guidance in respect of the knowledge, skills and competency capabilities in relation to fraud investigations.The results of the study further showed that the expected role of internal auditors in an organisation should include fraud investigations.
- Full Text:
- Date Issued: 2015
- Authors: Labuschagne, Mario
- Date: 2015
- Subjects: Auditing, Internal -- South Africa -- Port Elizabeth , Fraud investigation -- South Africa -- Port Elizabeth
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8947 , http://hdl.handle.net/10948/d1021385
- Description: The role of internal auditors is evolving to enable them to provide stakeholders with assurance and to assist organisations to achieve objectives and remain competitive to ensure the future existence of their organisations. The research for this study was guided by the question of whether the Institute of Internal Auditors guidance pronouncements provide sufficient guidance in the light of expectations of both the institute and management (stakeholders) relating to the role of internal auditors in respect of fraud investigation. Literature reviewed on the role of internal auditors showed that there is limited guidance provided with regards to fraud investigation, knowledge and skills required by an internal auditor to perform fraud investigations. The research methodology used for this study consisted of a qualitative case study of the Nelson Mandela Metropolitan University committees, namely, Council, Senate and MANCO as well as a combination of deductive and inductive interpretative analysis methods. Semi-structured interviews were used to obtain data from participants who were randomly selected from Nelson Mandela Metropolitan University Council, Senate and MANCO committees. The interviews revolved around three themes, namely, the role of internal audit, the information expected from internal audits and the role that the internal audit plays with regard to fraud. The interviews were recorded by means of a digital voice recorder which were transcribed by a qualified transcriber. The collected data was then manually coded by making use of standardised coding methods to assist with the analyses of the data. After considering the participant responses in relation to the themes, it could be deduced that a greater awareness needed to be created regarding the role of the internal audit and the services which internal audits could provide to organisations and management structures. The results of the analyses revealed that an expectation gap existed with regard to the Institute of Internal Auditors, guidance pronouncements and stakeholder expectations of internal auditor roles with specific reference to fraud investigations. This study showed that the IIA’s guidance pronouncements do not provide sufficient and adequate guidance in respect of the knowledge, skills and competency capabilities in relation to fraud investigations.The results of the study further showed that the expected role of internal auditors in an organisation should include fraud investigations.
- Full Text:
- Date Issued: 2015
The South African economy and internationally fuelled business cycles: an econometric analysis
- Authors: Conradie, Tiaan
- Date: 2015
- Subjects: Business cycles -- Econometric models , Econometrics
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/4354 , vital:20588
- Description: The objective of this study is to understand the dynamics of international monetary policy and the relationship that exists between larger more developed economies and smaller less developed economies within a policy context. The 2008 financial crisis has caused intense revival of Austrian economics due to the monetary nature of the recession caused as a subsequent effect of the stock/housing market collapse that occurred in 2007. One factor of the 2008 financial crisis that created intense concern was the extent to which the slowdown in economic activity was able to be transmitted across international borders. The South African economy was not isolated from the financial crisis by any means and experienced a significant slowdown in economic growth. By making use of data collected from the Federal Reserve Bank of St. Louis and the appropriate econometric techniques, a model is developed to study the dynamics between United States monetary policy and the South African economy. The Austrian School provides a sound theoretical framework that allows for the specification of testable propositions to verify the validity of an “Austrian” internationally transmitted business cycle. Using United States money supply, South African private consumption, South African gross fixed capital formation and the South African current account, a vector autoregressive model is specified to analyse the dynamics behind the United States and South African economy. The results of the empirical test all confirm the theoretical prescriptions developed in the literature review that monetary growth in the United States raise consumption, investment and improve the current account balance in the South African economy. This is a novel result for this study as it confirms that a large central economy has the ability to trigger economic expansions in a peripheral economy. This study further points out the inefficiencies associated with Keynesian style policy making and propagates for a movement towards a more prudent Austrian approach. Keynesian policy making through demand oriented policies have historically been more concerned with “curing” economic instability rather than preventing it. In light of this, the need for economic reform specifically within the manner in which monetary policy is conducted is evident. Aggressive monetary policy in the wake of economic slowdown is no longer effective at creating a sustainable and stable economic environment. A movement away from the monopolization of money and central economic decision making is necessary if the global economy wishes to reach economic permanence.
- Full Text:
- Date Issued: 2015
- Authors: Conradie, Tiaan
- Date: 2015
- Subjects: Business cycles -- Econometric models , Econometrics
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/4354 , vital:20588
- Description: The objective of this study is to understand the dynamics of international monetary policy and the relationship that exists between larger more developed economies and smaller less developed economies within a policy context. The 2008 financial crisis has caused intense revival of Austrian economics due to the monetary nature of the recession caused as a subsequent effect of the stock/housing market collapse that occurred in 2007. One factor of the 2008 financial crisis that created intense concern was the extent to which the slowdown in economic activity was able to be transmitted across international borders. The South African economy was not isolated from the financial crisis by any means and experienced a significant slowdown in economic growth. By making use of data collected from the Federal Reserve Bank of St. Louis and the appropriate econometric techniques, a model is developed to study the dynamics between United States monetary policy and the South African economy. The Austrian School provides a sound theoretical framework that allows for the specification of testable propositions to verify the validity of an “Austrian” internationally transmitted business cycle. Using United States money supply, South African private consumption, South African gross fixed capital formation and the South African current account, a vector autoregressive model is specified to analyse the dynamics behind the United States and South African economy. The results of the empirical test all confirm the theoretical prescriptions developed in the literature review that monetary growth in the United States raise consumption, investment and improve the current account balance in the South African economy. This is a novel result for this study as it confirms that a large central economy has the ability to trigger economic expansions in a peripheral economy. This study further points out the inefficiencies associated with Keynesian style policy making and propagates for a movement towards a more prudent Austrian approach. Keynesian policy making through demand oriented policies have historically been more concerned with “curing” economic instability rather than preventing it. In light of this, the need for economic reform specifically within the manner in which monetary policy is conducted is evident. Aggressive monetary policy in the wake of economic slowdown is no longer effective at creating a sustainable and stable economic environment. A movement away from the monopolization of money and central economic decision making is necessary if the global economy wishes to reach economic permanence.
- Full Text:
- Date Issued: 2015
Women's perceptions regarding financial planning with specific reference to investment
- Authors: Dao, Thi Anh Thu
- Date: 2015
- Subjects: Women -- South Africa -- Nelson Mandela Bay Municipality -- Finance, Personal , Investments -- South Africa -- Nelson Mandela Bay Municipality , Financial planning industry -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9332 , http://hdl.handle.net/10948/d1021185
- Description: Investment planning (as one of the key components of financial planning) is seen as an important solution to investment problems and challenges. Previous research however indicated that compare to men, women are not as confident and knowledgeable about financial and investment matters. As a result, women do not conduct investment planning until it is often too late and when they are confronted with a financial crisis or a life predicament such as a divorce or death. Given the lack of research attention focusing on women's perceptions of financial and investment planning in South Africa, and in particular the Eastern Cape, the objective of this research is to investigate the factors that influence women‟s Perceived successful investment planning in the Nelson Mandela Bay area. After conducting a comprehensive literature study, seven factors (independent variables) namely Values, Attitudes, Time horizon, Personal life cycle, Risks and Returns, Investment Knowledge, were identified as influencing the Perceived successful investment planning (dependent variable) of women. Various hypotheses were formulated to be tested in the empirical investigation. The validity and reliability of the measuring instrument were tested among 207 respondents. The Exploratory Factor Analysis, as well as the Cronbach‟s alpha coeffient analysis, revelead that Investment knowledge, Personal life cycle and Values are important factors that influence the women‟s Perceived successful investment planning. As a result of these analyses, the hypotheses had to be reformulated. In order to establish whether correlations existed between the various factors investigated in this study, Pearson Product Moment Correlation Coefficients were calculated. Positive correlations were found between all the variables, except between Values and Personal life cycle and between Values and Perceived successful investment planning. To analyse the association in which the effects of the independent variables (Investment knowledge, Personal life cycle and Values) have on the dependent variable (Perceived successful investment planning) of this study, multiple regression analysis was conducted. Only one independent variable emerged as having a significant influence on Perceived successful investment planning of women, namely Investment knowledge. In order to investigate the influence of the various demographic variables on the dependent variable, an Analysis of Variance was performed. No significant differences were found between the selected demographic variables, namely Age, Ethnic group, Marital status, Education and Investment experience and the independent variables or dependent variable of this study. By investigating the influence of women‟s Perceived successful investment planning, this study has added to the body of knowledge of both financial and investment planning. Based on the empirical results of this study, several recommendations have been made in an attempt to assist women to make better investment decisions and manage their investment planning more effectively.
- Full Text:
- Date Issued: 2015
- Authors: Dao, Thi Anh Thu
- Date: 2015
- Subjects: Women -- South Africa -- Nelson Mandela Bay Municipality -- Finance, Personal , Investments -- South Africa -- Nelson Mandela Bay Municipality , Financial planning industry -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9332 , http://hdl.handle.net/10948/d1021185
- Description: Investment planning (as one of the key components of financial planning) is seen as an important solution to investment problems and challenges. Previous research however indicated that compare to men, women are not as confident and knowledgeable about financial and investment matters. As a result, women do not conduct investment planning until it is often too late and when they are confronted with a financial crisis or a life predicament such as a divorce or death. Given the lack of research attention focusing on women's perceptions of financial and investment planning in South Africa, and in particular the Eastern Cape, the objective of this research is to investigate the factors that influence women‟s Perceived successful investment planning in the Nelson Mandela Bay area. After conducting a comprehensive literature study, seven factors (independent variables) namely Values, Attitudes, Time horizon, Personal life cycle, Risks and Returns, Investment Knowledge, were identified as influencing the Perceived successful investment planning (dependent variable) of women. Various hypotheses were formulated to be tested in the empirical investigation. The validity and reliability of the measuring instrument were tested among 207 respondents. The Exploratory Factor Analysis, as well as the Cronbach‟s alpha coeffient analysis, revelead that Investment knowledge, Personal life cycle and Values are important factors that influence the women‟s Perceived successful investment planning. As a result of these analyses, the hypotheses had to be reformulated. In order to establish whether correlations existed between the various factors investigated in this study, Pearson Product Moment Correlation Coefficients were calculated. Positive correlations were found between all the variables, except between Values and Personal life cycle and between Values and Perceived successful investment planning. To analyse the association in which the effects of the independent variables (Investment knowledge, Personal life cycle and Values) have on the dependent variable (Perceived successful investment planning) of this study, multiple regression analysis was conducted. Only one independent variable emerged as having a significant influence on Perceived successful investment planning of women, namely Investment knowledge. In order to investigate the influence of the various demographic variables on the dependent variable, an Analysis of Variance was performed. No significant differences were found between the selected demographic variables, namely Age, Ethnic group, Marital status, Education and Investment experience and the independent variables or dependent variable of this study. By investigating the influence of women‟s Perceived successful investment planning, this study has added to the body of knowledge of both financial and investment planning. Based on the empirical results of this study, several recommendations have been made in an attempt to assist women to make better investment decisions and manage their investment planning more effectively.
- Full Text:
- Date Issued: 2015
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