The income tax consequences of the in-house development of software
- Authors: Hodge, Dominic Shaughn
- Date: 2014
- Subjects: Computer software -- Accounting , Income tax -- Data processing , Research and development projects , Income tax -- Law and legislation -- South Africa , Computer software -- Development -- South Africa , Computer software -- Law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:910 , http://hdl.handle.net/10962/d1013550
- Description: The objective of this thesis was to explore the nature of expenditure incurred on the internal development of software and its treatment in terms of the accounting and taxation frameworks to which it is subject. In fulfilling the primary objective the thesis had a number of subsidiary considerations. These included, firstly, a brief analysis of the approach of the software industry in South Africa to the taxation treatment of this type of software. The second consideration was a discussion and analysis of the taxation framework which differentiates between capital and revenue and the extent to which the receipts produced by internally developed software may be informative of the nature of the expenditure. The third was an analysis of the deductibility of expenditure incurred in the production of software with the fourth analysing the tests employed in the determination of whether expenditure is capital or revenue in nature. The fifth objective was to briefly analyse the accounting standards which find application in the determination of whether or not the software created can be considered a capital asset. The final subsidiary objective of the thesis was an analysis of the taxation framework applicable to software in respect of research and development incentives, as well as the position in the United States of America. Throughout the thesis the most apparent commonality is that there exists a significant level of uncertainty as to the taxation treatment of software both in South Africa and in America. The research concludes by stating that such uncertainty is prejudicial to the interests of research and development in relation to software.
- Full Text:
- Date Issued: 2014
- Authors: Hodge, Dominic Shaughn
- Date: 2014
- Subjects: Computer software -- Accounting , Income tax -- Data processing , Research and development projects , Income tax -- Law and legislation -- South Africa , Computer software -- Development -- South Africa , Computer software -- Law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:910 , http://hdl.handle.net/10962/d1013550
- Description: The objective of this thesis was to explore the nature of expenditure incurred on the internal development of software and its treatment in terms of the accounting and taxation frameworks to which it is subject. In fulfilling the primary objective the thesis had a number of subsidiary considerations. These included, firstly, a brief analysis of the approach of the software industry in South Africa to the taxation treatment of this type of software. The second consideration was a discussion and analysis of the taxation framework which differentiates between capital and revenue and the extent to which the receipts produced by internally developed software may be informative of the nature of the expenditure. The third was an analysis of the deductibility of expenditure incurred in the production of software with the fourth analysing the tests employed in the determination of whether expenditure is capital or revenue in nature. The fifth objective was to briefly analyse the accounting standards which find application in the determination of whether or not the software created can be considered a capital asset. The final subsidiary objective of the thesis was an analysis of the taxation framework applicable to software in respect of research and development incentives, as well as the position in the United States of America. Throughout the thesis the most apparent commonality is that there exists a significant level of uncertainty as to the taxation treatment of software both in South Africa and in America. The research concludes by stating that such uncertainty is prejudicial to the interests of research and development in relation to software.
- Full Text:
- Date Issued: 2014
Voluntary disclosure programmes and tax amnesties: an international appraisal
- Authors: Jaramba, Toddy
- Date: 2014
- Subjects: Tax amnesty -- South Africa , Tax evasion -- South Africa , Investments, Foreign -- Taxation -- South Africa , Tax collection -- South Africa , Tax administration and procedure -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:911 , http://hdl.handle.net/10962/d1015666
- Description: Tax amnesties are government programs that typically allow a short period of time for tax evaders to voluntarily repay previously evaded taxes without being subject to penalties and prosecution that discovery of such tax evasion normally brings. Tax amnesties differ widely in terms of coverage, tax types, and incentives offered. A state’s Voluntary Disclosure Programme is another avenue available to taxpayers to assist them in resolving their state tax delinquencies. This programme is an on-going programme as compared to a tax amnesty, which is there for a limited time period only. The main goal of the research was to describe the tax amnesty and the voluntary disclosure programmes in South Africa and to assess their advantages and disadvantages. This thesis also discussed another form of voluntary disclosure programme, referred to as an Offshore Voluntary Disclosure Programme, which allows taxpayers with unreported foreign bank accounts, and presumably unreported foreign income, to voluntarily disclose their affairs. The study found that, due to tax amnesties, Government raises more tax revenue not only in the short run from collecting overdue taxes but also by bringing former non-filers back into the tax system for the long run. It was also found that, initially short-run revenue brought in from overdue taxes will be positive for the first amnesty and then decline each time the amnesty is offered repeatedly. The reason for the decline in revenue might be that tax amnesties provide incentives for otherwise honest taxpayers to start evading taxes because they will anticipate the offering of future amnesties, thereby weakening tax compliance. The costs associated with amnesty programmes include negative long run revenue impact and also that amnesty programmes reduce compliance by taxpayers in the long-run. In South Africa tax amnesties, especially the voluntary disclosure programme, are likely to be successful since they will increase the revenue yield and also bring non-filers back on the tax rolls.
- Full Text:
- Date Issued: 2014
- Authors: Jaramba, Toddy
- Date: 2014
- Subjects: Tax amnesty -- South Africa , Tax evasion -- South Africa , Investments, Foreign -- Taxation -- South Africa , Tax collection -- South Africa , Tax administration and procedure -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:911 , http://hdl.handle.net/10962/d1015666
- Description: Tax amnesties are government programs that typically allow a short period of time for tax evaders to voluntarily repay previously evaded taxes without being subject to penalties and prosecution that discovery of such tax evasion normally brings. Tax amnesties differ widely in terms of coverage, tax types, and incentives offered. A state’s Voluntary Disclosure Programme is another avenue available to taxpayers to assist them in resolving their state tax delinquencies. This programme is an on-going programme as compared to a tax amnesty, which is there for a limited time period only. The main goal of the research was to describe the tax amnesty and the voluntary disclosure programmes in South Africa and to assess their advantages and disadvantages. This thesis also discussed another form of voluntary disclosure programme, referred to as an Offshore Voluntary Disclosure Programme, which allows taxpayers with unreported foreign bank accounts, and presumably unreported foreign income, to voluntarily disclose their affairs. The study found that, due to tax amnesties, Government raises more tax revenue not only in the short run from collecting overdue taxes but also by bringing former non-filers back into the tax system for the long run. It was also found that, initially short-run revenue brought in from overdue taxes will be positive for the first amnesty and then decline each time the amnesty is offered repeatedly. The reason for the decline in revenue might be that tax amnesties provide incentives for otherwise honest taxpayers to start evading taxes because they will anticipate the offering of future amnesties, thereby weakening tax compliance. The costs associated with amnesty programmes include negative long run revenue impact and also that amnesty programmes reduce compliance by taxpayers in the long-run. In South Africa tax amnesties, especially the voluntary disclosure programme, are likely to be successful since they will increase the revenue yield and also bring non-filers back on the tax rolls.
- Full Text:
- Date Issued: 2014
The influence of family business resources on transgenerational success: a family business case study
- Authors: Klee, Robynne
- Date: 2014
- Subjects: Family-owned business enterprises Family-owned business enterprises -- Succession
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/11124 , vital:26887
- Description: Family businesses are major contributors to the economies of most countries and are known to be one of the best performing, most prevalent and resilient forms of business throughout the world. Despite their importance and based on the vast amount of research done in the field of family businesses, this form of business appears to be laden with challenges and is short-lived. Amongst others, one of the most fundamental challenges and contributors to the short-lived nature, and thus high failure rate of family businesses is poor succession planning. In order to address this challenge, the Successful Transgenerational Entrepreneurship Practices (STEP) research framework was developed to ascertain the factors that contribute to entrepreneurial performance and the effective transgenerational potential and success of family businesses globally. Transgenerational potential, entrepreneurial performance, the external mediating factors influencing family businesses, Entrepreneurial Orientation (EO) and the Resource Based View (RBV) of familiness resource pools are the components that make up the STEP research framework. By adopting the STEP research framework, the primary objective of this study is to establish how a transgenerational family business creates new economic activity over time by using and transferring familiness resource pools from one generation to the next. Due to the primary focus of the study being to research familiness resource pools and how they generate transgenerational potential for family businesses, this component of the STEP research framework is investigated in detail. The literature review therefore highlights the eight dimensions of familiness resource pools, namely: leadership, networks, capital, decision-making, culture, relationships, governance and knowledge, and are the main focus of this study. An interpretivism research paradigm is selected for this study. Interpretivism paradigms are associated with qualitative research methodologies. Owing to the fact that much still remains to be discovered in terms of familiness and familiness resource pools, a descriptive, single-case study is the type of research method undertaken. The sample is identified based on non-probability purposive sampling as per the strict guidelines of the STEP project. The sample size in this study consisted of one family business operating in the Eastern Cape, South Africa. The STEP interview schedule, which consists of semi-structured questions, is the research instrument used to collect the necessary data from five participants involved in the family business (a prominent motorcar dealership). Once all the data is collected, a combination of directed content analysis and explanation building are used to analyse the data. The findings of the study reveal that the leadership values present in the family business stem from that of the founder. Contrary to the current CEO’s beliefs that the family business investigated operates primarily under his participative leadership style, the interviews reveal that while the CEO does demonstrate participative leadership, his leadership style is somewhat autocratic in nature. This autocratic leadership style has caused the employees and the business as a whole, to become too reliant on the CEO, especially in terms of strategic decision-making, which may be a threat to the future succession of the business. The CEO’s expert leadership however, ensures that the business adheres to strict guidelines in terms of employing the best person for the job, regardless of whether the candidates are family members or not. As such, the prominent motorcar dealership is marketed as a family business and together under the family leadership, has helped attract customers and well qualified non-family employees to the business. While there is ample leadership available within the business, the lack of succession planning is reiterated to be a major threat facing the future of the business. Almost all of the original networks established by the founder in the prominent motorcar dealership studied still exist in the business in 2014. It is established that employees, especially those in the third generation, are encouraged to build their own networks within their relevant spheres of responsibility. Moreover, the business family’s history, reputation and goodwill have helped create and establish networks for the family business, especially within the Eastern Cape. These networks have helped the business drive sales and have contributed to the success of the business.
- Full Text:
- Date Issued: 2014
- Authors: Klee, Robynne
- Date: 2014
- Subjects: Family-owned business enterprises Family-owned business enterprises -- Succession
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/11124 , vital:26887
- Description: Family businesses are major contributors to the economies of most countries and are known to be one of the best performing, most prevalent and resilient forms of business throughout the world. Despite their importance and based on the vast amount of research done in the field of family businesses, this form of business appears to be laden with challenges and is short-lived. Amongst others, one of the most fundamental challenges and contributors to the short-lived nature, and thus high failure rate of family businesses is poor succession planning. In order to address this challenge, the Successful Transgenerational Entrepreneurship Practices (STEP) research framework was developed to ascertain the factors that contribute to entrepreneurial performance and the effective transgenerational potential and success of family businesses globally. Transgenerational potential, entrepreneurial performance, the external mediating factors influencing family businesses, Entrepreneurial Orientation (EO) and the Resource Based View (RBV) of familiness resource pools are the components that make up the STEP research framework. By adopting the STEP research framework, the primary objective of this study is to establish how a transgenerational family business creates new economic activity over time by using and transferring familiness resource pools from one generation to the next. Due to the primary focus of the study being to research familiness resource pools and how they generate transgenerational potential for family businesses, this component of the STEP research framework is investigated in detail. The literature review therefore highlights the eight dimensions of familiness resource pools, namely: leadership, networks, capital, decision-making, culture, relationships, governance and knowledge, and are the main focus of this study. An interpretivism research paradigm is selected for this study. Interpretivism paradigms are associated with qualitative research methodologies. Owing to the fact that much still remains to be discovered in terms of familiness and familiness resource pools, a descriptive, single-case study is the type of research method undertaken. The sample is identified based on non-probability purposive sampling as per the strict guidelines of the STEP project. The sample size in this study consisted of one family business operating in the Eastern Cape, South Africa. The STEP interview schedule, which consists of semi-structured questions, is the research instrument used to collect the necessary data from five participants involved in the family business (a prominent motorcar dealership). Once all the data is collected, a combination of directed content analysis and explanation building are used to analyse the data. The findings of the study reveal that the leadership values present in the family business stem from that of the founder. Contrary to the current CEO’s beliefs that the family business investigated operates primarily under his participative leadership style, the interviews reveal that while the CEO does demonstrate participative leadership, his leadership style is somewhat autocratic in nature. This autocratic leadership style has caused the employees and the business as a whole, to become too reliant on the CEO, especially in terms of strategic decision-making, which may be a threat to the future succession of the business. The CEO’s expert leadership however, ensures that the business adheres to strict guidelines in terms of employing the best person for the job, regardless of whether the candidates are family members or not. As such, the prominent motorcar dealership is marketed as a family business and together under the family leadership, has helped attract customers and well qualified non-family employees to the business. While there is ample leadership available within the business, the lack of succession planning is reiterated to be a major threat facing the future of the business. Almost all of the original networks established by the founder in the prominent motorcar dealership studied still exist in the business in 2014. It is established that employees, especially those in the third generation, are encouraged to build their own networks within their relevant spheres of responsibility. Moreover, the business family’s history, reputation and goodwill have helped create and establish networks for the family business, especially within the Eastern Cape. These networks have helped the business drive sales and have contributed to the success of the business.
- Full Text:
- Date Issued: 2014
Liquidity linkages between the South African bond and equity markets
- Authors: Magagula, Sifiso Charles
- Date: 2014
- Subjects: Financial crises , Global Financial Crisis, 2000-2008 , Financial risk management
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9029 , http://hdl.handle.net/10948/d1020758
- Description: Purpose - The study sought to examine the liquidity linkages between the South African bond and equity markets before the global financial crisis in 2008. Design/methodology/approach: The window of observation covered the period January 2000 to September 2008. In order to ensure robustness in the estimation, the study used foreign participation in the various markets as an additional measure of liquidity. The other liquidity measures considered in the study were volume and value traded of the various securities respectively. Time series modeling techniques were used in the estimation. An unrestricted vector autoregressive (VAR) model was estimated following which the standard innovation accounting techniques, impulse response functions and forecast error variance decompositions were applied. In the empirical analysis, the Granger-causality between the two markets was also used. Findings - While all the liquidity measures suggest the existence of linkages between the bond and equity markets, the direction of causality was found to be unidirectional from equity to the bond market using the volume and value measures. On the other hand, the foreign participation measure of liquidity suggests bi-directional causality. The study also provides evidence of long run relationship between key macroeconomic variables such as inflation, exchange rate and interest rate on one hand and liquidity in the debt and equity markets on the other. As empirical findings indicates that the linkages in liquidity between these markets positive, this consistent with studies conducted by Chordia et al (2003 & 2005) and Engsted and Tanggaard (2000) who found the relationship was a positive one. When volumes of trade and trade values, the study find evidence on uni-directional causality and strong bi-directional causality is evidence when foreign investor participation is used as a liquidity measure. In summary, there is a strong evidence liquidity linkage between the bond and equity market from the empirical results.
- Full Text:
- Date Issued: 2014
- Authors: Magagula, Sifiso Charles
- Date: 2014
- Subjects: Financial crises , Global Financial Crisis, 2000-2008 , Financial risk management
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9029 , http://hdl.handle.net/10948/d1020758
- Description: Purpose - The study sought to examine the liquidity linkages between the South African bond and equity markets before the global financial crisis in 2008. Design/methodology/approach: The window of observation covered the period January 2000 to September 2008. In order to ensure robustness in the estimation, the study used foreign participation in the various markets as an additional measure of liquidity. The other liquidity measures considered in the study were volume and value traded of the various securities respectively. Time series modeling techniques were used in the estimation. An unrestricted vector autoregressive (VAR) model was estimated following which the standard innovation accounting techniques, impulse response functions and forecast error variance decompositions were applied. In the empirical analysis, the Granger-causality between the two markets was also used. Findings - While all the liquidity measures suggest the existence of linkages between the bond and equity markets, the direction of causality was found to be unidirectional from equity to the bond market using the volume and value measures. On the other hand, the foreign participation measure of liquidity suggests bi-directional causality. The study also provides evidence of long run relationship between key macroeconomic variables such as inflation, exchange rate and interest rate on one hand and liquidity in the debt and equity markets on the other. As empirical findings indicates that the linkages in liquidity between these markets positive, this consistent with studies conducted by Chordia et al (2003 & 2005) and Engsted and Tanggaard (2000) who found the relationship was a positive one. When volumes of trade and trade values, the study find evidence on uni-directional causality and strong bi-directional causality is evidence when foreign investor participation is used as a liquidity measure. In summary, there is a strong evidence liquidity linkage between the bond and equity market from the empirical results.
- Full Text:
- Date Issued: 2014
A critical analysis of the reference pricing tool used by SARS to address undervaluation of imported clothing
- Authors: Mansoor, Younus Ahmed
- Date: 2014
- Subjects: Transfer pricing -- Taxation -- South Africa , Tariff -- Law and legislation , Customs appraisal , Revenue management
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8965 , http://hdl.handle.net/10948/d1020755
- Description: The South African Revenue Service has since 2009 introduced “reference pricing” as a tool to detect undervaluation of customs values of imported clothing and textiles. The term “reference pricing” is not defined in the Customs and Excise Act No.91 of 1964 which is the legislation that governs the importation of goods into the Republic of South Africa. The mandate of the South African Revenue Service, amongst others, is to facilitate legitimate trade. By applying the reference pricing guidelines the South African Revenue Service will target all importers who declare customs values which are less than the reference price for a targeted tariff heading associated with an item of clothing or textile. The Customs and Excise Act No.91 of 1964 is clear in that the transaction value which is the price paid or payable for the imported goods shall be the value used for customs duty purposes. The Customs and Excise Act No.91 of 1964 also requires that the interpretation of the sections 65, 66 and 67 of the said Act shall be subject to the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994 (Valuation Agreement). Part I of the Valuation Agreement deals with the rules for customs valuation. Article 17 of part 1 allows for customs administrations to satisfy themselves as to the truth or accuracy of any statement, document or declaration presented for customs valuation purposes. The Technical Committee on Customs Valuation of the World Trade Organisation decided the following in so far as Article 17 of the aforesaid agreement is concerned: “1. When a declaration has been presented and where the customs administration has reason to doubt the truth or accuracy of the particulars or of documents produced in support of this declaration, the customs administration may ask the importer to provide further explanation, including documents or other evidence, that the declared value represents the total amount actually paid or payable for the imported goods, ....” It would appear that the South African Revenue Service is using reference prices as a tool to support its reason for doubting the truth or accuracy of the declared customs values. The indiscriminate use of reference pricing, it is submitted, affects legitimate trade adversely. This treatise provides an understanding of how the customs value should be determined in terms of the Customs and Excise Act No.91 of 1964 and the Valuation Agreement. It then provides a background to reference pricing and how reference pricing will be used to detect undervalued imports of clothing and textiles, the advantages and disadvantages of using reference pricing and a comparative analysis of the approach adopted by the Mexican Tax Administration Service in so far as the use of reference pricing is concerned. It was established that the reference price cannot replace the customs value of an imported clothing item as the customs value is based on the price actually paid or payable for it and not on some arbitrary or fictitious value. The reference price can only be used as a tool to identify importers that are possibly undervaluing the customs values. The disadvantages far outweigh the advantages of using reference pricing. The treatise further provides a background to the use of a valuation database as a risk assessment tool and compares this to the use of reference pricing. The use of reference pricing and its impact on trade facilitation is then discussed as well as whether the use of reference pricing is consistent with the risk management principles as discussed in the World Customs Organisation Risk Management Guide. It was established that the South African Revenue Service has not disclosed the basis of arriving at the reference price per tariff heading that it targets and the use of reference pricing is not sanctioned by any international guideline or agreement. It was also established that the use of reference pricing targets compliant importers unnecessarily and this practice goes against the principles of trade facilitation. The use of reference pricing can be used as a tool to detect undervalued imports of clothing but should not be used as a basis to stop every consignment of clothing simply because the customs value declared is less than the reference price. It should not be used as a stand-alone tool but rather enhanced further with the recommendations provided. In the final analysis, recommendations are provided which seek to enhance the reference pricing mechanism and to further identify and exclude compliant importers and limit the use of reference pricing to target non-compliant importers who undervalue the customs value of imported clothing and textile items.
