Macroeconomic determinants of stock market behaviour in South Africa
- Authors: Junkin, Kyle
- Date: 2012
- Subjects: Stocks -- Prices -- South Africa Macroeconomics Risk management -- South Africa Stock exchanges -- South Africa Interest rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1016 , http://hdl.handle.net/10962/d1002751
- Description: This study investigates whether stock prices in South Africa are influenced by macroeconomic variables, and furthermore, the effects of financial crises on stock prices. The relationship between stock prices and the macroeconomy is a particularly important issue for investors, since a thorough understanding of such a relationship is likely to yield profitable or risk mitigating opportunities. Using monthly data for the period 1995 to 2010 the study focused at a macro level using the FTSE/JSE All Share Index, and at a micro level using sector indices. These included the construction and materials, financial, food producers’, general retailers, industrial, mining and pharmaceuticals indices. The Johansen and Juselius (1990) multivariate cointegration approach was employed, along with impulse response and variance decomposition tests to address the issue. The results showed that macroeconomic variables do have a significant influence on stock prices in South Africa. Also, the influences of these variables were found to have an inconsistent effect across the sectors under investigation. For example, inflation was found to negatively influence the All Share Index, but impacted the industrial index positively. These inconsistent influences on the various sectors were seen to have important diversification implications for investors. The impact of past financial crises proved to be significant on certain indices, however, indices such as that of the pharmaceuticals sector was found to be largely unaffected by such crises. The findings of the study were discussed through an investor’s perspective, and recommendations on investment decisions were given. The limitations of the study were such that certain results may have been influenced by a mis-specification of variables, particularly the Treasury bill rate.
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- Date Issued: 2012
An exploration of entrepreneurship within established family businesses in Grahamstown
- Authors: Lancaster, Talia Grace Palm
- Date: 2012
- Subjects: Family-owned business enterprises -- Research -- South Africa -- Grahamstown Entrepreneurship -- Research -- South Africa -- Grahamstown Small business -- Research -- South Africa -- Grahamstown
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:3006 , http://hdl.handle.net/10962/d1002515
- Description: Family businesses make up a large number of businesses in South Africa, although they are not often researched. Many of these family businesses are SME (Small and Medium Enterprises), however they contribute substantially to the local economy, as well as job creation. Despite their extensive presence there is a very poor success rate of family businesses. One of the reasons for their low success rate could be the seemingly increased conservative nature of family businesses over time. Thus, a look into entrepreneurial processes, which promote adaptation, innovation and learning, may give family businesses a competitive advantage. An Abbreviated Grounded Theory approach was used to explore the presence, if any, of entrepreneurial processes within established family businesses in Grahamstown. Two generations of family owners as well as a non-family employee across four local businesses were interviewed. The results show that all four business show signs of entrepreneurship within their business, these include: risk taking, creativity, active competition, opportunity grasping and change. Previous generations within the business also showed signs of learning new technology, in turn the new generations learnt from the experience that their parents have had in the businesses. The results show that family businesses are capable of change, adaptation and learning, thus it may enable consultants and future researchers to strengthen family businesses across generations.
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- Date Issued: 2012
Investigating factors inhibiting the implementation of IQMS in a South African school
- Authors: Mji, Lwazi Knowledge
- Date: 2012
- Subjects: Education, Secondary -- South Africa -- Eastern Cape -- Evaluation Educational change -- South Africa -- Eastern Cape Educational leadership -- South Africa -- Eastern Cape School management and organization -- South Africa -- Eastern Cape Teacher effectiveness -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MEd
- Identifier: vital:1586 , http://hdl.handle.net/10962/d1003468
- Description: After the 1994 elections education reform has been characterized by the introduction of laws and policies, including IQMS, that seek to reconcile post‐apartheid traditions to practices that would address deficiencies borne by the era in the education field. The IQMS is a clear reaction to the autocratic mode of evaluation that operated during the apartheid era and is a major shift from the old paradigm of external evaluators. It was designed to review performance and identify strengths and weaknesses, encouraging personal and professional development, drawing on peer and collegial feedback rather than official Department of Education surveillance. However, recent studies have shown that the IQMS has failed and is failing to achieve what it was intended to achieve. This study examines the reasons for this failure in a secondary school in the Eastern Cape, South Africa. This research is an interpretive case study that uses observation, document analysis and interviews utilising theories of learning organizations, management and leadership. The study reveals that the policy is not applied in the way it was intended and is failing in this regard. The policy process has been bureaucratised and suffers from superficial compliance. The developmental thrust of the policy seems to have been lost. It was also discovered that the involvement of teacher unions has both positively and negatively affected the implementation process and that the support schools receive from the department is not enough to keep the policy alive in schools. This research is likely to benefit school principals, policy makers and implementers, and IQMS coordinators, as it provides clarity on the issues restraining IQMS implementation in schools. The study also demonstrates the need for school principals to consider adopting transformational leadership as a strategy to lead teachers against political influence and expose them to professional development opportunities.
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- Date Issued: 2012