Development finance institutions have dual mandates, where they must contribute to development in the economy in which they serve, and simultaneously must maintain financial sustainability. The research explores the dichotomy; studies whether a tradeoff in the dual mandate exists, and goes beyond the traditional accounting approaches to appraising financial performance. The soundness of financial independence of development finance institutions in South Africa has been emphasised by both the national government, through the National Treasury department, and the capital markets from which these institutions borrow. Thus, their ability to create value for their stakeholders is one important aspect to their continued existence. In South Africa, value creation in development finance institutions has not been studied and serves as the primary motivation for this research study. The research has applied a value-based system, McKinsey s discounted economic profit model, to measure value creation or destruction of a development finance institution in its use of scarce capital resources. In addition to this, a theoretical framework has been applied to measure development impact, using the social output index model. The research design followed the holistic case study method, with a sample of one, employing the purposive technique. The findings of this research revealed that value is being destroyed in the deployment of capital resources by the development finance institution, with recommendations thereof proposed. Secondly, the findings revealed that development impact is not maximised, and the results provide insight to decision-makers regarding informed allocation of resources. In exploring the dichotomy between financial performance and development impact, the findings lastly indicated the trade-off relationship can neither be confirmed or refuted, as the results are inconclusive in this regard. / Mini Dissertation (MBA)--University of Pretoria, 2015. / pa2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

This study seeks to explicate the antecedents to the luxury purchase intentions of the influential South African Millennial consumer. Specifically, the purpose of this study is to firstly verify the cross-cultural stability of Shukla s (2012) conceptual value perceptions model (comprising social, personal and functional value perceptions) as it relates to luxury brands in the South African context, and, secondly, to synthesise an extension of this model by incorporating the constructs of self-congruity, brand consciousness, and social media marketing, each of which has been found to be a predictor of luxury consumption in other markets. To this end, a descriptive, quantitative research study was conducted among South African Millennials. Primary data was collected through the use of an online questionnaire. Snowball sampling (through the use of Facebook) rendered a satisfactory sample of 388 valid responses. Structural equation modelling was employed to establish the validity and reliability of the proposed model and respective constructs, and to test the related hypotheses. The findings revealed that each of the constructs is positively correlated with the luxury purchase intentions of South African Millennials, with materialism being the most significant antecedent to luxury consumption. The results validated Shukla s (2012) model in the South African context as it relates to Millennial consumers. The findings further demonstrate that, while similarities exist between the value perceptions of South African Millennials and those of consumers in western developed and eastern emerging markets, the differences in this regard should also be considered before generalised assumptions are formed regarding the factors that inform the decisions of luxury brand consumers. This study advances the existing theoretical understanding of luxury consumption by exploring and developing a deeper understanding of the luxury purchase intentions of Millennials by testing the relevant theory in the South African context, which, in turn, may inform the marketing strategies of global luxury companies looking to South Africa for growth opportunities. / Mini Dissertation (MBA)--University of Pretoria, 2015. / sn2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Pre-start-up planning s value has been disputed by researchers in the recent past. The need for this research originates from the requirement, proposed by most of the conflicting research, to better understand the content of pre-start-up plans and its influence on business success. By better understanding specific pre-start-up planning activities and the influence that these activities have on planned businesses, entrepreneurs can identify and exploit opportunities more efficiently. The research investigated the activities that new South African craft beer companies engaged in before establishing their breweries and assessed how the pre-start-up planning activities influence brewery development. An interview framework was developed from key concepts that emerged from the literature review. The framework was used to assess points of difference between small and large breweries in their planning activities and the influence it had on their business historic and anticipated future development. Twelve founders of South African craft beer companies younger than 5 years old, with production capacities ranging from 500 liters beer per month to 250 000 liters beer per month, were interviewed. The data gathered allowed for an assessment of small and large breweries planning practices. From the interviews it emerged that entrepreneurs have two options when developing a South African craft beer business with different plan content requirements. The key difference in these options being the origen of planning informaiton used in the development of business plans (either pre-start-up or later in the business development process). The outcome of this research could guide plan development by entrepreneurs and support the development of successful new business. / Mini Dissertation (MBA)--University of Pretoria, 2015. / ms2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

The sports industry is one of the fastest growing industries in the world. Most international sports teams have developed a brand representing the message that their team wishes to communicate to its stakeholders. Frequently, a team s brand is managed and driven by the leaders, owners and chief executive officers (CEOs) of the sport teams. Similarly, these leaders, owners or CEOs possess their own personal brand, which can be driven by the team. To date, literature has focused on the brands of teams and players, and little focus has been given to the leaders, owners or CEOs driving the brand, specifically in a South African context. This research investigates the link or relationship between the CEO and sport team brand. Qualitative interviews were conducted with CEOs of three Super Rugby franchises, and the relationship between the brand of the CEOs and the franchise was identified. Nine additional interviews were conducted with marketers, coaches and players of the franchises, and assisted in triangulating the data. The interviews provided the depth and insight to explore the participants understandings of the relationship between the CEO s brand and the sport team brand. The research confirmed that there is a link or relationship between a CEO and sport team brand. The research suggests that the relationship is established over time and is influenced by the CEO s involvement and engagement with his/her prospective teams . A dual brand transfer was identified between a CEO and a sport team brand. / Mini Dissertation (MBA)--University of Pretoria, 2015. / vn2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