- Full Text:
- Date Issued: 2014
- Authors: Mansoor, Younus Ahmed
- Date: 2014
- Subjects: Transfer pricing -- Taxation -- South Africa , Tariff -- Law and legislation , Customs appraisal , Revenue management
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8965 , http://hdl.handle.net/10948/d1020755
- Description: The South African Revenue Service has since 2009 introduced “reference pricing” as a tool to detect undervaluation of customs values of imported clothing and textiles. The term “reference pricing” is not defined in the Customs and Excise Act No.91 of 1964 which is the legislation that governs the importation of goods into the Republic of South Africa. The mandate of the South African Revenue Service, amongst others, is to facilitate legitimate trade. By applying the reference pricing guidelines the South African Revenue Service will target all importers who declare customs values which are less than the reference price for a targeted tariff heading associated with an item of clothing or textile. The Customs and Excise Act No.91 of 1964 is clear in that the transaction value which is the price paid or payable for the imported goods shall be the value used for customs duty purposes. The Customs and Excise Act No.91 of 1964 also requires that the interpretation of the sections 65, 66 and 67 of the said Act shall be subject to the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994 (Valuation Agreement). Part I of the Valuation Agreement deals with the rules for customs valuation. Article 17 of part 1 allows for customs administrations to satisfy themselves as to the truth or accuracy of any statement, document or declaration presented for customs valuation purposes. The Technical Committee on Customs Valuation of the World Trade Organisation decided the following in so far as Article 17 of the aforesaid agreement is concerned: “1. When a declaration has been presented and where the customs administration has reason to doubt the truth or accuracy of the particulars or of documents produced in support of this declaration, the customs administration may ask the importer to provide further explanation, including documents or other evidence, that the declared value represents the total amount actually paid or payable for the imported goods, ....” It would appear that the South African Revenue Service is using reference prices as a tool to support its reason for doubting the truth or accuracy of the declared customs values. The indiscriminate use of reference pricing, it is submitted, affects legitimate trade adversely. This treatise provides an understanding of how the customs value should be determined in terms of the Customs and Excise Act No.91 of 1964 and the Valuation Agreement. It then provides a background to reference pricing and how reference pricing will be used to detect undervalued imports of clothing and textiles, the advantages and disadvantages of using reference pricing and a comparative analysis of the approach adopted by the Mexican Tax Administration Service in so far as the use of reference pricing is concerned. It was established that the reference price cannot replace the customs value of an imported clothing item as the customs value is based on the price actually paid or payable for it and not on some arbitrary or fictitious value. The reference price can only be used as a tool to identify importers that are possibly undervaluing the customs values. The disadvantages far outweigh the advantages of using reference pricing. The treatise further provides a background to the use of a valuation database as a risk assessment tool and compares this to the use of reference pricing. The use of reference pricing and its impact on trade facilitation is then discussed as well as whether the use of reference pricing is consistent with the risk management principles as discussed in the World Customs Organisation Risk Management Guide. It was established that the South African Revenue Service has not disclosed the basis of arriving at the reference price per tariff heading that it targets and the use of reference pricing is not sanctioned by any international guideline or agreement. It was also established that the use of reference pricing targets compliant importers unnecessarily and this practice goes against the principles of trade facilitation. The use of reference pricing can be used as a tool to detect undervalued imports of clothing but should not be used as a basis to stop every consignment of clothing simply because the customs value declared is less than the reference price. It should not be used as a stand-alone tool but rather enhanced further with the recommendations provided. In the final analysis, recommendations are provided which seek to enhance the reference pricing mechanism and to further identify and exclude compliant importers and limit the use of reference pricing to target non-compliant importers who undervalue the customs value of imported clothing and textile items.
- Full Text:
- Date Issued: 2014
Considerations for implementating market based mechanisms in combating climate change in South Africa
- Authors: Marais, Frans
- Date: 2014
- Subjects: Climatic changes -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1093 , http://hdl.handle.net/10962/d1012952
- Description: Since the first period of the Kyoto Protocol, there has been a growing concern that the burden of reducing greenhouse gas emissions should not only be borne by developed countries, but developing countries as well. South Africa, as the 18th highest emitter of greenhouse gases in the world and highest in Africa, has a significant responsibility to reduce its emissions levels. The South African government is currently in the process of implementing a carbon tax for its short term response to climate change and considering the implementation of a carbon market as a medium to long term response to climate change. Both of these market based mechanisms are widely deemed effective in the mitigation of greenhouse gas emissions by economists, however are also known to have negative social and economic implications upon an economy. This study identifies these implications and attempts to provide considerations on how to alleviate the implications through the most appropriate process of revenue recycling. The negative effects of Implementing a carbon tax or carbon market could be severe as and not limited to: a significant decline in GDP, a reduction in the standard of living for certain households, a fall in a country's exports and even an increase in poverty. South Africa's environmental and development policies place a strict precedence on the protection of the poor and the prevention of economic hardship induced by such policies. This places significant importance on the prevention of these externalities from occurring. A primary means of doing so is through the process of revenue recycling, however, certain channels of revenue recycling are by no means helpful, hence the most appropriate channel needs to be identified. The study carried out a multiple case study analysis on Ireland, Mexico, New Zealand and Norway, to determine what effects a carbon tax had on their economies and how these effects were mitigated through carbon tax revenue recycling. An additional analysis of the EU ETS was carried out to determine how the EU ETS was implemented and the controversies and concerns that arose during its implementation. The findings of this analysis were then compared to a number of South African economist’s case studies, and the most appropriate method of revenue recycling identified and possible solutions to the EU ETS controversies found. The study concludes that a food subsidy has the potential to provide positive effects on welfare employment and GDP; therefore could be considered to be the most appropriate method of revenue recycling. However, these effects are limited to be experienced only at low levels of a carbon tax, hence, short term in nature. The study therefore provides a further consideration that the use of multiple channels for revenue recycling needs to be explored that could provide stable longer term effects. In addition, in the implementation of a carbon market, the study concludes that government should consider using an auction approach in the initial allocation phase of an ETS and the use of a centralized registry for monitoring and controlling of information and transactions.
- Full Text:
- Date Issued: 2014
- Authors: Marais, Frans
- Date: 2014
- Subjects: Climatic changes -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1093 , http://hdl.handle.net/10962/d1012952
- Description: Since the first period of the Kyoto Protocol, there has been a growing concern that the burden of reducing greenhouse gas emissions should not only be borne by developed countries, but developing countries as well. South Africa, as the 18th highest emitter of greenhouse gases in the world and highest in Africa, has a significant responsibility to reduce its emissions levels. The South African government is currently in the process of implementing a carbon tax for its short term response to climate change and considering the implementation of a carbon market as a medium to long term response to climate change. Both of these market based mechanisms are widely deemed effective in the mitigation of greenhouse gas emissions by economists, however are also known to have negative social and economic implications upon an economy. This study identifies these implications and attempts to provide considerations on how to alleviate the implications through the most appropriate process of revenue recycling. The negative effects of Implementing a carbon tax or carbon market could be severe as and not limited to: a significant decline in GDP, a reduction in the standard of living for certain households, a fall in a country's exports and even an increase in poverty. South Africa's environmental and development policies place a strict precedence on the protection of the poor and the prevention of economic hardship induced by such policies. This places significant importance on the prevention of these externalities from occurring. A primary means of doing so is through the process of revenue recycling, however, certain channels of revenue recycling are by no means helpful, hence the most appropriate channel needs to be identified. The study carried out a multiple case study analysis on Ireland, Mexico, New Zealand and Norway, to determine what effects a carbon tax had on their economies and how these effects were mitigated through carbon tax revenue recycling. An additional analysis of the EU ETS was carried out to determine how the EU ETS was implemented and the controversies and concerns that arose during its implementation. The findings of this analysis were then compared to a number of South African economist’s case studies, and the most appropriate method of revenue recycling identified and possible solutions to the EU ETS controversies found. The study concludes that a food subsidy has the potential to provide positive effects on welfare employment and GDP; therefore could be considered to be the most appropriate method of revenue recycling. However, these effects are limited to be experienced only at low levels of a carbon tax, hence, short term in nature. The study therefore provides a further consideration that the use of multiple channels for revenue recycling needs to be explored that could provide stable longer term effects. In addition, in the implementation of a carbon market, the study concludes that government should consider using an auction approach in the initial allocation phase of an ETS and the use of a centralized registry for monitoring and controlling of information and transactions.
- Full Text:
- Date Issued: 2014
Consumer perceptions of multiple private label brands offered by Pick n Pay stores
- Authors: Marriott, Andrew William
- Date: 2014
- Subjects: Brand choice -- South Africa , House brands -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5974 , vital:21021
- Description: This research provides insight into consumer perceptions of multiple private label brands being simultaneously offered by an individual retailer. The primary purpose of this study is to investigate the current consumer perceptions of the three private label brands at Pick n Pay Stores, a South African retailer. Consumers are no longer being presented with a single private label brand, but individual grocery retailers offer multiple private label brands under one retailer. Pick n Pay Store’s current private label brands co-exist as PnP no name, PnP and PnP Finest, and are synonymous with the generic, classic, and premium private label brand concepts, respectively. The question can thus be posed whether consumers perceive private label brands differently and whether they will eventually purchase the private label brand. The research explores the subject of brand, and the nature and success factors of private label brands in retail. This was done by reviewing the literature that traced the rapid changes in the retail sector because of the increasing influence of private label brands on conventional retail practices and consumer behaviour. A conceptual framework was developed showing the constructs that may have relationships with the three private label brands of Pick n Pay Stores. Information regarding the different private label brand concepts was obtained from primary as well as secondary research. An empirical study of a quantitative nature in the form of a paper-based and online-based questionnaire was undertaken. Altogether 375 usable questionnaires were collected. The results of the empirical study indicated positive relationships of perceptions between all three of the Pick n Pay private label brands and their respective intention to purchase. Furthermore, there was a statistically positive relationship between the brand perceptions of Pick n Pay private label brands. The proposed framework is intended to shed light onto the interactions between the private label concepts to allow for meaningful strategic branding decisions to be made at senior business levels.
- Full Text:
- Date Issued: 2014
- Authors: Marriott, Andrew William
- Date: 2014
- Subjects: Brand choice -- South Africa , House brands -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5974 , vital:21021
- Description: This research provides insight into consumer perceptions of multiple private label brands being simultaneously offered by an individual retailer. The primary purpose of this study is to investigate the current consumer perceptions of the three private label brands at Pick n Pay Stores, a South African retailer. Consumers are no longer being presented with a single private label brand, but individual grocery retailers offer multiple private label brands under one retailer. Pick n Pay Store’s current private label brands co-exist as PnP no name, PnP and PnP Finest, and are synonymous with the generic, classic, and premium private label brand concepts, respectively. The question can thus be posed whether consumers perceive private label brands differently and whether they will eventually purchase the private label brand. The research explores the subject of brand, and the nature and success factors of private label brands in retail. This was done by reviewing the literature that traced the rapid changes in the retail sector because of the increasing influence of private label brands on conventional retail practices and consumer behaviour. A conceptual framework was developed showing the constructs that may have relationships with the three private label brands of Pick n Pay Stores. Information regarding the different private label brand concepts was obtained from primary as well as secondary research. An empirical study of a quantitative nature in the form of a paper-based and online-based questionnaire was undertaken. Altogether 375 usable questionnaires were collected. The results of the empirical study indicated positive relationships of perceptions between all three of the Pick n Pay private label brands and their respective intention to purchase. Furthermore, there was a statistically positive relationship between the brand perceptions of Pick n Pay private label brands. The proposed framework is intended to shed light onto the interactions between the private label concepts to allow for meaningful strategic branding decisions to be made at senior business levels.
- Full Text:
- Date Issued: 2014
The impact of learning advancement and quality of work-life on turnover intentions among nurses in Amathole District, South Africa
- Authors: Marufu, Tandiwe Joy
- Date: 2014
- Subjects: Nurses -- Job satisfaction -- South Africa -- Eastern Cape Employee retention -- South Africa -- Eastern Cape Labor turnover -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/5630 , vital:29353
- Description: Ongoing instability in the nursing workforce is raising questions globally about the issue of nurse turnover. It is against this background that this research examines the impact of learning, advancement and quality of work-life on turnover intentions among nurses in selected hospitals from Eastern Cape. Little research has been conducted to investigate the impact of the above mentioned subjects on turnover intentions among nurses in the South African health sector. Research questions as well as hypotheses were formulated as the means to gain data on the subject. The research employed a quantitative design with a sample size of 160 nurses and 159 were returned. The data analysis consisted of both descriptive and inferential statistics. The main findings of the study showed a positive relationship among job satisfaction, work-life rewards, learning and advancement opportunities and job satisfaction. However, there were negative relationships between job satisfaction and turnover intentions; work-life rewards and turnover intentions; and also among learning, career advancement and turnover intentions. Finally, suggestions were made to the top management in the Health sector to come up with strategies and mechanisms that improve nurses’ quality of work-life and offering them training and advancement opportunities through organisational change programs.
- Full Text:
- Date Issued: 2014
- Authors: Marufu, Tandiwe Joy
- Date: 2014
- Subjects: Nurses -- Job satisfaction -- South Africa -- Eastern Cape Employee retention -- South Africa -- Eastern Cape Labor turnover -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/5630 , vital:29353
- Description: Ongoing instability in the nursing workforce is raising questions globally about the issue of nurse turnover. It is against this background that this research examines the impact of learning, advancement and quality of work-life on turnover intentions among nurses in selected hospitals from Eastern Cape. Little research has been conducted to investigate the impact of the above mentioned subjects on turnover intentions among nurses in the South African health sector. Research questions as well as hypotheses were formulated as the means to gain data on the subject. The research employed a quantitative design with a sample size of 160 nurses and 159 were returned. The data analysis consisted of both descriptive and inferential statistics. The main findings of the study showed a positive relationship among job satisfaction, work-life rewards, learning and advancement opportunities and job satisfaction. However, there were negative relationships between job satisfaction and turnover intentions; work-life rewards and turnover intentions; and also among learning, career advancement and turnover intentions. Finally, suggestions were made to the top management in the Health sector to come up with strategies and mechanisms that improve nurses’ quality of work-life and offering them training and advancement opportunities through organisational change programs.
- Full Text:
- Date Issued: 2014
The impact of learning advancement and quality of work-life on turnover intentions among nurses in Amathole District, South Africa
- Authors: Marufu, Tandiwe Joy
- Date: 2014
- Subjects: Nurses -- Job satisfaction -- South Africa -- Eastern Cape Employee retention -- South Africa -- Eastern Cape Labor turnover -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/2182 , vital:27666
- Description: Ongoing instability in the nursing workforce is raising questions globally about the issue of nurse turnover. It is against this background that this research examines the impact of learning, advancement and quality of work-life on turnover intentions among nurses in selected hospitals from Eastern Cape. Little research has been conducted to investigate the impact of the above mentioned subjects on turnover intentions among nurses in the South African health sector. Research questions as well as hypotheses were formulated as the means to gain data on the subject. The research employed a quantitative design with a sample size of 160 nurses and 159 were returned. The data analysis consisted of both descriptive and inferential statistics. The main findings of the study showed a positive relationship among job satisfaction, work-life rewards, learning and advancement opportunities and job satisfaction. However, there were negative relationships between job satisfaction and turnover intentions; work-life rewards and turnover intentions; and also among learning, career advancement and turnover intentions. Finally, suggestions were made to the top management in the Health sector to come up with strategies and mechanisms that improve nurses’ quality of work-life and offering them training and advancement opportunities through organisational change programs.
- Full Text:
- Date Issued: 2014
- Authors: Marufu, Tandiwe Joy
- Date: 2014
- Subjects: Nurses -- Job satisfaction -- South Africa -- Eastern Cape Employee retention -- South Africa -- Eastern Cape Labor turnover -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/2182 , vital:27666
- Description: Ongoing instability in the nursing workforce is raising questions globally about the issue of nurse turnover. It is against this background that this research examines the impact of learning, advancement and quality of work-life on turnover intentions among nurses in selected hospitals from Eastern Cape. Little research has been conducted to investigate the impact of the above mentioned subjects on turnover intentions among nurses in the South African health sector. Research questions as well as hypotheses were formulated as the means to gain data on the subject. The research employed a quantitative design with a sample size of 160 nurses and 159 were returned. The data analysis consisted of both descriptive and inferential statistics. The main findings of the study showed a positive relationship among job satisfaction, work-life rewards, learning and advancement opportunities and job satisfaction. However, there were negative relationships between job satisfaction and turnover intentions; work-life rewards and turnover intentions; and also among learning, career advancement and turnover intentions. Finally, suggestions were made to the top management in the Health sector to come up with strategies and mechanisms that improve nurses’ quality of work-life and offering them training and advancement opportunities through organisational change programs.
- Full Text:
- Date Issued: 2014
Good's casualty for time series: a regime-switching framework
- Authors: Mlambo, Farai Fredric
- Date: 2014
- Subjects: Time-series analysis , Econometrics
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/6018 , vital:21025
- Description: Causal analysis is a significant role-playing field in the applied sciences such as statistics, econometrics, and technometrics. Particularly, probability-raising models have warranted significant research interest. Most of the discussions in this area are philosophical in nature. Contemporarily, the econometric causality theory, developed by C.J.W. Granger, is popular in practical, time series causal applications. While this type of causality technique has many strong features, it has serious limitations. The processes studied, in particular, should be stationary and causal relationships are restricted to be linear. However, we cannot classify regime-switching processes as linear and stationary. I.J. Good proposed a probabilistic, event-type explication of causality that circumvents some of the limitations of Granger’s methodology. This work uses the probability raising causality ideology, as postulated by Good, to propose some causal analysis methodology applicable in a stochastic, non-stationary domain. There is a proposal made for a Good’s causality test, by transforming the originally specified probabilistic causality theory from random events to a stochastic, regime-switching framework. The researcher performed methodological validation via causality simulations for a Markov, regime-switching model. The proposed test can be used to detect whether none stochastic process is causal to the observed behaviour of another, probabilistically. In particular, the regime-switch causality explication proposed herein is pivotal to the results articulated. This research also examines the power of the proposed test by using simulations, and outlines some steps that one may take in using the test in a practical setting.
- Full Text:
- Date Issued: 2014
- Authors: Mlambo, Farai Fredric
- Date: 2014
- Subjects: Time-series analysis , Econometrics
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/6018 , vital:21025
- Description: Causal analysis is a significant role-playing field in the applied sciences such as statistics, econometrics, and technometrics. Particularly, probability-raising models have warranted significant research interest. Most of the discussions in this area are philosophical in nature. Contemporarily, the econometric causality theory, developed by C.J.W. Granger, is popular in practical, time series causal applications. While this type of causality technique has many strong features, it has serious limitations. The processes studied, in particular, should be stationary and causal relationships are restricted to be linear. However, we cannot classify regime-switching processes as linear and stationary. I.J. Good proposed a probabilistic, event-type explication of causality that circumvents some of the limitations of Granger’s methodology. This work uses the probability raising causality ideology, as postulated by Good, to propose some causal analysis methodology applicable in a stochastic, non-stationary domain. There is a proposal made for a Good’s causality test, by transforming the originally specified probabilistic causality theory from random events to a stochastic, regime-switching framework. The researcher performed methodological validation via causality simulations for a Markov, regime-switching model. The proposed test can be used to detect whether none stochastic process is causal to the observed behaviour of another, probabilistically. In particular, the regime-switch causality explication proposed herein is pivotal to the results articulated. This research also examines the power of the proposed test by using simulations, and outlines some steps that one may take in using the test in a practical setting.
- Full Text:
- Date Issued: 2014
Saving and investment in South Africa: a causality study
- Authors: Mngqibisa, Vuyisa
- Date: 2014
- Subjects: Saving and investment -- South Africa Investments -- South Africa Credit -- South Africa Finance, Personal -- South Africa Portfolio management -- South Africa Investment analysis -- South Africa Error analysis (Mathematics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1086 , http://hdl.handle.net/10962/d1011887
- Description: This study aims to investigate the relationship between private saving and investment for South Africa using a Vector Error Correction Framework. Saving and investment are considered to be important factors for sustainable economic growth in the country, particularly as these variables have been recorded at significantly lower levels than those of other developing nations. By examining the direction of causality between saving and investment, the most suitable policy measures can be used in stimulating either savings or investment, and as a result aggregate growth. The study found a positive two-way causality to exist between these two variables, proving that both saving and investment-led policies are necessary in raising saving and investment levels. With the inclusion of credit extension as the third variable used to remove any variable bias, the study not only found credit extension to Granger cause private saving, but the reverse relationship was found to be present as well. This relationship was however found to be negative, confirming that lower borrowing constraints may have a negative effect on saving levels. The negative relationship between credit supply and private saving (substitution effect) proves that credit supply will only yield a positive result for savings if channelled through investment expenditure.
- Full Text:
- Date Issued: 2014
- Authors: Mngqibisa, Vuyisa
- Date: 2014
- Subjects: Saving and investment -- South Africa Investments -- South Africa Credit -- South Africa Finance, Personal -- South Africa Portfolio management -- South Africa Investment analysis -- South Africa Error analysis (Mathematics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1086 , http://hdl.handle.net/10962/d1011887
- Description: This study aims to investigate the relationship between private saving and investment for South Africa using a Vector Error Correction Framework. Saving and investment are considered to be important factors for sustainable economic growth in the country, particularly as these variables have been recorded at significantly lower levels than those of other developing nations. By examining the direction of causality between saving and investment, the most suitable policy measures can be used in stimulating either savings or investment, and as a result aggregate growth. The study found a positive two-way causality to exist between these two variables, proving that both saving and investment-led policies are necessary in raising saving and investment levels. With the inclusion of credit extension as the third variable used to remove any variable bias, the study not only found credit extension to Granger cause private saving, but the reverse relationship was found to be present as well. This relationship was however found to be negative, confirming that lower borrowing constraints may have a negative effect on saving levels. The negative relationship between credit supply and private saving (substitution effect) proves that credit supply will only yield a positive result for savings if channelled through investment expenditure.
- Full Text:
- Date Issued: 2014
Reviewing the definition of the natural resource curse and analysing its occurence post-1990
- Authors: Mwansa, Mumamba Chitumwa
- Date: 2014
- Subjects: Resource curse , Natural resources -- Management , Economic development , National income
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1100 , http://hdl.handle.net/10962/d1013243
- Description: That countries with high natural resource abundance should experience slower economic growth than those with low resource abundance seems contrary to what would be expected, considering the developmental head-start such resources afford. Yet Sachs and Warner (1997) found that economies with a high share of natural resource exports in national income in 1970 tended to experience slower economic growth in the two decades that followed. This finding, that natural resources are a “curse” rather than a blessing, has become generally accepted. This thesis sought to test whether the conclusion drawn from their data – that higher natural resource abundance leads to slower economic growth – is still correct. It sought to test their findings first by correcting for their use of resource intensity (natural resources share of exports) as a proxy for abundance. Using measures of resource abundance for 1995 as a proxy for abundance in previous decades, it was found that higher resource abundance was not associated with lower economic growth in the 1970s and 1980s. This finding is contrary to that of Sachs and Warner (1997, 2001). Secondly, this thesis tested whether the natural resource curse effect was still present for the period 1995–2010. This was done by observing the effect of both resource abundance and resource intensity on economic growth during 1995–2010. In both cases no resource curse effect was found, for this more recent period. The resource curse had disappeared regardless of whether one uses Sachs and Warner’s (1997, 2001) measure of resource intensity or a measure of resource abundance. Natural resources should therefore no longer be considered a “curse”. In explaining the difference for the impact of resource intensity between the 1970-90 period measured by Sachs and Warner (1997, 2001) and the more recent period 1995-2010 it was found that the Dutch Disease effect has decreased significantly since the 1970s and 1980s. This could partly explain why the resource curse has disappeared when measured in terms of resource intensity. Thus it was concluded that the natural resource curse existed in the period 1970-90 only when measured in terms of resource intensity but not when measured relative to resource abundance. The negative effects of natural resources on economic growth have disappeared in terms of both resource intensity and resource abundance in the more recent time period.
- Full Text:
- Date Issued: 2014
- Authors: Mwansa, Mumamba Chitumwa
- Date: 2014
- Subjects: Resource curse , Natural resources -- Management , Economic development , National income
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1100 , http://hdl.handle.net/10962/d1013243
- Description: That countries with high natural resource abundance should experience slower economic growth than those with low resource abundance seems contrary to what would be expected, considering the developmental head-start such resources afford. Yet Sachs and Warner (1997) found that economies with a high share of natural resource exports in national income in 1970 tended to experience slower economic growth in the two decades that followed. This finding, that natural resources are a “curse” rather than a blessing, has become generally accepted. This thesis sought to test whether the conclusion drawn from their data – that higher natural resource abundance leads to slower economic growth – is still correct. It sought to test their findings first by correcting for their use of resource intensity (natural resources share of exports) as a proxy for abundance. Using measures of resource abundance for 1995 as a proxy for abundance in previous decades, it was found that higher resource abundance was not associated with lower economic growth in the 1970s and 1980s. This finding is contrary to that of Sachs and Warner (1997, 2001). Secondly, this thesis tested whether the natural resource curse effect was still present for the period 1995–2010. This was done by observing the effect of both resource abundance and resource intensity on economic growth during 1995–2010. In both cases no resource curse effect was found, for this more recent period. The resource curse had disappeared regardless of whether one uses Sachs and Warner’s (1997, 2001) measure of resource intensity or a measure of resource abundance. Natural resources should therefore no longer be considered a “curse”. In explaining the difference for the impact of resource intensity between the 1970-90 period measured by Sachs and Warner (1997, 2001) and the more recent period 1995-2010 it was found that the Dutch Disease effect has decreased significantly since the 1970s and 1980s. This could partly explain why the resource curse has disappeared when measured in terms of resource intensity. Thus it was concluded that the natural resource curse existed in the period 1970-90 only when measured in terms of resource intensity but not when measured relative to resource abundance. The negative effects of natural resources on economic growth have disappeared in terms of both resource intensity and resource abundance in the more recent time period.
- Full Text:
- Date Issued: 2014
The relationship between service quality, customer satisfaction and customer loyalty in the retail supermarket industry
- Authors: Ndhlovu, Thinkwell
- Date: 2014
- Subjects: Consumer satisfaction , Customer loyalty , Customer services -- Rating of , Customer services -- Quality control , Relationship marketing , Supermarkets -- South Africa -- Grahamstown
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1202 , http://hdl.handle.net/10962/d1013221
- Description: The increasingly competitive business environment has influenced contemporary organisations to build mutual beneficial relationships with their customers indicating a paradigm shift from transactional marketing. In order to compete in this intense competitive environment, organisations are creating competitive advantage over their rivals through service quality that will influence customer satisfaction which subsequently leads to customer loyalty. Service quality has been found to be the key strategy of success and survival for most organisations like retail supermarkets who want to win the loyalty of their customers because of its positive effect on customer satisfaction. The purpose of this research was to determine the relationship between service quality, customer satisfaction and customer loyalty in the retail supermarket industry. An empirical study was conducted in Grahamstown between two main supermarkets through a survey that determined customers’ perceptions on service quality, customer satisfaction and customer loyalty respectively. The empirical findings of this research study revealed that moderate to strong positive linear relationships exists between the dimensions of service quality (namely physical aspects, reliability, personal interaction, problem solving and policy) and customer satisfaction at the 5% level of significance. Furthermore, this study showed that dimensions of service quality (namely physical aspects, reliability, personal interaction and problem solving) have weak negative linear relationships with price sensitivity dimension of customer loyalty. The study further showed that the dimensions of service quality (namely physical aspects, reliability, personal interaction, problem solving and policy) have weak to moderate positive linear relationships with the purchase intentions dimension of customer loyalty. In addition, all the dimensions of service quality (namely physical aspects, reliability, personal interaction, problem solving and policy) showed moderate positive linear relationships with word of mouth communication dimension of customer loyalty. A weak negative linear relationship between price sensitivity dimension of customer loyalty and customer satisfaction was revealed in this study. Purchase intentions dimension of customer loyalty was also found to have a moderate positive linear relationship with customer satisfaction. In addition, word of mouth communication dimension of customer loyalty showed a strong positive linear relationship with customer satisfaction. There is sufficient evidence that the customers of the two supermarkets in this study have different perceptions on problem solving dimension of service quality. This study further provides sufficient evidence of the significant difference between gender on the levels of customer satisfaction. In addition, this study showed that customers of various levels of education and occupations differ in price sensitivity dimension of customer loyalty. The average scores for word of mouth communication, purchase intentions and price sensitivity dimensions of customer loyalty were found to be significantly different between the two supermarkets investigated in this study. Therefore, for supermarkets to compete effectively in the intense retail supermarket industry in South Africa they have to manage their service quality dimensions so as to influence customer satisfaction and customer loyalty respectively.
- Full Text:
- Date Issued: 2014
- Authors: Ndhlovu, Thinkwell
- Date: 2014
- Subjects: Consumer satisfaction , Customer loyalty , Customer services -- Rating of , Customer services -- Quality control , Relationship marketing , Supermarkets -- South Africa -- Grahamstown
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1202 , http://hdl.handle.net/10962/d1013221
- Description: The increasingly competitive business environment has influenced contemporary organisations to build mutual beneficial relationships with their customers indicating a paradigm shift from transactional marketing. In order to compete in this intense competitive environment, organisations are creating competitive advantage over their rivals through service quality that will influence customer satisfaction which subsequently leads to customer loyalty. Service quality has been found to be the key strategy of success and survival for most organisations like retail supermarkets who want to win the loyalty of their customers because of its positive effect on customer satisfaction. The purpose of this research was to determine the relationship between service quality, customer satisfaction and customer loyalty in the retail supermarket industry. An empirical study was conducted in Grahamstown between two main supermarkets through a survey that determined customers’ perceptions on service quality, customer satisfaction and customer loyalty respectively. The empirical findings of this research study revealed that moderate to strong positive linear relationships exists between the dimensions of service quality (namely physical aspects, reliability, personal interaction, problem solving and policy) and customer satisfaction at the 5% level of significance. Furthermore, this study showed that dimensions of service quality (namely physical aspects, reliability, personal interaction and problem solving) have weak negative linear relationships with price sensitivity dimension of customer loyalty. The study further showed that the dimensions of service quality (namely physical aspects, reliability, personal interaction, problem solving and policy) have weak to moderate positive linear relationships with the purchase intentions dimension of customer loyalty. In addition, all the dimensions of service quality (namely physical aspects, reliability, personal interaction, problem solving and policy) showed moderate positive linear relationships with word of mouth communication dimension of customer loyalty. A weak negative linear relationship between price sensitivity dimension of customer loyalty and customer satisfaction was revealed in this study. Purchase intentions dimension of customer loyalty was also found to have a moderate positive linear relationship with customer satisfaction. In addition, word of mouth communication dimension of customer loyalty showed a strong positive linear relationship with customer satisfaction. There is sufficient evidence that the customers of the two supermarkets in this study have different perceptions on problem solving dimension of service quality. This study further provides sufficient evidence of the significant difference between gender on the levels of customer satisfaction. In addition, this study showed that customers of various levels of education and occupations differ in price sensitivity dimension of customer loyalty. The average scores for word of mouth communication, purchase intentions and price sensitivity dimensions of customer loyalty were found to be significantly different between the two supermarkets investigated in this study. Therefore, for supermarkets to compete effectively in the intense retail supermarket industry in South Africa they have to manage their service quality dimensions so as to influence customer satisfaction and customer loyalty respectively.
- Full Text:
- Date Issued: 2014
Variables influencing customers' buying behaviour in the South African clothing retail industry
- Authors: Ndi, Rene Xavier Owona
- Date: 2014
- Subjects: Consumer behavior -- South Africa , Consumers' preferences -- South Africa , Retail trade -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/3029 , vital:20388
- Description: It is important for business managers to understand customers’ buying behaviours, as customers are the cornerstone of the business’ marketing strategy and the main providers of businesses’ profits. Previous research have identified numerous factors that influence customers’ buying behaviour, factors such as prices, promotions, brand image, brand reputation, customer experience and socio-cultural aspects. Despite the attention given to variables influencing buying behaviour, there was still a gap to be filled in this field of study in the clothing retail industry, especially in the South African clothing retail industry. Thus, the primary objective of this study was to investigate how the understanding of customers’ brand perceptions, customer experience and social considerations can be used by clothing retailers to initiate a purchase. A literature overview was conducted on the global retail industry, the global clothing retail, as well as on the South African retail and, more specifically, the South African clothing retail. In addition, a literature overview on variables influencing buying behaviour was provided, with a special accent on the selected variables for this study, namely brand perceptions, customer experience and social considerations. From the literature overview conducted on variables, seven independent variables were selected to be investigated with the dependent variable, buying behaviour. The independent variables, namely brand perceptions (as measured by brand quality, brand reputation and brand image), customer experience (as measured by store physical environment and staff service), and lastly social considerations (as measured by reference groups and culture/subculture) and the dependent variable (buying behaviour) were then presented in a hypothesised model. An empirical investigation was undertaken to establish the influence of the independent variables on the dependent variable. The measuring instrument used for the investigation was a self-administered questionnaire using seven-point Likert type of scale. The items were constructed based on previous research instruments found in secondary literature sources. The non-probability convenience sampling was implemented in this study to identify respondents. 207 usable questionnaires were collected and were examined through statistical analyses. The validity and the reliability of the measuring instruments were confirmed by exploratory factor analysis (EFA) and the calculation of Cronbach’s alpha coefficients. Descriptive statistics were undertaken to summarise respondents’ demographic information, while Pearson’s Product Moment Correlations were calculated to determine the correlations among variables. Furthermore, the relationships between the variables were assessed through multiple regression analysis, while a t-test and ANOVA tests were conducted to determine the influence of demographic variables on independent variables that showed significant positive relationships with the dependent variable. In addition, post-hoc Scheffe tests were undertaken to elaborate on the significant differences resulting from the t-test and ANOVA tests. Significant positive relationships were found between Brand Image/Reputation and Buying Behaviour, between Store Physical Environment and Buying Behaviour and between Cultural Clothing and Buying Behaviour. The empirical results also showed that there was a significant relationship between Age and Cultural Clothing. In the same way, there was a significant relationship between Population Group and the variables Brand Image/Reputation and Cultural Clothing. This study has contributed to the body of literature on buying behaviour, especially in the field of clothing retail, by extending the factors to consider when aiming at improving buying behaviour. In addition, the development of the hypothesised model significantly contributed towards having a better understanding of customers’ perceptions of the selected variables, and ultimately how these variables could trigger their purchase decisions. As a result, this study enumerated some recommendations and suggestions that should enable retailers to create a positive image and reputation in customers’ minds, assist retailers in arranging the stores in a more attractive way for customers and reach more culture-conscious customers.
- Full Text:
- Date Issued: 2014
- Authors: Ndi, Rene Xavier Owona
- Date: 2014
- Subjects: Consumer behavior -- South Africa , Consumers' preferences -- South Africa , Retail trade -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/3029 , vital:20388
- Description: It is important for business managers to understand customers’ buying behaviours, as customers are the cornerstone of the business’ marketing strategy and the main providers of businesses’ profits. Previous research have identified numerous factors that influence customers’ buying behaviour, factors such as prices, promotions, brand image, brand reputation, customer experience and socio-cultural aspects. Despite the attention given to variables influencing buying behaviour, there was still a gap to be filled in this field of study in the clothing retail industry, especially in the South African clothing retail industry. Thus, the primary objective of this study was to investigate how the understanding of customers’ brand perceptions, customer experience and social considerations can be used by clothing retailers to initiate a purchase. A literature overview was conducted on the global retail industry, the global clothing retail, as well as on the South African retail and, more specifically, the South African clothing retail. In addition, a literature overview on variables influencing buying behaviour was provided, with a special accent on the selected variables for this study, namely brand perceptions, customer experience and social considerations. From the literature overview conducted on variables, seven independent variables were selected to be investigated with the dependent variable, buying behaviour. The independent variables, namely brand perceptions (as measured by brand quality, brand reputation and brand image), customer experience (as measured by store physical environment and staff service), and lastly social considerations (as measured by reference groups and culture/subculture) and the dependent variable (buying behaviour) were then presented in a hypothesised model. An empirical investigation was undertaken to establish the influence of the independent variables on the dependent variable. The measuring instrument used for the investigation was a self-administered questionnaire using seven-point Likert type of scale. The items were constructed based on previous research instruments found in secondary literature sources. The non-probability convenience sampling was implemented in this study to identify respondents. 207 usable questionnaires were collected and were examined through statistical analyses. The validity and the reliability of the measuring instruments were confirmed by exploratory factor analysis (EFA) and the calculation of Cronbach’s alpha coefficients. Descriptive statistics were undertaken to summarise respondents’ demographic information, while Pearson’s Product Moment Correlations were calculated to determine the correlations among variables. Furthermore, the relationships between the variables were assessed through multiple regression analysis, while a t-test and ANOVA tests were conducted to determine the influence of demographic variables on independent variables that showed significant positive relationships with the dependent variable. In addition, post-hoc Scheffe tests were undertaken to elaborate on the significant differences resulting from the t-test and ANOVA tests. Significant positive relationships were found between Brand Image/Reputation and Buying Behaviour, between Store Physical Environment and Buying Behaviour and between Cultural Clothing and Buying Behaviour. The empirical results also showed that there was a significant relationship between Age and Cultural Clothing. In the same way, there was a significant relationship between Population Group and the variables Brand Image/Reputation and Cultural Clothing. This study has contributed to the body of literature on buying behaviour, especially in the field of clothing retail, by extending the factors to consider when aiming at improving buying behaviour. In addition, the development of the hypothesised model significantly contributed towards having a better understanding of customers’ perceptions of the selected variables, and ultimately how these variables could trigger their purchase decisions. As a result, this study enumerated some recommendations and suggestions that should enable retailers to create a positive image and reputation in customers’ minds, assist retailers in arranging the stores in a more attractive way for customers and reach more culture-conscious customers.
- Full Text:
- Date Issued: 2014
Monetary policy transmission mechanism in Rwanda: review of the bank lending channel post 1994
- Authors: Nyiranshuti, Claudette
- Date: 2014
- Subjects: Transmission mechanism (Monetary policy) -- Rwanda , Monetary policy -- Rwanda -- Econometric models , Money supply -- Rwanda
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/3923 , vital:20492
- Description: This research attempts to empirically examine the bank-lending channel in monetary policy transmission in Rwanda, using quarterly data for the period 1996Q1 to 2011Q4. The responses of the loans supply, real output, prices, and deposits to monetary policy innovations were investigated in this research, using impulse response functions and variance decompositions obtained from a Vector Autoregressive model (VAR). Estimation results revealed that the bank lending channel in Rwanda is less effective. The findings suggest that although monetary policies working through interest rates have a significant effect on bank loans, loans appear to not influence the real output level. As in other developing economies, the financial sector in Rwanda is still weak. As a result of the absence of long- term investment, bank customers bear the risk associated with the poor quality of loans in addition to the risk associated with high and variable inflation. These are likely to hamper the monetary policy transmission mechanism.
- Full Text:
- Date Issued: 2014
- Authors: Nyiranshuti, Claudette
- Date: 2014
- Subjects: Transmission mechanism (Monetary policy) -- Rwanda , Monetary policy -- Rwanda -- Econometric models , Money supply -- Rwanda
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/3923 , vital:20492
- Description: This research attempts to empirically examine the bank-lending channel in monetary policy transmission in Rwanda, using quarterly data for the period 1996Q1 to 2011Q4. The responses of the loans supply, real output, prices, and deposits to monetary policy innovations were investigated in this research, using impulse response functions and variance decompositions obtained from a Vector Autoregressive model (VAR). Estimation results revealed that the bank lending channel in Rwanda is less effective. The findings suggest that although monetary policies working through interest rates have a significant effect on bank loans, loans appear to not influence the real output level. As in other developing economies, the financial sector in Rwanda is still weak. As a result of the absence of long- term investment, bank customers bear the risk associated with the poor quality of loans in addition to the risk associated with high and variable inflation. These are likely to hamper the monetary policy transmission mechanism.
- Full Text:
- Date Issued: 2014
Educational needs of the financial planning industry
- Palframan, Jaqueline Birgitta
- Authors: Palframan, Jaqueline Birgitta
- Date: 2014
- Subjects: Financial planning industry , Financial planners
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9327 , http://hdl.handle.net/10948/d1020986
- Description: The South African financial planning industry experienced a rapid growth from its generic beginnings in the 1970’s to the vast levels of specialisation taking place in the 21st century. Financial planning, akin to the medical profession, is arguably one of the most critical areas of influence in the personal lifestyle planning of individuals given the increasing longevity brought about by the medical profession. Early transgressions and irregularities, as in the case of most industries, brought about the introduction of the Financial Advisory and Iintermediary Services (FAIS) Act in 2004 to regulate, transform and restructure the industry. Since the introduction of the Act, compliance with the legislation and obtaining the appropriate qualifications have become a major focus for financial planners. This groundbreaking academic research involves an assessment of the educational needs of graduates in the financial planning industry including an evaluation of the relative importance of the subject fields, management competencies and skills required in the field of financial planning with specific reference to the financial planning programmes offered by the HEIs in South Africa. The purpose of this study can be phrased in a threefold manner: Firstly, to assess at programme level the theoretical and practical relevancy of the HEIs financial planning programme content relative to the present and immediate future normative requirements of the financial planning profession; Secondly, to assess whether the academic programmes address the critical skills shortage in financial planning by determining the appropriate qualification delivery in terms of academic and practical learning to develop the appropriate management competencies; and Thirdly, based on the findings of this research, to address any gaps pertaining to the financial planning programme content and management competency and skills levels, thereby contributing to the body of knowledge pertaining to financial planning education in order to be relevant and responsive in servicing the financial services sector. To give effect to the problem statement and to validate the research propositions, a mixed methods design within the pragmatic research paradigm was used. A relatively new and innovative mixed methods approach, namely Real-time Delphi (RTD) procedures of sourcing professional expert opinion enabled the collection of qualitative and quantitative data for data triangulation. The RTD methodology which seeks the pooled intelligence from a group of selected experts is also capable of determining future requirements rather than only the current practice. This is the first academic study of its kind in South Africa utilising the RTD methodology.
- Full Text:
- Date Issued: 2014
- Authors: Palframan, Jaqueline Birgitta
- Date: 2014
- Subjects: Financial planning industry , Financial planners
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9327 , http://hdl.handle.net/10948/d1020986
- Description: The South African financial planning industry experienced a rapid growth from its generic beginnings in the 1970’s to the vast levels of specialisation taking place in the 21st century. Financial planning, akin to the medical profession, is arguably one of the most critical areas of influence in the personal lifestyle planning of individuals given the increasing longevity brought about by the medical profession. Early transgressions and irregularities, as in the case of most industries, brought about the introduction of the Financial Advisory and Iintermediary Services (FAIS) Act in 2004 to regulate, transform and restructure the industry. Since the introduction of the Act, compliance with the legislation and obtaining the appropriate qualifications have become a major focus for financial planners. This groundbreaking academic research involves an assessment of the educational needs of graduates in the financial planning industry including an evaluation of the relative importance of the subject fields, management competencies and skills required in the field of financial planning with specific reference to the financial planning programmes offered by the HEIs in South Africa. The purpose of this study can be phrased in a threefold manner: Firstly, to assess at programme level the theoretical and practical relevancy of the HEIs financial planning programme content relative to the present and immediate future normative requirements of the financial planning profession; Secondly, to assess whether the academic programmes address the critical skills shortage in financial planning by determining the appropriate qualification delivery in terms of academic and practical learning to develop the appropriate management competencies; and Thirdly, based on the findings of this research, to address any gaps pertaining to the financial planning programme content and management competency and skills levels, thereby contributing to the body of knowledge pertaining to financial planning education in order to be relevant and responsive in servicing the financial services sector. To give effect to the problem statement and to validate the research propositions, a mixed methods design within the pragmatic research paradigm was used. A relatively new and innovative mixed methods approach, namely Real-time Delphi (RTD) procedures of sourcing professional expert opinion enabled the collection of qualitative and quantitative data for data triangulation. The RTD methodology which seeks the pooled intelligence from a group of selected experts is also capable of determining future requirements rather than only the current practice. This is the first academic study of its kind in South Africa utilising the RTD methodology.
- Full Text:
- Date Issued: 2014
Perceptions of organisational commitment within a selected Chinese organisation in South Africa: a case study approach
- Authors: Paterson, Steven James
- Date: 2014
- Subjects: Organizational commitment -- South Africa , Personnel management -- South Africa , Employee motivation -- South Africa , International business enterprises -- South Africa , China -- Foreign economic relations -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1201 , http://hdl.handle.net/10962/d1013094
- Description: Chinese organisations are benefiting from increasing support from the Chinese government to enter into Africa. It is believed that over 2 000 Chinese organisations are operational in Africa, contributing greatly to employment within the continent. Despite the importance of Chinese organisations and their operations in Africa, very little research has been done on individual and organisational issues in Chinese organisations operating in Africa, and more specifically the local employees' organisational commitment to such organisations. The organisational commitment of South African employees within Chinese organisations in South Africa is important as it promotes the success of Chinese business, which may promote further investment into the country, as well as the use of local human resources. The primary aim of this research was therefore to conduct a literature and empirical study into the levels of and factors influencing the organisational commitment of South African employees in a selected Chinese organisation in South Africa. For the purposes of this study, a single case study approach, located within the phenomenological research paradigm, was used. A large multinational Chinese organisation with operations in South Africa agreed to participate in this study. The research made use of a descriptive case study design. To give effect to the primary aim of the study, three research objectives were identified. Firstly, to identify and describe key factors influencing local employee commitment. Secondly, to identify and describe current commitment levels amongst local employees, and lastly, to propose recommendations to improve local employee commitment and its implications for the appropriate management of human resources within the Chinese organisation. Data were collected by means of in-depth, semi-structured interviews with 20 participating employees at four organisational branches across South Africa. Moreover, although the interview transcripts were the primary source of data, the collection process was enriched with the use of organisational and participant observations. The findings of this research revealed ten factors which are perceived to influence the commitment of South African employees within the organisation, namely: Open communication, Leadership, Supervisory support, Opportunities for training and development, Compensation, Job security, Promotional opportunities, Shared values, Recognition and Trust. Certain issues were raised by the participants during the in-depth interviews, most notably the limited opportunities for training, development and promotion, as well as issues regarding the perceived limited compensation received from the organisation. Despite these issues, the general findings relating to the levels of commitment in the organisation were positive for the organisation under study, with the majority of the participants being perceived to demonstrate high levels of affective, normative and continuance commitment.
- Full Text:
- Date Issued: 2014
- Authors: Paterson, Steven James
- Date: 2014
- Subjects: Organizational commitment -- South Africa , Personnel management -- South Africa , Employee motivation -- South Africa , International business enterprises -- South Africa , China -- Foreign economic relations -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1201 , http://hdl.handle.net/10962/d1013094
- Description: Chinese organisations are benefiting from increasing support from the Chinese government to enter into Africa. It is believed that over 2 000 Chinese organisations are operational in Africa, contributing greatly to employment within the continent. Despite the importance of Chinese organisations and their operations in Africa, very little research has been done on individual and organisational issues in Chinese organisations operating in Africa, and more specifically the local employees' organisational commitment to such organisations. The organisational commitment of South African employees within Chinese organisations in South Africa is important as it promotes the success of Chinese business, which may promote further investment into the country, as well as the use of local human resources. The primary aim of this research was therefore to conduct a literature and empirical study into the levels of and factors influencing the organisational commitment of South African employees in a selected Chinese organisation in South Africa. For the purposes of this study, a single case study approach, located within the phenomenological research paradigm, was used. A large multinational Chinese organisation with operations in South Africa agreed to participate in this study. The research made use of a descriptive case study design. To give effect to the primary aim of the study, three research objectives were identified. Firstly, to identify and describe key factors influencing local employee commitment. Secondly, to identify and describe current commitment levels amongst local employees, and lastly, to propose recommendations to improve local employee commitment and its implications for the appropriate management of human resources within the Chinese organisation. Data were collected by means of in-depth, semi-structured interviews with 20 participating employees at four organisational branches across South Africa. Moreover, although the interview transcripts were the primary source of data, the collection process was enriched with the use of organisational and participant observations. The findings of this research revealed ten factors which are perceived to influence the commitment of South African employees within the organisation, namely: Open communication, Leadership, Supervisory support, Opportunities for training and development, Compensation, Job security, Promotional opportunities, Shared values, Recognition and Trust. Certain issues were raised by the participants during the in-depth interviews, most notably the limited opportunities for training, development and promotion, as well as issues regarding the perceived limited compensation received from the organisation. Despite these issues, the general findings relating to the levels of commitment in the organisation were positive for the organisation under study, with the majority of the participants being perceived to demonstrate high levels of affective, normative and continuance commitment.
- Full Text:
- Date Issued: 2014
Valuation of banks in emerging markets: an exploratory study
- Authors: Sabilika, Keith
- Date: 2014
- Subjects: Banks and banking -- Valuation , Banks and banking -- Valuation -- Developing countries , Discounted cash flow , Capital assets pricing model , Capital -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1200 , http://hdl.handle.net/10962/d1013057
- Description: Practitioners and academics in emerging markets are yet to agree on how best they can value companies in emerging markets. In contrast, academics and practitioners in developed markets seem to agree on mainstream valuation practices (Bruner, Eades, Harris and Haggins, 1998; Graham and Harvey, 2001). This study was therefore aimed at achieving such consensus with particular attention being paid to the emerging market banks. Emerging market banks are by no means small and are growing fast. Furthermore, these banks are currently involved in lots of cutting age economic activities such as mergers and acquisitions (M&A), joint ventures and strategic alliances which require sound valuation practices that are based on empirical evidence. The primary purpose of this research was to establish consensus of opinion among experts with regard to the valuation of banks in emerging markets. To achieve the purpose of this study the Delphi technique, which is a structured survey method that relies on a panel of experts to answer questionnaires in two or more Delphi rounds, was used to gather data and develop consensus among experts (Kalaian and Kasim, 2012). The main findings in this study pertain to aspects concerning the type of analysis considered by experts when analysing the performance of banks, how experts compare the discounted cash flow (DCF) approach to multiples valuation approach, the challenges encountered by experts when valuing banks in emerging markets, and how experts compute the cost of capital for banks in emerging markets. The main findings of this study can be summarised as follows: ∙ When analyzing the performance of banks, it is essential to conduct a bank-specific, industry and macroeconomic analysis; ∙ When estimating the future performance of banks, the time series analysis and an explicit forecast period of between 4-10 years may be used; ∙ When estimating the terminal value for banks in emerging markets, the perpetuity with growth is used; ∙ When computing the value for banks, the DCF valuation approach (equity DCF and DDM valuation models) are used as primary valuation methods and the relative valuation approach (P/E and P/BV ratio) are used as secondary valuation methods; ∙ The DCF valuation approach is considered as more accurate and popular when valuing banks in emerging markets; and ∙ When estimating the cost of equity, the capital asset pricing model (CAPM) is used.
- Full Text:
- Date Issued: 2014
- Authors: Sabilika, Keith
- Date: 2014
- Subjects: Banks and banking -- Valuation , Banks and banking -- Valuation -- Developing countries , Discounted cash flow , Capital assets pricing model , Capital -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1200 , http://hdl.handle.net/10962/d1013057
- Description: Practitioners and academics in emerging markets are yet to agree on how best they can value companies in emerging markets. In contrast, academics and practitioners in developed markets seem to agree on mainstream valuation practices (Bruner, Eades, Harris and Haggins, 1998; Graham and Harvey, 2001). This study was therefore aimed at achieving such consensus with particular attention being paid to the emerging market banks. Emerging market banks are by no means small and are growing fast. Furthermore, these banks are currently involved in lots of cutting age economic activities such as mergers and acquisitions (M&A), joint ventures and strategic alliances which require sound valuation practices that are based on empirical evidence. The primary purpose of this research was to establish consensus of opinion among experts with regard to the valuation of banks in emerging markets. To achieve the purpose of this study the Delphi technique, which is a structured survey method that relies on a panel of experts to answer questionnaires in two or more Delphi rounds, was used to gather data and develop consensus among experts (Kalaian and Kasim, 2012). The main findings in this study pertain to aspects concerning the type of analysis considered by experts when analysing the performance of banks, how experts compare the discounted cash flow (DCF) approach to multiples valuation approach, the challenges encountered by experts when valuing banks in emerging markets, and how experts compute the cost of capital for banks in emerging markets. The main findings of this study can be summarised as follows: ∙ When analyzing the performance of banks, it is essential to conduct a bank-specific, industry and macroeconomic analysis; ∙ When estimating the future performance of banks, the time series analysis and an explicit forecast period of between 4-10 years may be used; ∙ When estimating the terminal value for banks in emerging markets, the perpetuity with growth is used; ∙ When computing the value for banks, the DCF valuation approach (equity DCF and DDM valuation models) are used as primary valuation methods and the relative valuation approach (P/E and P/BV ratio) are used as secondary valuation methods; ∙ The DCF valuation approach is considered as more accurate and popular when valuing banks in emerging markets; and ∙ When estimating the cost of equity, the capital asset pricing model (CAPM) is used.
- Full Text:
- Date Issued: 2014
Social media tools influencing customer purchasing behaviour in the retail environment
- Authors: Scholtz, Reynardt
- Date: 2014
- Subjects: Internet marketing , Social media -- Marketing , Branding (Marketing)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9330 , http://hdl.handle.net/10948/d1021055
- Description: Given the importance of a business being able to create a positive brand image in the minds of customers and influencing customer purchasing behaviour, there is a lack of attention given to the research of the role that social media tools can play in the success of retailers. Numerous research studies have focussed on determining the advantages of and impact that social media tools can have on the success of businesses, however, the impact of social media tools on the creation of a positive brand image, and influencing customer purchasing behaviour is less evident. Thus, the primary objective of this study is to investigate the influence of social media tools on the brand image of retailers and how it affects customer purchasing behaviour. A full literature review was conducted on the retail environment and its importance, as well as on social media as a marketing communication tool. Thereafter, independent variables (Official websites, Facebook and Twitter) were identified as possibly influencing the intervening variable (Brand image) and dependent variable (Customer purchasing behaviour). Three independent variables were selected and used to construct a hypothetical model and research hypothesis. The purpose of these independent variables was to determine whether the use of social media tools could lead to a positive brand image and ultimately improve customer purchasing behaviour. An empirical investigation was undertaken to be able to establish the influence of social media tools on the brand image and customer purchasing behaviour of retail customers. The measuring instrument used for this study, a questionnaire, was constructed from secondary literature sources. The convenience sampling technique was used to identify respondents. The usable questionnaires that were gathered from respondents were examined through statistical analyses. Exploratory factor analysis (EFA) and the calculation of Cronbach’s alpha coefficients were used to confirm the validity and reliability of the measuring instrument. Descriptive statistics, as part of the data analyses, were calculated to summarise and allow interpretation of the sample data. Furthermore, Pearson’s Product Moment Correlations were calculated to determine correlations among variables used in this study. Multiple regression analysis was the primary statistical procedure used for testing the significance of relationships hypothesised between the independent, intervening and dependent variables of this study. The empirical investigation was concluded by a the calculation of a t-test and Analysis of Variance (ANOVA), for the purpose of determining the influence of selected demographic variables on respondents’ perceptions with regard to the independent, intervening and dependent variables. In addition, post-hoc Tukey tests were conducted to determine significant differences among individual mean scores, and the degree of practical significance was determined by calculated Cohen’s d values. Based on the results of the empirical investigation, significant relationships were found among the independent variables (Official websites, Facebook and Twitter), the intervening variable (Brand image) and the dependent variable (Customer purchasing behaviour). The empirical investigation revealed that the age of respondents has a significant impact on how their image of a brand and purchasing behaviour are influenced by retailers’ use of social media tools. This study has made a contribution to the shortage of literature on the impact of social media tools on retailers. The hypothetical model developed for this study assisted in understanding the impact that retailers’ use of social media tools have on the brand image of retailers and customers’ purchasing behaviour. As a result, this study provides recommendations and suggestions for retailers to ensure a positive brand image in the minds of customers, and to ultimately use social media tools to positively influence the purchasing behaviour of customers.
- Full Text:
- Date Issued: 2014
- Authors: Scholtz, Reynardt
- Date: 2014
- Subjects: Internet marketing , Social media -- Marketing , Branding (Marketing)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9330 , http://hdl.handle.net/10948/d1021055
- Description: Given the importance of a business being able to create a positive brand image in the minds of customers and influencing customer purchasing behaviour, there is a lack of attention given to the research of the role that social media tools can play in the success of retailers. Numerous research studies have focussed on determining the advantages of and impact that social media tools can have on the success of businesses, however, the impact of social media tools on the creation of a positive brand image, and influencing customer purchasing behaviour is less evident. Thus, the primary objective of this study is to investigate the influence of social media tools on the brand image of retailers and how it affects customer purchasing behaviour. A full literature review was conducted on the retail environment and its importance, as well as on social media as a marketing communication tool. Thereafter, independent variables (Official websites, Facebook and Twitter) were identified as possibly influencing the intervening variable (Brand image) and dependent variable (Customer purchasing behaviour). Three independent variables were selected and used to construct a hypothetical model and research hypothesis. The purpose of these independent variables was to determine whether the use of social media tools could lead to a positive brand image and ultimately improve customer purchasing behaviour. An empirical investigation was undertaken to be able to establish the influence of social media tools on the brand image and customer purchasing behaviour of retail customers. The measuring instrument used for this study, a questionnaire, was constructed from secondary literature sources. The convenience sampling technique was used to identify respondents. The usable questionnaires that were gathered from respondents were examined through statistical analyses. Exploratory factor analysis (EFA) and the calculation of Cronbach’s alpha coefficients were used to confirm the validity and reliability of the measuring instrument. Descriptive statistics, as part of the data analyses, were calculated to summarise and allow interpretation of the sample data. Furthermore, Pearson’s Product Moment Correlations were calculated to determine correlations among variables used in this study. Multiple regression analysis was the primary statistical procedure used for testing the significance of relationships hypothesised between the independent, intervening and dependent variables of this study. The empirical investigation was concluded by a the calculation of a t-test and Analysis of Variance (ANOVA), for the purpose of determining the influence of selected demographic variables on respondents’ perceptions with regard to the independent, intervening and dependent variables. In addition, post-hoc Tukey tests were conducted to determine significant differences among individual mean scores, and the degree of practical significance was determined by calculated Cohen’s d values. Based on the results of the empirical investigation, significant relationships were found among the independent variables (Official websites, Facebook and Twitter), the intervening variable (Brand image) and the dependent variable (Customer purchasing behaviour). The empirical investigation revealed that the age of respondents has a significant impact on how their image of a brand and purchasing behaviour are influenced by retailers’ use of social media tools. This study has made a contribution to the shortage of literature on the impact of social media tools on retailers. The hypothetical model developed for this study assisted in understanding the impact that retailers’ use of social media tools have on the brand image of retailers and customers’ purchasing behaviour. As a result, this study provides recommendations and suggestions for retailers to ensure a positive brand image in the minds of customers, and to ultimately use social media tools to positively influence the purchasing behaviour of customers.
- Full Text:
- Date Issued: 2014
A critical analysis of the tax consequences of debt reductons, in the context of insolvency, death and the liquidaton of a deceased estate
- Authors: Simango, Samuel
- Date: 2014
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54464 , vital:26567
- Description: The present research was conducted in an effort to address certain problems and a legal anomaly that is specifically related to the tax treatment of reduced debts stemming from the death or insolvency of natural persons in South Africa. At the beginning of 2013 the National Treasury enacted certain amendments to the debt reduction provisions of the Income Tax Act 58 of 1962 with the intention of streamlining the tax treatment of reduced debts and granting debt relief to financially distressed debtors. In spite of these recent amendments to the provisions of the Income Tax Act, there are certain problems and a legal anomaly which still currently relate to the tax consequences of reduced debts in South Africa. These problems and the legal anomaly are based on the failure of the recent amendments to successfully address debt reduction which arises in the context of the death and/or insolvency of natural persons. The objective of this research was therefore to analyse the tax consequences of reduced debts arising in the context of the death and the insolvency of natural persons and to explain how the problems and legal anomaly associated with these tax consequences can be rectified. The research design was qualitative within the framework of an interpretive paradigm. A mixed methodology approach was followed as identified in the Arthurs Report (1983), namely the interdisciplinary and the doctrinal methodologies. This approach encompassed two legal research methods namely the expository and legal reform research methods. The research explained the underlying nature of the tax consequences of reduced debts arising in the context of the death and the insolvency of natural persons and formulated specific reform measures aimed at remedying the problems and the legal anomaly that currently exist. Two amendments were proposed. It was proposed that the tax liability which arises when debts are reduced through the wills of deceased persons and the reduction of debts stemming from the insolvency of natural persons should be expressly excluded from falling within the ambit of the provisions which give rise to tax consequences whenever debt reduction takes place.
- Full Text:
- Date Issued: 2014
- Authors: Simango, Samuel
- Date: 2014
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54464 , vital:26567
- Description: The present research was conducted in an effort to address certain problems and a legal anomaly that is specifically related to the tax treatment of reduced debts stemming from the death or insolvency of natural persons in South Africa. At the beginning of 2013 the National Treasury enacted certain amendments to the debt reduction provisions of the Income Tax Act 58 of 1962 with the intention of streamlining the tax treatment of reduced debts and granting debt relief to financially distressed debtors. In spite of these recent amendments to the provisions of the Income Tax Act, there are certain problems and a legal anomaly which still currently relate to the tax consequences of reduced debts in South Africa. These problems and the legal anomaly are based on the failure of the recent amendments to successfully address debt reduction which arises in the context of the death and/or insolvency of natural persons. The objective of this research was therefore to analyse the tax consequences of reduced debts arising in the context of the death and the insolvency of natural persons and to explain how the problems and legal anomaly associated with these tax consequences can be rectified. The research design was qualitative within the framework of an interpretive paradigm. A mixed methodology approach was followed as identified in the Arthurs Report (1983), namely the interdisciplinary and the doctrinal methodologies. This approach encompassed two legal research methods namely the expository and legal reform research methods. The research explained the underlying nature of the tax consequences of reduced debts arising in the context of the death and the insolvency of natural persons and formulated specific reform measures aimed at remedying the problems and the legal anomaly that currently exist. Two amendments were proposed. It was proposed that the tax liability which arises when debts are reduced through the wills of deceased persons and the reduction of debts stemming from the insolvency of natural persons should be expressly excluded from falling within the ambit of the provisions which give rise to tax consequences whenever debt reduction takes place.
- Full Text:
- Date Issued: 2014