In South Africa, women make up 52% of the population, yet only 45.8% of the workforce are women (Businesswomen s Association of South Africa Census, 2015). / Mini Dissertation (MBA)--University of Pretoria, 2015. / zk2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Despite there being a vast array of literature available on operational risk management, literature on industry collaboration and communication to support the implementation and embedment of operational risk management practices is negligible. The banking industry s activities and risk profiles are becoming more diverse and complex due to deregulation and globalisation and banks therefore need to manage the change by continually evaluating their operational risk management practices to ensure that it remains relevant and aligned to evolving practices. This can be achieved through industry collaboration. Purpose The purpose of this research is to determine whether collaboration and communication within the South African banking industry can support the implementation and embedment of evolving operational risk management practices which include the Sound Practices principles. Method Exploratory research using quantitative techniques, a questionnaire, to collect data from a sample consisting of sixteen banks and analsyed using computer-aided quantitative data analysis software (CAQDAS); IBM SPSS Statistics version 23. The sample size was small and not sufficient to perform any statistical analysis but instead SPSS s descriptive statistics tool was used to determine frequency. Finding The literature reviewed and the quantitative study findings provided adequate evidence and answers to the four research questions confirming that collaboration can support the implementation and embedment of evolving operational risk management practices. / Mini Dissertation (MBA)--University of Pretoria, 2015. / pa2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

The ability to accurately price equity is an ineluctable requirement within businesses where decisions need to be taken daily that impact upon the future viability of that business. The Capital asset pricing model (CAPM) is the preeminent tool that has become entrenched within academia and business for exactly the purpose of costing equity capital. This study aimed to prove whether the application of the CAPM, in various forms, including the Black s CAPM, was merely a myopic inculcation of the academic and business spheres, or whether it truly reflected the empirical reality of the South African markets. The research discredited eight variations of the CAPM through a quantitative causal design, which employed t-tests and ANOVAs, tested upon a judgmental sample of the largest 160 shares on the JSE. Reaching this opprobrium would have been a Pyrrhic victory, had an alternative model not been proposed. Thus, a quartet of styles was employed in tests against both non-resource and resource shares in an attempt to generate two multi-factor models known as the Optimised Returns Score (ORS) combined models. The generated model for the non-resource shares explained 36.5% of the variation in the observed cost of equity capital, at a 95% level of significance. However, a statistically significant predictive model for resource shares was unable to be found, possibly due to the small sample size available. / Mini Dissertation (MBA)--University of Pretoria, 2015. / sn2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Building on Shuck s (2011) research into the antecedents of employee engagement, this research aimed at identifying whether management or organisational processes were better determinants of employee engagement. The construct of management was measured in the framework of LMX and organisational processes in the framework of organisational climate. Based on existing literature, a Likert scale survey was designed and distributed, resulting in a sample of 156 responses. The survey assessed respondents level of engagement, perception of their respective organisation and perception of their direct manager. The responses were analysed in SPSS, using a factor analysis to test whether each of the constructs formed one component, the result of which was that each construct was a reliable measure. Secondly, a multiple regression analysis was conducted, the results of which showed that organisational processes are more highly correlated with employee engagement and that the construct organisational processes has a higher b value, indicating that it is a better driver of engagement. Finally, within the construct of organisational processes, each of the survey questions were analysed to identify which aspects had the lowest responses. The finding was that distributive justice, procedural justice and interpersonal justice scored the lowest rating. This research concluded that organisational processes is a better driver of engagement and that organisations should aim at developing their organisational climate to be more effective at driving employee engagement. / Mini Dissertation (MBA)--University of Pretoria, 2015. / pa2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

The internationalisation performance relationship is a critical aspect of international business literature. However the focus has primarily been on multinationals from developed markets whilst multinationals from emerging markets have been largely ignored. The last decade has seen emerging market multinationals expanding at a rapid pace to effectively compete with its global rivals. This study is set within the emerging market context of Africa as it investigates the impact on financial performance of South African companies expanding into the continent. Longitudinal analysis over the period 2010 to 2014 analysed the effects of expansion on average net profit margin, average ROE, average share price and average market capitalisation. This study compared financial measures of 30 JSE listed companies that have expanded into Africa against 30 JSE listed companies that have no presence in Africa and also tested for the effect of degree of internationalisation, firm age and operations in multiple countries on performance. It was found that companies that expanded into Africa exhibited a lower average net profit margin and a higher average ROE when compared to their counterparts that had no presence on the continent. There was also evidence of an increase in average share price and average market capitalisation over the period which reflects the positive benefits of internationalisation. Whilst there was a significant positive correlation between average share price and operations in multiple countries there was no correlation between the degree of internationalisation and firm age on any of the financial performance measures. The research also indicates that the subject is very complex and more research is required. / Mini Dissertation (MBA)--University of Pretoria, 2015. / vn2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

International Monetary Fund ( IMF ) member countries are required to hold foreign reserves denominated in reserve currencies and China has indicated its intention to obtain a reserve currency issuer status. Given increased Sino-Africa trade, African countries may consider strategically realigning their foreign reserves to assist China, in order to secure beneficial trade arrangements. The purpose of this research was to evaluate the suitability of Renminbi-denominated foreign reserves for African countries, with a particular focus on Gross Domestic Product ( GDP ) growth. Africa could improve the market depth and liquidity of the Renminbi and support its acceptance within the IMF. China may find this beneficial as it would not affect its foreign reserve valuations nor result in significant transactional costs. The research assessed the comparability between the Renminbi and reserve currencies, China s capital account liberalisation and the impact of Sino-Africa trade on African GDP growth. The Renminbi was somewhat comparable to other reserve currency issuers. However, the impact of Sino-Africa trade on African GDP growth was limited. African GDP growth was more significantly linked to debt and Foreign Direct Investment ( FDI ). Thus African countries may rather consider pursuing Renminbi-denominated debt or FDI in order to enhance their GDP growth and Sino-Africa relationships. / Mini Dissertation (MBA)--University of Pretoria, 2015. / pa2016 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted